Lone Star Lands $235M Refi on 10 Florida Sr. Housing Communities
Lone Star Funds received a $235 million mortgage on an 11-property senior housing portfolio. One property was in Texas. The South Florida Business Journal reports that Marathon Asset Management’s Commercial Real Estate platform originated the note. The 11 properties make up 1,564 portfolio units in markets such as Tampa, Boca Raton, Sarasota and Naples. The 11 properties include a mix of independent, assisted and memory care communities.
Since the acquisition, Lone Star has invested in the portfolio with capital upgrades. With this refinancing package, the owner believes the properties will continue to benefit from capital investments and growing senior housing demographics.
Discovery Senior Living currently handles operations across the properties.
Joseph Griffen, partner at Marathon, worked with Lone Star to originate the loan. CBRE’s Aron Will, Matthew Kuronen and Michael Cregan arranged the financing.
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
Learn more
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
Learn more
312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout