Gotham, DeNunzio Teaming Up on 400-Unit Clearwater Rental Community
The Gotham Organization and The DeNunzio Group began work on their mixed-use development, The Bluffs, in downtown Clearwater.
The milestone follows the capitalization of the project with a $160 million construction financing package, including a $115 million senior loan from Wells Fargo and $45 million in mezzanine debt and preferred equity from Schroders Capital and Lionheart Strategic Management.
The Bluffs is the result of a competitive request for proposal to redevelop the site, adjacent to the newly completed $84 million Coachman Park through a public-private partnership with the City of Clearwater.
Designed by Behar + Peteranecz Architecture, with construction by Moss Construction, the former City Hall site will be transformed into a 630,000-square-foot mixed-use development featuring a 400-unit luxury rental building, more than 10,000 square feet of retail space, and 440 parking spaces.
Other News
RK Investors Lands $81M Construction Loan for 299-Unit Charlotte Rental Community
An RK Investors-led team obtained an $81 million construction loan for Sutherland at Piper Glen, a 299-unit multifamily development underway in Charlotte’s Piper Glen neighborhood. The financing was provided by Western-Southern Life Insurance Company. The financing was arranged by Nate Sittema, Kristen Reilley and Elliott Voreis with CBRE’s Debt & Structured Finance team. Currently under...
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Pasadena Offices Sell for Residential Conversion
NAI Capital Commercial EVPs John S. Archibald and Guillermo Olaiz, alongside senior associate Stephen Lam of the Investment Services Group in the Pasadena office, represented the seller, Star Horizon, LLC, in the sale of ZK Plaza, a 41,586-square-foot office building in Pasadena. The property sold for $13,400,000, representing a 3.5% premium over asking. Located at...
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Berkadia Negotiates Student Housing Property Sale in Kansas
Berkadia announced the sale of Orchard Corners & Suites, a 139-unit, 264-bed, garden-style student housing property serving The University of Kansas in Lawrence, Kansas. Berkadia’s Student Housing and Kansas City investment sales teams collaborated to facilitate the transaction on behalf of the seller, Utah-based Redstone Residential. The Berkadia team included Senior Managing Directors Travis Prince...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout