BERKELEY, CALIF. — EdR has completed the $45 million renovation and modernization of Bowles Hall at the University of California, Berkeley. The residence hall features renovated residential suites, each with an attached bathroom; in-house dining facilities; library; individual and dedicated study and seminar rooms; main lounge; game room; and in-residence faculty and graduate student advisors.
REVERE, MASS. — CBRE/New England’s Debt & Structured Finance team has arranged $50 million in construction financing for Beach House, a 234-unit luxury apartment development located in Revere, for borrower Baystone Development. The project is located across from Revere Beach and will offer panoramic views of the Atlantic Ocean and Boston’s skyline. Units will feature open layout floor plans; amenities include a resort-style heated outdoor pool, roof deck with views of the Boston skyline, fitness center, resident club area with full kitchen and an entertainment package featuring a theater room. John Kelly, Kyle Juszczyszyn, Chris Coutts and Lenny Pierce of CBRE/NE arranged the loan with First Niagara Bank’s David Yesue and Doug MacLean.
NEW YORK CITY — Besen & Associates has arranged the $7.4 million sale of a four-building package in central Brooklyn. The price translates to just shy of $400 per square foot. The properties, which feature multifamily and retail space, include 907 Nostrand Avenue, 739 Church Avenue, 1080-1082 Utica Avenue and 196 Utica Avenue. Each was fully renovated in 2015 with all apartments receiving new bathrooms, kitchens, wooden floors, and HVAC units. 907 Nostrand Avenue has approximately 4,547 square feet of retail space, leased to a fitness center; 739 Church Avenue has 3,300 square feet, leased to a bar; 196 Utica has a retail tenant which occupies the storefront and finished basement. The two-story building with 80 feet of frontage at 1080-1082 Utica Avenue was recently gut renovated and repositioned to contain seven retail stores. Greg Corbin, Miguel Jauregui and Saadya Notik of The Corbin Group represented the seller and also procured the purchaser, a local private investor.
MINNEAPOLIS — RJM Construction, a Minneapolis-based general contractor, will oversee construction of Legacy Lofts, a condominium project in downtown Minneapolis’ mill district. Led by Jim Stanton, the 1 million-square-foot project will include a 14-story and an 18-story tower with underground and aboveground parking along with 374 individually owned units. Plans call for a playground, pet exercise area, fitness room, pool and spa, bike racks, community room, game room and a green roof with lawn bowling. RJM Construction will manage the core and shell construction. Riverdale Ventures LLC, which Stanton owns, will complete the units. Site preparations are underway, with the building scheduled for completion in summer 2018. In addition to RJM, project partners include Oertel Architects and BKBM Engineers.
LOS ALTOS, CALIF. — Kisco Senior Living has started the $4 million renovation of BridgePoint at Los Altos, a seniors housing community in the San Francisco suburb of Los Altos. Renovations include a new covered entry, large gathering space, new bistro café and courtyard, along with a refreshed lobby, living room and library. Kisco will also improve the interior corridors and exterior landscaping and parking areas. Kisco acquired BridgePoint in 2001. The California-based owner-operator has eight locations in California, plus 14 other locations in seven states.
TAMPA, FLA. — Canyon Partners Real Estate LLC has provided $15.4 million of preferred equity to a joint venture between ECI Group and Mercury Advisors to develop The Channel Club in Tampa. The 22-story, Class A apartment high-rise will include 323 rental units totaling approximately 295,000 leasable square feet and a seven-story parking garage with 596 spaces. The project also will include construction of a 36,900-square-foot Publix grocery store. The 2.26-acre site is located in the Channel District, directly adjacent to downtown Tampa, one of Tampa’s fastest growing multifamily submarkets. Project construction is scheduled to begin this October and be completed in December 2018. The property is bordered by Twiggs Road, Meridian Avenue and Madison Street. It is adjacent to the Grand Central at Kennedy, a mixed-use condominium, office and retail property developed by Mercury Advisors, for which Canyon provided a $27.4 million non-recourse senior loan in June 2012.
ORLANDO, FLA. — Franklin Street has brokered the $14.1 million sale of Misty Oaks, a 251-unit multifamily community located at 744 Spring West Circle in Orlando. The community, which is 95 percent occupied, offers one-bedroom, one-bathroom units. Approximately half of the units have undergone renovations and are achieving premium rent. Franklin Street’s Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger represented the undisclosed seller in the transaction. The buyers were 1031 investors from out of state.
WILLIAMSBURG, VA. — WM Dougherty & Co. LLC has acquired an unfinished memory care community in Williamsburg for $7.5 million. The Jacksonville, Fla.-based investment bank and brokerage firm will open the community as Berkeley Oaks. Solvere Senior Living, a New Jersey-based operator, will manage the property upon completion. New Dawn Assisted Living was developing the community before the project declared bankruptcy in late 2015. In addition to the purchase price, WM Dougherty plans to invest $2 million in the community. When completed, Berkeley Oaks will offer 48 memory care units divided into three 16-unit buildings that will operate as separate neighborhoods. Architectural firm Lantz-Boggio designed the project, which is scheduled to open in February 2017. Berkeley Oaks will be the fourth developer-operator partnership between Dougherty and Solvere.
BALDWIN HILLS, CALIF. — Vista Investment Group has received $30.8 million to finance the acquisition of the 276-unit Woodlake Manor apartment building. The community is located at 4555 W. Martin Luther King, Jr. Blvd. in Baldwin Hills. It was built in 1964. The transaction also included a land parcel currently occupied by two radio towers. A commercial bank provided the capital for the seven-year, fixed-rate loan. HFF’s Marc Schillinger arranged the loan.
PHILADELPHIA — WinnDevelopment, the development arm of WinnCompanies, has completed a $14.7 million rehabilitation of Breslyn House, a 60-unit affordable housing community in Philadelphia. The renovation effort included energy efficiency and environmental improvements, exterior restoration, and enhancement of community spaces, including a new ADA-compliant community room and expanded laundry facilities. Each apartment underwent kitchen and bathroom renovations, including the installation of new cabinetry, appliances and fixtures. The U.S. Department of Housing and Urban Development (HUD), the Pennsylvania Housing Finance Agency (PHFA), Bank of America and Citi Community Capital financed the project.
