JERSEY CITY, N.J. — HAP Investments has raised $6.8 million through a private placement in Israel for 544 participation units, each valued at $12,500. The units are not tradable and are not listed for trading on any stock exchange. HAP Tower Journal Square Limited Partnership will use the capital to partially fund the development of an 800-unit multifamily tower located in the Journal Square section of Jersey City. In order to fully fund the $437 million project, another funding round will take place. The private placement was approved by the Israeli Securities Authority, an entity similar to the U.S. Securities and Exchange Commission.
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.
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.
KENTWOOD, MICH. — Wolverine Building Group has broken ground on a 300,000-square-foot addition for Hearthside Bakery’s food manufacturing facility in Kentwood, about nine miles south of Grand Rapids. The $7 million project will expand storage space for the company, which manufactures snack bars, cookies, crackers, pretzels, croutons, breadcrumbs and other baked goods. Currently, Hearthside Bakery occupies a 255,000-square-foot location and stores raw ingredients in 53-foot semi-trailers at off-site locations around Michigan. Housing all the ingredients in one location will improve the company’s efficiency. Robert Grooters Development will own the new addition, and lease it to Hearthside Bakery.
AVONDALE, ARIZ. — Lake Washington Partners has completed the 427,000-square-foot expansion of the Coldwater Depot Logistics Center in Avondale. The property is located at 1100 N. 127th Ave. The 54-acre site now accommodates 1 million square feet of cross-dock distribution/warehouse space southwest of Phoenix. Lake Washington Partners will manage the property through its management division. CBRE’s Daniel Calihan will head up the center’s leasing efforts.
FULLERTON, CALIF. — Morningside, a seniors housing community in the Orange County city of Fullerton, has completed a $1.6 million expansion of its outdoor amenities. Morningside added a pitch-and-putt golf course and a pickleball court on 4 acres of vacant land. The project included a $100,000 habitat restoration project through the California Department of Fish and Game and the Army Corps of Engineers. This is the most recent of several expansion and renovation projects at the community. The dining and kitchen areas were recently renovated, and the wellness center was expanded to include a spa and fitness area. The community room also underwent a $2 million redevelopment.
FORKED RIVER, N.J. — Walters Group has completed the first phase of Cornerstone at Lacey, a 118-unit income-restricted housing development located in Forked River. Designed to achieve LEED and Energy Star status, the first phase of the development comprises 70 units in nine buildings. Construction is underway for the second phase, which will add 48 units in six buildings. Units range from one- to three-bedrooms and 835 square feet to 1,247 square feet. Community amenities will include a clubhouse with computer workstations and a fitness center, as well as a children’s tot lot, barbecue and picnic areas, and a half-court basketball court.
NEW YORK CITY — Propco Holdings has selected UA Builders Group for the ground-up development of a residential property located at 2061-2065 Ryer Ave. in the West Bronx. The 12-storybuiding will feature 120,000 square feet of residential space. Badaly & Badaly Architects is serving as architect for the project.
RENO, NEV. — McKenzie Properties has broken ground on a 40,000-square-foot speculative office building within the Mountainview Corporate Center in Reno. The Class A building is located at 5520 Kietzke Lane. The four-story structure will feature customized floor plans, with balconies on two of the floors. This will be the first spec office project the company has undertaken since 2008.
TORRANCE, CALIF. — Dick’s Sporting Goods will open five new stores this month, including an outpost at the Del Amo Fashion Center in Torrance. That store celebrated its grand opening between June 2 and 4. With the grand opening of these new stores, Dick’s will have 702 Dick’s locations in the country. Founded in 1948 and headquartered in Pittsburgh, Dick’s also owns and operates Golf Galaxy and Field & Stream specialty stores, as well as Dick’s Team Sports HQ, a youth sports digital platform.