EAST HANOVER, N.J. — Ares Commercial Real Estate has provided a $135 million construction loan for High Point on 10, a 584,000-square-foot industrial project that will be located in East Hanover, about 25 miles west of New York City. The development will have 380,000 square feet of build-to-suit cold storage space that is preleased to operator RealCold. Jordan Roeschlaub, Jonathan Firestone and Nick Scribani of Newmark arranged the debt on behalf of the developer, a partnership between Related Fund Management, Onyx Equities and Russo Development. An expected completion date was not announced.
NORWOOD, MASS. — Hobbs Brook Real Estate has topped out a 320,000-square-foot office and life sciences project in Norwood, a southern suburb of Boston, that is a build-to-suit for commercial property insurance company FM Global. The project replaces a 1950s-era building with a four-story office, lab and research and development building and adds a new 930-space parking garage and outdoor amenity spaces. Payette is the project architect, and Shawmut Design & Construction is the general contractor. Completion is slated for 2026. Construction began earlier this year.
PARSIPPANY, N.J. — Cushman & Wakefield has arranged construction debt and joint venture equity for an industrial redevelopment project in the Northern New Jersey community of Parsippany. The amounts were not disclosed, but the project, which will convert an existing office property, carries a total price tag of $40 million. John Alascio, T.J. Sullivan, Chuck Kohaut, Chris Lentz, Jason Blankfein and Ethan Sokolow of Cushman & Wakefield worked on behalf of the sponsor, Altman Logistics Properties, to secure construction debt from Truist Bank and joint venture equity from a European investor.
ARLINGTON, VA. — JBG Smith has launched leasing at The Zoe, a 420-unit luxury apartment building situated within the National Landing district in Northern Virginia. The 19-story tower, which features 10,000 square feet of street-level retail space, is located at 2051 S. Bell St. in Arlington. Designed by STUDIOS, The Zoe will feature a mix of studio, one- and two-bedroom apartments, as well as a rooftop amenity space, fitness center, concierge services, coworking space, conference rooms, pet spa with a grooming station, bike parking and electric vehicle charging stations. Monthly rental rates at The Zoe will range from $2,020 to $6,750, according to Apartments.com. SK+I served as the architect of record for The Zoe. JBG Smith is targeting LEED Gold certification for the property. Headlined by the Amazon HQ2, National Landing features restaurants, shops, the Water Park, the Crystal City Metro station and a planned pedestrian bridge linking National Landing to Ronald Reagan Washington National Airport. JBG Smith delivered two other apartment developments at National Landing earlier this year totaling 808 units — The Grace and Reva. The Bethesda, Md.-based developer is also underway on an adjacent 25-story apartment tower to The Zoe called Valen, which will begin leasing in …
ANN ARBOR, MICH. — LV Collective has partnered with Harrison Street to build Rambler Ann Arbor, a 1,009-bed luxury student housing development across the street from the University of Michigan campus in Ann Arbor. The 484,587-square-foot project will feature 273 units across a variety of floor plans ranging from studios to six-bedroom residences. The ground floor of Rambler Ann Arbor will include a lobby with an integrated café named Daydreamer. The study mezzanine will offer spaces for coworking and private study rooms. Residents will also enjoy outdoor terraces, a clubroom and gameday lounge, rooftop pool, hot tub, fitness facility, yoga studio, flex studio, red light sauna and resident lounge. Site work began in October, and completion is slated for fall 2027. The project is pursuing LEED Gold certification and will also include a payment of $7.2 million to the city’s affordable housing fund. Kennedy Wilson and Forum Investment Group provided construction financing. “With the University of Michigan’s rising enrollment and Ann Arbor’s status as a premier college town, creating high-quality living spaces that match this growth and enhance students’ overall experience is essential,” says Thomas Whitesell, head of the debt investment group at Kennedy Wilson. The development team includes Turner …
SAN ANTONIO — Dallas-based developer Carbon Cos. has completed Greyson Luxury Living, a 291-unit multifamily project in San Antonio. The property is located at 1734 N. Loop 1604 W on the city’s north side. Units come in one-, two- and three-bedroom floor plans and are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and private patios/balconies. Amenities include a pool, fitness center and a dog wash station. Rents start at roughly $1,300 per month for a studio apartment.
WATERTOWN, MASS. — A joint venture between New York City-based developer O’Connor Group, real estate private equity firm FrontRange Capital Partners and Japanese construction company Takenaka Corp. has broken ground on a 142-unit multifamily project in Watertown, a western suburb of Boston. Elysian Watertown Square will be a five-story building with retail space, and 15 percent of the units will be reserved for households earning between 65 and 80 percent of the area median income. Amenities will include a fitness center, coworking space, pet care spa and two rooftop terraces. ICON Architecture designed the project, and Dellbrook | JKS will be the general contractor. Completion is slated for summer 2026.
IRVINE, CALIF. — JLL Capital Markets and HJ Sims have arranged $473 million in tax-exempt and taxable bond financing for the ground-up development of The James, a luxury rental, 350-bed seniors housing community in Irvine. The transaction is the largest tax-exempt senior living financing of the year and the largest nonprofit, single-site senior living bond issue in history, according to JLL. JLL’s Seniors Housing Capital Markets team worked on behalf of Harbert South Bay Partners, LAMB Properties, P3 Foundation and Momentum Senior Living to secure the 35-year financing with HJ Sims hired as sole underwriter of the bonds. The financing consisted of $442.1 million of publicly offered tax-exempt senior series 2024A bonds, $12.9 million in taxable senior series 2024B bonds, and $18 million in subordinate tax-exempt series 2024c and 2024d bonds. JLL also handled the land sale to the partnership on behalf of the seller. The groundbreaking for The James — the first new senior living community in the Irvine market in 28 years — will take place later this month and the target date for completion is June 2027. The community will offer 210 independent living units, 110 assisted living units and 30 memory care units with a mix of …
IRVINE, CALIF. — Tishman Speyer and Mitsui Fudosan America (MFA) have started construction on the 380,000-square-foot first phase of Bake Freeway Business Park in Irvine. When fully completed, Bake Freeway will encompass 600,000 square feet of Class A industrial space with direct access to Interstate 5 and greater Orange County, Calif. The first phase will feature a 176,337-square-foot building with 186 parking stalls on 9.5 acres at 15700 Bake Parkway, and a 202,831-square-foot building with 287 parking stalls on 10 acres at 15800 Bake Parkway. The buildings will each feature 36-foot clear warehouse space, 25 dock-high doors and two ground-level doors. KPRS is serving as general contractor on the initial phase, which is slated for completion in third-quarter 2025. The joint venture acquired the fully entitled, 31.9-acre development site in December 2023. At full build-out, the park will offer four buildings ranging in size from 73,000 square feet to 203,000 square feet. To help finance the first two buildings of Bake Freeway, Tishman Speyer and MFA secured an $84.7 million construction loan from JPMorgan Chase.
COSTA MESA, CALIF. — Space Investment Partners has completed an $11 million renovation of The Ranch at Newport Bay, a 60,000-square-foot, grocer-anchored mixed-use retail property in Costa Mesa. The asset is located at 2651-2675 Irvine Ave. With the addition of Verde, a restaurant and bar concept, The Ranch is fully occupied. Verde, which opened in November, occupies two spaces in the neighborhood center encompassing 5,000 square feet. Created by Koire Rogers and Anthony Laborin, Verde features a highly developed beverage program in its lower-level Verde Bar and ingredient-driven seasonal California cuisine in its upper level restaurant. Additional tenants include Nike Training Studio (4,100 square feet), XPT Studio (900 square feet), Del Mar Wellness (1,350 square feet), Coffee Dose (1,300 square feet) and Tiny Tooth Pediatric Dentistry (2,091 square feet). Irvine Ranch Market, as the anchor tenant, occupies 17,500 square feet at the center.