REBusinessOnline

COVID-19 Was ‘Black Swan’ Event for Student Housing, But Outlook Is Promising, Says NMHC/InterFace Panelist

Over the course of the past six months, the student housing industry has grappled with a variety of challenges. For colleges and universities, the largest hurdle heading into the fall semester was deciding the safest route to take for reopening campus. This included decisions on everything from whether or not in-person learning would be allowed, to whether students would be welcomed back into residence halls at normal volumes. These questions was deliberated over throughout the summer, sending …

Millennium Partners Secures $775M Construction Financing for Mixed-Use Tower in Downtown Boston

BOSTON — Millennium Partners Boston, a local arm of developer Millennium Partners, has secured $775 million in construction financing from Cale Street Investments for Winthrop Center, a $1.3 billion mixed-use development located in downtown Boston.Upon completion, the project is expected to feature 812,000 square feet of Class A office space; 572,000 square feet of residential space including 321 luxury residential units; and a 24,000-square-foot common area featuring a fitness center, …

Ruby Tuesday Files for Chapter 11 Bankruptcy Protection, Closes 185 Restaurants

MARYVILLE, TENN. — Ruby Tuesday Inc. has filed for Chapter 11 bankruptcy protection with plans to permanently close 185 restaurants that were shuttered during the COVID-19 pandemic. The company’s 236 open locations will remain operational throughout the reorganization process. The Maryville, Tennessee-based chain is the latest restaurant group to fall victim to the economic pressures caused by the coronavirus pandemic. California Pizza Kitchen filed for Chapter 11 protection in July …

Georgia-Pacific to Break Ground on $285M Gypsum Production Facility Near Sweetwater, Texas

SWEETWATER, TEXAS — Georgia-Pacific has announced plans to break ground on a $285 million production plant for the company’s gypsum division near Sweetwater. The new facility will be located adjacent to the company’s existing plant on Highway 1856 in Nolan County. Georgia-Pacific’s gypsum division produces a variety of products used in residential and commercial construction, including sub-floors, exterior sheathing, drywall, roofing and fire doors. The two operations combined will …

HYM Investment Group to Break Ground on 161-Acre Mixed-Use Redevelopment of Suffolk Downs Racetrack in Boston

BOSTON — HYM Investment Group has received approval from the Boston Planning and Development Agency (BPDA) for the redevelopment of Suffolk Downs, a 161-acre former thoroughbred horse track and racing facility, into a mixed-use district. Approved plans for the project include 10,000 residential units, 20 percent of which will be designated affordable housing; 40 acres of publicly accessible parks and open space; and 3 million square feet of office and retail space. HYM purchased the …

Flaherty & Collins Breaks Ground on $250M Phase I of The Peninsula Mixed-Use District in Downtown Columbus, Ohio

COLUMBUS, OHIO — Flaherty & Collins Properties has broken ground on Phase I of The Peninsula, a $500 million mixed-use redevelopment of 27 acres of land along the Scioto River in downtown Columbus. The $250 million first phase of development will include ONE at the Peninsula, an $85 million apartment complex featuring 12,000 square feet of ground-floor retail; an eight-story, 232,000-square-foot speculative office building; and a 132,000-square-foot, 197-key independent …

Passco Acquires 330-Unit Multifamily Community in Coastal South Carolina for $78M

BLUFFTON, S.C. — Passco Cos. has acquired One Hampton Lake, a 330-unit multifamily community located seven miles outside Hilton Head Island in Bluffton, for $78 million. Southeastern Co. sold the property in an off-market transaction.One Hampton Lake was developed in two phases, with the first phase of construction completed in 2018 and the second phase completed earlier this year. The garden-style property offers one-, two- and three-bedroom units with quartz countertops, stainless steel …

Joint Venture to Break Ground on 511,200 SF Industrial Project in Phillipsburg, New Jersey

PHILLIPSBURG, N.J. — A joint venture between J.G. Petrucci Co. and PGIM Real Estate is set to break ground on a 511,200-square-foot industrial building in Phillipsburg, located just across the Delaware River from Allentown, Pennsylvania.The project — to be named the Phillipsburg Logistics Center at 78 — will be located on a 66-acre site less than three miles from Route 22 and Interstate 78, providing access to many of the Northeast’s major metropolitan areas. The property is less …

Verity Health System Completes Sale of Six Hospitals as Part of Bankruptcy Process

REDWOOD CITY, CALIF. — Verity Health System has completed the sale of its six-property hospital portfolio as part of the company’s Chapter 11 bankruptcy procedures.The Redwood City-based nonprofit healthcare company filed for bankruptcy protection in summer 2018 and subsequently worked to sell off its portfolio of assets, which included six medical centers offering 1,650 inpatient beds, six active emergency rooms, a trauma center and a host of spaces centered on medical specialties …

Ziegler Provides $250.8M Financing for 320-Acre Sports Park in Metro Phoenix

MESA, ARIZ. — Specialty investment bank Ziegler has provided $250.8 million in financing for the development of Legacy Sports Park, located roughly 20 miles outside Phoenix in Mesa. Legacy Cares, a nonprofit organization providing sports opportunities to people of all ages and economic backgrounds, is developing the 320-acre project.The development is set to include:A soccer complex consisting of 22 soccer fields with additional fields to allow for large tournament capacity; …

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