ITASCA, ILL. — A joint venture between M&R Development and Murphy O’Brien LLC has broken ground on The Residences at Hamilton Lakes, a 297-unit luxury apartment community adjacent to the Hamilton Lakes Business Park in Itasca, approximately 25 miles northwest of Chicago. The project, situated on 10.7 acres, is slated for completion by spring 2017. The nearby Hamilton Lakes Business Park features over 3 million square feet of office space and restaurants, as well as two hotels. The community will consist of three four-story buildings offering a mix of studio, one-, two- and three-bedroom units. The Residences at Hamilton Lakes will also feature 7,500 square feet of amenities such as an outdoor pool, media room, fitness center with studio, event space, business center, pet spa, bike repair and storage area, and a sauna and steam room. Unit amenities will include 9-foot ceilings, quartz countertops, hardwood floors, stainless steel appliances and walk-in closets.
OXFORD, MICH. — Pillar has originated an $11.5 million Freddie Mac acquisition loan for a manufactured housing community in Oxford, approximately 45 miles north of Detroit. Lake Villa Estates was built in 1973 and 1993. The property, situated on 174 acres, features 852 sites. The community is comprised of 60 percent double-wide homes and 40 percent single-wide homes. Lake Villa Estates was 58 percent occupied at time of close. Arthur Tuverson of Pillar originated the seven-year, adjustable-rate financing.
KOKOMO, IND. — CBRE Group Inc. has arranged a $9.8 million loan to refinance Legends of Wildcat Creek, a 200-unit apartment complex in Kokomo, approximately 60 miles north of Indianapolis. Jason Brown and Dan Gable of CBRE arranged the fixed-rate financing on behalf of the Diana L. Gunstra Trust. The loan features a 10-year term and 30-year amortization schedule. Legends of Wildcat Creek, located at 1762 Hogan Drive, offers one-, two- and three-bedroom units. Amenities at the property include a clubhouse, fitness center, laundry facility, swimming pool, covered parking and extra storage.
CHICAGO — Novak Construction has completed work on a 15,000-square-foot restaurant in downtown Chicago. Portillo’s is a two-story eatery offering Italian beef, hot dogs and cake among other menu items. The project is the second Portillo’s location in downtown Chicago. The building features two patios, a drive-thru, an elevator and a vintage car on display.
NEW YORK CITY — Welltower Inc. and Hines have partnered to develop an assisted living and memory care community at 139 E. 56th St. in Midtown Manhattan. Designed by SLCE Architects, the as-of-right development will have retail space at its base and a senior living and memory care facility above. The 15-story, 125,000-square-foot facility will feature residential units on floors three through 14, community space throughout the property, and outdoor living space on three floors, including landscaped terraces and gardens.
PITTSBURGH — UC Funds has completed a $24.2 million adaptive reuse bridge loan for the conversion of the historic Salvation Army building into the Distrikt Hotel in downtown Pittsburgh. The 183-room hotel will operate as a full-service boutique hotel with amenities including a high-end restaurant with room service, bar and lounge, fitness center and rooftop patio.
NEW YORK CITY — Walker & Dunlop Commercial Property Funding has closed a $17.5 million loan for the acquisition and repositioning of a multifamily property located at 916-926 Southern Blvd. in the Bronx. The short-term high-yield bridge loan was used to fund the acquisition, as well as reserves related to capital improvements and operating shortfalls. Geoff Smith and Tom Toland of Walker & Dunlop originated the deal with Gold Edge Capital. Built in 1911, Southern Boulevard features two adjacent buildings totaling 66 multifamily units. The property will be transformed into 105 units of revitalized, market-rate multifamily housing and 12,333 square feet of ground-floor retail space.
MEDFORD, MASS. — CBRE/New England’s Capital Markets team has arranged the sale of Lumiere, an infill apartment community located in Medford. An affiliate of The Guardian Life Insurance Company of America acquired the multifamily property from MV Parkways Partners, a joint venture between Criterion Property Co. and an affiliate of AIG Global Real Estate, for an undisclosed price. Opened in September 2014, the property features 33 studios, 76 one-bedroom apartments, 53 two-bedroom apartments, and a 4,600-square-foot Lookout Lounge, including a game room, kitchen and 24-hour fitness center. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the sale.
MIDDLETOWN, CONN. — Cornerstone Realty Capital has arranged $2.9 million in financing for the acquisition of a mixed-use property in Middletown. The office and retail property consists of five buildings totaling 47,250 square feet. Additionally, the property features 104 parking spaces. The name of the borrower was not released.
AUSTIN, TEXAS — Austin-based developer W2 Real Estate Partners (W2) and joint venture seniors housing partner Bridgewood Property Co. are planning to build a 206-unit senior living project called The Village at the Triangle. The project will be located on the final site in the Triangle mixed-use development in north central Austin. Construction will begin in August and will be complete in early 2018. The Village at the Triangle will be located on a 1.5-acre site within the 30-acre Triangle development, which was first conceived in 2004 and now features more than 750 apartments, 120,000 square feet of retail, restaurant and commercial space, a rehab hospital and a three-acre park. The Village at the Triangle will feature seven floors of apartment units built above two levels of parking. Independent living, assisted living and memory care service options will be offered within the building, enabling residents to age in place. The luxury suites will range in size from efficient memory care units to independent living two-bedroom units spanning more than 1,300 square feet. The average unit size will be 882 square feet and individual units will feature private balconies and floor-to-ceiling glass windows with views of downtown Austin’s skyline and the …