PHOENIXVILLE, PA. — A joint venture between Toll Brothers Apartment Living and The Davies Companies has opened Riverworks, an apartment community located on Main Street in Phoenixville. Located within walking distance to dining, shopping and recreation, the property features 349 units ranging from studio to two-bedroom layouts. Residences feature plank flooring, stainless steel appliance packages, modern kitchens, in-unit washer/dryers, USB charging stations, and exterior patios or balconies on select homes. On-site community amenities include an outdoor pool with sundeck, outdoor fire pit, lounge and grilling areas; residents’ lounge with fireplace and game room; and a fitness center with a rock climbing wall and CrossFit space.
NEWTON, N.J. — Marcus & Millichap has arranged the sale of Brookside Terrace, an apartment complex located on 7.2 acres at 33 Mill St. in Newtown. The property was sold for an undisclosed sum. Built in 1976, the 222-unit HUD property consists of a 10-story high-rise building and townhouses. Andrew Townsend, Ridge MacLaren, Clarke Talone of Marcus & Millichap represented the seller and procured the buyer. The names of the seller and buyer were not released. J.D. Parker of Marcus & Millichap was the firm’s broker of record in New Jersey.
NEW YORK CITY, AND JERSEY CITY, N.J. — Arbor Commercial Mortgage has funded four loans for properties in New York City and Jersey City totaling $29.8 million. Ari Short of Arbor’s New York office originated the loans, which were funded under the Freddie Mac Small Balance Loan program. The firm provided a $12.6 million loan to a three-property, 97-unit multifamily portfolio in the Bronx. The 20-year refinance loan features a 30-year amortization schedule. In the second loan, Eastern Parkway Portfolio, a five-property, 49-unit multifamily portfolio in Brooklyn, received $9.6 million in financing. The 20-year refinance loan features a 30-year amortization schedule. In the third deal, a 23-unit multifamily property located at 429 Lenox Ave. in New York City received a $5.1 million loan. The 20-year refinance loan features a 30-year amortization schedule. In Jersey City, Arbor provided a $2.4 million loan to a 27-unit multifamily property located at 112-118 Tonnele Ave. The 20-year refinancing features a 30-year amortization schedule.
GIG HARBOR, WASH. — Emerald Communities, a Seattle-based operator, has started construction of Heron’s Key, a 275-unit continuing care retirement community (CCRC) in Gig Harbor, approximately 40 miles southwest of Seattle. Being built on 18 acres of woodlands in the Harbor Hill neighborhood of Gig Harbor, Heron’s Key is more than 70 percent pre-leased. The first construction phase will include 194 apartment and cottage homes, 36 assisted living suites and 45 private skilled nursing rooms. Amenities built during this phase include multiple dining venues, a salon and barber shop, massage and day spa, nature walking trails and pond, fitness center, and onsite health center. This will be the first CCRC in the county, and the largest project ever built in Gig Harbor, according to Emerald Communities. The first phase is slated to open in early 2017.
GLENDALE, CALIF. — Century West Partners will break ground today on Next on Lex, a $280 million, mixed-use multifamily development located in the Los Angeles suburb of Glendale. The transit-oriented development, located at 201 Lexington Drive, will occupy a full block and will feature four, six-story buildings that include a mix of one-, two- and three-bedroom units and studio lofts. The property will also offer 10 live-work units, as well as three levels of underground parking with space for 753 cars and 152 bicycles. Next on Lex will include 8,140 square feet of retail space, which will be occupied by a Citibank branch alongside other tenants. Amenities at Next on Lex will include outdoor living areas; pools and hot tubs; landscaped courtyards including a rooftop deck and sky lounge; multiple sun decks; and a variety of community spaces. The property will also feature an onsite business center; yoga studio and fitness center; a media room; game room; private massage room; and party room and kitchen. Demolition on the existing office building on-site took place in April, according to reports by the Los Angeles Times. Santa Monica, Calif.-based Killefer Flammang Architects (KFA) designed the project. Chicago-based W.E. O’Neil Construction is the …
LOWELL, MASS. — WinnDevelopment has secured financing to transform the 170-year-old Adden Building, a historic mill in Lowell, into market-rate apartments. The $15.5 million adaptive reuse project will complete a three-building residential development effort for the 15-acre Hamilton Canal District. Construction of the 88,000-square-foot building is expected to start immediately, with completion slated for summer 2017. Designed by The Architectural Team, the project will feature 73 market-rate apartments and two units restricted to households with incomes at or below 60 percent of area median income. The unit mix will be 47 one-bedroom units, 11 one-bedroom units with dens and 17 two-bedroom apartments. The project is a joint venture between WinnDevelopment, Banc of America CDC and the Architectural Heritage Foundation. Dellbrook Construction is serving as general contractor for the project, which is situated between the 52-unit Counting House Lofts and the 173-unit Loft Two Seven.
MOUNT VERNON, N.Y. — NorthMarq Capital has arranged the $5 million refinancing of Lohman Village, a seniors housing property located at 1 Wartburg Place in Mount Vernon. The loan features a 5-year term and 30-year amortization schedule. The 31-unit property is part of a large seniors housing campus in Mount Vernon known as Wartburg that offers a full spectrum of senior living options. Robert Ranieri of NorthMarq arranged the financing through NorthMarq’s relationship with an undisclosed regional bank.
GRAND PRAIRIE, TEXAS — Ventures Development Group LLC has closed a $29 million loan and broke ground on a 247-unit apartment community located at 3090 Outlet Parkway in Grand Prairie. Leasing is expected to begin in spring 2017, with completion of the property expected by the following fall. The project is located at the northeastern quadrant of I-20 and Texas Highway 360. The one-, two- and three-bedroom residences will include granite countertops and in-unit washers and dryers. Amenities will include a fitness center, clubroom and tenant lounge, swimming pool and a structured parking garage with direct access to all residential units, which will range in size from 650 to 1,400 square feet. Humphreys & Partners Architects designed the project. Dallas-based Realty Capital Partners LLC provided a portion of the equity capital, and San Francisco-based Realty Shares Inc. provided the preferred equity capital. Dougherty Mortgage provided the construction and permanent financing. Stream Residential, a division of Stream Realty Partners, will manage leasing and marketing efforts.
WINTER PARK, FLA. — The RADCO Cos. has purchased The Park at Sutton Place Apartments, a 288-unit apartment community in Winter Park, a suburb of Orlando. RADCO acquired the property for $32.1 million and plans to invest $3.7 million for capital improvements. The Atlanta-based multifamily investor plans to rename the Class B property Lakeside at Winter Park and manage the community under its RADCO Residential management platform. RADCO used private capital and financing from BBVA Compass to fund the acquisition and renovation. CBRE’s Orlando office brokered the transaction. Built in 1986 within walking distance of Full Sail University, the property features three on-site lakes, a clubhouse, business center, fitness center, car care center, swimming pools and racquetball, basketball and volleyball courts. Lakeside at Winter Park is RADCO’s first acquisition in metro Orlando and its fourth in Florida.
CONCORD, N.C. — CBRE’s capital markets debt and structured finance team has arranged a $28.9 million loan for Hawthorne at Concord, a 238-unit apartment community in Concord, a northern suburb of Charlotte. Built by Davis Development in 2014, the Class A community is situated on 18.5 acres within one mile of I-85 and Concord Mills, a nearly 1.4 million-square-foot mall owned by Simon Property Group. Steve Heffner, Nate Sittema and Kristen Reilley of CBRE’s Charlotte office arranged the Fannie Mae loan on behalf of Hawthorne Residential Partners and White Point Partners.