FARGO, N.D. — Lument has structured $21.5 million in tax-exempt and taxable bonds to fund the construction and long-term financing of Lashkowitz Riverfront, a 110-unit affordable housing community in Fargo. BlueLine Development and the Fargo Housing and Redevelopment Authority are developing the project. Thomas Dixon and Kyle Sullivan of Lument structured the financing. Lument parent company ORIX USA purchased the $21.5 million bonds to act as both a $10.3 million permanent mortgage and construction financing. The transaction utilizes both the 4 percent and 9 percent Low-Income Housing Tax Credits program — 83 units will be constructed utilizing 4 percent tax credits and 27 will be built using 9 percent tax credits. All units will be restricted for residents who earn 30 to 50 percent of the area median income. The total term, including construction and permanent financing, is 18 years, with five years of interest-only payments and a 40-year amortization schedule. The portion of bonds used during construction will have a three-year term. Fargo Housing and Redevelopment Authority will manage the property, with BlueLine Property Management facilitating the pre-leasing and lease-up process.
WELDON SPRING, MO. — New Perspective and Boldt Real Estate have opened New Perspective Weldon Spring, a 136-unit senior living community in the western St. Louis suburb of Weldon Spring. Located at 400 Siedentop Road, the property features independent living, assisted living and memory care units in studio, one-bedroom and two-bedroom layouts. Amenities include a formal dining room, café, fitness center, chapel and activity spaces. The community also offers artificial intelligence-driven fall detection technology SafelyYou, life and activity programming by LifeLoop, in-house therapy services from Fox Rehabilitation and a partnership with Curana Health to bring resident-centered care. The property is situated next to Persimmons Golf Club and near Progress West Hospital.
LIBERTYVILLE, ILL. — Summit Design + Build has completed Farm Foundation’s Innovation and Education Center in the Chicago suburb of Libertyville. The 14-acre project is situated on the Casey family farm. The development includes a 4,000-square-foot educational barn with a media room, demonstration kitchen and office space. Farm Foundation will offer various educational programs on agriculture and food systems. Kahler Slater served as the project architect, and JLL was the property manager.
BETHESDA, MD. — Willow Bridge Property Co. has begun leasing 4909 Auburn, an 11-story multifamily tower nearing completion in Bethesda. The building’s first move-ins are scheduled for later this month. The project team includes architect BCT Design Group and interior designer Gensler. 4909 Auburn is situated in Bethesda’s Woodmont Triangle neighborhood and is within walking distance from the Bethesda Metro station. The property offers 167 apartments in studio, one- and two-bedroom configurations ranging in size from 364 to 1,333 square feet. Monthly rental rates range from $2,008 to $7,520, according to Apartments.com. Amenities include a rooftop terrace with a TV and grilling area, landscaped common and private terraces, glass-wrapped fitness center and adjacent yoga studio, private steam and sauna rooms, top-floor penthouse lounge and entertainment kitchen, lobby lounge with meeting rooms and a huddle/work room, reservable party room spaces, pet spa and a parking garage with electric vehicle charging stations.
PROVIDENCE, R.I. — Marsella Development Corp. will open Track 15, a $25 million, 18,000-square-foot food hall that will be situated within the historic Union Station building in Providence. Track 15 will be home to food vendors including Little Chaska, Tolia, Dune Brothers, Dolores, There There, Giusto PVD and Mother Pizzeria PVD. In addition to the vendor spaces, the development will feature indoor and outdoor seating for roughly 600 people, an entertainment venue and a 10,000-square-foot plaza. Construction is underway, and the opening is scheduled for February 2025.
HOMEWOOD, ALA. — The FiveStone Group has broken ground on a new 30,000-square-foot office building in Homewood that will serve as the Alabama headquarters for global financial services firm Morgan Stanley. The site is located on a one-acre parcel at 740 Shades Creek Parkway, which is adjacent to Shades Valley Lutheran Church, in one of Birmingham’s top office submarkets. Carter Burwell of JLL represented the tenant in the lease negotiations, and Michael Reilly of FiveStone Group and Philip Currie of JH Berry represented the landlord. Additional partners for the development include KPS Group, Schoel Engineering, Renta Urban Land Design and D&A Cos. Hoar Construction is the general contractor for the Class A facility and expects to complete the core and shell of the building in second-quarter 2025.
GREENVILLE, S.C. — RocaPoint Partners has added four new food-and-beverage tenants to join the roster at Greenville County Square, a $1 billion mixed-use redevelopment in downtown Greenville. Mama’s Comfort Food & Cocktails, Leo’s Italian Social, CRÚ Food & Wine Bar and MOA Korean Barbeque have signed on to join the 40-acre project, which will be anchored by a Whole Foods Market grocery store. The new concepts bring the number of committed eateries at Greenville County Square to 15, including The Perch Kitchen & Tap, The Salty Donut, Ben & Jerry’s and JINYA Ramen. Other tenants will include Pins Mechanical, Fairway Social, Sports & Social and Agave Bandido as the entertainment anchors and national retailers William Sonoma and Pottery Barn. The development also houses Greenville County’s newly opened 250,000-square-foot administrative building.
SCOTTSDALE, ARIZ. — Dallas-based StreetLights Residential has opened The Beverly, an apartment community within One Scottsdale, a mixed-use development in Scottsdale. The Beverly offers 314 studios, one-, two- and three-bedroom units, ranging in size from 504 square feet to 1,789 square feet. Each unit features granite countertops, Shaker cabinets and detailed millwork in kitchens and bathrooms, GE appliances and in-ceiling Sonos speakers. Select units include an integrated Fabita cooktop, wine fridges and smart GE Café series cooking appliances. Monthly rental rates at The Beverly range from $1,733 to $5,469, according to Apartments.com. Onsite amenities include coworking and conference rooms, a maker’s lounge, resident bar in the lobby and a fitness space with Peloton and Echelon equipment, a swimming pool, multiple landscaped courtyards, a dog park and connectivity to hike and bike trails. The project team included StreetLights Creative Studios as architect of record and interior designer, Norris Design as landscape architect and StreetLights Arizona Construction as general contractor.
BAYTOWN, TEXAS — Fidelis Realty Partners has broken ground on the redevelopment of San Jacinto Mall, a regional shopping mall located roughly 25 miles east of Houston in Baytown. Dubbed San Jacinto Marketplace, the current phase of development will include 500,000 square feet of retail and restaurant space alongside Pelican Green, a public green space. The development in total is expected to span 105 acres and include residential, hospitality and office components upon completion. Fidelis originally purchased 40 acres of the mall property, which opened in 1981, in July 2015 with a goal of owning 100 percent of the land for redevelopment. This process took Fidelis six years, with the final buildings — which were occupied by JCPenney and Macy’s — acquired by the locally-based firm in 2021. The mall officially stopped operations in 2022, and Fidelis concurrently signed an agreement with the City of Baytown to pay $3.5 million as compensation and reimbursement as the project is being redeveloped. A timeline for the development was not announced, but Fidelis notes that the property will be home to somewhere between 15 and 20 restaurants with 10 major leases currently being negotiated. “We have been faced with a number of challenges …
PROSPER, TEXAS — Dallas-based developer SWBC has broken ground on The Royalton at Prosper, a 270-unit multifamily project that will be located on the northern outskirts of Dallas. The site is adjacent to SWBC’s The Royalton at Creeks of Legacy development, which also totals 270 units and is currently in lease-up. Units at the new property will come in one-, two- and three-bedroom floor plans, and select residences on the first floor will have private yards and direct-access garages. Amenities will include a clubhouse with a business center, 24-hour fitness center and a resort-style pool with cabanas and grilling stations. Cross Architects is designing the project, and Carleton Cos. is serving as the general contractor. The first units are expected to be available for occupancy next summer.