Senior Housing Complex Breaks Ground In Houma
New Orleans—HRI Properties has broken ground on Bonne Terre Village II, a 50,962-square-foot senior living apartment community primarily for those displaced as the result of Hurricanes Katrina and Gustavo. The building will consist of 64 effi ciencies and one-bedroom units. Amenities include a complete appliance package and on-site parking. Bonne Terre Village will reserve 60 percent of the units for low- and moderate-income residents, with remaining units rented at market rates. HRI received more than $5 million of the financing from Low-Income Housing Tax Credits from the Louisiana Housing Finance Authority. The project is scheduled to open in 2010.
McShane Completes Affordable Community
Chicago—McShane Construction completed Casa Morelos, a 45-unit affordable housing complex for developer The Resurrection Project. The seven-story building includes one-, two-, and three-bedroom units, a community room, and laundry room. Casa Morelos is a registered project of the Chicago Green Home program. Each unit features weatherresistant windows, Energy Star appliances, and low-volatile organic compound paint.
NorthMarq Capital Secures $12 Million in Financing
Peoria, Ariz.—NorthMarq Capital arranged a $12 million mortgage loan for the 240-unit Alexan Paradise Lane Apartments. Structured with a five-year term and 30-year amortization for the first two years, NorthMarq arranged the loan through its affiliate Amerisphere Multifamily Finance, a Fannie Mae DUS lender.
Domain at CityCentre Debuts
Houston—Midway Cos. debuted Domain at CityCentre, a 370-unit apartment community. Each unit features high ceilings, wood-grain floors, stainless steel appliances, and granite countertops. The property's amenities include three courtyards, a pool, fitness center, and clubroom. The project is part of a 1.8 millionsquare- foot, mixed-use project in the metropolitan Houston area. The development costs are estimated at $500 million.
Marcus & Millichap Arranges $13.6 Million for Two Buildings
Tustin, Calif.—Marcus & Millichap Capital secured a $13.6 million loan to refinance two apartment buildings totaling 117 units. The loan, with a fixed rate of 6.25 percent, features a 30-year term with a 30-year amortization and was underwritten to a 65 percent loan-to-value coverage. The deal was turned down by two other lenders.