YARDLEY, PENN. — Rubenstein Partners L.P. is planning an amenity overhaul project at Makefield Crossing, a four-building office complex in Yardley, a southwestern suburb of Trenton. Rubenstein plans to upgrade the fitness center, conference center, full-service café and tenant lounge, and will also replace a portion of the parking lot with green space. In the past 12 months, several new tenants have signed office leases at Makefield Crossing, including Biohaven Pharmaceuticals (21,082 square feet) and Cello Health (21,690 square feet). Further details of the project, including the project cost and construction schedule, were not disclosed. Rubenstein owns three of the complex’s four buildings totaling 276,533 square feet of Class A space
TUSCALOOSA, ALA. — SLH Tuscaloosa LLC will develop a 120-room Southern Living-branded hotel in Tuscaloosa. Included on the 38.7-acre site will be 32 cottages available for individual sale. The property is situated at the intersection of Rice Mine Road North and McFarlane Boulevard West, across the Black Warrior River from the University of Alabama. The 124,000-square-foot property will include a restaurant and rooftop lounge on the fourth floor, as well as a wellness center that will include massage and facial therapy rooms, a nail salon, blowout hair salon, exercise and yoga classes, fitness center outfitted with Peloton equipment, a pool, hot tubs and men’s and women’s locker rooms. Kennedy Funding provided the developer with a $2.8 million loan to acquire the land, which sold for a total of $5.5 million. A timeline for construction was not disclosed. There are 23 hotels currently in the Southern Living collection, ranging from Texas to Florida to Maryland.
MESA, ARIZ. — Tower Capital has secured $20.1 million in development financing for a Home2 Suites by Hilton in Mesa. The name of the borrower was not released. Concord Eastridge is developing the four-story, 111-key hotel, which will be situated on the 18th hole of the Longbow Golf Course in Mesa’s Falcon District. The Home2 Suites by Hilton brand features lifestyle-focused amenities, including suites with separate living and bedroom space and a “working wall” that incorporates a kitchen and flexible working/media space. Construction started in February with completion slated for the first quarter of 2021.
OGDEN, UTAH — Mountain West Commercial Real Estate has arranged the sale of a commercial land parcel located at 2961 S. Washington Blvd. in Ogden. Ogden No. 1, dba Flower Patch, sold the asset to Slow BLVD LLC for an undisclosed price. The land parcel currently features a vacant retail building. The buyer plans to develop a low-income seniors housing property on the two-acre site. The 78-unit proposed development has received Utah low income housing tax credits. Chris Monson of Mountain West represented the seller in the transaction.
KANSAS CITY, MO. — Watermark Residential, a wholly owned affiliate of development and construction company Thompson Thrift, has acquired 23 acres in Kansas City with plans to develop The Element by Watermark, a 276-unit Class A apartment community. Located in Platte County at 8101 Northwest Barrybrooke Drive, the community will consist of three-story, garden-style buildings. Amenities will include a clubhouse, 24-hour fitness center, swimming pool, bark park and dog spa. Element, slated for completion in November 2021, will be Watermark’s third multifamily development in the state of Missouri.
CHARLESTON, S.C. — Knighthead Funding LLC has provided a $30.5 million construction loan for Roost Charleston, a planned boutique hotel that will also include 11,003 square feet of retail space. The non-recourse, floating-rate loan has a 27-month term. The property will comprise a newly constructed building as well as three redeveloped, historic buildings. Roost Charleston will offer a combination of standard hotel guest rooms and extended stay apartments. Amenities will include a restaurant, café, spa and an outdoor courtyard. The building site is located at the northeast corner of King and George streets in historic Charleston. Brian Sullivan and Jonathan Daniel of Knighthead Funding originated the loan on behalf of the borrower, King & George Street LLC, an affiliate of Method Co. A timeline for construction was not disclosed.
LOS ANGELES — Los Angeles-based Dekel Capital, on behalf of Los Angeles-based CGI Strategies, has secured $47.8 million in non-recourse construction financing for the development of a multifamily community located at 837 S. Fedora St. in Los Angeles. Provided by a national lender, the loan will be used for the construction of a seven-story concrete and wood building over two levels of subterranean parking in the Koreatown neighborhood. The multifamily property will offer 200 apartments in a mix of studio, one- and two-bedroom layouts, ranging in size from 622 square feet to 1,000 square feet, with 10 percent of the units earmarked for low-income residents. On-site community amenities will include a fully equipped fitness center, 6,500-square-foot community lounge, clubhouse, exterior courtyard and 5,400-square-foot rooftop lounge. Completion is scheduled for summer 2022.
LOS ANGELES — CBRE has arranged the sale of a 30,146-square-foot development site, located at the intersection of Santa Monica and La Cienega boulevards in the West Hollywood area of Los Angeles. A Los Angeles-based real estate development firm acquired the asset from a private family for $22.5 million. The property currently features three commercial structures on several parcels. The asset is zoned for an array of uses, including mixed-use, multifamily, hotel and other commercial functions. Matthew Greenberg, Alex Kozakov and Pat Wade of CBRE represented the seller, while Chris Tresp, also of CBRE, represented the buyer in the deal.
LOS ANGELES — Los Angeles-based Meta Housing, in a joint venture partnership with Western Community Housing, has completed Metro @ Western, a transit-oriented, affordable apartment community Los Angeles. Located 3671 S. Western Ave., Metro @ Western features 33 apartments in a mix of one-, two- and three-bedroom units. The four-story property offers a variety of community amenities including outdoor lounge areas, a community room with kitchen and a play structure. The property also obtained LEED Gold certification and includes numerous sustainable features. Meta and Western Community Housing partnered with several public entities, including the U.S. Department of Veterans Affairs, Los Angeles County Development Authority, the State of California, the County of Los Angeles and City of Los Angeles to bring the $20.1 million apartment community to fruition.
NEWNAN, GA. — A joint venture between Trammell Crow Co. and Diamond Realty Investments will develop Innovation Business Center, a two-building, 403,648-square-foot industrial property in Newnan. The North Building will span 201,740 square feet and the South Building will include 201,908 square feet. The developers expect the property to be completed at the end of the year. The single-story buildings are situated at 185 and 195 Innovation Way, 36 miles southwest of downtown Atlanta and 27 miles from Hartsfield-Jackson Atlanta International Airport. Each building will feature 32-foot clear heights, 60-foot dock bays, a 185-foot truck court with 115 trailer spaces, 375 automobile parking spaces and an ESFR fire sprinkler system. Ware Malcomb is the project’s architect, Catamount Constructors is the general contractor, Eberly & Associates is the civil engineer and landscape architect, Haines Gipson & Associates is the structural engineer and Jordan & Skala Engineers is the MEP engineer. Mark Hawks, Todd Barton and Joanna Blaesing of CBRE are handling the marketing and leasing of the property.