NEWARK, DEL. — NorthMarq Capital has arranged the $2.4 million refinance of Millstone Plaza Apartments, a 24-unit multifamily property with 2,500 square feet of office space. The transaction was structured with a 10-year term and 30-year amortization schedule. Ed Riekstins of NorthMarq secured financing for the borrower through a national bank.
AUSTIN, TEXAS — CIM Group and Seaholm Power LLC have sold the Seaholm Power Plant mixed-use development located at the southwestern edge of downtown Austin. The centerpiece of the project is the 126,000-square-foot, repurposed power plant constructed in the 1950s. The redeveloped Seaholm Power Plant includes four floors of office space designed for its major tenant, athenahealth. Boiler Nine Bar + Grill, a 10,000-square-foot restaurant spanning all four levels, is also part of the redevelopment. Boiler Nine’s concept at Seaholm includes Deck Nine Observatory Bar, a rooftop bar with views of Austin and Lady Bird Lake, and The Boiler Room, a den located on the lowest level of the power plant near the original boiler room. The five acres surrounding the power plant have been redeveloped into a mixed-use space with a 1.5-acre public plaza and multifamily residences. The property also includes a 68,000-square-foot office building and 33,000 square feet of ground-floor retail space anchored by a Trader Joe’s. Construction began on the Seaholm Power Plant project in April 2013, with athenahealth opening its doors in February 2015.
ARLINGTON, TEXAS — Westmount Realty Capital has acquired Forest Oaks Apartments, a Class B apartment property located at 2408 Forest Oaks Lane in Arlington. Westmount is rebranding the community as Westmount at Forest Oaks. Constructed in 1980, the project consists of 164 units in 10 two- and three-story buildings. The site sits on 7.5 acres with an average of 22.1 units per acre. Westmount at Forest Oaks includes 116 one-bedroom units and 48 two-bedroom units. Planned exterior improvements will consist of updating the common areas and amenities, minor wood and stucco repair, landscaping, upgrades to the leasing office, parking lot repairs and upgraded exterior lighting. Westmount also plans to renovate the pool area with new seating areas and pool furniture, as well as an outdoor kitchen. Berkadia provided financing through the Freddie Mac value-add program.
DALLAS — Greysteel has arranged bridge financing for the refinancing of The Trails Apartments, a multifamily property located in Dallas, on behalf of 4335 Cedar Springs LLC. A local lender provided the 12-month, interest-only line of credit, which features a floating interest rate of 325 basis points over the 30-day LIBOR rate. Greysteel’s Anton Mattli and John Marshall Doss negotiated the transaction. The Trails Apartments, located at 4335 Cedar Springs Road, was built in 1966 and totals 20 units. The property features a pool, gated parking and townhome-style units with private patios.
ATLANTA — Mill Creek Residential plans to develop Modera by Mill Creek – Buckhead, a 21-story multifamily high-rise located at 3005 Peachtree Road N.E. in Atlanta’s Buckhead district. Situated at the corner of Peachtree and Pharr roads adjacent to Buckhead Atlanta, the community will feature 400 luxury apartment homes and more than 21,000 square feet of high-end retail space. Mill Creek is developing the property in a joint venture with Elite International Investment Fund, a real estate investment platform backed by Asian capital. Community amenities will include two outdoor terraces with swimming pools, a rooftop terrace, rooftop dog park, destination sky bar, demonstration kitchen, indoor spa, steam room, yoga studio, juice bar, fitness center and an open-air social lounge. Mill Creek expects pre-leasing and initial move-ins at the high-rise for summer 2018.
JACKSONVILLE, FLA. — Berkadia has arranged the $17.6 million sale of Viera at Mandarin, a 188-unit apartment community located at 4263 Losco Road in Jacksonville. Built in 1984, the property features one- and two-bedroom units averaging 833 square feet. Unit interiors feature granite countertops, in-unit washer and dryers and private patios or balconies, as well as wood-burning fireplaces and vaulted ceilings in select units. Community amenities include an indoor athletic center, swimming pool and a 21-acre lake with fountains, a deck and boat storage. Greg Rainey, Cole Whitaker, Tal Frydman and Jason Stanton of Berkadia brokered the sale between the buyer, North Kansas City, Mo.-based Maxus Realty Trust Inc., and the seller, Nashville, Tenn.-based Woodbridge Multifamily Partners LLC.
BELLEVUE, WASH. — Kennedy Wilson Real Estate Fund V has purchased a 451-unit apartment community in Bellevue named LIV Bel-Red for $172 million. The Class A community is located at 2170 Bel-Red Road. The property was built in 2015. Notable employers in the area include Microsoft’s world headquarters, Boeing, Expedia, Salesforce and Symetra Financial. The fund invested $58 million of equity and secured a 10-year loan of $115 million through Fannie Mae for the acquisition. Kennedy Wilson is a 12 percent investor in Fund V.
SANTEE, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $24.9 million loan for The Grant Companies to refinance The Pointe at Lantern Crest, a seniors housing community in the San Diego suburb of Santee. CBRE’s Bill Chiles, Scott Peterson and Brian Cruz secured a 10-year loan through Freddie Mac. The loan will refinance the existing construction loan. The Pointe at Latern Crest opened in 2012 offering assisted living and memory care units. The second phase, which was completed in 2015, added independent and assisted living. The Grant Companies was formed in 1989 as a joint venture between three California corporations. The company has developed or constructed more than $500 million in medical office buildings, apartment complexes, industrial buildings, shopping centers, motels, restaurants and mixed-use developments.
GLENDALE, ARIZ. — Ziegler, a specialty investment bank, has arranged $20.5 million in non-rated, fixed-rate bonds for Glencroft Senior Living, a continuing care retirement community (CCRC) in Glendale. The community, built by Friendship Retirement Corp. in 1970, comprises several entities: Glencroft Towers I, Sarah’s Place, Friendship Foundation and Colter Commons. The CCRC totals 752 units. Glencroft Towers I and Sarah’s Place were funded with HUD and FHA-insured loans, respectively, which the new bonds will refinance. The new bonds are part of a turnaround effort for Glencroft, which was hit hard by the Great Recession. New management took over the community in 2014, converting from an entry-fee model to a standard rental model to attract middle-market seniors.
FORT WORTH, TEXAS AND SAN FRANCISCO — Enlivant, an owner and operator of senior living communities, and global investment firm TPG have purchased 48 seniors housing communities in 14 states from several unrelated organizations. The sales price was not disclosed. The acquisition totals 3,084 independent living, assisted living and memory care apartment units, which represents a nearly 40 percent expansion for Enlivant. Sixteen of the transactions recently closed, and the remaining 32 are expected to close over the next several months. “These transactions mark a period of significant business momentum for Enlivant as it continues to scale its national operating platform while maintaining its founding commitment of providing each of its residents with the highest level of attentive, individualized and personalized care in a home-like setting,” said Avi Banyasz, partner and co-head of TPG Real Estate, TPG’s real estate division. The acquired communities are located in Arizona, Delaware, Florida, Georgia, Kansas, Illinois, Indiana, North Carolina, Ohio, Oklahoma, Pennsylvania, Tennessee, Virginia and West Virginia. Following these acquisitions, Enlivant will operate approximately 230 senior living communities spanning 11,000 apartment units across 27 states. Many of these new communities have larger total unit counts and more services than Enlivant’s typical community. TPG acquired Enlivant …