SEATTLE — Wood Partners has broken ground on Alta Columbia City, a multifamily development in Seattle’s historic Columbia City neighborhood. Slated to open in summer 2021, Alta Columbia City will feature 243 studio, one- and two-bedroom apartments, along with 27,000 square feet of retail and commercial space. On-site amenities will include a private lounge, entertainment area, gourmet kitchen, fitness center, co-working space, outdoor courtyard, heated greenhouse, rooftop deck and dog run. Once completed, the property will be Wood Partners’ third multifamily community in the Seattle area.
NEW YORK CITY — Developer HANAC Inc., in partnership with Enterprise Community Partners and Chase Bank, has completed construction of Corona Senior Residence, an affordable community for seniors over the age of 62 in Queens. The property totals 67 units exclusively for seniors, 21 units of which have been reserved for the homeless. The development includes an onsite preschool administered by the New York City School Construction Authority that currently serves nearly 60 children. Social services, medical care coordination and mental health assessments will be available to residents of the property.
RANCHO CUCAMONGA, CALIF. — Cadence Living has broken ground on Cadence at Rancho Cucamonga, a seniors housing community in the Town Center neighborhood of Rancho Cucamonga, approximately 40 miles east of Los Angeles. Cadence is developing the property in partnership with Coyne Development. When complete, the community will offer 97 units of independent living, assisted living and memory care. The community is scheduled to open in the fall of 2020.
OLATHE, KAN. — Hunt Midwest, in partnership with Senior Living Group, has opened Benton House of Olathe, an assisted living and memory care community in Olathe. This is the partnership’s ninth Benton House community in metro Kansas City. Benton House of Olathe features 55 studio and one-bedroom units. The single-story, 52,000-square-foot building is situated on 4.4 acres. The Beacon Neighborhood is a secured area dedicated to residents in need of additional memory care services and support. Monthly rental rates start at $3,000.
BOCA RATON, FLA. — American Landmark has acquired Alister Boca Raton, a 448-unit multifamily community in Boca Raton, for $91.5 million. American Landmark will invest $6.2 million in capital improvements and rebrand the property as Cielo Boca. The property was originally developed between 1986 and 1988 and was renovated in 2018. Capital improvements will include glass backsplashes, new cabinets, updated lighting and USB ports for the unit interiors. Community area upgrades will include improved landscaping, parking lot repairs and new pool furniture. Existing amenities include a recently renovated clubhouse, fitness center, leasing office and two swimming pools. The property was 96 percent occupied at the time of sale. A joint venture between Mill Creek Residential and AIG sold the complex. Avery Klann, Hampton Beebe and Jonathan Senn of Newmark Knight Frank represented the seller in the transaction.
KNOXVILLE, TENN. — Woda Cooper has opened White Oak Crossing, an $8.5 million affordable housing project in Knoxville. Units were reserved for families that earn between 50 percent and 60 percent of the area median income. In Knox County, for example, this equates to $23,350 (50 percent AMI) and $28,020 (60 percent AMI) in annual income for a single person or up to $33,300 (50 percent AMI) and $39,960 (60 percent AMI) for a family of four. Larger families are also eligible. Monthly rents at White Oak Crossing range from $605 to $780 per month. The 60-unit community offers two- and three-bedroom floor plans and is located at 290 Quaker Way, six miles southeast of downtown Knoxville. Communal amenities include a community room with kitchenette, 24-hour fitness room and a playground. White Oak Crossing was made possible with the allocation of housing tax credits by the Tennessee Housing Development Agency (THDA). Regions Bank was the primary equity investor and provided a construction-to-permanent loan through HUD’s 221(d)(4) program. Woda Construction Inc. served as the general contractor, and Nashville-based Bernard L. Weinstein & Associates was the architect.
LOS ANGELES — George Smith Partners has secured $128.1 million in financing for Orsini II, an institutional-quality multifamily property in downtown Los Angeles. Gary Tenzer of George Smith Partners arranged the funding for the undisclosed borrower. The non-recourse, 10-year, fixed-rate, interest-only loan features a 4.24 percent interest rate and a 55 percent loan-to-value ratio. The new loan replaces a $115.2 million floating-rate loan that George Smith Partners secured for the property in 2016. The original loan had a remaining term of more than eight years and pre-payment penalties in place. Located at 550 N. Figueroa St. in downtown Los Angeles, Orsini II features a five-story residential portion offering a total of 566 units above a three-level parking garage.
VICTORVILLE, CALIF. — Greystone has funded a $2.4 million Fannie Mae loan for the refinancing of Hillcrest Court Apartments, an affordable housing property in Victorville. Cody Field of Greystone’s San Francisco office, in coordination with the Housing Authority of the County of San Bernardino, originated the transaction. The $2.4 million Fannie Mae loan carries a 30-year term at a fixed rate and is self-amortizing. The undisclosed borrower plans to use proceeds of the loan to recapitalize acquisition financing in conjunction with city financing sources.
MICHIGAN AND MINNESOTA — The Habitat Company has acquired three multifamily properties in Michigan and Minnesota for approximately $100 million. The properties include: The Village of Hyde Park, a 43-unit townhome development in Detroit; Harbour Club, a 1,112-unit market-rate property in Bellville, Mich.; and the 108-unit Cedarvale Highlands in Eagan, Minn. Habitat plans to make upgrades to each property. At The Village of Hyde Park, Habitat plans to update unit interiors, appliances, flooring, lighting and plumbing fixtures over the next few years. At Harbour Club, Habitat will renovate units, expand the clubhouse, upgrade common areas and rename the asset. At Cedarvale Highlands, Habitat will continue a unit renovation plan that includes new kitchens and baths along with enhancements to the common areas. Habitat is handling leasing and property management for all three communities.
ROCK ISLAND, ILL. — Berkadia has secured $34.2 million in construction-to-permanent rehabilitation financing for a two-property multifamily portfolio in Rock Island. The properties include Heather Ridge and Century Woods. Renovation plans call for new flooring, windows, heating and cooling systems, cabinets, countertops and appliances. Rick Price, Gemma Geldmacher, Mark Vogel and Dan Geuther of Berkadia originated the two HUD 221(d)(4) loans on behalf of Cleveland-based Millennia Cos. The financing features a 40-year term and a 90 percent loan-to-value ratio.