Development

Hunt Capital Partners Provides $13M in LIHTC Financing for 50-Unit Tribal Housing Development in Northern Michigan

by Kristin Harlow September 11, 2024

PETOSKEY, MICH. — Hunt Capital Partners has provided $13 million in Low-Income Housing Tax Credit (LIHTC) financing for Victories Square, a 50-unit tribal housing development in Petoskey, a city on Michigan’s Lower Peninsula. Victories Square will provide a mix of studio, one- and two-bedroom units for households earning up to 80 percent of the area median income. Eight of the residences will be set aside for tribal members and supported by a 45-year project-based rental assistance contract from the tribe. Amenities will include a community room, bike racks, onsite management and Wi-Fi in all common areas. Community Housing Network Inc. is the project developer. MI-Oaks Construction LLC, a joint venture between Miller Diversified Construction and Oakwood Construction Co., is the general contractor. Dimension IV Madison Design Group is the architect, and KMG Prestige will provide property management services. Odawa Economic Development Management Inc., the economic development arm of the Little Traverse Bay Bands of Odawa Indians, provided a $5 million soft loan comprised of funds from the tribe, the Shakopee Mdewakanton Sioux Community and the Michigan State Housing Development Authority. The Federal Home Loan Bank of Indianapolis provided a $448,000 Affordable Housing Program grant. A timeline for construction was not …

September 11, 2024

California Development Industrial Loans Self-Storage Western

LaTerra Development Obtains $18.2M Construction Loan for Self-Storage Facility in Van Nuys, California

by Amy Works September 11, 2024

VAN NUYS, CALIF. — LaTerra Development has received an $18.2 million construction loan for the development of Raymer Self Storage, a fully entitled self-storage facility at 14876 Raymer St. in Van Nuys. JLL Capital Markets secured the two-year construction loan through Calmwater Capital LLC. Slated for completion in 2025, the 65,220-square-foot Raymer Self Storage will replace an existing warehouse and industrial building on the 1.2-acre site. The new facility will house 1,017 units consisting of 705 mini-storage units and 312 locker units. Property amenities will include 24-hour surveillance, controlled access, climate-controlled units and rooftop solar panels. Public Storage will operate and manage the facility.

September 11, 2024

Whale&Star-Wynwood-Mixed-Use-Rendering_Miami

Development Florida Mixed-Use Southeast Top Stories

Whale & Star Wynwood to Develop Eight-Story Cloud One Hotel, Residences in Miami

by Hayden Spiess September 11, 2024

MIAMI — A joint venture doing business as Whale & Star Wynwood Owner LLC has announced plans for a new, eight-story mixed-use project in the Wynwood neighborhood of Miami. Spanning half a city block at 2215 N.W. 1st Place, the development will feature a 214-room hotel, as well as 87 residential condominiums. The City of Miami’s Wynwood Design Review Committee recently approved the joint venture’s development plans. The Cloud One Hotels, the lifestyle brand of Munich-based hotelier Motel One Operating Group, will operate the hotel component, which will occupy levels two through five of the property. Residences will occupy levels six through eight and will feature studio, one-, two- and three-bedroom layouts. Residential units at the development will also be serviced by The Cloud One Hotels. The rooftop will feature a bar and restaurant, and the property will also include ground-floor retail space. The Whale & Star Wynwood Owner LLC joint venture comprises Motel One; Ralf Büschl, founder and chairman of the BÜSCHL Group of Cos.; and Sebastian Lüdke, founder of ALP.X Group. New York-based HWKN and Miami-based ODP Architects are co-designing the development to National Green Building Standards (NGBS). Fortis Design + Build of Miami is the local development …

September 11, 2024

Data Centers Development North Carolina Southeast

Town Lane, PowerHouse to Develop 2.5 MSF Data Center Campus in Southwest Charlotte

by John Nelson September 10, 2024

CHARLOTTE, N.C. — A joint venture between New York City-based Town Lane and PowerHouse Data Centers, a division of American Real Estate Partners, has purchased 122 acres in southwest Charlotte. Eastdil Secured advised the companies on the land acquisition. The joint venture plans to develop a five-building data center campus on the site called PowerHouse Charlotte that will span 2.5 million square feet. The project will have 300 megawatts of power with the potential to increase to 500 megawatts by April 2027. The site is located near the intersection of I-485 and State Highway 49. Duke Energy plans to build an additional substation on the site.

September 10, 2024

California Development Industrial Loans Western

JV Secures $135M Construction Loan for Perris Gateway Industrial Project in Perris, California

by Amy Works September 10, 2024

PERRIS, CALIF. — A joint venture between DECA Cos. and Wildcat Capital Management has obtained a $135 million loan to finance the ground-up development of Perris Gateway, an industrial development in Perris. Bank OZK provided the senior portion of the loan, while Affinius Capital originated the subordinate portion. Perris Gateway will feature 850,000 square feet of industrial space with 40-foot clear ceiling heights, 124 dock-high doors, four drive-in doors and 4,000 amps of power. Additionally, the property will offer 348 auto parking stalls and 308 trailer parking stalls. The joint venture will use the loan proceeds to finance the construction and lease up-of Perris Gateway, which will be available for lease in 2025.

September 10, 2024

Development Industrial Texas

Harbor Capital Acquires 606,911 SF Corbin Industrial Park in Denton, Texas

by Taylor Williams September 10, 2024

DENTON, TEXAS — Austin-based real estate private equity firm Harbor Capital has acquired Corbin Industrial Park, a 606,911-square-foot development located in the North Texas city of Denton. Constructed on 45 acres in phases between 2005 and 2014, the park features an average building size of 30,346 square feet, clear heights of up to 24 feet, industrial outdoor storage space, grade-level and dock-high loading configurations and more than 700 car parking spaces. Frazier Commercial Real Estate brokered the sale and has also been retained as the leasing agent. An entity managed by Argentic Investment Management provided acquisition financing for the deal that was arranged by Newmark. The seller was not disclosed.

September 10, 2024

Development Office Texas

Cousins Properties Secures 320,000 SF Office Lease at The Domain in Austin

by Taylor Williams September 10, 2024

AUSTIN, TEXAS — Cousins Properties (NYSE: CUZ) has secured a 320,000-square-foot, full-building office lease at The Domain mixed-use destination in Austin. The Atlanta-based owner-operator did not disclose the name of the tenant, but multiple local publications including the Austin-American-Statesman and Community Impact Newspaper report that it was IBM. The new tenant will assume the existing lease of Meta Platforms, the parent company of Facebook and Instagram, beginning in 2026 and extend the lease expiration date from 2031 to 2040. The building was completed in 2020 and offers a café, outdoor terraces, fitness center and direct access to hiking and biking trails.

September 10, 2024

Development Midwest Multifamily Student Housing Wisconsin

CRG Delivers 534-Bed Chapter Madison Student Housing Development in Wisconsin

by Kristin Harlow September 10, 2024

MADISON, WIS. — CRG has completed Chapter Madison, a 534-bed student housing development neighboring the University of Wisconsin-Madison. Located in the heart of Madison’s historic Greenbush neighborhood and designed by Lamar Johnson Collaborative, the 10-story project features 165 units in various floor plans ranging from studios to five bedrooms. Amenities include a fitness center, yoga studio, private study spaces and a rooftop terrace. The development also features a cultural exhibit that pays homage to the area’s heritage through murals and a first-floor corridor display. Chapter Madison is fully leased.

September 10, 2024

Development Michigan Midwest Office

Farbman Group Completes Atrium Renovation at New Center One Office Building in Detroit

by Kristin Harlow September 10, 2024

DETROIT — Farbman Group has completed an atrium renovation at New Center One, a 600,000-square-foot office building in Detroit’s New Center. The renovations include new furniture, faux grass and live plants installation, upgraded LED lighting and new paint for the elevator façade. Michelle Davis of Davis & Davis managed and executed the design of the new atrium. The space will serve as a lunch and meeting spot for tenants.

September 10, 2024

Development Massachusetts Multifamily Northeast Seniors Housing

WinnCos. Breaks Ground on $51M Seniors Housing Redevelopment Project in Worcester, Massachusetts

by Taylor Williams September 10, 2024

WORCESTER, MASS. — WinnCos. has broken ground on Residences on Lincoln Square, a $51 million seniors housing redevelopment project in the central Massachusetts city of Worcester. The project will transform the historic Worcester Boys Club property, which was originally built in 1930 and has been vacant since 2006, into an 80-unit, age- and rent-restricted complex. The existing building will be redeveloped to house 16 units, and a new building will be constructed to house the remaining 64 units. Residences will come in studio, one- and two-bedroom units, with 11 units to be set aside for residents with disabilities. Full completion of the project is slated for 2026. F.W. Madigan Co. Inc. is serving as the general contractor, and Maugel DeStefano Architects is the project architect.

September 10, 2024

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