GRAIN VALLEY, MO. — Bellomy & Co. has brokered the sale of Spare Garage Storage in Grain Valley, an eastern suburb of Kansas City. The sales price was not disclosed. The self-storage facility sits on 3.2 acres and includes 204 non-climate-controlled units. The property spans 39,700 square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, Mid Central Title Inc. The team also procured the buyer, Kaup Properties LLC.
PHILADELPHIA — FCP, a Maryland-based investment firm, has acquired Edgewater, a 286-unit apartment community located at 2323 Race St. in the Center City neighborhood of Philadelphia, for $117.9 million. Edgewater offers a mix of studio, one-, two- and three-bedroom units and amenities such as a 24-hour fitness center with a yoga studio, resident lounge and hospitality center and a children’s play area. The sale includes land for additional development. Erin Miller and Lizann McGowan of Newmark Knight Frank represented the seller, an institutional investor advised by J.P. Morgan Asset Management, in the transaction.
KINGSTON, N.Y. — The New York State Department has approved a proposal from HealthAlliance of the Hudson Valley to transform and expand its hospital in Kingston, a project that is valued at roughly $92.9 million. Project plans call for the construction of a new, 79,000-square-foot building that will house 175 beds and an emergency care center and a full renovation of the existing 48,000-square-foot space. An exact construction start date has yet to be determined, but the department’s approval represents the final hurdle to be cleared in green-lighting the project, according to the development team.
NEW YORK CITY, NEW ROCHELLE AND MOUNT VERNON, N.Y. — Talonvest Capital Inc., a California-based mortgage broker, has arranged a $48.8 million bridge loan for the refinancing of three self-storage properties located throughout the New York City metropolitan area. The properties total 175,531 net rentable square feet across 2,012 units and are located in The Bronx, New Rochelle and Mount Vernon. An undisclosed lender provided the three-year, nonrecourse loan to a partnership between Kansas-based Clark Investment Group and self-storage developer GoodFriend Management. A full service commercial real estate lender provided the loan, which included an interest/operating reserve, individual release provisions and prepayment flexibility.
NEW YORK CITY — Arbor Realty Trust Inc. has provided a $15 million bridge loan for the refinancing of a 43-unit apartment complex located at 2417 Albemarle Road in Brooklyn. The property was built in 2018 and features an oversized common deck, bike storage area and an underground parking garage. Eugene Yanovskiy of Arbor originated the loan, which carries a two-year term with interest-only payments. The borrower was not disclosed.
HERSHEY, PA. — HREC Investment Advisors has brokered the sale of a 110-room Hampton Inn & Suites located in Hershey, an eastern suburb of Harrisburg. Kenan Patel and Kevin Hanley of HREC handled the sale on behalf of the buyer and seller, both of which requested anonymity. Greg Porter of HREC arranged an acquisition loan for the transaction that carried a 10-year term, a 72.6 percent loan-to-cost ratio and a fixed interest rate of 4.35 percent.
OAKLAND, CALIF. — Healthcare behemoth Kaiser Permanente has unveiled plans to build a new headquarters dubbed The Kaiser Permanente Thrive Center in downtown Oakland. Local developer Lane Partners will break ground on the project in 2020 with a planned opening slated for 2023. The San Francisco Chronicle reports that the $900 million office tower will rise 29 stories. The new campus will consolidate 7,200 Kaiser Permanente employees who are currently working in seven different locations around Northern California. Situated at 2100 Telegraph Ave., the new building will span 1.6 million square feet of office space and will reduce the company’s operational costs by more than $60 million annually, according to Bernard Tyson, chairman and CEO of Kaiser Permanente. The building’s design is set to include dedicated space for a health clinic and health education, healthy food options and 20,000 square feet of public space for weekly farmers markets, exercise and cooking classes and a showplace for community-inspired art. Lane Partners is aiming to achieve LEED Platinum certification for Thrive Center. Kaiser Permanente is the largest private employer in Oakland, and Lane Partners estimates that the new building, which was formerly known as Eastline, will generate a one-time $23 million economic …
San Antonio has at times been characterized as “a big city with a small-town feel.” However, with an MSA surpassing 2 million people and a claim to being one of the country’s largest and fastest growing cities, the small-town feeling is fading quickly. With robust population growth, strong job numbers and a decade of prosperity to lean on, our retail business is more dynamic than ever. It should be of no surprise to this readership that like other areas of the country, San Antonio is facing continued pressure on traditional brick-and-mortar retail as e-commerce continues to grow and penetrate the market. Yet many local and regional retailers are adapting. One of the best examples of this adaptation is H-E-B, San Antonio’s dominant supermarket chain, which has taken on the e-commerce challenge by integrating an online grocery shopping experience with the option of home delivery or curbside pickup at select stores. Currently, H-E-B is under construction on its second fulfillment center next to its retail store at Bulverde Marketplace. As retailers evolve, retail developers and property owners are experiencing swift changes within their tenant lineups and are working diligently to ensure their marketplaces continue to attract customers. Entertainment, fitness and health …
As the industry eagerly anticipates the arrival of baby boomers, intergenerational housing models are emerging as an attractive alternative for a group that wants a different type of retirement experience. Developers, operators and owners are tweaking time-tested intergenerational arrangements and trying new approaches. Mixing different age groups has benefits for everyone involved, experts say. It’s natural, and the way families lived until we started to move so far apart. Many elders like being around young children or helping them, since their grandchildren may not live nearby. Adolescents bring energy to a retirement community, with the added benefit of being able to teach seniors how to use their smart phones. Young adults can serve as a labor pool for senior living properties. College-based or -affiliated life plan communities have been around for decades. But developers are fine-tuning the model at a number of new high-profile college projects now underway. Legacy Pointe at the University of Central Florida, Orlando, is currently under development by the nonprofit CCRC Development Corp. Greystone Communities will manage and market the property. Residents will be able to attend classes and participate in learning programs. Other types of developments with an intergenerational spin are being rolled out. There …
ALEXANDRIA, VA. — AHC Inc. will break ground on The Spire, a 113-unit affordable housing development situated on a two-acre plot in Alexandria owned by Episcopal Church of the Resurrection. The Spire will include one-, two- and three-bedroom apartments, including 12 fully accessible homes, that will serve households with incomes ranging from 40 percent to 60 percent of the area median income (AMI). The Spire will cost $48.3 million to develop and has received funds from a number of local state and national sources, including $23 million in tax credit equity from the Virginia Housing Development Authority (VHDA), a $9.9 million loan from the City of Alexandria, a $1.3 million loan from Virginia/National Housing Trust Funds, a $500,000 loan from the Federal Home Loan Bank of Atlanta, a $11.5 million first trust loan from Capital One/Freddie Mac and $500,000 funding from NeighborWorks America. The City of Alexandria also provided a $350,000 rental assistance grant to make 12 apartments deeply affordable, which targets households making 25 percent to 35 percent of the AMI. The ground breaking is slated to take place Tuesday, June 18 at 3:30 p.m.
