ODESSA, TEXAS — Berkadia has arranged a $25.1 million loan for the acquisition of Faudree Ranch Apartments, a 300-unit multifamily community in Odessa. Charles Foschini and Christopher Apone of Berkadia arranged the fixed-rate loan on behalf of the borrower, Faudree Ranch Apartments LLC. JPMorgan originated the loan, which features a five-year term and a 67 percent loan-to-value ratio. The property was 90 percent occupied at the time of acquisition.
DALLAS — Marcus & Millichap has brokered the sale of Sienna Creek, a 152-unit apartment complex located at 11601 Audelia Road near Interstate 635 in Dallas. Al Silva of Marcus & Millichap represented the seller, Madera Residential, and procured the buyer, a Dallas-based partnership. The new owner plans to rebrand and make capital investments to the property, which was built in 1980
COLUMBUS, OHIO — Foresite Realty OH LLC, an affiliate of Foresite Realty Partners LLC, has arranged the sale of Clearpoint Garden Apartments in Columbus. The sales price was not disclosed. The property consists of 33 buildings totaling 604 units, including 284 one-bedroom, 233 two-bedroom and 87 three-bedroom units. Approximately $5 million in capital expenditures was completed at the property. Jamie Hadac and Kristen Keehnast of Foresite represented the seller in the transaction. A multifamily investment firm, 1699 Shanley Drive LLC, purchased the property.
O’FALLON, ILL. — BARBERMurphy Group has arranged the sale of a 16-unit apartment property in O’Fallon, 17 miles east of St. Louis. The sales price was not disclosed. The 16,880-square-foot property is located at 109-111 Sugar Pine Lane. BARBERMurphy represented both the buyer, Sugar Pine Apartments LP, and the seller, Pineview Inc.
ST. PETERSBURG, FLA. — The Allen Morris Co. has opened The Hermitage Apartment Homes, a $73 million multifamily community located at 151 7th St. in downtown St. Petersburg. The Tampa Bay-area property features 348 studio apartments, as well as one- and two-bedroom units. The community also displays artwork in the lobby in homage to its namesake, the Hermitage Art Museum in St. Petersburg, Russia. Community amenities include a rooftop pool and spa, outdoor grilling area, fitness center, pet spa, bike shop and storage and private dining and meeting areas. The Hermitage is Allen Morris Co.’s 81st development.
DECATUR, GA. — Terwilliger Pappas has broken ground on Solis Decatur, a 290-unit apartment community that will be situated within the North Decatur Square mixed-use development in Decatur, a suburb of Atlanta. The property will be the multifamily component of the development, which will feature 89,000 square feet of retail and restaurant space leased to tenants including 365 by Whole Foods. Terwilliger Pappas partnered with SJ Collins Enterprises to develop Solis Decatur on an 11-acre parcel about a mile outside of downtown Decatur. JP Morgan and Atlantic Creek provided construction financing.
DECATUR, GA. — BMO Harris Bank’s Healthcare Real Estate Finance group has closed $44.2 million in construction and mini-perm financing for Solomon Holdings. The capital will be used to build The Holbrook of Decatur, a 200-unit seniors housing community in the Atlanta suburb of Decatur. The community will feature 71 independent living units, 96 assisted living units and 33 memory care units. The upscale property is located near Emory University and will feature multiple dining venues, a spa and indoor pool. Choate Construction Co. will build the community, which CDH Partners designed. Once completed, Speak Life Management will be the operator. Construction began in April, and an estimated completion date has not yet been announced.
SOUTHPORT, CONN. — Maplewood Senior Living has purchased 27 acres in Southport where it will build a 92,000-square-foot seniors housing community. Construction will begin this summer on Maplewood at Southport, a three-story, 98-unit assisted living and memory care center. Stein-Troost is the architect for the project, Landtech Engineering is the civil engineer, Milone & McBroom is the landscape architect and KBE Building Corp. of Farmington is the contractor.
HACKENSACK, N.J. — HFF has secured $49.6 million in financing for Meridia Metro, a six-story, 222-unit multifamily property in Hackensack. HFF worked on behalf of the borrower, Capodagli Property Co. to place the fixed-rate loan through MetLife Real Estate. Meridia Metro is located at the intersection of State and Warren streets near Routes 4 and 17 and Interstate 80. The transit-oriented property is also located near New Jersey Transit train stations at Essex Street and Anderson Street, along with the Newark Liberty International Airport. Completed in 2016, Meridia Metro features one- and two-bedroom units with amenities such as stainless steel appliances, granite countertops, hardwood floors and walk-in closets. Community amenities include a fitness center, rooftop terrace, social room with poker and pool tables, pet grooming room and grade-level parking garage. Jon Mikula and Michael Klein led the HFF debt placement team representing the borrower.
KALISPELL, MONT. — Ziegler, a specialty investment bank, has arranged a total of $65.4 million in tax-exempt, fixed-rate bonds for Immanuel Lutheran Corp., which operates a seniors housing community in Kalispell, approximately 75 miles south of the Canadian border. The property is a nonprofit, faith-based community known as Immanuel Lutheran Communities. It features 106 units of independent living and assisted living and 155 units for skilled nursing on a 13-acre campus. Immanuel Lutheran Corp. will use the financing to refund two previous series of bonds and fund an expansion and renovation project at the community. The multi-phase plan will introduce entrance-fee independent living apartments, add a new memory care unit, expand amenities and “right-size” the skilled nursing area. Immanuel is partnering with seniors housing development and advisory firm Sawgrass Partners on the expansion project.
