LA VERNE, CALIF. — Commercial builder Bernards has broken ground on a 114,970-square-foot residence and dining hall at the University of La Verne in California. Designed by Steinberg Architects, the development will consist of 396 beds, an 18,700-square-foot dining hall, lounge and study spaces, and outdoor patios. The residence hall is the first development within the university’s recently approved Facilities & Technology Master Plan, and will be completed in August 2018.
WESLEY CHAPEL, FLA. — ARA Newmark has brokered the $52.5 million sale of Enclave at Wesley Chapel, a 312-unit apartment community in the Tampa Bay town of Wesley Chapel. Patrick Dufour, Scott Ramey and Ryan Crowley of ARA Newmark represented the seller, Chicago-based Sherman Residential, in the transaction. Denver-based Valhalla Holdings purchased the asset as part of a 1031 exchange. Matt Williams of NGKF Capital Markets secured a $28.9 million Freddie Mac loan on behalf of Valhalla Holdings. The seven-year features a fixed interest rate. Community amenities at Enclave at Wesley Chapel include a resort-style pool, fitness center, dog park and a business center.
WINSTON-SALEM, N.C. — Laurel Street has completed 757 North, a 115-unit apartment community located at 757 N. Chestnut St. in Winston-Salem. The four-story property features one- and two-bedroom units with rents ranging from $1,095 to $1,600 per month. Of those units, 25 percent will be reserved for households with incomes at 80 percent of the area median income, with rents ranging from $740 to $850 per month. Developed in partnership with Goler Community Development Corp., a nonprofit specializing in the redevelopment of Winston-Salem’s Goler Heights neighborhood, 757 North includes interior elevator access, a fitness center with cycle studio and online exercise classes, WiFi café with 24/7 coffee bar, indoor game room, outdoor patio with grills, lounge and conference room. Northridge Capital provided $4 million in equity for the project, and the development team secured $9.4 million in construction financing from First National Bank. The City of Winston-Salem also provided a $1.3 million loan and $325,000 land grant toward the project, bringing the total development cost to $15 million. The first residents at 757 North are expected to move in by July 1.
REVERE, MASS. — KeyBank Real Estate Capital has provided a $44 million Freddie Mac, fixed-rate mortgage loan for Rumney Flats, an apartment complex in Revere. Built in 2016, the 231-unit property was 97 percent occupied at the time of financing. Dirk Falardeau of KeyBank arranged the financing with a 10.5-year term, including a five-year interest-only period, and a 30-year amortization schedule. The undisclosed borrower used proceeds of the loan to refinance existing debt.
NEW YORK CITY — Maplewood Senior Living and Omega Healthcare Investors Inc. (NYSE: OHI) will break ground today, June 14, on Inspir | Manhattan, a 215-unit seniors housing community on the Upper East Side neighborhood of Manhattan. The 23-story, 212,000-square-foot building will offer assisted living, memory care and “enhanced care” units. Westport, Conn.-based Maplewood Senior Living currently operates 13 other communities in Connecticut, Massachusetts and Ohio.
AUSTIN, TEXAS — Tennessee-based developer MAA has completed Phase II construction of Post South Lamar, a multifamily community located at 1500 S. Lamar Blvd. in Austin. The property features a mix of studio, one-bedroom and two-bedroom units. Phase II delivered 344 units, restaurant and retail space and amenities such as two pools, an outdoor dining area, fitness center and rooftop terrace.
IRVINE, CALIF. — The design-build team of Hensel Phelps and Mithun is set to break ground on a $98 million redevelopment project at the University of California – Irvine. The 215,000-square-foot development — titled the UCI Middle Earth Expansion — will be completed in two phases. The first phase will include the demolition of Brandywine Commons and Brandywine Student Center to be replaced by a new student housing building. The second phase of development will include the renovation of Pippin Commons. The new project, in total, will house roughly 494 students in two five-story residential towers and include a new dining facility, classrooms and amenity space. The new student housing is set to open for occupancy in August 2019.
SHORELINE, WASH. — A joint venture between Security Properties and Intercontinental Real Estate Corp. has purchased the 289-unit Echo Lake Apartments for an undisclosed sum. The community is located at 1150 N. 192nd St. Echo Lake contains 9,000 square feet of retail space. It was built in 2009. Security Properties affiliate Madrona Ridge Residential will manage the property.
AURORA, COLO. — Pathfinder Partners, a San Diego-based investment firm, has acquired a 104-unit independent living community within the Shalom Park Senior Living Campus in the Denver suburb of Aurora. Pathfinder, along with Denver-based Hillcrest Development Group, paid $16 million for the property and plan to implement $3 million of improvements. The community, which Pathfinder will rebrand as V-Esprit, is situated on approximately 15 acres and includes 104 units consisting of 60 apartments and 44 patio homes averaging 1,050 square feet. The seller was Shalom Park, a Colorado nonprofit that still owns the balance of the Shalom Park Senior Living Campus. V-Esprit residents will continue to have access to the combined campus amenities. The $3 million renovation project is slated to include converting four of the one-bedroom apartment units (leaving 100 units in total) into a clubhouse and card room, and renovating and modernizing the theater room, library, communal dining area and leasing office. Pathfinder also plans to make improvements to the apartment interiors. This is Pathfinder’s first seniors housing acquisition.
DALLAS — Greystone has provided $68.1 million for the refinancing of Vineyards at Forest Edge, a 1,218-unit multifamily property located at 9669 Forest Lane in Dallas. Built in 1984, the property features 11 swimming pools, four playgrounds, a 24-hour fitness center, social center and a kids club. Rob Meehan of Greystone originated the CMBS loan on behalf of the undisclosed borrower that acquired the property in 2015.
