New Construction and Development
Oasis at Aventura, HTG’s eighth collaboration with Alonzo Mourning’s non-profit, will deliver 95 affordable apartments catered to seniors in the Aventura area
Aspen at Melford Town Center, a 388-unit luxury multifamily community situated within Melford Town Center, is now open to residents. A joint project between St. John Properties, Inc., and Somerset Companies LLC, the community features oversized studio, one-, and two-bedroom living spaces ranging from 507 to 1,490 square feet, as well as a full complement of on-site resident-based amenities. The development has an approximate value of $150 million and represents the fourth joint venture partnership between full-service commercial real estate company St. John Properties and Somerset Companies, a developer of mixed-use communities. The Aspen at Melford Town Center was designed by Architects Collaborative. Aumen Asner, Inc. oversaw interior design, The Whiting-Turner Contracting Company completed all general contracting activities, and Bozzuto Management is the property manager.
Matteson Capital, a multifaceted real estate investment
The Calta Group, a real estate design, development, acquisition, and construction company, celebrated the foundation pour for their project, Revv Hollywood, on Thursday, January 18. The event marked a significant milestone in the development of the 180-unit multifamily apartment building located at 2233 Hollywood Blvd., which is set to redefine Hollywood apartment living with an innovative and fresh concept.
ANF Group, Inc., a full-service construction firm providing construction management, general contracting, development, and design-build services to the South Florida market, celebrated the topping out of the Douglas Garden Residences, Broward County’s newest senior health and living community, which will serve as the largest affordable living development for seniors in the county.
New Zora Living offering redefines standard for luxury rental home projects
Concord Summit Capital, LLC (“Concord Summit”) arranged $26.8 million of total construction financing for Del Prado Place, a mixed-use condominium development in Dana Point, Calif., a coastal community located in Orange County, about halfway between Los Angeles and San Diego. Concord Summit sourced a $17 million Senior Construction loan and $9.8 million in CPACE financing.
Del Prado Place will offer 18 spacious one- and two-bedroom condominiums with expansive outdoor terraces, Pacific Ocean views, as well as 5,200 square feet of ground-floor retail. Unit prices start at $1.75 million. The project is prominently located within the Lantern District of Dana Point and a half mile from the $500 million revitalized Dana Point Harbor.
The developer, Newport Beach-based Westerre, is a privately-owned real estate development, strategic planning, and acquisition/disposition advisory company focused on mixed-use and residential development opportunities in California and throughout the United States.
Concord Summit Capital Director Tyler Beauregard sourced the financing on behalf of the developer.
“This is our second CPACE / Senior Construction loan execution with Westerre. While this dual-loan execution can be very challenging and complex, incorporating CPACE into the capital stack allowed us to provide our sponsor with the lowest possible cost of capital along with significantly higher proceeds than a traditional stretch senior construction loan. Having completed several transactions with this quality CPACE-friendly construction lender, it allowed us to structure a very attractive financing package on behalf of our borrower,” Beauregard said.
Construction of Del Prado Place will begin in mid-January and completion is expected in the second quarter of 2025.
