FREDERICKSBURG, VA. — JLL Capital Markets has arranged joint venture equity for the development of a seniors housing community in Fredericksburg, approximately midway between Richmond and Washington, D.C. Centric Development LLC is developing the property, which will feature 106 assisted living and 36 memory care units. The three-story, 153,000-square-foot property will be situated on a 16.2-acre parcel within an established, regional medical hub. Joel Mendes, Anthony T. Fertitta Jr. and Billy Lichtenstein led the JLL Capital Markets Advisory team. Completion is scheduled for 2025.
BRIDGEVILLE, DEL. — New York City-based Dwight Capital has provided a $38.3 million HUD-insured construction loan for Villas at Bridgeville, a 152-unit multifamily project in Delaware. The project will consist of 34 townhome and duplex buildings and one amenity building on a 23-acre site. Units will have private patios/balconies and two-car garages, and amenities will include a pool, fitness center, playground and walking trails. Daniel Malka and Jacob Gauptman of Dwight Capital originated the financing on behalf of the borrower, Allen & Rocks Inc. A construction timeline was not disclosed.
IRVINGTON, N.J. — The NRP Group, a Cleveland-based multifamily developer, has completed 722 Chancellor, a 56-unit affordable housing project in the Northern New Jersey community of Irvington. The five-story building houses a mix of one-, two- and three-bedroom units that are reserved for renters earning 60 percent or less of the area median income. Amenities include a fitness center, computer room, children’s playroom and onsite laundry facilities.
ONTARIO, CALIF. — The Mogharebi Group has arranged the $50.5 million sale of The Landing Apartments, a 156-unit community in Ontario, 37 miles east of Los Angeles. Alex Mogharebi, Otto Ozen, and Bryan LaBar represented the seller, an Orange County-based family. A Los Angeles-based investor acquired the asset at less than a 4.5 percent cap rate. The Landing Apartments offers one- and two-bedroom floor plans, as well as amenities such as in-unit washers and dryers, a pool with a spa, a tennis court, carport parking and a community lake.
RENO, NEV. — Berkadia brokered the sale of and secured financing for Westlook Resort Living, a 192-unit, garden-style property in Reno. Jared Glover of Berkadia Las Vegas completed the sale on behalf of the seller. Clay Akiwenzie of Berkadia Incline Village secured the financing for the buyer. Westlook Resort Living offers one-, two- and three-bedroom floorplans. Community amenities include a clubhouse, fitness center, bocce and cornhole courts, pool and dog park.
DENVER — Project partners Confluent Senior Living and MorningStar Senior Living have completed construction of MorningStar at Observatory Park. Located in Denver’s historic Observatory Park neighborhood, the 89,900-square-foot senior living community represents the partners’ 13th joint venture across five states. The five-story, urban infill community offers 58 assisted living and 23 memory care suites as well as 47 underground parking spaces. Firms involved in the project included Hord Coplan Macht as the architect, Shaw Construction as the general contractor and Thoma-Holec Design as the interior designer.
DENVER — NorthPeak Commercial Advisors has brokered the sale of two apartment buildings at 1410 N. Marion St. and 1321 E. 14th Ave. in Denver. An undisclosed investment group bought the properties for $10 million. According to Apartments.com, the buildings were built in 1896 and rise three stories. The buyer is planning to renovate all 40 units. Greg Johnson and Conner Piretti represented the buyer and seller in this transaction. The seller, which owned the property for 40 years prior to the sale, was not disclosed.
NEW YORK CITY — Locally based brokerage firm GFI Realty Services has arranged the $5.1 million sale of a 36-unit multifamily property located at 86-21 112th St. in the Richmond Hill area of Queens. The property was built in 1952 and comprises 18 one-bedroom units and 18 two-bedroom units. Ohad Babo and Yosef Magarefteh of GFI Realty represented the seller and procured the buyer, both of which were private investors, in the deal.
DECATUR, GA. — Edens plans to transform North DeKalb Mall, an enclosed regional shopping mall in the Atlanta suburb of Decatur, into a 2.5 million-square-foot mixed-use development called Lulah Hills. Edens acquired the 622,297-square-foot mall in 2021 and rezoned the 73-acre site in 2022 to allow for mixed-use development. At its full build-out, Lulah Hills will feature 320,000 square feet of retail and restaurant space, 1,700 multifamily units, 100 townhomes, a 150-room hotel and a Path Foundation trail connection to nearby Emory University. North DeKalb Mall opened in 1965 and served as the first fully enclosed mall in metro Atlanta. Demolition of the mall is expected to begin later this year, with initial phases of the project to be completed by 2025. Edens owns and operates 1.5 million square feet of retail space in metro Atlanta, including Toco Hills, Merchants Walk, Andrews Square, Buckhead Marketplace, Moores Mill and Park Place.
CHARLOTTE, N.C. — Swinerton has topped out the second phase of The Joinery, which comprises two seven-story apartment buildings in Charlotte’s Optimist Park neighborhood totaling 360 units and 30,000 square feet of commercial space. The developer, Space Craft, expects to deliver the first building located at 420 E. 22nd St. by the end of the year and the second building located at 1816 N. Brevard St. by summer 2024. Phase II of The Joinery’s construction costs total $80 million, according to Swinerton. The project comprises two two- story concrete podiums with five levels of apartments atop wrapped in a hybrid cross-laminated timber system provided by Timberlab, an affiliate of Swinerton. Phase I of The Joinery, which was also constructed by Swinerton, is a six-story building totaling 83 apartments and 2,000 square feet of ground-floor retail space.