Development

Opus Completes 30-Story Apartment Building in Minneapolis

by Kristin Harlow October 4, 2018

MINNEAPOLIS — The Opus Group has completed 365 Nicollet, a 30-story apartment building in the heart of downtown Minneapolis on Nicollet Mall. The 370-unit property includes 9,000 square feet of ground-level retail space. Floor plans range from 520 to 3,000 square feet and units include floor-to-celling windows with quartz countertops. Amenities include an outdoor pool, yoga studio, outdoor theater, clubroom, penthouse lounge, concierge services and bike storage. The Excelsior Group is responsible for the management and lease-up of the property. Monthly rents start at $1,490.

October 4, 2018

Development Indiana Industrial Midwest

Pitney Bowes Opens 450,000 SF Fulfillment Center in Greenwood, Indiana

by Kristin Harlow October 3, 2018

GREENWOOD, IND. — Pitney Bowes (NYSE: PBI) has opened a new 450,000-square-foot fulfillment, delivery and returns super center in Greenwood. Pitney Bowes is a global technology company that provides commerce solutions. The facility has automated parcel sortation equipment and fulfillment solutions powered by robotics to fulfill e-commerce orders, enable deliveries and process returns for both consumers and e-commerce retailers. Building features include 80 dock doors and parking for 144 trailers. Pitney Bowes plans to grow its presence to more than 300 full-time employees in the coming year.

October 3, 2018

Development Illinois Industrial Midwest

Meridian Breaks Ground on 174,536 SF Industrial Facility in Chicago

by Kristin Harlow October 3, 2018

CHICAGO — Meridian Design Build has broken ground on a 174,536-square-foot speculative industrial facility on behalf of Venture One Real Estate and USAA Real Estate Co. in the Southwest Pilsen neighborhood of Chicago. Known as Rockwell Logistics Center, the property will feature a clear height of 32 feet, 32 trailer parking stalls and two drive-in doors. Forum Studio is the project architect, while Jacob & Hefner Associates is the civil engineer. Terry Grapenthin and Tim McCahill of Lee & Associates will market the property for lease.

October 3, 2018

Development Industrial Texas

Schneider Electric Signs 112,721 SF Industrial Lease in El Paso

by Taylor Williams October 3, 2018

EL PASO, TEXAS — Schneider Electric USA, an Illinois-based manufacturer of electrical distribution products and a subsidiary of French multinational firm Schneider Electric SE, has signed an industrial lease in El Paso. The company will occupy 112,721 square feet at 1701 Northwestern Drive, located on the city’s north side. Anthony Mash of CBRE represented the landlord, Boston-based STAG Industrial, in the lease negotiations. Adin Brown of Sonny Brown Associates represented the tenant.

October 3, 2018

Development Multifamily Seniors Housing Texas

A&P Completes 109-Unit Seniors Housing Community in Dallas

by Taylor Williams October 3, 2018

DALLAS — Adolfson & Peterson Construction (A&P) has completed a 109-unit seniors housing community located at 8130 Meadow Road in Dallas. The property consists of 80 skilled nursing units and 29 assisted living suites. Amenities include a bistro for coffee and retail, a restaurant-style dining room, health and wellness therapy gym and a full-service salon and spa. National architecture firm Page designed the property. Corsair Ventures is the developer and U.S. Freedom Capital provided project financing. Construction began in February 2016.

October 3, 2018

Affordable Housing Development Georgia Loans Multifamily Southeast

Capital One Provides $14.9M HUD Loan to Rehab Affordable Housing Community in Atlanta

by Amy Works October 3, 2018

ATLANTA — Capital One has provided a $14.9 million HUD 221(d)(4) rehabilitation and permanent financing loan for Bethel Towers Apartments, an affordable multifamily property located in Atlanta’s Sweet Auburn neighborhood. Capital One’s Carolyn Whatley originated the loan, which features a fixed interest rate and a 40-year term. The Benoit Group, the borrower, is partnering with the Big Bethel AME Church to renovate the community in accordance with Georgia Department of Community Affairs’ architectural and rehabilitation standards. Big Bethel AME Church built the community in 1972 and will share ownership of the newly rehabilitated development. The 16-story building features 180 units in a mix of one- and two-bedroom floorplans. The property is covered by a project-based rental assistance contract through the Section 8 program. Additionally, the property features 165 surface and garage parking spaces, a playground and access to a laundry facility and community meeting space in adjacent commercial and church buildings. The renovation program includes the replacement of electrical wiring, plumbing risers and flooring, kitchen and bath upgrades and the addition of accessible units, a fitness room, business center and picnic pavilion with a grilling area. The rehabilitation plan also calls for environmentally sustainable improvements including high-efficiency common area lighting, …

October 3, 2018

Development Hawaii Mixed-Use Multifamily Seniors Housing Top Stories Western

Highridge Costa Cos., Coastal Rim Properties Break Ground on $130M Mixed-Use Seniors Housing Project in Hawaii

by David Cohen October 3, 2018

KAPOLEI, HAWAII — Gardena, Calif.-based Highridge Costa Cos., in partnership with Honolulu-based Coastal Rim Properties, has broken ground on Kulana Hale, a mixed-use and affordable seniors housing project in Kapolei, near Honolulu. Designed by SVA Architects, Hawaiian Dredging Construction Co. is building the property. Located at 1020 Wakea St., the $130 million project consists of three components — two 13-story towers and a single-story commercial space — to be built in three phases. The $64 million first phase will feature 154 affordable apartment units for seniors in a unit mix of 22 studio, 109 one-bedroom and 22 two-bedroom layouts, as well as a one-bedroom manager’s unit. All residential units are equipped with an oven, stove, microwave and refrigerator. Project amenities will include a community meeting room, picnic area, community workspace with high-speed internet access and neighborhood-serving retail space on the ground floor. The second phase will add a tower with 143 affordable units for families, as well as additional ground-floor retail space. Construction of the second phase is slated to start in 2019. The final phase will be a single-story retail space to serve the residents and larger community. “My administration has been working hard to expand affordable rental housing …

October 3, 2018

Development Florida Loans Multifamily Southeast Student Housing

Joint Venture Closes on $231M Bond Financing for Student Housing Project Near Florida International University

by Amy Works October 2, 2018

MIAMI — University Bridge GP — a partnership between Global City Development, RER Ventures and Podium Developments — has closed on a $231 million bond issuance for University Bridge Residences, an 886-unit student housing community currently under construction near Florida International University (FIU) in Miami. The joint venture is billing the project as Miami’s first student condos. The bond represents the largest financing of its kind for an off-campus student housing building in the U.S., according to a release by the joint venture. The funding will provide $50 million in scholarships over 40 years to Florida International University. As per the terms of the agreement, FIU will also take ownership of the building upon the completion of bond payments in 2058. The community is set to open in fall 2020 and will offer fully furnished units with bed-to-bath parity, as well as a pedestrian bridge to FIU’s campus. Shared amenities will include a resort-style pool, cabanas, barbecue and dining areas, a sun deck with day beds, fitness center, yoga lawn, lounge and game room and a business center. The property will also be home to 7,000 square feet of ground-floor retail. The project was designed by Arquitectonica and will be …

October 2, 2018

Development Loans Multifamily Southeast Virginia

Berkadia Secures $36M in Construction Financing for Multifamily Property Near Richmond

by Amy Works October 2, 2018

MIDLOTHIAN, VA. — Berkadia has arranged $36 million in financing for Westchester Apartments, a garden-style multifamily property under construction in Midlothian, about 15 miles west of Richmond. Costa Canavos and Amy Gay of Berkadia’s Richmond office secured the loan through the Virginia Housing Development Authority. The 20-month, interest-only construction loan converts to an amortizing 30-year permanent loan. Located on Perimeter Drive, the property will feature 238 apartment units and offer access to Route 288 and Westchester Commons.

October 2, 2018

Development Office Texas

Bright Realty Receives $16.7M in Preferred Equity for Metro Dallas Office Development

by Taylor Williams October 2, 2018

LEWISVILLE, TEXAS — Bright Realty LLC has received $16.7 million in preferred equity for the construction of The Realm at Castle Hills Office, a 235,000-square-foot project being developed in the northern Dallas metro of Lewisville. Canyon Partners Real Estate LLC provided the funds and has entered into a joint venture with Bright Realty, a real estate development firm based in Lewisville. The nine-story building, which will include ground-floor retail space, is part of the first commercial phase of development of Castle Hills, a residential and golf course community established by Bright Realty in 1997. Construction of the office building is expected to be complete by the end of 2019. Colliers International is handling leasing of the office space.

October 2, 2018

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