development2

Tryko, Marquis Health Complete $3.5M Renovation of Skilled Nursing Facility in New Jersey

by Amy Works January 3, 2018

OAKLAND, N.J. — Tryko Partners and Marquis Health Services have completed $3.5 million in renovations to Oakland Rehabilitation and Healthcare Center, a 215-bed skilled nursing facility in Oakland, 25 miles northwest of New York City. Tryko acquired the facility in 2015. Marquis, an affiliate of Tryko, operates the property, which offers sub-acute rehab, dementia care and long-term care wings, and specializes in cardio pulmonary and orthopedic rehab. The renovations include a 3,500-square-foot gym and expansion of the common-area lounge space, as well as updates to 50 rooms within the building’s sub-acute rehab unit.

January 3, 2018

Hospitality Midwest Ohio

Home2 Suites by Hilton Stow Akron Opens in Ohio

by Kristin Harlow January 2, 2018

STOW, OHIO — Home2 Suites by Hilton Stow Akron has opened in Stow, just north of Akron. The 85-suite hotel features fully equipped kitchens, complimentary Internet, a laundry and fitness area, indoor pool, outdoor patio and complimentary breakfast. The property, located at 4097 Bridgewater Parkway, is owned by Dave Patel and managed by Shree Dav Partnership LLC.

January 2, 2018

Loans Nevada Retail Western

Calmwater Capital Provides $15.2M Construction Loan for Retail Center in Las Vegas

by Nellie Day December 22, 2017

LAS VEGAS — Calmwater Capital has provided a $15.2 million loan for the development of a new shopping center in Las Vegas, located adjacent to the Palms Casino Resort. Calmwater arranged the two-year, senior loan on behalf of the borrower, an entity controlled by CAI Investments. The developer plans to construct five pad sites for the center, totaling 27,000 square feet. Signed tenants at the center include Walgreens, Wahoo’s Fish Tacos, Denny’s, Del Taco and Dunkin’ Donuts. The project is estimated for completion over the next 12 to 18 months.

December 22, 2017

California Office Western

Premier Business Centers Opens 14,950 SF Beverly Hills Office Space

by Nellie Day December 22, 2017

BEVERLY HILLS, CALIF. — Premier Business Centers has opened its third flexible U.S. workspace in the Wilshire/Palm building in Beverly Hills. The company has signed an 8.5-year lease with John Hancock Life Insurance Company to create a new flexible, shared office space center on the building’s fifth floor. The 14,950-square-foot space is located at 9171 Wilshire Blvd. It will occupy the former Rothstein Kass and Company accounting firm space.

December 22, 2017

Multifamily Nevada Seniors Housing Western

The Wolff Company Starts Construction of 132-Unit Independent Living Community in Las Vegas

by Nellie Day December 18, 2017

LAS VEGAS — The Wolff Company has announced has broken ground on Revel Las Vegas, a 132-unit independent living community in Las Vegas. The three-story property will offer a mix of studio, one-bedroom and two-bedroom layouts. It is scheduled to open in 2018. Revel Las Vegas will be the sixth seniors housing community that Wolff has developed since 2016. The Arizona-based developer plans to invest between $300 million and $400 million annually in independent living developments in the United States.

December 18, 2017

Hospitality Oklahoma Texas

Home2 Suites by Hilton Opens 115-Room Hotel in Oklahoma City

by Taylor Williams December 18, 2017

OKLAHOMA CITY — Home2Suites by Hilton has opened a 115-room hotel located off Interstates 40 and 44 near Will Rogers Airport in Oklahoma City. The pet-friendly property features amenities such as a combined fitness and laundry area, an indoor saltwater pool and a fire pit and grill area. Suites offer fully equipped kitchens and modular furniture. Nashville-based Platinum Hospitality LLC will manage the property.

December 18, 2017

Loans Multifamily New Jersey Northeast

Love Funding Arranges $7.9M Loan for Affordable Multifamily Community in Newark, New Jersey

by Amy Works December 15, 2017

NEWARK, N.J. — Love Funding has arranged a $7.9 million loan for the construction and permanent financing of Carrino Plaza Apartments, a new affordable and special needs community in Newark. Carrino Plaza Apartments will offer 60 one-, two- and three-bedroom units in one mid-rise building located in the North Ward of Newark. In addition to three multifamily floors, the property will contain partial ground-floor commercial space. Additionally, 49 of the residential units will be restricted to those earning less than 60 percent of the area median income under the Low-Income Housing Tax Credit program, and 10 rental-assistance units will be reserved for residents who receive mental health services. The development is being led by Resetarits Construction Corp. The project team includes Jose Carballo Architectural Group, Signature Custom Homes and Interstate Realty Management Co.

December 15, 2017

Midwest Ohio Seniors Housing

Woda Group Opens $8.6M Affordable Seniors Housing Property in Columbus, Ohio

by Kristin Harlow December 14, 2017

COLUMBUS, OHIO — The Woda Group Inc. has opened Wheatland Crossing in the Hilltop neighborhood of Columbus. The $8.6 million project features 42 affordable seniors housing units, developed for residents 55 and older who earn 60 percent or less of the area median income. The Ohio Housing Finance Agency provided private activity bonds, while the city of Columbus contributed a housing preservation bond grant. The project was also supported by the Low-Income Housing Tax Credit (LIHTC) program.

December 14, 2017

California Multifamily Seniors Housing Western

Front Porch, Brookmore to Rehabilitate Affordable Community in Los Angeles

by Nellie Day December 14, 2017

LOS ANGELES — Front Porch and Brookmore Apartment Corp. have acquired Vista Tower Apartments, a 230-unit affordable seniors housing community in Los Angeles, with plans to rehabilitate the property. Front Porch subsidiary CARING Housing Ministries (CHM) manages the property. Brookmore acquired the property in July from Baptist Services Corp. Capital partners on the acquisition and renovations include Citi Community Capital, Alden Capital Partners and the California Public Finance Authority. Low Income Housing Tax Credits have ensured that the property will serve low-income seniors for at least the next 55 years. Front Porch, its partners (including California Lutheran Homes and Community Services), and Brookmore contributed a total of $1.5 million dollars to preserve Vista Tower as an affordable housing community.

December 14, 2017

Midwest Missouri

McCarthy Breaks Ground on $25M Renovation of Science Building at Saint Louis University

by Kristin Harlow December 12, 2017

ST. LOUIS — McCarthy Building Cos. Inc. has broken ground on a $25 million renovation of Macelwane Hall, a four-story science building on the campus of Saint Louis University. The 82,770-square-foot project includes the complete renovation of all four floors of the facility after a May 2017 fire and subsequent water damage resulted in the temporary closure of the original building. The facility will include laboratories, classrooms and office space. Completion is slated for December 2018. McCarthy has completed previous work for Saint Louis University. The general contractor oversaw the conversion of a former charter elementary school into an interim science building to accommodate students, faculty and staff while Macelwane Hall remained closed. McCarthy completed that project in seven weeks to ensure the building would be available for the start of fall 2017 classes. Hastings + Chivetta is serving as architect on the Macelwane Hall renovation. Other project team members include 8760 Engineering (MEP engineer), CR2 Engineering (systems engineer), Alper Audi (structural engineer), Rock Hill Mechanical Corp. (mechanical design-build contractor), Guarantee Electric (electrical design-build contractor) and Gateway Fire Protection Systems (fire protection design-build contractor).

December 12, 2017

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