PERU, ILL. — Associated Bank has provided a $6 million loan for the construction of Diamond Senior Apartments of Peru. The 56-unit seniors housing community will be located at 927 Wenzel Road in Peru, which is situated in North Central Illinois. Developed by 3 Diamond Development, the project will comprise 10 single-story buildings. All units will be restricted to low-income seniors age 55 and older. Twelve of the units will be restricted to residents earning less than 30 percent of the area median income (AMI), while the remaining 44 units will be reserved for those who earn up to 60 percent of AMI. The development will also feature a separate building with an exercise room and community room. Teresa Rubio of Associated Community Development LLC managed the loan and closing.
LOS ANGELES — A co-development team consisting of BRIDGE Housing, the Coalition for Responsible Community Development (CRCD) and Primestor Development have started construction of Evermont, a mixed-use project on the former site of the 1992 Los Angeles riots. The new mixed-use development will deliver 180 affordable housing units for seniors and families, retail stores, a transit plaza and a Metro public transportation system training facility. Construction at Evermont is scheduled for completion in 2024. The residential component, led by BRIDGE Housing and CRCD, consists of Vista@Evermont, which will offer 62 permanent supportive housing apartments for seniors who have experienced chronic homelessness, and Luminus@Evermont, which will feature 118 affordable homes for families with low incomes, including 60 permanent supportive housing units. Located along the Vermont Corridor, the site is home to the second busiest transit stop in the entire Metro system. Additional key features of the development include a new, landscaped public transit plaza located on Vermont Avenue, plus improved pedestrian and cycling connections to other community facilities. The future LEED-certified facilities will be connected by a 22,000-square-foot plaza with a five-story parking structure to serve both commercial and residential tenants. Financial partners include JPMorgan Chase Bank, Los Angeles County Development …
LOS ANGELES — A co-development team consisting of BRIDGE Housing, the Coalition for Responsible Community Development (CRCD) and Primestor Development have started construction of Evermont, a mixed-use project on the former site of the 1992 Los Angeles riots. The new mixed-use development will deliver 180 affordable housing units for seniors and families, retail stores, a transit plaza and a Metro public transportation system training facility. Construction at Evermont is scheduled for completion in 2024. The residential component, led by BRIDGE Housing and CRCD, consists of Vista@Evermont, which will offer 62 permanent supportive housing apartments for seniors who have experienced chronic homelessness, and Luminus@Evermont, which will feature 118 affordable homes for families with low incomes, including 60 permanent supportive housing units. Located along the Vermont Corridor, the site is home to the second busiest transit stop in the entire Metro system. Additional key features of the development include a new, landscaped public transit plaza located on Vermont Avenue, plus improved pedestrian and cycling connections to other community facilities. The future LEED-certified facilities will be connected by a 22,000-square-foot plaza with a five-story parking structure to serve both commercial and residential tenants. Financial partners include JPMorgan Chase Bank, Los Angeles County Development …
Affordable HousingCaliforniaDevelopmentHospitalityMixed-UseMultifamilyRestaurantRetailTop StoriesWestern
Silver Creek Receives Funding for Mixed-Use Redevelopment of 8850 Sunset Boulevard in West Hollywood
WEST HOLLYWOOD, CALIF. — Silver Creek Development has received funding for the redevelopment of 8850 Sunset Boulevard, which is located on the Sunset Strip in West Hollywood. Cottonwood Group provided a $62 million loan for the project. Currently a retail strip center and home to the legendary Viper Room music venue, the property is going through re-entitlement and will be transformed into a mixed-use project. Plans call for a redesigned music venue and recording studio, multiple eateries, retail spaces, a five-star hotel, 26 condominiums and eight income-restricted housing units. Completion is slated for 2023. Residents will have access to an outdoor fitness center, rooftop pool and below-ground parking. The hotel’s rooftop will feature a restaurant and bar with panoramic views from downtown Los Angeles to the Pacific Ocean. Architectural firm Arquitectonica designed the project, which is being built to meet or exceed LEED standards. Silver Creek is a Los Angeles-based real estate developer that focuses on revitalizing underused sites. The firm has developed more than 10 million square feet of mixed-use projects globally. The financing deal was executed as part of Cottonwood’s strategic platform with BCEG International Investment. Headquartered in Los Angeles, Cottonwood is a private real estate investment firm …
Affordable HousingCaliforniaDevelopmentHospitalityMixed-UseMultifamilyRestaurantRetailTop StoriesWestern
Silver Creek Receives Funding for Mixed-Use Redevelopment of 8850 Sunset Boulevard in West Hollywood
WEST HOLLYWOOD, CALIF. — Silver Creek Development has received funding for the redevelopment of 8850 Sunset Boulevard, which is located on the Sunset Strip in West Hollywood. Cottonwood Group provided a $62 million loan for the project. Currently a retail strip center and home to the legendary Viper Room music venue, the property is going through re-entitlement and will be transformed into a mixed-use project. Plans call for a redesigned music venue and recording studio, multiple eateries, retail spaces, a five-star hotel, 26 condominiums and eight income-restricted housing units. Completion is slated for 2023. Residents will have access to an outdoor fitness center, rooftop pool and below-ground parking. The hotel’s rooftop will feature a restaurant and bar with panoramic views from downtown Los Angeles to the Pacific Ocean. Architectural firm Arquitectonica designed the project, which is being built to meet or exceed LEED standards. Silver Creek is a Los Angeles-based real estate developer that focuses on revitalizing underused sites. The firm has developed more than 10 million square feet of mixed-use projects globally. The financing deal was executed as part of Cottonwood’s strategic platform with BCEG International Investment. Headquartered in Los Angeles, Cottonwood is a private real estate investment firm …
CHICAGO — The Habitat Co. and P3 Markets have topped out construction of the first building at 43 Green, a $100 million mixed-income apartment development in Chicago’s Bronzeville neighborhood. Centered around the Chicago Transit Authority’s 43rd Street Green Line station, the project represents the first equitable transit-oriented development (ETOD) on Chicago’s South Side. The project will be developed in three phases and ultimately bring 300 new apartments to the neighborhood. The first building is the largest of the three planned buildings. The 10-story asset will house 99 apartment units as well as 5,500 square feet of retail space. Half of the units will be reserved for households earning up to 60 percent of the area median income. Construction of Phase I is slated for completion in February 2023. Construction on Phase II is expected to begin later this year. Bowa Construction and McHugh Construction are jointly building the project. Landon Bone Baker is the architect. Momentum Coffee and Super Cycle will occupy retail space. Financing for 43 Green involved a multi-layered capital stack, including the use of the City of Chicago’s low-income housing tax credits allocation and tax credit investor Stratford Capital. Fifth Third Bank provided debt via HUD’s 221(d)(4) …
SAN ANTONIO — Fairstead, an investment firm with three offices along the East Coast, has acquired Aurora Apartments, a 105-unit historic multifamily complex in San Antonio’s Tobin Hill neighborhood. The 11-story, 92-year-old building currently provides housing for low-income senior citizens. Fairstead plans to invest $15 million to rehabilitate Aurora Apartments and preserve the property’s affordability status. Renovations will include upgrades of pieces of building infrastructure such as the emergency generator, electrical panels and main switchgear, as well as the installation of a new sprinkler system, elevators and roofing. The units’ kitchens, bathrooms, HVAC units and appliances will also be upgraded. Construction is expected to begin this summer.
GARY, IND. — Merchants Capital has provided more than $13 million in financing for the rehabilitation of the Carolyn Mosby Apartments in Gary. A joint venture between Gorman & Co. and the Gary Housing Authority (GHA) was the borrower. GHA built the property in the late 1960s as a public housing development. The eight-story building comprises 142 units that are reserved for seniors or disabled residents earning 30 to 60 percent of the area median income. The financing will preserve the affordability of the property for its residents. The project received an allocation of $13 million in tax-exempt bonds from the Indiana Housing & Community Development Authority, enabling GHA to partner with Gorman to convert the property from public housing to a long-term Section 8 Housing Assistance Payments contract. Merchants Capital facilitated the bond purchase in the form of a $13 million construction loan from Merchants Bank of Indiana. Following construction completion, the loan will convert to a $5.2 million permanent loan pursuant to a Freddie Mac tax-exempt loan forward commitment, to be serviced by Merchants Capital. The project also received equity investments totaling roughly $9.7 million in return for federal low-income housing tax credits and federal historic rehabilitation tax …
SAN FRANCISCO — BRIDGE Housing has received a $19.4 million refinancing for Magnolia Plaza Senior Apartments, a 125-unit affordable seniors housing community in San Francisco. CPC Mortgage Co. provided the Freddie Mac Targeted Affordable Housing loan. Built in 1988, the property is age restricted to seniors age 62 and over. While there is a current requirement that 63 units be restricted to residents with incomes at or below 80 percent of area median income (AMI), BRIDGE has restricted 84 of the units and plans to increase this number going forward. Magnolia Plaza Senior Apartments is adjacent to an architecturally distinguished school building, which was renovated by the City of South San Francisco as a senior center for the residents of both the development and the larger community. The complex includes a historic reconstruction of the city’s original one-room schoolhouse as a project office and community room. BRIDGE was a member of the original enterprise that constructed Magnolia Plaza Senior Apartments in 1988, and recently purchased the property from the remaining partners.
GREEN BAY, WIS. — TWG has begun development of The Fort at the Railyard, a $59 million mixed-income apartment community in Green Bay. The project is a redevelopment of the historic Larsen Canning property. The 223-unit apartment community will rise five stories with 1,300 square feet of commercial space. Of the 233 units, 187 will be reserved for residents earning up to 60 percent of the area median income. Amenities will include a workout room, business center, coworking lounge, dog run and pet washing station. Merchants Bank served as the low-income housing tax credit investor and Western Alliance Bank provided construction financing. Completion is slated for the third quarter of 2024.