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Development

GCP-Paper-New-Caney
DevelopmentIndustrialLoansTexas

CBRE Arranges Construction Financing for 565,765 SF Manufacturing Project in New Caney, Texas

by Taylor Williams

NEW CANEY, TEXAS — CBRE has arranged an undisclosed amount of construction financing for a 565,765-square-foot manufacturing project in New Caney, a northeastern suburb of Houston. The 32-acre site is located within East Montgomery Industrial Park, and the project is a build-to-suit for GCP Paper, a Mexican company that provides toilet paper, facial tissue and paper towels. The facility will consist of two interconnected single-story structures: an office/production warehouse and a mill building. The office/production warehouse will feature dock-high loading bays and concrete tilt-wall panel construction. Construction is slated for a summer 2026 completion. John Fenoglio and Brock Hudson of CBRE arranged the debt through Cadence Bank on behalf of GCP Paper in conjunction with Pontikes, which is serving as the fee developer for the project as well as the general contractor. The loan was structured with a loan-to-cost ratio of 80 percent.

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Eva-White-Apartments-Boston
Affordable HousingDevelopmentMassachusettsMultifamilyNortheastSeniors Housing

CSTO, WinnDevelopment Begin $40M Repositioning of Boston Affordable Housing Complex

by Taylor Williams

BOSTON — A partnership between local nonprofit organization Castle Square Tenants Organization (CSTO) and regional owner-operator WinnDevelopment has begun the $40 million repositioning of Eva White Apartments, a 102-unit affordable housing complex in Boston’s South End. The project will encompass upgrades to unit interiors and the creation of new amenity spaces, as well as energy system retrofits to the property’s two seven-story buildings. Specifically, each of the property’s 34 studios, 57 one-bedroom units and 11 two-bedroom units will be improved with modern kitchens, bathrooms and living room flooring. New health and wellness spaces and a new fitness room will be created for residents. The current common laundry room, community room and management office will also be renovated. Bank of America, MassHousing and Citizens Bank are financing construction, with BoA also serving as the federal Low-Income Housing Tax Credit investor. Completion is scheduled for 2026. Eva White Apartments originally opened in 1967 and serves seniors and people with disabilities. The Boston Housing Authority holds a 99-year ground lease on the complex, which protects the property’s long-term affordability status. CSTO became the 99 percent owner of the property in December after securing the financing for the project. This venture marks the organization’s …

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AcquisitionsDevelopmentIllinoisMidwestMultifamily

Kayne Anderson, JDL to Acquire Former Lincoln Yards North Development Site in Chicago

by Kristin Harlow

CHICAGO — Kayne Anderson Real Estate and JDL Development have entered into an agreement to acquire a 31-acre development site at 2001 N. Southport Ave. in Chicago. The site was formerly referred to as Lincoln Yards North and is situated prominently on the Chicago River. The developers plan to reimagine and rebrand the property. The new development, which will be heavily focused on residential, will be named Foundry Park. Plans call for homes, condos and apartments as well as commercial uses. The developers plan to include affordable housing units and create a walkable neighborhood with open green space. The transaction is expected to close by the end of the third quarter.

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DevelopmentIllinoisLife SciencesMidwest

Beacon Capital Partners, TCC Deliver 300,000 SF Hyde Park Labs in Chicago

by Kristin Harlow

CHICAGO — Beacon Capital Partners and Trammell Crow Co. (TCC) have completed Hyde Park Labs in Chicago. The partnership has also opened its STEM engagement center for local youth, Southside STEM Station, on the ground floor of the 300,000-square-foot development. The learning hub offers free STEM programs for students, families and educators on the city’s South Side. Located at 5207 S. Harper Ave. and rising 13 stories, Hyde Park Labs features nine full floors of Class A lab and office space, ground-level retail and four levels of parking. The developers say the project marks the South Side of Chicago’s first commercial, purpose-built advanced R&D lab building. More than 40,000 square feet of tenant amenities includes a fifth-floor terrace dubbed “The Lawn” with grills, firepits and direct access to the interior tenant lounge. The development also features private terraces on each floor, secure bike storage, an indoor bar and lounge and an executive boardroom. The University of Chicago has pre-leased approximately 55,000 square feet at Hyde Park Labs. In addition to faculty research, the university’s space includes its new UChicago Science Incubator, a partnership between the Polsky Center for Entrepreneurship and Innovation and Portal Innovations. Five UChicago-affiliated companies are among the …

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DevelopmentKansasLeasing ActivityMidwestRetail

WIRED Nears Completion of 7,000 SF Wellness, Beauty Hub in Prairie Village, Kansas

by Kristin Harlow

PRAIRIE VILLAGE, KAN. — Women in Real Estate Development (WIRED) is nearing completion of a wellness and beauty destination at the corner of 75th Street and State Line Road in Prairie Village near Overland Park. The 7,000-square-foot property is named “c u r a t e d.” In August 2024, a group of 22 local women investors, led by Sheryl Vickers of Select Sites LLC, acquired the property. They have reimagined the building from 1958 into a commercial space tailored for health, beauty and wellness practitioners looking to reach consumers across Mission Hills, Waldo, Brookside, Leawood, Overland Park and Fairway. The interior space features new paint, flooring and lighting. The project’s suites feature natural light, private entries and modern finishes. The project also included the installation of new energy-efficient windows. Final plans call for a new parking surface and concrete with ADA access and new landscaping. The anchor tenant is The Healing Collective, which occupies eight suites and brings the building’s occupancy to 70 percent.

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MXWL
DevelopmentKentuckySoutheastStudent Housing

Gilbane Breaks Ground on 655-Bed Student Housing Development Near University of Kentucky

by Abby Cox

LEXINGTON, KY. — Gilbane Development has broken ground on MXWL, a 655-bed student housing development near the University of Kentucky campus. Located at 201 E. Maxwell St. in Lexington, the property will offer 277 fully furnished units with bed-to-bath parity. Amenities will include a rooftop deck, game-day courtyards, fire pits, grilling stations, outdoor lounges, coworking spaces and a fitness center with a sauna. The property will also offer a 140-space underground parking garage, as well as covered bike storage. Construction began in June, while completion is scheduled for fall 2027. Humphreys & Partners Architects designed MXWL.

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Verdant-Fort-Greene-Brooklyn
AcquisitionsAffordable HousingDevelopmentLoansMultifamilyNew YorkNortheastTop Stories

Joint Venture Acquires Verdant Fort Greene Apartments in Brooklyn for $209M

by Abby Cox

NEW YORK CITY — A joint venture between Fetner Properties, MCB Real Estate and Farallon Capital Management has acquired Verdant Fort Greene, a residential building located within the Fort Greene neighborhood of Brooklyn, for $209 million. M&T Realty Capital Corp. (MTRCC) provided a $141.5 million senior loan for the transaction. Situated at 240 Willoughby St., the 30-story, mixed-income complex features 463 units, 147 of which are designated for affordable housing. The joint venture purchased Verdant Fort Greene and assumed the ground lease at construction completion and prior to lease-up. The property was 25 percent leased at the time of sale, according to Fetner. “We’re very bullish on New York City, and this acquisition is another step in our continued commitment to provide quality affordable and market-rate housing to the city,” says Hal Fetner, president and CEO of Fetner Properties. The complex, which is located directly across from Fort Green Park, offers studios, one- and two -bedroom floorplans ranging in size from 370 square feet to 792 square feet, with the top four floors featuring penthouse suites. Apartments also offer private terraces, floor-to-ceiling windows, custom integrated Bluetooth speaker systems and in-unit washers/dryers.   Additionally, Verdant Fort Greene features more than 30,000 …

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Midland-High-School
CivicDevelopmentTexas

Midland ISD Begins Renovation of Two High School Campuses Totaling 1.5 MSF

by Taylor Williams

MIDLAND, TEXAS — The Independent School District (ISD) of Midland, located in West Texas, has begun the renovation of two high school campuses totaling 1.5 million square feet. Renovations at both Midland High School and Legacy High School will deliver career and technical education centers with specialized labs to support industry-aligned training and future workforce readiness. Project partners include Pfluger Architects, Satterfield & Pontikes and Lee Lewis Construction. Upon completion, which is slated for August 2028, each school will be able to accommodate about 4,200 students. The renovations are being financed with a $1.4 billion taxpayer bond that was passed last year.

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Affordable HousingDevelopmentLoansMultifamilySeniors HousingTexas

Lument Provides $33.6M Agency Construction Loan for Dallas Affordable Seniors Housing Project

by Taylor Williams

DALLAS — New York City-based Lument has provided a $33.6 million Freddie Mac construction loan for The Culbreath, a 364-unit affordable seniors housing project in Dallas. The Culbreath will be reserved for seniors age 62 or older and will consist of 270 one-bedroom units and 94 two-bedroom units. Amenities will include a clubhouse, fitness center, library, game room, multipurpose room, pool, pickleball and bocce ball courts and two dog parks. The opening is slated for summer 2027. Tracy Peters and Dale Giffey led the transaction for Lument on behalf of DHA Housing Solutions of North Texas and Volunteers of American National Services.

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Bellevue-Hotel-Newport-Rhode-Island
DevelopmentHospitalityNortheastRhode Island

Procaccianti Cos. to Develop 91-Room Hotel in Newport, Rhode Island

by Taylor Williams

NEWPORT, R.I. — Locally based landlord Procaccianti Cos. will develop a 91-room hotel in the coastal Rhode Island city of Newport. TPG Hotels & Resorts will operate the property as The Bellevue Hotel, which is part of its INTERA Collection family of brands. Plans for the project call for multiple food-and-beverage venues, spa and wellness facilities and underground parking to expand the street-level pedestrian experience. Lastly, the building’s three-story structure will incorporate Juliet balconies, with interior rooms overlooking the garden. Procaccianti has received all necessary permit and approvals, and construction is set to begin late this year and to be complete in early 2027.

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