NEW YORK CITY — Naftali Credit Partners has secured a $50 million construction loan for 145 Central Park North in Manhattan’s Harlem neighborhood. The 13-story condominium project will feature 37 units. Amenities will include a 24-hour doorman, 10 parking spaces, multiple roof terraces, storage and bicycle rooms and a fitness center. Naftali secured financing for an undisclosed borrower through lender Israel Discount Bank. Architectural firm Gluck+ is designing the building.
ROME, GA. — Berry College has announced plans for The Spires at Berry College, a 48-acre continuing care retirement community (CCRC) on its campus in Rome, approximately 70 miles northwest of Atlanta. A groundbreaking is set for Oct. 19, with the first units opening in 2020. Although the number of units was not disclosed, the community will be able to house approximately 300 senior residents in a combination of apartments and cottages. The property is located along Eagle Lake at the foot of Lavender Mountain. Berry College’s full campus totals more than 27,000 acres and is home to more than 2,200 undergraduate and graduate students.
WESLEY CHAPEL, FLA. — Westlake, Ohio-based Emerald Hospitality Associates has acquired and opened Hilton Garden Inn Tampa-Wesley Chapel, located at 26640 Silver Maple Parkway in Wesley Chapel. Emerald Hospitality Associates will manage the property, which it purchased in partnership with Nimbus Investment Fund, an independent affiliate of Emerald Hospitality. The hotel features 124 guestrooms each with a microwave and refrigerator, 3,712 square feet of flexible meeting space, and an extensive lobby and outdoor patio featuring the Garden Grille & Bar. Additional amenities include complimentary Wi-Fi, a 24-hour business station, state-of-the-art fitness center, Keurig coffee maker and a full-service restaurant and bar.
SHERMAN, TEXAS — Cadence McShane Construction Co. has broken ground on a new, 527,000-square-foot high school for the city of Sherman, located north of Dallas near the Oklahoma border. The new campus will be divided into three main buildings with open-air courtyards connecting each wing. Additional components will include a 2,000-seat stadium, an 800-seat auditorium, a competition gym and several practice gyms, baseball and softball fields, an indoor practice facility and a standalone field house. The campus is expected to be complete in time for the 2020 school year.
NEW YORK CITY — NKF Capital Markets has arranged a $66 million mezzanine loan for 1 Seaport, a 60-story, 98-unit luxury condominium tower in the Financial District of Manhattan. Dustin Stolly, Jordan Roeschlaub and Nick Scribani of NKF Capital Markets secured financing on behalf of borrower Fortis Property Group through lender Mack Real Estate. The property features two floors of amenities, including a hydrotherapy area and pool that spans the entire 30th floor, as well as a Spa with 360-degree views of Manhattan. The anticipated sellout of the building exceeds $275 million.
BROOKLINE, MASS. — Jewish Community Housing for the Elderly (JCHE) has announced plans for a 62-unit affordable seniors housing community in Brookline, a town just southwest of downtown Boston. The community, which has not yet been named, will be located in the densely populated neighborhood of Coolidge Corner. Construction is scheduled to begin in the first quarter of 2019 for completion in summer 2020. JCHE and synagogue Congregation Kehillath Israel (KI) are working together to create a multi-generational village center that simultaneously addresses the issues of social isolation and housing affordability. KI will lease space on its Harvard Street campus to JCHE to develop the property, which will be connected both physically and programmatically to the synagogue. The community, located on a half-acre site, will also offer 1,000 square feet of retail space and a public pocket park. Although the property features no parking, the transit-oriented development is near to the MBTA Green Line and bus line, and also offers transportation via Zip Car, Brookline’s ElderBus service and JCHE’s van service.
MAITLAND, FLA. — Coral Gables, Fla.-based The Allen Morris Co. has completed the development of Maitland City Centre, a $68 million mixed-use property located at 190 Independence Lane in Maitland, a northern suburb of Orlando. Encompassing a full, three-acre city block, the six-story development features 220 one- and two-bedroom rental apartments, 24 live/work units (one-bedroom with an office suite) and 35,000 square feet of commercial space with high visibility. On-site amenities include a rooftop pool deck and lounge, business center and co-working space, individual furnished offices for lease, pet wash and grooming facility, private rooftop dog park, fitness center, group fitness room and courtyard yoga lawn and a private courtyard with grilling stations and outdoor living room. Additional amenities include a clubhouse, lounge and game room, mail room café, high-speed Wi-Fi internet throughout the amenity space, access-controlled covered parking and designated Uber and Lyft pick-up stations. The project team includes LAMM & Co., Millenia Partners and ACi Architecture.
SEATTLE — Norris, Beggs & Simpson Financial Services (NBS Financial) has secured $21 million in financing for the development of Ivy Apartments in Seattle. Mike Wood and Colin Ceithaml of NBS Financial represented the borrower, Interbay Apts LLC, in the financing. State Farm Life Insurance provided the fixed-rate construction/perm loan, which is structured with a 12-year term and a 30-year amortization. Upon completion, Ivy Apartments will bring 93 residential units to Seattle’s Interbay submarket. The seven-story 82,965-square-foot building will feature 47 parking stalls and 23 storage units. Construction is slated to begin in November.
PHILADELPHIA — RAL Development Services has broken ground on 1300 Fairmount, a 14-story, 624,575-square-foot mixed-use property in Philadelphia. The project will include 478 apartment units as well as 58,759 square feet of retail space. Cope Linder Associates is serving as designer on 1300 Fairmont. RAL Development is the developer. Nobel Learning Communities Inc., a national network of 200 private schools throughout the country, has pre-leased 12,488 square feet at the property and plans to open a Chesterbrook Academy Preschool there. Supermarket chain Aldi has also pre-leased 25,427 square feet of space.
JACKSONVILLE, FLA. — A joint venture between PCCP and The Bainbridge Cos. is developing Bainbridge St. Johns Town Center, a Class A multifamily property in southeast Jacksonville’s Southside submarket. The partnership recently acquired a 17.3-acre parcel for the development. Situated on a wooded site with a four-acre lake and adjacent golf course and nature trail, Bainbridge St. Johns Town Center will feature 276 market-rate apartments across 10 three-story buildings. The unit breakdown is 102 one-bedroom, 138 two-bedroom and 36 three-bedroom floorplans. Additionally, the community will feature 442 surface parking spaces and 36 detached garages. This is PCCP’s first transaction with Bainbridge, a full-service estate company that develops, owns and manages multifamily communities across the eastern United States.
