CHICAGO, IL – Hunt Companies and Savoy Development announced that its multifamily development at Logan Square in Chicago, Noca Blu, has achieved LEED Silver certification from the U.S. Green Building Council.  Noca Blu, one of the first new multifamily properties in the quick-growing submarket area in decades, sits half a block north of the intersection of California and Milwaukee Avenues, adjacent to the California Avenue CTA Blue Line Station.  Its urban infill location is within one of Chicago’s newest Transit Oriented Development (TOD) locations.

“We are proud to be part of the revival of the Logan Square area, bringing sustainable, urban, and pedestrian-friendly living to renters seeking proximity to mass transit and lifestyle amenities,” said Guy Arnold, COO of Hunt.  “We are pleased to celebrate the certification with our partner, Savoy Development.”

Noca Blu is a 6-tale, 138-unit Class “A” quality property combining market rate and affordable units with over 9,300 square feet of ground level retail space.  The property also includes an 8,000 square-foot amenity deck and parking spaces for 44 cars and 138 bicycles.  Of the 138 units, 20 will be affordable and 118 market rate. Construction was completed in the fall of 2018 and residents started moving in/leasing in November 2018.  

“LEED is a transformative tool that ensures a building is designed and operating to achieve high performance in key areas of human and environmental health while enhancing the triple bottom line – people, planet and profit,” said Mahesh Ramanujam, president and CEO, USGBC. “By prioritizing sustainability, the NoCaBlu project is leading the way in their industry and helping USGBC continue toward our vision of a sustainable built environment within a generation.” 

Hunt and Savoy co-developed the project in joint venture with Principal Real Estate Investors. Construction financing was provided by Wintrust Commercial Real Estate, Studio 222 Architects designed the building, and the general contractor was Focus Construction. Pinnacle manages the property. 

Powered by WPeMatico

VERO BEACH, FL – Watercrest Senior Living Group and United Properties gathered with construction, development, design and community partners to celebrate the ceremonial groundbreaking of Watercrest Sarasota Senior Living Community in Sarasota, Florida. The 198-unit, luxury senior living campus is under construction by Walker and Company and scheduled to welcome residents in Summer 2020.

Ideally located at 4141 Desoto Rd, Watercrest Sarasota will be a signature Watercrest product, offering 72 independent living, 96 helped living and 30 memory care apartments with resort-style service and world-class care.  The architecture and design will boast a stunning promenade, fireplace, signature water wall, multiple dining options, pool, salon and spa, grand balconies, and Florida-style outdoor living spaces.  Watercrest’s uniquely designed Market Street Plaza will showcase an outdoor streetscape with numerous LifeBUILT programming touches; a highlight and crucial element of their multi-sensory memory care programming.  

“Collaborating with forward-thinking partners such as United Properties further enhances our continued expansion in developing senior living communities of superior quality,” says Marc Vorkapich, Principal and CEO of Watercrest Senior Living Group. “Watercrest Sarasota will offer seniors an exceptional and enriching lifestyle.”  

With multiple developments across the southeast, Watercrest principals, Marc Vorkapich, CEO, and Joan Williams, CFO, are poised to open more than a dozen senior living communities in the next few years.  This is the second senior living development project partnered between Watercrest and United Properties.  Their first project, Watercrest Naples Helped Living and Memory Care is currently under construction and on schedule to welcome residents in late 2019.

Founded in 1916 and based in Minneapolis, United Properties has developed nearly 200 projects totaling more than 20 million square feet and nearly $1 billion over the last 30 years, including 17 senior housing communities in the Minneapolis/St. Paul, Denver and Naples markets, with five more under development.

“This is our largest senior living investment to date,” stated Mark Nelson, United Properties’ Executive Vice President.  “We are pleased to have such fantastic partners working with us on this exciting project.  You can’t gather a better team than Watercrest, Walker, Bank of Montreal, and Dougherty.”

Powered by WPeMatico

COVINGTON, GA – A joint venture partnership between Auerbach Opportunity Fund I, LP and Blue Magma Residential has secured a $35.4 million loan with Greystone under the Fannie Mae Delegated Underwriting and Servicing (DUS) program to refinance its existing acquisition loan with Ladder Capital for a three-property, 604-unit multifamily portfolio in the Southeast, originally bought in December 2017.

The 10-year fixed rate loan represents 75% loan-to-value for the portfolio. Financing was arranged by Eyzenberg & Company’s Jeff Conti and Mila Babenko on behalf of the borrowers.

The portfolio is comprised of three two-tale garden-style rental apartment properties totaling 565,282 SF. The portfolio includes the 188-unit Park at Arlington in Covington, GA.; the 232-unit Park at Brighton in Robinsonville, MI.; and the 184-unit Park at Ashburn in Dothan, AL.

Since its acquisition, Sponsorship has invested over $2 million in capital improvements into the properties. The exterior renovations / common areas have been substantially competed at all three complexes, in addition to over 100 units at the Park at Arlington and the Park at Brighton. The overall strategy is to continue raise rents to market rate by continuing unit renovations, while also improving occupancy, currently at approximately 92% portfolio-wide, with anticipated stabilization in the next eighteen months. 

Of the refinance, Peter Auerbach, CEO of Auerbach Funds, stated, “We are extremely proud of the work we have done to date to make a sense of community at each of these properties and empower our residents to live with dignity and pride, and the value creation achieved thus far is a reflection of that.” 

Reuven Oded, CEO of Blue Magma, added, “In a continuation of our strong relationships with Greystone and Eyzenberg, we are glad to have found a loan product that fits well with our business plot for the portfolio, and we look forward to continuing to realize the full potential of these properties.”

Auerbach Funds and Blue Magma own, in partnership with each other, over 1,600 apartment units in four states.

Powered by WPeMatico