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Development

Extended-Stay-Suites-America-Buffalo
DevelopmentHospitalityNew YorkNortheast

Extended Stay Suites America Opens 100-Room Hotel in Buffalo

by Taylor Williams

BUFFALO, N.Y. — Extended Stay Suites America (NYSE: STAY) has opened a 100-room hotel in Buffalo. The two-story building is located across the street from Buffalo-Niagara International Airport. Guestrooms are equipped with kitchens that include refrigerators, microwaves, stovetops, cookware, utensils and dishes. All rooms also feature dedicated workspaces. Amenities include complimentary grab-and-go breakfast and onsite laundry facilities. Blackstone Real Estate Partners and Starwood Capital Group own the Extended Stay America brand, which is headquartered in Charlotte.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

MassDevelopment Provides $7.5M Bond Financing for Affordable Housing Conversion Project in Metro Boston

by Taylor Williams

LYNN, MASS. — MassDevelopment has provided $7.5 million in tax-exempt bond financing for a project in the northeastern Boston suburb of Lynn that will convert the upper portion of a former commercial building into a 24-unit affordable housing complex. Units will be reserved for formerly homeless adults aged 18 to 24 that earn 30 percent or less of the area median income. Eastern Bank purchased the bond. The developer, nonprofit organization Harborlight Homes, will also utilize $6.4 million in federal Low-Income Housing Tax Credits to finance construction of the project.

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DevelopmentIllinoisMidwestMultifamily

Michaels, Brinshore Receive Approval from Chicago Plan Commission for Sixth Phase of Legends South Master-Planned Community

by Kristin Harlow

CHICAGO — The Michaels Organization and Brinshore Development have received approval from the Chicago Plan Commission for the sixth phase of the Legends South master-planned community in Chicago’s Grand Boulevard neighborhood. Located at 4520 S. State St., the development is a revitalization of the former site of the Robert Taylor Homes public housing towers. Designed by LBBA and Brook Architecture, the new apartment community will offer a mix of one-, two- and three-bedroom units across two separate buildings. The project will also include 3,600 square feet of ground-floor commercial space and various community amenities. Complementing the apartments will be a small plaza at the intersection of State and 45th streets designed to foster community gatherings and enhance the neighborhood’s public space. The development also includes 47 parking spaces. The $40 million project is being funded through a combination of tax credit equity, City of Chicago soft funds, private loans, Chicago Housing Authority loans and tax-increment financing. The other phases of Legends South, which Brinshore and Michaels began developing in 2005, include more than 600 mixed-income rental units.

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DevelopmentIowaMidwest

National Cattle Congress to Redevelop Historic Fair Grounds in Waterloo, Iowa

by Kristin Harlow

WATERLOO, IOWA — National Cattle Congress has unveiled plans to redevelop the historic National Cattle Congress grounds, a 50-plus acre site with over 228,000 square feet of event space in Waterloo, a city in central Iowa. Plans call for modernizing the existing fairgrounds and facilities while also offering new construction and land development opportunities throughout the site. CBRE’s Mike Macri III has been appointed the exclusive development consultant and sales and leasing agent. The National Cattle Congress provides year-round events and activities for the Cedar Valley region at the grounds, which feature a mix of 10 indoor and outdoor buildings, including the Electric Park Ballroom and the Hippodrome, an indoor sports and concert venue built in 1936.

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Affordable HousingDevelopmentLoansMichiganMidwestMultifamily

Hunt Capital Partners Provides $13M in LIHTC Financing for 50-Unit Tribal Housing Development in Northern Michigan

by Kristin Harlow

PETOSKEY, MICH. — Hunt Capital Partners has provided $13 million in Low-Income Housing Tax Credit (LIHTC) financing for Victories Square, a 50-unit tribal housing development in Petoskey, a city on Michigan’s Lower Peninsula. Victories Square will provide a mix of studio, one- and two-bedroom units for households earning up to 80 percent of the area median income. Eight of the residences will be set aside for tribal members and supported by a 45-year project-based rental assistance contract from the tribe. Amenities will include a community room, bike racks, onsite management and Wi-Fi in all common areas. Community Housing Network Inc. is the project developer. MI-Oaks Construction LLC, a joint venture between Miller Diversified Construction and Oakwood Construction Co., is the general contractor. Dimension IV Madison Design Group is the architect, and KMG Prestige will provide property management services. Odawa Economic Development Management Inc., the economic development arm of the Little Traverse Bay Bands of Odawa Indians, provided a $5 million soft loan comprised of funds from the tribe, the Shakopee Mdewakanton Sioux Community and the Michigan State Housing Development Authority. The Federal Home Loan Bank of Indianapolis provided a $448,000 Affordable Housing Program grant. A timeline for construction was not …

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Raymer-Self-Storage-Van-Nuys-CA
CaliforniaDevelopmentIndustrialLoansSelf-StorageWestern

LaTerra Development Obtains $18.2M Construction Loan for Self-Storage Facility in Van Nuys, California

by Amy Works

VAN NUYS, CALIF. — LaTerra Development has received an $18.2 million construction loan for the development of Raymer Self Storage, a fully entitled self-storage facility at 14876 Raymer St. in Van Nuys. JLL Capital Markets secured the two-year construction loan through Calmwater Capital LLC. Slated for completion in 2025, the 65,220-square-foot Raymer Self Storage will replace an existing warehouse and industrial building on the 1.2-acre site. The new facility will house 1,017 units consisting of 705 mini-storage units and 312 locker units. Property amenities will include 24-hour surveillance, controlled access, climate-controlled units and rooftop solar panels. Public Storage will operate and manage the facility.

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Whale&Star-Wynwood-Mixed-Use-Rendering_Miami
DevelopmentFloridaMixed-UseSoutheastTop Stories

Whale & Star Wynwood to Develop Eight-Story Cloud One Hotel, Residences in Miami

by Hayden Spiess

MIAMI — A joint venture doing business as Whale & Star Wynwood Owner LLC has announced plans for a new, eight-story mixed-use project in the Wynwood neighborhood of Miami. Spanning half a city block at 2215 N.W. 1st Place, the development will feature a 214-room hotel, as well as 87 residential condominiums. The City of Miami’s Wynwood Design Review Committee recently approved the joint venture’s development plans. The Cloud One Hotels, the lifestyle brand of Munich-based hotelier Motel One Operating Group, will operate the hotel component, which will occupy levels two through five of the property.  Residences will occupy levels six through eight and will feature studio, one-, two- and three-bedroom layouts. Residential units at the development will also be serviced by The Cloud One Hotels.  The rooftop will feature a bar and restaurant, and the property will also include ground-floor retail space.  The Whale & Star Wynwood Owner LLC joint venture comprises Motel One; Ralf Büschl, founder and chairman of the BÜSCHL Group of Cos.; and Sebastian Lüdke, founder of ALP.X Group. New York-based HWKN and Miami-based ODP Architects are co-designing the development to National Green Building Standards (NGBS). Fortis Design + Build of Miami is the local development …

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Data CentersDevelopmentNorth CarolinaSoutheast

Town Lane, PowerHouse to Develop 2.5 MSF Data Center Campus in Southwest Charlotte

by John Nelson

CHARLOTTE, N.C. — A joint venture between New York City-based Town Lane and PowerHouse Data Centers, a division of American Real Estate Partners, has purchased 122 acres in southwest Charlotte. Eastdil Secured advised the companies on the land acquisition. The joint venture plans to develop a five-building data center campus on the site called PowerHouse Charlotte that will span 2.5 million square feet. The project will have 300 megawatts of power with the potential to increase to 500 megawatts by April 2027. The site is located near the intersection of I-485 and State Highway 49. Duke Energy plans to build an additional substation on the site.

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Perris-Gateway-Perris-CA
CaliforniaDevelopmentIndustrialLoansWestern

JV Secures $135M Construction Loan for Perris Gateway Industrial Project in Perris, California

by Amy Works

PERRIS, CALIF. — A joint venture between DECA Cos. and Wildcat Capital Management has obtained a $135 million loan to finance the ground-up development of Perris Gateway, an industrial development in Perris. Bank OZK provided the senior portion of the loan, while Affinius Capital originated the subordinate portion. Perris Gateway will feature 850,000 square feet of industrial space with 40-foot clear ceiling heights, 124 dock-high doors, four drive-in doors and 4,000 amps of power. Additionally, the property will offer 348 auto parking stalls and 308 trailer parking stalls. The joint venture will use the loan proceeds to finance the construction and lease up-of Perris Gateway, which will be available for lease in 2025.

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Corbin-Industrial-Park-Denton
DevelopmentIndustrialTexas

Harbor Capital Acquires 606,911 SF Corbin Industrial Park in Denton, Texas

by Taylor Williams

DENTON, TEXAS — Austin-based real estate private equity firm Harbor Capital has acquired Corbin Industrial Park, a 606,911-square-foot development located in the North Texas city of Denton. Constructed on 45 acres in phases between 2005 and 2014, the park features an average building size of 30,346 square feet, clear heights of up to 24 feet, industrial outdoor storage space, grade-level and dock-high loading configurations and more than 700 car parking spaces. Frazier Commercial Real Estate brokered the sale and has also been retained as the leasing agent. An entity managed by Argentic Investment Management provided acquisition financing for the deal that was arranged by Newmark. The seller was not disclosed.

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