Northridge Capital Announces Groundbreaking for W Aspen

Northridge Capital, LLC, owner of the Sky Hotel in Aspen, Colorado, in partnership with local developer Sarpa Development, is pleased to announce that it closed last week on construction financing for its redevelopment of the property, prominently located at the base of Aspen Mountain in the heart of town, obtained construction permits from the City of Aspen, and broke ground on the project on Friday, May 26.  Northridge selected Marriott International’s W Hotels as operator for the new hotel and residences last year.   An entity owned by one or more funds managed, directly or indirectly, by Fortress Investment Group LLC (NYSE: FIG) is providing construction financing, and Haselden Construction of Denver is the general contractor.

W Aspen and The Sky Residences at W Aspen, which is slated to open for the 2018-19 winter ski season, will be the first alpine escape in North America from W Hotels Worldwide.

W Aspen is being designed by the award-winning firms of Rowland+Broughton Architecture of Aspen and Nemaworkshop of New York City, in partnership with W’s in-house design team. Locally inspired, this modern-day mountain chalet will celebrate the spirit of Aspen, offering 88 guestrooms, including six suites, and 11 W-branded fractional residences.  An oversized split-level Living Room, the brand’s alternative to the staid hotel lobby, reimagines the traditional hotel dining scene with a modern approach to dynamic cocktails and cuisine. To complete the experience of this incomparable location, the hotel will feature a 1,600 square foot outdoor patio and a 12,000 square foot rooftop bar and pool, overlooking Aspen Mountain and creating the ultimate experience for après-ski and warm-weather events.

A full-service ski shop will provide guests with equipment rentals and storage capabilities, while an 1,100 square foot FIT®, the W brand’s modern gym concept, will aid travellers in staying in shape on and off the slopes. With more than 1,600 square feet of event and meeting space, W Aspen is sure to become an attraction for spectacular events and high energy meetings at the base of Aspen Mountain.

The Sky Residences at W Aspen will also provide a unique opportunity to call both W and Aspen home. The Sky Residences at W Aspen will offer the marketplace the newest ski-in residential inventory, boasting the first slope side address in downtown Aspen since the opening of the Residences at The Little Nell.

The Sky Residences at W Aspen will be a unique offering of only 11 fractional residences. Each Residence is located on the third or fourth floors of W Aspen, with commanding views of Aspen Mountain and the Aspen area. Owners will enjoy all the services and amenities of the W Aspen and will also have their own private rooftop deck with a pool and gathering areas.

About Northridge Capital, LLC

Northridge Capital, LLC, is an independent real estate asset private equity firm that has invested since its founding in 1997 in nearly 50 assets on behalf of its investors, with a combined acquisition value of approximately $1 billion. Based in Washington, D.C., the company focuses on generating superior risk-adjusted returns for international high net-worth individuals and institutions. It acquires, manages, and sells real estate assets across a wide variety of property types and geographic areas. For more information, visit www.northridgecapital.com<http://www.northridgecapital.com/>.

About Fortress Investment Group

Fortress Investment Group LLC (NYSE: FIG) is a leading, highly diversified global investment firm with $70.2 billion in assets under management as of March 31, 2017. Founded in 1998, Fortress manages assets on behalf of over 1,800 institutional clients and private investors worldwide across a range of credit and real estate, private equity and traditional asset management strategies. For more information, visit www.fortress.com<http://www.fortress.com/>.

 

Northridge Capital, LLC and East West Partners Close on Sale of Liberty Warehouse in Durham, NC

Local real estate private equity firm, Northridge Capital, LLC and its partner, Chapel Hill-based East West Partners, is pleased to announce the closing of its sale on May 17 of the Liberty Warehouse project in the Central Park neighborhood of downtown Durham, North Carolina.  A new landmark in downtown Durham, Liberty Warehouse includes 247 Class A multi-family apartments and 24,000 square feet of retail space on Foster Street across from the Durham Farmer’s Market.  The old Liberty Warehouse was demolished in the fall of 2014, with the historic brick facades along Rigsbee Avenue and Central Park being saved and incorporated into the new building.  Many of the interior elements of the building were also preserved and have been re-purposed in the new building. 

The community was built on a historic site that used to serve as a tobacco auction warehouse. As part of a downtown revitalization process, the two buildings preserved some of the architectural elements of the old Liberty Warehouse, such as the historic brick facades along Rigsbee Avenue and Central Park. Fifth Third Bank provided a loan for the redevelopment project.

“We re-imagined the warehouse space as a highly amenitized, Class A+ property built to attain a LEED certification. Liberty Warehouse takes full advantage of its central location to Duke, the Durham Innovation District and Research Triangle Park with a walk score of 90 and bike score of 65,” said East West Partners Project Manager Ben Perry, in a prepared statement.

Equity for the project was provided by Northridge Capital, LLC.  Northridge Capital is a private, independent commercial real estate private equity firm located in Washington, DC and focused on providing services to offshore high-net-worth family groups and institutions.  David Jackson, President of Northridge Capital, said “We are delighted with the very successful outcome of this project, for us and our investors, and for the local Durham community.  Liberty Warehouse represents exactly what we and our investors are looking for, a unique redevelopment opportunity in a dynamic market like downtown Durham with a prominent local developer.  We look forward to continuing to work with East-West Partners on other projects, and hope to be able to find other opportunities to participate in the revitalization of downtown Durham.” 

About Northridge Capital, LLC

Northridge Capital, LLC, is an independent real estate asset private equity firm that has invested since its founding in 1997 in nearly 50 assets on behalf of its investors, with a combined acquisition value of approximately $1 billion. Based in Washington, D.C., the company focuses on generating superior risk-adjusted returns for international high net-worth individuals and institutions. It acquires, manages, and sells real estate assets across a wide variety of property types and geographic areas. For more information, visit www.northridgecapital.com<http://www.northridgecapital.com/>.

Check out this new office building planned near Open Kitchen restaurant on West Morehead

Check out this new office building planned near Open Kitchen restaurant on West Morehead

A stalled office building project on West Morehead Street has new life, with Insite Properties picking up plans for the building.Called The Refinery, the five-story building at 1213 West Morehead will total 105,000 square feet. It’s expected to be complete in fall 2018. The site is located between the Open Kitchen restaurant and I-77.

Industrial building-turned-creative office space west of uptown sells for $11.8 million

Industrial building-turned-creative office space west of uptown sells for $11.8 million

The Grinnell Water Works building on West Morehead Street has been sold for $11.8 million, real estate brokers said Thursday.The brick-and-beam building, built in 1930, totals almost 52,000 square feet and includes many features dating to its past life. The building has exposed brick, oversized industrial windows and ceilings 25 to 30 feet high. It’s 100 percent leased.

Northridge Capital and FORTIS Companies Partner on Two Premier Condominium Developments in Washington D.C.

Northridge Capital and FORTIS Companies Partner on Two Premier Condominium Developments in Washington D.C.

Northridge Capital, LLC, is pleased to announce its partnership with local developer The Fortis Companies on two, boutique condominium buildings that are being developed in Washington D.C.’s vibrant core.

Northridge Capital Closes Investment in 115-Unit, Class A Multifamily Development

Northridge Capital Closes Investment in 115-Unit, Class A Multifamily Development

Northridge Capital, LLC closes on its investment in 757 North Apartments, a $14.9 million multifamily construction development in the city of Winston-Salem, North Carolina. Northridge Capital established a joint venture partnership for the project with local developer, Laurel Street Residential, in 1st quarter of 2016, breaking ground in February.

Northridge Capital Announces Acquisition of Iconic, Corporate Office Building in Savannah’s Historic District

Northridge Capital Announces Acquisition of Iconic, Corporate Office Building in Savannah’s Historic District

Northridge Capital, LLC, the independent commercial real estate and asset management firm, closed on its purchase of the Realty Building, a $7.9 million investment in an iconic office building in historic Downtown Savannah, Georgia.