KERRVILLE — The Cirrus Group, a healthcare development company, and its development partner McFarlin Group have begun construction on River Point of Kerrville Assisted Living and Memory Care, a senior living community located on Bandera Highway in Kerrville. Upon completion in spring 2012, the property will offer 33 assisted living units and 20 memory care units built on a site with views of the Guadalupe River. The Cirrus Group has developed multiple healthcare properties across the nation with McFarlin Group, including Orchard Park of McKinney in McKinney, Texas.
Multifamily
PALMER TOWNSHIP, PA. — The 216-unit Woodmont Place at Palmer, located at 100 Woodmont Circle in Palmer Township, is now open. The 19-acre property offers one- and two-bedroom floor plans, a fitness center, clubhouse, walking trails, picnic areas and dog runs. Woodmont Properties developed the property.
DALLAS — McCallum Crossing, a 322-unit multifamily complex located at 7720 McCallum Blvd. in Dallas, has been sold by Newport News, Va.-based Texas McCallum Crossing Partners, Ltd., to Saratoga, Calif.-based MMeadows Crossing LLC for an undisclosed price. The garden-style property features 306 one-bedroom units and 16 two-bedroom units and was built in 1985. Peter Hartnett of Hendricks & Partners' Dallas office and George Deuillet III of its Austin office represented the seller.
HOUSTON — Grapevine-based SQN Realty Finance, LLC, a real estate investment firm formed this past March, has completed its first equity investment in a lender-owned multifamily property called Applewood Village in Houston. The property includes 92 units and is located at 15455 Ella Blvd., less than one-half mile from Interstate 45. It was foreclosed on in 2010 and was being operated by a management company hired by the special servicer. SQN Realty Finance has plans for minor renovations to the property during the next 6 months. Houston-based Mosaic Residential has taken over the management of the property, while AHC Construction, a Houston-based contractor, is performing the renovations. SQN Realty Finance is a subsidiary of New York-based SQN Capital Partners, an alternative investment management firm specializing in direct investments in hard assets. It invests in various property types with a concentration in the major Texas markets and a secondary focus on major markets in the Southwest.
CHEVERLY & FORESTVILLE, MD. — Jason Smith of NorthMarq Capital's Bethesda, Md., office has arranged a $58.1 million floating-rate loan through Natixis Real Estate Capital on behalf of a joint venture between Foulger-Pratt Cos. and DLJ Real Estate Capital Partners. The joint venture will use the funds for the acquisition and repositioning of a 1,107-unit apartment portfolio containing four properties. The properties are the 366-unit Cheverly Terrace and 190-unit Hanson Arms Apartments, located in Cheverly, and the 404-unit Pennbrooke Terrace and the 147-unit Valleybrook Apartments, located in Forestville.
ALEXANDRIA, VA. — The Carlyle Group and AION Partners have selected Bainbridge Cos. to renovate and manage the 570-unit CITYSIDE Huntington Metro, located at 6034 Richmond Hwy. in Alexandria. The $9.5 million renovation will include upgraded amenities, landscaping, interiors and exteriors.
BOYNTON BEACH, FLA. — Marcus & Millichap has sold Easco Apartments, a portfolio of two apartment buildings, totaling 64 units, for $2.4 million. Brandon Rex and Tal Frydman of the Fort Lauderdale office represented the seller, a St. Petersburg, Fla.-based private investor and secured the buyer, a Delray Beach, Fla.-based limited liability company.
CHAMPAIGN, ILL. — Arbor Commercial Funding has secured a $33.62 million Fannie Mae DUS loan for the refinancing of 309 East Green, a 416-unit student housing property located near the campus of the University of Illinois in Champaign. The loan carries a 10-year term and a 30-year amortization schedule. Patrick McNulty of Arbor's Chicago office arranged the loan on behalf of the undisclosed borrower.
NEW HOPE, MINN. — Minneapolis-based Towle Financial Services has arranged $4.2 million in permanent financing for Chardon Court Apartments, a 129-unit multifamily community located in New Hope. The funds will be used by the undisclosed borrower to pay off the bond-financed first mortgage as well as make capital improvements. The non-recourse loan carries a 10-year term and a 5.6 percent fixed interest rate. Peter Austin of Towle originated the financing.
NEW YORK CITY — A 4,762-square-foot, 22-unit retail condominium, located at 456 West 19th St. and Tenth Avenue in New York City, has been sold for $6.55 million. Ronald Solarz, Eric Anton and Eric Weinberg of Eastern Consolidated represented the seller and procured the buyer, a New York-based private company.