SEATTLE, WA – Freshwater Investments has finalized the buy of the Bradford Park Apartment Homes, a 100-unit property in Lynnwood, Washington. This is the third acquisition by Freshwater in the area, with the other two being The Lighthouse in Kent and The Stinson in Everett. 

Built in 1989, with only 25% of units remodeled by the previous owner, Bradford perfectly aligns with the Freshwater value-add strategy.

Alex Rozenfeld, Founder and Managing Partner of Freshwater Investments, said: “We are in business of making the best opportunities for our investors. Analyzing potential investment projects, we do our homework, leaving no stone unturned. Bradford is undoubtedly a high potential property and was received with much enthusiasm by our investors, which in turn allowed us to have a record small fundraising period. I see every project we undertake as an opportunity to grow and try new things. Bradford, for example, allowed us to partner with a family office, which is a new and exciting development for Freshwater Investments.”

16 miles North of Seattle, 10 miles away from Boeing’s Everett’s Factory (the largest manufacturing facility in the world) and 2 miles from the future light rail station (construction beginning in 2018), Bradford offers a convenient commute to some of the largest employers in the region. Boeing’s Paine Field, the local airport and the major employer, is about to open for commercial flights to 8 cities, which is likely to boost the economy in the area. 

Bradford Park Apartments will undergo significant renovations including exterior, landscaping, redesigned and upgraded communal spaces, as well as units remodeling. To give the property a truly new start it will be renamed and rebranded.

“We are excited to have a new brand concept already developed, and will start working straight away on bringing it to life”, said Rozenfeld. “In addition to making value for our investors, we also feel responsibility for building better communities that enrich our residents’ lives. In the renovations plans we’re putting emphasis on inviting and functional communal spaces, encouraging social interactions and offering additional resources. We’ll have a community library and a dog park, and are exploring options to offer a community garden.” 

The Seller in the Bradford Park transaction was Hamilton Zanze. Ashlee Pierce, Director of Transactions at Hamilton Zanze commented: “There was solid execution by all parties making for a smooth transaction. We are pleased with the outcome and glad to have worked with Freshwater again”.

Bradford Park acquisition was brokered by Ben Johnson, Director of Investment Sales at Berkadia, who said, “It was a pleasure working with Freshwater, as they expand their footprint in the Pacific Northwest.  Alex and his team performed flawlessly on their execution.  We are excited to work with them again”.

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NEW YORK, NY – Angelo Gordon, a $28 billion alternative investment firm focused on credit and real estate investing, Prism Capital Partners and Parkwood Development Corp., announced they have secured a $64 million loan from Bank OZK to finance the construction of the Wonder Lofts, an 89-unit luxury residential building in Hoboken, NJ.

The Wonder Lofts will feature prime retail space fronting Clinton Street, and over 10,000 square feet of indoor and outdoor amenity space including a state-of-the-art gym facility, pool, roof deck, party room, golf simulator, chef’s kitchen, and grill stations.

“This financing from Bank OZK allows us to go forward with the modernization of a classic former industrial site that is part of what makes Hoboken so historically significant,” said Daniel Rudin, Director, Angelo Gordon. “We are now fully capitalized for the project, and we are excited to have Bank OZK as part of that team.”

“Wonder Lofts is going to be a fantastic project delivered in a market with nothing really like it for sale,” said Eugene Diaz, co-Founder of Prism Capital Partners. “Significant work has already been completed, and once the renovation is finished, the Wonder Lofts will offer an attractive and reasonably priced alternative in the Hoboken submarket on the doorstep of New York City.”

Nearly all interior demolition and construction preparation work has been completed, and construction of the main building of the Wonder Lofts project is expected to commence in Q4 2018. In total, the Wonder Lofts will be comprised of five separate buildings and will retain a significant part of the site’s original architecture.

CORE Group Marketing has been hired to lead sales and marketing efforts. The top-of-the-line architecture team is comprised of Minervini Vandermark, who is leading the exterior building renovations, and Workshop/APD, who is responsible for the interior layouts and design.

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WELLINGTON, FL – ZOM Senior Living and Liberty Senior Living recently closed on a 46 acre lakefront parcel, adjacent to The Mall at Wellington Green. The expansive site is in western Palm Beach County, one of the most affluent regions in the U.S. Construction of the first phase is scheduled to start in Q1 2019, which will offer 267 premier independent living, helped living and memory care units. The centerpiece of the community is a two-tale, 65,000 square foot clubhouse and amenity building, replete with multiple dining venues, indoor and outdoor swimming pools, membership grade spa, salon and wellness center, billiards and cards room, and a theater, to name a few. The Class AA senior living rental community will offer luxury rental housing in a variety of formats, including single-tale villas (with attached garages), three-tale garden flats, and residences within a six-tale building, attached directly to the main amenity building. At full build-out, the project is anticipated to include over 424 units.

“We are excited to partner with Liberty Healthcare on this, our first ZOM Senior Living rental community,” said Greg West, CEO of ZOM Living. “We formed ZOM Senior Living to capitalize on this growing segment of the renter pool, and we plot to offer the same thoughtfully designed living spaces, amenities, and broad array of services to our senior residents, as we provide in our traditional market rate rental communities. We join forces with a seasoned senior housing operating partner, which perfectly complements ZOM’s experience in luxury multifamily housing.”

Liberty Senior Living is a subsidiary of North Carolina-based Liberty Healthcare, a 125 year ancient family owned company with a wealth of experience delivering healthcare and residential services in the growing senior housing segment. 

“This is our first project in Florida and we are excited to partner with ZOM,” said Will Purvis, Chief Development Officer of Liberty Healthcare. “The large size of the Wellington site gives us the opportunity to make a unique resort style senior’s community, in close proximity to well-established retail shops and dining venues. We have ability to make a number of different residential formats and levels of healthcare services, and to maintain significant green space for the enjoyment of all of our residents.”

“We are excited to be working with the Village of Wellington on this project,” said Brett Gelsomino, Vice President of ZOM Senior Living. “We have been working closely with the plotting staff as an vital part of the process for this crown jewel site within the Village. We look forward to contributing positively to the community and providing high quality housing for our senior citizens. Investor interest has also been incredible, and we will soon be selecting an institutional equity partner and a construction lender for the financing of the project.” 

Wellington Green will overlook a 90 acre lake, adjacent to The Mall at Wellington Green, and an additional 400,000 square feet of anchored retail shops and dining venues, including upscale grocers, Whole Foods and Trader Joe’s. In addition to multifamily senior housing options, Wellington Green will offer waterfront garden flats and residential cottages, with attached garages. Wellington Green will offer best in class senior living, with an unmatched level of services and amenities. The main building will house 224 independent living units, two outdoor resort style pools, an indoor pool, formal and informal dining, a bistro and bar, and expansive exercise and group fitness areas.

LS3P Architects (Wilmington) and MSA Architects (Miami) are providing design and architectural services, and Balfour Beatty has been selected as general contractor. Bridge financing for the land acquisition was provided by Alabama-based CB&S Bank.

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