Development

BHI Provides $26.5M Construction Financing for Mixed-Use Conversion Project in Richmond

by Julia Sanders March 12, 2021

RICHMOND, VA. — BHI, a commercial bank based in New York, has provided $26.5 million in construction financing for the redevelopment of 629 E. Main St. in downtown Richmond, a 12- story office building that will be converted to a mixed-use property. Douglas Development Corp. (DDC) is the borrower, and it plans to convert the property into 188 rental units with studios, one- and two-bedroom apartments, as well as 132,806 square feet of commercial space. Built in 1922, the property will have a complete renovation of the building, while still preserving its historic interior and architectural details. The property is located 0.4 miles from the Virginia State Capitol building and a half-mile from City Hall. BHI is the U.S. operation of Israel-based Bank Hapoalim. 629 Main Street is the second transaction that BHI has funded for DDC.

March 12, 2021

Affordable Housing Development Multifamily Southeast

Pennrose, HACA Break Ground on Newtowne 20 Affordable Housing Redevelopment Project in Annapolis, Maryland

by Julia Sanders March 12, 2021

ANNAPOLIS, MD. — Pennrose and the Housing Authority of the City of Annapolis (HACA) have broken ground on the Newtowne 20 revitalization at 810 Brooke Court in Annapolis. The redevelopment will replace the previous public housing property with new apartments, a new community building and open space. The project is slated to be complete in spring 2022. The Newtowne 20 redevelopment will replace the former 78 units with energy-efficient apartments in a mix of both stacked and garden-style apartment buildings with a central green space. Plans for the site also include a 3,500-square-foot community clubhouse with amenity spaces, new basketball court and a tot lot. Previous Newtowne 20 residents have been temporarily rehoused and will have the opportunity to return to the new development once complete. The Newtowne 20 redevelopment involves a U.S. Department of Housing and Urban Development (HUD) program that enables housing authorities to convert public housing properties to a more stable Section 8, voucher-based model. This program allows housing authorities to leverage private funding sources for projects like Newtowne 20. The owner, a joint venture doing business as Newtowne 20 LLC, is funding the roughly $24 million project with multiple layers of capital sources, including multifamily bonds, …

March 12, 2021

Development Industrial Midwest Ohio

Opus Completes 75 Logistics Center in Middletown, Ohio

by Kristin Harlow March 12, 2021

MIDDLETOWN, OHIO — The Opus Group has completed 75 Logistics Center, a 612,589-square-foot speculative warehouse in Middletown, about 32 miles north of Cincinnati. Corporate apparel brand Cintas and global logistics company DHL have fully leased the building. In addition to convenient access to I-75, the project features a clear height of 36 feet, 40 dock doors and 79 trailer positions. Opus served as developer, design-builder, architect and structural engineer. Opus also served as interior designer for the tenant improvements. The project was a joint venture with Founders Properties.

March 12, 2021

Development Midwest Missouri Office

Clayco Completes Construction of 125,000 SF Office Building in Metro St. Louis

by Kristin Harlow March 12, 2021

CREVE COEUR, MO. — Clayco has completed the construction of EDGE@WEST, a four-story, 125,000-square-foot office building in Creve Coeur within metro St. Louis. Seneca Commercial Real Estate was the developer for the Class A project. Designed by Lamar Johnson Collaborative, the development features enhanced mechanical systems that increase healthy air flow as well as touchless doors and self-cleaning antimicrobial surfaces. Floor-to-ceiling glass provides natural light. Amenities include a fitness center, coffee bar, fireplace area, outdoor lounges and collaboration space.

March 12, 2021

Development Hospitality Texas

White Lodging Opens 613-Room Marriott-Branded Hotel in Downtown Austin

by Taylor Williams March 12, 2021

AUSTIN, TEXAS — Indiana-based hospitality development and management firm White Lodging has opened the Austin Marriott Downtown, a 613-room hotel located at 304 E. Cesar Chavez St. in the state capital. In addition to the guestrooms, the 31-story building houses 25 suites, four food and beverage concepts and 60,000 square feet of meeting and event space. Additional amenities include a pool and a fitness center.

March 12, 2021

Mountain-West-Industrial-Park-Las-Vegas-NV

Development Industrial Nevada Western

Nigro Construction Begins First Phase of Mountain West Warehouse Project in Las Vegas

by Amy Works March 12, 2021

LAS VEGAS — Nigro Construction has started construction of Mountain West Industrial Park in southwest Las Vegas. The 252,900-square-foot warehouse project is located at 7210 W. Post Road. The first phase consists of three industrial shell buildings on 16.5 acres, with completion slated for third-quarter 2021. The first phase will offer units ranging from 6,400 square feet to 71,500 square feet with 30-foot minimum clearance heights in the warehouse areas, 10-foot glass storefront office entries and metal canopies. The second phase includes an additional 45,000 square feet of industrial space on the remaining acres of the property.

March 12, 2021

Build-to-Rent Development Finance Insight Leasing Activity Midwest Multifamily Northeast Single-Family Rental Southeast Texas Video Walker & Dunlop Western

Walker & Dunlop: SFR/BFR Rapidly Growing Option for Rental Spaces

by Sarah Daniels March 12, 2021

The strength of multifamily has been well solidified over the past few years, but a new contender in the rental market is making waves, according to Kris Mikkelsen, executive vice president, Walker & Dunlop Investment Sales. Single-family rental (SFR) and build-for-rent (BFR) spaces are growing increasingly popular. An SFR is a group of homes-for-rent pooled together for investment purposes BFR properties are purpose-built housing operated as SFR investments “SFR is in the distributed model: individual homes managed by tech-driven management platforms that were the formation of the single-family REITs you see in existence today. The build-for-rent space existed pre-COVID but has really been accelerated post-COVID as the end consumer looks to de-densify,” says Mikkelsen. Much of the demand has been driven to more suburban markets, with COVID-19 creating a sudden and palpable need for space among renters. Other factors — including declining home ownership rates and the high demand for multifamily options — have all contributed to the growth of this asset class and subsequent interest from larger institutional investors. Watch Mikkelsen’s interview to learn about demand for SFR/BFR space and changing renter demographics accelerating the growth of this asset class. This article is posted as part of REBusinessOnline’s Finance Insight series. Click here to …

March 12, 2021

Arizona Development Multifamily Western

P.B. Bell Opens $55M Grayson Place Multifamily Community in Goodyear, Arizona

by Amy Works March 11, 2021

GOODYEAR, ARIZ. — P.B. Bell, as owner and manager, has opened Grayson Place, an apartment property located at 1499 N. 159th Ave. in Goodyear. The $55 million development features 296 apartments in a mix of one-, two- and three-bedroom floor plans ranging from 726 square feet to 1,278 square feet. The community offers smart home technology, including smart door locks, thermostats and lights, controlled by the MyAPT app by Cox. Additionally, each unit features granite countertops, stainless steel appliances, subway tile backsplash, modern wood cabinets, full-sized washers/dryers, wood-style flooring, modern pendant lighting and private patios or balconies. Community amenities include a heated pool and spa; resident clubhouse with multiple lounge areas; outdoor entertainment spaces with grilling stations; a 24-hour fitness center; resident cinema room; business center; dog park; and pet spa. The controlled-access, gated community also offers valet trash, package lockers, 24-hour emergency maintenance, complimentary common area Wi-Fi and electric vehicle charging stations.

March 11, 2021

Development Industrial Texas

VanTrust Real Estate to Develop 621,874 SF Spec Industrial Building in Forney, Texas

by Taylor Williams March 11, 2021

FORNEY, TEXAS — Kansas City-based VanTrust Real Estate LLC will develop Forney Distribution Center, a 621,874-square-foot speculative industrial building in the eastern Dallas suburb of Forney. The property will be located at the intersection of U.S. Highway 80 and South Gateway Boulevard. Construction is scheduled to begin in April and to be complete in May 2022. CBRE is leasing the project.

March 11, 2021

Development Multifamily Texas

KBS, Southern Land Complete 309-Unit Apartment High-Rise in Dallas

by Taylor Williams March 11, 2021

DALLAS — A joint venture between California-based KBS and Nashville-based Southern Land Co. has completed Novē at Knox, a 309-unit apartment high-rise building in the Knox-Henderson area of Dallas. The location at 3031 Oliver St. puts the 19-story building adjacent to the Highland Park and Turtle Creek neighborhoods. The property offers a variety of different floor plans and amenities such as a pool deck with fitness terrace, community lounge, business center, recreation room, fitness center with yoga studio, concierge service, 465-space parking garage and valet parking. Southern Land designed the property and will also manage it.

March 11, 2021

Newer Posts

Older Posts