Property Type

Fore Property Sells 260-Unit Rivage Apartment Community in Portland, Oregon

by Amy Works September 13, 2019

PORTLAND, ORE. — Fore Property has completed the disposition of Rivage, a multifamily property located at 2220 NW Front Ave. in Portland. Magnolia Capital acquired the asset for an undisclosed sum. Rivage features 260 units in a mix of studio, one- and two-bedroom layouts, with a rooftop deck overlooking the Willamette River. At the time of sale, the podium-style property was stabilized. Fore Property, with funds from Carlyle Realty Partners VII and financing from PNC Bank, developed the property in 2017.

September 13, 2019

Development Idaho Loans Multifamily Western

Newmark Realty Capital Arranges $22M in Development Financing for Residential Tower in Northern Idaho

by Amy Works September 13, 2019

COEUR D’ALENE, IDAHO — San Francisco-based Newmark Realty Capital (NRC) has arranged $22 million in development and construction financing for One Lakeside Center, a 15-story residential tower on the north shore of Lake Coeur d’Alene in Northern Idaho. Demetri Koston of NRC’s Spokane, Wash., office arranged the financing for the undisclosed borrower through a New York-based national bank lender. Situated one block from the water’s edge in Coeur d’Alene, One Lakeside Center will feature 69 residential units, a parking garage and a ground-floor commercial suite. Additional details of the project were not released.

September 13, 2019

Colorado Development Multifamily Seniors Housing Western

Erickson Living Plans Two-Building Seniors Housing Expansion in Highlands Ranch, Colorado

by Amy Works September 13, 2019

HIGHLANDS RANCH, COLO. — Erickson Living has unveiled plans for a two-building residential expansion at Wind Crest, a continuing care retirement community (CCRC) in Highlands Ranch, about 15 miles south of Denver. The property already opened an expansion in 2019, an independent living building named Prospect Crossing. The two new buildings, named Summit Square and Quincy Point, will add more than 200 independent living units. They are both scheduled to open in 2020. The expansion will also include 18,000 square feet of amenity space, including outdoor space, multiple new restaurants, a second fitness center and other shared spaces.

September 13, 2019

Development Massachusetts Multifamily Northeast Student Housing

ACC, Northeastern University Open 825-Bed Student Housing Community

by Alex Patton September 13, 2019

BOSTON — A partnership between American Campus Communities (ACC) and Northeastern University has opened LightView, an 825-bed student housing community in Boston. The 20-story development offers four-bedroom units with shared or private accommodations. Amenities include social and recreational lounges, a fitness center, 24-hour academic success center and 2,000 square feet of retail. ACC will own and operate the building. The project — designed by CUBE 3 and Elkus Manfredi Architects — was fully leased prior to opening.

September 13, 2019

Connecticut Industrial Leasing Activity Northeast

Angel Commercial Negotiates 76,000 SF Industrial Lease in Stratford, Connecticut

by Alex Patton September 13, 2019

STRATFORD, CONN. — Angel Commercial LLC has negotiated a 76,000-square-foot industrial lease in Stratford, located approximately 50 miles southwest of Hartford. The property features one drive-in door and three dock doors. The tenant, Unger Enterprises Inc., is a manufacturer of professional cleaning and maintenance tools. Brett Sherman of Angel Commercial represented Unger in the transaction. The landlord is Exeter Property Group.

September 13, 2019

Acquisitions Multifamily New York Northeast

CBRE Arranges Sale of 434-Unit Multifamily Community on Long Island

by Alex Patton September 13, 2019

LONG ISLAND, N.Y. — CBRE has announced the sale of Hawthorne Court, a 434-unit multifamily community on Long Island. The property was built in 1968 and offers studio, one-, two- and three-bedroom units. Shared amenities include onsite laundry and gym facilities and a pool. CBRE’s Jeffrey Dunne, Gene Pride and Travis Langer represented the seller, a joint venture between Post Road Group and Spruce Capital Partners, in the transaction. The CBRE team also procured the buyer.

September 13, 2019

Connecticut Development Multifamily Northeast Seniors Housing

Resort Lifestyle to Build on $30M Seniors Housing Community in Connecticut

by Alex Patton September 13, 2019

TRUMBULL, CONN. — Resort Lifestyle Communities (RLC) will soon break ground on River Valley, an independent living seniors housing property in Trumbull, located approximately 50 miles southwest of Hartford. The 180,000-square-foot community will offer one- and two-bedroom units, though the number of units is not yet disclosed. The property will provide cooking, cleaning and valet parking services, as well as fitness classes and community events. River Valley will be the second RLC location in Connecticut.

September 13, 2019

Acquisitions New Jersey Northeast Office

NAI James Hanson Brokers Sale of 5,245 SF Office Building in Bergenfield, New Jersey

by Alex Patton September 13, 2019

BERGENFIELD, N.J. — NAI James Hanson has negotiated the sale of a 5,245-square-foot office building in Bergenfield, a northern suburb of New York City. The buyer, Maywood Physical Therapy & Rehab Center, will utilize a portion of the building as its third medical office location and will continue to lease the remaining space to the four current tenants. NAI James Hanson’s Dominic Fittizzi represented the seller, S&S Realty Holding Co. LLC, in the transaction.

September 13, 2019

Development Illinois Midwest Multifamily

111-Unit Mixed-Income Development Opens in Chicago

by Kristin Harlow September 13, 2019

CHICAGO — The Concord at Sheridan, a 111-unit mixed-income development, has opened in Chicago’s Rogers Park community. Located at 6438 N. Sheridan Road, the site was formerly a surface parking lot. Of the 111 apartments, 65 are designated as affordable for low-income residents and will be leased to renters from the Chicago Housing Authority (CHA) wait list. The other 46 units will be leased as market rate. The project includes 29,400 square feet of retail space, including a 23,200-square-foot Target. Common area amenities include a lounge, game area, fitness center, conference room, amenity terrace and coworking space. The development has a walk score of 92. The seven-story project is the result of a public-private partnership including the CHA and co-developers Three Corners Development, Iceberg Development, Lightengale Group and Cubit Development Group. Market-rate rents begin at $1,041 while the affordable rents are based on a resident’s income. Renters must earn up to 60 percent of the area median income to qualify. Architecture firm GREC designed the project, while Riteway Madison LLC served as the general contractor.

September 13, 2019

Hospitality Illinois Loans Midwest

JLL Arranges $61M Refinancing for New Hotel in Chicago’s Fulton Market

by Kristin Harlow September 13, 2019

CHICAGO — JLL has arranged a $61 million loan for the refinancing of Hyatt House Fulton Market, a new 200-room hotel in Chicago’s Fulton Market District. Timothy Joyce, Steven Klein and Nicole Aguiar of JLL arranged the five-year, floating-rate loan on behalf of the borrower, a partnership between Sterling Bay and Wheelock Street Capital. Argentic Real Estate Investments LLC provided the loan, proceeds of which will be used to retire a construction loan. The hotel is the only extended-stay product in the market, according to JLL. The new design features an indoor rooftop pool, outdoor patio, fitness center, 1,570 square feet of meeting space, 5,100 square feet of retail space, breakfast dining area, bar and market.

September 13, 2019

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