LYNWOOD, CALIF. — JCH Senior Housing Group has brokered the sale of Bloomfield East, a 130-bed skilled nursing facility in the Los Angeles submarket of Lynwood, for an undisclosed price. A Los Angeles-based real estate investment company purchased the community from an undisclosed for-profit corporation, and immediately triple-net leased it to a new operator, Reliant Management Group. Shep Roylance, senior vice president with JCH, facilitated both the sale and lease transactions.
OLD BRIDGE, N.J. — The Brunetti Organization is developing The Oaks at Glenwood, a 2,400-acre mixed-use town center development in Old Bridge. Construction for the 90,000-square-foot ShopRite supercenter is slated to begin soon, with occupancy of the grocery store and other retail tenants scheduled for summer 2017. ShopRite will anchor the retail portion of the property. Upon completion, the mixed-use property will feature 2,000 residential units and more than 500,000 square feet of retail space. The Goldstein Group is marketing the retail portion of the property.
NORTH KANSAS CITY, MO. — Tutera Senior Living & Health Care will break ground this week on the $65 million Tiffany Springs Senior Community, a continuing care retirement community (CCRC) in North Kansas City, located just across the Missouri River from Kansas City proper. The 14-acre luxury community will feature more than 300 units of independent living, assisted living, memory care and rehabilitation in 300,000 square feet of buildings. Design company studioSIX5 is providing interior design services. Builders for the community include Nearing Staats Prelogar & Jones Architects of Prairie Village, Kan.; Lutjen Inc. of North Kansas City; and Luke Draily Construction Co. of Riverside, Mo. Based in Kansas City, Tutera Senior Living & Healthcare is a developer and operator of 47 seniors housing communities in 13 states throughout the Midwest, Southeast, Oklahoma and Texas.
CHICAGO — Summit Design + Build has broken ground on a 36-unit boutique apartment building in Chicago’s River West neighborhood. The six-story building, located at 851 W. Grand Ave., will offer a mix of studio, one- and two-bedroom units. The property will also feature 18 parking spaces and is slated for completion by mid-2017. FitzGerald Associates Architects is the design firm of record, and Chicago-based Monroe Residential Partners is the developer.
SIDNEY, OHIO — NorthMarq Capital has arranged a $2 million acquisition loan for a 72-unit apartment property in Sidney, approximately 30 miles north of Dayton. Northwood Village Apartments, which is located at 2345 Collins Drive, was built in 1971. The financing features a 10-year term and 20-year amortization schedule. Noah Juran of NorthMarq Capital placed the loan with a regional bank.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap serving institutional and private real estate investors, has arranged the sale of The Legacy at Preston Hollow, a nonprofit seniors housing facility featuring 45 assisted living beds and 113 skilled nursing beds. Built in 2000, The Legacy at Preston Hollow is located about 10 miles north of downtown Dallas, and 1.4 miles from 668-bed Medical City Dallas Hospital. Mark Myers, Joshua Jandris, Charles Hilding and Ryan Fleming of IPA, along with Kelsie Vogds of Marcus & Millichap, represented the seller. Myers, Jandris, Hilding and Fleming also procured the buyer.
CONROE, TEXAS — KeyBank Real Estate Capital has provided a $5.2 million bridge loan for Hollow Creek Apartments, a 120-unit affordable housing complex located in Conroe. Operating under the Section 42 Low Income Housing Tax Credit (LITHC), 75 percent of the units are restricted to providing affordable housing, while the remaining 25 percent are designated as market-rate apartments. John Gilmore of KeyBank arranged the financing. The project is sponsored by Harmony Housing, a 501(c)(3) nonprofit organization dedicated to providing affordable rental housing throughout the United States.
SMYRNA, GA. — Mill Creek Residential plans to develop Modera by Mill Creek-Vinings, a mixed-use multifamily project in Smyrna’s Vinings neighborhood. Designed by Lord Aeck Sargent, the property will feature 269 luxury apartment homes, below-grade parking, upscale amenities, retail space and a chef-driven restaurant. Mill Creek Residential purchased the 3.5-acre site at 3205 Cumberland Blvd. from Pope & Land Enterprises. The property will be located along a pond near the start of the Silver Comet Trail, a 61.5-mile walking and biking trail that stretches from Smyrna to central Alabama. Pre-leasing for Modera by Mill Creek-Vinings is slated to begin in summer 2017 with initial move-ins targeted for fall 2017. As of March 31, 2016, Mill Creek Residential’s portfolio comprised 54 communities spanning 15,600 apartment homes that are operating and/or under construction.
POMPANO BEACH, FLA. — John Knox Village, a 70-acre continuing care retirement community (CCRC) in Broward County, will open the doors this week on The Woodlands, a 144-unit expansion of the Pompano Beach community. Development costs for The Woodlands are estimated at $34 million. In addition to the new residential units, the project adds a bistro, rehabilitation services, salon/spa, wellness center and a “life enrichment center” for social gatherings. The CCRC’s board of directors approved the seven-story facility in 2013 and construction began in 2014. RDG Planning & Design, led by architects John Birge, Scott Pfeifer and Kevin Ruff, designed the expansion. The Weitz Co. served as the construction manager, and William Gallo of Gallo Herbert Architects served as the owner’s authorization representative.
WEST PALM BEACH, FLA. — KeyBank Real Estate Capital has provided a $12.1 million Fannie Mae loan for Caribbean Villas Apartment Homes, a 206-unit garden-style complex located at 5865 Haverhill Road N. in West Palm Beach. Built in 1991, the property features on-site management and maintenance staff, a swimming pool, private patios, tennis court, playground and a clubhouse. Erik Storz of KeyBank’s commercial mortgage group arranged the 10-year, fixed-rate loan, which was used to refinance an existing Freddie Mac loan KeyBank had originated in 2014.
