MALVERNE, N.Y. — Locally based balance sheet lender Bayport Funding has provided $3.2 million in financing for a multifamily project in the Long Island community of Malverne. The site at 1104 Hempstead Ave. spans 38,320 square feet. The undisclosed borrower will use the proceeds to acquire and complete the project, which is underway and slated for a summer 2024 delivery.
Eric Newton Real Estate Breaks Ground on 517-Bed Student Housing Development Near Clemson University
CLEMSON, S.C. — Eric Newton Real Estate has broken ground on Maverick Hills, a 517-bed student housing development located near the Clemson University campus in South Carolina. The property will offer cottage and townhome units in a mix of two-, three- and four-bedroom configurations with bed-to-bath parity. Shared amenities are set to include a resort-style swimming pool with lounge seating; clubhouse; full-service coffee bar; study rooms; 24-hour fitness center; courtyard for outdoor games; dog park; pickleball and basketball courts; and “The Rock” community center. The project is scheduled for completion in fall 2025.
AUSTIN, TEXAS — AMLI Residential has completed AMLI Branch Park, a 406-unit apartment community in Austin’s Mueller District. Units come in studio, one- and two-bedroom floor plans and are furnished with quartz countertops, stone backsplashes and soft-close cabinetry. Select units also offer wine refrigerators, fenced yards and built-in bookshelves and desks. Amenities include a pool, dog park, beer garden, outdoor grilling and dining stations, a fitness center, coworking spaces and 20,000 square feet of retail and restaurant space that is scheduled to come on line in spring 2024. Rents start at $1,910 per month for a studio apartment.
GUNTER, TEXAS — Locally based developer Wolfe Investments has begun leasing Four Cedars Apartments, an 88-unit multifamily project in the North Texas city of Gunter. The property offers one- and two-bedroom units and amenities such as a pool, clubhouse and outdoor grilling and dining areas. The first move-ins are expected to begin in December. Rents start at $1,450 per month for a one-bedroom apartment.
SACRAMENTO, CALIF. — A joint venture between GMH Communities and Wexford Science & Technology has announced plans for ANOVA Aggie Square, a 252-bed student housing community near the University of California, Davis campus in Sacramento. The community will be constructed during Phase I of Aggie Square, a larger mixed-use project that is set to include state-of-the-art research facilities and office space. ANOVA Aggie Square will offer micro-studio, studio, one-, two- and four-bedroom units for undergraduate and graduate students, as well as young professionals working in the technology, life sciences and healthcare industries. Shared amenities will include soundproof office pods, a micro-market with gourmet vending options, co-working spaces, conference rooms, a ride-share lounge and 24/7 concierge services. A timeline for the development was not announced.
MENIFEE, CALIF. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Sunny Rose Glen, a 55-unit assisted living and memory care community in the Inland Empire city of Menifee. The community was built in 2010 and totals 30,000 square feet on a 1.8-acre plot. The seller was a single-asset owner looking to retire. The buyer was a California-based group looking to expand its portfolio in Southern California. The new owner plans to operate the community itself following cosmetic improvements to the property. The price was not disclosed. Brad Goodsell, Jason Punzel, Vince Viverito and Jake Anderson of SLIB handled the transaction.
RANDOLPH, N.J. — Locally based developer CrownPoint Group has acquired a 14.5-acre site in the Northern New Jersey community of Randolph with plans to construct a 125-unit multifamily complex that will be known as Liberty Village. Liberty Village will consist of 11 buildings that will house a mix of two- and three-bedroom units, about 20 percent of which will be subject to income restrictions. Amenities will include a fitness center, golf simulator and a dog park. Construction is expected to begin during the third quarter of 2024.
CRANSTON, R.I. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.1 million loan for the refinancing of two adjacent multifamily assets in Cranston. Built in 2016, the property at 125 Midway Road totals 29 units in one-, two- and three-bedroom floor plans. The other building at 45 Poplar Drive is an adaptive reuse of a former Catholic school and features 20 one- and two-bedroom units. Robert Damigella of MMCC arranged the debt, which was structured with a 6.35 percent interest rate, 65 percent loan-to-value ratio and a 30-year amortization schedule. The borrower and direct lender were not disclosed.
HOLBROOK, MASS. — NEI General Contracting has completed construction of Maple on Franklin, a seniors housing project located about 15 miles south of Boston in Holbrook. NeighborWorks Housing Solutions developed the $18.5 million project, which spans 67,000 square feet and features 72 one-bedroom units for residents age 62 and older. The Narrow Gate served as the architect of the project, which involved the demolition of two existing buildings on the site. More than 500 applications were submitted for the 72 available units.
VERNON HILLS, ILL. — A partnership between Focus, Affinius Capital, Atlantic Residential and Centennial has opened The Domaine at Hawthorn Row in the Chicago suburb of Vernon Hills. The 311-unit luxury apartment complex is part of the redevelopment of Hawthorn Mall, a 50-year-old shopping center. The Domaine also features 54,000 square feet of retail space. Amenities include a lounge, dining room, game room, two-story gym, pet spa and outdoor terrace with a pool, sundeck and grilling stations. Units range in size from 600 to 1,330 square feet, while monthly rents start at $1,775. Residents can now earn one month of free rent on select lease terms, according to the property’s website.