MAPLE GROVE, MINN. — Northmarq has arranged a $39.9 million Freddie Mac loan for the refinancing of Terra Residences in the Minneapolis suburb of Maple Grove. The 250-unit apartment complex was built in 2023. Amenities include an outdoor pool, golf simulator, fitness center and underground heated parking. Andy Finn and Dan Trebil of Northmarq arranged the 10-year, fixed-rate loan with seven years of interest-only payments followed by a 35-year amortization schedule. Roers Cos. was the borrower.
KANSAS CITY, MO. — Kennedy Funding has provided a $2.7 million land loan for a 420-unit multifamily development in Kansas City. The borrower, LOF GP LLC, acquired the 31.5-acre property, called Kimpton Falls, in April 2023 for $4.5 million and secured the loan from Kennedy Funding for working capital and cash-out. Steven Wilson of Barefoot Mortgage arranged the loan.
ALLENTOWN, PA. — Northmarq has arranged the sale of Red Maple Acres, a 202-site manufactured housing property in the Lehigh Valley city of Allentown. Red Maple Acres was built in 1960 and was 98 percent occupied at the time of sale. Ari Azarbarzin and Anthony Pino of Northmarq represented the seller, an entity doing business as Red Maple Acres LLC, in the transaction. The buyer and sales price were not disclosed.
PITTSBURGH — New Jersey-based Tryko Partners has begun leasing Cedarwood Homes, an age-restricted affordable housing project located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the one-bedroom units are reserved for renters earning 60 percent or less of the area median income. Merchants Capital provided $11 million in project financing, and The Pennsylvania Housing Finance Agency awarded 9 percent Low-Income Housing Tax Credits to the developer to fund the project. Construction began last summer.
BUENA PARK, CALIF. — Priya Living has sold Cypress Village Apartments, a multifamily community in the Orange County city of Buena Park, for $34.4 million. Northmarq represented the seller in the transaction. Nate Prouty, Briana Harney DeHaan, Andrew Deaver and Soraya Rios of Northmarq arranged $19.7 million in acquisition financing for the undisclosed buyer. Built in 1963 and renovated in 2023, the property features 88 two-bedroom apartments. Amenities at the community, which was 95.5 percent occupied at the time of sale, include a swimming pool, courtyard, BBQ area and clubhouse. The seller was not disclosed.
LONG BEACH, CALIF. — CBRE has arranged the $2.7 million sale of a multifamily community located at 2203 E. Bermuda St. in Long Beach. Built in 1985, the apartment building totals 8,364 square feet across eight units. Dan Blackwell, Trey Mitchell and Jack O’Connor of CBRE represented the California-based, all-cash buyer in the transaction. The seller is also based in California. This marks the first sale of the property since its construction.
LOS ANGELES — In 2023, particularly in the second half of the year, a combination of forces slowed property sales to a crawl in the seniors housing sector. Amy Sitzman, executive managing director of seniors housing and care at Blueprint Healthcare Real Estate Advisors, laid out the laundry list of challenges. “The bid-ask spread conversation really has everything to do with what’s gone on in the market the past year and a half,” she said. “It has been trying for everybody dealing with interest rate hikes, inflation, operations, staffing challenges, expenses going out of control, the minimal lack of stabilized assets out on the market. We’re just trying to get our head around the value of assets today.” Sitzman made her comments as moderator of a panel titled “Investment Outlook: When Will the Bid-Ask Gap Narrow and Transactions Resume in Earnest?” at France Media’s InterFace Seniors Housing West conference, held Feb. 1 at the Omni Los Angeles. Speakers at the session included Michelle Kelly, senior vice president of investments, NHI; Darrin Smith, executive vice president of Investments, Sabra Health Care REIT; Bryan Schachter, chief investment officer, Watermark Retirement Communities; and Clint Malin, co-president and chief investment officer, LTC Properties. While …
MIAMI — Co-developers L&L Holding Co. and Oak Row Equities, along with project partner Shorenstein Properties and capital partner Claure Group, have topped out the Residences at The Wynwood Plaza, a 509-unit apartment development in Miami. The property serves as the multifamily component of Wynwood Plaza, a 1 million-square-foot mixed-use development underway in the city’s Wynwood district. Designed by Gensler, Residences at The Wynwood Plaza will feature studio, one- and two-bedroom apartments with floor-to-ceiling windows, modern appliances, high-end finishes and flexible layouts. Amenities will include 32,000 square feet of retail space, multiple connected rooftops, a multi-purpose sports court, two outdoor pools, sauna, hot tub, cold plunge pool, coworking spaces, private phone rooms, game lounge and a modern fitness center. Urban planning firm Field Operations designed the property’s 26,000-square-foot public plaza. L&L Holding and Oak Row plan to begin welcoming residents in 2025. The duo also topped off on Wynwood Plaza’s 12-story office tower in September 2023.
TEXAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities totaling 320 licensed beds in East Texas. The names of the properties, as well as the buyers and sellers were not disclosed. Giancarlo Riso, Amy Sitzman and Ryan Chase led the Blueprint team on the transaction. The deal closed via the buyer’s assumption of the seller’s outstanding loan, which carried an interest rate of 2.9 percent and a remaining term of over 25 years.
GLENDALE, ARIZ. — Dominium is scheduled to break ground on two affordable housing communities in Glendale, roughly 10 miles northwest of Phoenix. Totaling 605 units, the apartment communities will be reserved for individuals earning 60 percent or less of the area median income (AMI). Juniper Square, a seniors housing community, will comprise 287,468 square feet and 221 apartments in one-, two- and three-bedroom floorplans. Amenities at the property will include a pool, courtyard, fire pits, a clubroom, fitness center, theater and salon. 67 Flats will span 875,141 square feet with 384 apartments in one-, two- and three-bedroom layouts. Amenities at the community will include a pool, playground, soccer field, courtyard, clubroom and fitness center. Juniper Square and 67 Flats are scheduled to open in the spring and summer of 2026, respectively. W.D. Construction, a joint venture between Weis Builders and Dominium Construction and Architectural Services, will serve as the general contractor.
