BULLHEAD CITY, ARIZ. — Joshua Springs, a 95,300-square-foot assisted-living facility, has broken ground in Bullhead City. The $18-million project will be located at 2995 Desert Sky Blvd. within the Fox Creek master-planned development. Bullhead City is just north of Lake Havasu. The facility will include 74 assisted-living apartments and 30 apartments for memory care residents. It will also feature a bistro, hair salon/barber shop, theatre, spa and exercise room, billiards room, card and game rooms and a library. Construction should be complete next summer. Joshua Springs will sit adjacent to a five-acre medical office complex development. The planned project will be anchored by five 7,500-square-foot medical office buildings targeting medical/physician practices and health-related service providers. The developer, Brookfield Communities, sold the land for Joshua Springs in 2012 to Link Development, a developer that specializes in assisted-living facilities. The new project will be managed and operated by Milestone Retirement Communities.
Multifamily
MONROE TOWNSHIP, N.J. — Walker & Dunlop has provided $14.5 million in bridge financing through the company’s interim loan program to AFC Forsgate Owner LLC. The borrower, which is a joint venture between Artemis Real Estate Partners, Focus Healthcare Partners and Chelsea Senior Living, plans use the loan to refinance Chelsea at Forsgate. Located in Monroe Township, the 120-unit assisted living facility was originally constructed in 1996 and purchased by the borrower in February 2013. Since acquisition, the borrower has made capital improvements to the property and plans additional improvements. John Pantone and Jim Cope led the Walker & Dunlop team that structured the three-year, interest-only, cash-out transaction.
COCKEYSVILLE, MD. — Developer Greenberg Gibbons has contracted with AvalonBay Communities Inc. to develop Avalon at Hunt Valley Towne Centre, a five-story, 332-unit multifamily property. The community will be located in Hunt Valley Towne Centre, a mixed-use development in Cockeysville, about 17 miles north of Baltimore. The property will be situated adjacent to a Pier 1 Imports store. Greenberg Gibbons will develop the property’s 30,000-square-foot retail component. AvalonBay and Greenberg Gibbons plan to break ground this fall and wrap up construction as early as spring 2016.
ST. PAUL, MINN. — The Opus Group will complete a 41,500-square-foot expansion and renovation project for St. Catherine University in St. Paul. Opus will expand the university’s existing 59,000-square-foot Butler Center, which houses student wellness and athletic facilities. The addition will feature separate varsity locker rooms and lounge space for athletic teams at the school, a cardio room with fitness equipment, a dance studio, as well as a one-story, multi-purpose training center. Opus will also redesign the front entry to include a controlled access point for added security and access to events in the arena. In addition, 10,000 square feet of previous gymnasium space in the neighboring Fontbonne Hall will be renovated to include university classroom space, which will connect to the Butler Center. Opus will also install a new elevator to improve the building’s accessibility. Construction is scheduled to begin this month. Renovation of Fontbonne Hall is slated for completion before the fall semester. The full project is set for completion in February 2015. Opus Design Build LLC will serve as the design-builder and Opus AE Group LLC will serve as the design-architect.
TUCKAHOE, N.Y. — Roseland, a subsidiary of Mack-Cali Realty Corp., Glenco Group and Mirado Properties have broken ground on 150 Main Street, a multifamily development in Tuckahoe. Designed by Minno & Wasko Architects and Planners, the four-story building will offer 61 one-bedroom and 47 two-bedroom units, as well as 3,500 square feet of ground-level retail space. The apartments will feature hardwood flooring, stainless steel appliances, marble countertops and in-unit washer/dryers. Community amenities include a fitness center, yoga studio, clubroom, and an outdoor terrace with gardens, a water sculpture, stone fireplace pit with seating area and an outdoor kitchen. Additionally, the community will feature a 169-space underground parking garage and 19 surface parking spots. The project is slated for completion in fourth quarter 2015, with units available for occupancy in early 2016.
NEW YORK CITY — TerraCRG has brokered the sale of four multifamily properties in Park Slope and Carroll Gardens for a total of $12.5 million. New York-based Slate Property Group purchased 310 12th Street, a four-story, 20-unit apartment building in Park Slope, for $6 million or $410 per square foot. Also in Park Slope, an Israel-based investor acquired 14 Lincoln Place, a four-story, eight-unit building, for $3.5 million, which equates to $391 per square foot and a 3.53 percent cap rate. Additionally, a local investor purchased 96-98 Baltic Street, two four-story, eight-unit buildings in Brooklyn’s Columbia Waterfront district, for $3.1 million or $254 per square foot. Adam Hess, Sam Shalumov and Chris Pechlivanides of TerraCRG handled the transactions.
McALLEN, TEXAS — Marcus & Millichap has brokered the sale of Paradise Village, an 82-unit multifamily property in the south Texas city of McAllen. Located at 4210 N. Main St., the community offers 30 one-bedroom and 52 two-bedroom apartments, as well as a swimming pool. Zar Haro and Mike Moffitt of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Haro and Moffitt also secured the buyer, another limited liability company.
SAN DIEGO – Silver Oak Apartments Venture LLC has acquired the 133-unit Silver Oaks apartment complex in the San Diego submarket of La Mesa for $20 million. The community is located at 7400 Parkway Drive, near Interstate 8. Employers in the area include Sharp Grossmont Hospital, Grossmont-Cuyamaca Community College, San Diego State University and Aztec Shops. The buyer is an affiliate of Pacific Urban Residential. The transaction was executed by Steve Huffman and Shane Shafer of Hendricks-Berkadia.
ATLANTA — Inland American Communities Group Inc. has broken ground on University House Midtown, a student housing project located adjacent to the Georgia Institute of Technology (Georgia Tech) in Atlanta. The 20-story, 268-unit project will be located at 930 Spring St. at the corner of Spring and 8th streets. The property will feature more than 10,000 square feet of retail space. Pre-leasing will begin in the summer with opening scheduled for August 2015. The 700-bed property will feature a resort-style pool on an elevated terrace, parking garage, business center, study rooms and fitness centers and a lounge on the top floor, which offers views of Midtown, downtown Atlanta and the Georgia Tech campus. The project team includes architect Niles Bolton Associates, civil engineer Eberly & Associates and general contractor DPR Hardin.
LAKEVILLE, MINN. — Dougherty Mortgage has arranged a $21.6 million loan for the refinancing of Southfork Village Townhomes. The 272-unit market rate townhome property is located in Lakeville approximately 26 miles south of Minneapolis. Dougherty arranged the 35-year term HUD loan for Southfork Apartments LLC with a 35-year amortization schedule. The property features one-, two- and three-bedroom units with fully equipped kitchens, walk-in closets and carpeting. The community also features a clubhouse, picnic grilling areas and a pool. The townhomes were built in two phases in 1988 and 1990.