GRANT PASS, ORE. – Oak Grove Capital has originated $25 million in variable rate, permanent financing for three senior housing communities in Oregon and Montana. The financing was obtained through Freddie Mac’s Senior Housing Capped ARM program. The three communities are operated by Emeritus Corporation and owned by a joint venture between affiliates of Emeritus, Blackstone Real Estate Advisors and Columbia Pacific Advisors. The funds were used to refinance existing low-leverage mortgage debt on the three senior properties, which include the 61-unit Cambridge Place in Great Falls, Mont., the 82-unit Spring Village in Grants Pass, Ore., and an 88-unit assisted/independent/memory care facility in Redmond, Ore. This is a seven-year variable-rate loan with pre-payment flexibility. Lisa Lautner and Heidi Brunet of Oak Grove's Senior Housing and Healthcare Group originated the loans.
WASHINGTON, D.C. — Urban Investment Partners has begun sales of the WY18 Condos, located at 1801 and 1811 Wyoming Ave. in Washington, D.C., which underwent complete renovations. The 61 condos have all new heating, cooling, plumbing and wiring. Features include rooftop party decks, GE Cafe series appliances, energy efficient windows, water saving dual-flush toilets and expanded closets and storage areas. The twin historic buildings were originally constructed in 1909 and were acquired by Urban Investment Partners in 2010.
ANN ARBOR, MICH. — New York City-based Vesper Holdings has purchased the 233-unit Woodland Mews Apartments & Townhomes in Ann Arbor through an off-market transaction. The complex is in close proximity to the University of Michigan and is 100 percent leased. Amenities include a swimming pool, central air, balconies, and in-unit washer and dryers. Vesper plans to invest more than $1 million in capital improvements.
NEPTUNE, SOUTH RIVER and LONG BRANCH, N.J. — Phoenix Realty Group and The Orbach Group have purchased three former AIG properties in central New Jersey for $46.5 million. The three properties — Jumping Brook Apartments in Neptune, Leonardine Gardens in South River and Marine Gardens in Long Branch — total 472 apartments. Nearly $2.5 million will be spent in renovations on all three properties. The purchase was part of a larger deal involving three other apartment communities in New Jersey sold to Vantage Properties and Angelo, Gordon & Co.
NEW YORK CITY — Marcus & Millichap Real Estate Investment Services has brokered the sale of 1306 Fteley Avenue, an apartment building totaling 69 units in the Soundview Section of the Bronx. The six-story, 69,060-square-foot property sits on the southeast corner of Fteley Avenue and East 172nd St. Marco Lala of Marcus & Millichap’s Manhattan office represented both buyer and seller.
NEW YORK CITY — Beech Street Capital has provided a $14.8 million Fannie Mae loan to refinance two Section 8 apartment buildings in Manhattan’s Hamilton Heights. The property is comprised of 89 units and has had an occupancy of more than 97 percent over the past 2 years. Joe Klein of Meridian Capital Group originated the transaction. The loan has a 10-year term with a 9.5-year yield maintenance and a 30-year amortization schedule.
NEW YORK CITY — Marcus & Millichap Real Estate Investment Services has facilitated the $2.4 million purchase of an 8-unit apartment building in New York’s Chelsea neighborhood. The property is located at 308 W. 22nd St. and fetched a capitalization rate of 4 percent. Peter Von Der Ahe, Joe Koicim and David Lloyd of Marcus & Millichap represented both buyer and seller in the transaction.
HOUSTON and AUSTIN — A joint venture of Ascension Commercial Real Estate and Moriah Real Estate Co. has purchased the 4,568-unit, Class B apartment buildings in Austin and Houston. J. Michael Lewis, Greg Austin and Chip Nash of Jones Lang LaSalle’s Capital Markets represented all parties in the transaction. Houston-based LMI Capital’s Ken Lawrence and Chris Pollard arranged the joint venture’s senior financing. Properties featured in the transaction include: Aubry Hills in Austin, 192 units Bay Crest Village in Houston, 96 units Bay Place in Houston, 193 units The Berkshire in Houston, 227 units Hayes Place in Houston, 307 units The Meadows in Houston, 480 units The Park on Burke in Houston, 160 units Pointe at Steeplechase in Houston, 316 units Princeton Club in Houston, 291 units Shadow Creek in Houston, 296 units Sheffield Square in Houston, 190 units Sierra Pines in Houston, 804 units Spring Meadows in Houston, 304 units Timber Run in Houston, 156 units Walnut Bend in Houston, 556 units
PORTLAND, ORE. – NBS Real Estate Capital has closed four separate multifamily investments on behalf of the Morrison Street Funds. The total cost of these transactions was $69,105,000, which includes invested equity from Morrison, as well as partner equity and mortgage financing. The multifamily investments consist of the 217-unit, Class B Foothills Apartments in Denver; the 248-unit, Class B Berry Ridge Apartments in Gresham, Ore.; a 111-unit, Class A asset in Loveland, Colo.; and the 516-unit Class B/C Lantana Apartments in Las Vegas.
OMAHA, NEB. — John Reed of NorthMarq Capital's Omaha office has secured $9.22 million in financing for Whispering Hills Phase II, a 144-unit multifamily community located at 2510 N. 109th Plaza in Omaha. Financing was based on a 7-year term with a 30-year amortization schedule and was arranged through Freddie Mac.