LAKE ZURICH, ILL. — CBRE National Senior Housing has arranged an $18.3 million construction loan for a joint venture between Pathway Senior Living and Virtus Real Estate Capital. The joint venture will build Azpira Place of Lake Zurich, a 120-unit assisted living community in the Chicago suburb of Lake Zurich. The Class A, 105,000-square-foot, three-story community will be situated on a 5.8-acre parcel. Aron Will, executive vice president of CBRE National Senior Housing, arranged the four-year, floating-rate loan through a regional bank. The loan includes 36 months of interest-only payments. Pathway Senior Living is a Chicago-based firm founded in 1997. The company operates 20 seniors housing communities, primarily in the Chicago area. Virtus is a private equity sponsor based in Austin, Texas.
NEW YORK CITY — Madison Equities and Italian multi-national construction services company Impresa Pizzarotti & C. Spa have acquired 45 Broad Street from 45 Broad Street L/CAL LLC for $86 million. The property is located in the heart of Manhattan’s Financial District near the New York Stock Exchange and World Trade Center and offers approximately 290,000 square feet of floor area ratio (FAR) for development. Madison Equities and Pizzarotti plan a condominium tower constructed atop an amenity-filled podium. The developers will deliver condominium units for occupancy in 2019. 45 Broad Street will be designed by noted architect Cetra Ruddy, whose recent projects include One Madison Avenue, Walker Tower and the Orion.
ROSWELL, GA. — California-based developer Griffin Real Estate Management and investment firm Canyon Partners Real Estate, in partnership with operator Thrive Senior Living, have started construction of The Georgian Lakeside Assisted Living and Memory Care, a 95-unit community in the Atlanta suburb of Roswell. Thrive will operate the community — which comprises 70 assisted living units and 25 memory care units — when complete.
WASHINGTON, D.C. — Lima Hotels, a new company established by developer Habte Sequar, plans to develop a 14-story hotel and apartment building in downtown Washington, D.C. The high-rise property will be located at 317 K St. N.W. at the corner of 4th and K streets in the Mount Vernon Triangle neighborhood in Washington’s East End district. A small commercial building and auto body shop on the site will be demolished. The project will feature 200 hotel rooms on the first 11 floors and 30 apartment units on floors 12 through 14. Lima Hotels has selected PGN Architects and Gordon & Greenberg to co-design the project.
SEGUIN, TEXAS — Mason Joseph Co., a San Antonio-based FHA multifamily lender, has secured the closing of an $11.2 million loan for the construction and permanent financing of Walnut Grove Apartments, a proposed 116-unit market-rate apartment community in Seguin. The financing was secured through HUD’s 221(d)(4) loan insurance program. Using the program enabled the borrower to secure a fixed interest rate for the initial 14-month construction period and a subsequent 40-year term. Walnut Grove is being built on a vacant site near the Guadalupe Regional Medical Center and Seguin High School. The property will also be located near manufacturing plants including Caterpillar, Continental Motor Systems, Texas Power Systems, Tyson Foods and CMC Steel Texas. The apartment will offer 116 units across six three-story apartment buildings. MacDonald Cos. of Kerrville is developing the project. GG MacDonald Inc. will serve as the general contractor.
LAKE JACKSON, TEXAS — CNG Energy Partners has signed a 10-year contract with the city of Lake Jackson to build, operate and maintain a public access compressed natural gas (CNG) fueling station located at 204 Medical Drive. The truck-friendly CNG fueling facility is designed to support the increasing desire to embrace environmental technologies and reduce pollution levels. It will be the first public-private partnership CNG fueling station in the Houston area. Deployment of the CNG fueling station was made possible through the implementation of a public-private partnership business model. The project is expected to be complete in December.
CLAYTON, MO. — The Opus Group and AIG Global Real Estate have unveiled plans to build a six-story, mixed-use building in the downtown business district of Clayton, a western St. Louis suburb. The project will feature five stories of residential units. The units will be a mix of studio, alcove, one- and two-bedroom apartments. The ground level will consist of 13,000 square feet of retail space. Amenities will include a Fitness On Demand studio, secure bike storage, a rooftop terrace, clubroom, game room and a fire pit/grill area. Opus Development Company LLC will be the developer, and Opus Design Build LLC will be the design-builder. Opus AE Group LLC will be the engineer and project architect. Construction will begin late this year, and completion is slated for March 2017.
WAYNE, NEB. — Darland Construction Co. has broken ground on an expansion and remodeling project for Providence Medical Center located in Wayne, approximately 45 miles southwest of Sioux City, Iowa. Highlights of the project include a new emergency entrance, a new ambulance garage, 20 new patient rooms and the relocation of the pharmacy, X-ray lab, and administration offices. The expansion will add 9,150 square feet and will provide more space in the labor and delivery rooms. Completion of the renovation and expansion is slated for 2017. Avant Architects is serving as the primary architect on the project.
WACO, TEXAS — The Sherwin-Williams Cos. plans to expand its Waco presence with the construction of a 600,000-square-foot distribution facility in the Waco International Aviation Park. Sherwin-Williams will invest $39 million, including a 49-acre land acquisition, personal and real property. The facility will retain 264 full-time positions and is expandable to at least 800,000 square feet. The company currently occupies 440,000 square feet in Texas Central Park, also located in Waco. Sherwin-Williams established its first Waco distribution facility in 1989.
MIAMI BEACH, FLA. — Quadrum Global and InSite Group have opened Nautilus, a SIXTY Hotel in Miami Beach’s South Beach neighborhood. The partners purchased the property in 2011 and restored it into an upscale, 250-room property, which SIXTY Collective will operate. Originally built in the 1950s, Quadrum and InSite preserved and reconstructed the property’s porte cochere, 25-foot lobby ceilings, beveled windows, teal green tile, the famous Staircase to Nowhere and the Driftwood Room supper club. The rooms feature 48-inch TVs, vintage mini-bar chests, custom artwork and balconies with ocean views in select units. The property also features a penthouse suite on the eighth floor. The property’s amenities include a 1,890-square-foot heated saltwater pool with an underwater sound system, cabanas, pool bar, 24-hour fitness center and the Nautilus Cabana Club.