ENGLEWOOD, FLA. — Love Funding, a Washington, D.C.-based lender, has provided a $17.8 million construction loan to build Heritage Oaks Assisted Living and Memory Care, a 118-unit seniors housing community in Englewood, located between Tampa and Fort Myers. Tammy Tate of Love Funding secured the 40-year, non-recourse financing through the HUD 232 program. Heritage Oaks will include 86 assisted living units and 32 memory care units in a two-story building. The initial 10-acre site will be part of a larger 60-acre campus. Phase II of development will add independent living to the community. Georgia-based CDH Partners is design architect for the project, which Florida-based Core Construction Services will build. When complete, Beacon Communities will operate the community. No timeline for construction was disclosed.
MADISON, WIS. — Brookdale Senior Living has completed the addition of 67 units and a new memory care program at Brookdale Madison West, an assisted living community in Madison. The $18 million expansion was completed in several phases. In the first phase, a 67-unit assisted living building was added to the existing 48-unit community, as well as a variety of dining options and amenities. In the second phase, the community’s initial assisted living building was updated and renovated to memory care units. The memory care section is split into two sections of 20 units each — one for those with acute memory care needs, and another to try to slow the progression of early-stage dementia.
IOWA CITY, IOWA — Dougherty Funding LLC has closed an $11.7 million acquisition loan for a 248-unit affordable apartment property in Iowa City. A majority of the units at Iowa City Pheasant Ridge Apartments were covered under a project-based Section 8 Housing Assistance Payment contract. The property was built in 1971 and recently underwent $700,000 worth of improvements such as new furnaces, roofing, kitchen cabinets, countertops and appliances. Iowa City Leased Housing Associates II LLLP was the borrower. Dougherty served as the lead lender and servicer for the loan.
WASHINGTON — U.S. commercial property transaction volume is expected to decline over the next three years to $475 billion in 2018, according to a new economic forecast from the Urban Land Institute (ULI) Center for Capital Markets and Real Estate. The latest ULI Real Estate Consensus Forecast, a semi-annual outlook, is based on a survey of 48 of the industry’s top economists and analysts representing 36 of the country’s leading real estate investment, advisory and research firms and organizations. The survey provides forecasts on broad economic indicators such as real estate capital markets, property investment returns, vacancy and rental rates and housing starts and prices. The recently released consensus forecast calls for continued economic expansion over the next three years, but at a somewhat slower pace than the prior two years. It also anticipates continued commercial price appreciation and positive returns, but at more subdued and decelerating rates, and above average but decelerating rent growth rates in all property sectors. “Compared to six months ago, real estate researchers are predicting slower economic growth, slipping real estate fundamentals and lower returns from both the public and private markets,” says William Maher, ULI leader, survey participant and director of North American strategy for …
NEW YORK CITY — Eastern Consolidated has arranged a $27.5 million refinancing of a construction loan for a condominium development located at 204 Forsyth St. on Manhattan’s Lower East Side. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated secured the loan, which was provided by Churchill Credit Holdings LLC, for the borrower, Charles Saulson. The borrower is developing a seven-story, 21,166-square-foot residential property at the site. Once complete, the property will feature 11 apartments — 10 two-bedroom units and one three-bedroom unit — and two parking spaces.
WILLOW GROVE, PA. — Montgomery County Housing Authority (MCHA) has partnered with Pennrose Properties to redevelop Crest Manor, a public housing community in Willow Grove that was originally built in 1963. The $17.7 million revitalization includes rehabilitation of 15 of the existing two-story twin buildings, demolition of a two-story twin building with construction of a two-story building in its place, demolition of the existing maintenance facility and the construction of a two-story building in its place. Upon completion the community will feature 15 renovated twin buildings, three newly constructed multi-unit buildings and one newly constructed community and maintenance building, all totaling more than 49,492 square feet. The redeveloped community will provide 46 affordable housing units, ranging in size from one- to five-bedroom floor plans. Wallace Roberts & Todd LLC are serving as architect for the project, and Harkins Builders is the general contractor. The project was funded by Alden Torch Finance/JPMorgan Chase, low income housing tax credits allocated by Pennsylvania Housing Finance Agency (PHFA), PHFA PennHOMES, Montgomery County Housing Authority, Montgomery County Affordable Housing trust funds, Community Development Block Grant funds allocated by Abington Township, and Fulton Bank.
AZLE, TEXAS — Old Capital has provided a $1.7 million bridge loan for the purchase of Shady Creek Apartments, a 54-unit complex in Azle. A local ownership group bought the asset, which is located in a secondary submarket. Renovations are planned to increase rental rates.
BOCA RATON, FLA. — Miami-based Ocean Bank has provided a $50 million construction loan that will fund the development of a 282-unit luxury apartment community at the Park at Broken Sound in Boca Raton. The project will be located on 14.1 acres at the southeast corner of Congress Avenue and Clint Moore Road, a few miles from Florida Atlantic University, Mizner Park, Boca Town Center and the beaches. The apartment complex, which includes a 5,500-square-foot clubhouse, is expected to open in 15 to 16 months. Ralph Gonzalez-Jacobo and Eddie Diaz of Ocean Bank originated the loan on behalf of the Miami-based borrowers, Sergio Rok and James Tate of TR Danburg Boca Holdings. The loan represents 70 percent of the estimated total cost of $71.4 million, or $177,000 per unit, for the development and construction of the property.
PRIOR LAKE, MINN. — Dominium, an apartment development and management company, has broken ground on an affordable seniors housing property in Prior Lake, approximately 30 miles south of Minneapolis. The Grainwood, located at 5101 Gateway St. SE, will feature 168 units. Unit amenities will include 9-foot ceilings, appliances, patios, balconies and open floor plans. Select units will also feature walk-in closets. Community amenities will include underground parking, a community room with kitchen, craft room, salon, fitness center, outdoor plaza, theater area and fireplaces. The project is slated for completion by next summer.
JERSEY CITY, N.J. — Ironstate Development has received $170 million in permanent mortgage financing for the newly completed 70 Columbus, a 545-unit, Class A apartment tower in downtown Jersey City, located just across the Hudson River from downtown Manhattan. Holliday Fenoglio Fowler (HFF) arranged the financing on behalf of Ironstate and Panepinto Properties. Northwestern Mutual Real Estate provided the 10-year, fixed-rate loan, which replaced the existing construction financing. Designed by Gwathmey, Siegel, Kaufman and Associates Architects (GSKA) and HLW International, 70 Columbus includes studio, one- and two-bedroom rental residences featuring views of the New York skyline, wood floors, stainless steel appliances and quartz countertops. Common-area amenities include a lobby with fireplace lounge and social spaces designed by Noé Duchaufour Lawrance, bike room, business center, 60,000-square-foot roof deck with swimming pool, sport court, table tennis, grilling stations, dog run, and a 30,000-square-foot fitness center. The 50-story tower is located at 70 Christopher Columbus Drive at the road’s intersection with Warren Street, and within walking distance of the Hudson River. Ground-floor retail space at 70 Columbus includes a Sunac Natural Market and a Base Fitness Gym. The apartment tower is part of a series of Ironstate developments on the street. The company also built 50 …