Development

Hernandez Development, XSITE Real Estate to Build 123,000 SF Self-Storage Facility in Suburban Chicago

by Kristin Harlow January 21, 2025

DEER PARK, ILL. — Hernandez Development and XSITE Real Estate have purchased a 6-acre parcel in the Chicago suburb of Deer Park with plans to build a Class A self-storage facility. The acquisition price for the site was $2 million. The project marks the fourth self-storage property in Hernandez’s portfolio within the Chicago market, joining two operational facilities in Oswego and Bolingbrook as well as a project currently under construction in Carol Stream. The development will feature a 123,000-square-foot climate-controlled self-storage facility, a 6,098-square-foot multi-tenant building with drive-thru and a dedicated drive-thru-only Scooter’s Coffee. The project site is adjacent to Deer Park Town Center and across from Kildeer Marketplace. Hernandez Construction will serve as general contractor, and Extra Space will operate the facility.

January 21, 2025

Development Industrial Texas

Creation Breaks Ground on 137,000 SF Industrial Project in Haltom City, Texas

by Taylor Williams January 20, 2025

HALTOM CITY, TEXAS — Creation, a developer with offices in Dallas and Phoenix, has broken ground on Triad 820, a three-building, 137,000-square-foot industrial project in Haltom City, a northern suburb of Fort Worth The 9-acre site is located along Anderson Road, and the buildings will feature 28-foot clear heights, 125-foot truck court depths, electrical vehicle charging stations and a secured yard. LGE Design Build is handling the architectural and general contracting aspects of the project, with construction scheduled for a fourth-quarter completion. NAI Robert Lynn has been tapped as the leasing agent.

January 20, 2025

Development Loans Multifamily Texas

David B. Norton Arranges $35.4M in Construction Financing for Multifamily Project Near San Antonio

by Taylor Williams January 20, 2025

UNIVERSAL CITY, TEXAS — Capital advisory firm David B. Norton Inc. has arranged $35.4 million in construction financing for a 268-unit multifamily project in Universal City, a northeastern suburb of San Antonio. The development will consist of 10 buildings on a 14-acre site. The financing, which represents about 77 percent of the total project capitalization, includes both debt from an undisclosed regional bank and preferred equity from an undisclosed institutional investor. The name of the developer was also not released.

January 20, 2025

Development Loans Mixed-Use Restaurant Retail Western

SimonCRE Receives Financing, Invests $50M for Mixed-Use Project in Surprise, Arizona

by Amy Works January 20, 2025

SURPRISE, ARIZ. — SimonCRE has closed on the purchase of the first phase of Asante Trails, a 12.4-acre retail project in Surprise, approximately 35 miles outside Phoenix. SimonCRE has announced a $50 million investment for the acquisition of Asante Trails. According to the Phoenix Business Journal, the seller was a partnership between SimonCRE and Jim Stockwell J. of Clyde Capital LLC, which acquired the land in 2023. The project will be part of a larger 90-acre mixed-use project that will anchor the Asante master-planned community. Phase I of Asante Trails will feature retail tenants including Farmer Boys, Jimmy John’s, Baskin-Robbins, Circle K and Clean Freak Car Wash. Roughly 19,000 square feet is available for lease.

January 20, 2025

Development Midwest North Dakota

Kraus-Anderson Completes $42.5M Bismarck State College Advanced Technology Center in North Dakota

by Kristin Harlow January 20, 2025

BISMARCK, N.D. — Kraus-Anderson has completed construction of a new polytechnic education center at Bismarck State College (BSC) in North Dakota. Built on a greenfield site, the $42.5 million project is the only polytechnic education facility in the region, according to Kraus-Anderson. Designed by ICON Architectural Group, the 89,486-square-foot BSC Advanced Technology Center features two flex labs. The three-story building, connected by a skywalk to the BSC National Energy Center of Excellence, also houses a live event venue, digital hive and security operations center. Construction began in October 2022. A ribbon cutting ceremony will take place in March.

January 20, 2025

Affordable Housing Development Loans Midwest Multifamily Ohio

KeyBank Provides $36.4M in Financing for Construction of Affordable Housing Project in Toledo, Ohio

by Kristin Harlow January 20, 2025

TOLEDO, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $15.5 million construction loan, a $3.2 million permanent loan and $17.7 million in low-income housing tax credits to finance the construction of The Grand and The Glen, a scattered two-site affordable housing project in Toledo. The development will bring 70 units to a vacant city-owned parcel and underutilized parking lot. The project will be designated for families who earn between 50 and 70 percent of the area median income. The Glen will comprise a four-story building with 50 units at the Southland Shopping Plaza. The Grand will feature 20 townhomes at the corner of Detroit and Grand avenues. The project will offer a mix of one- and two-bedroom apartments and three- and four-bedroom townhomes. Derek Reed and David Lacki of KeyBank CDLI structured the financing on behalf of the borrower, Pivotal Housing Partners.

January 20, 2025

Development Industrial Midwest Nebraska

Darland Construction to Build 105,000 SF Packing, Distribution Center for Food Bank in Omaha

by Kristin Harlow January 20, 2025

OMAHA, NEB. — Darland Construction will build a nearly 105,000-square-foot packing and distribution center for Food Bank for the Heartland in Omaha. The facility will replace the organization’s current location, which it has outgrown due to a significant increase in demand for emergency food assistance, according to Darland. Since 2018, Food Bank for the Heartland has more than quadrupled its reach and serves 93 counties in Nebraska and western Iowa. The new property will offer expanded cold storage capabilities and a significantly larger Protein Repack Room with a capacity of 4,300 square feet. The new building will be more than 40 percent larger than the current facility, providing increased space for volunteers to repackage food donations. HDR is the architect.

January 20, 2025

Development Loans New York Northeast

S3 Capital Provides $79M Construction Loan for Midtown Manhattan Multifamily Project

by Taylor Williams January 20, 2025

NEW YORK CITY — S3 Capital, the lending arm of locally based investment firm Spruce Capital Partners, has provided a $79 million construction loan for a multifamily project in Midtown Manhattan. The building at 250 W. 49th St. will rise 28 stories and house 138 units and 5,000 square feet of retail space. Amenities will include an art room, music room, golf simulator, library, screening room, fitness center, tenant lounge, billiards area, outdoor lounge, bocce court, zen garden, rooftop lounge and an outdoor cinema. The borrower and developer is Chess Builders.

January 20, 2025

Affordable Housing Development Multifamily New York Northeast

Tishman Speyer Breaks Ground on 339-Unit Affordable Housing Project in The Bronx

by Taylor Williams January 20, 2025

NEW YORK CITY — Tishman Speyer has broken ground on a 339-unit affordable housing residential project in The Bronx. The eight-story building will be located at the former site of the Visitation Church and School in the Kingsbridge neighborhood and will house studio, one-, two- and three-bedroom units. The majority (285) of residences will be reserved for renters earning between 40 and 105 percent of the area median income, and the remaining apartments will provide supportive housing for formerly homeless individuals. Amenities will include two recreation rooms, a fitness center and a rooftop terrace. Completion is slated for 2027.

January 20, 2025

Affordable Housing Development Seniors Housing Southeast Tennessee

Partnership Breaks Ground on 254-Unit Affordable Seniors Housing Community in Nashville

by John Nelson January 20, 2025

NASHVILLE, TENN. — A partnership between The Clear Blue Co., Urban Campus and Core and Born Again Church has broken ground on the Northview Housing Development, a 254-unit affordable housing project for seniors in Nashville. The 266,000-square-foot complex will be located at 876 W. Trinity Lane on Born Again Church’s campus in the city’s Haynes-Trinity neighborhood. Upon completion, which is slated for December 2026, Northview will feature a mix of one- and two-bedroom units reserved for seniors earning 40 percent to 80 percent of the area median income. Amenities will include a fitness center, rooftop deck, walking trails and recreational spaces. The design-build team includes STG Design, Thomas & Hutton and Bacar Constructors, and capital partners include the Urban League’s R.E.D. Academy, Amazon’s Housing Equity Fund, Regions Bank and Fannie Mae. Civic partners include the Tennessee Housing Development Agency and the Metropolitan Development and Housing Agency.

January 20, 2025

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