Property Type

CNY Construction Tops Out 22-Story Apartment Building in Manhattan

by Amy Works September 18, 2017

NEW YORK CITY — CNY Construction, as general contractor, has topped out 21 East 12th, a 22-story apartment building being developed by William Macklowe Co. and Goldman Sachs. Located in Manhattan’s Greenwich Village, the building will feature 51 one-, two-, three- and four-bedroom units, a residents’ lounge, fitness room and garden. Additionally, the property will feature 19,487 square feet of retail space. The project team consists of SLCE Architects and Selldorf Architects. Completion is slated for fourth quarter 2018.

September 18, 2017

Multifamily New Jersey Northeast Seniors Housing

Walters Group Opens 102-Unit Age-Restricted Community in New Jersey

by Amy Works September 18, 2017

TOMS RIVER, N.J. — The Walters Group has opened Cornerstone at Toms River, a 102-unit active adult community in Toms River, approximately 60 miles south of New York City. A grand opening was held Sept. 14 for the community, which is restricted to residents over the age of 55. The Walters Group developed the three-story property. Cornerstone at Toms River also features income-restricted units, and gives residency priority to seniors whose homes were impacted by Superstorm Sandy.

September 18, 2017

California Multifamily Seniors Housing Western

Clearwater Living to Open 136-Unit Independent Living Community in Oxnard

by Nellie Day September 18, 2017

OXNARD, CALIF. — Clearwater Living is preparing to open Clearwater at RiverPark, a 136-unit independent living community in Oxnard. Presales are currently underway, with a planned opening of January 2018. Residents who pre-select an apartment and move in within 30 days of the grand opening will pay less in “community fees” and also receive a discount on the first month’s rent. Apartments range in size from 610 to 1,040 square feet. The property is located near malls, art museums and beaches.

September 18, 2017

Colorado Multifamily Western

Continental Realty Advisors Buys 256-Unit Apartment Complex in Westminster

by Nellie Day September 18, 2017

WESTMISNTER, COLO. — Continental Realty Advisors (CRA) has purchased the 256-unit Canyon Reserve at the Ranch Apartments in Westminster for an undisclosed price. The community is located at 2890 W. 116th Place. The property includes 16 two-story buildings with amenities like clubhouses, a resort-style pool, gym, dog park and business center. All apartments feature wood-burning fireplaces, vaulted ceilings, deep-bath garden tubs, and private patios or balconies. Canyon Reserve was built in 1984. CRA plans to upgrade both the common-area amenities and unit interiors as part of their value-add program. The firm partnered with GTIS on the acquisition. Amenity upgrades will include enhanced landscaping, new exterior paint, expansion and improvement of the pool surrounds, addition of fitness on demand, construction of a coffee lounge & patio, and expansion of the existing leasing center. Interior upgrades will consist of updated cabinetry, stainless steel appliances, plank flooring, modern lighting, hardware and paint.

September 18, 2017

Arizona Multifamily Seniors Housing Western

HJ Sims Structures $3.8M in Equity Financing in Assisted Living Community Near Tucson

by Nellie Day September 18, 2017

MARANA, ARIZ. — HJ Sims has completed a $3.8 million financing for The Watermark at Continental Ranch, a proposed 99-unit assisted living and memory care community in the Tucson suburb of Marana. Sims provided the financing to a joint venture between affiliates of Link Development LLC and Watermark Retirement Communities, which will also operate the property. Continental Ranch will be Link’s fourth seniors housing development in Arizona. Watermark manages 40 seniors housing communities in 21 states. Sims structured preferred equity on behalf of the joint venture owners, meeting regulatory requirements for the senior construction lender. A new entity, LW Development Funding I LLC, was formed to issue the $3.8 million of taxable bonds. High-net-worth accredited investors purchased the bonds. Sims then used to capital to fund the preferred equity investment.

September 18, 2017

Colorado Restaurant Retail Western

Chipotle Reopens Flagship Location Following First Renovation in 24 Years

by Nellie Day September 18, 2017

DENVER — Chipotle Mexican Grill has reopened its doors to the first-ever Chipotle restaurant in its hometown of Denver following a summer-long renovation. The original Chipotle location opened in the former Dolly Madison ice cream shop on East Evans Avenue across from the University of Denver, where founder, chairman and CEO Steve Ells prepared the food and served the very first Chipotle customers. Chipotle expanded the basement of the 850-square-foot restaurant to create additional storage and food prep space, allowing the small open kitchen — still a hallmark design element of all Chipotle locations — to be more efficient. Work in the dining room updated the style of the space, while preserving features of the first restaurant. Ells opened the second Chipotle in 1995 and the third in 1996. Today, Chipotle has more than 2,300 locations worldwide.

September 18, 2017

Loans Midwest Minnesota Multifamily

PCCP Provides $130M Construction Loan for Condominium Project in Minneapolis

by Kristin Harlow September 18, 2017

MINNEAPOLIS — PCCP has provided a $130 million construction loan for The Legacy, a 374-unit condominium project in Minneapolis. Located at 1240 S. 2nd St. in the Mill District, the project will consist of two towers. Amenities will include a fitness center, game room, community room and two roof decks with a pool and grilling areas. Dougherty Funding arranged the loan for the borrower, a joint venture between Provident Real Estate Ventures and Shamrock Properties Inc. Riverdale Ventures Legacy LLC, an affiliate of Shamrock Development, is developing the property, which is slated for completion in summer 2018.

September 18, 2017

Loans Midwest Missouri Multifamily

Dwight Capital Provides $63.1M Refinancing for Apartment Property in St. Louis

by Kristin Harlow September 18, 2017

ST. LOUIS — Dwight Capital has provided a $63.1 million loan for the refinancing of Park Pacific Apartments in St. Louis. The property is an adaptive reuse of the historic Missouri Pacific Railroad building located downtown. Originally built in the 1920s, the property was rehabilitated into a mixed-use development in 2011. Park Pacific now features 230 luxury apartments, 48,000 square feet of Class A office space, 28,000 square feet of ground-floor retail space and a 585-space parking garage. Adam Sasouness and Josh Hoffman of Dwight Capital originated the 40-year loan. The borrower, The Lawrence Group, will use about $300,000 of the funds to improve the energy efficiency of the property.

September 18, 2017

Hospitality Midwest Ohio

Home2 Suites by Hilton Opens in Dublin, Ohio

by Kristin Harlow September 18, 2017

DUBLIN, OHIO — Home2 Suites by Hilton Columbus Dublin has opened in suburban Columbus. The 126-room, extended-stay hotel is owned by Dublin-based Crawford Hoying and operated by Shaner Hotels. Located at 5000 Upper Metro Place, the property features an indoor pool and two outdoor patio areas. The hotel also features a laundry and fitness area and complimentary breakfast. The chain is aggressively expanding throughout the Midwest and the rest of the country.

September 18, 2017

Kansas Midwest Retail

NGZ, Gasperi Group Broker Sale of 23,652 SF Retail Center in Kansas City, Kansas

by Kristin Harlow September 18, 2017

KANSAS CITY, KAN. — Newmark Grubb Zimmer (NGZ) and Gasperi Group Commercial Real Estate LLC have brokered the sale of Parallel Parkway Center in Kansas City along Parallel Parkway. The sales price was not disclosed. Anchored by AutoZone, the 23,652-square-foot retail center was 100 percent leased at the time of sale to five tenants. Originally built in 1971, the property was fully renovated in 2014. Michael VanBuskirk and Chris Robertson of NGZ, along with Steve Gasperi of Gasperi Group, brokered the transaction on behalf of the undisclosed seller. A private West Coast-based investor purchased the property.

September 18, 2017

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