CLEVELAND, OH – BGLREA announced the financial closing for the acquisition, rehabilitation and construction of Quay 55, a luxury apartment complex located on the near east side of Downtown Cleveland, Ohio for its client, The Landmark Companies. The project capitalization included senior acquisition financing provided by Prime Finance, with whom BGL worked closely with Pinnacle Financial Group to secure, and a preferred equity investment from Tryperion Partners. 

Quay 55 (formally known as the Nicholson Terminal & Dock Company of Michigan) is one of the first and only waterfront luxury apartment developments in downtown Cleveland. Built in 1929, this iconic building was once a facility of many trades and is rich with decades of history. Its original use was for off-loading and a trans-shipment point for a variety of raw materials, industrial goods and manufactured products.  The property was repurposed in 2003 to 138 luxury apartment units. The Landmark Companies intends to convert an entire floor of unused interior parking garage space to accommodate another 29 apartment units bringing the total to 167 units.

Bob Rains, Co-Founder and Managing Partner of The Landmark Companies, commented, “BGL’s access to national capital markets and expertise in the needs of debt and equity investors was crucial in our acquisition of the property. They bring professionalism and competence to the table along with the ability to see a transaction through to the close. Working with the entire BGL team was a business like and learning experience.”

Led by Co-Founders Robert Rains and John J. Carney, The Landmark Companies develops, owns and manages residential and commercial real estate. Their portfolio includes apartment buildings, new construction in existing warehouse buildings and renovation of historic buildings in downtown Cleveland, Ohio and Indianapolis, Indiana. The Landmark Companies has developed over $210 million in projects that have made first-class residences and revitalized street-level retail in urban areas. This has been essential to the repopulation of downtown Cleveland’s neighborhoods.

Prime Finance is a private commercial real estate finance company with discretionary capital which directly originates mortgage, mezzanine and preferred equity financing and also buys performing, sub-performing and distressed debt.  Prime Finance is a balance sheet lender with offices located in New York, Chicago and San Francisco.  Tryperion Partners, LLC is a Los Angeles-based real estate investment manager focused on value-add office, retail, hospitality, and multifamily investments in Midwestern and Western U.S. markets, with two fully discretionary value-add real estate funds totaling more than $100 million in committed capital. 

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CORPUS CHRISTI, TX – NAPA Ventures, an Austin, TX based multifamily and commercial real estate investment company co-founded by Shravan Parsi and Glenn Gonzales, announces the acquisition of Yardarm Apartments.

Yardarm is the latest investment made by the real estate investment firm. The property is composed of 150-units, a leasing office, and multiple amenities located conveniently off the interstate 37.  

Yardarm Apartments is the first property of a two-property portfolio that NAPA company will close in Corpus Christi in Q3.

“We have already place another property (The Shores) under contract in Corpus that we are seeking capital on,” said Shravan Parsi, Co-CEO of NAPA. “This is a direct reflection of our knowledge in the market and the massive economic growth that is coming down the pipeline.”

Parsi expects to see large growth in the market due to ExxonMobil Corp’s building of the world’s largest ethylene cracker plant ($12 billion project), construction of a new bridge ($1 billion project), and the construction of a level two trauma wing at Christus Spohn Hospital.

NAPA’s business plot is to renovate the exterior of buildings and interior units of Yardarm and The Shores to increase profitability and provide a fantastic living experience for its residents. These updates include a makeover of landscaping, pool decks, parking lots, exterior paint and upgrading both the leasing office and business center. Interior unit renovations include: upgrades to countertops, cabinets, floors, and trendsetting black appliances.

“We plot to breathe some life into this property,” said Glenn Gonzales, Co-CEO of NAPA. “Yardarm and its immediate submarket is in the process of extreme growth and NAPA wants to be a part of that.”

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VERO BEACH, FL – Watercrest Senior Living Group and Providence One Partners gathered with city officials, development, construction, and design partners to celebrate the groundbreaking of Sage Park Helped Living and Memory Care in Kissimmee, Florida. Watercrest Senior Living Group, the co-owner and operator of the 106,882 square foot, 128 unit senior living community will welcome residents to Sage Park in the fall of 2018.

“We celebrate this development milestone and our collaboration with Providence One Partners in bringing the seniors and families of Kissimmee an upscale senior living environment providing unparalleled service, innovative training and world-class care,” says Marc Vorkapich, Principal and CEO of Watercrest Senior Living Group.

Sage Park Helped Living and Memory Care will feature 104 helped living and 24 memory care apartments with gracious accommodations and upscale amenities in a thoughtfully plotted senior living community. Ideally located in Kissimmee’s Osceola Corporate Center, the neighboring area offers diverse workspaces, residential neighborhoods, and plentiful retail and entertainment centers.

Watercrest Senior Living prides itself on providing state-of-the-art wellness programs, savory dining and extraordinary care, all tailored to individual resident preferences. All Watercrest memory care associates are Nationally Certified Dementia Specialists and their comprehensive programming focuses on innovative lifestyle approaches, including personal life silhouettes, multi-sensory enhancements, Memories in the Making, and Music and Memory programs.

“Sage Park is specifically designed for seniors seeking a superior living experience unmatched in the area to date,” says Michelle Pierce, COO of Providence One Partners. “We anticipate this community will reflect the excitement and smart growth happening in Osceola County.”

This is the fourth senior living project for Providence One Partners, the developer and co-owner of Sage Park Helped Living and Memory Care.

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