LAKEWOOD, COLO. — Bellwether Enterprise Real Estate Capital has arranged $47.6 million in bond financing for the construction of The Notable, an affordable multifamily property in Lakewood. Anthea Martin of Bellwether Enterprise’s Denver office originated the loan on behalf of the borrower, Zocalo Development. Jim Gillespie and Ilya Weinstein of Bellwether Enterprise’s New York office led the private placement. Located at 730 Simms St., The Notable is a proposed five-story, 218-unit adaptive reuse multifamily community situated on more than six acres. Currently, the site consists of a four-story commercial office building, which has been fully gutted in anticipation of the rehabilitation. Once complete, The Notable will feature 10 studio units, 165 one-bedroom units and 43 two-bedroom units. The majority of the apartments — 208 units — will be available to residents earning up to 60 percent of the area median income (AMI). The remaining 10 units will be available at or below 50 percent AMI. Community amenities will include on-site laundry facilities, a fitness center, art studio, performance studio, rooftop deck, dog washing station, central courtyard, bike storage and leasing office. RBC Community was the equity syndicator and Colorado Housing and Finance Authority was the bond issuer for the deal.
HOUSTON — Dallas-based Provident Realty Advisors has opened the 75-room Extended Stay America-Houston-Kingwood hotel on the city’s north side. Guestrooms feature fully equipped kitchens with refrigerators and stovetops, as well as private workspaces. Amenities include a pool, fitness center and onsite laundry facilities.
HOBOKEN, N.J. — A partnership between New Jersey-based Prism Capital Partners, Angelo, Gordon & Co. and Parkwood Development Co. is underway on construction of Wonder Lofts, a multifamily project in Hoboken that will add 83 for-sale units and six rental units to the local supply. The project is a redevelopment of the former Wonder Bread factory and bakery that was built in 1909. Wonder Lofts will offer 10,000 square feet of indoor and outdoor amenity space, including a fitness center, meeting and media rooms, lounges, kitchens and entertainment areas. The development team expects to open the sales office in March 2021 and to deliver the first units in June.
MIAMI — Toronto-based H&R REIT and Coral Gables, Fla.-based Urban-X Group have welcomed the first tenants to open at River Landing Shops & Residences in Miami, the first phase of the $452 million River Landing mixed-use development. The first tenants opening beginning this week include Hobby Lobby, Burlington, Publix, Five Below, Chase Bank and AT&T. Ross Dress for Less and Planet Fitness will open later this fall, and in the coming months T.J. Maxx, Old Navy, Ficelles Bakery, Chick-fil-A and others will open their doors. According to Urban-X, 70 percent of River Landing’s retail space is committed. The developer plans to announce new tenants coming to River Landing in the near future. Situated on 8.1 acres along the Miami River, River Landing will span 2.2 million square feet upon completion and feature a 135,000-square-foot office tower, 528 upscale apartments, a riverwalk, green spaces, boat docks and more retail and restaurant space. Lantower Residential, a subsidiary of H&R REIT, will operate and lease the apartments. The operator will welcome move-ins beginning next month. Urban-X is currently negotiating with several restaurants looking to open a waterfront location in 2021 and is implementing curbside pick-up spaces for River Landing’s retail tenants to meet customer …
EAGAN, MINN. — Kraus-Anderson (KA) has completed construction of the $98 million Omni Viking Lakes Hotel in Eagan, just south of Minneapolis. The 320-room hotel, located at 2611 Nordic Way, is scheduled to open Thursday, Oct. 1. The 381,163-square-foot property is part of the larger Viking Lakes mixed-use development that includes the Twin Cities Orthopedic Performance Center for the Minnesota Vikings, which KA completed in 2018. The 14-story hotel features 35,000 square feet of event space, including a ballroom and meeting areas. Amenities include a spa, fitness center, bar terrace and three dining options. MW Ventures owns the hotel. ESG Architects served as designer.
ORLANDO, FLA. — A partnership between Landmark Properties and W5 Group LLC has broken ground on The Retreat East, a 602-bed student housing community that will serve student at the University of Central Florida (UCF) in Orlando. The cottage-style community will comprise 138 units that are expected to open in August 2021. Communal amenities will include a pool, poolside jumbotron, golf simulator, clubhouse, study lounge and a fitness center. Athens, Ga.-based Landmark will manage the property upon completion. The Retreat at Orlando will be situated at 12151 E. Colonial Drive, two miles south of UCF’s campus and 13 miles east of downtown Orlando. Miami Beach, Fla.-based W5 Group entered into the partnership through its new student housing investment initiative.
DOUGLASVILLE, GA. — Cushman & Wakefield has arranged $46.9 million in construction financing for Sweetwater Vista, a planned 300-unit multifamily complex in Douglasville. The borrower, Vista Realty Partners, is developing the property to include nine three- and four-story buildings. The asset will be situated on Riverside Parkway, 15 miles west of downtown Atlanta. Communal amenities will include a fitness center, pool, clubhouse, grilling area and a resident lounge. Michael Ryan, Brian Linnihan, Richard Henry and Blake Cohen of Cushman & Wakefield arranged preferred equity through Nationwide Insurance Co. and senior financing through Synovus Bank. Flournoy Construction is the general contractor, and Niles Bolton Associates is the architect. Vista Realty Partners expects to open the community in late 2021.
By Taylor Williams The sudden merging of a healthy pipeline of multifamily product in Texas with a global pandemic that has caused a drastic increase in working from home is forcing apartment builders and designers to get exceedingly creative with all facets of their projects. Unit interiors and common areas of apartment buildings must now provide makeshift workspaces for adults across a wide range of industries, as well as for the preexisting members of the gig economy and for children who have been forced to engage in virtual learning. Working from home is just one of many lifestyle changes that COVID-19 has brought about in the last six months. Multifamily developers and architects are tasked with trying to judge the staying power of these changes and to find balances between implementing features that promote safety and wellness without busting their budgets. “We know we have to adapt to COVID-19 and be proactive,” says Yewande Fapohunda, senior vice president at High Street Residential, the residential subsidiary of Trammell Crow Co. “Lifestyles and behaviors are rapidly changing, and though we don’t know how long they’ll last, we have to think short- and long-term with our reactions.” It’s a tricky process to say …
NEW YORK CITY — JLL has arranged $105 million in predevelopment financing for Bronx Logistics Center, a 1.2 million-square-foot last-mile distribution center that will be situated on a 14.2-acre site at 980 E. 149th St. Building features will include 1,400 parking spaces, 28-foot clear heights and proximity to Interstate 278. Christopher Peck, Peter Rotchford and Kristin Knapp of JLL arranged the debt through JPMorgan on behalf of the borrower, Turnbridge Equities. In addition, Andrew Scandalios, Tyler Peck and Thomas Pryor of JLL secured Dune Real Estate Partners as a joint venture equity partner. The development team expects to break ground some time in early 2021.
PATERSON, N.J. — Locally based developer Blue Onyx Cos. will redevelop a historic two-acre property in Paterson that houses seven former mills and warehouses into a mixed-use destination. Preliminary plans for the project, which will be branded 24+Half, call for creative office and residential uses, as well as a beer garden and a 12,230-square-foot beach environment with sand, furniture, food trucks and activities. Architecture firm HWKN is leading design of the commercial, residential and public spaces. Blue Onyx acquired the site in 2019. The development team expects to break ground on the first phase of the project in summer 2021 and for the entire project to carry a construction period of about five years.