DENVER, CO – Rooney Properties announced the opening of the new Timnath Trail at Riverbend Apartment Homes. Managed by Mission Rock Residential, a national firm with its headquarters in Denver, the 176-unit community is continuing to offer leasing discounts as the last units on the site are made available through the Winter months ahead.

The thriving Front Range community of Timnath was established in 1882 between the cities of Fort Collins and Denver, Colorado. The town is known for its gorgeous mountain views and ease of access to some of Colorado’s key economic markets such as Fort Collins, Denver, Loveland, Centerra, and Johnstown. The Timnath Trail at Riverbend apartment community, the first multifamily apartments ever built in Timnath, sits adjacent to the Poudre River and its parallel Poudre River Trail. This trail is traveled by thousands each year around the Fort Collins metro area and provides a tremendous asset to community residents. 

“We are so delighted to be having our first families enjoying the many amenities at Timnath Trail and to watch them turn our apartments into the long-term homes they were designed to be,” said Developer Jim Rooney with Rooney Properties. 

The surrounding area has also recently undergone a rapid transformation thanks to the leadership by Town officials. On the eastern side of the site is Timnath’s new Town Center Building opened earlier this year, housing government offices, Town Council chambers, a municipal court room, and more. A new retail center has also been rapidly pushing toward its own complete opening, with new tenants such as Zzap Pediatrics, Dominos’s Pizza, and others opening over recent months.  

The Rooney Properties team worked closely with the Timnath Town Council and city staff members to navigate zoning and code regulations, given the new building type for the town. The project has thus paved the way for more multifamily housing solutions to be constructed in the town in the years ahead. 

The Riverbend community includes mostly garden-style apartments and select townhome residences, with spacious floor plans ranging from one to three bedrooms between 700 square feet and 1,200 square feet in size. High-end finishes are included throughout the homes such as solid-wood doors, granite countertops, 9′ high ceilings, and well-integrated technologies. 

Extensive lifestyle amenities are also available to the community’s residents such as a heated swimming pool, whirlpool, a bike and ski maintenance facility, an outdoor kitchen, bike rentals, car charging stations and a fitness center. 

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MARY ESTHER, FL – Walker & Dunlop announced that it structured $35,417,200 in construction financing through the United States Department of Housing and Urban Development (HUD) for Renaissance Santa Rosa in Mary Esther, Florida.

Formerly a nine-acre department store site adjoining the Santa Rosa Mall, the property will undergo a comprehensive redevelopment into a walkable, mixed-use community. The developers, Rea Ventures Group, LLC and Radiant Partners, were introduced to one another by Walker & Dunlop and are both longtime clients of the company. Together, the firms plot to utilize sustainable construction techniques to ensure the project will qualify for the National Green Building Standard (NGBS) designation.

“Renaissance Santa Rosa will be a separate, self-contained community, so residents won’t feel like they’re living next to a mall,” said David Schonberger, a founding member of Radiant Partners. “We foresee this transition from a pure retail play to a mixed-used play being highly attractive for residents.”

Walker & Dunlop’s team, led by FHA experts, Frank Baldasare and Heather Olson, alongside capital markets specialists, Al Rex and Marty McGrogan, utilized HUD’s 221(d)(4) construction program to finance the project. This program mitigates interest rate risk for the developers, combining both construction and permanent financing in a single fixed-rate loan. The team also secured a favorable interest rate for the clients by implementing HUD’s Green mortgage insurance premium (MIP) reduction program.

Ms. Olson commented, “The HUD 221(d)(4) financing structure is a perfect fit for developers looking to revitalize aging retail locations with new multifamily and mixed-use developments. The low interest rate, 40-year loan allows our clients to maximize their leverage and provide the construction and permanent financing needed to make gorgeous and sustainable apartment homes for our communities.”

Said Mr. Rex, “We’re seeing a lot of shopping center owners become creative in how they reposition vacated anchor tenants. They are collaborating with other real estate professionals to add alternative uses to utilize the excess land to enhance the center and value.” Mr. McGrogan added, “Apartment complexes and hotels are two of the most well loved new uses that retail landlords are choosing to explore. Making a mixed-use center where people can live, work, shop, and dine is a perfect solution, and we foresee this becoming a useful model as properties evolve to meet the current user’s demands.”

Located along the “Emerald Coast” between Pensacola and Panama City and within two miles of the Eglin Air Force Base complex, Renaissance Santa Rosa is well-positioned to cater to military families and residents seeking a more urban lifestyle. Once complete in the fourth quarter of 2020, the luxury apartment complex will comprise four buildings with 229 one-, two-, and three-bedroom units. Each of the market rate apartments will include a private patio or balcony, in addition to premium fixtures and finishes. Community amenities will feature a two-tale clubhouse, resort style pool, business center, gaming room, exercise facility, picnic areas, a playground, and a dog park. Meanwhile, the adjacent mall offers multiple retail, dining, and entertainment options to residents and visitors alike.

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ATLANTA, GA – Promenade at Newnan Crossing, a Class-A 298-unit multifamily community, has opened its doors to residents to start immediate go-in. 

Located in the metro Atlanta city of Newnan, Georgia, the development— a product of a partnership between South Florida-based firm PointOne Holdings, Novare Group and Batson-Cook Development Company — inaugurated earlier this month. 

The rental properties include one, two- and three- bedroom units as well as townhomes with garages. The residences are built on a 24- acre gated community that includes a high-end resident clubroom, state-of-the-art fitness center, resort-style pool, area for outdoor grilling and a dog park.

Promenade at Newnan Crossing is part of Village Square at Newnan Crossing, a 123-acre mixed-use development connecting offices, retail and walking trails at the intersection of Newnan Crossing Boulevard East and Lower Fayetteville Road in Newnan. The community provides residents with a truly walkable, interconnected community containing an exciting mixture of retail, office, restaurant and residential space. 

“An vital component of our strategy at PointOne Holdings is to provide our residents high-quality communities, with best-of-market amenities at fantastic value,” said Leo Peicher, Principal at PointOne Holdings. “Newnan Crossing embodies this vision and strategy, and we couldn’t be more proud of the outcome.” The location also offers direct access to the I-85 interstate corridor as well as convenient access to approximately 1.7 million square feet of grocery, retail and dining and entertainment space including two marquee shopping centers; the Forum at Ashley Park and the Newnan Pavilion.

“We are excited to open the doors of Promenade at Newnan Crossing,” said Jim Borders, President and CEO, Novare Group. “It has many homes facing the promenade and others facing wide-open green spaces and public lawns. Unique to this market are the ‘manor-style’ residences, which offer residents direct access private garages. With other market-leading amenities, our partnership has delivered a community we are proud of for our residents and a fantastic addition to Newnan.” 

Newnan is also in close proximity to Atlanta, which ranks tenth in US GDP and top 5 in Fortune 500 headquarters. Further contributing to the job growth and economic prosperity, the city has seen the relocation of US headquarters for Mercedes Benz as well as the development of large employment centers for both State Farm and Google.

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