STAMFORD, CONN. — Axiom Capital has arranged a $69 million construction loan for a 314,518-square-foot apartment complex in Stamford. The Class A building will include 344 apartments, 17,489 square feet of retail and clubhouse space and a two-story parking garage. The building is located within blocks of the North American headquarters of UBS and the Royal Bank of Scotland. Other major employers in the area include GE, Xerox and Reuters.
BURNSVILLE, MINN. — Ebenezer Management Services will breark ground on a $12 million addition to Arbors at Ridges, an assisted living community in Burnsville, later this month. The community currently offers 44 senior apartments. Kraus-Anderson Construction will construct a three-story building that will house 63 assisted living units. The new campus will also feature gardens, walking paths, a movie theater, library, barber shop, clubroom, chapel and coffee shop. The addition is slated for completion in the spring of 2013. Sperides Reiners Architects is designing the project.
OXFORD, MISS. — Carter and Chance Partners plan to build the $39 million, 750-bed The Highlands, a student housing community located at the University of Mississippi in Oxford. The development will include a town square with roughly 15,000 square feet of retail and amenity space and a large clubhouse. Amenities will include a coffee shop, three swimming pools, fitness center with tanning facilities, a basketball court, car wash and dog wash station, a dog park, sand volleyball and other outdoor activities such as bocce ball and horseshoes. Regions Bank is providing construction financing for the project, Reese Vanderbilt is the architect and Apex Cos. is the contractor. Completion is slated for July 2013.
COCONUT GROVE, FLA. — Terra Group plans to develop the 96-unit Grove at Grand Bay, a condominium property located on South Bayshore Drive in Coconut Grove. Amenities will include private butlers, private elevators, rooftop swimming pools, wellness spa, fitness center, club room and pet spa. BIG Architects designed the project, which is being constructed to LEED Silver standards. Construction is slated to begin in the fourth quarter of 2012 with completion scheduled for the third quarter of 2014.
ASTORIA, N.Y. — Marcus & Millichap has arranged the $1.3 million sale of a seven-unit apartment building, located at 2311 Broadway in Astoria. Matthew Fotis and Lazarus Apostolidis of Marcus & Millichap represented the buyer and seller, both private investors, in the transaction.
GLASSBORO, N.J. — Community Investment Strategies (CIS) has completed work on Whitney Crescent, an 80-unit affordable housing apartment community on Higgins Avenue in Glassboro. CIS purchased the distressed property in 2010. CIS demolished nine buildings in phases and relocated tenants before rebuilding the community. The new energy-efficient apartments include hardwood floors, a washer and dryer in each unit, plus a dishwasher. Funding sources for the project included the New Jersey Housing and Mortgage Finance Agency's Special Needs Trust, Federal Tax Credit Assistance Program and JP Morgan Chase.
HALTOM CITY — Hayman Woods LLC has acquired the 398-unit Bellagio at Beach Street, a multifamily community located at 4200 Northern Cross Blvd. in Haltom City. Haymoon Woods used $20.5 million in Fannie Mae financing to complete the acquisition. The amenities include two resort-style swimming pools, poolside fireplace and barbecue areas, a fitness center, business center, car wash and a 24-hour laundry facility.
SANTA MONICA, CALIF. – An eight-unit apartment complex in Santa Monica has sold to San Vicente, LLC for $4 million. The community is located at 522 San Vicente Blvd. The buyer was represented by John Taksa from RE/MAX. The seller, The Francis Claire Drooz Family Trust, was represented by Kimberly Roberts Stepp of Charles Dunn Company in this all-cash transaction.
PORTLAND, ORE. — A123-unitapartment complex located at 2121 Belmontin Portland has received $2 million. The 43-month,interest-onlyloan was provided by Gardiner Champlin, Marty Meagher and Erick Flycktof NorthMarq’s San Diego regional office through the firm’srelationship with a life insurance company.
CHARLESTON, S.C. — USBank has sold 36 unoccupied condominiums in The Arboretum, located at 2244 Ashley Crossing Drive in Charleston, to a New York investment firm for $2.9 million. Scott Rogers of Colliers International represented the seller in the transaction.