WEST ROXBURY, MASS. — General contractor Callahan Construction Managers has broken ground on Parkway Apartments, a 254-unit multifamily project in West Roxbury, located southwest of Boston. Designed by SK+I Architecture and developed by Lincoln Property Co., the property will consist of two four-story buildings offering a mix of market-rate and affordable units. Amenities will include a pool, fitness center, café, outdoor courtyard and a pet spa. Completion is scheduled for February 2022.
BAYONNE, N.J. — New Jersey-based Woodmont Properties has completed the lease-up Woodmont Bay Club, a 220-unit luxury multifamily community in Bayonne, located just outside New York City. The property is now fully occupied. Units feature studio, one-. two- and three-bedroom floor plans ranging in size from 650 to 1,500 square feet. Amenities include a pool, rooftop terrace, fitness center, business center, game room, pet spa and a golf simulator.
BOSTON — Cornerstone Realty Capital has arranged a $4.4 million construction loan for a nine-unit multifamily project in the Allston neighborhood of Boston. Units will feature granite countertops, custom cabinetry, stainless steel appliances and individual washers and dryers. Andrew Saccone of Cornerstone originated the financing, which was structured with 24 months of interest-only payments and a 30-year amortization schedule. The borrower and direct lender were not disclosed.
CHICAGO — Fifield Cos. has begun the lease-up of Westerly, a 188-unit apartment complex located at 740 N. Aberdeen St. in Chicago’s River West neighborhood. The Chicago-based developer expects the first move-ins to begin this month. The 11-story building also serves as the latest canvas for Chicago-based artist Sentrock. Designed by FitzGerald Associates Architects and constructed by James McHugh Construction Co., Westerly features a mix of studio, one-, two- and three-bedroom floor plans ranging in size from 544 to 1,513 square feet. Amenities include a fitness center, resident lounge, coffee bar, party room, coworking space, sun terrace, pool, rooftop deck and 80-space parking garage. Residents also have access to a new public park, created by Fifield and designed by Hitchcock Design Group, that features a dog park, green space and seating. Monthly rents start at $1,458. Residents can now receive up to three months of free rent.
DETROIT — Avanath Capital Management has acquired North End Village and Cameron Court, two affordable housing properties in Detroit. Avanath purchased the 50-unit North End Village for $2.1 million. Built in 2005, the community is fully leased and consists of four two-story buildings. Avanath is planning to make capital improvements such as LED lighting, landscaping, exterior paint, balcony repairs and parking repairs. Avanath acquired Cameron Court for $1.3 million. The 48-unit affordable seniors housing property was built in 2008. The three-story building is fully leased. Avanath will make renovations such as hallway painting, exterior fencing, new common area furniture, a community room renovation and the construction of a senior wellness center.
BAKERSFIELD, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Pine Brook Apartments, a multifamily property located at 5000 Belle Terrace in Bakersfield. A Northern California-based private capital investor acquired the asset for $22 million. Mark Bonas of TMG represented the seller, a long-time owner based in Southern California. Built in 1971 on a 9.2-acre site, Pine Brook Apartments features 240 apartments, two swimming pools and spas, a fitness center, garages, covered parking, a leasing center, community clubhouse, outdoor barbecue stations and laundry facilities.
BOTHELL, WASH. — Dwight Capital has provided a $36.2 million HUD 223(a)(7) loan for Willina Ranch Apartments, a multifamily property located in Bothell. The refinance includes a Green Mortgage Insurance Premium (MIP) Reduction set at 25 basis points as the property is Energy Star certified. Josh Sasouness and Josh Hoffman of Dwight Capital originated the transaction. Built in 2000, the property features 175 apartments, a swimming pool, business center, clubhouse and fitness center.
DAVENPORT, FLA. — Summit Contracting Group has broken ground on Siena Pointe, a seniors housing community in Davenport. Siena Pointe will be a four-story, wood-frame building situated on a seven-acre site. The property will feature 163 units of seniors housing in a 194,127-square-foot building. The community will be situated near Interstate 4 and U.S. Route 27, 33 miles southwest of downtown Orlando. Construction is slated for completion in fall 2021. The developer is Eastwind Development LLC, and the architect is Forum Architecture & Interior Design Inc.
WOODBRIDGE, VA. — Passco Cos. has acquired The Preserve at Catons Crossing, a 200-unit multifamily community in Woodbridge. The property offers one- and two-bedroom floor plans, which were 95 percent occupied at the time of sale. Communal amenities include a fitness center, spa, pool, playground, basketball court, business center and a clubhouse. The complex was built in 2010 and is situated at 2760 Green Ash Loop, 26 miles southwest of downtown Washington, D.C. Chris Black and Caleb Marten of KeyBank Real Estate Capital originated acquisition financing on behalf of the buyer. The seller and sales price were not disclosed.
SOUTHFIELD, MICH., and CHARLOTTE, N.C. — A national survey of independent living community residents, staff and prospective residents showed that those in the community overwhelmingly felt safe so far during the COVID-19 pandemic. Additionally, respondents said they were confident that communities had taken appropriate precautions to keep them safe. Plante Moran Living Forward, the Southfield-based senior living development consulting division of Plante Moran Cresa and an affiliated entity of Plante Moran, partnered with Retirement Dynamics, a Charlotte-based senior living consulting firm, to complete the research. In June and July of this year the companies surveyed more than 23,000 residents and staff at senior living communities across the country, along with prospective future residents. While prospects worried about social isolation, shopping and other daily tasks when living in their own homes, survey results showed only a slight decrease in their likelihood to move into an independent living community as a result of the pandemic. The survey also revealed: 92 percent of staff felt the community where they worked responded well to the COVID-19 pandemic. 93 percent of residents felt their community took all precautions to keep them safe. 85 percent of staff agreed residents “are safer in their community than in …
