GARFIELD HEIGHTS, OHIO — Lancaster Pollard has provided a $17 million FHA refinance for The Village at Marymount, a nonprofit continuing care retirement community (CCRC) affiliated with the Sisters of St. Joseph of the Third Order of St. Francis. The community is located in Garfield Heights, a suburb of Cleveland. The CCRC consists of Villa St. Joseph (a 102-bed skilled nursing and 12-bed memory care facility), Marymount Place (a 104-unit assisted living facility) and Clare Hall (a long-term care facility that includes a newly renovated 10-bed inpatient hospital unit). The loan carries a 35-year term, is nonrecourse, has no financial covenants, and provides for approximately $171,000 in annual debt service savings as well as nearly $75,000 for repairs and improvements. Kass Matt led the transaction for Lancaster Pollard.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 16,000-square-foot apartment building located at 5201 Clarendon Road in Brooklyn. The 17-unit property sold for $2.8 million. Derek Bestreich, Erik Rodriguez and Lucien Sproviero of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer, a limited liability company, in the transaction.
AUSTIN, TEXAS — Cortland Partners has entered the Austin market with the acquisition of City View Apartments, a 308-unit apartment complex near downtown Austin. Atlanta-based Cortland Partners has been seeking the opportunity to expand its Texas portfolio into Austin, and the company has regional offices in both Dallas and Houston. City View Apartments is located in Austin’s Southeast submarket at 4900 E. Oltorf Drive. Cortland Partners plans to renovate City View.
LOS ANGELES — Pacific Eagle has purchased the 68-unit Villa Malibu luxury apartments for $62 million. The community is located at 6487 Cavalleri Road in the Los Angeles submarket of Malibu. Villa Malibu was originally built in 1993 and renovated in 2007. It currently operates as a rental property, though the community is entitled for residential condominiums. The seller was the Carlyle Group. Bob Safai, Darin Beebower, Brad Schlaak and Matt Case of Madison Partners executed the transaction.
HOUSTON — Holly Minter, David Schwarz and Tip Strickland of ARA Newmark have closed a seven-year CMBS loan with a fixed interest rate and full-term interest-only payments on behalf of Momentum Real Estate Partners for the acquisition of Provenza at Barker Cypress Apartments in Houston. The Class A, 318-unit multifamily community was built in 2014 and offers one-, two- and three-bedroom apartment units.
STILLWATER, OKLA. — Progress Builders has selected Greystar Student Living to manage Progress405, a new apartment development in Stillwater. The 544-bed student housing community will be located at 1520 N. Boomer Road at the cross streets of Boomer Road and Bennett Drive. The new development is within walking distance of the Oklahoma State University campus and Boone Pickens Stadium. Progress405 will include one-, two- and four-bedroom apartment homes ranging in size from 548 to 1,640 square feet. Units will be fully furnished and will feature private bedrooms and bathrooms. Interior finishes will include quartz countertops, stainless steel appliances and wood-style plank flooring. The project’s community amenities will include a clubhouse with a lobby fireplace, study areas with Wi-Fi, a fitness center with locker rooms and showers, tanning beds, an entertainment lounge with billiards tables, sand volleyball court, a zero-entry swimming pool and a sun deck with cabanas and grilling stations. The pet-friendly community is close to Stillwagon Dog Park and Boomer Lake. Construction is expected to be completed by fall 2016.
DYER, IND. — Skilled nursing developer Mainstreet and operator Symphony Post Acute Network have opened Symphony of Dyer, a skilled nursing facility in Dyer approximately 30 miles south of Chicago. Construction on the facility began in June 2014. It comprises 130 beds in 85,108 square feet of space. Development costs were $20.8 million.
WEST ROXBURY, MASS. — CBRE/New England’s Multifamily Debt & Structured Finance group has arranged $7.5 million in acquisition financing for a multifamily property located at 218 and 250 Spring St. in West Roxbury. An affiliate of Yee Enterprises acquired the two-building, 55-unit property for $9.4 million. Constructed in 1968, the property is 100 percent market-rate apartments with a mix of studio, one-bedroom and two-bedroom units. John Kelly and Sam Dylag of CBRE/NE secured the financing through a local bank on behalf of the buyer. The name of the seller was not released.
BOCA RATON, FLA. — Marcus & Millichap has brokered the $12.5 million sale of Realm Boca Raton, a 102-unit apartment property located in Boca Raton. Constructed between 1965 and 1991, the community’s amenity package includes three courtyard pools with sundecks, a fitness center, cyber café, laundry facilities and tropical landscaping. Joseph Thomas, Adam Duncan and Derek Soven of Marcus & Millichap’s Fort Lauderdale office represented the seller, a limited liability company based in New Jersey. Marcus Christensen of Marcus & Millichap’s Miami office represented the California-based buyer in the transaction. The buyer intends to renovate the 25 apartment units that were not upgraded by the previous owner, according to Marcus & Millichap.
VIRGINIA BEACH, VA. — Greystone has provided a $6.5 million Fannie Mae DUS loan for the acquisition of Tivoli Apartments, a 140-unit apartment complex in Virginia Beach. The property comprises 12 two-story buildings with a clubhouse, swimming pool, picnic areas, laundry building and storage. Andrew Ellis of Greystone originated the 15-year, fixed-rate loan with a 30-year amortization schedule and one year of interest-only payments. The acquisition loan is the fifth loan that Greystone has provided to the undisclosed borrower.