Development

JMA, Machete Select Kimpton as Hotel Partner for Westcourt Sports & Entertainment District in Downtown Orlando

by John Nelson August 7, 2024

ORLANDO, FLA. — JMA Ventures and Machete Group, master developers of Westcourt in downtown Orlando, have selected Kimpton Hotels & Restaurants as the new hospitality partner at the 8.5-acre sports and entertainment district. Kimpton is part of the IHG Hotels & Resorts family of hospitality brands. The new 261-room, 11-story hotel will be the seventh Kimpton hotel in Florida upon completion. The property will feature over 16,000 square feet of indoor meeting space, a full-service restaurant and lobby bar, cafe and pool bar and pool lounge. The City of Orlando recently approved Westcourt, which will sit adjacent to Kia Center, home of the NBA’s Orlando Magic. Other uses at the development will include apartments, a 3,500-seat live entertainment venue, parking garage, offices, shops, restaurants and 1.5 acres of green space. The development team expects to deliver the project by March 2027 and create approximately 3,400 jobs for the region.

August 7, 2024

Development Industrial Southeast Tennessee

PepsiCo Beverages North America Opens 400,000 SF Distribution Center in Smyrna, Tennessee

by John Nelson August 7, 2024

SMYRNA, TENN. — PepsiCo Beverages North America has opened a new distribution center and warehouse facility located at 2020 Midway Lane in Smyrna, a southeast suburb of Nashville. The 400,000-square-foot facility is the company’s largest Southeast distribution center and its second largest in the country. PepsiCo formerly operated from a downtown Nashville distribution facility roughly a third the size of the new Smyrna property. The new facility is certified LEED Silver and features all-electric warehousing equipment, open office spaces, enhanced safety technology and a climate-controlled warehouse. The property, which serves 14 counties in the Nashville metropolitan area, has the capacity to distribute 20 million cases of PepsiCo beverages annually, including Pepsi, Mountain Dew, bubly, Gatorade and Rockstar.

August 7, 2024

Development Multifamily North Carolina Southeast

RangeWater Completes Two Charlotte Apartment Communities Totaling 561 Units

by John Nelson August 7, 2024

CHARLOTTE, N.C. — RangeWater Real Estate has completed two apartment communities in Charlotte: Raven South End (261 units) and The Kendry (300 units). The two developments add to Atlanta-based RangeWater’s portfolio of 15 properties under management in North Carolina totaling 5,327 units, the majority of which are in Charlotte’s South End. Raven South End is located at 536 W. Tremont Ave. and features one- and two-bedroom apartments ranging in size from 665 to 1,346 square feet. Monthly rental rates range from $1,755 to $3,200, according to Apartments.com. Amenities include a top-floor sky lounge, fitness center, pool, 10,000 square feet of open green space and a dog park. ParkProperty Capital was RangeWater’s equity partner on Raven South End. Located at 8402 IBM Drive in Charlotte’s University City district, The Kendry features one-, two-, and three-bedroom floor plans ranging between 704 and 1,409 square feet in size. Monthly rental rates range from $1,381 to $2,283, according to Apartments.com. Designed by Poole & Poole Architecture, the property’s amenities include a resort-style outdoor pool, two courtyards with firepits, a dog park, fitness center, craft and game room and a Zoom room.

August 7, 2024

California Development Loans Mixed-Use Retail Western

Colliers Arranges $33M Financing for Bayfair Mall Redevelopment in San Leandro, California

by Amy Works August 7, 2024

SAN LEANDRO, CALIF. — Colliers Mortgage’s California structured finance group has arranged a $33 million bridge loan on behalf of B3 & Gaw to refinance the Bayfair Mall in the Bay Area city of San Leandro. The 715,000-square-foot property is being redeveloped into a mixed-use retail power center and R&D campus in San Leandro. The borrower’s multi-phase business plan includes closing the indoor corridors of the mall, renewing leases for existing retail tenants and filling vacancies with more suitable tenants for the market. Additionally, B3 & Gaw is transforming a one third of the property into an R&D campus. Shahin Yazdi, Jonathan Lee, Tommy Adelson and William Hyatt of Colliers arranged the financing, which includes a 36-month term with optional extensions. The loan features a fully nonrecourse structure with no interest, carry or completion guarantees.

August 7, 2024

Development Industrial Northeast Pennsylvania

Hankin Group Breaks Ground on 70,000 SF Industrial Flex Project in Exton, Pennsylvania

by Taylor Williams August 7, 2024

EXTON, PA. — Locally based developer Hankin Group has broken ground on Phase II of Haywood Business Park, a 70,000-square-foot industrial flex project in Exton, about 35 miles west of Philadelphia. Phase II of Haywood Business Park is being developed on a speculative basis and will consist of two 35,000-square-foot buildings that can support light manufacturing, warehousing and research-and-development uses. Leasing is underway on the first building, which features a clear height of 20 feet, four dock doors and 54 parking spaces. Construction of that building is slated for an early 2025 completion. Phase I of Haywood Business Park delivered 105,000 square feet of product.

August 7, 2024

Development Florida Multifamily Southeast

Madison Capital Secures $47M Construction Financing for Multifamily Development in Bradenton, Florida

by John Nelson August 6, 2024

BRADENTON, FLA. — Madison Capital Group has secured a $47 million loan for the construction of Madison Bradenton, a 240-unit multifamily development to be located on the site of the former DeSoto Square Mall in Bradenton, a city on the south side of the Tampa Bay area. Peachtree Group provided the financing. Subsidiary Madison Communities is developing the project, which will feature five four-story buildings and two carriage homes. Amenities at the property will include a clubhouse, cyber lounge, swimming pool with cabanas, outdoor kitchen with grilling areas, fitness center and dog park. BenCo, an affiliate of Madison Capital Group, is serving as the general contractor. Slocum Platts Architects is the architect, and Cavoli Engineering will act as the engineer. Construction is scheduled to begin immediately, with completion scheduled for early 2026.

August 6, 2024

Development Florida Multifamily Southeast

EDEN Living Completes 265-Unit Multifamily Community in Jacksonville

by John Nelson August 6, 2024

JACKSONVILLE, FLA. — EDEN Living has completed the development of EDEN at Kendall West, a 265-unit multifamily community situated on 20 acres in Jacksonville. Located at 9105 Tredinick Parkway, the property features 193 single-story apartments and 72 two-story townhomes. Each unit includes a private backyard, with a private garage accompanying each townhome. Units at EDEN at Kendall West range in size from 700 to 1,300 square feet, with one-, two- and three-bedroom layouts. Amenities include a clubhouse, fitness center, swimming pool, dog grooming station, dog park, club room and walking trails. Monthly rental rates at the community begin at $1,425, according to the property website.

August 6, 2024

Development Industrial Texas

Standard Real Estate, IDV to Develop 463,000 SF Spec Industrial Park in Northwest Houston

by Taylor Williams August 6, 2024

HOUSTON — A partnership between Standard Real Estate Investments, a development and investment firm with offices in Los Angeles and Washington, D.C., and locally based firm Investment & Development Ventures (IDV) will develop Veterans Memorial Business Park. The 463,000-square-foot speculative industrial project will be located in northwest Houston and will consist of three front-load buildings that will span 219,000, 151,000 and 93,000 square feet. The buildings will feature 32-foot clear heights and will be able to accommodate users with requirements as small as 46,000 square feet. Construction is scheduled to begin in the fourth quarter. JLL arranged the partnership between the two developers.

August 6, 2024

Build-to-Rent Development Loans Single-Family Rental Texas

IPA Arranges $19.1M Construction Loan for Build-to-Rent Residential Project in Grand Prairie, Texas

by Taylor Williams August 6, 2024

GRAND PRAIRIE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $19.1 million construction loan for Villas at Bardin, a build-to-rent residential community that will be located in the central metroplex city of Grand Prairie. Homes will feature a mix of unit types and will be furnished with quartz countertops, stainless steel appliances, walk-in closets and full-size washers and dryers, as well as two-car garages and individual yards. The borrower is Dallas-based Republic Property Group. The number of units and a tentative completion date were not disclosed.

August 6, 2024

Development Multifamily New York Northeast

Douglaston Development Receives Financing for $190M Bronx Affordable Housing Project

by Taylor Williams August 6, 2024

NEW YORK CITY — Douglaston Development has received financing for a $190 million affordable housing project that will be located in the Bedford Park neighborhood of the Bronx. The building at 2868 Webster Ave. will rise 12 stories and house 277 units. The financing includes $83.4 million in tax-exempt bond proceeds and $17.4 million in subsidies allocated by The New York City Housing Development Corp. The New York City Department of Housing Preservation & Development also provided a $52.6 million subsidy under its Extremely Low- and Low-Income Affordability Program. Wells Fargo provided Low-Income Housing Tax Credits as well as a letter of credit for the project. Units will come in studio, one-, two- and three-bedroom floor plans and will be reserved for households earning up to 70 percent of the area median income. Sixty units will be set aside as supportive units. The project represents the second phase of a two-phase development that also includes a 188-unit seniors housing complex that opened in fall 2023. Levine Builders, the general contracting affiliate of Douglaston Development, will build the community. Construction is expected to be complete in 2027.

August 6, 2024

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