NEW ROCHELLE, N.Y. — RXR Realty, Brause Realty and ABS Partners have broken ground on 587 Main Street, a mixed-use development located in downtown New Rochelle. The 28-story building will comprise 280 rental units, 28 of which will be affordable; 10,000 square feet of arts and cultural space; 17,000 square feet of commercial space; and 234 on-site parking spaces. Leasing is expected to begin in the fourth quarter of 2018.
MIDDLETOWN, CONN. — CBRE has arranged the sale of Windshire Terrace, an apartment community located in Middletown. Hampshire Properties acquired the 226-unit property from an affiliate of Fairfield Residential for an undisclosed price. Built in 2000, the property features a pool, clubhouse, cyber café, fitness center, playground, picnic areas and leasing office. Jeffrey Dunne, Simon Butler, Biria St. John, Gene Pride and Eric Apfel of CBRE represented the seller in the deal.
BROWNSVILLE, TEXAS — RightQuest LLC has broken ground on the second phase of Bella Vista Apartments, a market-rate apartment community in Brownsville. The second phase of the community includes the addition of 144 apartments, a swimming pool, laundry facility, dog park and additional amenities. The first units of the second phase will be available for occupancy in July 2017. Upon completion, the property will feature 272 apartments, include 128 units from the first phase, two swimming pools, a clubhouse and a variety of amenities. Future phases also include the development of two three-acre commercial pad sites fronting Ruben M. Torres Sr. Boulevard. RightQuest is developing the property on behalf of Brownsville-based JJR Group. The project team for the second phase includes B&A Architects, Mejia & Rose Inc., Nations Construction, SSP Design and Davidson Design Group. IBC Bank-Brownsville is providing the financing for the project. Capstone Real Estate Services is providing lease-up and property management services.
CARROLLTON, TEXAS — Marcus & Millichap has arranged the sale of Fox Creek Apartments, a multifamily property located at 1910 S. Josey Lane in Carrollton. Constructed in 1969, the property features 172 units in floor plans ranging from 712 square feet to 1,000 square feet, a swimming pool, on-site laundry facility, open parking and on-site management and maintenance. John Barker and Joshua Ross of Marcus & Millichap represented the undisclosed seller, while Barker also procured the buyer, a California-based private investor. Tim Speck is Marcus & Millichap’s broker of record in Texas. The acquisition price was not released.
GRAPEVINE and BUDA, TEXAS — Harborview Capital Partners, a New York-based commercial real estate finance, equity and advisory firm, has closed $17 million in loans for seniors housing communities in Texas. The first loan was a $10.9 million acquisition loan for a 100-bed skilled nursing facility in the Dallas suburb of Grapevine. The second loan was a $6.1 million construction loan for a 48-bed assisted living facility in the Austin suburb of Buda. Avi Begun, senior originator with Harborview, closed both transactions. The borrowers and names of facilities were not disclosed.
PALM BEACH GARDENS, FLA. — NorthMarq Capital has arranged a $75.2 million loan for the refinancing of The Quaye at Palm Beach Gardens, a new 340-unit apartment community in Palm Beach Gardens. Melissa Marcolini Quinn of NorthMarq Capital’s Orlando office arranged the loan through Fannie Mae’s Pre-Stabilization program on behalf of the borrower, The Housing Group, a development firm led by Charles Funk, Jeff Meehan and Rick Lococo.
TAMPA, FLA. — Rookis Investment Partners and Gulf Coastal Development have broken ground on Arbor Terrace Senior Living, a 139-unit independent living community in Tampa. Atlanta-based The Arbor Co. will manage the community, which is slated for completion in spring 2018. Tampa-based Chancey Design Architects and Interiors designed the project. The company will also handle interior design. Gulf Coastal Development is a Tampa-based developer of residential properties. Rookis Investment Partners brings together architects, builders and real estate professionals to create residential and commercial developments, mainly in Florida.
WASHINGTON, D.C. — Greysteel has arranged the $6.6 million sale of Brookland Place, an affordable multifamily community located at 617 Hamlin St. N.E. in Washington, D.C. Built in 1950, the 80-unit property is situated near Catholic University and within walking distance of two Metrorail stations in Washington, D.C.’s Brookland neighborhood. Ari Firoozabadi, Kyle Tangney, Rawles Wilcox, Alicia Orkisz and Herbert Schwat of Greysteel represented the seller, Jair Lynch Development Partners. The buyer, Wesley Housing Development Corp., will preserve the community’s affordability using financing from the DHCD and Enterprise Community Partners Inc.
NORWALK, CONN. — Trinity Financial has broken ground for the redevelopment of Washington Village in Norwalk. The first phase of the project will result in the construction of 80 mixed-income rental residences: 40 replacement public housing units, 18 affordable tax credit units and 22 market-rate units on two vacant parcels of land at 13 and 20 Day St. in Norwalk. Upon completion, the three-phased redevelopment will replace the present 136-unit Washington Village public housing project with a 273-unit apartment complex with 50 percent of the units designated public housing. The Norwalk Housing Authority, Norwalk Redevelopment Agency and Trinity Financial are working together on the project. The $45 million first phase is slated for completion in March 2018. Dimeo Construction Co. is serving as general contractor for the first phase.
SANTA FE, N.M. — A joint venture between Westport Capital Partners and Integro Healthcare Consulting has sold Montecito Santa Fe, a 146-unit independent living and assisted living community in Santa Fe. Sabra Health Care REIT purchased the property for an undisclosed sum. The sellers originally purchased the property out of bankruptcy and repositioned it as a Class A asset. Integro will continue to operate the community after the change in ownership. Richard Swartz, Jay Wagner, Aaron Rosenzweig and Timothy Hosmer of Cushman & Wakefield executed the transaction.
