NEW YORK CITY — Atlas Hospitality, in partnership with Fortuna Realty Group, has received a $40 million construction loan from Bank of America Merrill Lynch for the development of a 128-room boutique hotel in the financial district of Manhattan. Located at 120-122 Water St., the 26-story building will include a high-end restaurant on the ground floor and a double-deck rooftop with views of Manhattan. Fortuna Realty Group will manage the property upon its completion in 2020. Terms of the financing were not disclosed.
HARRISON, N.J. — CBRE has brokered the $14.5 million sale of a five-acre development site in Harrison. Located at 15 Essex St., the site consists of a 233,000-square-foot industrial facility as well as a vacant lot. Charles Berger, Elli Klapper, Mark Silverman, Thomas Sullivan and Paul Touhey of CBRE represented the undisclosed seller in the transaction. The buyer, which was also undisclosed, plans to demolish the existing industrial facility and build a multifamily development on the property.
NEW YORK CITY — A joint venture between PEBB Capital and TriArch Real Estate Group has broken ground on a 153-bed student housing development located in the Morningside Heights neighborhood of Manhattan near Columbia University. The partnership acquired the land parcel in February for $20.3 million. The 14-story, 64,000-square-foot building will offer studio, one-, two- and three-bedroom, fully furnished units. Shared amenities will include a state-of-the-art fitness center, a study area with breakout rooms and a conference center, an outdoor terrace, bike storage, a package room, security surveillance, a rooftop deck and a coffee bar. The development is scheduled for completion in May 2020.
SAN ANTONIO — Worth & Associates has broken ground on Farinon Business Park III, an 84,890-square-foot office building in San Antonio. The two-story, Class A property is located within Worth’s master-planned business community at 5818 Farinon Drive on the city’s northwest side. Completion is slated for the third quarter of 2019.
DALLAS — MedCore Partners, a Dallas-based developer specializing in healthcare and seniors housing properties, will develop a 65,000-square-foot medical office building in Dallas. The Class A property will be located on the Texas Health Harris Methodist Hospital Alliance campus and will house an ambulatory spine surgery center operated by Spine Team Texas. The building is expected to be ready for occupancy during the first quarter of 2020.
MINNEAPOLIS — The Opus Group has broken ground on a six-story, 218-unit apartment building in the North Loop neighborhood of Minneapolis. Located at the intersection of West River Parkway and Plymouth Avenue, the development will include a mix of studios, alcoves, one- and two-bedroom units and penthouses. Completion is slated for summer 2020. This project is the third in the North Loop for Opus.
GLENMONT, MD. — Elion Partners and Buchanan Partners have entered a joint venture to acquire a 164-unit multifamily community and adjacent 3.5-acre parcel in Glenmont for $34 million. The joint venture plans to renovate the existing asset and develop 254 additional units, bringing the project total to $100 million. Construction at the property, located about 12 miles north of Washington, D.C., is set to begin early next year. This is the third joint venture between Elion and Buchanan.
CHARLOTTE, N.C. — Lincoln Harris, a real estate development, investment and property management company, has entered Phase II of Legacy Union, a mixed-use development in Uptown Charlotte. Construction of the 362,000-square-foot 650 South Tryon, an 18-story glass building, has begun, and London-based Deloitte, a multinational professional services network and one of the Big Four accounting firms, will occupy the top four floors. Legacy Union spans two city blocks and will feature offices, retail shops, restaurants, hotels, residences, a parking garage, public green space and a pedestrian promenade.
EASTHAM, MASS. — Penrose has broken ground on Village at Nauset Green in Eastham. The $23 million project will consist of 65 affordable and workforce housing units spread across more than 11 acres. The property will accommodate individuals and families with a range of incomes, including 11 units serving households earning up to 30 percent of the area median income (AMI) and 39 units serving households earning up to 60 percent of AMI. The remaining units will be Workforce units for families set at rents equal to 90 percent of AMI. Pennrose Management Co. will provide on-site management and maintenance, as well as supportive services geared toward both senior and family populations. Amenities include a community room, community garden and a pocket park at the front of the site to be used by all residents of Eastham and users of the nearby Cape Cod Rail Trail. Funding for the project included $10 million over 10 years in federal low-income housing tax credits and $4.375 million in state tax credits over five years from the Commonwealth of Massachusetts Department of Housing and Community Development. A $10.2 million construction loan was provided by Bank of America and a $4.4 million permanent first mortgage …
DETROIT — Seven companies are committing $35 million to spur development and physical improvements in Detroit’s neighborhoods. The companies include AAM, Blue Cross Blue Shield of Michigan, Chemical Bank, Fifth Third Bank, Flagstar Bank, Huntington Bank and Penske Corp. Each company’s $5 million contribution will fund physical improvements to Strategic Neighborhood Fund (SNF) areas and affordable housing citywide. Every investment will be guided by residents’ input through engagement by the city’s neighborhoods and planning departments. The $35 million commitment is the largest corporate donation to neighborhood development in Detroit history. The funds are expected to leverage another $70 million in private investment, for a total of $105 million of new investment.The funds will be used for park improvements, commercial development to fill vacant storefronts and lots, streetscape improvements, single-family home stabilization and affordable housing development. Over the next five years, these types of improvements will be implemented in the following SNF areas: Grand River Northwest, Jefferson Chalmers, Russell Woods/Nardin Park, Campau/Banglatown, Warrendale/Cody-Rouge, Gratiot/Seven Mile, and East Warren/Cadieux.