MANITOWOC, WIS. — Butler, Wis.-based Berghammer Construction Corp. has been selected by Chicago-based Felician Sisters to complete renovations to the 24-acre Felician Village senior living campus located in Manitowoc. Approximately 225,000 square feet of existing structures will be demolished and replaced with 105,000 square feet of new construction, which will include new community-based residential facilities, residential care apartment complexes and long-term care households. The project will be completed in three phases beginning in April, with completion expected in 2010.
Multifamily
MCDONOUGH, GA. — Silver-McCann Apartment Group, a joint venture of Richmond, Va.-based McCann Realty and Washington, D.C.-based Silver Companies, has acquired Carrington Green Apartments, a 264-unit garden-style complex in McDonough, from an affiliate of Atlanta-based Davis Development. The seller was represented by Ron Cameron of Atlanta-based Primary Capital Advisors, and the buyer was represented in-house.
NEW YORK CITY — Wrightwood Capital has provided $15 million in financing for the construction of a 12-story condominium building located at 1055 Park Ave. in Manhattan, New York City. Developed by Davis Development Holdings, the facility will include eight units within more than 16,000 square feet of space. The opportunity was sourced through Sam Spinner and Laurie Shapiro of Meridian Capital.
ROCKLIN, CALIF. — Auburn, Calif.-based SRP Terrace has acquired Granite Creek, an 80-unit apartment community located at 1501 Cobble Creek Circle in Rocklin. Richmond, Calif.-based Granite Creek Apartments Inc. sold the property for $10.25 million. Steven Nelson, Al Inouye and Jackie Van Steyn of Hendricks & Partners’ Sacramento, Calif., office represented the buyer in the transaction.
INDIANAPOLIS — Indianapolis-based Tikijian Associates has brokered the sale of four apartment communities totaling 644 units in two separate transactions. In the first sale, Tikijian, along with CB Richard Ellis, represented an affiliate of Indianapolis-based Barrett & Stokeley in the sale of three apartment communities for more than $24 million. The properties were the 196-unit Muirwood Village located in Zanesville, Ohio; the 136-unit Sheffield at Sylvan located in Circleville, Ohio; and the 112-unit Residence at Newark located in Newark, Ohio. The buyers are affiliates of Pasadena, Calif.-based Evergreen Realty Group. In the second sale, Tikijian represented Zidan Management Group in the sale of Stonegate Apartments, a 200-unit community located in Carmel, Ind. The property was acquired by Barrett & Stokeley, which plans to upgrade the property and combine marketing and operations with an adjacent apartment community that it owns. The sale price was undisclosed.
VINCENNES, IND. — Sperry Van Ness has arranged the sale of St. Clair Place Apartments, a 53-unit student housing community located near Vincennes University at 201 St. Clair Street in Vincennes. The property features five buildings, comprising 47 two-bedroom units and six five-bedroom units with monthly rents ranging from $750 to $1,875. Randall Forster of the Evansville, Ind., office of Sperry Van Ness represented the seller, Evansville-based St. Clair Place LLC. The property was acquired by New York City-based Titan for an undisclosed price.
SAN ANTONIO — Hendricks & Partners has finalized the sale of Spice Creek Apartments, a 192-unit property located at 8802 Cinnamon Creek Dr. in San Antonio. Golden Valley, Minn.-based MHC Spice Creek Partners LP sold the apartment complex to Mascoutah, Ill.-based Chadric Spice Creek LLC. The sale price was undisclosed. Mike Miller of Hendricks & Partners’ San Antonio office and Chip Nash of the company’s Houston office represented the seller in the transaction.
PLEASANTON, CALIF. — Continuing Life Communities LLC is planning to develop Stoneridge Creek, a continuing care retirement community for residents aged 62 and older. Located on a 46-acre campus in Pleasanton, the gated community will feature two- and three-bedroom single-story villas and one-, two- and three-bedroom apartment units offering fully-equipped kitchens, attached garages and state-of-the-art appliances. The new community will also offer multiple restaurants, a library, billiards and card rooms, a computer lab, a business center, 24-hour security services, indoor/outdoor maintenance of residences, regular linen, maid and cleaning services, scheduled transportation to shopping, local medical offices and places of worship, a 24-hour emergency response system, utilities, a spa, a fitness center, an indoor and an outdoor pool, a sauna and a Jacuzzi.
RICHMOND, VA. — Sam Berns of NorthMarq Capital’s Upstate New York office has secured $8.3 million in financing on behalf of a borrower through its correspondent relationship with AmeriSphere Multifamily for Chamberlayne Garden Apartments, a 216-unit complex in Richmond. The loan is structured as an 80 percent loan-to-loan value for first mortgage financing based on a 10-year term and one year of interest, followed by a 30-year amortization schedule.
NEW YORK CITY — The Moinian Group is currently redeveloping 95 Wall St. in Downtown Manhattan, New York City, into a 507-unit luxury rental property. Dwell will feature studios and loft studios, as well as one- and two-bedroom residences. Amenities at the first Yoo Starck designed rental property will include onsite parking, complimentary breakfast and an indoor/outdoor lounge. Occupancy is slated for spring 2008.