Development

Dekel Capital Arranges More Than $80M in Financing for Development of Multifamily Complex in California

by Amy Works August 20, 2019

SOUTH GATE, CALIF. — Dekel Capital has secured more than $80 million in preferred equity and construction financing for the development of Jefferson on Imperial, a multifamily community located in South Gate. The borrower is JPI. Situated on 4.1 acres at 10920 Garfield Ave., the four-story Jefferson on Imperial will feature 244 apartments in a mix of one-, two- and three-bedroom layouts, as well as a multi-level parking garage with a total of 458 stalls. JPI broke ground on the development in March and expects initial delivery by October 2020. Southern California-based WHA designed the project, which is the first new multifamily development in the last 30 years in the Downey/South Gate area. Alliance Residential Co. will manage, market and lease up the property.

August 20, 2019

Development Multifamily Northeast Pennsylvania Student Housing

Lehigh University, Greystar Open 426-Bed Residence Hall in Bethlehem, Pennsylvania

by Alex Patton August 19, 2019

BETHLEHEM, PA. — A partnership between Lehigh University and Greystar has opened SouthSide Commons, a 426-bed residence hall located on the university’s campus in Bethlehem, about 50 miles northwest of Trenton. The community offers fully furnished studio, two-, three- and four-bedroom units. Atkin Olshin Schade Architects designed the project, construction of which began in May 2018 and was completed July 2018.

August 19, 2019

Development Loans Maryland Mixed-Use Southeast

SunTrust, Harbor Bankshares Provide $19.8M in Debt, Equity for Mixed-Use Development in Baltimore

by Alex Tostado August 19, 2019

BALTIMORE — SunTrust Community Capital (STCC) and Harbor Bankshares Corp. have provided a total of $19.8 million in financing for Village Center at Stadium Place in Baltimore. STCC provided $4.8 million of equity and $4 million in its New Markets Tax Credit (NMTC) allocation. Harbor Bankshares contributed $11 million of its NMTC allocation. Govans Ecumenical Development Corp. (GEDCO) and Commercial Development & Investments LLC (CDI) are co-developing the property, which will meld with the existing Stadium Place Adult Community Campus master plan. Village Center will include 70 discounted market-rate senior housing units and 30,000 square feet of medical office and retail space. A timeline for completion was not disclosed.

August 19, 2019

Arizona Development Multifamily Western

Defer Gain, Pacific Oak Capital to Develop Three Affordable Apartment Assets in Downtown Phoenix

by Amy Works August 19, 2019

PHOENIX — A joint venture between Arizona-based Defer Gain LLC and Pacific Oak Capital Advisors is developing three apartment communities that combine affordability with amenities in downtown Phoenix. The projects are valued at $61 million. Situated within the Presidential District, the projects include the 241-unit St. Ambrose Apartments and the 84-unit Presidential Apartments. Located along the light rail line, the two communities are one stop from downtown Phoenix and three stops from Sky Harbor Airport. Additionally, the properties will feature luxury lobbies with mail rooms, including secured lockers for packages and cold/freezer storage for grocery deliveries; clubhouses; multi-purpose rooms; private conference rooms; exercise facilities; resort-style swimming pools; cabanas with private barbecues; and secured ingress/egress. Both properties will also feature street-level retail and mixed-use space. In September, the joint venture plans to break ground on The Imperial Apartment, a 140-unit workforce housing project located in the Edison Eastlake Choice Neighborhoods, which is undergoing a $150 million redevelopment.

August 19, 2019

Development Industrial Nevada Western

Panattoni Development Completes 270,975 SF Longley Commerce Center in Reno, Nevada

by Amy Works August 19, 2019

RENO, NEV. — Panattoni Development Co. has completed the construction of Longley Commerce Center, a Class A industrial building located at 6550 Longley Lane in Reno. Built on the last large industrial site in south Reno, the asset features 270,975 square feet of flex units ranging in size from 8,400 square feet to 16,800 square feet, as well as bulk industrial units from 24,000 square feet to 218,775 square feet. The project features 30-foot clear heights in all suites, ESFR sprinkler systems, LED lighting and build-to-suit office space. Additionally, the property’s location allows access to Interstate 580, a variety of amenities and the Reno-Tahoe International Airport. Longley Commerce Center is owned by Longley Commerce Center LLC, a joint venture between Markaz and Panattoni Development. Alston Construction served as general contractor for the project, which began in July 2018. Kidder Mathews is providing brokerage services for the project.

August 19, 2019

Development Midwest Wisconsin

Milwaukee Symphony Orchestra Underway on $89M Performance Hall Project

by Kristin Harlow August 19, 2019

MILWAUKEE — The Milwaukee Symphony Orchestra (MSO) is converting the former Warner Grand Theater, located at 212 W. Wisconsin Ave., into its new performance hall. The $89 million project is expected to open in fall 2020. As part of the project, construction partners C.D. Smith Construction, International Chimney Corp. and Expert House Movers moved a seven-story wall 35 feet toward the street while keeping it fully intact. The wall dates back to 1931 when the former theater was built. By expanding the theater, the MSO can offer better visibility for patrons as well as fit the entire orchestra on stage. The MSO, led by Music Director Ken-David Masur, was founded in 1959.

August 19, 2019

Development Mississippi Multifamily Southeast Student Housing

Mississippi State University, Greystar Open $67M Mixed-Use Development on Campus

by Alex Tostado August 16, 2019

STARKVILLE, MISS. — A public-private partnership between Mississippi State University (MSU) and Greystar has opened College View, 650-bed residential development on the university’s campus in Starkville. The mixed-use property features 46,000 square feet of retail space and a 7,000-square-foot addition to the MSU Child Development and Family Studies Center. Communal amenities include a fitness center, computer lab, study rooms, swimming pool, community lounge, volleyball court and fire pits. Greystar financed, built and will manage the community utilizing a 40-year lease of MSU land. The lease agreement features a 10-year renewal option.

August 16, 2019

Development Georgia Retail Southeast

Delaware North to Bring Golf Entertainment Concept to The Battery Atlanta

by Alex Tostado August 16, 2019

ATLANTA — Delaware North will open Good Game, a 7,500-square-foot dining and entertainment concept that offers Topgolf’s Swing Suite virtual simulator bays. Good Game will house seven bays, accommodating up to eight people in each bay. The Topgolf Swing Suite bays also offer a variety of virtual games, including the Topgolf target game, Zombie Dodgeball, Hockey Shots, Baseball Pitching and Carnival Classic. Delaware North, which has been the exclusive food and beverage service provider for Battery landlord Braves Development Co. and SunTrust Park since 2016, also operates the Terrapin Taproom, H&F Burger and Coca-Cola Roxy Theater within the mixed-use village.

August 16, 2019

Development Industrial New Jersey Northeast

Seagis Begins Construction of 415,533 SF Industrial Property in Kearny, New Jersey

by Alex Patton August 16, 2019

KEARNY, N.J. — Seagis Property Group, a Pennsylvania-based developer, has begun construction of a 415,533-square-foot industrial property in Kearny, a western suburb of New York City. The property features 40-foot clear heights, 88 dock doors, four drive-in doors and close access to the New Jersey Turnpike and Port Newark. Construction is slated for completion in early 2020.

August 16, 2019

Development Hospitality New Jersey Northeast

Aparium Completes 159-Room Hotel in Montclair, New Jersey

by Alex Patton August 16, 2019

MONTCLAIR, N.J. — Aparium Hotel Group, a Chicago-based developer, has completed The MC Hotel, a 159-room hotel in Montclair, a western suburb of New York City. The MC is Aparium’s first property on the East Coast, and the first hotel to open in Montclair since 1939. Designed by New York-based DYAMI Architecture, the building also houses Allegory, a contemporary American restaurant.

August 16, 2019

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