SACRAMENTO, CALIF. – Bayside Communities has purchased the 220-unit Azure Park Apartments in Sacramento for an undisclosed sum. The affordable housing community is currently 85 percent leased. Bayside plans to renovate and rebrand the property as Lotus Landing. Financing was provided by Pembrook Capital Management.
DUMFRIES, VA. — Shorehaven Apts GP plans to build the $41 million, 240-unit Shorehaven Apartments, located in Dumfries. Amenities will include a clubhouse, resort-style pool, exercise facility and dog park. Bill Overman and John Wessling of S.L. Nusbaum Realty Co. represented Shorehaven Apts LP, in the $8.1 million acquisition of the land where the project will be constructed. Full completion is slated for 18 months from when construction begins.
NASHVILLE, TENN. — Beech Street Capital has secured $92.6 million in Freddie Mac Capital Markets Execution loans for the acquisition of a three-property multifamily portfolio, located in Nashville. The properties include the 627-unit Cherry Creek Apartments, the 346-unit Arbors at Brentwood Apartments and the 360-unit Cambridge at Hickory Hollow. Aaron Birnbaum of Meridan Capital Group originated the loans, which were financed by Beech Street as part of its correspondent relationship with Meridian. The seven-year loans have two years of interest-only payments.
SACRAMENTO, CALIF. – Bayside Communities has purchased the 220-unit Azure Park Apartments in Sacramento for an undisclosed sum. The affordable housing community is currently 85 percent leased. Bayside plans to renovate and rebrand the property as Lotus Landing. Financing was provided by Pembrook Capital Management.
ORLANDO — KeyBank Real Estate Capital has arranged a $55.1 million Fannie Mae loan on behalf of CNL Healthcare Trust. Monique Bimler of KeyBank negotiated the 10-year, fixed-rate loan. The funds will be used to refinance the bridge loan for CNL's acquisition of five seniors housing properties in February 2012. The properties total 394 units and include Primrose Retirement Communities in Grand Island, Neb.; Marion, Ohio; Mansfield, Ohio; Casper, Wyo.; and Billings, Mont.
PEARLAND AND KATY — A joint venture between McFarlin Group and Stroud Development have plans to build Orchard Park of Katy and Orchard Park of Pearland, two memory care/assisted living facilities that will serve 97 residents each. Orchard Park of Katy will break ground in October and be open for occupancy in late 2013. Amegy Bank of Texas will finance the facility's construction. Orchard Park of Pearland will break ground in the first quarter of 2013 and be open for occupancy in late 2013. HUD will finance the facility's construction through its 232 LEAN program. Bedford-based Galier, Tolson and French Design Associates designed the facilities, which will feature landscaped courtyards, private dining amenities, special events venue, fitness/wellness areas, therapy rooms and salons. Meridian Seniors Living will operate both facilities.
KISSIMMEE, FLA. — NorthMarq Capital has arranged $20.55 million in first mortgage refinancing for the 384-unit Lake Tivoli Apartments, located at 851 Lake Tivoli Blvd. in Kissimmee. David Schofield and Robert Rothaug of NorthMarq secured the 10-year loan with a 30-year amortization schedule through Freddie Mac on behalf of the borrower, Lake Tivoli Apartments LLC.
CHICAGO — Related Cos. has secured a $115 million construction loan that will enable the developer to build an apartment tower at 111 W. Wacker Drive, which has been sitting unfinished for years. U.S. Bank provided the loan to finance construction of the 504-unit building. Originally planned to be the fifth tallest building in Chicago, the prior development reached a mere 25 stories before the economic recession halted construction in 2008. In July 2011, Related acquired the building and announced plans to transform the tower into a 60-story luxury rental tower. Demolition is currently under way and vertical construction is expected to start in early 2013 with completion by the spring of 2014.
CHICAGO — Marcus & Millichap has arranged the $1.2 million sale of a 14-unit apartment property at 6760-6774 W. Raven St. in Chicago's Norwood Park neighborhood. The building contains a mix of four, one-bedroom units with eat-in kitchens and 10, one-bedroom units with separate dining rooms. James Clough and Joe Smazal of Marcus & Millichap represented the seller, an individual trust, in the transaction. They also secured the buyer, a private investor.
PHILADELPHIA — Beech Street Capital has arranged a $10.9 million Fannie Mae loan for the refinancing of a four-property apartment portfolio, totaling 230 units, in Philadelphia. Avi Weinstock and Chaim Tessler of Meridian Capital Group originated the seven-year loan. The properties were constructed in the 1950s and 1960s and major renovations have been completed in the past five years. Each property is fully occupied.