PRIOR LAKE, MINN. — Dominium, an apartment development and management company, has broken ground on an affordable seniors housing property in Prior Lake, approximately 30 miles south of Minneapolis. The Grainwood, located at 5101 Gateway St. SE, will feature 168 units. Unit amenities will include 9-foot ceilings, appliances, patios, balconies and open floor plans. Select units will also feature walk-in closets. Community amenities will include underground parking, a community room with kitchen, craft room, salon, fitness center, outdoor plaza, theater area and fireplaces. The project is slated for completion by next summer.
JERSEY CITY, N.J. — Ironstate Development has received $170 million in permanent mortgage financing for the newly completed 70 Columbus, a 545-unit, Class A apartment tower in downtown Jersey City, located just across the Hudson River from downtown Manhattan. Holliday Fenoglio Fowler (HFF) arranged the financing on behalf of Ironstate and Panepinto Properties. Northwestern Mutual Real Estate provided the 10-year, fixed-rate loan, which replaced the existing construction financing. Designed by Gwathmey, Siegel, Kaufman and Associates Architects (GSKA) and HLW International, 70 Columbus includes studio, one- and two-bedroom rental residences featuring views of the New York skyline, wood floors, stainless steel appliances and quartz countertops. Common-area amenities include a lobby with fireplace lounge and social spaces designed by Noé Duchaufour Lawrance, bike room, business center, 60,000-square-foot roof deck with swimming pool, sport court, table tennis, grilling stations, dog run, and a 30,000-square-foot fitness center. The 50-story tower is located at 70 Christopher Columbus Drive at the road’s intersection with Warren Street, and within walking distance of the Hudson River. Ground-floor retail space at 70 Columbus includes a Sunac Natural Market and a Base Fitness Gym. The apartment tower is part of a series of Ironstate developments on the street. The company also built 50 …
FARMERS BRANCH, TEXAS — Old Capital has provided a $7.5 million loan for the purchase and renovation of Villa Creek Apartments, a 161-unit complex in Farmers Branch. A local ownership group purchased the asset, which is located near LBJ Freeway, and plans to make $1.6 million in renovations. Old Capital provided the non-recourse bridge loan with a 30-year amortization schedule.
ORLAND PARK, ILL. — Owner and operator Heritage Enterprises and Michuda Construction have opened Evergreen Senior Living at Parkview Campus, an assisted living and memory care community in Orland Park, approximately 25 miles southwest of Chicago. The community features 76 assisted living apartments and 40 memory care apartments. Heritage, based in Central Illinois, developed and will operate the community. Chicago-based Michuda oversaw the design and construction. Worn Jerabek Wiltz Architects PC of Chicago provided architectural services.
FAYETTEVILLE, ARK. — Grandbridge Real Estate Capital has provided a $12.2 million acquisition loan for Garden Park Apartments, a 246-unit apartment community in Fayetteville. Alan Tapie of Grandbridge originated the 10-year, non-recourse loan with a 30-year amortization schedule through Freddie Mac’s CME program. The loan was structured with an interest rate fixed below 4 percent and featured an interest-only period, according to Tapie. The non-student housing property is primarily occupied by University of Arkansas students and features a business center, swimming pool with sundeck, hot tub, fitness studio and a basketball court.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of a six-building multifamily portfolio located in the West Bronx’s Fordham Heights neighborhood. John LaRocca of Arena Real Estate acquired the portfolio from Bernard Miller for $45.7 million. The portfolio contains 305 apartments across 271,000 square feet, including three six-story elevator-serviced buildings and three five-story walk-ups. The properties are located at 2063-2065, 2075, 2084 and 2095 Creston Ave., 108 Field Place and 2324 Morris Ave. David Berger of Rosewood Realty Group represented the seller and buyer in the transaction.
NEW YORK CITY — Hubb NYC has purchased a mixed-use property located at 99 Suffolk St. in Manhattan’s Lower East Side. The 40-unit asset sold for $24.5 million, or $830 per square foot. Built in 2004, the 29,600-square-foot building features 35 residential units and five commercial units, currently occupied by Elements Preschool. The residential portion includes three studios, 30 one-bedroom and two two-bedroom units. Michael DeCheser, Darragh Clarke and Mei Ling Wong of Cushman & Wakefield brokered the transaction. The name of the seller was not released.
GLENDALE, ARIZ. — 3rd Ave Investments has purchased the 260-unit Sonoma Terrace Apartments in Glendale for $15.3 million. The community is located at 5220 W. Northern Ave. It was built in 1979. Trevor Koskovich, Bill Hahn and Jeff Sherman, all with Colliers’ Phoenix office, represented both the buyer and seller, Mentor Properties, in this transaction.
NEW YORK CITY — Steiner NYC has launched sales for residential condominiums at Steiner East Village, a full-service residential condominium development at 438 E. 12th St. in Manhattan’s East Village neighborhood. Designed by S9 Architects, the 82-unit property features an indoor pool, 2,000-square-foot fitness center, sauna, steam room, parking, resident library with fireplace, bike storage, pet spa, children’s playroom and a 4,000-square-foot common roof deck. The units, which were designed by Paris Forino, include 10-foot ceiling heights, oversized windows, marble finishes, wide-plank floors and top-of-the-line appliances. The property features one-, two-, three- and four-bedroom condos and penthouses, with all units starting at $1.1 million.
BOSTON — Fantini & Gorga has arranged $5.2 million in permanent financing for South Huntington Apartments, a multifamily property located at 46-82 S. Huntington Ave. in Boston. Casimir Groblewski and Despina Hatzipetrou of Fantini & Gorga arranged the refinancing with RiverSource Life Insurance Co. for the borrower, a local real estate developer and manager. Consisting of 10 three-story, connected buildings, the property features 108 residential units in a mix of oversized studios and one-bedroom layouts.