SAN ANTONIO — JLL has arranged the sale of Peanut Factory Lofts, a newly constructed apartment property located at 939 S. Frio St. in downtown San Antonio. 210 Development Group sold the property to Windmill Investments for an undisclosed price. The property features 102 units, a fitness center, dog park and two resort-style pools. Scott LaMontagne and Moses Siller of JLL represented the seller in the deal.
WHITEHOUSE, TEXAS — Blueprint Healthcare Real Estate Advisors has arranged the $6.2 million sale of Oak Brook Health Care, a 120-bed skilled nursing facility in the Tyler suburb of Whitehouse, approximately 110 miles southeast of Dallas. A New York-based owner-operator with a significant existing presence in east Texas purchased the facility from a California-based REIT. The seller was attempting to remove a non-core asset, while the buyer was looking for a value-add opportunity. The purchase price equates to $53,500 per licensed bed. Blueprint’s Christopher Hyldahl and Gideon Orion were lead advisors on the transaction.
CHICKASHA, OKLA. — Old Capital has arranged an acquisition loan for Willowbrook Apartments, a 50-unit multifamily property in Chickasha. The non-recourse, 10-year loan features an 80 percent loan-to-value with three years of interest-only payments and a step-down prepayment option. The borrower and loan amount were undisclosed.
NEW BRAUNFELS, TEXAS — Sodalis Senior Living has planned three new communities to open in Texas during 2017. In early 2017, Sodalis plans to open Sodalis at Stone Oak, a 63-bed assisted living and memory care community in San Antonio. Later in the year, Sodalis will open a 48-unit assisted living expansion at Sodalis at Buda Memory Care in the Austin suburb of Buda. In late 2017, Sodalis plans to open Tribute Senior Living, a 100-bed memory care and assisted living community in the Dallas suburb of Prosper. Founded in 1998, Sodalis Senior Living is a Texas-based provider of assisted living and memory care apartments.
NEW YORK CITY — Berkadia has secured a $268.7 million loan for 20 Exchange Place, a luxury apartment building located in New York City. Nick Cassino of Berkadia arranged the 10-year, fixed-rate loan through Freddie Mac for the borrower, DTH Capital. Ackman-Ziff Real Estate Capital Advisors represented the borrower in the financing. Originally developed as headquarters for City Bank-Farmers Trust, the 57-story building now features 767 apartment units and 90,000 square feet of retail space.
GARY AND PORTAGE, IND. — UMH Properties Inc. has acquired Boardwalk and Park Place apartment properties in Indiana for $24.4 million. Boardwalk is located in Gary and Parke Place is in Portage. The two communities contain a total of 559 units and are situated on approximately 155 acres. In conjunction with the acquisition, UMH obtained a $14.2 million Freddie Mac mortgage loan with Wells Fargo. The 10-year loan features a 4.5 percent interest rate and a 30-year amortization schedule.
COLUMBUS, OHIO — The Wagenbrenner Co. Commercial Real Estate Services has sold a student housing portfolio near the Ohio State University campus in Columbus. The 44,466-square-foot portfolio consists of seven properties with 72 units and 104 bedrooms. The properties include a mix of studio, one-, two-, three- and five bedroom units. The properties were fully leased for the 2016-2017 school year. Neither the buyer nor the sales price was disclosed. Matthew Brown of Wagenbrenner arranged the sale.
REDLANDS, CALIF. — UCR has announced plans to develop the 340-unit the Crossings at Redlands apartment community. The luxury development will be situated at the northeast corner of Lugonia Avenue and Nevada Street in Redlands. It will be positioned directly adjacent to the 306-unit Circa2020 complex. Construction will commence on the Crossings at Redlands this spring. The move-in phase will begin in early 2018. The community will offer layouts ranging from studios to home-style carriage units. First RC Corp. will build the community, which Miller Architectural Corp. designed.
JACKSONVILLE, FLA. — Berkadia has arranged the $12.8 million sale of Avesta Townsend, a 208-unit, garden-style apartment community located at 3450 Townsend Blvd. in Jacksonville’s Arlington neighborhood. HH Townsend LLC purchased the property from 3450 Townsend LLC, an entity controlled by Avesta Communities. Built in 1970, the property features a community swimming pool, laundry facility, clubhouse with a recreation room and fitness center, tennis court and a playground. The seller has invested nearly $3 million in interior and exterior renovations at Avesta Townsend since 2012. Greg Rainey, Cole Whitaker, Tal Frydman and Jason Stanton of Berkadia represented the seller in the transaction. Justin Ownby of Berkadia assisted in the acquisition financing on behalf of the buyer.
MURFREESBORO, TENN. — NorthMarq Capital has arranged a $6.1 million acquisition loan for Abbington at Stones River, a 96-unit affordable housing community located at 1335 Bradyville Pike in Murfreesboro, a suburb of Nashville. John Reed of NorthMarq’s Omaha office arranged the 18-year loan with two years of interest-only payments followed by a 35-year amortization schedule. The loan was financed through Freddie Mac’s Tax-Exempt Loan program and includes a facility for a moderate rehab of the property.
