CHICAGO — U.S. Bank has provided a $73.5 million construction loan to the Onni Group, a Canadian-based firm that is developing The Hudson, a 25-story, 240-unit luxury apartment project located at 750 N. Hudson St. in downtown Chicago’s River North district. U.S. Bank served as lead left and administrative agent for the loan, with PNC Bank, N.A. as a participant. The Hudson will feature a mix of one-, two- and three-bedroom units, each of which will include a balcony or terrace, granite countertops, designer cabinets, a washer/dryer and more. Common amenities include a pool and hot tub, fitness business centers, resident lounges, an outdoor terrace and more. The Hudson will also include ground-floor retail space. Onni broke ground on the project this summer. The target date for completion is mid-2017.
COLLEGE STATION, TEXAS — The Weitz Co. has been selected as the design-builder for a new student housing project at Texas A&M University in College Station. The project, known as the Park West, will accommodate 3,402 students in more than 1,300 units ranging from studios to four-bedroom units. The nearly 1.8 million square feet of building space will include amenities such as swimming pools, hot tubs, fire pits, grills, fitness centers, study and gathering spaces, and game rooms. The complex will also include retail and office space, as well as an eight-story parking garage. The development will be built on 48 acres of pasture located near the south side of campus off of George Bush Parkway. The apartments are expected to open before the 2017-18 school year. The project owner is nonprofit NCCD-College Station. Irving, Texas-based Servitas LLC is the developer and manager for Park West, and PGAL of Boca Raton, Fla., is Weitz’ design partner.
HOUSTON — Ziegler, a specialty investment bank, has arranged $109.4 million in fixed-rate bonds for The Buckingham, a 323-unit seniors housing complex. Nonprofit operator Senior Quality Lifestyles Corp. (SQLC) manages The Buckingham, which is located on a 23-acre plot in the Memorial/Tanglewood neighborhoods of Houston. The community includes 204 independent living apartments, 43 assisted living units, 16 memory support units and a health center with 60 nursing beds. The bonds will be used to expand The Buckingham to include a new tower featuring 106 additional independent living units, 27 additional assisted living units, 18 additional memory care units, 32 additional skilled nursing beds, an underground parking garage with 111 total spaces and an additional 292 surface level spaces. SQLC operates five communities in Texas totaling 1,586 units.
PROVIDENCE, R.I. — Colliers International has arranged $6.3 million in refinancing for Pearl Street Lofts and Pearl Street Commons, a mixed-use complex located within Westminster Crossing in Providence. Colliers secured the five-year, fixed-rate loan through Boston Private for the borrower, Providence-based The Armory Revival Company. Loan proceeds will be used to refinance the existing debt on the properties, allowing once separate assets to be merged into a single economic unit. Pearl Street Lofts consists of 38 loft-style apartments totaling 44,241 square feet of residential space and 43,179 square feet of commercial/warehouse space. The 8,663-square-foot Pearl Street Commons consists of four commercial condominiums configured into five office suites. Jeffrey Black of Colliers represented the borrower in the financing.
IRVINGTON, N.J. — FM Capital has acquired a non-performing loan with a current unpaid principal balance of $1 million. The loan is secured by Irvington Apartments, a multifamily property in Irvington. Built in 1965, the 18-unit apartment building includes one parking space per unit and is located seven miles from Newark International Airport. FM Capital is actively pursuing both defaulted and performing debt on commercial real estate nationwide.
RICHMOND, VA. — NorthMarq Capital has arranged a $10 million refinancing for Old Bridge Apartments, a 222-unit multifamily property located at 2835 Hilliard Road in Richmond. Robert Bhat of NorthMarq’s Miami office arranged the fully amortizing, 20-year loan through an unnamed life insurance company. The loan was structured with a fixed interest rate in the high 3 percent range, according to Bhat.
SEATTLE — Zenith Capital and Village Concepts have announced joint plans for The Linden Village Assisted Living Community, a new 100-unit assisted living and memory care community in North Seattle. Linden Village will offer 79 units of assisted living housing in studio, one- and two-bedroom configurations. There will also be 21 units available in the memory care wing. Development cost was not disclosed. Seattle-based Zenith Capital is overseeing development and financing for Linden Village. Village Concepts, a seniors housing developer and operator based in nearby Federal Way, Wash., will operate the community.
DENVER — MorningStar Senior Living plans to open four new senior communities throughout the Southwest before the end of 2015. MorningStar Assisted Living & Memory Care of Boulder will open Sept. 11 in Boulder, Colo. The $25 million community will offer 94 suites (48 for assisted living; 46 for memory care). MorningStar Assisted Living & Memory Care at Arrowhead will open Sept. 25 in Glendale, Ariz. The $18 million community will offer 85 suites (60 for assisted living; 25 for memory care). MorningStar Assisted Living & Memory Care of Fort Collins will open in early December in Fort Collins, Colo. The $18 million community will offer 79 suites (55 for assisted living; 24 for memory care). MorningStar Assisted Living & Memory Care of Albuquerque will open in December in Albuquerque, N.M. The $17 million community will offer 69 suites (48 for assisted living; 21 for memory care). Based in Denver, MorningStar Senior Living is an operator, owner and developer of senior living communities. The company has over 2,600 units currently under management or in development across 23 communities in seven states.
WEST COVINA, CALIF. — Waterton Associates has acquired the 183-unit Sunset Plaza apartment complex in West Covina for an undisclosed sum. The community is located at 1234 W. Cameron Ave. Sunset Plaza amenities include two outdoor pools, a fitness center, resident clubhouse with business center and a children’s playroom. Waterton plans to implement a value-add renovation program that will update individual units and amenity spaces, as well as refresh the community’s exterior. This is Waterton’s fifth acquisition so far in 2015. The firm’s Southern California portfolio now contains six communities with nearly 1,400 units.
NEW YORK CITY — TerraCRG has brokered the sale of an approximately 12,941-square-foot multifamily property located at 93-97 Waverly Place in Brooklyn’s Clinton Hill neighborhood. AC Waverly LLC sold the property to 93-97 Waverly Ventures LLC for $8.8 million, or $680 per net residential square foot. Built in 2008, the property consists of two four-story buildings featuring a total of 17 loft-style apartments, ranging from studio to two-bedroom units. At the time of sale, the property was fully occupied. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos, Michael Hernandez and David Algarin of TerraCRG were the sole brokers in the transaction.