BALA CYNWYD, PA. — Affiliates of Harbor Group International (HGI) have acquired Royal Athena, a 275-unit waterfront apartment community in the Philadelphia suburb of Bala Cynwyd, for $59.5 million. According to Apartments.com, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center and a resident clubhouse. Erin Miller of Newmark brokered the deal, the seller in which was not disclosed. Henry Stimler, Ari Schwarbad and Bill Weber, also with Newmark, arranged acquisition financing on behalf of HGI.
MAYWOOD, ILL. — Skender recently broke ground on the redevelopment of Maywood Supportive Living in Maywood, about 12 miles west of Chicago. When completed, the 133,000-square-foot, five-story supportive living facility will provide 100 housing units with substantial healthcare and nursing amenities. The existing property, which formerly housed the Central Baptist Home, was added to the State of Illinois’ National Register of Historic Places in 2017 and will be restored with the intention of preserving its historic detail. The existing building and grounds take up a full city block, and renovations will include new windows, roof replacement and restoring the first-floor lobby. NDC Corporate Equity Fund, KeyBank, US Bank and the Illinois Housing Development Authority are providing project financing. Skender is serving as general contractor and is collaborating with developer Celadon Partners and architect Gleason Architects.
JAMAICA PLAIN, MASS. — Cornerstone Realty Capital has arranged a $12.2 million loan for the refinancing of a five-story apartment building in the Egleston Square neighborhood of Jamaica Plain near Boston. Completed in 2020, the property houses 39 apartment units and retail space on the ground floor. Units range in size from 515 to 1,320 square feet. Cornerstone arranged a fixed-rate loan with 12 months of interest-only payments followed by a 30-year amortization schedule. The borrower and direct lender were not disclosed.
MIAMI — Swerdlow Group has broken ground on Sawyer’s Walk, a 1.4 million-square-foot mixed-use development in Miami’s Overtown neighborhood that will include 250,000 square feet of retail space below 578 apartments designated for low-income seniors. Swerdlow Group is collaborating with the Southeast Overtown/Park West Community Redevelopment Agency (CRA) on the $300 million project. Swerdlow Group and its partners, Delray Beach, Fla.-based SJM Partners and Miami-based Alben Duffie, acquired the 3.4-acre property at 249 NW 6th St. from the Community Redevelopment Agency for $10 million. Construction is scheduled for completion in 2023. Sawyer’s Walk will include a 50,000-square-foot Target and a 25,000-square-foot Aldi supermarket, as well as new locations for Ross Dress for Less, Five Below and Burlington. The development will provide approximately 1,000 parking spaces. Sawyer’s Walk will also feature 25,000 square feet of public space that includes outdoor seating for the project’s restaurants, a children’s playground, pedestrian promenade and dog park. The residential portion of Sawyer’s Walk will include studio, one- and two-bedroom apartments reserved for seniors earning at or below 60 percent of the area median income. Community amenities will include a rooftop pool deck, a clubhouse and entertainment lounge, meeting rooms and a complimentary health club membership …
WEST MIAMI, FLA. — The Estate Cos. has sold Soleste Alameda, a new eight-story multifamily development in West Miami, for $83 million. Soleste Alameda features 306 rental units and is located at 6320 SW 8th St. Dallas-based Westdale Real Estate Investment and Management was the buyer. Completed in the second quarter of 2020, Soleste Alameda is over 90 percent occupied with a variety of studios, one- and two-bedroom units. The units feature modern kitchens, stainless steel appliances, porcelain floors, washer and dryer, private balconies, and impact-resistant windows and sliding glass doors. Community amenities for the property include a pool deck with sundeck and private cabanas, fitness center, parking with electric car charging stations, children’s playground, dry cleaning service and Luxer One package management technology. Other amenities include a resident entertainment lounge with a cyber café, al fresco dining and grilling areas. The Estate Cos. is a Miami-based developer, owner and operator of residential communities throughout South Florida.
DUARTE, CALIF. — MBK Rental Living and R.D. Olson Construction have broken ground on Esperanza at Duarte Station, a multifamily property located on 4.3 acres in Duarte. The five-story property will feature 344 one-, two- and three-bedroom apartments in a mix of 12 floor plans ranging from 514 square feet to 1,090 square feet. Community amenities will include a parking structure, rooftop indoor/outdoor fitness center, clubroom, resort-style pool and spa, outdoor entertainment and cooking spaces, a coworking venue, dog park, pet washing station and a linear park that runs the length of the community. Esperanza at Duarte Station is a joint venture project between MBK Rental Living and Haseko Corp., with construction financing provided by Principal Real Estate Investors. Additional project partners include Architects Orange, PBA Structural Engineers and MJS Landscape.
MIAMI — A partnership between TSG, Lineaire Group and Bridge Investment Group has broken ground on Wynwood Haus, a 224-unit multifamily property located at 1765 N. Miami Ave. in the Wynwood submarket of Miami. The project is slated for completion by the first quarter of 2023. Wynwood Haus will be a 20-story project and will include studio, one- and two-bedroom floorplans that range from 394 to 945 square feet. The unit will feature floor-to-ceiling windows, balconies, full-size in-unit washer and dryer, wireless-controlled smart thermostat, 10-inch ceilings, walk-in closets in most units, a rain shower and secure keyless entry. Wynwood Haus will have a rooftop with a pool and sun deck, as well as a yoga room and fitness center. The property will also include private workspaces, a conference room and a coworking area, with Wi-Fi in all common spaces. The property will also offer a steam room, sauna and experiential showers, as well as an outdoor barbecue and dining area, great room and catering kitchen. Lastly, the property will feature a library and resident lounge, pet grooming, electric car charging stations, a smart locker package room and cold storage, as well as 5,500 square feet of retail space. The community …
PLAINFIELD, IND. — Woda Cooper Cos. Inc. has broken ground on a new affordable housing community named Harper’s Crossing in the Indianapolis suburb of Plainfield. The $12.9 million, 60-unit community will be located at 311 Harper’s Way near The Shops at Perry Crossing. The three-story building will offer a number of amenities to residents earning between 30 and 80 percent of area median income, including a common laundry room, free Wi-Fi throughout and a community room. The developer was able to receive a tax abatement from the Town of Plainfield since the project is located in an Opportunity Zone. Tax credits awarded by The Indiana Housing & Community Development Authority (IHCDA) generated equity financing. Monthly rents at the community, which will offer one-, two- and three-bedroom units as well as accessible units, will remain between $292 and $1,070, depending on income restrictions and unit size. Building materials are being used to meet LEED Silver certification standards for energy efficiency. RBC Community Investments (RBCCI) was the tax credit syndicator. Huntington National Bank made an investment through RBCCI and also provided a construction loan. Cedar Rapids Bank & Trust provided the first mortgage. Indianapolis-based Cripe is the architect, BWI LLC is the general contractor and Sol Design + Consulting is the sustainability consultant. …
CHESTERFIELD, MO. — Fogelman Properties has completed the renovation of 15Seventy, a 489-unit apartment community located at 1570 Westmeade Drive in the St. Louis suburb of Chesterfield. Fogelman built the property in 1987 and began the renovation project in 2018. The project included the addition of a new Wi-Fi café, a redesigned lobby and leasing center, updates to the pools and tennis courts and the addition of new gathering spaces such as an outdoor entertainment kitchen, poolside pavilion and indoor kitchen area. Fogelman also unveiled a new fitness center with state-of the-art equipment and programs. To date, Fogelman has upgraded 220 of the units with granite countertops, new cabinetry, wood-style flooring and stainless steel appliances. Monthly rents start at $1,127.
MANKATO, MINN. — Colliers Mortgage’s Minneapolis office has provided a $4.3 million HUD 223(f) loan for the refinancing of Rosa Place in Mankato, about 80 miles southwest of Minneapolis. The 60-unit affordable housing property was built in 2019 using 9 percent Low-Income Housing Tax Credit (LIHTC) proceeds. All units are reserved for households that earn up to 50 percent of area median income. Velair Property Management LLC manages the property. Rosa Place LP was the borrower. The 35-year loan is fully amortizing.