ATLANTA — NorSouth Constructs has started construction on the 48-unit Betmar Village, a seniors housing property located in the Betmar LaVilla community at 345 Ashwood Ave. in Atlanta. National Church Residences is the developer for the project. HUD provided a $3.9 million 202 Elderly Housing Grant for construction of the property, and the Georgia Department of Community Affairs is providing 4 percent tax credits and Invest Atlanta is issuing tax-exampt bonds.
SALINA, KAN. — Red Mortgage Capital has arranged an $11.8 million Fannie Mae loan for Eaglecrest Retirement Community in Salina. The 102-unit community includes 62 independent living and 40 assisted living units. Midwest Health, which owns 43 senior living communities throughout the Midwest, acquired Eaglecrest last month.
ATLANTA — Orlando-based CNL Lifestyle Properties has closed on its previously announced acquisition of four seniors housing properties in the Greater Atlanta area from Solomon Holdings III Dogwood Four for $79.8 million. The properties, which total 347 units, include Dogwood Forest in Alpharetta, Dogwood Forest of Eagles Landing in Stockbridge, Dogwood Forest in Fayetteville and Dogwood Forest in Gainesville. Trinity Lifestyles Management will continue to manage the communities.
MURFREESBORO, TENN. — Bell Partners has acquired the 320-unit Aldridge at Gateway Village, an apartment complex located at 3920 Puckett Creek Crossing in Murfreesboro, from Rhodie Development Group for $29 million. Amenities include a resort-style pool, 24-hour fitness center, sand volleyball court, business center, internet cafe and coffee bar. The property has been renamed Bell Murfreesboro.
PLANTATION, FLA. — Beech Street Capital has secured a $16.3 million conventional loan to refinance the 296-unit Jacaranda Village at Plantation, located at 461 NW 87th Rd. in Plantation. Brian Sykes of Beech Street Capital's Boston office arranged the 7-year, Fannie Mae loan with 4 years interest only and a 30-year amortization schedule, thereafter payable on an actual/360 basis, on behalf of the borrower, Scully Co.
NEW YORK CITY — Harlem 546-146 Associates LLC has sold a three-building portfolio at 546-52 W. 146th St. in West Harlem for $8.9 million. The three buildings are approximately 46,420 square feet and contain 70 apartment units. Victor Sozio, Shimon Shkury, Michael Tortorici and Jesse Deutch of Ariel Property Advisors represented the seller in the transaction. Calota Sosa and Mark Griffith of CitiHabitats represented the buyer, an international group.
ARLINGTON — The Connor Group has sold the 246-unit Legacy Point, a luxury apartment community located at 1901 NE Green Oaks Blvd. in Arlington. MREF Legacy was the buyer. The Connor Group purchased the apartment community in 2007 for $25.2 million.
WAXAHACHIE — Mohrle-Morris & Associates has secured $3.5 million in first mortgage refinancing for the 150-unit Victorian Square Apartments, located at 1831 John Arden Dr. in Waxahachie. Mike Brandenberger of Mohrle-Morris arranged the 10-year loan with a 25-year amortization schedule through Southern Farm Bureau Life Insurance Co. on behalf of the borrower, Swiss/M Two LP.
BOCA RATON, FLA. — Florida Atlantic University has selected Balfour Beatty Construction to build a new $31 million, 600-bed freshman student housing project on its main campus in Boca Raton. PGL Architects, in association with SchenkelShultz, is the design team for the project, which also includes a new dining facility. Construction on the seven-story project will begin in June, with completion slated for summer 2013.
HENDERSONVILLE, TENN. — A joint venture between Bell Partners and Bluerock has acquired the 252-unit Grove at Waterford Crossing, located at 101 Spade Leaf Blvd. in Hendersonville, for $27 million. The property contains 12 three-story buildings. Amenities include a clubhouse with a fireplace, television and full kitchen, a resort-style swimming pool with a sun deck, an internet cafe, a fitness center, free WiFi, a picnic area and a car wash center. The property has been renamed Bell Hendersonville.