Moses Lucero, left, Blóm Capital vice president of acquisitions, and Dax Ferguson, president of construction, inspect the future site of Building 7, which will be constructed from the foundation up. Bob Wieland/Princeton Herald
Construction is continuing – under new ownership – at the Princeton Luxury Apartments just east of Walmart on U.S. Highway 380.
A court order blocked a foreclosure sale scheduled Nov. 5, allowing time for a private sale to Blóm Capital and JT Capital Group. The sale closed Dec. 20.
“This collaboration strengthens the project, ensuring that we bring the necessary resources, expertise, and commitment to provide high-quality, sustainable housing options for the community of Princeton,” Joseph Sebastien, Blóm Capital founder and chief executive officer told The Princeton Herald.
Blóm Capital of Las Vegas was one of two companies that came forward at Last August’s public hearing by the Housing Standards Commission.
The commission – comprised of the mayor and Princeton City Council members – had issued an order for the project to be completed, with a schedule of benchmarks specific tasks.
Demolition of three substandard buildings was accomplished in September and Sebastien expects all 306 units in 12 apartment buildings and a clubhouse will be ready for occupancy in February of next year.
“While the acquisition of the asset took longer than originally anticipated, we have revised our project benchmarks accordingly,” Sebastien said. “These adjustments have not impacted our ability to stay on track for the planned completion date.”
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