Multifamily

MCSHANE COMPLETES AFFORDABLE HOUSING PROJECT

by admin July 13, 2009

CHICAGO — Rosemont, Ill.-based McShane Construction Co. has completed Casa Morelos, a seven-story, 45-unit affordable housing project located in Chicago. The building is situated at 2015 S. Morgan St. with the city’s Pilsen neighborhood. It comprises one-, two- and three-bedroom rental units; other features includes a community room and an on-site laundry facility. The project has also registered with the Chicago Green Homes program; sustainable features include a green roof, Energy Star appliances, recycled construction materials, low-VOC paints, a permeable pavement and an energy-efficient boiler system. The project architect is Weese Langley Weese Architects and the developer is The Resurrection Project, a non-profit affordable housing developer. McShane is also working on an affordable senior housing project for The Resurrection Project named Casa Maravilla, which is located at 2012 S. Morgan St. and is scheduled for completion in June 2010.

July 13, 2009

KEYBANK PROVIDES FINANCING FOR STUDENT HOUSING COMPLEX

by admin July 10, 2009

STATESBORO, GA. — KeyBank Real Estate Capital has provided a $14.6 million variable rate DMBS advance to the developer Campus Apartments for its 168-unit Campus Crossing at Statesboro. The property, which was built last year, encompasses 600 beds and serves the students of Georgia Southern University. The money is part of a $200 million credit facility structured by Fannie Mae and extended to Campus Apartments in January 2008. The company has used $100 million of the facility.

July 10, 2009

Multifamily Southeast

COLUMBIAN SENIOR APARTMENTS SOLD FOR $6.8 MILLION

by admin July 10, 2009

ST. PETERSBURG, FLA. — St. Petersburg-based Sage Partners has purchased the 188-unit Columbian Senior Apartments from Jacksonville, Fla.-based Demetree Brothers for $6.8 million. The buyer plans interior, exterior and mechanical improvements to the property, which is located at 518 3rd Ave. S. in St. Petersburg. Casey Babb and Bill Renje of NAI Tampa Bay represented the buyer.

July 10, 2009

Midwest Multifamily

GRAND OPENING HELD FOR 175-UNIT STUDENT HOUSING PROJECT

by admin July 10, 2009

MILWAUKEE — The grand opening has been held for The Park at 1824, a 175-unit multifamily property located on East Park Place in Milwaukee. The student housing community offers lease-by-the-bedroom contracts and is situated 4 blocks from the campus of the University of Wisconsin – Milwaukee. Amenities include a fitness center, study rooms on each floor, a community room featuring plasma-screen televisions and billiard tables, laundry facilities and underground parking. The project was developed by Wangard Partners; it will be leased and managed by locally based Ogden & Co.

July 10, 2009

Multifamily Texas

DOMAIN AT CITYCENTRE OPENS

by admin July 10, 2009

HOUSTON — Midway Cos. has opened Domain at CITYCENTRE. The 370-unit multifamily complex offers amenities that include three courtyards, a swimming pool, a fitness center and a clubroom. CITYCENTRE is a mixed-use, $500 million development that covers 1.8 million square feet of retail, restaurants, offices, and residential living in downtown Houston.

July 10, 2009

Seniors Housing Southeast

LOVE FUNDING ARRANGES LOANS FOR SENIOR HOUSING PROPERTIES

by admin July 9, 2009

MISSISSIPPI — Laura Saull-Smith of Love Funding’s Washington, D.C., office has secured five loans totaling $23.51 million for Mississippi nursing homes owned by Briar Hill Management. Saull-Smith arranged $6.85 million for the 88-bed Willow Creek in Byram; $5.26 million for the 60-bed River Place in Amory; $5.1 million for the 60-bed Nichols Center in Madison; $4.63 million for the 60-bed Carrington in Starkville; and $1.92 million for the 60-bed Vineyard Court in Columbus. The HUD loans carry 5.65 percent interest rates and 35-year amortization schedules.

July 9, 2009

Midwest Seniors Housing

VICTORY CENTRE SENIOR HOUSING PROJECT COMPLETE

by admin July 9, 2009

CHICAGO — Construction is complete for The Victory Centre of South Chicago Supportive Living Facility. The $14.5 million project consists of a five-story affordable senior housing building situated at 3251 E. 92nd St. in Chicago. It contains 112 studio units; amenities include a ground-floor lobby and living room; a dining room with a commercial kitchen; a resident activity room and project room that features a group kitchen, a hair salon, a physical therapy room and a media room; a wellness room; a landscaped courtyard; and a rooftop deck. The brownfield redevelopment project is pursuing LEED certification and will be a part of the LEED South Chicago Initiative Neighborhood Development Pilot Program. Sustainable features include energy-efficient insulation and windows, native landscaping, a rain garden, the use of recycled and regional construction materials, and close proximity to mass transit. The building is also equipped for a future solar-thermal system. The project was developed by Pathway Senior Living. The project architect was Harley Ellis Devereaux and the general contactor was Pepper Construction. The second phase of the project, known as Victory Center of South Chicago Senior Apartments, will break ground later this year adjacent to the supportive living facility. The $14 million Phase …

July 9, 2009

Midwest Multifamily

WELSH CONSTRUCTION PICKED FOR $3 MILLION MULTIFAMILY RENOVATION

by admin July 9, 2009

ST. PAUL, MINN. — The Amherst H. Wilder Foundation has selected Welsh Construction to complete the $3 million renovation of two affordable apartment buildings located in St. Paul. The first property is American House, a six-story building located in the city’s Lowertown district. Constructed in 1895, it contains 69 one-bedroom units. The second property is Snelling Avenue Apartments, a 76-unit apartment building that was constructed in the 1920s and first used as a hotel. It also contains all one-bedroom units. Renovations will include the remodeling of the buildings’ fixtures and finishes in the interior and exterior of the buildings. Construction will begin this month.

July 9, 2009

Multifamily Northeast

PHASE ONE COMPLETE FOR AFFORDABLE HOUSING COMMUNITY

by admin July 9, 2009

NEW YORK CITY — Construction is complete for the $63.5 million first phase of Nehemiah Spring Creek Homes, located in East New York City. Community Preservation Corp. provided a loan of approximately $30 million and two churches provided a $1.25 million revolving loan. The City of New York also provided $33 million to fund the infrastructure and site preparation. Phase I consisted of 184 affordable housing units that include 69 single-family homes, 29 two-family homes and 19 three-family homes. The 227-acre site is part of Gateway Estates, which will provide 2,219 homes, an expansion of the Gateway Plaza retail center, a public school and four parks upon full build-out. Of the 184 units complete for Nehemiah Spring Creek, 88 homeowners have closed on the purchase of their homes.

July 9, 2009

Multifamily Northeast

CONSTRUCTION NEARS COMPLETION FOR 165-UNIT RESIDENTIAL DEVELOPMENT

by admin July 9, 2009

MONTCLAIR, N.J. — Construction is nearing completion for a 165-unit residential development adjacent to Bay Street Station in Montclair. Montclair Residences, which was designed by DMR Architects, is a rental residential, transit-oriented development that features open, spacious floor plans and a variety of studio, one-bedroom and two-bedroom apartments. Amenities include a fitness center, an Internet café, a pool, a courtyard, a daycare center and a parking garage for residents. The project, which is being developed by Lincoln Properties, broke ground in 2007 and has remained on-track for completion in 2009.

July 9, 2009

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