NEW YORK CITY — Bank OZK has provided a $95 million construction loan for an 85,000-square-foot, 15-story mixed-use condominium development on the Upper East Side of Manhattan. Located at 150 E. 78th St., the project will include 25 condominium units as well as several thousand square feet of ground-floor retail space. Bank OZK provided the financing to Midwood Investment & Development and EJS Real Estate. Terms of the financing were not disclosed. The developer plans to break ground on the project this summer.
OWINGS MILLS, MD. — AvalonBay Communities Inc. will develop Avalon Foundry Row, a 437-unit multifamily community within Foundry Row in Owings Mills, a suburb of Baltimore. Avalon Foundry Row will offer studio, one-, two- and three-bedroom floor plans. Amenities will include a fitness center, clubroom, coworking space, dog parks and a pool. AvalonBay expects to break ground this spring. Greenberg Gibbons and Vanguard are developing Foundry Row, a mixed-use project which includes a 110,000-square-foot Wegmans Food Market, LifeBridge Health, Old Navy, DSW Shoe Warehouse, LA Fitness, Ulta Beauty, HomeGoods, La-Z-Boy, Mission BBQ, Chipotle Mexican Grill and Panera Bread.
AUSTIN, TEXAS — Wood Partners, a multifamily investment and development firm with offices around the country, has begun leasing Alta Tech Ridge, a 230-unit community in Austin. The property, which offers one-, two- and three-bedroom units averaging 850 square feet per unit and officially opened in January, is located in between The Domain area on the north side and downtown Austin. Units feature stainless steel appliances, washers and dryers and private yards with attached garages. Amenities include a pool, outdoor kitchens, a dog spa, cyber lounge and a yoga studio.
KANSAS CITY, MO. — Cohen-Esrey Development Group is converting a seven-story office building in Kansas City into a luxury apartment project. The first phase of construction, Midtown Plaza, will add 107 luxury one- and two-bedroom units to the Midtown area. Additional phases of construction call for retail and office space and a rooftop restaurant, as well as additional apartments and townhomes. California-based Kartel Capital purchased the property in 2008. Cohen-Esrey is the project developer and Construction Technologies is the general contractor. John Perlik and Don Coleman of CBRE Capstone arranged construction financing through Arvest Bank.
MINNETONKA, MINN. — Doran Cos. will break ground later this month on a new luxury apartment community in Minnetonka. The 175-unit property will be located at the intersection of Wayzata Boulevard and Fairfield Road near I-394. The project is the first Doran project led by Doran RE Partners LLC, a new independent development venture that pursues joint venture development deals relying on capital independent of Kelly Doran. At more than 20,000 square feet, the amenity space will feature a pool, spa, sauna, entertainment suite, clubroom, game area, fitness center, coworking space and outdoor grilling area. The community will include 35 income-restricted units at 50 percent of the area median income. The city of Minnetonka provided $4.8 million in tax-increment financing for the affordable units.
CAMDEN, N.J. — TD Bank has provided a $6.9 million construction loan for Cooper Plaza Townhomes, an affordable housing community in the Cooper Plaza historic district of Camden. All 64 townhomes will remain affordable, serving households earning less than 80 percent of the area median income. The loan will fund part of a $14 million renovation that will modernize the interiors and exteriors of the homes including new HVAC and mechanical systems, replacement of roofs, new windows and porch improvements.Additional funding includes a $3.1 million permanent mortgage provided by Berkadia. TD Bank provided the financing to borrower, The Michaels Organization. Terms of the financing were not disclosed.
FORT WORTH, TEXAS — Dallas-based development firm Lang Partners has broken ground on The Cooper, a $65 million multifamily project in Fort Worth. Located at 1001 W. Rosedale St., the property will consist of 390 units in one-, two- and three-bedroom formats. Units will range in size from 600 to 1,810 square feet and will feature 10- to 12-foot ceilings, walk-in closets and showers, private terraces, quartz countertops and platinum silver appliances. Communal amenities include a pool with private cabanas, outdoor grilling and lounge area, fitness center with a yoga studio, coffee bar, pet park, coworking office space and package lockers with cold storage and dry cleaning services. KWA Construction is the general contractor and GFF is the architect for the project, which is slated for an August 2020 completion.
CONROE, TEXAS — A partnership between Jimmy Buffett’s Margaritaville Holdings LLC, Atlanta-based Songy Highroads and Baton Rouge, La.-based The Wampold Cos. will open a 360-room Margaritaville Resort at Lake Conroe, about an hour north of Houston. The property, which will be the first Margaritaville-branded project in Texas, will be situated on a 186-acre site that is currently home to La Torretta Lake Resort & Spa. The development team will undertake a renovation project to convert two of the existing restaurants to signature Margaritaville dining concepts, and to refresh the golf course, tennis facilities, spa and outdoor pools. The opening is slated for the third quarter of 2020.
DALLAS — Kaizen Development Partners has begun demolition work on The Link at Uptown, a 300,000-square-foot office project located at 2601 Olive St. in Uptown Dallas. BOKA Powell and Balfour Beatty are respectively serving as the architect and general contractor for the 25-story building, which will be situated near a variety of retail and restaurant destinations. JLL is handling leasing and marketing of the property, which is expected to be complete in fall 2021. An investment fund managed by Goldman Sachs’ merchant banking division is providing project financing.
SAN DIEGO — Donahue Schriber has announced a $120 million expansion at Del Mar Highlands Town Center, a destination mixed-use property at 12925 El Camino Real in San Diego. The expansion will bring the asset to more than 400,000 square feet of retail, dining and entertainment space. The expansion, known The Collection at Del Mar Highlands Town Center, will bring an additional 120,000 square feet space, offering 40 new retailers, restaurants, fitness studios and new spaces to work, play and lounge. The project centers around relocation of Jimbo’s…Naturally, as the grocery store expands to 25,000 square feet. The grocer’s new space is slated to open this summer. Additional tenants at The Collection will be OH! Juice; Cascade Spa; Perlman Wellness Center; Head Lettuce, a healthy dining concept; and Diesel, a Brentwood, Calif.-based bookstore. CermaiCafe will also relocate to the new space. The expansion includes a boutique fitness row, which is slated to open in 2020. The new collection of fitness brands will offer a variety of fitness options, including StretchLab, Row House and an expanded Club Pilates location. Located above the expanded Jimbo’s…Naturally, The Sky Deck will bring eight to 10 dining destinations, a central cocktail bar and an elevated …