JLL Arranges $276M Refi for Newport Beach Seniors Communities
JLL Capital Markets arranged $276 million in refinancing for Vivante Newport Center and Vivante Newport Mesa, a two-property seniors housing portfolio in Newport Beach. Senior managing director Greg Brown, assisted by senior managing director Aaron Rosenzweig worked on behalf of the borrower, an affiliate of Nexus Development, to secure two uncrossed loans for the portfolio.
A $140-million loan was arranged for Newport Center through a national bank and a $136-million agency financing was arranged for Newport Mesa. According to JLL, the Newport Center financing is one of the largest loans per unit in the seniors housing industry’s history.
Vivante Newport Center was built in 2022 and is a luxury six-story community offering 99 units of independent living, assisted living and memory care units. Vivante Newport Mesa opened in two phases in 2013 and 2020 and offers 296 units of independent living, assisted living and memory care.
Other News
North Hollywood Apartments Trade to Locally Based LLC
Marcus & Millichap has finalized the sale of 13103 Barbara Ann St., a 41-unit multifamily property in North Hollywood. The property sold for nearly $5.89 million, or $143,610 per unit, and closed escrow at a 5.7% cap rate based on in-place income. “The property had been under the same ownership for more than 30 years,...
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Charney Companies, Tavros Break Ground on Fifth Gowanus Development
Charney Companies and Tavros recently celebrated the groundbreaking of 175 Third St. in Gowanus, Brooklyn. The 27-story mixed-use tower, the newest addition to the Gowanus Wharf development, will house more than 1,000 apartments, approximately 250 of them affordable. Designed by Bjarke Ingels Group (BIG) and dencityworks, the project will also include a 28,000-square-foot public waterfront...
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Northmarq Arranges Sale of St. Louis Metro Multifamily Property
Northmarq’s St. Louis Investment Sales team, led by Dominic Martinez, Parker Stewart, Alex Malzone and Charlie McKee, arranged the sale of Whisper Hollow Apartments, a 315-unit garden-style multifamily community located at 12430 Whisper Hollow Dr. in Maryland Heights, Missouri. Northmarq represented the seller, Banner Real Estate Group, in the transaction. The buyer is Monarch Investment...
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout