Archstone Partnership Acquires Boston-area Asset for $94.3M

Archstone buys a Boston-area apartment; National Health Investors completes a $25.2 million purchase of a senior living campus; and Greystone provides a $21 million refinancing for an affordable housing asset in Connecticut.

Archstone Legacy Place

Dedham, Mass.—An Archstone sponsored partnership has just wrapped up the acquisition of Station 250, a 285-unit apartment community located in Dedham, Mass., part of the Boston MSA. The luxury asset is part of the Legacy Place lifestyle center and is directly adjacent to the Dedham Corporate Center MBTA station that offers direct service to downtown Boston.

The property, which was renamed Archstone Legacy place after the transaction, was sold by Fairfield Dedham LP, a subsidiary of Atlanta-based BVT Equity Holdings Inc. CB Richard Ellis — N.E. Partners LP brokered the $94.3 million sale on behalf of the seller.

“Archstone Legacy Place is located in one of the nation’s most prestigious markets—the Boston metropolitan area,” says Charles Mueller, Archstone’s president and chief operating officer. “We believe it is a nice addition to the 11 apartment communities and 2,958 units we own and/or operate in the Boston metropolitan area because of its location near entertainment venues and transportation options with access to major employment centers.”

Amenities at the property include a swimming pool with spa, a Wi-Fi-enabled clubroom, fitness center, and business center.

National Health Investors completes a $25.2M purchase

Silverdale, Wash.—National Health Investors Inc. is putting the finishing touches on a $25.2 million acquisition of a senior living campus in Silverdale, Wash., funded from borrowings on the company’s revolving credit facility. The 138-unit community offers independent living, assisted living and rehabilitation care. The transaction is anticipated to close this week upon final licensing approval.

Sante’ Partners of Salem, Ore., entered into a 15-year lease agreement including two 10-year renewal options at a 7.8 percent lease rate plus annual fixed escalators. Furthermore, NHI extended an additional $3.5 million at a 8.3 percent lease rate to expand and renovate the community.

“This very attractive acquisition contributes to NHI’s goal of diversifying our portfolio,” says Justin Hutchens, NHI’s president and chief executive officer. “We are delighted to expand our relationship with Sante’ Partners.”

Greystone provides $21M refinancing for Connecticut affordable asset

Windham, Conn.—Greystone Servicing Corporation Inc. has arranged a $21 million refinancing deal for Windham Heights, a 350-unit affordable housing complex located in Windham, Conn. The firm originated and will service the loan financed by the Freddie Mac Targeted Affordable Housing Mortgage Program.

“Working with Freddie Mac allows us to further reach customers through a multitude of high-quality products,” says Jeff Englund, who led Greystone’s affordable housing team in the transaction. “As Greystone works closely with a number of mortgage purchasing enterprises, we are able to offer the best programs for our clients, and we are excited to continue working closely with Freddie Mac and our other partners to serve the multifamily mortgage needs of the country.”