OKLAHOMA CITY — New York City-based Ready Capital has closed a $28.3 million loan for the acquisition, renovation and stabilization of an unnamed, 400-unit apartment complex in Oklahoma City. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.
MEDFORD AND EUGENE, ORE., AND BUTTE AND BILLINGS, MONT. — Harrison Street has completed the disposition of five senior housing properties valued at $193.5 million to The Springs Living. The properties were held across several of Harrison Street’s U.S Opportunity Funds and related co-investment vehicles. The portfolio consists of 622 independent living, assisted living and memory care units in Medford, Eugene, Butte and Billings. As of December 2021, the properties had an average occupancy of 93 percent. Further details on the properties were not disclosed.
LOGAN, UTAH — KeyBank Real Estate Capital has arranged $191 million in life company loans for the Wasatch Group, a fully integrated real estate development, construction, property management and guaranty capital company based in Logan. The loans will refinance debt on five apartment communities across the Rocky Mountains and Western United States. The portfolio comprises 1,398 units in Arizona, California, Colorado and Utah. Brian Caudel, Mike Keach, Greg Halvorson and Jack Tidrick of KeyBank structured the financing, which includes loans with seven-year, full-term interest-only structures and a 2.62 percent interest rate.
CHARLESTON, S.C. — KeyBank Real Estate Capital has secured a $40 million Freddie Mac loan for the refinancing of Paxton Pointe Hope Apartments, a 274-unit community in Charleston. Hayley Suminski of KeyBank structured the financing for the Framingham, Mass.-based borrower, VTT Management. The fixed-rate loan features five years of interest-only payments. Built in 2018 on more than 20 acres, Paxton Pointe Hope is a low-rise apartment complex featuring 12 three-story residential buildings. The property offers studios, one-, two- and three-bedroom floorplans. Unit features include patios or balconies, designer kitchens, full-size laundry appliances and walk-in closets. Community amenities include a saltwater pool, recreation room, fitness center and a fenced dog park.
HUNTSVILLE, ALA. — Brass Enterprises has bought Henry House at Clift Farm, a 273-unit, garden-style multifamily property in Huntsville. The sales price was not disclosed. Russ Hardy and David Wilson of Berkadia Institutional Solutions completed the sale on behalf of the seller, a joint venture partnership between Atlanta-based META Real Estate Partners and Huntsville-based Watercress Partners. Tom Genetti of Berkadia arranged an undisclosed amount of financing on behalf of Brass. Henry House at Clift Farm offers one-, two- and three-bedroom floorplans. Unit features include in-unit washers and dryers and private patios or balconies. Community amenities include a clubhouse, fitness center, swimming pool, multiple outdoor kitchens, dog park and a playground. Located at 1435 Balch Road, the property is situated close to a new Publix, Madison Hospital, the shops and restaurants along Highway 72 and walking trails within the 600-acre Clift Farm master-planned development.
CLAYTON, MO. — Green Street Real Estate Ventures LLC and Midas Enterprises have unveiled plans to build a $100 million condominium and hotel development at the corner of Forsyth Boulevard and North Central Avenue in Clayton, a western suburb of St. Louis. Located just east of the St. Louis County Police Department building, the 25-story project will include 73 condo units and 180 hotel rooms. Among the amenities will be a rooftop terrace and bar, 300-person private event space, street-level restaurant, street-level retail space and a five-story parking structure. HDA, a Green Street company, will serve as architect. The development team expects to break ground this fall with a 24-month construction schedule to follow.
ST. PAUL, MINN. — Stoneleigh Cos. has completed development of Waterford Bay, a 243-unit apartment community located at 380 Randolph Ave. in St. Paul. BKV Group designed the four-story project. Amenities include an outdoor pool and deck, fitness center and yoga studio, resident lounge, business center, rooftop clubroom, dog wash station, bicycle and kayak storage and indoor parking garage. The development sits along the Mississippi National River and Recreation Area. BKV Group worked closely with representatives from Friends of the Mississippi River and the National Park Service during the entitlement process to ensure the project would support the ecological health of the waterway. The community is one of the first opportunity zone projects in St. Paul, according to the developer. Monthly rents start at $1,301 for studios, and residents can now earn up to two months of free rent.
SALEM, ORE. — Ziegler has arranged $58.4 million in bond financing for Capital Manor, a continuing care retirement community (CCRC) in Salem. Capital Manor features 302 independent living units and 83 residential care beds with an additional 34 memory care beds. Life Care Services has operated the community since 2010. The financing will refund bonds from 2012 while funding a renovation project that will include a new façade and refreshed common areas. “It has been exciting to see Capital Manor, under Life Care Services’ leadership, execute a major operations turnaround, expand its living options, add memory care services, and beautify and expand its activity and hospitality areas,” says Mary Muñoz, senior managing director at Ziegler.
DETROIT — Jackson Asset Management and Hosey Development are planning a $134 million redevelopment of the former Fisher Body Plant 21 in Detroit, according to The Detroit News and other local media. Named Fisher 21 Lofts, the project involves the conversion of the abandoned automotive plant into 400 mixed-income housing units along with retail and commercial space. Construction could begin as early as next year. The project awaits city council approval. The city took title of the former manufacturing facility in 2000. The plant was originally built by the Fisher brothers and utilized for producing auto bodies for Cadillac and Buick.
OAK BROOK, ILL. — Northmarq has arranged a $19.2 million FHA loan for the refinancing of Mayslake Center II in the Chicago suburb of Oak Brook. The seniors housing property features 249 independent living units and is located within the larger Mayslake Village. Amenities include a wellness center, dining room, chapel and social services. Sue Blumberg of Northmarq arranged the fixed-rate loan, which is fully amortized over 40 years. The borrower was a nonprofit entity.