Friday, February 28, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Development

1200-Monticello-St.-Brockton
Affordable HousingDevelopmentLoansMassachusettsMultifamilyNortheast

MassHousing Provides $29.7M in Financing for Affordable Housing Project in Brockton, Massachusetts

by Taylor Williams

BROCKTON, MASS. — MassHousing has provided $29.7 million in financing for the construction of a 94-unit affordable housing project in Brockton, a southern suburb of Boston. The borrower, nonprofit owner-operator NeighborWorks Housing Solutions, is redeveloping a former industrial site at 1200 Monticello St. into a five-story building with 31 one-bedroom and 63 two-bedroom units. Of the 94 units, 14 will be restricted to households earning up to 30 percent of the area median income (AMI); 65 apartments will be earmarked for renters earning 60 percent or less of AMI; and 15 residences will be restricted to households earning 80 percent or less of AMI. Amenities will include a fitness center and a community room, and the building will also house 1,473 square feet of commercial space. Utile Inc. and NEI General Contracting are handling design and construction of the project, respectively. Completion is slated for fall 2026.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentMixed-UseMultifamilyRetailSouth CarolinaSoutheast

Flournoy Breaks Ground on 365-Unit District South Apartment Property in Greenville

by John Nelson

GREENVILLE, S.C. — Flournoy Development Group has broken ground on District South, a 365-unit apartment development located on a 21-acre site in Greenville. The property will include five four-story apartment buildings, 12 townhome buildings, three carriage home buildings and 13 retail spaces. Amenities will include a grab-and-go market, lounge, fitness and wellness center, resort-style swimming pool with a courtyard, outdoor entertainment areas, dog park and an indoor pet spa. The project team for District South includes architect Dynamik Design, general contractor McShane Construction and civil engineer Gray Engineering. Flournoy Properties Group will manage the apartment property. The construction timeline was not released.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentLoansMultifamilySoutheastVirginia

Advantage Capital Closes Financing for Affordable Housing Development in Charlottesville, Virginia

by John Nelson

CHARLOTTESVILLE, VA. — Advantage Capital has closed the financing for the second phase of Kindlewood, a $68 million affordable housing redevelopment and expansion in Charlottesville. Phase II, which broke ground last month, will add 100 new units, half of which are replacement units for existing residents and the rest are new affordable housing units. The second phase will also include a new learning center, community center and the headquarters for Piedmont Housing Alliance, a partner in Kindlewood’s development team. National Housing Trust is also a development partner for Kindlewood. The last tranche of financing was $9.6 million in state Low-Income Housing Tax Credits (LIHTCs) in connection with the Virginia Housing Opportunity Tax Credit (HOTC) program. The development team expects to deliver the second phase in fall 2026.

Continue Reading
FacebookTwitterLinkedinEmail
The-Crawford-Roseville-CA
CaliforniaDevelopmentMultifamilyWestern

USA Properties Fund Begins Construction of 265-Unit Affordable Housing Project in Roseville, California

by Amy Works

ROSEVILLE, CALIF. — USA Properties Fund has started construction on The Crawford, an affordable multifamily community in Roseville. Located at Fiddyment Road and Harvey Way, The Crawford will offer 265 one-, two- and three-bedroom apartments, with some available as early as fall 2026. Completion is slated for spring 2027. Community amenities will include a community room, fitness room, swimming pool and dog park. Additionally, residents will have access to LifeSTEPS, a social-services provider that offers numerous services for residents. The Crawford residents must meet income requirements, earning 30 percent to 70 percent of the area median income of Placer County, Calif., about $35,370 to $82,530 per year for a four-year household. The City of Roseville Housing Authority provided eight project-based vouchers, securing apartments for very low-income residents, for the project. Bank of America is the tax credit investor and construction lender, while Citi Community Capital is the permanent lender on the $112 million project. Safehold is the leaseholder of the property.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentFloridaIndustrialLeasing ActivitySoutheast

Merritt Properties Fully Leases Phase II of Imeson Landing Business Park in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Merritt Properties has fully leased the second phase of Imeson Landing Business Park, an industrial park in Jacksonville that will span nearly 400,000 square feet upon completion. The first two phases of Imeson Landing house 24 tenants whose spaces range from 3,000 to 30,000 square feet in size. Merritt is planning to soon launch Phase III, which will add 120,000 square feet of new industrial space to the park along Zoo Parkway.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsDevelopmentFloridaRetailSoutheast

Continental Realty Corp. Sells Parcel at Fort Myers Shopping Center, Buyer Plans New EoS Fitness Location

by John Nelson

FORT MYERS, FLA. — Baltimore-based Continental Realty Corp. has sold a 2.2-acre outparcel at the Shoppes at Pelican Preserve, a 79,970-square-foot shopping center located at 10580 Colonial Blvd. in Fort Myers that is anchored by Winn-Dixie. The buyer, Barclay Group, purchased the land for $2.2 million. The firm plans to develop a 42,000-square-foot freestanding building on the site that will be fully occupied by EoS Fitness. Barclay Group expects to deliver the new property by 2026. Blake Dickinson of Continental Realty Corp., as well as Bob Pekol and Jessica McEvoy of LQ Commercial Fort Myers, represented the seller in the land deal. Tyler McRae of SRS Real Estate Partners represented the buyer. EoS Fitness currently operates 13 gyms in Florida. Barclay Group has delivered 30 sites for the fitness concept across six states.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentLeasing ActivityRetailTexas

Home Depot to Open 105,000 SF Store in Celina, Texas

by Taylor Williams

CELINA, TEXAS — The Home Depot (NYSE: HD) will open a new, 105,000-square-foot store in the North Texas city of Celina. The address was not disclosed, but local news outlet WFAA reports that the store will be located at the northwest corner of Ownsby Parkway and Preston Road, across from a future Lowe’s Home Improvement store and next to a planned Costco. The Atlanta-based home improvement retailer expects to obtain a certificate of occupancy by the end of July 2026 and to commence operations shortly thereafter.

Continue Reading
FacebookTwitterLinkedinEmail
Element-by-Westin-Mission-Valley-San-Diego-CA
CaliforniaDevelopmentHospitalityLoansWestern

Driftwood Capital Secures $37.9M in Construction Financing for Element by Westin Mission Valley in San Diego

by Amy Works

SAN DIEGO — Driftwood Capital has obtained $37.9 million in construction financing for the development of Element by Westin Mission Valley, an extended stay hotel in San Diego’s Mission Valley neighborhood. Upon completion, the hotel will feature 148 suite-style rooms, more than 5,000 square feet of meeting and event space, a fitness center, courtyard, lobby bar and lounge and a restaurant. Situated on 1.5 acres, The Element by Westin Mission Valley is slated for completion by the end of 2026. Driftwood Capital currently owns the adjacent hotel, Marriott Mission Valley, which was purchased in 2019 with the adjacent development parcel with the plans to renovate the existing property and later develop an extended-stay hotel that would benefit from Marriott’s amenities, resort-style pool and parking. Jordan Ray, Jamie Matheny, Steven Buchwald and Rachael Krawiecki of IPA Capital Markets secured the financing from Fifth Third Bank for the sponsor, a vertically integrated commercial real estate investment, development and lending platform specializing in hospitality properties.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentIllinoisMidwestMultifamily

Evergreen Real Estate Group, LUCHA Complete $67.5M Affordable Housing Development in Chicago

by Kristin Harlow

CHICAGO — Evergreen Real Estate Group and nonprofit Latin United Community Housing Association (LUCHA) have completed Encuentro Square Apartments in Chicago’s Logan Square neighborhood. The duo developed the project in partnership with the Chicago Department of Housing, the Department of Planning and Development and the Chicago Housing Authority (CHA). The $67.5 million development comprises two buildings at the western terminus of The 606 trail, an area that has experienced housing costs soar in recent years. The units are designated for families and individuals with incomes at or below 60 percent of the area median income. Managed by Evergreen, Encuentro Square is nearly fully leased. In Spanish, “encuentro” means the act of coming together. Leopardo Cos. and All Construction were the general contractors. Designed by Canopy, the buildings feature rounded corners with orange paneling. The orange panels are meant to mimic the migration pattern of the monarch butterfly. Floor plans range from one- to three-bedroom units. Fifty-five of the homes benefit from long-term project-based rental assistance administered by the CHA, of which 44 are family-sized units with at least two bedrooms. Amenities include a community room, teaching kitchen, children’s playroom, private courtyard, resident lounges, laundry rooms and bike storage. A new …

Continue Reading
FacebookTwitterLinkedinEmail
The-Welz-Brooklyn
DevelopmentMultifamilyNew YorkNortheast

Slate Property Group Begins Leasing 162-Unit Apartment Complex in Brooklyn

by Taylor Williams

NEW YORK CITY — Locally based development and investment firm Slate Property Group has begun leasing The Welz, a 162-unit apartment complex in Brooklyn. Designed by Aufgang Architects with interior design by Alchemy, the 19-story building is located in the Williamsburg area and offers studio, one- and two-bedroom units. Roughly 30 percent (49) of the residences are reserved for renters earning between 60 and 130 percent of the area median income, and residents also have access to a rooftop deck with grilling stations, a fitness center and package lockers. Slate developed the property in partnership with local real estate private equity firm Avenue Realty Capital. Rents start at $3,175 per month for a studio apartment.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts