RAHWAY, N.J. — A partnership between developers Fields Grade and The Slokker Group has begun leasing a 109-unit apartment building in the Northern New Jersey community of Rahway. The building is the second at The Mint, a development in the downtown area, the first phase of which consisted of 116 units that were completed in 2020. The new building rises six stories and offers studio, one- and two-bedroom units, as well as Class A amenities. Rents start at $2,095 per month for a studio apartment.
SCHAUMBURG, ILL. — The Finger Cos. has opened The Quin, a luxury apartment complex rising four stories with 373 units in the Chicago suburb of Schaumburg. Located at 2450 Plum Grove Road, the property offers floor plans ranging from 691 to 1,394 square feet. All floor plans include private balconies, with some offering dens for home offices or storage. Monthly rents start at $1,950. Amenities include resident lounges, a golf simulator room, fitness center, business center, pet grooming room, package room, landscaped green space and two outdoor pools.
REPUBLIC, MO. — Northmarq has brokered the $10.1 million sale of Pinewood Park and Spring Hills in Republic, about 13 miles southwest of Springfield. The 133-unit multifamily property is located at 1600 Windmill Way. Built in 2002, the garden-style community features floor plans that range from 758 to 1,130 square feet. Amenities include a pool, sundeck, package service and laundry facilities. Dominic Martinez, Parker Stewart, Alex Malzone and Anthony Martinez of Northmarq represented the seller, a regional investor. A Midwest-based private investor was the buyer.
It’s little wonder that the fiber optic business is booming. American appetites for high-speed, high-volume Internet connectivity have skyrocketed in recent years, making fiber essential to provide Internet service across commercial property types. Employment for the linemen who build out and maintain those networks will grow 6 percent between 2021 and 2031, while telecommunications equipment installation jobs in general will expand to an even greater 8 percent, according to projections from the Bureau of Labor Statistics. Factor in the ongoing exodus of skilled workers from all trades as more of the nation’s Baby Boomers enter retirement, and many broadband providers may struggle to fill job openings in the coming years. That’s one of the reasons Pavlov Media, a Champaign, Ill.-based Internet service provider, is partnering with a Texas university to put students on career paths in fiber technology. Its partner in this endeavor, Prairie View A&M University, was founded in 1876 and is the second oldest public institution of higher education in Texas and one of the earliest 1890 Land Grant Institutions. Because it is a historically black institution, the program will be helping to address a longstanding need for greater diversity, equity and inclusiveness (DEI) in the technology sector. …
AUSTIN, TEXAS — Lument has provided an $18.6 million bridge loan for the acquisition of Barton Springs, a 56-bed seniors housing property in Austin. The facility offers assisted living and memory care services. Doug Harper, Chris Mauger and Casey Moore of Lument originated the financing, which carried a 36-month term and a one-year extension option, on behalf of the borrower, California-based owner-operator Silverado.
MORRISTOWN, N.J. — Locally based developer The Hampshire Cos. has completed Max on Morris, an 85-unit apartment complex in the Northern New Jersey community of Morristown. The property offers studio, one- and two-bedroom units and amenities such as an entertainment lounge, coworking spaces and work pods and outdoor grilling and dining areas. Max on Morris also houses 610 square feet of retail space. Rents start in the $2,300s for a studio apartment.
LIVINGSTON, N.J. — Sunrise Senior Living has opened an 86,000-square-foot community in Livingston, approximately 20 miles west of Manhattan. Sunrise of Livingston provides assisted living and memory care services. Although the number of units was not disclosed, Sunrise said the property can serve more than 120 residents. Lantz-Boggio Architects designed the property, which Wohlsen Construction Co. built.
CANTON, MASS. — Standard Communities has acquired Canton Estates, a 65-unit, a naturally occurring affordable housing complex located on the southern outskirts of Boston. Built in 1982, the property comprises two three-story buildings that house one- and two-bedroom units. The seller and sales price were not disclosed. Standard Communities plans to invest about $2.4 million in capital improvements to the unit interiors and to address other deferred maintenance costs.
DETROIT — Bedrock has begun pre-leasing the Book Tower in downtown Detroit. The seven-year, $300 million redevelopment project is nearing completion. The 500,000-square-foot, 38-story building has been converted into 220 apartment units, 117 ROOST apartment hotel units and 52,000 square feet of retail, office and dining space. Located at 1265 Washington Blvd., Book Tower will also offer coworking, meeting and event space. Originally built in 1926 by the Book Brothers, Book Tower was the tallest building in Detroit at the time of completion. Bedrock acquired the Louis Kamper-designed, Italian Renaissance Revival-style building in 2015. The building was in a state of disrepair after sitting vacant for more than a decade. Bedrock’s project team included New York-based architecture firm ODA for architecture and interior renovation, Detroit-based Brinker/Christman for construction and Kraemer Design Group for historic preservation. Amenities include an indoor-outdoor lounge, a 3,000-square-foot coworking space, fitness center, entertaining suite and 300-space parking garage. The Rotunda is a three-story, marble-arched atrium that serves as the entrance to the property and features an original 1920s skylight. A portion of the units will be reserved as affordable housing for persons making at or below 80 percent of the area median income.
CLEVELAND — KeyBank Real Estate Capital (KBREC) has provided a $50 million Freddie Mac loan for the refinancing of The Lumen in downtown Cleveland. The luxury apartment building rises 34 stories with 318 units. Built in 2020, the property is the largest multifamily project completed in downtown Cleveland in 40 years, according to KBREC. Rob Garrison and Anthony Tavrell of KBREC structured the fixed-rate loan, which features five years of interest-only payments. The borrower, Playhouse Square, will use the loan to refinance the existing debt.
