Development

EMP Capital Group Begins Leasing 259-Unit Apartment Complex in Brooklyn

by Taylor Williams July 17, 2025

NEW YORK CITY — Locally based developer EMP Capital Group has begun leasing a 259-unit apartment complex in Brooklyn. Designed by Isaac & Stern Architects and located at the nexus of the Clinton Hill and Prospect Heights neighborhoods, Prosper Brooklyn offers studio, one- and two-bedroom units, many of which include dedicated work-from-home spaces. Amenities include a fitness center with a sauna, pickleball court, media lounge, screening room, game room, pet spa, children’s playroom, business center and a rooftop terrace with grilling and dining stations. Ownership has tapped MNS Real Estate to market and lease Prosper Brooklyn. Rents start at $3,250 per month for a studio apartment.

July 17, 2025

Development Illinois Loans Midwest Multifamily

JLL Arranges $124M in Equity, Construction Financing for Luxury Apartment Project in Wheaton, Illinois

by Kristin Harlow July 17, 2025

WHEATON, ILL. — JLL Capital Markets has arranged joint venture equity and construction financing totaling $124 million for The Faywell, a 334-unit luxury apartment project in downtown Wheaton. Matthew Schoenfeldt and Mary Dooley of JLL worked on behalf of Banner Real Estate Group to identify an institutional joint venture partner and also arranged $84 million in construction financing through PNC Bank. The transit-oriented development will offer access to the Wheaton Metra station. The project site was an assemblage of 13 parcels from seven sellers. The Faywell will rise seven stories and units will average 956 square feet. There will be a mix of studios, one- and two-bedroom apartments along with direct-entry townhomes. The property will include 4,504 square feet of ground-floor retail space fully leased to Egg Harbor Café, which had an existing location on the site and signed a new long-term lease. Amenities will include three courtyards, a resort-style pool, hot tub, rooftop decks, a fitness center, coworking space and 438 parking spaces. Construction is slated for completion in the first quarter of 2027.

July 17, 2025

Development Healthcare Midwest Minnesota

HealthPartners Breaks Ground on 400,000 SF Hospital in Stillwater, Minnesota

by Kristin Harlow July 17, 2025

STILLWATER, MINN. — HealthPartners has broken ground on its new HealthPartners Lakeview Hospital in Stillwater, an eastern suburb of the Twin Cities. Kraus-Anderson is the construction manager for the six-story, 400,000-square-foot hospital and clinic campus. The project is slated to open in early 2028. The new location will offer expanded specialized services such as a family birth center, TRIA Orthopedics Clinic, cardiac catheterization lab, cancer care and improved emergency and critical care. The campus will include walking trails and nature views from patient rooms. HealthPartners acquired the project site in 2017, but design planning halted at the pandemic’s onset. Planning resumed in 2022, and the architects were chosen by late 2023. Over the past 18 months, efforts have concentrated on design development and community engagement.

July 17, 2025

Affordable Housing Development Midwest Multifamily Wisconsin

McShane to Build 76-Unit Affordable Housing Community in Madison, Wisconsin

by Kristin Harlow July 17, 2025

MADISON, WIS. — Volker Development has selected McShane Construction Co. to build Kelly Station, a 76-unit affordable housing community in Madison. The project marks Fond Du Lac, Wis.-based Volker’s first in Dane County and its 27th development in Wisconsin. Kelly Station will feature a five-story, podium-style building with four stories of wood framing atop an above-grade precast parking garage. Amenities will include a second-floor roof amenity plaza, fifth-floor clubroom and rooftop deck, a fitness center, community room and local community service organization suite. The property will also feature an onsite Madison BCycle station. The project was designed to achieve Wisconsin Green Built Homes certification. A rooftop solar array will help offset electricity usage in the building’s common area and a “blue roof” system, an advanced stormwater management solution, will help reduce runoff. Completion is slated for October 2026. Knothe & Bruce Architects is the architect of record.

July 17, 2025

Development Loans Multifamily New York Northeast

Largo Capital Arranges $41.8M Construction Loan for Upstate New York Multifamily Project

by Taylor Williams July 17, 2025

GETZVILLE, N.Y. — Locally based financial intermediary Largo Capital has arranged a $41.8 million construction loan for a 246-unit multifamily project in Getzville, located just north of Buffalo. The project will feature a mix of studio, one-, two- and three-bedroom units in addition to traditional amenities. Ned Perlman of Largo Capital arranged the loan through an undisclosed regional bank. The name of the property and the developer were also not disclosed.

July 17, 2025

Acquisitions Development Maryland Mixed-Use Multifamily Retail Southeast

EYA Buys Vacant Shopping Center in Metro D.C., Plans Residential Conversion

by John Nelson July 17, 2025

ROCKVILLE, MD. — Locally based EYA has purchased Rockshire Village Center, a long-vacant shopping center located on a 7.3-acre site in Rockville, a suburb of Washington, D.C. The firm plans to convert the retail center into a walkable residential neighborhood comprising 60 residential units (31 single-family detached homes and 29 townhomes), as well as 5,200 square feet of commercial/retail space and a community gathering space. Fifteen percent of the residences will be designated as moderately priced dwelling units. Public features of the new neighborhood will include a park, playground, open lawn with seating and recreation areas, pedestrian-friendly streetscape with connections to Rockshire Community Pool and the Carl Henn Millennium Trail, 29 parking spaces for the pool and sitewide landscaping. EYA plans to begin construction in August, with final completion planned for 2027.

July 17, 2025

Development Healthcare Southeast Virginia

Partnership Breaks Ground on 87,790 SF Medical Office Building in Midlothian, Virginia

by John Nelson July 17, 2025

MIDLOTHIAN, VA. — A partnership between Remedy Medical Properties, Kayne Anderson Real Estate and Bon Secours has broken ground on a new three-story, 87,790-square-foot medical office building (MOB) in Midlothian, a suburb of Richmond. The healthcare property will sit on a 7.8-acre site on the campus of Bon Secours St. Francis Medical Center. The new MOB will feature an 11,193-square-foot ambulatory surgery center that Compass Surgical Partners will operate. The design-build team for the new facility includes architect PSH Plus, general contractor Kjellstrom & Lee and civil engineer Timmons. The development team expects to complete the project in late 2026.

July 17, 2025

Development North Carolina Office Southeast

Dole Food Selects Swinerton to Build-Out New U.S. Headquarters in Charlotte

by John Nelson July 17, 2025

CHARLOTTE, N.C. — Dole Food Co. has selected Swinerton for the build-out of its new U.S. headquarters within One South, a 40-story office tower in Uptown Charlotte. Charlotte-based Redline Design Group designed Dole’s office environment, which features 57 private offices, five huddle rooms, a conference room, wellness room, café, coffee bar and several lounges with a renovated elevator lobby. Dole is moving from an office about a block away, which the Irish company has occupied since moving its U.S. operations from California in 2019. The office interior build-out at One South has begun, with completion anticipated for the fall. Dole’s office comprises the whole sixth floor (23,000 square feet), which is approximately 30 percent larger than its existing footprint. Last year, Swinerton completed the demolition of the top four floors of One South, a $1 million project encompassing 88,000 square feet.

July 17, 2025

Colorado Development Industrial Western

Jordan Perlmutter & Co. Breaks Ground on Phase II of Hub Arapahoe Industrial Campus in Centennial, Colorado

by Amy Works July 16, 2025

CENTENNIAL, COLO. — Jordan Perlmutter & Co. has broken ground on Phase II at Hub Arapahoe, a 22-acre, 304,172-square-foot industrial campus on Arapahoe Road in Centennial. Slated for completion in April 2026, Phase II will include 150,000 square feet of industrial space across two buildings. Pacific Office Automation has preleased 32,000 square feet at Phase II. The groundbreaking follows the successful completion and full lease-up of Phase I, which is fully occupied by FritoLay, Flex Energy Solutions, Med Safety Solutions and D-Bar. Murray & Stafford is serving as general contractor and Ware Malcomb is serving as architect for the project. Dave Lee, Jason Addlesperger and Philip Lee at JLL are handling leasing for the project.

July 16, 2025

Development Florida Southeast Student Housing

Deven, Castle Lanterra Break Ground on $95M Student Housing Development Near University of Central Florida

by John Nelson July 16, 2025

ORLANDO, FLA. — A partnership between Development Group Ventures, a subsidiary of Kajima USA and Kajima Corp., and Castle Lanterra have broken ground on a 631-bed student housing development near the University of Central Florida (UCF) campus in Orlando. Additional contributors to the project include PLT America Corp. and Sumitomo Mitsui Trust Bank, which provided financing for the project. Situated within the Quadrangle Business Park, the estimated $95 million project will total 304,969 square feet and comprise five stories. Completion is slated for summer 2027. The development will offer 177 units in one- to six-bedroom configurations. Shared amenities will include a sky lounge with lake views, golf/multi-sport simulator, rock climbing wall, outdoor fitness lawn with a sauna and cold plunge, Jumbotron, resort-style swimming pool, study spaces on each floor, game rooms, an activity kitchen, bicycle storage and a UCF shuttle stop.

July 16, 2025

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