TODAY’S DEALS: Bascom, Oaktree JV Completes 296-Unit Purchase in Nevada

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A Bacom, Oaktree venture completes its second purchase; Capital One bank closes on $30.9 million in HUD loans with Terrace Communities; and Marcus & Millichap brokers the sale of a Milwaukee apartment portfolio.

The Edge at Traverse PointHenderson, Nev.—The $250 million venture between Bascom and Oaktree Capital Management has completed its second acquisition with the purchase of The Edge at Traverse Point. The 296-unit Class A community is located in Henderson, Nev. Nationwide Life Insurance provided financing to acquire the property. CBRE’s Brian Eisendrath arranged said financing. Angela Powers and Carl Sims of Hendricks-Berkadia represented the seller on the transaction.

“The Edge is a high quality community located in one the best submarkets in Las Vegas,” says Tim Whiting, senior vice president of operations at Bascom. “We plan to make upgrades to the common areas and interiors to make it best-in-class in its submarket.”

Built in 2013, the asset features a high-end unit finishes and a clubhouse, resort-style pool, business center and a 24-hour fitness center with towel service. The property is immediately adjacent to expanding development with new commercial offices across the street.

Capital One bank closes $30.9M in HUD seniors housing loans with Terrace Communities

Bethesda, Md.– Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, announced that it simultaneously underwrote three HUD transactions providing loan proceeds of $30.9 million for Terrace Communities, which owns assisted living communities in Florida, Maine, New Hampshire and Vermont. The loans were originated by a Capital One Multifamily team headed by Carolyn Whatley, senior vice president of originations in the company’s Palm Beach office.

The latest loan to close is a $7.5 million HUD 232/223 (a)(7) loan to refinance Windham Terrace, a 71- unit assisted living facility with memory care services in Windham, N.H.  Whatley’s Capital One Multifamily team  also underwrote previously-announced loans of $14.6 million for Tequesta Terrace in Tequesta, Fla., and $8.8 million for Wheelock Terrace in Hanover, N.H.

“At Capital One Multifamily, we’ve placed a premium on building a team of experts,” Whatley says.  “As a result, when Kate Heaton, a partner of Windham Terrace, proposed doing all three transactions simultaneously, we were more than ready to accommodate her.”

Heaton was impressed by the quality of the team, and the results it produced. “Everyone on the Capital One Multifamily team is very upbeat, with positive, can-do attitudes,” she says.  “The team prides itself on excellence and shows it every step of the way.” HUD issued its firm commitment for the property without special conditions, and the loan reduced the owner’s interest rate by almost 1.5 percent, producing annual debt service savings of $100,000. The refinancing also allowed the owners to make improvements to the units, purchase a generator and fund replacement reserve accounts.

Windham Terrace was constructed in 2000.  It consists of a three-story building with 82 beds on a well-tended, 13-acre site and reflects Terrace Communities’ mission to ensure that their residents enjoy the highest quality of life in a caring and supportive environment.  “The property is in excellent condition,” Whatley says.  “It’s really an exceptional community.

The assumable, non-recourse, fixed-rate loan has a 35-year fully amortizing term. It can be prepaid after a short lockout period.

Marcus & Millichap brokers 386-unit Milwaukee portfolio sale

Milwaukee—Marcus & Millichap has closed the sale of Colonial Point/Circle and Silver Spring Apartments, a 386-unit apartment portfolio located in Milwaukee. The properties were sold by a individual/personal trust. A Milwaukee-based LLC picked up the assets for $11.9 million.

“The sale of the portfolio was an excellent opportunity for the buyer to add value to properties that craved attention,” says Matthew Whiteside, first vice president of Marcus & Millichap’s Milwaukee office.

The properties were built between 1961 and 190 and will undergo a major rehabilitation. Colonial Pointe/Circle is located at 8831 North 96th Street and Silver Spring Apartments is located at 7309 West Silver Spring Drive.

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