ORANGE, N.J. — Los Angeles-based Parkview Financial has provided a $12.5 million construction loan for The Legacy, a 51-unit apartment project in the Northern New Jersey community of Orange. The unit mix will include one- and two-bedroom residences that feature stainless steel appliances, quartz countertops and in-unit washers and dryers. Onsite amenities will include a resident lounge area, fitness center and a rooftop terrace. The borrower was an affiliate of New Jersey-based KW Contracting Construction Corp. Construction is underway, and the project is expected to be complete in summer 2022.
SANTA CLARA, CALIF. — St. Anton Communities is developing St. Anton Tasman, a $100 million affordable housing community in Santa Clara. Located at 2233 Calle De Mundo, the property will feature 196 affordable units, with nearly 20 percent for very low-income tenants making up to 50 percent area median income (AMI) and the remaining units for low-income tenants making up to 80 percent AMI. The community is regulated to stay as affordable housing for at least 55 years. St. Anton Tasman will offer 153 studio units and 43 one-bedroom apartments, a podium deck, clubroom, fitness center, dog run and classroom/business center. Additionally, the community will offer services including instructor-led educational, health and wellness and skill-building classes. KTGY Architecture + Planning designed the six-story residential community, which is slated to open for occupancy in mid-2022. Bank of America provided primary construction and permanent financing for the project, with The Irvine Co. providing gap funding.
CHICAGO — Lendlease and Magellan Development Group have topped off Cirrus and Cascade, a pair of residential towers along Lake Michigan in Chicago’s Lakeshore East. Cirrus is a 47-story, 350-unit condominium tower at 211 N. Harbor Drive, while Cascade is a 37-story, 503-unit apartment tower at 455 E. Waterside Drive. Together, the two luxury properties represent one of the final phases of the Lakeshore East master plan. Cascade Park, a public green space connecting the two towers to the lakefront and Chicago Riverwalk, is slated to open ahead of schedule this summer. The buildings, designed by bKL Architecture, are two of three towers planned on the site. Condo units at Cirrus are priced from mid-$400,000 to more than $4 million. Floor plans range from 650 to 3,000 square feet. There are 15 penthouse residences located on floors 42 through 47 as well as two townhome residences on the ground level. The first units are slated for completion this fall. Apartment units at Cascade will range in size from studios up to three bedrooms. Pre-leasing is scheduled to begin this spring with the first move-ins expected in the summer. Residents of both towers will have shared access to amenities housed in …
ST. LOUIS — CIT Group Inc. has provided $42.5 million in construction financing for Terra at the Grove, a 300-unit apartment project in St. Louis. Plans call for ground-floor retail space, a 52,000-square-foot courtyard and outdoor pool, a business center, clubroom and four-level parking garage. Units will range in size from studios to two-bedroom floor plans. Each unit will feature a balcony or patio. St. Louis-based Green Street is developing the four-story project. A timeline for construction was not released.
SAN FRANCISCO — Waterton, a Chicago-based national real estate investor and operator, has purchased Delphine on Diamond, formerly known as eaves Diamond Heights, as its entry into the San Francisco market. Situated in the city’s Noe Valley neighborhood, Delphine on Diamond features 154 one-, two- and three-bedroom apartments spread across two podium buildings with subterranean parking. Waterton plans to renovate the community, which was built in 1972, including new siding and windows, landscaping, mechanical upgrades and updates to hallways, common areas and amenities. Additionally, units will be updated with new light fixtures, carpeting and faux wood flooring throughout, while kitchens will be outfitted with new cabinets, solid surface countertops and modern plumbing fixtures. The property is located at 5285 Diamond Heights Blvd. Terms of the acquisition were not released.
RAPID CITY, S.D. — Circle Capital Partners, in partnership with Tzadik Management, has purchased LaCrosse Estates in Rapid City. The 265-unit apartment community is located at 761 E. Anamosa St. Circle plans to undertake some minor renovations at the property, which was built in 1985 and is 97 percent occupied. Monthly rents range from $684 to $949. Amenities include a clubhouse, indoor pool, sauna and sport court. The seller and sales price were undisclosed.
ORANGEVALE, CALIF. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of FountainWood Lodge, a 90-unit assisted living and memory care community in Orangevale, a suburb of Sacramento. The community was built in 1981 and has undergone several renovations. The 63,930-square-foot building is located on six acres of land. The seller is a nonprofit owner-operator. A regional owner-operator acquired the property for $7.8 million. Brad Goodsell, Jason Punzel and Vince Viverito of SLIB handled the transaction. “FountainWood Lodge has a great reputation in the local market, and the buyer plans on improving upon this as they take over,” says Goodsell. “This acquisition is a nice fit for the buyer, as they grow their portfolio and already successfully operate in the area.”
SEATTLE — MJW Investments has purchased Sunset Park, an apartment community located at 11202 Second Lane SW in Seattle. Terms of the off-market transaction were not released. Approximately 15 minutes from downtown Seattle, the community features 124 one- and two-bedroom apartments, a sauna, swimming pool, clubhouse lounge with kitchen and fireplace, a play area, on-site laundry facilities and a fitness center. David Sorenson of Berkadia assisted the undisclosed seller in the transaction, while Allan Freedman of Berkadia assisted the buyer with acquisition financing. Jared Goetz of Tecton will oversee operations and the renovation of the property for MJW.
ATHENS, GA. AND BOCA RATON, FLA. — CA Student Living has acquired two student housing communities in Georgia and Florida for an undisclosed price. The acquisitions include Ikon at Athens, a 374-bed property located near the University of Georgia campus in Athens, and University Park, a 598-bed community located near Florida Atlantic University in Boca Raton. Ikon at Athens offers two-, three- and four-bedroom units with bed-to-bath parity. Communal amenities include a pool, outdoor spa, 24-hour fitness center, business center and a coffee cafe. University Park offers two-, three- and four-bedroom, fully furnished units with bed-to-bath parity alongside shared amenities such as a pool, fitness center, a clubhouse and study rooms. CA’s in-house property management platform will manage both properties. Ryan Lang of Newmark represented the buyer in the transaction. Chicago-based law firm Polsinelli provided legal assistance to the Chicago-based buyer. The seller(s) was not disclosed.
HENDERSONVILLE, TENN. — Avenida Partners has selected McShane Construction Co. to build Avenida Hendersonville, a 138-unit active adult community in the Nashville suburb of Hendersonville. The three-story building will be positioned on a five-acre site. The community will offer 6,000 square feet of amenities. Completion of Avenida Hendersonville is slated for May 2022. This will be Newport Beach, Calif-based Avenida’s third active adult community in Tennessee and seventh overall in five states. The architect of record is Poole & Poole Architecture.