WESTBOROUGH, MASS. — Invesco Real Estate has purchased a 280-unit multifamily community located at 1 Homestead Blvd. in Westborough on behalf of one of its pension fund clients. The garden-style community contains a mix of one- to three-bedroom units averaging 1,070 square feet in size. Amenities include a clubhouse, a fitness center, an indoor basketball court, a swimming pool and a playground. Occupancy was 97 percent at the time of closing. Simon Butler and Biria St. John of Cushman & Wakefield represented the undisclosed seller. The acquisition price was also not disclosed.
Multifamily
MIDLAND AND AMARILLO, TEXAS — Keybank Real Estate Capital has arranged approximately $8.5 million in Freddie Mac funds for the refinancing of two Texas senior housing communities owned by Emeritus Senior Living. Approximately $6.4 million will go toward the refinancing of Emeritus at Saddleridge Lodge in Midland, and $2.1 million will go toward the refinancing of Emeritus at Seville Estate in Amarillo. The fixed-to-float funding will be used by Emeritus to refinance balance-sheet debt into long-term, fixed-rate debt. As part of the transaction, Keybank also helped Emeritus refinance a third senior housing property located in Ontario, Ore.
SNELLVILLE, GA. — Eastside Gardens of Snellville LLC has sold the 53-unit assisted living facility Eastside Gardens to Maryland-based Senior Housing Properties Trust for $4.9 million. The Snellville property, which also includes a dedicated dementia care wing, will be operated by Five Star Quality Care of Newton, Mass. Matrix Healthcare Development built the property in 1997. Ed LaFrance and Ryan Maconachy of Apartment Realty Advisors represented the seller.
NEW YORK CITY — Salmon & Marshall has brokered the sale of an apartment building located in the West Village of Manhattan, New York City, for $5.3 million. The building is situated at 120 MacDougal St.; it contains 26 residential units and two commercial units. Kevin Salmon and Matthew Marshall of Salmon & Marshall represented the undisclosed seller and procured the buyers, Jordan Vogel and Aaron Feldman of Manhattan-based Benchmark Real Estate Group.
WICHITA, KAN. — Robert Ranieri and David Farrell of NorthMarq Capital have arranged a total of $35.11 million in first mortgage financings for a multifamily portfolio in Wichita. The six-property portfolio features a total of 1,277 units. The 10-year term loans range from $4.1 to $9.1 million and carry 30-year amortization schedules. The borrowers are Dermot Wichita East LLC and Dermot Wichita West LLC. Freddie Mac provided the loans.
NEW YORK CITY — New York City (NYC) Development Corp. has completed the $20.1 million renovation of Rose Hill Apartments, an affordable senior apartment community located at 2855 Southern Blvd. in the Fordham Bedford Park section of the Bronx, New York City. The nine-story building contains 119 studio and one-bedroom units, a meeting room and 22 outdoor parking spaces. Construction included the replacement of the heating plant and roof, façade and window repairs, and upgrades to units, common areas and the lobby. The project was designed by Daughtry Carstarphen Edelman Sultan Knox & Wood Architects. The general contractor was Notias Construction. Funding was provided by the NYC Development Corp. through its Low-Income Affordable Marketplace Program and the Section 202 Preservation program.
PLANO, TEXAS — NorthMarq Capital has arranged $27.6 million in first-mortgage financing for Legends at Ridgeview Ranch, a 480-unit multifamily community located in Plano. The loan includes a 7-year term and a 30-year amortization schedule. Jeff Frankel of NorthMarq's Chicago office secured the funds on behalf of the undisclosed borrower through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
SAN DIMAS, CALIF. — Raintree Partners has acquired the 168-unit Mountain View Apartments, located at 650 E. Bonita Ave. in San Dimas, for $21 million. Mountain View consists of two- and three-bedroom residences and includes amenities such as a fitness center, a swimming pool with a spa, a renovated clubhouse and covered parking. CB Richard Ellis’ Sean Deasy represented the seller, an affiliate of Apartment Investment & Management Company, in the transaction.
CHICAGO — Glenn Housman of CB Richard Ellis’ Orlando office arranged a $35.5 million loan for the refinancing of The Buckingham, a 129-unit, 456-bed student-housing property located in the South Loop University District of downtown Chicago. The loan was arranged through Freddie Mac on behalf of The Buckingham LLC. Terms of the 7-year loan include a loan-to-value of 70 percent and a DSC of more than 1.50x.
RICHMOND, VA. — Principal Financial Group has sold two Richmond apartment complexes — the 228-unit Culpeper Farms and the 220-unit Oaks at Gayton — to Colonial Court Apartments for $33.35 million. Culpeper, which was built in 1989, is located at 3450 Spendthrift Road; built in 1987, the Oaks is located at 12520 Gayton Road. Bill Roohan, Andy Boyer, Mike Muldowney, John Sheridan, Jonathan Greenberg, Michael Rudolph and Ben Margerum of CB Richard Ellis' Washington, D.C., office brokered the sale. The CB Richard Ellis team also brokered Principal's $19.25 million sale of Sundance Station to Harbor Group International of Norfolk, Va. The 300-unit apartment property is located at 3500 Sundance Way in Richmond.