CHULA VISTA, CALIF. — Wells Fargo & Co. has provided an $8 million loan to Wakeland Housing & Development Corp. for the construction of Los Vecinos Apartments in Chula Vista. The 42-unit affordable housing project is expected to receive LEED Platinum certification. Rodriguez and Associates designed the project, which was constructed by Wermers Construction. Sally Lang of Wells Fargo’s community lending and investment group secured the transaction.
PLAINFIELD, N.J. — The dedication ceremony has been held for the new Plainfield Senior Citizen’s Center and Veterans Meeting Hall. The 15,526-square-foot facility, which contains separate areas for the senior center and the veterans hall, is situated on the ground floor of The Monarch, a newly constructed condominium community located at 400 E. Front St. in Plainfield. The condo building contains 63 units and is slated for summer occupancy. The building is being developed by Hillside, N.J.-based P&F Management Co.
NEW YORK CITY — New York City-based Massey Knakal Realty Services has brokered the sale of an industrial property located at 211-217 Cook St. in the East Williamsburg neighborhood of Brooklyn. The sites totals 10,000 square feet and contains three steel and frame industrial buildings. The property is zoned for up to 20,000 square feet of manufacturing space. Massey Knakal’s Mark Lively and Tom Donovan negotiated the transaction between both undisclosed parties. The property traded for $1.15 million.
SOUTHLAKE, TEXAS — Completion is nearing for the next phase of Watermere at Southlake, a 67-acre, master-planned retirement community located in Southlake. Projects currently under construction include a portion of the community’s 235 independent-living residential villas and condominiums as well as a 35,000-square-foot clubhouse. Amenities at the clubhouse include a business library, a beauty salon, a fitness center, dining venues, a card room, meeting rooms and an indoor swimming pool. Delivery of the clubhouse and the units is scheduled for August. Some parts of Watermere at Southlake are already open, including Isle at Watermere, the community’s assisted living component. The rental apartment building, which opened last year, consists of 66 assisted living units, 25 memory care units and a 24-hour nursing staff. Occupancy is currently at 75 percent. Watermere at Southlake is owned by Southlake Watermark Holdings LP and is located at 302 Watermere Dr. Isle at Watermere is owned by Southlake Care Group LP.
KISSIMMEE, FLA. — Village at Secret Lake LP has borrowed $47.21 million for the planned 432-unit Village at Secret Lake apartment complex in Kissimmee. The property will be comprised of 12 four-story buildings and features a resort-style pool. The 40-year loan comes with a 6.25 percent interest rate and a 40-year amortization. Carolyn Whatley of Love Funding’s Palm Beach, Fla., office secured the HUD loan.
NEW YORK CITY — Construction is complete on 1926 Crotona Parkway, an affordable senior housing community located in the East Tremont section of the Bronx in New York City. The 96-unit rental development offers a range of unit sizes and common area features that include a community room/lounge and landscaped backyard space. The project was developed through a partnership between Atlantic Development Group and Highbridge Community Development Corp., non-profit housing development and management corporation. Highbridge will manage the property going forward. Applicants for the studio, one- and two-bedroom units, must include one household member who is 62 years of age or older at the time of application. Applicants also must meet certain household income requirements. Studios in the building can be rented for $638 per month. One-bedroom units will lease for $683 and the two-bedroom units will lease for $823 per month.
NEW YORK CITY — GFI Realty Services has arranged the sale of a five-story, walk-up apartment building, located at 462 137th St. in the Bronx, New York City, for $1.22 million. The building contains 20 units in a mix of three and four bedrooms. Three of the units are rent controlled and the remaining units are rent stabilized. Shlomo Antebi and Matthew Sparks of GFI represented both local parties in the transaction.
SAN DIEGO — Wakeland Housing and Development Corp. has acquired Village Green Apartments, a 94-unit multifamily community located at 4140-4150 Bonillo Dr. in San Diego. Odom Family LP sold the property for $11.5 million. The property features 56 two-bedroom/two-bath units, 24 two-bedroom/one-and-a-half bath units and 15 three-bedroom/two-bath units. Additionally, the community features a swimming pool, a spa, a playground and laundry facilities. Tim Kerrigan, Eric Comer, Jim Neil and Merrick Matricardi of CB Richard Ellis represented both parties in the transaction.
SARASOTA, FLA. — CORE Construction Florida has broken ground on the 84-unit DeSoto Palms senior housing complex. The property is located on DeSoto Road in Sarasota. An investment group headed by Intracoastal Medical Group doctors is funding the $13 million project. Delivery is expected in February 2010.
NEW BRUNSWICK, N.J. — Marcus & Millichap has brokered the $1.5 million sale of a 20-unit apartment property located in New Brunswick. Located on Quentin Avenue, the facility features 14,000 rentable square feet with 13 one-bedroom apartments and seven studio apartments. The property also offers onsite parking. Maz Radwan of Marcus & Millichap’s New Jersey office, marketed the exclusive listing on behalf of the seller, a local investor, and he procured the buyer, also a local investor.