NEW YORK, NY – Clipper Realty, an owner and operator of multifamily residential and commercial properties in the New York metropolitan area, announced that it has closed on the buy of 107 Columbia Heights, a 161-unit apartment community located in the Historic District of Brooklyn Heights New York, for $87.5 million, or $596 per square foot.

“We are pleased to have completed our first acquisition since our initial public offering in February. We believe 107 Columbia Heights, an irreplaceable asset in the vibrant Brooklyn Heights submarket, presents an attractive opportunity for us to grow rents and make value through repositioning,” stated David Bistricer, Co-Chairman and Chief Executive Officer.

The property is located near The Promenade, and offers convenient access to various subway and bus lines. The acquisition was financed with a new $59 million secured mortgage loan that carries interest at LIBOR plus 3.85% through its maturity in August 2020, with the remainder funded by cash on hand.

Clipper Realty is a self-administered and self-managed real estate company that buys, owns, manages, operates and repositions multifamily residential and commercial properties in the New York metropolitan area, with an initial portfolio in Manhattan and Brooklyn.

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POOLER, GA – Shepherd Health and Cobalt Seniors have broken ground on Shepherd Living at Savannah Quarters and Pooler Physical Therapy near the intersection of I-16 and Pooler Parkway. The 124-resident development is the first in Georgia for the Shepherd and Cobalt partnership, and will span 10 acres with two single-tale buildings totaling 86,000 square feet.

“This is a fantastic day for the City of Pooler,” said Pooler Mayor Mike Lamb. “Shepherd Living at Savannah Quarters is the premier senior community in the Coastal Empire and will not only benefit our 55 and older residents, but be an economic boon for our entire area.” The project will make approximately 200 jobs throughout the construction period and, once completed, approximately 65+ additional jobs for permanent operations.

Residents will delight in a host of amenities, including gourmet farm-to-table food, fine wine storage, a full-service salon, a greenhouse and numerous gardening opportunities, private kitchens, animal therapy, extensive walking trails and landscaping throughout the large grounds, and even a tavern.  The wellness lifestyle at Shepherd Living at Savannah Quarters also includes daily classes ranging from meditation and gentle yoga to aerobics and circuit training. Certain amenities, such as the spa, wellness center and classes, will be open to members of the public age 55 and older. Others, such as the restaurant and many social activities, are open to those of all ages.

Shepherd Health co-Founder and CEO Christine Menedis clarifies, “We have made a new breed of community. Thoughtfully designing our projects to engage the entire regional population, we look at the lifestyles of an area and know how we can serve to enhance them and simultaneously make continuity for seniors. It’s one of the many reasons Pooler and the broader Savannah region is such a natural fit for us. The area shares many of our core values, such as family, community, a rich food, art, and wellness culture, as well as a sense of history and a desire to give back and engage with neighbors.”

Pooler Physical Therapy will provide on-site services to Shepherd Living at Savannah Quarters residents, as well as serving the needs of the broader community of all ages. In addition to working with local physicians and practices, Pooler Physical Therapy will engage with business to provide direct-contracted, on-site care for their employees. “SEDA (Savannah Economic Development Authority) and the local chambers of commerce have been very welcoming and we look forward to exploring new and unique ways to serve their local members,” says Erik de Vries, Principal and President of Cobalt Medical Development.

Shepherd Living at Savannah Quarters expects to start pre-leasing activities in November 2017.

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MINNEAPOLIS, MN – LMC, a leader in apartment development and operations, announced the topping off of NordHaus, a luxury mixed-use apartment community located in the charismatic northeastern part of the city.

The 20-tale community features 280 apartment homes, including 12 penthouses, and 22,000 square feet of ground-floor retail and destination restaurant space. Now that the development has reached its highest point of construction, the LMC team is focusing on completing the building exteriors and preparing apartment interiors for first go-ins, anticipated for August.

“The process with this development was very unique, and we believe the backstory of the site will give NordHaus plenty of character,” said Jon Fletcher, senior development manager for LMC. “After working closely with the city, county and state to prepare the land for development, we’re ecstatic to have reached this development milestone and to start building our initial resident base. We believe NordHaus will offer an unmatched living experience in the area.”

Located at 315 1st Ave. Northeast, the site has a storied history. In 1955, Superior Plating relocated to the site for a variety of plating uses, eventually closing in 2012. The plating factory, which manufactured parts for commercial, aerospace and military use, was demolished in the spring of 2014. The site was initially developed in 1891 as a car barn used by the Minneapolis Rapid Transit Street Railyard Company and used to repair streetcars.

The community’s Scandinavian-inspired design, which mixes a European style with North Woods character, will complement modern-day Northeast Minneapolis, which is defined by its creative, artistic residents and businesses. Located across the Mississippi River from downtown Minneapolis, the locale often is referred to as “Nordeast” to pay tribute to the area’s northern and eastern European immigrants.

The neighborhood features an eclectic mix of locally owned establishments within walking distance, including several craft beer pubs, the Yoga Sol studio, Gorkha Palace, the Red Stag Supperclub and The Herbivorous Butcher vegan restaurant. Residents also will be able to walk to the abundant green space and paths along the Mississippi River. The site also is situated less than two miles from Interstate 35W, which provides connectivity to the major employment centers throughout the metropolitan area.

NordHaus consists of 1- and 2-bedroom apartments, exclusive penthouse homes, and includes 390 parking spaces. In addition to featuring best-in-market, Scandinavian-inspired finishes, the community features a variety of first-class amenities. Residents will delight in a one-acre rooftop amenity area, multiple dog play areas, several bicycle lounges, package concierge services, work-from-home suites, a swimming pool, hot tub and leisure activity room.

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