Construction Maison

Victoria Park Apartments orlando" src="https://media.atre.yardi.com/2/25955/images/orlando.jpg?w=300&h=199" alt="" width="300" height="199" />NorthMarq arranged a $36.3 million refinance for Victoria Park Apartments in Metro Orlando through its relationship with a CMBS lender. The refinance was structured with a 10-year term and three-year interest-only period with a 30- year amortization schedule . Senior Vice President/Senior Director David Schofield and Senior Vice President/Managing Director Melissa Marcolini Quinn of NorthMarq Capital ’s Orlando based regional office negotiated the transaction. Quinn is pleased with Victoria Park ’s efforts on maximizing revenue at the property which enabled NorthMarq to obtain maximum proceeds . “Due to the small amount of vacation rentals at the property, this transaction was not a fit for the agencies, but a great fit for the CMBS market,” she added. Victoria Park Apartments is a 348-un...

Marcus & Millichap (NYSE: MMI) today announced that its financing subsidiary, Marcus & Millichap Capital Corp . (MMCC), has arranged $35.8 million in refinancing for Aurora Apartments in Charlotte, North Carolina. The loan was structured with an adjustable interest rate over a seven- year term amortized over 30 years. “MMCC has an existing relationship with the borrower who sought our services based on our reputation as a low-cost provider and our ability to execute complex financing transactions flawlessly ,” said Richard Katzenstein, senior vice president and national director, MMCC. “Leveraging our partnership with PGIM Real Estate Finance , we were able to provide a low- cost capital solution with attractive terms well beyond what the borrower was able to find elsewhere in the marketplace. In addition, MMCC’s execution of the loan was one the best the client had experienced.” “This transaction highlights how our proprietary preferred correspondent agreement with PGIM ...

Editor’s note: This profile originally appeared in Minnesota Lawyer, a sister publication of Finance & Commerce. Mary Wawro spends much of her time with legal documents as senior vice president and general counsel for Minneapolis- based Ryan Cos . US Inc. Seeing projects such as the Downtown East redevelopment in Minneapolis come to life is among the rewards of her job. Downtown East includes the Commons park near U.S. Bank Stadium, apartments, a hotel, a parking ramp, two Wells Fargo office towers and Ryan’s new headquarters in the Millwright Building at 533 S. Third St. “My favorite part has been the interesting projects that I’ve worked on, particularly here at Ryan and with so many smart, dedicated people,” said Wawro, who has been at Ryan for 15 years after two years as outside counsel. “When you work a lot with documents and concepts, it can feel really good to see the physical buildings that resulted from those documents.” Construction- related legal work touches on...

Perryman Construction Management is building the 30-unit multi- family Hayspur development in Nampa. Photo courtesy of Mountain Peak Marketing " width="300" height="169" /> Perryman Construction Management is building the 30-unit multi- family Hayspur development in Nampa, shown here. Photo courtesy of Mountain Peak Marketing Apartment projects are going up across the Treasure Valley from Boise to Meridian to Nampa and to the next frontier in multi- family housing , Kuna. Some 2, 700 apartment units are in various stages of construction among those cities. Some are recently completed and some are being built in phases.  That is a stark contrast to the near zero multi- family construction in 2010 in metro Boise. Multi- family housing has evolved in the 21 st century, largely moving away from large buildings with hundreds of units. Locally, many developers have settled for the common denominator of sets of fourplexes with the occasional six-, eight- ...

CONCORD — Carlton Senior Living, which plans to expand its Concord housing complex , recently bought from the city a vacant lot that sits behind the Park & Shop shopping center . The Concord- based firm agreed to pay the city $380,000 — the full appraised fair market value — for a 9,600-square-foot parcel at the corner of Sutter and Harrison streets. The property is adjacent to Carlton’s 152- unit independent living apartment building at 1700 Broadway. Carlton owns 11 senior housing communities in Concord, Pleasant Hill, Davis, San Leandro, San Jose, Fremont, Sacramento and Elk Grove. The Concord complex is the only one without a memory care or assisted living component , said Todd Kemerly, senior vice president of sales and marketing. Combining the city’s parcel with a second property Carlton plans to buy at 2051 Harrison St., will provide space for the company to build approximately 30 units for seniors with Alzheimer’s disease and other types of dementia. “The intent is ...

A new apartment complex near Elk Grove was completely full before it was even ready for tenants to move in. Arbor Creek, a 102-unit low- income apartment complex near Elk Grove-Florin and Calvine roads, held an open house and ribbon- cutting ceremony Thursday . It's owned and operated by Roseville- based USA Properties , which owns numerous low -income and senior housing complexes around the state and about a half-dozen in Elk Grove.  "The fact that they have a place like this to live makes them more stable as far as buying into this area," USA Properties President and CEO Geoffrey Brown said. Tenants pay a different rent depending on their income, which can't be more than either 50 or 30 percent of the county's median income. That means a three-person family earning $32,550 a year (50 percent of the median income) would pay $756 for a two-bedroom apartment. If that same family earned $19,530 (30 percent of the median income), they would pay $431 to rent a tw...

After one resident heard rumors that the complex was destined to be scraped and developed into hundreds of new units in the hot Lowry neighborhood , he contacted an official with  Vivage Senior Living Solutions , the company that manages the facility — but that official reported back that the executive director didn 't know about the sale, either. Still, residents worried that they would suddenly get a thirty-day notice to vacate, and that would not be enough time to find a new home. Space is in short supply in metro Denver, and a move can be debilitating even when there are available spaces. Many of the seniors rely on Medicaid and Social Security, and switching those accounts to new addresses can be complicated, too. Nancy Schwalm, chief business development officer for Vivage, says that management knew there were offers on the table for the property, a circa 1938 building that was used as officers' quarters back when Lowry was an Air Force base ,  but were kept in the dar...

Affiliates of Toronto-based Republic Funds paid $17 million last month to buy two Little Rock apartment complexes with a total of 482 units. Republic Spanish Rock , a limited partnership, paid $11 million for the 258- unit Spanish Rock Apartments in the Markham Mesa subdivision . Spanish Rock is the combination of several complexes from eight units to 162 units. Another limited partnership, Republic Spanish Jon , paid $6 million for the 224- unit Spanish Jon Apartments at 5001 W. 65th St. Pete Hartnett, senior vice president of Dallas- based Rowan Properties , represented Republic Funds as well as the "large Texas-based seller that owns thousands and thousands of Class C units," he said. In an interview, Hartnett declined to identify the Texas seller. Both properties underwent significant interior and exterior renovations, which were completed before the sale, Rowan Properties said in a news release. Spanish Jon Apartments had a low cost housing program agreement th...

Los Angeles— Oakwood Worldwide , the award- winning global leader in corporate housing and serviced apartment solutions , added a 141- unit apartment community in Redwood City, Calif., to its global portfolio through its $4 billion partnership with Singapore- based Mapletree Group . The property is the third Oakwood- branded property acquired by the Mapletree Group as part of its collaboration with Oakwood Worldwide , and second within the growing technology center of Silicon Valley. Oakwood Redwood City , previously known as The Lane on the Boulevard, is situated at the heart of Redwood City—just south of San Francisco and north of San Jose. World- leading technology companies are nearby, including Facebook, Google and YouTube. The acquisition showcases Oakwood Worldwide ’s commitment to fulfilling the needs of tech companies in Silicon Valley. “I’m very pleased to include Oakwood Redwood City in our worldwide network ,” said Scott Orrantia, senior vice president and chief in...

FT. LAUDERDALE, FL - ZOM Florida and The NRP Group recently celebrated the completion and grand opening of Monterra Apartments,  a workforce housing community in Cooper City, south Broward County , Florida. The new 300 unit community began pre -leasing in February 2012 and was 100% leased in April. The units will be 100% occupied in mid July. The property boasts a variety of spacious 1, 2 and 3- bedroom floor plans , featuring nine foot ceilings, and walk in closets. The centerpiece of the Monterra community is a large upscale clubhouse facility , which includes a swimming pool, clubroom with computer work stations , and a 24- hour fitness center . Additional project features include energy efficient appliance and lighting packages, a playground, a covered barbeque area , and a dog park. Project financing included approximately $26 million in NIBP bonds issued by the Florida Housing Finance Corporation , HOME loan funding , and additional loans provided under...

Members Credit Union was the first credit union in the state to be recognized as a “Juntos Avanzamos” credit union last week — one which helps underserved Spanish -speaking and immigrant clients. Shown from left are Carlos Castro-Velez, Peter Yeskey, Lesley Ulloa, Harrinson Agudelo-Rios, Kelly Kortner, Brian Wood, Helen Charles, Evelyn Montufar, Michael Gavan, Elsa Soogrim, Kathy Chartier, Lynn Sabatino, Vanessa Kuduk, U.S. Rep. Jim Himes, Linda Shirley and Cathie Mahon. Photo: Contributed / National Federation Of Community Development Credit Unions " class="landscape" /> Members Credit Union was the first credit union in the state to be recognized as a “Juntos Avanzamos” credit union last week — one which helps underserved Spanish -speaking and immigrant clients. Shown from left are Carlos Castro-Velez, Peter Yeskey, Lesley Ulloa, Harrinson Agudelo-Rios, Kelly Kortner, Brian Wood, Helen Charles, Evelyn Montufar, Michael Gavan, Elsa Soogrim, Kathy Chartier, Lynn ...

And is the city’s high ranking fair ? People working in addiction recovery explain the various factors at play in Wilmington. By Taylor Knopf By some measures, Wilmington, N.C. ranks number one in the nation for opioid abuse . But for all its problems, the city’s residents and those in the addiction recovery community say that reputation is a bit unfair. “There are a lot of different theories about why it’s so problematic in Wilmington specifically,” said Michael Page, a North Carolina Harm Reduction Coalition worker who helps operate a mobile needle exchange in Wilmington. NC Harm Reduction Coalition ’s Michael Page. Photo courtesy Michael Page . “I feel that it has a lot to do with the polar opposite, which is recovery. Wilmington is a mecca for recovery,” he argued. Page and others in the area say that there are close to 300 twelve-step meetings a week in the city. It’s filled with halfway houses and substance abuse outpatient programs . It’s also important to note that accordin...