PETOSKEY, MICH. — Merchants Capital has provided $66.3 million in financing for the construction of Maple Block Lofts, a 204-unit workforce housing property in Petoskey, a growing vacation destination in northern Michigan. Merchants Capital provided a $29.6 million Freddie Mac Unfunded Non-LIHTC Forward permanent loan for the development, and its parent company, Merchants Bank, provided a $36.7 million construction loan. Maple Block Lofts is the first project in Michigan to receive the Michigan State Housing Development Authority’s Affordable Housing Tax Increment Financing, which accounts for $6 million of the $14 million in tax-increment financing being granted for the development. More than $12 million was provided in state grants and loans, with strong support from Michigan Economic Development Corp.; the Michigan Department of Environment, Great Lakes and Energy; the City of Petoskey; the Emmet County Brownfield Redevelopment Authority; and numerous local businesses. The project will feature seven garden-style apartment buildings with 18 studios, 72 one-bedroom units and 114 two-bedroom units. Fifty percent of the units will be restricted to residents who earn between 60 percent and 120 percent of the area median income (AMI). Ten percent of the residences will be income- and rent-restricted for those making less than 80 percent …
MINNEAPOLIS — Kraus-Anderson (KA) has completed the office build-out for Värde Partners at North Loop Green in Minneapolis. The new office tower is located at 350 N. 5th St. Värde Partners is a global alternative investment firm specializing in credit and credit-related assets. Designed by ESG Architecture & Design, the 23,800-square-foot office features a spacious lobby and reception area. In addition to offices, there are conference rooms, versatile workspaces, a café and wellness rooms. KA worked on the office build-out with JLL Project & Development Services, the construction manager. In May, KA completed construction of North Loop Green, which comprises the 365,000-square-foot office building as well as a 449-unit apartment tower. The project team for North Loop Green included developer Hines and ESG Architecture & Design.
HENDERSON, NEV. — Vestar is underway on a $3 million renovation project at The District at Green Valley Ranch, a 385,000-square-foot retail development located in Henderson, roughly 15 miles outside Las Vegas. Scheduled for completion in early 2025, the project includes updates to exteriors, signage, lighting, landscaping and outdoor furniture. Additionally, the project will add 14,300 square feet of new space to the property. New tenants Flower Child and North Italia have also signed leases at the development and are scheduled to open this month.
CHARLESTON, S.C. – Capital Development Partners has delivered Shipyard Creek, a new 160,250-square-foot transload industrial facility that offers direct access to the Port of Charleston. Situated on a 42-acre site adjacent to the port’s new $1.3 billion Hugh K. Leatherman Terminal, the property was designed to handle container movement from users including retail importers. Shipyard Creek features 153 dock doors, 724 trailer parking spaces and onsite storage parking that can accommodate five stacked shipping containers. Capital Development Partners has tapped Lee Allen, Kevin Coats and Tyler Smith of JLL to handle the project’s leasing assignment. Shipyard Creek enjoys access to the port’s marine terminals, as well as interstates and the upcoming SC Ports Navy Base Intermodal Facility, which will be dual-served by Norfolk Southern and CSX.
OMAHA, NEB. — Cavan Cos. has received two construction loans totaling $87.5 million for the development of The Bungalows on Honeysuckle and The Bungalows at Whitehawk Lake, two build-to-rent (BTR) projects in Omaha. ORIX Corp. USA’s Real Estate Capital Group provided the financing. Timelines for completion were not disclosed. Combined, the two projects will feature 466 single-story homes in one-, two- or three-bedroom layouts. Each residence will include open floor plans, 10-foot ceilings, laundry rooms, walk-in closets and fenced back yards with artificial turf. Select homes will also have garages. Both communities will offer amenities such as pools, fitness centers, community spaces, dog parks and other pet-friendly spaces. “The demand for rental homes continues to increase across the United States, particularly in markets like Omaha,” says Gary Burton, CEO of Cavan Cos. “Our BTR model aligns with shifting market preferences, as more residents are seeking lifestyle-driven housing options without the long-term commitment of traditional homeownership.” Cavan Cos. is a BTR development firm based in the Phoenix suburb of Scottsdale. The company’s portfolio consists of approximately 5,000 BTR units in Arizona. In addition to The Bungalows on Honeysuckle and The Bungalows at Whitehawk Lake, as well as multiple projects in Arizona, Cavan Cos. plans to develop …
MANOR, TEXAS — Dallas-based advisory firm The Retail Connection, through its affiliate Connected Development Services, has broken ground on a 150,000-square-foot shopping center in metro Austin. Manor Crossing will be located on the state capital’s eastern outskirts within a 63-acre site at the northwest corner of U.S. Highway 290 and FM 973 that will also be home to a 101,000-square-foot H-E-B grocery store. The center will comprise four buildings on 18 acres. Tenants that have already committed to Manor Crossing include T.J. Maxx, Burlington, Planet Fitness, Five Below, Rack Room Shoes, Jersey Mike’s, James Avery, McAlister’s, Mattress Firm, Tropical Smoothie Café and Tomlinson’s Feed. Cuaso Design Studio and ICON Architecture are leading design of the project, and Flynn Construction is serving as the general contractor. Completion is slated for 2026.
NEW BRAUNFELS, TEXAS — Topgolf will open a 35,000-square-foot venue in New Braunfels, a northeastern suburb of San Antonio. The two-story facility will be located within the 400-acre New Braunfels Town Center at Creekside master-planned development and will feature 62 climate-controlled hitting bays in addition to a full bar and restaurant. Construction is underway, and completion is scheduled for late 2025. The Dallas-based sports entertainment company, which currently operates more than 100 venues around the world, expects to hire about 200 people to staff the new facility.
NEW YORK CITY — A partnership between multifamily owner-operator Asland Capital Partners and locally based investment firm Pembroke Residential Holdings has completed Park Lane Senior Apartments in The Bronx. The 154-unit, age-restricted development is located in the borough’s Soundview neighborhood, and about a third (53) of the residences are reserved for households earning 50 percent or less of the area median income. In addition, 30 percent of the units are set aside for seniors who were formerly homeless. Amenities include a tenant lounge and indoor/outdoor recreational spaces.
HAWTHORNE, N.Y. — Locally based developer Robert Martin Co. has broken ground on a 71,098-square-foot industrial flex project in Hawthorne, located north of New York City in Westchester County. The site at 14-16 Skyline Drive is located within Mid-Westchester Executive Park, and the development will consist of two buildings totaling 34,738 and 36,360 square feet. Completion is scheduled for the third quarter of 2025.
DES MOINES, IOWA — Woda Cooper Cos. Inc. has broken ground on Alley Landing, a 40-unit affordable housing community in Des Moines. The property at 2701 Douglas Ave. will feature one-, two- and three-bedroom units for residents earning up 60 percent of the area median income. Eight units will be set aside as Permanent Supportive Housing (PSH), with rental assistance for households experiencing homelessness, with a veteran priority. Amenities will include a multipurpose room with kitchenette, manager’s office, supportive services office, dog park and playground. The City of Des Moines provided a HOME loan, an American Rescue Plan Act loan and housing vouchers to provide rental assistance for the PSH units. The Iowa Finance Authority provided a second HOME loan and allocated housing tax credits. Bank of America is providing a construction loan and an equity investment in exchange for the tax credits. Cedar Rapids Bank & Trust is providing the first permanent mortgage. Families Forward will provide supportive services for the PSH units. Amvets Post #2 and the local VA Community Resource & Referral Center will provide housing referrals for veterans experiencing homelessness. Hooker DeJong Inc. is the project architect, and Woda Construction Inc. is the general contractor. Woda …