ASHLAND, ORE. — An undisclosed buyer has purchased Skylark Assisted Living, a 75-unit assisted living and 34-bed memory care facility in Ashland, for $10.8 million. Skylark Assisted Living, located within the Mountain Meadows age-restricted community, opened in 1997. Skylark was 90 percent occupied at the time of the sale. Dan Mahoney and Tony Cassie, directors of Marcus & Millichap’s National Seniors Housing Group in Portland, represented the sellers and procured the buyer in this transaction.
CLEARFIELD, UTAH — RED Mortgage Capital, the proprietary mortgage banking arm of RED Capital Group LLC, has closed an $11.1M Fannie Mae loan for MBK Senior Living to refinance Chancellor Gardens of Clearfield, an assisted living and memory care community in Clearfield about 25 miles north of Salt Lake City. Chancellor Gardens is a 130-unit community constructed in 1999 and expanded in 2009. Founded in 1986, MBK owns and operates 13 communities across California, Utah, Arizona, Colorado and Washington.
CONCORD, CALIF. — Carlton Senior Living, an operator of 11 seniors housing communities in Northern California, has named industry veteran David Coluzzi as its new president. The company is based in Concord, located between San Francisco and Sacramento, and is looking to expand its portfolio of independent living, assisted living and memory care properties. Serving the industry for over 26 years, Coluzzi most recently was CEO of Esquire Group, a senior living and apartment company with 1,200 units in seven communities in New Jersey. Coluzzi was formerly vice president of operations at Classic Residence by Hyatt (now known as Vi). He directed the management of a portfolio consisting of 10 luxury continuing care retirement communities (CCRCs) while leading the start-up of two new communities and an expansion that resulted in more than 4,000 independent living, assisted living, memory care and skilled nursing units in California, Arizona, Colorado, Illinois, South Carolina and Florida. Coluzzi served in the United States Air Force and holds a Bachelor of Science degree in health care administration from the University of Arizona in Tucson.
WEATHERFORD, TEXAS — Greysteel, a Washington, D.C.-based real estate investment services firm, has arranged the sale of Country Oaks, a 64-unit multifamily community in Weatherford. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel represented the seller, Weatherford Country Oaks LLC, in the sale. The buyer, Mercury Metroplex Real Estate VI LLC, purchased the asset for an undisclosed price. Located on Santa Fe Drive, Country Oaks offers one- and two- bedroom units and has undergone exterior and interior renovations including new vinyl flooring, ceiling fans, resurfaced kitchen and bathroom countertops and new appliances. The property is located one mile from downtown Weatherford.
ATLANTA — Greystone has provided a $50 million acquisition loan for a two-property multifamily portfolio in metro Atlanta totaling 588 units. The properties in the portfolio include Rosemont Cityview in Marietta and Dawson Forest in Dawsonville. Robert Russell of Greystone arranged the 10-year CMBS loan with a 30-year amortization schedule on behalf of the Midwest-based borrower.
TAYLORS, S.C. — The RADCO Cos. has purchased the 548-unit Granite at Taylors from RJ Finlay & Co. for $33.8 million. The property is located in Taylors, a suburb of Greenville. The community’s amenities include walking trails, grills, picnic tables, two swimming pools, a clubhouse, sport court, dog park, playground and on-site laundry facilities. RADCO funded the acquisition with private capital and debt from BBVA Compass Bank. CBRE brokered the transaction. RADCO plans to invest $6 million to upgrade the apartment community’s interiors, expand the amenity offerings and renovate the exterior. The Atlanta-based multifamily investor will also rebrand the community as Cobalt Springs and add “Ashford” to the name upon completion of the capital improvements. Including this acquisition, RADCO’s portfolio spans 45 apartment communities.
PENSACOLA, FLA. — Multi Housing Advisors (MHA) has brokered the $27.1 million sale of two apartment communities in Pensacola. Totaling 392 units, the properties include Arbor Club Apartments and Ashley Club Apartments. ApexOne purchased the assets from Greystone and plans to make capital improvements to the two properties. Both communities had 50 percent of their unit interiors upgraded by the seller prior to the sale. Jimmy Adams of MHA’s Birmingham, Ala., office represented Greystone in the transaction.
YORKTOWN, VA. — Grandbridge Real Estate Capital’s seniors housing and healthcare finance team in Atlanta has funded a $13.7 million construction loan for The Crossings on the Peninsula in Yorktown. The new 104-unit, 86,000-square-foot facility comprises 68 assisted living residences and a 34-bed memory care wing known as Harmony Square Town Center. The property’s amenities will include a library, computer lab, on-site fitness center, theater, pub, dining room, multi-purpose room, beauty shop, nursing/physician center and a swimming pool. Richard Thomas and Meredith Davis of Grandbridge coordinated the transaction with Neal Lineberry of parent company BB&T on behalf of the borrower, Roanoke, Va.-based Smith/Packett Med-Com LLC.
GREENVILLE, N.C. — Capstone Capital has closed the $10 million CMBS refinancing of Trafalgar Square Apartments. Built in two phases in 2001, the 192-unit apartment property is located at 2477 County Home Road in Greenville. The previous owner had $7.7 million in existing debt on the transaction. Jackson Howard of Capstone Capital arranged the 10-year loan with a fixed interest rate below 4.75 percent with three years of interest-only payments followed by a 30-year amortization schedule. The CMBS loan is the sixth loan that Capstone Capital financed on behalf of the undisclosed borrower.
PORTLAND, ORE. — Marcus & Millichap has arranged the sale of Hawthorne Gardens Assisted Living, a 58-unit, 84-bed assisted living and memory care facility in Portland, for $10.8 million. Located in East Portland, Hawthorne Gardens was built in 2007 and was 88 percent occupied at the time of the sale. Dan Mahoney and Tony Cassie, directors of Marcus & Millichap’s National Seniors Housing Group in Portland, represented the sellers and procured the buyer in this transaction.
