ORLANDO, FLA. —St. Petersburg, Fla.-based Bessolo Design Group has begun designing a renovation to the seven-story Baldwin Park Retirement Center that will create 120 studio and one-bedroom units. The expansion includes 6,000 square feet of staff support areas, a new elevator system and 18 Alzheimer units. A 30,000-square-foot office is also included in the design.
DOWNERS GROVE, ILL. — Chicago-based RMK Management Corp. has opened the Residences at the Grove, a 294-unit multifamily community located at 2845 Easton St. in Downers Grove. The property includes three midrise buildings, which feature studio, one- and two-bedroom units, as well as 24 rowhome floor plans featuring two bedrooms. While studios measure 507 square feet in size, one-bedroom units range from 772 square feet to 820 square feet, and two-bedroom units range in size from 1,101 square feet to 1,206 square feet. Amenities at the property include a 4,092-square-foot clubhouse with a business center, a cyber-café and a fitness center.
NEW YORK CITY — Construction has been completed for Sister Thomas Apartments, a seven-story affordable housing property located at 870 Southern Blvd. in the Hunts Point neighborhood of the South Bronx, New York City. The 114,000-square-foot building, which was designed by New York City-based Meltzer/Mandl Architects, features 105 two-bedroom units with hardwood floors. Rents range from $739 to $899 per month, depending on household income. Building amenities include a first-floor laundry facility, community rooms, outdoor space and gated parking for 24 vehicles. Galaxy Contracting served as general contractor for the project.
MCKINNEY, TEXAS — Dallas-based Henry S. Miller Commercial (HSMC) has arranged the purchase of a 12-acre development parcel located at the corner of Community Avenue and White Street in McKinney. It was acquired by Dallas-based King Private Equity Fund, which plans to partner with another company to develop a multifamily project on the property, or sell the parcel. The site is surrounded by retail, single-family homes and a Raytheon campus. Tom Grunnah and Anderson Ngo of HSMC represented the buyer. The seller was Sherman, Texas-based Ruby Boom Ltd. the purchase price was not disclosed.
SAN JOSE, CALIF. — San Mateo, Calif.-based The Castle Group, dba Morrison Park Apartments LLC, recently acquired a $19.7 million, 4.4-acre site at 381 Stockton Ave. in San Jose for the development of Morrison Park Apartments. The four-story, 250-unit apartment complex was originally designed as a for-sale condominium property, but due to the economy the project has been converted to a rental housing property. Completion is slated for late 2010. Keith Claxton of NAI BT Commercial San Jose, along with Borelli Investments, represented the undisclosed seller in the land transaction.
VAIL, COLO. — JMJ Development, a division of Dallas-based JMJ Holdings, has completed the development of The Gates Residences, an upscale condominium property located at the entry to Beaver Creek Resort in Vail Valley. The property features 49 luxury two-, three- or four-bedroom condominiums offering residents numerous amenities, including a private driver, an on-site concierge, a ski valet, an indoor heated pool, an outdoor therapy pool, steam rooms, daily continental breakfast, a private lounge with fully equipped bar, a library, a meeting room, a state-of-the-art workout facility, underground parking and an outdoor deck overlooking Beaver Creek. CFC Construction served as general contractor for the project. Western Seasons Management Company is providing on-site management for the property.
NORCROSS, GA. — Scott Kavel of Grandbridge Real Estate Capital’s Norcross office has helped an undisclosed real estate investment trust secure $318.5 million to fund a seniors housing credit facility. The 16-loan facility, which includes six properties in Florida and one property in Tennessee, can be expanded to $350 million. Kavel broke the loan into two lease pools and sold it to Fannie Mae. Lease Pool One carries an 8-year term with a mid-6 percent interest rate, and the second lease pool has a 5-year term and a low-6 percent interest rate. Both lease pools carry 30-year amortizations.
JACKSON, MISS. — Grandbridge Real Estate Capital has secured a $4.25 million first mortgage for the 120-unit Forest Ridge Apartments in Jackson. The 10-year loan, which was funded by Grandbridge and sold to Fannie Mae, comes with a low-6 percent interest rate and a 30-year amortization. For the first 5 years of the loan, payments are interest only. Forest Ridge was built in 1973 and is managed by Jackson-based Heritage Properties. Grandbridge’s Paul Harbor originated the loan.
SANTA ROSA, CALIF. — Jamie Clifford and David Silver of Arroyo & Coates represented the undisclosed seller in the disposition of Vineyard Gardens Apartments in Santa Rosa. Constructed in 1988, the 180-unit multifamily property features one- and two-bedroom townhomes ranging in size from 559 to 926 square feet. The acquisition price was not disclosed. Tim Scherer, also of Arroyo & Coates, represented the buyer, a Marin County, Calif.-based private investor, in the transaction.
NEW YORK CITY — Residences are ready for occupancy at Twenty9th Park Madison, a 34-story residential condo building located at 39 E. 29th St. in the Park Avenue South neighborhood of Manhattan, New York City. The building contains 142 residences in a mix of studio, one-bedroom, two-bedroom and two-bedroom penthouse units. Residences range in size from 536 to 2,070 square feet and are priced from $635,000 to $4.4 million. Penthouse units are located on the top four floors of the building. Amenities at Twenty9th Park Madison include a rooftop deck with outdoor barbecue grills and a sunbathing deck; a fitness center with a yoga room; refrigerated storage; on-site parking; optional tenant storage units; and concierge service. The project is being developed by Barcelona, Spain-based Espais Promocions Immobiliàries. H. Thomas O’Hara Architects served as project architect, with Gustavo Martinez serving as interior designer and M. Paul Friedberg & Partners serving as landscape architect for the rooftop deck. Coldwell Banker Hunt Kennedy’s New Development Division is serving as exclusive marketing and sales agent, and is also providing residents with its own signature concierge service. The project is presently 70 percent sold.