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.
ALEXANDRIA, LA. — Arbor Commercial Mortgage has arranged a $14.51 million FHA-insured 221(d)(4) loan for the development of the 169-unit Mason Estates, an adaptive re-use and historic preservation project in Alexandria. The former Masonic Home orphanage will be converted into 25 loft units and an additional six buildings containing 144 apartment units will be constructed. Jay Porterfield of Arbor's Plano, Texas, office originated the loan on behalf of Roger Landry, the developer.