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.
WARWICK, R.I. — Fantini & Gorga, a mortgage banking firm headquartered near Boston, has arranged a $3.3 million bridge loan for a development project in Warwick. The site currently serves as a parking lot. Casimir Groblewski and Colin Monahan of Fantini & Gorga arranged the debt through an undisclosed, Connecticut-based bridge lender. The borrower, Skydra Development, plans to construct a four-story, 210-unit community on the site. The property will offer one- and two-bedroom apartments.
SHERMAN AND DENISON, TEXAS — Greystone has provided $15.4 million in bridge-to-agency financing for a portfolio of three properties in North Texas. Lance Wright of Greystone originated the financing on behalf of the borrower, an undisclosed Texas-based family office. Duke Stone of Churchill Capital acted as correspondent on the deal. The interest-only loan carries a two-year term with two six-month extension options. One of the assets is located in Sherman, 65 miles north of Dallas. The other two are in Denison, 75 miles north of Dallas. All three properties were …
BETHLEHEM, N.Y. — The NRP Group has begun constructing Selkirk Reserve, a 72-unit workforce housing project located just south of Albany in Bethlehem. The Cleveland-based developer is building the project in partnership with New York State Homes & Community Renewal and nonprofit organization Soldier On. Selkirk Reserve will consist of nine two-story residential buildings and a clubhouse building on a 15.6-acre site. Units will come in one-, two- and three-bedroom layouts. The community will be available to renters earning between 30 and 60 percent of the area median income. Construction …
NASHVILLE, TENN. — Alliance Residential Co. has opened Broadstone Berry Hill, a 303-unit community located at 2500 Bransford Ave. in Nashville. Units come in studio, one- and two-bedroom floor plans. Amenities include a clubroom, sky lounge, fitness center, private focus rooms, a fenced pet bark, bike room with a repair station and two courtyards. One of the courtyards features a grilling area, miniature golf and a pool. The other includes an outdoor TV lounge, fire pit and turf area for lawn games. The property also includes a coffee shop and …
RALEIGH, N.C. — Oppidan Investment Co. has broken ground on The Pines at Peach, a 119-unit affordable housing community in Raleigh. Apartments will come in one-, two- and three-bedroom layouts. Income restrictions were not disclosed. The project is financed with Low Income Housing Tax Credits from the North Carolina Housing Finance Agency, Tax Exempt Bonds issued by Raleigh Housing Authority, debt financing from Redstone, tax credit equity from Aegon and gap financing from the City of Raleigh. Construction is slated to complete in summer 2025. Cline Design designed the project. …
PORT CHARLOTTE, FLA. — JBM Institutional Multifamily Advisors has negotiated the $66.5 million sale of Charlotte Commons in the southwest Florida city of Port Charlotte. Image Capital, along with an undisclosed New York-based company, purchased the asset for $66.5 million. The seller was SC Bodner Co., who developed Charlotte Commons in 2022. Charlotte Commons comprises 264 apartments across 11 three-story buildings. Units come in studio, one- and two-bedroom floor plans and average 846 square feet in size. Amenities include a pool with a sun deck, outdoor lounge area, fitness center, …
BRANCHBURG, N.J. — Walters has completed the lease-up of Cornerstone at Branchburg, a 150-unit property in the northern New Jersey township of Branchburg. The locally based developer broke ground on the asset in May 2021 and began leasing last spring. Cornerstone at Branchburg comprises a pair of three-story buildings on an 11.7-acre site. Units come in in one- and two-bedroom floor plans and range from 700 to 900 square feet in size. Amenities include a fitness center, game room and outdoor grilling and dining areas.
LOS ANGELES — Institutional Property Advisors (IPA) has brokered the sale of Cobalt Apartments, a 135-unit community in the West Los Angeles-Culver City area of Los Angeles. IPA’s Kevin Green, Grabiec and Gregory Harris represented the seller, Greystar, and procured the buyer, Helio Group. Cobalt Apartments was built in 2019. Community amenities include a clubroom, fitness center, pool and spa, two open-air lounges, gated covered parking and bike storage. The average unit size is 854 square feet.
HOUSTON — FTK Construction Services has begun a $12.6 million renovation of Brookside Gardens Apartments, an affordable housing complex in Houston. The property was built in 2006 and comprises 240 units. Income restrictions for the community were not disclosed. Interior renovations will include new paint, flooring, door hardware, plumbing fixtures, light fixtures and HVAC systems. Exterior renovations will include upgraded walkways, parking areas, lighting, signage and roofs on all buildings. DevCo Residential Group owns the building. KeyBank provided construction financing.