MCKINNEY, TEXAS — Robert Faust Mortgage Company recently arranged $3,813,000 in equity for the proposed Wilmeth Ridge project in McKinney. The proposed residential development will be 124 acres located at the northeast corner of Wilmeth and Ridge roads. There will be 291 lots constructed in two phases. Grand Homes and Shaddock Homes are buying all the lots in Phase I. The developer Wynne Jackson has developed over 10,000 residential lots.
NEW YORK CITY — Six Sigma NYC has acquired Tuck-It-Away Storage Center at 517 W. 29th St. in Manhattan’s Chelsea neighborhood for $54.7 million. The buyer, a boutique design and build firm, plans to redevelop the 100-foot by 100-foot site into a luxury condominium property. Six Sigma NYC focuses on delivering amenities, finishes and quality the push the upper limits of the what is available in today’s market. The company’s current projects include 449 Washington Street, 56 Walker Street and 435 W. 19th Street in New York City. Stephen Ferrara of TOWN Residential represented the buyer in the transaction. The name of the seller was not released.
EVESHAM, N.J. — RD Management LLC has unveiled its redevelopment plans for The Shoppes and Residences at Renaissance Square, located on Route 70 in Evesham. Formerly known has Tri-Towne Plaza, the center offers 112,245 square feet of mixed-use space. The redevelopment includes the addition of five buildings, containing 338 apartments; an open space with jogging paths, walkways and a pond; new signage; upgrades to the retail portion; and the addition of new retail and restaurant facilities to the existing space. The development is scheduled to commence in spring 2016.
WILLIAMSVILLE, N.Y. — Picone Construction is continuing the renovations at The Amberleigh, a seniors housing community located at 2330 Maple Road in Williamsville. Renovations include the conversion of existing space to 49 assisted-living residential units on the second and third floors, along with 16 memory care units on the first floor. Additionally, a new entry will be constructed, which includes a free standing porte-cochere and asphalt drop-off drive. The entry and first floor will include a reception area, waiting/lounge area, offices, conference room, new elevator, salon, activity room, dining room, craft room, private dining rooms, toilet rooms, staff lounge, laundry room, storage rooms and a secured fenced-in courtyard. The second and third floor common areas will include offices, toilet rooms, laundry rooms, living rooms and storage rooms. Each of the three floors will also include a nurse’s station with a hydrotherapy room. Foit-Albert Associates is the architect of record and Buffalo Engineering PC is the mechanical and electrical engineer for the project.
JACKSONVILLE, FLA. — Doster Construction Co. has recently completed construction on 220 Riverside, a $30 million multifamily development in Jacksonville. The five-story, 294-unit property is built atop two levels of parking and features retail space and restaurants on the ground level. Community amenities include a fitness center, clubroom, internet café, rooftop courtyard with a resort-style swimming pool, an outdoor kitchen and seating niches overlooking the St. Johns River. Each unit features nine-foot ceilings, granite countertops and vinyl plank and hard tile flooring. The project team includes owner HP-MAA Riverside LLC and architect Studio 9 Architecture LLC.
ANAHEIM, CALIF. — Bellwether Enterprise Real Estate Capital LLC has arranged $98.8 million in financing for the acquisition of three apartment communities in Orange County by A&M Properties. The properties include Springdale Villa in Westminster, Portofino Cove in Anaheim and Tustin Parc in Tustin. The properties contain a total of 723 units. They were built between 1961 and 1971. Doug Taylor and Jason Krupoff of Bellwether arranged the Freddie Mac, fixed-rate financing. Bellwether is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc. The team also helped A&M Properties identify Tustin Parc for acquisition.
SAN DIEGO — CityMark Development has received a $48 million loan to develop a 129-unit multifamily project in the downtown San Diego submarket of Little Italy. The community will be located at 2101–2175 Kettner Blvd. The site was formerly occupied by Caliber Collision Center. The new project will contain a six-story apartment building with 8,000 square feet of retail podium space, 100,000 square feet of residential space and 2.5 levels of subterranean parking. Tanner Hecht Architecture will design the community, while Van Tilburg, Banvard & Soderbergh will act as the architect of record. The funds were capitalized by Fident Capital, which has identified an institutional equity partner for this project. The Los Angeles-based fund manages more than $2 billion in assets. It focuses exclusively on urban infill residential projects that contain over 100 units.
BOULDER, COLO. — UniversityParent has launched Best for Parents, a certification tool created to help parents determine which student housing options meet their priorities, and to allow businesses providing student housing to express their value to these stakeholders in housing decisions. Best for Parents certification takes into account the aspects of housing that matter most to parents, such as safety, convenience, student-friendly features, and professional, accessible management and maintenance. Along with providing financial input, parents are a source of support and advice to students. The Best for Parents certification allows parents to make well-informed suggestions regarding their student’s housing. Housing facilities that earn the Best for Parents label receive a parent page on the UniversityParent site outlining the housing company’s answers to the top parent questions, recognition as a Best for Parents facility in the UniversityParent directory, and a plaque and window cling for display.
Philadelphia’s apartment market remains bright as increasing employment fosters stable economic growth, which in turn is bolstering apartment operations. Employers in the metro, which is known as the center of economic activity in Pennsylvania, will increase hiring 1.2 percent this year, adding 35,000 jobs. In 2014, new jobs increased 1.6 percent and the unemployment rate decreased 130 basis points. Total employment is on the upswing, recovering nearly all of the jobs lost during the recession. The favorable employment conditions are supporting demand for apartments and swiftly improving performance throughout the metro, prompting developers to start new multifamily projects. Builders in Philadelphia are focusing their attention in Center City, which includes the central business district and central neighborhoods of Philadelphia, where nearly 25 percent of this year’s deliveries will be placed into service. Developers are on track to complete 3,600 units in 2015, increasing total apartment inventory 1.4 percent. Last year 2,400 rentals were delivered. Part of the reason that demand is especially strong in Philadelphia can be attributed to the increasing popularity of living in the urban core among young professionals and baby boomers. The lack of developable in-fill locations in the area is prompting developers to convert office buildings …
COLLEGE STATION, TEXAS — Skanska USA has been awarded a $21 million contract with Texas A&M University to oversee the construction of the Agriculture & Life Science Building 4. The project broke ground on Nov. 13 and it will be completed in February 2017. The five-story, 80,000-square-foot building will house the university’s Department of Wildlife and Fisheries Sciences. The first three floors will include offices, conference rooms and dry work areas. The top two floors will include teaching and wet research laboratories. Kirskey Architecture is project architect.