TODAY’S DEALS: Greystone Closes $54.5M Bridge Loan for Hamptons Skilled Nursing Acquisition
Southampton, N.Y.—Greystone has closed a $54.5 million bridge loan for the acquisition of The Hamptons Center for Rehabilitation and Nursing in Southampton, N.Y. The property is a 280-bed skilled nursing facility that is currently 96.8 percent occupied. The interest-only bridge loan, closed by Greystone in 90 days, is the latest of multiple loans that Greystone has secured on behalf of SentosaCare over the past decade.
“We’re an organization that places high importance on relationships, and after 10 years of working together, we believe Greystone shares the same values,” says Ben Philipson, principal of SentosaCare. “As a trusted partner, Greystone is well-versed in navigating the challenges of securing financing for skilled nursing facilities and senior housing, especially in regions where property values are quite high.”
Hybrid Capital arranges $12M for Camden affordable housing
Camden, N.J.—Hybrid Capital has arranged $12 million in permanent financing for Northgate Apartments, a 321-unit, 21-story affordable housing community in Camden, N.J. The asset was acquired for $12 million in 2011 by the sponsor, Marc Wolfe. The 10-year loan was arranged at a rate of 3.49 percent.
“Despite the challenging Camden market, which has been hampered by a high crime rate, we were able to attract interest from lenders based on the strong sponsorship, excellent cash flow, smart and efficient property management, and the quality of the 95 percent occupied property with excellent security and commanding views of Philadelphia,” says Bobby Bakhchi, CEO of Hybrid Capital.
Since acquiring the property, Wolfe has invested approximately $1 million in capital improvements, including 140 apartment renovations at approximately $5,000 per apartment, state of the art security system with cameras on every floor, new roof, new boiler, plumbing upgrades and repairs to all common areas.
Waypoint Residential acquires Tennessee apartment complex
Greenwich, Conn. and Memphis—Waypoint Residential, a leading apartment investment firm, has closed on its acquisition of the Cordova Creek apartment complex near Memphis. The purchase price for the 196-unit property was not disclosed.
Cordova Creek is located approximately 20 miles east of downtown Memphis along the Cordova Corridor, an area which features more than six million square feet of retail amenities including the Wolfchase Galleria Mall. The Cordova Creek property, which was originally constructed in 1986, was 95.4 percent leased as of October.
This latest transaction represents Waypoint Residential’s third multifamily investment in Tennessee.
Led by real estate industry veteran Scott Lawlor, Waypoint Residential is a privately-held investment and management firm that acquires and operates apartment communities throughout the Sunbelt. The firm is headquartered in Greenwich, Conn., with offices in Atlanta and Boca Raton. Waypoint Residential manages approximately 10,000 apartment units located in seven states.