DELRAY BEACH, FLA. — Behringer Harvard has broken ground on the 180-unit The Franklin Delray, a luxury multifamily community located at 1206 S. Federal Highway in Delray Beach. LandSouth Construction is the general contractor for the project and the architects are STB Architects & Planners and Richard Jones Architecture. Amenities will include a rotunda community room, cyber cafe, business center and library, children's activity zone, fitness center and resort-style pool with cabanas.
EVANSTON, ILL. — M&R Development and RMK Managment Corp. plan to break ground on Central Station, a four-story apartment development in Evanston, on Wednesday. The project will include 80 apartment homes, 56 parking spaces and 10,650 square feet of street-level retail. The first occupancies are expected next July. Amenities will include a fitness center, cyber lounge and a common outdoor terrace. Apartment homes will measure between 592 and 1,488 square feet. The property is located one mile from Lake Michigan and one block from a Metra stop.
NEW YORK CITY — SL Green Realty Corp. has formed a joint venture with Stonehenge Partners to redevelop a property at 1080 Amsterdam Ave. in New York City into a 96-unit apartment building. The two firms will enter a 99-year ground lease for the property, located just south of Columbia University's main campus, and will invest $13 million in a renovation. The 82,250-square-foot building was previously used to house hospital staff of St. Luke's Hospital Center. The project will include upgrades to the common corridor, window improvements and changes to the electrical, heating and elevator systems. The work is expected to be completed within two years of its start time.
PATERSON, N.J. — Grandbridge Real Estate Capital has arranged a $4.8 million first mortgage loan for Congdon Mill Apartments, a 67-unit affordable housing property in Paterson. Paul Aanonsen and Jack Bauer of Grandbridge negotiated the 15-year loan through Freddie Mac. The property, originally constructed as a manufacturing mill in 1907, is located on the Passaic River. The loan contains a 35-year amortization schedule.
DALLAS — Marcus & Millichap has arranged the sales of The Colorado Apartments and Riverfall Square in Dallas. The 59-unit Colorado property is located at 2610 W. Colorado Blvd., and the 144-unit Riverfall Square is located at 7879 Riverfall Drive. John Barker of Marcus & Millichap's Dallas office represented seller, a limited liability company, and the buyer, an individual trust, in the Colorado Apartments transaction. Will Jarnagin and Michael Ware of Marcus & Millichap's Dallas office represented the seller, a New York-based private investment group, and procured the buyer, a local investor, in the Riverfall Square transaction.
AUSTIN — HFF has arranged $7.4 million in financing for the 166-unit Keystone Apartments, located at 5230 Thunder Creek Road in Austin. The property is currently 95 percent occupied. John Brownlee of HFF arranged the seven-year loan through Freddie Mac's CME Program on behalf of the borrower, Price Realty Corp.
HOUSTON — LMI Capital has arranged $7.2 million in acquisition financing for the 436-unit Crescent Park Apartments, located in west Houston. Brandon Brown of LMI Capital arranged the three-year loan through a bridge lender. LMI Capital has also recently arranged loans for Windfern Pointe Apartments in northwest Houston, Ashford Park Apartments in west Houston and Bay House Apartments in the Clear Lake area.
ATLANTA — Atlanta-based The RADCO Companies has acquired a three-property, 402-unit multifamily portfolio, located in Georgia, for $13.7 million. The sale included the 112-unit Ashford Place Apartments in Griffin, the 160-unit Briar Creek Apartments in Conyers and the 130-unit Sierra Place Apartments in Atlanta. RADCO had been the asset manager for the portfolio on behalf of an equity fund for five years. The company plans to invest nearly $1 million in capital improvements during the next six to 12 months. The transaction also included the acquisition of the equity and a restructure of the existing debt on the property.
CHICAGO — Weis Builders, The Davis Group and VOA Associates have teamed to begin work on the second phase of Lake Park Crescent in Chicago. The multi-phase redevelopment will replace the 1960s-era public housing and provide mixed-income housing within both low and midrise buildings. The Davis Group has contracted Weis Builders to add a total of 132 units to the community, which is situated along Lake Michigan. The second phase will include the construction of a midrise building, three-story parking ramp, several low-rise buildings and the completion of sitework for these, and future buildings.
NEW YORK CITY — Aimco has acquired The Milan, a 92-unit apartment building at 118-122 West 23rd St. in Chelsea for $39 million, or $750 per square foot. The 15-story building contains ground-floor retail and a mix of one-, two- and three-bedroom units. Each unit features an outdoor terrace and floor-to-ceiling windows. Capital One Bank occupies approximately 10,000 square feet of retail space on the ground floor and basement. Paul Smadbeck, Brock Emmetsberger and James Nelson of Massey Knakal represented both parties in the transaction.