CEDAR PARK — Marcus & Millichap has arranged the sale of New Hope Manor, a 114-bed skilled nursing facility located at 1623 W. New Hope Drive in Cedar Park. The list price of the property was $6.5 million. Rod Llanos of Marcus & Millichap's Houston office represented the seller, a developer, and the buyer, a limited liability company, in the transaction. The property was built in the 1990s.
CHICAGO — Skender Construction recently completed three new seniors housing facilities in the Chicago area. The properties include the 72,000-square-foot Oak Hill Supportive Living Community, the 90,000-square-foot The Residences of Lake in the Hills and the 75,000-square-foot Lakefront Residences of Grayslake. Oak Hill is an independent senior living facility located in Round Lake Beach, Ill. The Crown Group developed the 94-unit community, which features a community dining room, theater, billiards room and therapy center. Residences of Lake in the Hills is a two-story seniors housing complex in Lake in the Hills, Ill. DKI developed the 92-unit property, which was designed by architect NORR. Lakefront Residences is a 70-unit affordable housing community developed by Mercy Housing Lakefront in Grayslake, Ill. The community is for adults over 55.
EVERETT, WASH. – An affiliate of the Goldman Sachs Group and East Rock Capital, LLChave received $35 million in acquisition financing for Fulton’s Crossing in Everett. The 504-unit apartment community was built in two separate phases in 1986 and 1991. The five-year loan was secured by Mike Bryant and Jon Wooton of CBRE Capital Markets Dallas Debt & Equity Finance Group under the Freddie Mac Capped ARM program.
CHARLOTTE, N.C. — KBS Legacy Partners REIT, a non-traded REIT, has acquired Charlotte’s Wesley Village Apartments and an adjacent vacant parcel of land for $45.75 million. The adjacent parcel is zoned for an additional 199 multifamily units. Berkeley Point Capital provided $29.5 million in first mortgage financing for the acquisition under the Fannie Mae Delegated Underwriting and Servicing (DUS) program. Amenities at Wesley Village Apartments, which is located at 2715 Wet Stone Way in Charlotte, include a clubhouse, fitness center, business center, yoga studio, gaming center, swimming pool, dog park and detached garages.
CARPENTERSVILLE, ILL. — Greystone has arranged a $4 million Fannie Mae loan for the acquisition of Spring Grove Apartments, a 108-unit community in Carpentersville. MCJ Spring Grove LLC acquired the property, located at 170 Golfview Lake, for $5.1 million. The property is 95 percent occupied. Sujal Parikh and Clint Darby of Greystone arranged the 10-year loan, which features a 4.2 percent interest rate and a 30-year amortization schedule.
MILWAUKEE — Love Funding has arranged a $7 million loan to convert a historic building in downtown Milwaukee into a 50-unit apartment property. Harry Cheatham of Love Funding negotiated the loan through the U.S. Department of Housing and Urban Development's 221(d)(4) loan program. The three-story project, which will be called Junior House Lofts, will be located at the corner of 3rd and Pierce streets in the city's Fifth Ward neighborhood. The building was originally constructed in the early 1990s and served as a clothing factory and warehouse. KBS Construction is the general contractor.
HEMPSTEAD, N. Y. — Metro 303, a new transit-oriented apartment community developed by Mill Creek Residential, has opened in Hempstead. The 166-unit property features one-, two- and three-bedroom layouts within a four-story building. The community was designed to achieve LEED Gold certification and amenities include a resident lounge, game area and outdoor pool. The property is also within walking distance of the County Life Press LIRR station in Garden City and the Hempstead LIRR and bus station in Hempstead.
HOUSTON — Birmingham, Ala.-based Equity Resources has acquired the 276-unit Waterstone Apartments, located in Houston just outside of The Woodlands. The property was built in 2012 and is currently in lease-up. The community's amenities include a resort-style saltwater pool with a sundeck, a fitness center, poolside gourmet grilling area, Wi-Fi computer lounge, clubhouse/entertainment area, garages and privacy gates.
HOUSTON — HFF has secured a construction loan for the development of 2929 Weslayan, a 254-unit, high-rise multifamily development located on the northeast corner of Weslayan and West Alabama streets in Houston. The 40-story property includes 12,156 square feet of ground-floor retail space and a 547-space parking garage. The community will feature a fitness center, pool lounge, fire pit and an adjoining restaurant offering room service for residents. Whitaker Johnson, Rob Rizzi and Cameron Cureton of HFF arranged the loan through Pacific Life on behalf of the borrower, a partnership between PM Realty Group and the INDURE Fund, which is managed by National Real Estate Advisors.
EVERETT, WASH. – An affiliate of the Goldman Sachs Group and East Rock Capital, LLChave received $35 million in acquisition financing for Fulton’s Crossing in Everett. The 504-unit apartment community was built in two separate phases in 1986 and 1991. The five-year loan was secured by Mike Bryant and Jon Wooton of CBRE Capital Markets Dallas Debt & Equity Finance Group under the Freddie Mac Capped ARM program.