NEW YORK CITY — Monticello has provided $117 million in first lien debt financing for the acquisition of 12 skilled nursing properties and the refinance of one other in North Carolina and Kentucky. The skilled nursing portfolio totals 1,357 beds. The names and specific locations of the properties were not disclosed. The transaction also includes a $10 million working capital loan to the operators of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital LLC. The borrower is an experienced owner and operator with a current portfolio of 8,752 licensed beds and has an established relationship with New York City-based Monticello. Prior to this deal, Monticello financed the acquisition of a number of facilities during 2018 and 2019 for the borrower.
ARLINGTON, VA. — Marymount University has acquired The Rixey, a 267-unit conventional multifamily community located in the Ballston neighborhood of Arlington, two miles south of the university. The university plans to convert the property into a 502-bed, college-affiliated community offering apartment-style units for upperclassmen, graduate students, faculty and staff. Marymount has tapped The Michaels Organization as a management partner for the community. Michaels will co-manage leasing efforts and solely handle the operations and resident life program at The Rixey. The new community will offer studio, one- and two-bedroom, fully furnished units. Shared amenities will include ground floor retail leased to Starbucks Coffee and Northwest Federal Credit Union, as well as an outdoor fire pit with cabanas, rooftop spa and a fitness center.
ATLANTA — PCCP LLC has provided a $48.4 million refinancing loan for Sterling Pointe, a two-building, 348,399-square-foot office campus in Atlanta’s Central Perimeter submarket. The seven- and eight-story buildings were 42 percent leased at the time of financing. The borrower, The Simpson Organization, will use the funds to lease-up the property. The buildings were originally built in 1980 and the owner implemented a $2 million renovation in 2018 to upgrade the lobby and common areas, along with amenity improvements including the café, outdoor courtyard space and a fitness center. Sterling Pointe is situated at 303 Perimeter Center N., 16 miles north of downtown Atlanta.
ATLANTA — Cushman & Wakefield has arranged the sale of Lilli Midtown, a 24-story, 147-unit multifamily community in Midtown Atlanta. The property offers one-, two- and three-bedroom floor plans, as well as 3,965 square feet of ground-level retail space. Communal amenities include a pool, clubhouse, grilling area, fitness center and bike storage. The community is situated at 693 Peachtree St., three miles north of downtown Atlanta. The sellers, JPX Works, Mariner Group and ELV Associates, delivered the property in 2016. Oxford Properties Group acquired the asset. Robert Stickel, Alex Brown and Chris Spain of Cushman & Wakefield represented the sellers in the transaction.
MIAMI GARDENS, FLA. — Ready Capital has closed a $5.4 million acquisition loan for a 77,000-square-foot, Class B office building in Miami Gardens. The undisclosed borrower plans to upgrade the common areas and lease up vacant suites. The three-year, non-recourse loan features a floating interest rate and flexible prepayment options. Further details of the property were not disclosed.
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Berkadia: Affordable housing concerns require local solutions
David Leopold, Senior Vice President and Head of Affordable Housing at Berkadia, speaks with reporter Nellie Day about the ever-growing need for affordable housing and the challenges of meeting increasing demand. As Leopold discusses the differences between subsidized affordable housing and “organic,” workforce housing that is not driven by subsidies, he looks at the short- and long-term impacts of each approach. “Like all real estate, affordable housing challenges are very local. And the solutions to affordable housing are also local,” Leopold says. Developers have different tools available to them depending on where they are doing deals. Watch the video to hear more from Leopold about the challenges of affordable housing and how Berkadia is helping to tackle the issue. This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week newsletter series, followed by video interviews from MBA CREF.
ATLANTA — Consolidated-Tomoka Land Co. has purchased Perimeter Place, a 269,000-square-foot retail center in Atlanta’s Central Perimeter submarket, for $75.4 million. The property was 80 percent leased at the time of sale to 42 tenants including Ross Dress for Less, Michaels, Fleming’s Prime Steakhouse & Wine Bar, Chipotle, Panera, Outback Steakhouse and Carrabba’s. SuperTarget shadow anchors Perimeter Place, which is located on a 24-acre site less than a mile from Perimeter Mall and 16 miles north of downtown Atlanta. CBRE will manage the property and JLL will lead leasing efforts on behalf of the buyer. Consolidated-Tomoka will finance the acquisition with its line of credit and $65 million in remaining funds from a 1031 tax exchange in November. The seller was not disclosed.
WASHINGTON, D.C. — A joint venture between Lincoln Property Co. and Cadillac Fairview has acquired 1313 L Street, an 84,040-square-foot office building in downtown Washington, D.C., for $34.7 million. The property is situated less than a mile from The White House. The building was formerly the headquarters of the seller, the National Association for the Education of Young Children (NAEYC). The asset was originally built in 1984 and has served at NAEYC’s headquarters since 2006. Dek Potts, Susan Carras, Walter Coker and Brian Crivella of JLL represented the seller in the transaction. West, Lane & Schlager (WLS) is advising NAEYC on its relocation to a new headquarters. The buyers plan to redevelop the building into apartments, but provided few details.
RIVERDALE, GA. — Berkadia has negotiated the $38 million sale of Legacy Riverdale, a 615-unit, garden-style apartment complex in Riverdale. The property offers one-, two- and three-bedroom floor plans averaging 934 square feet. Community amenities include laundry facilities, a playground, a pool and barbecue areas. The asset was renovated in 2019 and is located at 6630 Church St., 13 miles south of downtown Atlanta. Paul Vetter, Andrew Mays, Judy MacManus and Matthew White of Berkadia represented the seller, Atlanta-based DRI Legacy LLC. California-based Northport Realty LLC was the buyer.
MIAMI — JLL has arranged a $34 million construction loan for First-Little Havana, a planned 194-unit multifamily property in Miami. Premium Development Inc. is building the asset, which is situated at Seventh Avenue and SW First Street, one mile west of downtown Miami. First-Little Havana will feature 7,000 square feet of ground-floor retail, 231 garage parking spaces, a pool, fitness center, yoga studio and dog park. The developer plans to open the community in 2021. Brian Gaswirth and Michael DiCosimo of JLL arranged the financing through Man Global Private Markets.