Development

City of San Francisco Invests $12M to Buy Site for Future Affordable Housing Development

by Amy Works April 9, 2020

SAN FRANCISCO — The City of San Francisco has purchased a 0.27-acre mixed-use development site on two parcels located at 1939 Market St. at Duboce Avenue in San Francisco. Sheet Metal Workers Local 104 Union Hall sold the site for $12 million. As part of the transaction, Sheet Metal Workers agreed to lease back the property for 24 months. The City plans to develop a mixed-use development on the site. Upon completion, the project will offer 100 percent permanent affordable housing, which would likely serve low-income seniors, and ground-floor activation opportunities. The site currently consists of a surface parking lot and a two-story office building that will be demolished to develop the housing project. Additionally, the parcels are located at the nexus of Hayes Valley, Duboce Triangle and Mission Dolores with a zoning allowance that places no limits on unit density and allows for the construction of structures up to 85 feet in height. The City of San Francisco acquired the property with funds from the Educational Revenue Augmentation Fund and would draw from the $600 million Affordable Housing Bond passed in November to finance the construction of the housing project. Jason Parr, Mark McGranahan and Scott MacDonald of Cushman …

April 9, 2020

Development Industrial Texas

Gulf Corp., Tailwind Complete 131,178 SF Industrial Project in Laredo

by Taylor Williams April 8, 2020

LAREDO, TEXAS — Developer Gulf Corp. and equity partner Tailwind Real Estate Equities have completed I-35 Logistics Center, a 131,178-square-foot industrial project in the South Texas city of Laredo. The Class A facility features 4,000 square feet of office space, 32-foot clear heights, 46 dock-high doors, 73 trailer parking spaces and an ESFR sprinkler system. Park Avenue Construction served as the general contractor for the project, construction of which began in August 2019. CBRE is handling leasing.

April 8, 2020

Development Midwest Minnesota Multifamily Seniors Housing

Vincent Development Receives Approval for Senior Living Facility in Prior Lake, Minnesota

by Kristin Harlow April 8, 2020

PRIOR LAKE, MINN. — Vincent Development has received approval from the city of Prior Lake for the development of Summers Ridge Senior Living. Comprising 40 units of assisted living and memory care, the senior living facility will be located at 4285 Fountain Hills Drive in Prior Lake, about 20 miles southwest of Minneapolis. Great Lakes Management will manage the one-story property, which will feature 24-hour support, private bedrooms and bathrooms, home-cooked meals, physical and mental exercises, outings and activities, housekeeping and laundry services.

April 8, 2020

California Development Multifamily Western

Meta Housing Breaks Ground on 65-Unit Affordable Multifamily Project in Orange County

by Amy Works April 8, 2020

WESTMINSTER, CALIF. — Los Angeles-based Meta Housing Corp., in a joint venture partnership with Western Community Housing, has broken ground on Westminster Crossing, an affordable and permanent supportive housing multifamily community located ta 7122 Westminster Blvd. in Westminster. The $42 million development will provide 65 units with fully equipped kitchens with dishwashers, private bathrooms and a mix of hardwood and carpet flooring. Additionally, the project will include 89 parking spaces, 10 bicycle parking spaces, a community garden, outdoor lounge with barbecue area, synthetic turf play area and a children’s play area. The community spaces will include a homework room, conference rooms, art studio/maker space, gym/fitness/dance room and a community room, as well as management and service-provider offices. Upon completion in fall 2021, John Stewart Co. will manage the three-story property. The development team includes Meta Housing and Western Community Housing as co-developers and general partners, KPRS Construction Services as general contractor, IMG as construction manager, Y&M Architects as architect and MJS as landscape architect. Meta Housing partnered with the City of Westminster, Orange County, California Housing Finance Agency, U.S. Department of Housing and Urban Development, Capital One Bank, California Community Reinvestment Corp. and Red Stone Equity Partners to finance the …

April 8, 2020

Development Multifamily Southeast Student Housing Virginia

Eyzenberg & Co. Structures Ground Lease and Selects Greystar to Develop a 424-Unit Student Housing Property Near Virginia Tech

by Alex Tostado April 7, 2020

BLACKSBURG, VA. — Greystar will redevelop an 11.5-acre site near Virginia Tech University into 424 student housing units. Sturbridge Square Apartments currently sits at the property, which is located at 1001 University City Blvd., one mile north of campus. The developer expects to break ground on the development this summer, with completion slated for fall 2022. Sturbridge Square Apartments currently comprises 11 buildings. The new community will offer six buildings offering one- through four-bedroom floor plans as well as townhomes. Communal amenities will include green recreational space, a half basketball court, swimming pool and a picnic area. David Eyzenberg of Eyzenberg & Co. with help from analyst Fan Yu structured the ground-lease on behalf of Sturbridge Square LLC and procured Greystar to develop the student housing community. BSB Design Inc. is serving as the architect of the redevelopment.

April 7, 2020

Development Florida Industrial Southeast

Brennan Investment Group Delivers 411,000 SF Industrial Property in Port St. Lucie, Florida

by Alex Tostado April 7, 2020

PORT ST. LUCIE, FLA. — Brennan Investment Group has delivered a 411,000-square-foot industrial facility for City Electric Supply/Tamco in Port St. Lucie. The property, which features 40,000 square feet of office space, will also serve as City Electric’s North American Manufacturing headquarters. The tenant manufactures and distributes lighting and electrical equipment products through City Electric Supply branches throughout the country. Tamco, one of City Electric’s retail brands with stores nationwide, is consolidating its space from five locations around Port St. Lucie to the new facility. In addition to developing the new facility, Brennan also acquired the five locations that Tamco occupied before selling them to an undisclosed Florida-based investor.

April 7, 2020

Development Florida Loans Multifamily Seniors Housing Southeast

LV Lending Provides $4.2M Refinancing for Seniors Housing Development Site on Florida’s Space Coast

by Alex Tostado April 7, 2020

CAPE CANAVERAL, FLA. — LV Lending, a local private lender, has provided a $4.2 million refinancing loan for a 7.7-acre vacant site in Cape Canaveral, a town on Florida’s Space Coast. The borrower, Danny Ringdahl of La Casa Canaveral LLC, plans to build a four-story, 248-bed assisted living and memory care community on the site. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending arranged the financing. Hart Advisors Group was the mortgage broker.

April 7, 2020

Development Multifamily Texas

Embrey Receives Financing for 338-Unit Multifamily Redevelopment Project in San Antonio

by Taylor Williams April 7, 2020

SAN ANTONIO — Locally based developer Embrey Partners has received financing from Wells Fargo for the construction of a 338-unit multifamily community at the historic Borden Creamery property, located adjacent to the Pearl District in San Antonio. Construction is scheduled to begin in July with the demolition of a self-storage facility currently on the 5.1-acre site. Humphreys & Partners is designing the project, completion of which is slated for July 2023. The Borden building will be preserved in a separate project by AREA Real Estate LLC to include 60,000 square feet of office and retail commercial space. Embrey’s development pipeline currently includes more than 6,000 new units.

April 7, 2020

Development Loans Multifamily New Mexico Western

CBRE Arranges $49.7M in Construction Financing for South Meadows Apartments in Santa Fe

by Amy Works April 7, 2020

SANTA FE, N.M. — CBRE has secured $49.7 million in construction financing for the development of South Meadows, a market-rate multifamily apartment complex in Santa Fe. Peter Gineris and Chad Ricks of CBRE’s Capital Markets’ Debt & Structured Finance team originated the loan through the firm’s FHA lending platform on behalf of Storm River, the owner/developer. The loan for the Class A, garden-style apartment project is funded through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) new construction mortgage insurance program. The transaction provides an interest-only construction period of 27 months with a 40-year, non-recourse and fully amortizing permanent loan. Located at 2800 S. Meadows Blvd., the development will feature 10 three-story residential buildings, offering a total of 240 units, and a single-story clubhouse/leasing office. Community amenities will include a pool and spa with ramada; picnic and barbecue areas with grills; dog park; bike racks; mail center; fob access to amenity areas; detached garages; carports; a maintenance building; and secured perimeter fencing. Each unit will feature stainless steel, energy-efficient appliances, pantries, kitchen islands, entry closets, storage units, USB outlets, washers/dryers, oversized bathtubs, walk-in shower stalls, walk-in closets, nine-foot ceilings, crown molding, hard-surface premium flooring, private patio/balcony and ceiling …

April 7, 2020

Colorado Development Multifamily Top Stories Western

AMLI Buys Multifamily Development Site on South Broadway in Denver

by Amy Works April 7, 2020

DENVER — AMLI Residential, a multifamily developer and owner based in Chicago, has purchased 2.7 acres of land on South Broadway in Denver for a new 300-unit apartment community. The property is situated within Broadway Park, a mixed-use, infill redevelopment totaling 75 acres and entitled for up to 10 million square feet of development. Denver-based D4 Urban is the master developer of Broadway Park and sold the land to AMLI. Chris Cowan and Mackenzie Walker of Newmark Knight Frank (NKF) Multifamily represented D4 Urban in the land sale. The sales price was not disclosed. Community amenities at the project, named AMLI Broadway Park, will include a rooftop deck; two-story fitness and clubhouse area; pool; barbecue and lounge area; dog run; and several courtyards. The property is designed to achieve LEED Gold certification, which is a hallmark of AMLI communities nationwide. The new community is the second vertical development within the Northwest District at Broadway Park. The site is adjacent to Price Development Group’s 345-unit multifamily property currently under construction, as well as a public plaza developed by D4 Urban on behalf of the Broadway Park North Metropolitan District, according to Dan Cohen, development partner at D4 Urban. The property will …

April 7, 2020

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