MACON, GA. — Equus Capital Partners Ltd. has sold Madison River Place, a 240-unit apartment community in Macon, for $14.5 million. Mullberry Properties LLC purchased the property, which was 95 percent occupied at the time of sale. Built in 1988, the community features a resort-style swimming pool, fitness center, tennis and sand volleyball courts and a playground. Robert Stickel of Multi Housing Advisors represented the seller in the transaction. Greg Curci of Equus oversaw the company’s disposition of Madison River Place.
ELGIN, ILL. — Marcus & Millichap has brokered the $1.9 million sale of a 32-unit multifamily property in Elgin, approximately 40 miles northwest of Chicago. Unit sizes at the property, known as 230 South State Street, range from 490 to 990 square feet. Features include ample parking, on-site laundry and storage lockers. An undisclosed limited liability company sold the building located at 230 S. State St. to a private investor. Ryan Engle and Andrean Angelov of Marcus & Millichap listed the property on behalf of the seller and secured the buyer.
ALTADENA, CALIF. — Episcopal Communities & Services (ECS) has opened the doors on MonteCedro, a 206-unit continuing care retirement community (CCRC) in the Los Angeles suburb of Altadena. Development costs were not disclosed. Perkins Eastman provided design and planning services for the eight-acre community, comprising 186 independent living apartments, 20 assisted living and memory support residences, and coordinated in-home care. The community is the first of its kind to be built in Los Angeles County in over 20 years, according to Perkins Eastman. ECS, a nonprofit operator based in nearby Pasadena, operates two other CCRCs in Southern California — The Canterbury in Rancho Palos Verdes and The Covington in Aliso Viejo. Perkins Eastman is a global design firm. The company is based in New York City, but has 15 offices around the world.
SAN CLEMENTE, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has expanded its revolving credit facility from $300 million to $400 million, while simultaneously entering into a new $100 million, seven-year, non-amortizing unsecured term loan. Approximately $95 million of the term loan proceeds were used to pay off and terminate CareTrust’s existing secured mortgage indebtedness under its 2006 credit agreement with General Electric Capital Corporation. The lower interest rate resulting from the refinancing is expected to generate approximately $1.3 million in annual savings. CareTrust REIT Inc. is a publicly traded seniors housing and healthcare REIT based in San Clemente.
WOODBURN, ORE. — Radiant Senior Living, a Portland-based seniors housing owner/operator, has purchased Emerald Gardens of Woodburn, a 44-unit assisted living and memory care facility approximately 30 miles south of Portland, for $6 million. Built in 1987, the community was renovated in 2013 to add 12 units of secured memory care. Shep Roylance and James Duffy of JCH Senior Housing Group arranged the transaction. The seller was not disclosed.
JERSEY CITY, N.J. — WinnDevelopment has closed on the financing to acquire and renovate an affordable housing property in Jersey City. The $40.2 million acquisition and rehabilitation project will deliver interior and exterior upgrades to Brunswick Estates, a 131-unit income-restricted community. The townhouse-style property features 14 clusters of buildings with apartments ranging from two to five bedrooms, as well as a central building. The public-private partners in the project include The City of Jersey City, the New Jersey Economic Development Authority, the New Jersey Housing and Mortgage Finance Agency, Citi Community Capital, The Richman Group Affordable Housing Corp., New Jersey Community Capital, Boston Community Capital and Greater Bergen Community Action Inc. Additionally, New York City-based Dane PCG brokered the deal. WinnDevelopment is the development arm of WinnCompanies.
NEW YORK CITY — Cignature Realty Associates has brokered the sale of a residential building located at 4300 Broadway in Upper Manhattan. Quantum Equities sold the property to Sugar Hill Capital Partners for $21.6 million. Built in 1955, the six-story, elevator-serviced building features 54 residential units and a 6,000-square-foot vacant retail space. The rent-regulated building features a mix of studios and one- and two-bedroom apartments. Lazer Sternhell and Peter Vanderpool of Cignature Realty Associates represented both parties in the off-market transaction.
HAVERHILL, MASS. — KeyBank Real Estate Capital has provided $17 million in Fannie Mae financing for Pine Brook Place, a garden-style apartment complex in Haverhill. Built in 1971, the property features 240 residential units. Loan proceeds will be used to refinance the property. Dirk Falardeau of Key’s Commercial Mortgage Group arranged the loan for the undisclosed borrower.
ITHACA, N.Y. — The Kendal Corp. has opened the first phase of the repositioning and expansion of Kendal at Ithaca, a full-service seniors housing community located on a 105-acre campus in Ithaca. The opening marks the completion of a $30 million expansion, which began in 2012. Master planned by Perkins Eastman, the new property features an inviting entrance and reception area, expanded fitness center, new casual dining bistro, 24 new high-end apartments for independent living and a new skilled nursing center, which replaced the original care center. The second phase redevelopment will transform former nursing rooms into an enlarged health clinic for the community. The single-story skilled nursing center was designed on the neighborhood model, which divides the center into three distinct neighborhoods, each with its own kitchen and pantry, dining and living rooms and 16 private resident rooms with sensitively designed outdoor space. The master plan also includes interior and exterior renovations to the main dining room and common areas, as well as passive and active outdoor courtyards and an expansion of the community’s preexisting walking paths.
LEWISVILLE, TEXAS — An Advalurem Group venture has completed the refinancing of Bella Madera at Lake Lewisville, a 612-unit, Class A apartment community in Lewisville. Advalurem Group initially completed a joint venture equity investment with its partner, BRES, for Bella Madera in 2013. At the time of acquisition, the partnership assumed an existing first mortgage loan and secured preferred equity financing from a financial institution. At the current market value of $65.6 million, the venture refinanced the property concurrently with a recapitalization of the partnership by buying out the preferred equity partner. Built in 2009, Bella Madera at Lake Lewisville is 96 percent occupied.