Development

JLL Completes $38M Iona College Building in New Rochelle, New York

by Alex Patton February 12, 2020

NEW YORK CITY — JLL Project and Development Services has completed construction of Iona College’s new LaPenta School of Business, a 68,000-square-foot building in New Rochelle, a northern suburb of New York City. Development costs were approximately $38 million. The project included a complete renovation of the college’s existing four-story business school and the ground-up construction of a 35,000-square-foot addition. Peter Rader led the JLL project management team. Gensler served as the project architect, and Pavarini North East Construction Co. was the general contractor.

February 12, 2020

Development Multifamily Seniors Housing Texas

Civitas Opens 83-Unit Seniors Housing Community in Wimberley, Texas

by Taylor Williams February 12, 2020

WIMBERLEY, TEXAS — Civitas Senior Living has opened Alexis Pointe Senior Living, an 83-unit seniors housing community in Wimberley, located outside San Marcos in Central Texas. The property is located near Wimberley Town Square, the Cypress Creek Nature Preserve and Blue Hole Regional Park. Alexis Pointe Senior Living features 49 assisted living apartments, 24 memory care suites and 10 independent living cottages, as well as resort-style amenities.

February 12, 2020

Development Industrial Iowa Midwest

Amazon Unveils Plans for First Iowa Fulfillment Center

by Kristin Harlow February 11, 2020

BONDURANT, IOWA — Amazon has unveiled plans to open its first fulfillment center in the state of Iowa in the city of Bondurant, which is northeast of Des Moines. Amazon expects to create 1,000 full-time jobs at the 645,000-square-foot warehouse. Workers will work alongside Amazon robotics to pick, pack and ship small items such as books, electronics and toys. A timeline for completion was undisclosed.

February 11, 2020

Development Florida Hospitality Loans Southeast

Hall Structured Finance Provides $140M Construction Loan for Four Hotels Near Walt Disney World

by Alex Tostado February 11, 2020

ORLANDO, FLA. — Hall Structured Finance has provided a $140 million, non-recourse construction loan for four hotels totaling nearly 1,000 rooms at the western entrance of Walt Disney World Resort in Orlando. The four hotels will include a 223-room Residence Inn by Marriott, a 273-room Fairfield Inn by Marriott, a 229-room Homewood Suites by Hilton and a 272-room Home2 Suites by Hilton. Real estate developer Doradus Partners is simultaneously developing all four hotels and expects to deliver them by the end of the year. The hotels will be located in the Flamingo Crossings Town Center, a new master-planned development that includes hotels, retail, dining and housing for students participating in Disney internships and college programs. At the heart of the mixed-use project will be an approximately 200,000-square-foot retail hub, which will include more than 50 tenants and more than 1,700 parking spaces. The new hotels will share a five-story parking garage, surface parking and a sports court. The four hotels will also be bookable as part of Walt Disney Travel Co. packages. Justin Ownby, Adrienne Kautzman and Mauricio Rodriguez of Berkadia arranged the construction loan through Hall Structured Finance on behalf of Doradus Partners.

February 11, 2020

Content Partner Development Features Massachusetts Multifamily Northeast Northeast Feature Archive Walker & Dunlop

Can Boston Keep Up with Multifamily Demand?

by Sarah Daniels February 11, 2020

Think Boston multifamily is overbuilt or overheated? Think again. Due to superb fundamentals and a slowing development pipeline, Boston is now regarded as the number one metro area for multifamily investment. From 2019–2030, Boston will need to add 51,007 units to accommodate population growth, an average of 4,637 units per year. Recent development (2014–2017) averaged 3,334 units per year. Population and job growth are expected to remain strong, fueling continued demand for multifamily housing and countering arguments that the Boston market is overbuilt. Many developers nationally are interested in the market. The construction pipeline for multifamily properties features organizations with headquarters as far away as Portland, Phoenix, and Dallas. The Houston-based Hanover Company, for example, has four properties totaling over a thousand units in the Boston development pipeline. Boston is a seller’s market as well, with deals typically attracting multiple bids, and it is easy to see why. For investors, Boston is a market with an average cap rate of roughly 4.5 percent. This is the same cap rate as Raleigh or Central Florida — two markets generally considered to be more volatile than Boston in the case of a recession. A Reliable Hub Becomes a Vibrant City “Historically, people …

February 11, 2020

Development Idaho Restaurant Retail Western

ShowBiz Cinemas to Develop Entertainment Center in Idaho Falls, Idaho

by Amy Works February 11, 2020

IDAHO FALLS, IDAHO — ShowBiz Cinemas plans to develop one of its Bowling, Movies and More! entertainment centers at Jackson Hole Junction in Idaho Falls. This location will be ShowBiz Cinemas’ first complex in Idaho; the company currently operates locations in Texas, Oklahoma and Florida. Slated to open in December, the entertainment center will be located at Sunnyside Road #116 Exit off Interstate 15. Construction is currently underway, with the official groundbreaking ceremony scheduled for Feb. 27. Bowling, Movies and More! entertainment center at Jackson Hole Junction will feature 14 boutique bowling lanes, an arcade with redemption center, multiple party rooms, a lane-side café with expansive food and drink options, full bar, concessions area and eight movie auditoriums with recliner seating. Additionally, the development will feature a Superior Digital Experience auditorium with 4K digital laser projection, Dolby Atmos surround sound and a four-story, 70-foot-wide screen. ShowBiz Cinemas will anchor the 44-acre Jackson Hole Junction commercial project at Sunnyside Road and Interstate 15. The development will also feature retail, business, dining and hospitality space.

February 11, 2020

Development New Jersey Northeast Office

Avison Young Completes 45,000 SF Medical Office Building in Glen Ridge, New Jersey

by Alex Patton February 11, 2020

GLEN RIDGE, N.J. — The Avison Young New Jersey project management group has completed the ground-up construction of a 45,000-square-foot, Class A medical office building in Glen Ridge, an eastern suburb of New York City. The facility features adaptable medical office units for physicians and specialists and is situated adjacent to Mountainside Medical Center. Existing buildings on the site were demolished as part of the project. NK Architects designed the facility. One Bay Urban Renewal LLC, an affiliate of The Hampshire Cos. LLC., owns the property.

February 11, 2020

California Development Healthcare Loans Top Stories Western

Gantry Secures $703M Construction-to-Permanent Financing for VA Medical Office Portfolio

by John Nelson February 11, 2020

SAN FRANCISCO — Gantry, an independent mortgage banking firm based in San Francisco, has secured $373 million in construction financing and $330 million in permanent financing for a six-property medical office building portfolio. The properties in the portfolio are Veterans Affairs (VA) medical clinics located in San Diego, Chula Vista and Redding, Calif.; New Port Richey, Fla.; and Tulsa, Okla. The sixth property is in an undisclosed, confidential location. George Mitsanas and Peter Hillakas of Gantry’s Los Angeles office arranged the construction-to-permanent financing on behalf of the undisclosed borrower through a pension fund. Mitsanas says the borrower was a first-time sponsor with Gantry. “We were engaged prior to the lease award for each of these assignments, and that allowed us to help assess the feasibility of each project and craft a financing structure, which resulted in our clients winning multiple lease awards from the federal government,” says Mitsanas. Gantry will service both the construction and permanent loans. Details of the financing were not disclosed, but Mitsanas says the permanent financing will mature in 22 years. According to local officials where the projects are located, the portfolio will generate several thousands of construction and permanent jobs once the facilities open in …

February 11, 2020

Development North Carolina Retail Southeast

Topgolf to Open Second Charlotte Location on City’s North Side

by Alex Tostado February 10, 2020

CHARLOTTE, N.C. — Topgolf Entertainment Group will open its second Topgolf venue in Charlotte by the end of the year. The new location will be dubbed Topgolf North Charlotte and will be situated at the intersection of Interstate 85 and University City, near University of North Carolina-Charlotte, Charlotte Motor Speedway and Northlake Mall. Topgolf North Charlotte will sit on 14 acres and is expected to create 500 jobs. Topgolf opened its first Charlotte venue two years ago at 8024 Savoy Corporate Drive in the southwestern part of the city.

February 10, 2020

Development Indiana Industrial Midwest

Mohr Capital Begins Development of 200,000 SF Warehouse for GAF Materials in Indiana

by Kristin Harlow February 10, 2020

MICHIGAN CITY, IND. — Mohr Capital has begun development of a 200,000-square-foot office and warehouse facility for GAF Materials Corp. in northern Indiana’s Michigan City. Larson-Danielson Construction is serving as general contractor for the project, which is slated for completion in December. Bank of Texas provided project financing. GAF is a subsidiary of Standard Industries. Gary Horn of Mohr and Mike Maratea of Standard Industries negotiated the ground lease and lease agreement before construction began.

February 10, 2020

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