NEW YORK, NY – Angelo Gordon, a $28 billion alternative investment firm focused on credit and real estate investing, Prism Capital Partners and Parkwood Development Corp., announced they have secured a $64 million loan from Bank OZK to finance the construction of the Wonder Lofts, an 89-unit luxury residential building in Hoboken, NJ.

The Wonder Lofts will feature prime retail space fronting Clinton Street, and over 10,000 square feet of indoor and outdoor amenity space including a state-of-the-art gym facility, pool, roof deck, party room, golf simulator, chef’s kitchen, and grill stations.

“This financing from Bank OZK allows us to go forward with the modernization of a classic former industrial site that is part of what makes Hoboken so historically significant,” said Daniel Rudin, Director, Angelo Gordon. “We are now fully capitalized for the project, and we are excited to have Bank OZK as part of that team.”

“Wonder Lofts is going to be a fantastic project delivered in a market with nothing really like it for sale,” said Eugene Diaz, co-Founder of Prism Capital Partners. “Significant work has already been completed, and once the renovation is finished, the Wonder Lofts will offer an attractive and reasonably priced alternative in the Hoboken submarket on the doorstep of New York City.”

Nearly all interior demolition and construction preparation work has been completed, and construction of the main building of the Wonder Lofts project is expected to commence in Q4 2018. In total, the Wonder Lofts will be comprised of five separate buildings and will retain a significant part of the site’s original architecture.

CORE Group Marketing has been hired to lead sales and marketing efforts. The top-of-the-line architecture team is comprised of Minervini Vandermark, who is leading the exterior building renovations, and Workshop/APD, who is responsible for the interior layouts and design.

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WELLINGTON, FL – ZOM Senior Living and Liberty Senior Living recently closed on a 46 acre lakefront parcel, adjacent to The Mall at Wellington Green. The expansive site is in western Palm Beach County, one of the most affluent regions in the U.S. Construction of the first phase is scheduled to start in Q1 2019, which will offer 267 premier independent living, helped living and memory care units. The centerpiece of the community is a two-tale, 65,000 square foot clubhouse and amenity building, replete with multiple dining venues, indoor and outdoor swimming pools, membership grade spa, salon and wellness center, billiards and cards room, and a theater, to name a few. The Class AA senior living rental community will offer luxury rental housing in a variety of formats, including single-tale villas (with attached garages), three-tale garden flats, and residences within a six-tale building, attached directly to the main amenity building. At full build-out, the project is anticipated to include over 424 units.

“We are excited to partner with Liberty Healthcare on this, our first ZOM Senior Living rental community,” said Greg West, CEO of ZOM Living. “We formed ZOM Senior Living to capitalize on this growing segment of the renter pool, and we plot to offer the same thoughtfully designed living spaces, amenities, and broad array of services to our senior residents, as we provide in our traditional market rate rental communities. We join forces with a seasoned senior housing operating partner, which perfectly complements ZOM’s experience in luxury multifamily housing.”

Liberty Senior Living is a subsidiary of North Carolina-based Liberty Healthcare, a 125 year ancient family owned company with a wealth of experience delivering healthcare and residential services in the growing senior housing segment. 

“This is our first project in Florida and we are excited to partner with ZOM,” said Will Purvis, Chief Development Officer of Liberty Healthcare. “The large size of the Wellington site gives us the opportunity to make a unique resort style senior’s community, in close proximity to well-established retail shops and dining venues. We have ability to make a number of different residential formats and levels of healthcare services, and to maintain significant green space for the enjoyment of all of our residents.”

“We are excited to be working with the Village of Wellington on this project,” said Brett Gelsomino, Vice President of ZOM Senior Living. “We have been working closely with the plotting staff as an vital part of the process for this crown jewel site within the Village. We look forward to contributing positively to the community and providing high quality housing for our senior citizens. Investor interest has also been incredible, and we will soon be selecting an institutional equity partner and a construction lender for the financing of the project.” 

Wellington Green will overlook a 90 acre lake, adjacent to The Mall at Wellington Green, and an additional 400,000 square feet of anchored retail shops and dining venues, including upscale grocers, Whole Foods and Trader Joe’s. In addition to multifamily senior housing options, Wellington Green will offer waterfront garden flats and residential cottages, with attached garages. Wellington Green will offer best in class senior living, with an unmatched level of services and amenities. The main building will house 224 independent living units, two outdoor resort style pools, an indoor pool, formal and informal dining, a bistro and bar, and expansive exercise and group fitness areas.

LS3P Architects (Wilmington) and MSA Architects (Miami) are providing design and architectural services, and Balfour Beatty has been selected as general contractor. Bridge financing for the land acquisition was provided by Alabama-based CB&S Bank.

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SEATTLE, WA – Security Properties and Pacific Life Insurance Company bought Tessera at Orenco Station, a 304-unit multifamily property built in 2014 and located in Hillsboro, OR for $85,000,000. Security Properties now owns a total of eight assets in the Portland marketplace.

 Tessera is located within the outlying suburbs of the Portland Metropolitan Area in Hillsboro, OR. Currently the state’s fifth largest city with over 100,000 residents, Hillsboro enjoys award-winning urban plotting, an affordable cost of living, a strong economic base and one of the state’s most diverse populations. Often referred to as the Silicon Forest, Hillsboro is most widely recognized for the cluster of high-tech companies located within its boundaries. Case in point, Intel’s Ronler Acres campus is now the company’s largest operating hub and the site of its research and development group as well as its most advanced technical operations and top executives. The campus is conveniently located less than one mile directly north of the property. 

From a retail perspective Tessera sits in an brilliant pocket of Hillsboro. Residents benefit from access to an array of walkable amenities highlighted by The Orenco Station Town Center. The Town Center is located less than ½ mile north of the property and is anchored by a New Seasons Market, Starbucks and a variety of boutique restaurants. The Town Center also plays host to a local farmers’ market on Sundays. The property offers outstanding regional connectivity as the Orenco MAX Station is located just a single block south (~3 minute walk) and offers access to a total of 97 stations covering 60 miles. Major stops along the light rail track include Beaverton (home to Nike’s World HQ), downtown Portland and the Portland International Airport. 

The business plot is to upgrade all eight of the property’s designated common area spaces to offer top of the market amenities. The interiors will also be updated with vinyl plank flooring throughout all living areas, under-cabinet access lighting and a comprehensive technology package. 

According to Davis Vaughn, Senior Director at Security Properties, the acquisition was made because, “Hillsboro has brilliant fundamentals with convenient access to high paying employers.  With the combination of walkable retail and a location adjacent to the light rail station, we feel Tessera is well positioned to be the top asset in the market once our value-add upgrades are complete.”

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