HOUSTON — LMI Capital has secured $9.2 million in refinancing for three Houston-area multifamily properties. Brandon Brown of LMI Capital arranged all three loans through LMI Capital's Fannie Mae sources. The three properties include the 190-unit Pelican Pointe Apartments in southwest Houston, the 101-unit Park Place Apartments in Pearland and the 113-unit Stoneybrook Apartments in west Houston. Brown arranged a seven-year loan for Pelican Pointe, a 10-year loan for Park Place and a 10-year loan for Stoneybrook.
LOS ANGELES — A21-unit apartment building in the Los Angeles submarket of Toluca Lake has received a $7.4-million refinancing. The community was originally developed as high-end condos in 2007. When the market crashed, the developer converted the units to rentals. The apartment loan is underwritten to $352,380 per unit. The loan features a fixed rate for five years and a minor prepayment penalty for three years. The borrower hopes to sell the units as condos if and when the market recovers. The loan was arranged by Dan Litman of Marcus & Millichap Capital Corporation’s West Los Angeles office.
SOUTHFIELD, MICH. — Ciena Healthcare, a leading provider of skilled nursing and rehabilitation care facilities in Michigan and Connecticut, has obtained a five-year, $29 million loan from Capital One Bank. The loan proceeds will be used to refinance three skilled nursing facilities in Michigan that were built since 2005. Southfield-based Ciena Healthcare operates 32 skilled nursing communities across the state and four communities in Connecticut. The company provides long-term care and short-term rehabilitative services. Capital One Bank is based in McLean, Virginia.
FORT WORTH — The UNT Health Science Center and Brookdale Senior Living have been awarded a $7.3 million Health Care Innovation award from the U.S. Department of Health and Human Services for a program to reduce hospital re-admissions of seniors housing residents. The Brookdale Senior Living Transitions of Care Program, a partnership between the UNT Health Science Center, Florida Atlantic University and Brookdale Senior Living, will begin in Brookdale's Texas and Florida facilities. The program could reduce hospital re-admissions by 11.2 percent and save Medicare $9.3 million.
JACKSONVILLE, FLA., AND RICHMOND, VA. — Denver-based UDR has sold 15 unencumbered multifamily properties, located in Phoenix, Dallas, Jacksonville, Fla., and Richmond, Va., for $477 million. The properties total 4,931 units.
MILWAUKEE — Harbor Pointe, a 596-unit apartment property in Milwaukee, has sold to a Denver-based buyer for $27 million. The 531,186-square-foot property is located at 9200 North 75th St. Units range from 502 square feet to 1,359 square feet and amenities include a clubhouse, indoor pool and tennis courts. Scott Harris and Matthew Whiteside of Marcus & Millichap represented the seller, a private investment group. They also represented the buyer.
NORTH RICHLAND HILLS — Dallas-based Realty Capital Management has brokered the sale of 13 acres in HomeTown, a mixed-use Traditional Neighborhood Development in North Richland Hills, to Dolce Living Hometown. Dolce plans to build a 315-unit multifamily community on the site.
SAN FRANCISCO — A four-unit apartment building in San Francisco has sold to a partnership for $1.55 million. The community was built in 1900 and is located at 1201 Guerrero Street. John Antonini of Marcus & Millichap’s San Francisco office represented both the buyer and the seller, an individual/personal trust, in this transaction.
JACKSONVILLE, FLA. — The 106-unit San Marco Village Apartments, located at 2165 Dunsford Terrace in Jacksonville, has sold for $3.73 million. Jim Sewell and Steve Mack of Hilton Head, S.C.-based Coastal Apartment Advisors represented the seller, 2165 Dunsford Terrace Holdings, in the transaction. The buyer was Aspen Square Management.
BATON ROUGE, LA. — Walker & Dunlop has arranged $32.2 million in financing for the 330-unit Indigo Park Apartments, a Class A, garden-style apartment complex located in Baton Rouge. Steven Farnsworth of Walker & Dunlop arranged the seven-year loan with two years of interest-only payments followed by a 30-year amortization through Freddie Mac's CME program.