HOUSTON — Midway Cos. has opened Domain at CITYCENTRE. The 370-unit multifamily complex offers amenities that include three courtyards, a swimming pool, a fitness center and a clubroom. CITYCENTRE is a mixed-use, $500 million development that covers 1.8 million square feet of retail, restaurants, offices, and residential living in downtown Houston.
ST. PAUL, MINN. — The Amherst H. Wilder Foundation has selected Welsh Construction to complete the $3 million renovation of two affordable apartment buildings located in St. Paul. The first property is American House, a six-story building located in the city’s Lowertown district. Constructed in 1895, it contains 69 one-bedroom units. The second property is Snelling Avenue Apartments, a 76-unit apartment building that was constructed in the 1920s and first used as a hotel. It also contains all one-bedroom units. Renovations will include the remodeling of the buildings’ fixtures and finishes in the interior and exterior of the buildings. Construction will begin this month.
NEW YORK CITY — Construction is complete for the $63.5 million first phase of Nehemiah Spring Creek Homes, located in East New York City. Community Preservation Corp. provided a loan of approximately $30 million and two churches provided a $1.25 million revolving loan. The City of New York also provided $33 million to fund the infrastructure and site preparation. Phase I consisted of 184 affordable housing units that include 69 single-family homes, 29 two-family homes and 19 three-family homes. The 227-acre site is part of Gateway Estates, which will provide 2,219 homes, an expansion of the Gateway Plaza retail center, a public school and four parks upon full build-out. Of the 184 units complete for Nehemiah Spring Creek, 88 homeowners have closed on the purchase of their homes.
MONTCLAIR, N.J. — Construction is nearing completion for a 165-unit residential development adjacent to Bay Street Station in Montclair. Montclair Residences, which was designed by DMR Architects, is a rental residential, transit-oriented development that features open, spacious floor plans and a variety of studio, one-bedroom and two-bedroom apartments. Amenities include a fitness center, an Internet café, a pool, a courtyard, a daycare center and a parking garage for residents. The project, which is being developed by Lincoln Properties, broke ground in 2007 and has remained on-track for completion in 2009.
MISSISSIPPI — Laura Saull-Smith of Love Funding’s Washington, D.C., office has secured five loans totaling $23.51 million for Mississippi nursing homes owned by Briar Hill Management. Saull-Smith arranged $6.85 million for the 88-bed Willow Creek in Byram; $5.26 million for the 60-bed River Place in Amory; $5.1 million for the 60-bed Nichols Center in Madison; $4.63 million for the 60-bed Carrington in Starkville; and $1.92 million for the 60-bed Vineyard Court in Columbus. The HUD loans carry 5.65 percent interest rates and 35-year amortization schedules.
CHICAGO — Construction is complete for The Victory Centre of South Chicago Supportive Living Facility. The $14.5 million project consists of a five-story affordable senior housing building situated at 3251 E. 92nd St. in Chicago. It contains 112 studio units; amenities include a ground-floor lobby and living room; a dining room with a commercial kitchen; a resident activity room and project room that features a group kitchen, a hair salon, a physical therapy room and a media room; a wellness room; a landscaped courtyard; and a rooftop deck. The brownfield redevelopment project is pursuing LEED certification and will be a part of the LEED South Chicago Initiative Neighborhood Development Pilot Program. Sustainable features include energy-efficient insulation and windows, native landscaping, a rain garden, the use of recycled and regional construction materials, and close proximity to mass transit. The building is also equipped for a future solar-thermal system. The project was developed by Pathway Senior Living. The project architect was Harley Ellis Devereaux and the general contactor was Pepper Construction. The second phase of the project, known as Victory Center of South Chicago Senior Apartments, will break ground later this year adjacent to the supportive living facility. The $14 million Phase …
HOUSTON, SAN ANTONIO AND PARIS, TEXAS — National Health Investors, Inc. (NHI) has purchased four skilled nursing facilities for $55.5 million in a sale/leaseback transaction with affiliates of Legend Healthcare. The portfolio consists of 595 beds. Two of the properties are located in Houston, and the other properties are located in San Antonio and Paris. NHI purchased three of the four nursing facilities in June for $39.7 million, and will purchase the final one no later than August for $15.8 million. The four facilities are being leased to Legend for 15 years at an initial lease rate of 10 percent plus annual increases. Legend has the option after 7 years to re-purchase them.
NEW YORK CITY — Dallas/Fort Worth-based Realty Capital Partners recently made a preferred equity investment to help complete construction of 180 East 93rd Street, a luxury residential development consisting of seven full-floor units. The 20,743-square-foot project is located in Manhattan, New York City’s Upper East Side in the Carnegie Hill neighborhood. Greystone Property Development Corp., the developer, anticipates completing construction in approximately one year. Amenities are expected to include a fitness facility, doorman service, a children’s playroom, temperature-controlled wine storage, as well as sustainable building materials. In addition, individual units will feature open-air terraces or balconies, oak wood floors, Viking kitchen appliances, custom cabinetry and nearly 10-foot ceilings.
HUMBLE, TEXAS — Construction is complete for Stoneleigh on Kenswick Apartments, a 318-unit, Class A multifamily community located in Humble. Developed by a joint venture between Passco Companies Development LLC and Seneca Investments, the property is situated on 15 acres at 19800 Kenswick Dr. Amenities include a clubhouse with a media center, a cyber café with wireless Internet access, a resort-style swimming pool, a fitness center, and outdoor picnic and barbecue areas. Stoneleigh at Kenswick also is situated adjacent to a 275-acre nature preserve. The owners plan to stabilize the property over the next year and possibly sell it, depending on market conditions. The grand opening ceremony will be held at the end of the month.
CAMARILLO, CALIF. — Camarillo Mountain View LLC has acquired Mountain View Apartments, a 106-unit multifamily property in Camarillo. Palo Alto, Calif.-based Essex Portfolio Properties sold the community for $14 million. Located just north of the 101 Freeway, the property offers one- and two-bedroom units, a pool, a fitness center, a clubhouse and picnic areas. Dean Zander and Vince Norris of Hendricks & Partners represented the seller in the transaction.
