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CaliforniaDevelopmentMixed-UseTop StoriesWestern

Barings, Counterpointe Provide $315.5M Construction Financing for Habitat Mixed-Use Project in Los Angeles

by Kristin Harlow

LOS ANGELES — Barings has provided a $160 million construction loan alongside $155.5 million in C-PACE financing from a subsidiary of Counterpointe Sustainable Advisors for the development of Habitat, a “live-work-thrive” campus in Los Angeles. Lendlease is developing the project, which will include creative office space, luxury apartments, retail and an integrated park. Located at 3401 S. La Cienega Blvd. and offering immediate access to the LA Metro and Expo Bike Path, Habitat is situated where Culver City meets the heart of Los Angeles. Upon completion, which is slated for early 2026, the property will feature a six-story, 253,000-square-foot creative office building and a 12-story, 260-unit multifamily building. There will also be restaurant, retail and amenity space. Habitat will feature a unique terraced design along with walking paths, indoor-outdoor workspaces, integrated green spaces and private outdoor terraces.  Lendlease is targeting LEED Gold certification for the residential building and LEED Platinum for the commercial portion. The project is certified Net Zero Carbon in construction and operations. Plans call for solar panels, 64 dedicated electric vehicle parking spots, 222 secured bike parking spaces and onsite stormwater treatment and infiltration. The $160 million senior loan features a five-year term, and the $155.5 million …

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DevelopmentHealthcareTexas

Hoar Construction Completes 140,000 SF Healthcare Project in San Angelo, Texas

by Taylor Williams

SAN ANGELO, TEXAS — General contractor Hoar Construction has completed a 140,000-square-foot healthcare project in the Central Texas city of San Angelo. Designed by O’Connell Robertson, the seven-story building is an expansion of the 1.5 million-square-foot Shannon Medical Center, and the operator of that facility is also the lead developer of the project. The building comprises three levels of parking and four levels of patient care facilities, including a 19,310-square-foot intensive care unit on the third floor. The fourth floor of the facility features patient rooms, and the fifth and sixth floors remain shell space to be built out for future use. Construction began in February 2022.

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Affordable HousingDevelopmentLoansMultifamilyTexas

Generation Housing Partners to Develop 96-Unit Affordable Housing Project in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Generation Housing Partners will develop Heights at Crowley, a 96-unit affordable housing project in Fort Worth. The garden-style complex will house one-, two- and three-bedroom units and amenities such as a pool, playground, dog park, daycare facility and a nature trail. Ten units will be designated for renters earning 30 percent or less of the area median income (AMI); 18 will be set aside for residents at 50 percent or less of AMI; and 52 will be earmarked for residents earning 60 percent or less of AMI. The remaining 16 units will be rented at market rates. Financing for the project includes a $9.3 million Freddie Mac 9 Percent Forward Commitment, which was secured by BWE, and Low-Income Housing Tax Credits issued by the Texas Department of Housing & Community Affairs.

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CaliforniaDevelopmentMultifamilyStudent HousingWestern

San Francisco State University Completes 700-Bed Residence Hall Project

by Amy Works

SAN FRANCISCO — San Francisco State University (SFSU) has completed West Grove Commons, a 700-bed residence hall located on the university’s campus in San Francisco. The 120,000-square-foot community features a cluster format wherein groups of 35 students occupy triple rooms with a dedicated lounge and all-gender bathroom facilities. The six-story project was funded by a California Affordable Student Housing grant and the community will offer beds with a 25 percent reduction in room fees compared to SFSU’s standard rates. The project also includes a second 50,000-square-foot building, which will feature a dining commons and student health and wellbeing center. The development team for the project included general contractor McCarthy Building Cos. and EHDD Architecture.

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DevelopmentMidwestMinnesotaOfficeRetail

Asana Partners Redevelops Event Center in Minneapolis into Retail, Office Property

by Kristin Harlow

MINNEAPOLIS — Asana Partners has completed The Saxon, a redevelopment project that transformed an existing event center into retail and office space in the North Loop neighborhood of Minneapolis. NELSON Worldwide served as the architect. The development team unified the building’s three sections, each built in different periods, into a cohesive retail and lifestyle destination. The redesign integrates retail spaces on the first and third levels with offices on the second. Solidcore is a retail tenant on the ground floor.

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DevelopmentMultifamilySeniors HousingTexas

Thrive Senior Living, Orison Holdings Break Ground on 75-Unit Project in North Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — A partnership between Thrive Senior Living and Orison Holdings has broken ground on Encore at Heritage-Glen, a 75-unit seniors housing project that will be located in the Alliance submarket of North Fort Worth. Arrive Architecture Group designed the property, which will feature 50 assisted living units and 25 memory care units. The groundbreaking of Encore at Heritage-Glen follows closely behind the announcement of the International at Aventura, Thrive Senior Living’s latest development in Florida.

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DevelopmentFloridaSoutheastStudent Housing

Joint Venture Breaks Ground on 674-Bed Student Housing Community Near Florida State University

by John Nelson

TALLAHASSEE, FLA. — A joint venture partnership between Portman, 908 Group, Canyon Partners Real Estate and PTM Partners has broken ground on The Hall, a 674-bed student housing development located near Florida State University in Tallahassee. The property is scheduled for completion in spring 2026. The development site is located within a Qualified Opportunity Zone across from Legacy Hall, the future home of the university’s FSU College of Business. The community will offer 191 units across two mid-rise buildings. Shared amenities will include a rooftop swimming pool and a high-end fitness center. The development will also feature 7,689 square feet of ground floor retail space and 452 parking spaces. The joint venture recently secured $73.3 million in construction financing from Pacific Life Insurance Co. for the project. TSB Capital Advisors acted as financial advisor to Portman and 908 Group in the deal. The development team for The Hall includes general contractor Favergray.

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AcquisitionsAffordable HousingDevelopmentGeorgiaHospitalityMultifamilySoutheast

Bull Realty Brokers Sale of Hotel in Atlanta’s Summerhill Neighborhood, Buyer Plans Affordable Housing Conversion

by John Nelson

ATLANTA — Andy Lundsberg and Michael Wess of Bull Realty have brokered the sale of a former Ramada Plaza hotel located at 450 Hank Aaron Drive in Atlanta’s Summerhill neighborhood. The Atlanta Housing Authority (AHA) purchased the 406-room, 246,000-square-foot hotel for nearly $17.5 million. AHA plans to convert the property into an affordable housing community and recently issued a request for proposal (RFP) from private developers. Current permits for the 3.3-acre site allow for the development of 260 apartments with 33,000 square feet of retail space.

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ArizonaDevelopmentIndustrialWestern

ViaWest Completes 599,351 SF Sub-Zero Warehouse Facility in Goodyear, Arizona

by Amy Works

GOODYEAR, ARIZ. — Phoenix-based ViaWest Group has completed the development of a manufacturing and warehouse facility in Goodyear for kitchen appliance manufacturer Sub-Zero Group. Situated on 36.4 acres at 17215 W. Camelback Road, the 599,351-square-foot property features ultra-high-efficiency HVAC units and 34 truck bays. The warehouse is Sub-Zero’s third facility in the West Valley market. Scottsdale Investment Management is the partner on the industrial build-to-suit project. DLR Group served as architect, Kimley-Horn provided engineering services and Willmeng Construction led the building team.

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35-Cottage-Street-Jersey-City
DevelopmentMultifamilyNew JerseyNortheast

JLL Arranges $152M in Construction Financing for Jersey City Apartment Tower

by Taylor Williams

JERSEY CITY, N.J. — JLL has arranged $152 million in construction financing for 35 Cottage Street, a 588-unit apartment tower that will be located in the Journal Square neighborhood of Jersey City. The development will also house a synagogue, preschool and a dedicated party hall, the latter of which will be a first for this submarket, according to the project team. Thomas Didio Jr. and Michael Mataras of JLL arranged the senior loan portion of the financing package through Centennial Bank and the mezzanine portion through an undisclosed private lender. The borrower is New York-based Namdar Realty Group. Details on floor plans, amenities and a construction timelines were not disclosed.

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