Development

Keystone Mortgage Arranges $16.2M Bridge Loan for Retail Repositioning Project in Palm Desert, California

by Amy Works June 3, 2024

PALM DESERT, CALIF. — Keystone Mortgage Corp. has arranged a $16.2 million bridge loan to fund the repositioning of retail center in the Coachella Valley city of Palm Desert. Situated on 8.2 acres, the 80,072-square-foot retail property is 97 percent occupied by 14 tenants, including Grocery Outlet and Ross Dress for Less. Tim Winton of Keystone secured the financing on behalf of the borrower, a private real estate investor. One of Keystone’s correspondent life company lenders provided the 36-month, high-leverage, non-recourse loan. The loan will allow the borrower to complete the remainder of property upgrades while providing maximum leverage, interest-only payments, fixed rate and prepayment flexibility, according to Winton.

June 3, 2024

Development Michigan Midwest Multifamily

Thompson Thrift Completes 344-Unit Apartment Community in Suburban Grand Rapids

by Kristin Harlow June 3, 2024

WYOMING, MICH. — Thompson Thrift has completed The BLVD at Wilson Crossings, a 344-unit apartment community in the Grand Rapids suburb of Wyoming. The property, which is 45 percent leased, offers townhome-style units with up to four bedrooms. Amenities include a clubhouse, fitness center, pool, pickleball courts, turf game lawn and dog park. The project marks the third Michigan development for Indianapolis-based Thompson Thrift.

June 3, 2024

Development Illinois Midwest Restaurant Retail

Principle Construction Completes Bakery Build-out in Lake Zurich, Illinois

by Kristin Harlow June 3, 2024

LAKE ZURICH, ILL. — Principle Construction has completed a bakery build-out for Apres Pastry & Bakery in downtown Lake Zurich, a northwest suburb of Chicago. The tenant occupies the last remaining space within the building that Principle constructed in 2023. Principle added a new common entrance and pedestrian access corridor from the rear parking lot. The project included various mechanical, electrical, fire protection and plumbing systems as well as the installation of a walk-in freezer. Muran Architects served as the project architect, while Siren Betty designed the interior.

June 3, 2024

Affordable Housing Development Florida Loans Multifamily Southeast

Centennial Bank Provides $84.4M Construction Loan for Affordable Housing Project in Fort Lauderdale

by John Nelson May 31, 2024

FORT LAUDERDALE, FLA. — Centennial Bank has provided an $84.4 million loan for the construction of The Arcadian, a mixed-use affordable housing project underway in Fort Lauderdale. Sunshine Shipyard LLC, an affiliated company of a joint venture between Fuse Group and Boca Paila, is the developer and borrower. Located at 640 N.W. 7th Ave., the property will comprise an eight-story tower with 478 residential units, as well as 15,000 square feet of retail space and a 212,000-square-foot parking garage. Amenities will include swimming pools, a central atrium, fitness center, indoor pickleball court, outdoor movie theater, playground, business center, kid’s room, lounge area, pet park, pedestrian paseo and club rooms. Completion is scheduled for early 2026.

May 31, 2024

Development Florida Self-Storage Southeast

DXD Capital Completes 738-Unit Self-Storage Facility in South Florida

by John Nelson May 31, 2024

LAKE PARK, FLA. — DXD Capital has completed the development of a self-storage facility located in Lake Park, a suburb of Palm Beach. Located at 1450 Watertower Road, the South Florida property totals 77,150 square feet of rentable square feet across 738 individual units. DXD acquired the property in July 2022 through the DXD Self Storage Fund I, which was launched in November 2020. Public Storage operates the facility.

May 31, 2024

Development Leasing Activity Mixed-Use North Carolina Restaurant Retail Southeast

Olde Mecklenburg Brewery to Open Venue at The Bowl at Ballantyne in Charlotte

by John Nelson May 31, 2024

CHARLOTTE, N.C. — Olde Mecklenburg Brewery (OMB) will open a new restaurant and biergarten venue at 15025 Bowl St. at The Bowl at Ballantyne, a mixed-use development underway in Charlotte’s Ballantyne district. In addition to a 14,000-square-foot building comprising two levels of restaurant, retail and balcony space, the property features a one-acre biergarten and two freestanding buildings with beverage service and bathrooms. This marks the second location for OMB, with the original location in Charlotte’s LoSo neighborhood. Northwood Retail, the landlord of The Bowl at Ballantyne and an affiliate of Northwood Investors, recently signed a lease with Hawkers Asian Street Food to join the tenant roster in early 2025.

May 31, 2024

Matrix-Logistics-Park-Mount-Olive-New-Jersey

Development Industrial Loans New Jersey Northeast

JLL Arranges $93M in Financing for Northern New Jersey Industrial Project

by Taylor Williams May 31, 2024

MOUNT OLIVE, N.J. — JLL has arranged $93 million in financing for Matrix Logistics Park, a two-building, 781,748-square-foot industrial project that is under construction in the Northern New Jersey community of Mount Olive. The site at 2000 International Drive spans 13.6 acres, and that building will total 196,748 square feet and feature a clear height of 36 feet, 34 loading docks, two drive-in doors and parking for 110 cars and 43 trailers. The site at 3000 Continental Drive formerly housed the U.S. headquarters of German chemical manufacturer BASF. That building will span 585,000 square feet and feature a clear height of 40 feet, 107 loading doors, four drive-in doors and parking for 306 cars and 142 trailers. Thomas Didio, Jim Cadranell, Thomas Didio Jr., Michael Lachs and Olivia Doody of JLL arranged the loan through Bank OZK on behalf of the borrower, Matrix Development Group.

May 31, 2024

Development Hospitality New Jersey Northeast

Alfred Sanzari Enterprises Begins Renovation of 351-Room Hotel in Teaneck, New Jersey

by Taylor Williams May 31, 2024

TEANECK, N.J. — Alfred Sanzari Enterprises has begun the renovation of a 351-room Marriott-branded hotel in the Northern New Jersey community of Teaneck. The hotel, which opened in 2018, is located within the locally based development and investment firm’s 670,000-square-foot Glenpoint mixed-use development. The multimillion-dollar project will update the Glenpoint Marriott’s 39,317 square feet of meeting and event space with new carpeting, wall coverings, paint and furniture. Completion is slated for the fall. The design team includes HotelStudio and Kimmerle Newman Architects.

May 31, 2024

California Development Healthcare Office Western

PMB, Santa Clara Valley Healthcare Release Plans for 230,000 SF Medical Office Building in San Jose

by Amy Works May 31, 2024

SAN JOSE, CALIF. — PMB and Santa Clara Valley Healthcare (SCVH) have announced plans for Valley Health Center San Jose (VHC San Jose), a 10-story medical office building in San Jose. The development is slated for completion in late 2025. Located at 1410 S. Bascom Ave., the 230,000-square-foot facility will have 16 departments offering healthcare for adult medicine, OB/Gyn subspecialties, adult urgent care, behavioral health, dental, diagnostic imaging, facility support services, maternal and fetal medicine, patient support services, pediatric primary care, pediatric subspecialties, pediatric urgent care, pharmacy, specimen collection lab and administration. VHC San Jose is located near Valley Transport Authority’s forthcoming Bascom Station and an under-construction, 590-unit residential project. The project team for VHC San Jose includes WRNS Studio and Boulder Associates as architects, South Bay Construction as general contractor, Harrison Street as equity partner and Capital One as the lead bank.

May 31, 2024

Development Midwest Missouri

Tarlton Completes $28M Renovation of Fuhr Science Center, Administration Building at Logan University in Missouri

by Kristin Harlow May 31, 2024

CHESTERFIELD, MO. — Tarlton has completed a $28 million renovation of the Fuhr Science Center and Logan Administration Building at Logan University in Chesterfield, a western suburb of St. Louis. The Fuhr Science Center features a new two-story, 8,000-square-foot addition to the existing 33,310-square-foot science and research building originally constructed in 1986. The center offers two state-of-the-art anatomy laboratories and associated lecture amphitheaters; a simulated imaging center; six chiropractic technique classrooms; two clinical methods classrooms; faculty offices; and student collaboration and study areas. The building is named for Logan University alumnus Arlan W. Fuhr and his wife Judi Fuhr, who bestowed a $1 million gift toward the project’s capital campaign. The $5.5 million renovation of the Logan Administration Building included the main lobby and library; a relocation of the campus bookstore; and the new construction of a testing center. Ittner Cordogan-Clark Group served as the project architect. Logan University specializes in chiropractic education.

May 31, 2024

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