SAVANNAH, GA – Spandrel Development Partners, a multi-disciplined real estate investment and development firm, announced the closing of its new 275 unit mixed-use project, 630 Indian Street, located in Savannah, G.A. The property is being developed through a joint venture with real estate funds managed by AllianceBernstein LP and construction financing through Citizens Bank. HFF’s Atlanta office arranged both the debt and equity financing.

Located just steps away from the Savannah River Walk and high-end boutiques of Broughton Street, the development is slated to break ground this month with completion expected by the fourth quarter of 2019. Once built, the property will offer 275 multi-family rental apartments with 6,000 square feet of amenity space and 9,000 square feet of retail.

630 Indian Street will feature studio, one and two-bedroom residences with sweeping river, bridge and downtown views and an abundance of natural light. The expansive list of amenities will include pool, outdoor fire pit, dog walk, indoor parking, fitness center, crafts space, co-working & media lounge, gourmet kitchen, two vegetated courtyards, and Savannahs largest solar roof farm.

“630 Indian Street will offer a fully amenitized downtown lifestyle in one of Georgia’s fastest growing cities,” said Ian Levine, co-founding principal at Spandrel. “Our firm’s strengths lay in its ability to seek out unique development opportunities in cities primed for impressive growth. The growth in Savannah has made a demand for quality, new residential developments exactly like this one.”

At 360,000 square feet, the project will be one of the largest buildings in historic downtown Savannah and the first fully amenitized multi-family residential building since the 1960s. Sitting seven tales high and spread over 1.7 acres, the development will provide the vibrant city with the space necessary to satisfy the increasing demand for luxury multifamily residences within the downtown core. 

“The closing of this property allows us to play an integral role in the continued development and repositioning of real estate within the thriving city of Savannah,” said Emanuel Neuman, co-founding principal at Spandrel. “630 Indian Street will present a rare opportunity for an exceptional, highly-amenitized development in the heart of downtown.”

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MIAMI, FL – The public/private collaboration involving Miami-Dade County, Pinnacle Housing Group and the South Miami Heights Community Development Corporation has led to the commencement of construction for “Caribbean Village.” The participants will hold at Groundbreaking Ceremony on September 7th at 10:00 a.m. at 19755 S.W. 110th Court in South Miami Heights.

This 123 unit community targeting seniors is part of a two-phased plot to develop transit-oriented affordable housing along the South Dade Busway along US 1, with direct Busway access to MetroRail and public transportation throughout greater Miami, and will be the first new affordable seniors housing in this area in twenty-five years.

Pinnacle and the South Miami Heights CDC were competitively procured by Miami-Dade County to develop this County-owned property. In addition to contributing land, Miami-Dade County has loaned nearly $11.5 million in funds earmarked for affordable housing and economic development.

“Caribbean Village is the fulfillment of the County’s promise to deliver quality housing for our fixed-income seniors and to spur redevelopment in the South Miami Heights community, while taking advantage of the County’s investment in transit,” notes District 9 Miami-Dade County Commissioner Dennis C. Moss.

“Caribbean Village is the fulfillment of a community-driven process, led by our non-profit partners at the South Miami Heights CDC,” says Mitchell M. Friedman, Partner at Pinnacle Housing Group.  

Caribbean Village benefits from public/private financing partnerships through the issuance of Tax-Exempt Bonds, an allocation of Housing Tax Credits and a $5.3 million loan from Florida Housing Finance Corporation, with Citibank, N.A. purchasing both the bonds and the tax credits. 

Caribbean Village will contain one and two bedroom residences, as well as high quality amenities including a fitness center, lounge with card tables and computer access. Construction will be complete in the fall of 2019.

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FRAMINGHAM, MA – Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., announced it has broken ground on Modera Framingham, a luxury apartment community in Downtown Framingham approximately 20 miles west of Boston.

The community, which will feature 270 apartment homes, will be situated amidst Framingham’s artsy Central Business District and its multitude of shopping, dining and nightlife options. Modera Framingham is designed as a five-tale building above two tales of covered parking and is projected to welcome first go-ins in summer 2020.

“Downtown Framingham has so much to offer, and the recent revitalization efforts only add to the charm of the neighborhood,” said Lars Unhjem, vice president of development for the New England region for Mill Creek Residential. “We’re excited to join a wonderful city that boasts a storied history and a bright future thanks to its strong sense of community and vision for growth.”

“We believe Modera Framingham will provide a top-tier option for new housing in the rapidly evolving Central Business District,” added Tim Alexander, development associate for Mill Creek Residential. “As the city continues to evolve, the expectations of renters will follow suit and we’re keen to help meet that demand.”

As the largest city in the Greater Metro West Region, Framingham is home to a variety of major employers, including the corporate headquarters of BOSE, Staples, The TJX Companies and Cumberland Farms. The city features an abundance of shopping and dining options and the site is located approximately three miles from high-end mall The Natick Collection and within approximately two miles of several grocery stores, including Whole Foods and Trader Joe’s.

“Modera Framingham will be a wonderful addition to the city and another significant component of the Central Business District revitalization,” said Dr. Yvonne M. Spicer, Mayor of Framingham. “We have loved a strong partnership with Mill Creek Residential and are excited to see this development community – one of the first in Downtown Framingham in decades – come to fruition.”

Situated at 266 Waverly Street, the community site is also proximate to Framingham’s multitude of commuter options, including the MBTA Framingham Commuter Rail and Amtrak Station, the Massport Logan Express, and several key commuter routes, including State Routes 9, 126 and 30, Interstates 90, 495 and 95/Route 128.

Modera Framingham will consist of studio, one-, two- and three-bedroom homes with an average size of 1,000 square feet. Community amenities will include a 24-hour club-quality fitness studio, multi-use clubhouse area with state-of-the-art theater room, business center, flexible makers/craft space and game room. Outdoor amenities including a multifaceted central courtyard with dining and seating areas, water feature and outdoor play space, and an ample dog run.

Apartment interiors will boast nine-foot ceilings, Energy Star stainless-steel appliances, quartz countertops, built-in shelving, tile surrounds and in-home washers and dryers.

Modera Framingham is Mill Creek’s seventh community in the Boston area. Others include Modera Hopkinton, Modera Medford, Modera Natick Center, Modera Needham and Alister Quincy.

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