Friday, June 20, 2025
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DevelopmentFloridaLoansMultifamilySoutheast

Mast Capital Receives $65M Construction Financing for Multifamily Community in Fort Myers

by John Nelson

FORT MYERS, FLA. — Mast Capital has received a $65 million loan for the construction of Hancock Bridge Square, a 320-unit multifamily project in Fort Myers. The developer has recently broken ground on the development, which will be located at 13370 N. Cleveland Ave. and feature three- and four-story apartment buildings. General contractor Kaufman Lynn is building the community, which was designed by Humphreys & Partners Architects. Amenities at Hancock Bridge Square will include a fitness center, lounge and entertainment kitchen, workspace, swimming pool and a sun deck. Chris Drew, Brian Gaswirth, Jesse Wright and Paul Adams of JLL secured the construction financing through Centerbridge Partners — which served as an agent for MassMutual Life Insurance Co. — on behalf of Mast Capital. A construction timeline was not disclosed.

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Austin-Point-Rosenberg
DevelopmentIndustrialTexas

Signorelli Breaks Ground on Phase I of 4,700-Acre Master-Planned Community Near Houston

by Taylor Williams

ROSENBERG, TEXAS — Locally based developer The Signorelli Co. has broken ground on Phase I of Austin Point, a 4,700-acre master-planned community in Rosenberg, located roughly 30 miles southwest of Houston in Fort Bend County. Upon completion, the development will feature 14,000 homes and 17 million square feet of multifamily, office, medical, retail and hospitality space. The project will also include the extension of Fort Bend and Grand parkways at the development site for more convenient access to downtown Houston. Phase I of Austin Point will include the construction of 400 homes that will be built on smaller lots in an alley-loaded format and will range in size from 1,300 to 4,500 square feet.

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Seattle-Metro-Logistics-Seattle-WA
DevelopmentIndustrialWashingtonWestern

TCC, MetLife Investment Near Completion of 702,429 SF Seattle Metro Logistics in South Seattle

by Amy Works

SEATTLE — Trammel Crow. Co (TCC) and its joint venture partner MetLife Investment Management are near completion of Seattle Metro Logistics, a two-story industrial facility at 44 S. Nevada Ave. in South Seattle. In 2021, the Port of Seattle Commission approved the long-term ground lease for this portion of Port-owned land — known as Terminal 106 — to TCC, allowing for the demolition of the port’s old warehouse and construction of a new light industrial facility, which started in 2022. Slated for delivery this August, the 702,429-square-foot facility will feature 30-foot clear heights, 50-foot by 50-foot column spacing, 350 pounds per square foot floor loading, ESFR sprinklers, 289-foot warehouse depth and truck court depths ranging from 131 feet to 135 feet. The property is designed to suit a broad range of industrial uses, from last-mile and regional distribution to storage, maritime and manufacturing uses. Seattle Metro Logistics will include a parking garage with 701 spaces and a solar-ready roof. Project partners include Nelson Worldwide as architect of record, Lease Crutcher Lewis as general contractor and Bank OZK as construction lender. Andrew Stark and Andrew Hitchcock of CBRE are handling the marketing and leasing of the facility.

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Sand-Canyon-Plaza-Apts-Santa-Clarita-CA
Build-to-RentCaliforniaDevelopmentLoansMultifamilySingle-Family RentalWestern

Kennedy Wilson Provides $95M Construction Loan for Multifamily Development in Santa Clarita, California

by Amy Works

SANTA CLARITA, CALIF. — Kennedy Wilson’s debt platform has provided a $95 million senior construction loan to a joint venture between Greystar Real Estate Partners and The Resmark Cos. The funds will be used for the development of a multifamily and build-to-rent project in Santa Clarita, approximately 33 miles northwest of downtown Los Angeles. Situated within Sand Canyon Plaza, the community will feature 259 rentable multifamily units and 64 build-to-rent townhomes. The multifamily residents will have access to a fitness center, club room, courtyard, game lounge, coworking space and a fourth-floor sky deck with unobstructed mountain views. The build-to-rent townhomes will offer expansive green space areas, multiple open turf play areas and a tot lot that will cater to young families renting in the community. The project will also feature a resort-style pool and spa that will be shared by both multifamily and build-to-rent townhome residents. Upon completion, the 87-acre Sand Canyon Plaza will feature parks, open spaces, a walking trail system and a 45,000-square-foot retail center anchored by Sprouts Farmers Market, which is slated to break ground this year.

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DevelopmentIndustrialMidwestMinnesota

Opus Breaks Ground on $71M Recycling Facility Expansion for Spectro Alloys in Rosemount, Minnesota

by Kristin Harlow

ROSEMOUNT, MINN. — The Opus Group has broken ground on a $71 million expansion to add new aluminum recycling capabilities at the Spectro Alloys campus in Rosemount, a southern suburb of the Twin Cities. Spectro plans to recycle more end-of-life scrap aluminum to improve recycling rates in Minnesota. The project includes a new 90,000-square-foot building along Highway 55. The first phase of the project will result in nearly 120 million pounds per year of additional recycling capacity and create up to 50 new full-time jobs. The facility will include state-of-the-art equipment for sorting, melting, casting, sawing, homogenizing and packaging with automation and pollution control technology. Spectro’s plant will also provide energy use and carbon emission reductions of 95 percent when compared to new aluminum production. Aluminum billet is used as raw material for the extrusion process, and is turned into products such as railings, window and door trim, and structural components for cars, boats, airplanes, trailers and docks. Spectro will also have the ability to recycle used beverage containers into sheet ingot — slabs of aluminum weighing up to 60,000 pounds each. Construction of the new facility is slated for completion in mid-2025. Spectro has operated at its Rosemount campus …

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Affordable HousingDevelopmentMidwestMultifamilyOhio

The Community Builders Opens $46.4M Affordable Housing Community in East Cleveland

by Kristin Harlow

CLEVELAND — The Community Builders has opened Woodhill Station West, a $46.4 million affordable housing community in East Cleveland’s Buckeye-Woodhill neighborhood. The 120-unit development marks Phase I of the Woodhill Homes transformation. The project converted an empty lot into an affordable housing building with 4,520 square feet of community space. The development includes 90 replacement homes for existing Woodhill residents. In 2021, HUD awarded a $35 million Choice Neighborhoods Implementation Grant to the Cuyahoga Metropolitan Housing Authority (CMHA) and the City of Cleveland to support the Buckeye-Woodhill transformation plan. In 2023, HUD awarded CMHA and the city a Choice Neighborhoods Supplemental Funding Grant for $10 million to further support the development of replacement housing. The redevelopment, which is taking place in six phases, will include approximately 638 homes and public amenities such as outdoor gathering spaces, recreational fields and playgrounds. Choice Neighborhoods Implementation Grants assist in the redevelopment of severely distressed HUD-assisted properties into mixed-income communities. The Community Builders is an affordable housing developer with a portfolio of more than 14,000 apartment units nationwide.

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118-119 Broadway-Long-Branch
DevelopmentMultifamilyNew JerseyNortheast

Kushner Breaks Ground on $130M Multifamily Project in Long Branch, New Jersey

by Taylor Williams

LONG BRANCH, N.J. — New York City-based developer Kushner has broken ground on a $130 million multifamily project in the Northern New Jersey community of Long Branch. Designed by Minno + Wasko Architects & Planners, the property will comprise two four-story buildings that will house 299 units in studio, one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, coworking lounge, golf simulator, rooftop terraces, social lounges, pet spa, a children’s playroom and outdoor grilling and dining stations. A SuperFresh grocery market and neighborhood café will anchor the property’s retail component. The first units are expected to be available for occupancy in late 2025. Madison Realty Capital provided an $85 million construction loan for the project, and Unity Capital supplied $15 million in mezzanine financing.

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DevelopmentHealthcareLoansMidwestMinnesota

Ziegler Provides $20.5M in Bond Financing for Wadena Cancer Center Project in Minnesota

by Kristin Harlow

WADENA, MINN. — Ziegler has provided a bond issue totaling $20.5 million for the Wadena Cancer Center in Wadena, a city in central Minnesota. The Wadena Cancer Center is jointly operated by Astera Health CentraCare Health and is located on Astera Health’s main campus. In collaboration with CentraCare Health System, Astera Health has entered into a joint venture to establish the Central Minnesota Cancer Center LLC. This initiative aims to address the critical need for comprehensive oncology services in the region. The proceeds of the bond issue will be used to finance the construction and equipping of the 15,350-square-foot cancer center, which will include six clinic exam rooms and eight infusion bays. The facility will provide a full spectrum of cancer care services, including medical and radiation oncology visits, chemotherapy, infusion, radiation treatments and diagnostic imaging. Ziegler utilized a unique financing structure to fund the project through its relationship with a nonprofit entity, National Healthcare, Research and Education Finance Corp. (NHREFCO). NHREFCO works to support the charitable and educational purposes of hospitals, academic medical centers and medical research organizations by acting as the borrower for bond transaction and lessor to the tenant through a long-term assumable lease.

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DevelopmentRetailTexas

H-E-B to Open 55,000 SF Joe V’s Smart Shop in East Dallas

by Taylor Williams

DALLAS — H-E-B will open a 55,000-square-foot store at 5204 S. Buckner Blvd. in East Dallas that will be operated under the San Antonio-based grocer’s Joe V’s Smart Shop brand. The opening is slated for spring 2025. The concept, which launched in 2010 in Houston, features a smaller-format space and a curated selection of products, including baked goods, prepared foods, nutritional supplements and hygiene products. Construction is also underway on another Joe V’s store in South Dallas, with an opening scheduled for summer.

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DevelopmentGeorgiaLoansMultifamilySoutheast

BHI Provides $50M Construction Loan for Residential Tower in Atlanta’s Buckhead District

by John Nelson

ATLANTA — BHI has provided a $50 million construction loan for The Dillon, an 18-story condominium tower underway at 2395 Peachtree St. NE in Atlanta’s Buckhead district. The borrower, an affiliate of The Kolter Group LLC, plans to deliver the property by January 2025. The loan is part of the development’s $133 million credit facility, which is overseen by BHI. The Dillon will offer for-sale residences configured in one-, two- and three-bedroom layouts ranging in size between 1,470 and 3,754 square feet. Amenities will include an amenity deck with a resort-style pool with cabanas and a spa, event lawn, pickleball court, dog park, clubroom with a catering kitchen, golf simulator, coworking spaces and a fitness center. In 2022, Kolter delivered The Graydon, a 45-unit condominium development located a quarter-mile from The Dillon.

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