TAMPA, FLA. — Roger B. Kennedy Inc. has begun construction on Haley Park Apartments, an $8.7 million seniors independent living community in Tampa. The 80-unit project will be located at 13045 N. 15th St. and will feature a swimming pool, outdoor gathering areas with benches, gazebo and a dog park. Roger B. Kennedy plans to wrap up construction in May 2016. The design team includes architect BDG Architects and developer NVC Haley Park Ltd.
LARGO AND CLEARWATER, FLA. — Franklin Street Real Estate Services has brokered the $2.8 million sale of Liv @ Jefferson and Liv @Jasper. Liv @ Jefferson is a 20-unit garden-style apartment community, built in 1976, that is located at 55 Jasper St. in Largo. The property contains a unit mix of one-, two- and three-bedroom units ranging from 900 to 1,550 square feet. Liv @ Jasper is a 33-unit, garden-style apartment community, built in 1971, located at 121 N. Jefferson Ave. in Clearwater. The property offers studio, one-, and two-bedroom floor plans ranging from 415 to 770 square feet. Darron Kattan, Robert Goldfinger, Kevin Kelleher, and Zachary Ames of Franklin Street represented both the seller, DRW Real Estate Management LLC, and the buyer, a private investor from the West Coast. In addition to these properties, the buyer recently bought three other apartment communities of varying sizes in Pinellas County. The buyer plans to operate them all centrally out of one of the larger properties they acquired, according to Franklin Street. Liv @ Jefferson and Liv @Jasper were financed with a newer product being offered by Freddie Mac and Fannie Mae.
NEW YORK CITY — Jonathan Rose Cos. has begun construction of BCD:A (Brooklyn Cultural District Apartments), a 121,551-square-foot mixed-use, mixed-income property located at the corner of Lafayette Avenue and Ashland Place in the Downtown Brooklyn Cultural District. The $51.1 million, 11-story development includes 123 apartments of which 40 percent will be affordable to families earning between 80 percent and 130 percent of Area Median Income; 2,800 square feet of retail space for a flagship ’wichcraft restaurant; and 21,400 square feet for cultural use. The Center for Fiction will occupy 17,696 square feet and the Mark Morris Dance Group will occupy 3,757 square feet. Construction financing for the project has been provided by a $28 million construction loan from Citizens Bank. The development team for the project includes Dattner Architects, Bernheimer Architecture, and SCAPE Landscape Architects. The project is expected to meet or exceed LEED Silver standards. Residential building amenities include a resident lounge, a fitness center and a double-height conservatory. The property will also include a “Product Lending Library” (or “virtual closet”) that will include a collection of items that residents may need once in a while, but not every day. Examples of such items include a video projector, large …
NEW YORK CITY — Forest City Enterprises, a member of Greenland Forest City Partners (the joint venture developing the Pacific Park Brooklyn project), has closed on financing for the construction of 38 Sixth Avenue, a 303-unit, 100 percent affordable apartment building at Pacific Park Brooklyn, and work has begun on the building. For construction financing of 38 Sixth Avenue, the New York City Housing Development Corp. is providing an $83 million first mortgage loan for the building through the issuance of tax-exempt government debt obligations funded by Citi Community Capital. Greenland Forest City Partners is also receiving a $10 million subordinate loan from HDC and a $2 million subordinate loan from Citibank. Designed by SHoP Architects, 38 Sixth Avenue (formerly known as B3) is the third Pacific Park Brooklyn building on which Greenland Forest City Partners has broken ground since December 2014. The other buildings include 535 Carlton, a 100 percent affordable apartment building, and 550 Vanderbilt, a market-rate condominium building. The first building at Pacific Park, 461 Dean Street (formerly known as B2 BKLYN), broke ground at the end of 2012 and will include 50 percent market-rate apartments, 30 percent middle-income and 20 percent low-income units. 461 Dean Street …
ABERDEEN TOWNSHIP, N.J. — RPM Development Group will develop a three-building affordable housing project that will include rental units for seniors and people of all ages, as well as a new senior community center, in Aberdeen Township. The project, which will feature two residential buildings, will be located on 14 acres on Church Street formerly occupied by South River Metals Corp. Hudson Ridge Senior Residence at Aberdeen will offer 67 one-bedroom and eight two-bedroom rental units of age-restricted housing for those 55 years or older. The second residential building, Hudson Ridge Residence at Aberdeen, will provide 70 one-, two- and three-bedroom rental units that will not have age restrictions. Preference on the rentals will be given to households that were impacted by Hurricane Sandy. Combined cost for constructing the two residential buildings will be $44 million. The site plan also calls for a separate 2,500-square-foot senior community center available for use by all residents of Aberdeen. Site work is anticipated to begin in the fall, with buildout expected to take two years. The project, which will strive for LEED certification, will be constructed with government assistance, including Community Development Block Grant (CDBG) Disaster Relief funding, along with 4 percent low-income housing …
HOUSTON — Westmount Realty Capital LLC has acquired the Braesridge Apartments located at 11100 Braesridge Drive in southwest Houston. Westmount is rebranding the garden-style apartment community as Westmount at Braesridge. The three-story asset was constructed in 1982 and consists of 542 units totaling 413,276 square feet on 16.7 acres, for an average of 32 units per acre. The apartments are a mix of one- and two-bedroom units ranging from 550 square feet to 1,300 square feet with elevators to all third floor units. Amenities include a clubhouse, complimentary assigned covered parking, a courtyard area with two gazebos, dining hall with full kitchen, two swimming pools, a business center and limited access gates. Westmount’s planned interior renovations will include lighting and plumbing fixture updates, cabinetry, countertops, appliances and faux wood flooring. Exterior improvements will address wood/stucco repair, landscaping, upgrades to the leasing office, parking lot repairs and upgraded exterior lighting. Westmount has budgeted to upgrade the pool area with new seating areas, pool furniture and the addition of an outdoor kitchen. The Dallas office of NorthMarq Capital arranged financing for the acquisition.
DALLAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $6.2 million cash out refinancing for a portfolio of four apartment properties consisting of 116 units located in Dallas. The non-recourse loan featured a 10-year term with 4.6 percent interest, a 30-year amortization schedule and three years of interest-only payments. The loan was arranged through one of BMC Capital’s correspondent agency relationships.
CEDAR RAPIDS, IOWA — NorthMarq Capital has arranged the $5 million refinancing of Stonegate Apartments, a 108-unit multifamily property located at 4200 Armar Drive SE in Cedar Rapids. Jason Kinnison of NorthMarq arranged the fully amortizing, 23-year loan on behalf of the borrower through an undisclosed life insurance company. Stonegate Apartments was built in 2003 and offers two-bedroom/two-bath units.
INDIANAPOLIS — New York Life Real Estate Investors has provided $15.3 million in refinancing for Canal Overlook Apartments, a 132-unit, Class A residential property located in Indianapolis. The loan has a term of 20 years. The complex is owned by a private investor and was completed in 1988.
BOYNTON BEACH, FLA. — LeCesse Development Corp. has begun construction on 500 Ocean, a luxury multifamily community in Boynton Beach. Located in Palm Beach County, the 341-unit asset will be situated at the corner of Federal Highway and East Ocean Avenue near the Intracoastal Waterway and Atlantic Ocean. Upon completion, the property will feature 20,000 square feet of commercial space, a 664-space integrated parking garage, clubhouse, fitness center, club room, theater, bowling alley, private dining room, cyber café/game room, lounge, summer kitchen and two courtyards. The project is a joint venture between LeCesse Development, Morgan Management, Drum Hill Partners, Kaali-Nagy Residential and Atlantic American Opportunities Fund. The project team includes architect MSA Architects, general contractor LandSouth Construction, engineer IBI Group and environmental consultant RunBrook. SunTrust Bank provided construction financing on behalf of LeCesse Development. Residences will become available for lease beginning in the fall of 2016.
