Glendora, Calif.—Lee & Associates has brokered the sale of a 27-unit asset located at 320 W. Bennet Avenue in Glendora, Calif. The sales price was $7.2 million. Han Chen, senior vice president at Lee & Associates Los Angeles —Investment Services Group, represented the undisclosed buyer and seller in the transaction.
“This was a highly sought after property that brought numerous qualified buyers to the table,” Chen says. “The seller is doing a 1031 exchange, which allows them to swap one investment for another with zero to limited tax due at the time of the exchange. The buyer owns a private investment group and plans to hold the property long-term.”
Summit Healthcare completes first purchase under new name
Redding, Calif.—Summit Healthcare REIT Inc. has completed its first acquisition since changing its name from Cornerstone Core Properties REIT Inc. in October 2013. The firm picked up a 40-unit assisted living facility in Redding, Calif., for approximately $3.5 million.
The 26,000-square-foot facility was built in 1992 and has been triple-net leased to an affiliate of Compass Senior Living LLC, the new owner of the facility. The current contract stands for 10 years.
“We are very pleased to start a relationship with Compass and are confident that we will experience a lot of success together in the future,” says Kent Eikanas, president and COO of Summit Healthcare REIT Inc.
Meridian arranges mortgages in Brooklyn, Queens
New York—Meridian Capital Group LLC announced a new mortgage in the amount of $12 million on a 117-unit, six-story multifamily building located on Argyle Road in Brooklyn, N.Y.
The loan features a rate of 2.90 percent and a 10-year term. Avi Weinstock and Chaim Tessler negotiated this transaction.
In another transaction, a new mortgage of $16.7 million was placed by Meridian on a portfolio of 12 multifamily and mixed-use buildings composed of 188 units and 10 stores located on Brook Avenue in the Bronx, N.Y.
The loan features a rate of 3.25 percent and a twelve-year term. Alan Friedman negotiated this transaction.