Development

Greystone Provides $78.5M HUD Financing for Long Island Nursing Home Complex

by David Cohen January 25, 2019

WOODBURY, N.Y. — Greystone has provided $78.5 million in HUD-insured financing for a skilled nursing complex in Woodbury. Fred Levine of Greystone originated the refinancing, which carries a fixed rate and fully amortizes at 30 years. Greystone also arranged the high-leverage bridge acquisition loan that this refinancing replaces. The borrowers were not disclosed. Located on Long Island, the 588-bed Cold Spring Hills Center for Nursing & Rehabilitation facility offers an array of specialized services and programs, including clinical care; physical, occupational and speech therapies; amputee rehabilitation; pulmonary/ventilator care; cardiac care; and memory care. Significant, multi-year renovations were completed to the property’s five interconnected residential buildings properties and additional office building in 2010.

January 25, 2019

Development Iowa Midwest Mixed-Use

Ders Group Underway on $275M Mixed-Use Development in Tiffin, Iowa

by Kristin Harlow January 25, 2019

TIFFIN, IOWA — The Ders Group is underway on the development of Park Place in Tiffin, about 10 miles west of Iowa City. The $275 million mixed-use development will be situated on 400 acres. In addition to retail and office space, plans call for approximately 2,000 apartment units and 200 single-family lots. The Ders Group, headquartered in Coralville, Iowa, acquired all of the land in 2016. The developer completed infrastructure construction last fall. Andersen Square, a city center, is the main attraction of Park Place. Phase I includes five buildings with first-floor commercial space and five floors of apartment units above. Completion is slated for summer 2020. Phase II includes six more buildings. The initial phase of commercial space is 75 percent pre-leased. Tenants include fast food retailers, local restaurants, a regional gas station, bank, health club and live entertainment restaurant.

January 25, 2019

Development Indiana Midwest Multifamily

Waypoint Residential to Develop 214-Unit Apartment Project in Jeffersonville, Indiana

by Kristin Harlow January 25, 2019

JEFFERSONVILLE, IND. — Waypoint Residential LLC is developing The Walcott Jeffersonville, a 214-unit apartment project in Jeffersonville, just north of Louisville. The project will be located in the Old Jeffersonville Historic District opportunity zone. The Walcott will include a mix of studio, one- and two-bedroom units. Community amenities will include a resort-style pool, fitness center, Internet café, rooftop terrace and pet spa. Completion is slated for mid-2020.

January 25, 2019

Development Illinois Midwest

Skender Begins School Conversion Project in Chicago’s Chatham Neighborhood

by Kristin Harlow January 25, 2019

CHICAGO — Skender has started construction on the conversion of the former Soft Sheen building into a middle and high school for Perspectives Charter Schools (PCS). The 100,000-square-foot building is located at 8522 S. Lafayette Ave. in Chicago’s Chatham neighborhood. The project will include classrooms, two gymnasiums and an auditorium with staircase seating. Skender is working with Perkins + Will and ConopCo Project Management. Completion is slated for August. Founded in 1997, PCS is one of the first charter schools in Illinois. PCS manages tuition-free public schools for grades 6-12 in the Auburn Gresham, Bronzeville and South Loop neighborhoods. Soft Sheen was a hair care products company that was acquired by L’Oreal.

January 25, 2019

California Development Hospitality Loans Western

HFF Arranges $155M in Construction Financing for Two Beachfront Hotels in Oceanside, California

by Amy Works January 25, 2019

OCEANSIDE, CALIF. — HFF has arranged $155 million in construction financing for the ground-up development of two oceanfront hotels in Oceanside. The developer/borrower is S.D. Malkin Properties. Situated on a 2.7-acre, two-block site along Mission Avenue and North Pacific Street, the two hotels will offer immediate access to the beach and a total of 387 rooms, 85 percent of which will have water views. Destination Resorts will operate one of the hotels, while Joie de Vivre will operate the other. Hyatt owns both brands. The property operated by Destination Resort will feature 226 rooms, a signature restaurant, indoor/outdoor lounge, pool with ocean views, luxury spa and more than 20,000 square feet of meeting and event space. The hotel operated by Joie de Vivre will feature 161 guest rooms, a rooftop pool and bar, a world-class restaurant, public garden and 3,000 square feet of retail space, as well as the historic 1887 Graves House, which will be renovated and open to the public. Timothy Wright, Scott Hall, Olga Walsh and Aaron Lapping of HFF placed the construction financing with Bank OZK and an East Coast-based institutional investor for the borrower.

January 25, 2019

California Civic Development Western

C.W. Driver Completes $73M Cal Poly Pomona Student Services Building in Pomona, California

by Amy Works January 25, 2019

POMONA, CALIF. — C.W. Drive Cos. has completed the construction of a new student services building at California State Polytechnic University, Pomona. The three-story, 138,400-square-foot structure consists of two buildings beneath an undulating roof, which uses solar power to regulate the building’s temperature and energy efficiency. Designed by CO Architects, the curved steel and concrete roof regulates the building’s temperature through its solid and perforated panels. Additionally, the roof shades the exterior glass windows, reducing glare and maximizing natural light. Serving as the new “front door” to the university, the $73 million building plays a critical role in the long-term development of the university, increases operational efficiency and enables growth. The property replaces former student services and administration areas and consolidates key departments located elsewhere on campus. The building will also serve as a one-stop service center to facilitate access, increase visibility and streamline operations for students and staff.

January 25, 2019

Affordable Housing Colorado Development Loans Multifamily Western

KeyBank Provides $50.4M Development Financing for Affordable Housing in Boulder

by Amy Works January 25, 2019

BOULDER, COLO. — KeyBank has arranged $50.4 million in total combined financing for a tax-exempt bond transaction to support Koelbel & Co.’s construction of Diagonal Crossing. Located in Boulder, Diagonal Crossing will feature 105 garden-style apartments for families earning at or below 60 percent of area median income. KeyBank’s Community Development Lending & Investment (CDLI) team provided a $24.7 million construction loan and $10.4 million in Low-Income Housing Tax Credit equity. Additionally, KeyBank Real Estate Capital arranged a $15.3 million permanent loan through a forward commitment for Fannie Mae to issue a mortgage-backed security. Diagonal Crossing will be developed on two parcesl: Lot 3 and Lot 6. Lot 3 will feature 85 affordable housing units in two three-story buildings and one two-story building, while Lot 6 will feature 20 affordable housing units across four buildings. Sarah Geis and Beth Palmer Wirtz of KeyBank’s CDLI team collaborated with Jeff Rodman of KeyBank’s Commercial Mortgage Group on the financing for the project.

January 25, 2019

Development Massachusetts Northeast Retail

Market Basket Supermarket to Anchor Maynard Crossing Mixed-Use Project in Suburban Boston

by David Cohen January 24, 2019

MAYNARD, MASS. — Capital Group Properties and SRS Real Estate Partners have announced that Market Basket Supermarket will be the anchor grocery store for the Maynard Crossing mixed-use project in Maynard. The 306,000-square-foot development is slated to open in the first quarter of 2020. The project will also include The Vue at Maynard Crossing, a 180-unit apartment complex developed by LeCesse Development as well as a 143-unit independent living community for seniors developed by Hawthorn Retirement Group. The project will also feature multiple restaurants, retail shops, fitness options and medical offices. Maynard is approximately 25 miles west of downtown Boston.

January 24, 2019

Development Mixed-Use Texas

Frisco City Council Approves 14.6-Acre Mixed-Use Project Near Minor League Ballpark

by Taylor Williams January 24, 2019

FRISCO, TEXAS — The zoning and planning commission of the Frisco City Council has tentatively approved the development of a 14.6-acre mixed-use project near Dr. Pepper Ballpark, home of the Frisco Roughriders Minor League Baseball team. Plans currently call for a 311-room hotel, three office buildings totaling approximately 344,000 square feet, four retail buildings totaling roughly 116,000 square feet, one retail/restaurant space and two parking garage. According to The Dallas Morning News, Northland Properties, a Canadian firm headed by Dallas Stars owner Tom Gaglardi, will own and operate the hotel. A timeline for construction has not yet been established.

January 24, 2019

Development Georgia Multifamily Seniors Housing Southeast

Caddis Plans to Build 18-Story Seniors Housing Tower in Atlanta’s Buckhead District

by Alex Tostado January 24, 2019

ATLANTA — Caddis Healthcare Real Estate has unveiled plans for Heartis Buckhead, an 18-story high-rise seniors housing property in Atlanta’s Buckhead district. The 278,000-square-foot community will offer 213 units of independent living, assisted living and memory care. Construction is slated for completion in late 2021. The architect for the project is Englewood, Colo.-based Lantz-Boggio, and the general contractor is the Atlanta office of Brasfield & Gorrie. Caddis currently has 19 Heartis-branded seniors housing communities either opened or under development in five states. Heartis Buckhead will be the largest and “most ambitious” of those projects to date, according to Jud Jacobs, the company’s executive vice president of development. The company will also upgrade an adjacent 10-story, 72,923-square-foot medical office building. The project will include a landscaped plaza and a two-level parking structure that will serve both facilities. Both Heartis Buckhead and the medical office building are situated across from Piedmont Atlanta Hospital.

January 24, 2019

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