Coming to Kansas and Phoenix: more affordable housing
Mineola, N.Y.-based PW Funding Inc. has closed a $14.5 million construction and permanent mortgage loan for Shawnee Station Apartments, a 228-unit affordable housing apartment complex in Shawnee, Kan. The Federal Housing Administration (FHA)-insured funding was provided through Cambridge Healthcare Funding Inc., a wholly owned subsidiary of PW Funding. The complex has also qualified for $3.5 million in federal Low-Income Housing Tax Credits (LIHTCs).
Shawnee Station will offer one-, two- and three-bedroom units. Due to bond restrictions, 182 units will be allocated for households that make no more than 80% of the area's median income. The other units will be rented at market rate. The complex will feature nine, three-story buildings, 62 garages, 53 carports, a pool, a tennis court and a clubhouse with an exercise room.
In other action on the affordable housing front, Foster City, Calif.-based Legacy Partners Residential Inc. has begun construction of Legacy Bungalows, a 200-unit complex of both affordable and market-rate apartments in downtown Phoenix. Completion of the project is slated for fall 2001. Funding for the project comes from a variety of sources, including the Arizona Department of Commerce, the Department of Housing and Urban Development (HUD), the City of Phoenix, the Phoenix Industrial Development Authority, Chicago-based Banc One Community Development Corp. and Columbus, Ohio-based Red Capital Group.
Mullenix lands the keys to Brittany Acres in St. Louis
An affiliate of St. Louis-based Mullenix Apartment Homes has purchased Brittany Acres, a 300-unit complex in Bridgeton, Mo., in suburban St. Louis, for $9.7 million. A partnership affiliated with The Koman Group, also based in St. Louis, was the seller.
The 20.4-acre complex, built in phases between 1959 and 1966, features 75, four-unit buildings and was 97% leased at the time of the transaction. The property offers one- and two-bedroom units, which rent for $460 per month and $595 per month, respectively. The complex will feature a pool.
Watts Commercial busy with twin towers in San Diego
Santa Monica, Calif.-based Watts Commercial Properties has plans to develop a $75 million, twin-tower apartment complex in downtown San Diego. Construction of the 18-story, 389-unit complex will begin in May, and completion is slated for the end of 2002. San Diego's Centre City Development Corp. recently granted the company final approval for the project. Baltimore-based RTKL Associates Inc. designed the towers, and San Diego-based Highland Partnership will be the general contractor.
The bulk of the property will consist of one-, two- and three-bedroom flats, all fully wired for the Internet. The complex will also offer 14 penthouses featuring floor-to-ceiling windows and recessed terraces.
In other California news, San Francisco-based SSR Apartment Value Fund has sold two apartment communities for a total of $23.7 million. In one of the deals, Foster City, Calif.-based Sares-Regis Group LP bought Westridge at Hilltop, a 401-unit complex in Richmond, Calif., with a 98% occupancy rate, for $24 million. In the other deal, San Diego-based FF Realty LLC bought Falls Creek, a 308-unit complex in Alta Loma, Calif., with a 96% occupancy rate, for $23.7 million. CB Richard Ellis represented the seller, while the buyers represented themselves.
Also, Los Angeles-based PCS Development Inc. has begun construction of The Premiere of Thousand Oaks, a 120-unit luxury apartment complex in Thousand Oaks, Calif. Completion of the project is slated for spring 2002. PCS' construction division, PCS/Cal-Mor, is the general contractor on the project, while PCS' property management division, PCS Property Management, will oversee the leasing and management of the complex.
Private, public sectors join up for New York seniors facility
A private-public partnership has broken ground on a $4 million, 39-unit affordable housing complex for seniors in Minetto, N.Y. The Community Preservation Corp., a private, New York-based mortgage lender that specializes in the financing of affordable housing, has provided a $1.9 million construction loan to the developer, Minetto Associates LP.
The U.S. Department of Housing and Urban Development (HUD), the State of New York, Oswego County, the Town of Minetto and Newton, Mass.-based Sterling Financial Group have contributed financing as well. Completion of the complex, targeted for seniors whose income is 50% or less of the area median income, is slated for fall 2001.
The three-story apartment building will offer 32 one-bedroom units and seven two-bedroom units. Monthly rents will range from $354 to $400. The complex will also have a community room, kitchen and lobby. The construction of the seniors housing facility is part of a plan by the Oswego County Department of Planning and Community Development and the Oswego County Industrial Development Agency to redevelop a 90-acre plot of land near the Oswego River Canal.
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