RIALTO, CALIF. — National CORE has opened Metro View Apartments, an affordable housing community located at 164 W. Bonnie View Drive in Rialto, 56 miles east of Los Angeles. The property is affordable to households earning between 30 to 60 percent of the area median income, according to National CORE’s website. Metro View Apartments comprises 55 units, including one manager’s unit. Apartments come in one-, two- and three-bedroom layouts. Amenities include a community center, computer center, pool, outdoor play area, recreation areas and an outdoor area for teens. Financing sources …
NEW YORK CITY — Cushman & Wakefield has arranged a $75 million construction loan for a high-rise project located at 255 E. 39th St. in the Murray Hill neighborhood of Manhattan. Gideon Gil, Lauren Kaufman, Zachary Kraft and Cecelia Galligan of Cushman & Wakefield arranged the financing through J.P. Morgan and First Citizens Bank on behalf of the borrower and developer, Brause Realty. The building will rise 20 stories and will include 157 units, as well as 4,687 square feet of commercial space and an affordable housing component. The project …
— By Kathleen Milisky of Utility Revenue Services (URS) — Every developer knows all too well the headaches that can arise from utilities while building or managing a community. Time lost to issues such as power outages, delayed inspections and miscommunication can add unnecessary costs to any project. Smart utilities management is an effective way to stay ahead of problems before they start. Owners have the option of turning responsibility for the utilities over to an expert before they even pull a construction trailer onto the development site. It can …
CHICAGO — Essex Realty Group Inc. has arranged the sales of two buildings totaling 35 units in Chicago. Joe Kahlhammer, Robert Berman, Mike Anguiano, Daniel Shabsin, Jeremy DeMarco and Russell Tillery of Essex represented the seller in each deal. The first building offers 16 units and is located on South Indiana Avenue in Chicago’s Chatham neighborhood. The second asset comprises 19 units and is situated on South Drexel Avenue in the Greater Grand Crossing neighborhood.
MELISSA AND AUBREY, TEXAS — Legacy Partners and The Resmark Cos. are underway on two build-to-rent communities in the metro Dallas area. Highland will comprise 133 units in the northern Dallas suburb of Melissa. The complex will offer one-, two- and three-bedroom homes that range in size from 780 to 1,500 square feet. Units will feature granite countertops, smart home technology and private fenced-in yards. Select homes will also have attached garages. Monthly rental rates are expected to start at $2,100. Oak Grove will feature 134 units in Aubrey, 50 …
Merchants Capital Provides $348 Million for Rehabilitation of Affordable Housing Complex in Brooklyn
NEW YORK CITY — Merchants Capital has provided a $348 million Fannie Mae loan for the rehabilitation of Reid Park Rock, an affordable housing community in Brooklyn. The financing complements a $635.6 million Permanent Affordability Commitment Together initiative from the New York City Housing Authority. The sponsor, a partnership consisting of BRP Cos., Fairstead and Urbane, will use the funds to renovate Reid Park Rock and deliver enhanced social services programs to the community. The partnership will also handle property management responsibilities. Reid Park Rock currently houses approximately 3,500 people …
DENVER — PlattPointe Capital has arranged a $4.3 million construction loan through a private debt fund to facilitate the development of a 13-unit build-to-rent community in the Sloan’s Lake submarket of Denver. The community will offer townhome-style units in two-bedroom layouts. Units will average 930 square feet in size. According to PlattPointe Capital, the project has taken approximately three years to become fully entitled and receive its permit-ready status. The developer was not disclosed.
LONG BEACH, CALIF. — CBRE has arranged the sale of an eight-unit property located at 2203 E. Bermuda Street in Long Beach. A private investor purchased the asset for $2.7 million. Dan Blackwell, Trey Mitchell and Jack O’Connor of CBRE represented the all-cash, non-exchange buyer based in Los Angeles County. The seller was also based in Los Angeles County. The property was built in 1985 on a 5,962-square-foot lot. The building offers two-bedroom, townhome-style units with patios or balconies. The property features remote-controlled garage parking, secured entry and a shared …
DULUTH, MINN. — Kraus-Anderson Duluth has completed Zenith DCHS, a $34.9 million adaptive reuse project in downtown Duluth. The project converted the Historic Old Central High School into 122 apartments. The building was originally constructed in 1892 as Duluth Central High School and is listed on the National Register of Historic Places. The converted building was designed by AWH Architects and is owned by Saturday Properties. The four-story building offers amenities such as a fitness center, sauna, coworking space, auditorium and workshop, and also boasts the city’s landmark clock tower.
AIRWAY HEIGHTS, WASH. — Kidder Mathews has brokered the sale of The Autumn Leaf Furnished Apartments, a 24-unit community located at 12911 W. 13th Ave. in the Spokane suburb of Airway Heights. The property was originally built in 2017. Max Frame of the Simon and Anderson team at Kidder Mathews represented the undisclosed seller in the deal. The buyer was also not disclosed. The asset traded hands for $3.6 million.