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Morgan Stanley Affiliate Pays $305M for Denver-Area Senior Housing Portfolio

Phoenix & Southwest

Morgan Stanley Real Estate Investing (MSREI) has acquired a MorningStar senior housing portfolio from Kayne Anderson Real Estate for $305 million. The portfolio comprises 463 units across three communities near Denver. MorningStar, a senior housing operator based in Denver, will continue to operate the communities. (MorningStar Arvada shown) Commenting on the acquisition, Will Milam, Head...

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Northmarq Arranges $55M Refi for Raleigh Apartments

Atlanta & Southeast + Apartment Buildings

Northmarq arranged a $55 million bridge loan financing of 403 West, a 438-unit garden apartment community located at 403 Wolf Creek Circle in Raleigh, North Carolina, on behalf of the borrower, Blackfin Real Estate Investors, through a relationship with Truist Bank. The transaction was structured on a three-year term. Built in 2002, 403 West features...

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Allen Morris Lands $138.5M Loan for Coconut Grove Venture

Florida & Gulf Coast + Apartment Buildings

Allen Morris Co. secured a $138.5 million construction loan from BDT & MSD Partners through its affiliated funds, and BHI, the U.S. Bank of Bank Hapoalim for the Ziggurat in Coconut Grove. The financing was arranged by Lotus Capital Partners. Located on 1.7 acres at 3101 Grand Avenue, the development includes two towers: a five-story 100,000...

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GTA Investment Rises 6%, Land Sales Up 52%

Canada + Apartment Buildings

Greater Toronto Area commercial real estate investment rose 6% in the third quarter from the second quarter, says Avison Young in a new report. But third-quarter investment of $2.9 billion marked a 6% decrease year-over-year. Meanwhile, land sales jumped 52% quarter-over-quarter as 1,515 acres traded. Year-to-date investment fell 11% year-over-year to $8.7 billion. The transaction...

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Ostad Apartment Portfolio Garners $28M Cash-Out Refi

New York & Tri-State + Apartment Buildings

CBRE has secured a refinancing loan of more than $28 million for a portfolio of five residential properties totaling 60 apartments and seven retail units located in Midtown, Greenwich Village and the Upper East and West Sides of Manhattan, owned by Ed and Michael Ostad. The CBRE team of Shamir Seidman and Jeff Feldman arranged...

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Advanced Real Estate Makes Second Acquisition with Newest Opportunity Fund

California & West + Apartment Buildings

Advanced Real Estate acquired the Newhope Village apartments at 315 S. Newhope St. in Santa Ana, adding to its 12,000-plus-unit portfolio in Southern California. Terms were not disclosed. The acquisition is the second for Advanced’s newest Opportunity Fund, following the purchase of The Cove, a 138-unit property in West Covina “Newhope Village fits perfectly with...

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Berkadia Arranges Sale, Financing of Seniors Housing Property in Michigan

Chicago & Midwest

Berkadia announced the sale and financing of Rivertown Ridge, a senior living community in the Grand Rapids suburb of Wyoming, Michigan. This community, built in 2020, features 152 units of independent living, assisted living, and memory care, and has exhibited strong performance under the owner’s management. Managing Directors Dave Fasano, Ross Sanders, Cody Tremper, and...

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Walker Webcast: An Affordable Housing Discussion with Jonathan F.P. Rose and Scott J. Alter

Apartment Buildings

Pictured (L-R), Jonathan F.P. Rose and Scott J. Alter Housing and affordability remain hot topics. As such, it was fitting that the Dec. 3 Walker Webcast featured a sit-down with affordable housing experts ahead of the recent AHF Live Summit in Chicago. During the hour-long webcast, Walker & Dunlop Chairman and CEO Willy Walker hosted...

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