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DevelopmentKansasMidwestMultifamilySeniors Housing

Hunt Midwest, Principal Senior Living Complete Memory Care Expansion at Benton House of Olathe in Kansas

by Kristin Harlow

OLATHE, KAN. — Hunt Midwest and Principal Senior Living have completed 21 new memory care residences at Benton House of Olathe in Kansas. The expansion project more than doubles the number of memory care apartments available in the community’s Beacon Neighborhood, an exclusive neighborhood within the Benton House community dedicated to seniors experiencing memory loss. The first residents are scheduled to move in to the new apartments in March. Benton House of Olathe now offers 76 total residences, including 35 memory care apartments and 41 studio and one-bedroom assisted living suites. The property features a variety of indoor and outdoor amenity spaces around three landscaped courtyards. The project team included Lamas Architects, Schlagel and Associates and Meyer Brothers Building Co. Hunt Midwest and Principal currently own and operate a portfolio of six assisted living and memory care communities in metro Kansas City.

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DevelopmentMidwestMultifamilyNebraska

Sullivan Development Breaks Ground on 28-Unit Leavenworth Lofts Apartment Building in Omaha

by Kristin Harlow

OMAHA, NEB. — Developer Sullivan Development Co. has broken ground on Leavenworth Lofts, a 28-unit apartment building in Omaha. The project site at 3612 Leavenworth St. is within walking distance of the University of Nebraska Medical Center. Completion is slated for spring 2025. Leavenworth Lofts will feature one-bedroom units averaging 1,000 square feet. Penthouse units on the fifth floor will feature secured access and private rooftop terraces. Unique to the property is a short-term rental option for units on the lower level as well as a gallery in the lobby that will spotlight rotating exhibits by local artists. Residents will have access to concierge housekeeping services as well as a controlled-entrance garage. BVH Architecture and Ronco Construction make up the project team.

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Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheastTop Stories

JV Receives Construction Financing for $125M Rialto West Affordable Housing Development in Hell’s Kitchen

by Kristin Harlow

NEW YORK CITY — A joint venture between Douglaston Development and the Entertainment Community Fund has received construction financing for Rialto West, a $125 million affordable housing development in Manhattan’s Hell’s Kitchen neighborhood. Located at 509 W. 48th St., the eight-story building will include 158 units for low- and moderate-income residents. Rialto West will feature a mix of studio, one-, two- and three-bedroom units that will be designated for households earning up to 140 percent of the area median income. Fifteen percent of the units will be dedicated to serving formerly homeless households. Shared amenity spaces will include a fitness center, laundry room and bicycle storage area. Additionally, the development’s ground floor will include more than 5,500 square feet of cultural space as well as a public restroom facing an approximately 25,000-square-foot public plaza that will be built at 705 Tenth Ave. The NYC Department of Parks and Recreation will operate the public open space, which is to be named after Lorraine Hansberry, the famed playwright and author of “A Raisin in the Sun.” The developers are in discussions with IndieSpace, a provider of affordable workspaces for artists, to lease and operate rehearsal and coworking spaces at the property. The …

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DevelopmentIndustrialTexas

GTIS Partners Begins Construction on 484,000 SF Industrial Project in Southeast Houston

by Taylor Williams

HOUSTON — New York-based global investment firm GTIS Partners has begun construction on Port 225 Commerce Center, a 484,000-square-foot industrial project located near Port Houston in southeast Houston. The development will consist of a 355,071-square-foot, cross-dock building and a 128,999-square-foot, rear-load building on a 26-acre site. Building features will include 36- and 32-foot clear heights, respectively, and combined parking for 382 cars and 93 trailers. Construction is scheduled for a fall completion. Other project partners include Angler Construction, Powers Brown Architecture, Langan Engineering and Cushman & Wakefield as the leasing agent.

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CITYCENTRE-Six-Houston
DevelopmentOfficeTexas

Midway Breaks Ground on 320,000 SF Office Project in Houston, Names Anchor Tenant

by Taylor Williams

HOUSTON — Midway has broken ground on CITYCENTRE Six, a 320,000-square-foot office building within the locally based developer’s CITYCENTRE mixed-use destination in West Houston. Additionally, Midway has named global chemical and building materials supplier Dow as the anchor tenant. Dow will occupy about 208,000 square feet within the 19-story building, which will include 12,000 square feet of retail and restaurant space and onsite parking. The design team includes architect of record Kirksey, Munoz + Albin Architecture & Planning and OJB Landscape Architecture. Construction is slated for a 2026 completion.

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Hoboken-Point
DevelopmentMultifamilyNew JerseyNortheast

Hartz Mountain Industries Begins Leasing 262-Unit Apartment Community in Weehawken, New Jersey

by Taylor Williams

WEEHAWKEN, N.J. — Hartz Mountain Industries has begun leasing Hoboken Point, a 262-unit waterfront apartment community in the Northern New Jersey community of Weehawken. Units come in studio, one- and two-bedroom floor plans and feature stainless steel appliances, quartz countertops, individual washers and dryers and various pieces of smart-home technology. Amenities include a fitness center, coworking lounge, demonstration kitchen, game lounge and sports simulator, screening room and library, and a rooftop terrace. Rents start at $3,100 per month for a studio apartment. The first move-ins will begin in late spring. CetraRuddy designed Hoboken Point.

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DevelopmentFloridaMultifamilySoutheast

Partnership Begins Preleasing 264-Unit Edera Apartments in Palm Springs, Florida

by John Nelson

PALM SPRINGS, FLA. — A partnership between Mast Capital, Rockpoint and The Spear Group have launched preleasing at Edera, a 264-unit apartment development underway in Palm Springs. Located at 2085 S. Congress Ave. near West Palm Beach, the garden-style community is slated to open for first residents in April. The property will feature a mix of one-, two- and three-bedroom apartments ranging from 715 to 1,212 square feet, with monthly rental rates ranging from $1,925 to $3,325. Designed by MSA Architects, Edera’s amenities will include a central clubhouse, indoor/outdoor yoga area and fitness lawn, lake with a walking path, dog park, playground, resort-style pool with cabanas, coworking spaces, game room and a clubhouse gym.

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DevelopmentFloridaLoansMultifamilySeniors HousingSoutheast

Pearlmark Provides $33M Mezzanine Debt for Active Adult Development in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Pearlmark has provided a $33 million mezzanine loan for the development of RISE @ Glen Kernan Park, a 308-unit active adult residential development in Jacksonville’s Southside neighborhood. Pearlmark closed the financing via its Pearlmark Mezzanine Realty Partners V LP investment vehicle. Benefit Street Partners provided the senior debt piece, the amount of which was not disclosed. Taylor Williams of Walker & Dunlop arranged the project capitalization on behalf of the borrower, RISE, a locally based multifamily development firm with five other projects in the Jacksonville market. RISE @ Glen Kernan Park is situated near the Mayo Clinic and St. Johns Town Center and is reserved for households age 55 years and older. Upon completion, the 30-acre project will comprise 236 residential units and 72 cottages. Amenities will include a clubhouse, fitness center, yoga and group fitness space, media lounge, resort-style pool, pickleball courts, dog park and a party room.

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DevelopmentLoansNorth CarolinaRetailSoutheast

BWE Arranges $24.3M Construction Loan for Retail Development in Southern Pines, North Carolina

by John Nelson

SOUTHERN PINES, N.C. — BWE has arranged a $24.3 million construction loan for Phase II of Morganton Park South, a retail development underway in Southern Pines. Situated near the Pinehurst Golf Resort, Phase II is fully preleased and will house the region’s first BJs Wholesale Club. Phase I of Morganton Park South includes tenants such as Target, Dick’s Sporting Goods/Golf Galaxy and HomeGoods. Daniel Rosenberg and Logan Petersmeyer of BWE originated the interest-only loan on behalf of the borrower, Midland Atlantic Properties. The loan was underwritten with a fixed interest rate and an 80 percent loan-to-cost ratio.

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DevelopmentMidwestMissouri

McCarthy Completes $20M Athletic Center at Saint Louis University

by Kristin Harlow

ST. LOUIS — McCarthy Building Cos. Inc. has completed construction of the O’Loughlin Family Champions Center at Saint Louis University in St. Louis. The $20 million, 25,000-square-foot athletic center is connected to the 10,600-seat Chaifetz Arena. The three-story project will provide support services for the university’s 400-plus Billiken student athletes with programming related to academic advising, spiritual development, sports performance, nutrition, and wellness and sports psychology. The building recently earned LEED Silver certification by the U.S. Green Building Council. The project team included Hastings+Chivetta and Perkins+Will. Construction began in May 2022. The $20 million center was privately funded with a lead gift by the O’Loughlin Family Foundation. Bob O’Loughlin is chairman and CEO of Lodging Hospitality Management.

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