NorthMarq Arranges $24.1M for Tampa Asset
- Aug 10, 2012
Tampa, Fla.—Jeff Frankel, senior vice president and senior director of NorthMarq’s Chicago Regional office, and Charlie Robinson, senior vice president and senior director of NorthMarq’s Dallas Regional office, cooperated to arrange acquisition financing of $24.1 million for Tranquility Lake Apartments, a 340-unit market-rate multifamily community located at 9707 Tranquility Lake Circle in Riverview, Tampa, Fla.
Financing was based on a five-year term with the first 36 months interest-only then a 30-year amortization schedule and was arranged for the borrower, a Midwest-based owner/operator, by NorthMarq through its relationship with a correspondent life insurance company.
Prudential provides $70M for Senior Living portfolio
Prudential Mortgage Capital Co. has closed a $70 million loan on behalf of a joint venture between CBL Healthcare Trust Inc. and Sunrise Senior Living Inc. for a portfolio of five senior living residences spread across Arizona, Louisiana, Kentucky and Illinois.
The transaction finances five properties with a total of 517 units that include a combination of independent living, assisted living units and memory-care facilities. The properties included:
- Sunrise of Gilbert, a 144-unit independent, assisted living and memory care residence in Gilbert, Ariz.
- Sunrise of Metairie, a 72-unit assisted living and memory care facility in Metairie, La.
- Sunrise at Siegen, a 79-unit assisted living and memory care residence in Siegen, La.
- Sunrise at Fountain Square, a 142-unit independent living, assisted living and memory care residence in Lombard, Ill.
- Sunrise of Louisville, an 80-unit, assisted living and memory care residence in Louisville, Ky.
“The increasing demand for senior housing combined with the high quality of these properties located in and near major metropolitan areas make this an attractive transaction,” says Karen McGinnity, a director with Prudential Mortgage Capital Co.
Indiana skilled nursing facility trades for $12.9M
Michigan City, Ind.—Ryan Saul of Senior Living Investment Brokerage Inc. represented Trilogy Health Systems in the sale of The Arbors at Michigan City, a 180-bed skilled nursing facility located in Michigan City, Ind. The asset was purchased by a joint venture between YAM Management and a private REIT.
The property has an 80 percent overall occupancy. Trilogy reached the decision to sell the asset because it did not fit their prototype of a skilled nursing facility combined with assisted living. Additionally, the sale freed up debt and equity to deploy to other projects.
YAM Management will add The Arbors at Michigan City to their existing Illinois portfolio of 16 facilities. The group partnered with the private REIT in order to finance the transaction.