TODAY’S DEALS: CBRE Senior Housing Group $364M Portfolio Sale, and Other Transactions
- Jan 30, 2009
By Anuradha Kher, Online News EditorSan Diego–The CB Richard Ellis Senior Housing Services Group has arranged the sale of a senior housing portfolio consisting of 3,554 units situated in 45 senior housing communities for approximately $364 million. Located in Alabama, Arizona, California, Colorado, North Carolina, Oregon, South Carolina, Tennessee, Texas, Washington and Wyoming, the communities offer independent living, assisted living services and dementia care. The communities were approximately 85 percent occupied at the time of sale. “Due to lack of liquidity in the current environment this transaction was heavily dependent upon the purchaser and existing lender working out mutually agreeable assumption terms of the existing in-place debt,” says Matthew Whitlock of CBRE. (Pictured: Amethyst Gardens in Peoria, Ariz., one of the communities sold in the portfolio transaction.)PNC ARCS Provides Over $5M for Two Multifamily Properties Totaling 160 UnitsSacramento, Calif.–PNC ARCS closed a loan in the amount of $5.82 million for the Ridgestone Apartments and the Granite Springs Apartments, two properties with a combined total of 160 units in Sacramento, Calif.Granite Springs and Ridgestone are both garden-style complexes constructed in 1973 and 1974 respectively. Both properties have laundry rooms, children’s play yards and secured entry.The loans are for six-year terms/30-year amortization at a fixed rate of 6.315 percent. PNC ARCS originated the loan through Fannie Mae.CPC Provides $1.26M Refi Loan to Affordable Housing Project in WilliamsburgNew York–The Community Preservation Corp. (CPC) has recently closed on a $1.265 million permanent loan to refinance a four-story brick apartment building in the Williamsburg section of Brooklyn, N.Y.The property, located at 37 S. 3rd St. between Kent and Wythe Avenues, received a CPC construction loan seven years ago and has been fully renovated and converted into eight rental loft apartments with ground floor commercial space. Rents have risen steadily over the years and now average $2,450 per month. The property is adjacent to the Domino Sugar Factory site, which is owned by Refinery LLC and is currently being developed by its managing partner, CPC Resources, the for-profit development arm of The Community Preservation Corporation. The New Domino’s plans call for approximately 2,200 residential units, 660 of which will be affordable to low- and moderate-income families, along with approximately 220,000 sq. ft. of new retail, commercial and community cultural facility space and four acres of public open space.“When we first got involved with this project seven years ago, CPC saw the potential for rebirth in the streets of South Williamsburg,” says Robert Riggs, vice president and regional director of CPC’s Brooklyn office.