Development

13th Floor, Barings Receive $125M Construction Loan for Phase II of Miami Transit-Oriented Multifamily Development

by Kristin Harlow May 28, 2025

MIAMI — South Florida-based developer 13th Floor Investments, in partnership with Barings, has received a $125 million construction loan for the second phase of Link at Douglas, a transit-oriented multifamily development in Miami. A syndicate of Santander Bank and TD Bank provided the loan. Known as Cadence, the project marks the third multifamily building at Link at Douglas, a 7-acre development located at the confluence of Miami’s Coral Gables and Coconut Grove neighborhoods. Now under construction, the 35-story tower will include 432 market-rate apartments, 12.5 percent of which will be set aside as workforce housing units. The project is adjacent to Miami-Dade County’s Douglas Road Metrorail Station. Construction is estimated to take 33 months to complete. “Securing this construction financing marks a major milestone in bringing the next phase of Link at Douglas to life,” says Daryl Shevin, CFO of 13th Floor. “It reflects strong confidence in our vision and the demand for well-located, high-quality transit-oriented housing in South Florida.” The first phase of Link at Douglas, which was completed in 2023, encompasses two fully leased multifamily towers with a total of 733 apartments. More than 30,000 square feet of retail space anchored by a Milam’s Market accompanies the 312-unit …

May 28, 2025

Development Florida Multifamily Southeast

Mesa Capital Breaks Ground on Apartment Community Near Tallahassee

by John Nelson May 27, 2025

BRADFORDVILLE, FLA. — Mesa Capital Partners has broken ground on The Bradbury at Bannerman Village, an apartment community located on a 14-acre site in Bradfordville, a city located north of downtown Tallahassee. The property will be located at Bannerman and Bull Headley roads within the Bannerman Village master-planned community. Situated near a Publix and the Landon Hill for-sale homes, The Bradbury will comprise two-story carriage homes and three-story walk-up buildings. Amenities will include a clubhouse, fitness center, sundry market, resort-style pool with grilling stations, dog park, EV charging stations and garage parking. Cadence Bank and SouthState Bank provided an undisclosed amount of construction financing to Mesa Capital Partners for the project, which will begin leasing in mid-2026 and be fully delivered in early 2027. The design-build team includes general contractor The Crown Group and architect The Coursey Group.

May 27, 2025

Development Florida Self-Storage Southeast

Spartan Investment Group Opens 660-Unit Self-Storage Facility in Central Florida

by John Nelson May 27, 2025

GRAND ISLAND, FLA. — Spartan Investment Group has opened FreeUp Storage Eustis, a 660-unit self-storage facility located at 36536 S. Fish Camp Road near Lake Eustis in Grand Island, about 47 miles northwest of Orlando. Spartan Construction Management, a general contractor affiliate of the Colorado-based developer, broke ground on the facility in June 2024. FreeUp Storage Eustis features 340 climate-controlled units and 266 non-climate-controlled units across nearly 67,000 rentable square feet.

May 27, 2025

Development Hospitality Texas

IHG to Open 210-Room Kimpton Hotel in Fredericksburg, Texas

by Taylor Williams May 27, 2025

FREDERICKSBURG, TEXAS — IHG Hotels & Resorts will open a 210-room hotel in the Central Texas city of Fredericksburg under its Kimpton brand. Designed by Merriman Anderson Architects with interiors by Curioso and developed by Houston-based DC Partners, Kimpton Fredericksburg will be located within The Meuse, a 22-acre mixed-use development. The property will feature a full-service restaurant and bar, along with a poolside bar and lounge. Additional amenities will include a 10,000-square-foot outdoor pool and deck, fitness center, café and 18,500 square feet of indoor/outdoor meeting and event space. The opening is scheduled for 2027.

May 27, 2025

Acquisitions Development Multifamily Texas

Transwestern Arranges Sale of Multifamily Development Site in South Houston

by Taylor Williams May 27, 2025

HOUSTON — Transwestern has arranged the sale of a multifamily development site in South Houston. The site at 1500 Old Spanish Trail spans 2.1 acres within the 1500 OST master-planned development. The buyer, Houston-based developer Winther Investments, plans to develop a five-story, 280-unit building on the site. Jeff Peden and Scott Miller of Transwestern represented the seller, an entity doing business as 1500 OST LLC, in the transaction.

May 27, 2025

Acquisitions Affordable Housing Development Multifamily Northeast Rhode Island

BLVD Group Buys Rhode Island Apartment Community for $57M, Plans Repositioning

by Taylor Williams May 27, 2025

WOONSOCKET, R.I. — The BLVD Group, a multifamily investment firm with offices in Los Angeles and Dallas, has purchased Rock Ridge Apartments, a 152-unit multifamily complex in Woonsocket, located on the Massachusetts-Rhode Island border. The company plans to reposition the property to add 30 new affordable housing units, restricting all residences to renters earning up to 50 or 60 percent of the area median income. The acquisition and renovation are being financed through Low-Income Housing Tax Credits and tax-exempt bonds issued by Rhode Island Housing with a permanent Fannie Mae loan. Additional funding includes equity from the sale of renewable energy tax credits, a construction loan from Merchants Bank and a permanent Fannie Mae loan. The renovation will involve the replacement of the majority of the building envelope and full interior upgrades, such as modernized kitchens and baths, as well as enhanced building systems. Additional community amenities include a renovated basketball court, clubhouse and grilling stations.

May 27, 2025

California Development Industrial Western

Outrigger Industrial, MetLife Investment to Develop Kennedy Logistics Center in Oakland

by Amy Works May 27, 2025

OAKLAND, CALIF. — Outrigger Industrial, in partnership with MetLife Investment, has unveiled plans to redevelop a property at 727 Kennedy St. in Oakland into Kennedy Logistics Center. Construction is slated to begin in third-quarter 2025 with a completion date of second-quarter 2026. The initial phase of construction involves the reduction of the existing building footprint by 57,000 square feet to allow for loading dock reconfiguration — 30 new dock-high positions along with a 130-foot truck court. The 177,000-square-foot upgraded building will include numerous structural re-enforcements and visual enhancements, including new structural columns, a clear height of 32 feet, updating existing building systems to meet current codes compliance and creating a dedicated office space. The building is located immediately adjacent to the Interstate 880 between Port of Oakland and OAK Airport.

May 27, 2025

Affordable Housing Development Multifamily New Jersey Northeast

Joint Venture Breaks Ground on 210-Unit Mixed-Income Multifamily Project in Jersey City

by Taylor Williams May 27, 2025

JERSEY CITY, N.J. — Bayfront Development Partners, which is a joint venture between Pennrose LLC and Paths Development LLC, has broken ground on Bayfront Promenade, a 210-unit mixed-income multifamily project in Jersey City. The development will be located on the Hackensack River Waterfront and will include 74 affordable housing units and 93 workforce housing units, as well as commercial and community space. Amenities will include a rooftop terrace, fitness center with a yoga room, coworking lounge and community room with a kitchen area. The New Jersey Economic Development Authority provided $64 million in tax credits for the project, a tentative completion date for which was not announced.

May 27, 2025

Development Michigan Midwest Office

Wolverine Worldwide Unveils Renovated Office Headquarters in West Michigan

by Kristin Harlow May 27, 2025

ROCKFORD, MICH. — Footwear company Wolverine Worldwide Inc. has unveiled a major renovation of its global headquarters in Rockford within western Michigan. The centerpiece of the project is a renovation of 40,000 square feet of space to house the company’s two biggest brands, Merrell and Saucony, the latter of which Wolverine recently relocated to Rockford from Boston. Originally constructed in 1963, the space served as a footwear factory for several decades before being transitioned into office space in the 1990s. Now known as The Factory, the space features exposed structures and concrete floors, floor-to-ceiling windows, 224 individual workstations, dedicated product and marketing rooms for each brand, 31 collaboration and meeting rooms, a café and technology for product design, marketing and collaboration. The project is supported by a $1 million Michigan Business Development Program grant in collaboration with the Michigan Economic Development Center and The Right Place Inc. In all, Wolverine’s headquarters totals 300,000 square feet. Amenities include subsidized daycare and an early education center for children, fitness center, four miles of on-campus hiking and nature trails, an onsite, subsidized cafeteria and dog daycare.

May 27, 2025

Development Indiana Midwest Multifamily Retail

Skender Breaks Ground on $19M Ardalan Plaza Building in Carmel, Indiana

by Kristin Harlow May 27, 2025

CARMEL, IND. — Skender Construction has broken ground on Ardalan Plaza, a $19 million development that will serve as a gateway to the City of Carmel’s Arts & Design District. Located at 311-331 W. Main St., the property will encompass 8,000 square feet of retail and gallery space on the first floor, five luxury condominiums on the second floor and a private residence with a rooftop terrace spanning the third floor. The project, which was designed to evoke the elegance of an Italian villa, is a collaboration between the Carmel Redevelopment Commission and the Ardalan family. The project team includes Studio M Architecture and Planning and KBSO Consulting Engineers. Completion is slated for 2026.

May 27, 2025

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