Development

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

by Taylor Williams February 27, 2024

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.

February 27, 2024

Development Multifamily New Jersey Northeast

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

by Taylor Williams February 27, 2024

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.

February 27, 2024

Development Florida Multifamily Southeast

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

by John Nelson February 27, 2024

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.

February 27, 2024

Development Florida Loans Multifamily Seniors Housing Southeast

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

by John Nelson February 27, 2024

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.

February 27, 2024

Development Loans North Carolina Retail Southeast

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

by John Nelson February 27, 2024

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.

February 27, 2024

Development Midwest Missouri

McCarthy Completes $20M Athletic Center at Saint Louis University

by Kristin Harlow February 27, 2024

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.

February 27, 2024

Arizona Development Multifamily Seniors Housing Western

Ryan Cos. Completes 142,000 SF Second Phase of Friendship Village Seniors Housing Redevelopment in Tempe, Arizona

by Amy Works February 27, 2024

TEMPE, ARIZ. — Ryan Cos. US Inc. has completed the second phase of a master-planned renovation on the 50-acre seniors housing campus of Friendship Village Tempe. The newly constructed, four-story, 142,000-square-foot building is 89 percent occupied. LCS Development is leading the project, and the operator is LCS. Friendship Village Tempe, one of the first continuing care retirement communities in the region, was originally built in 1980. The revitalization of its campus began with Phase I of construction in 2019. Ryan A+E Inc., the design studio of Ryan, was the architect for both phases. The second phase includes 64 independent living apartments, four guest suites and 69 underground parking spaces. The one- and two-bedroom residences range from 743 square feet to 1,789 square feet. Phase III construction is scheduled to begin in second-quarter 2025. Details on that phase were not released.

February 27, 2024

Development Multifamily Texas

Legacy Partners, Bridge Investment Complete 483-Unit Apartment Community in Austin

by Taylor Williams February 26, 2024

AUSTIN, TEXAS — Legacy Partners and Bridge Investment Group have completed Camber Ranch, a 483-unit apartment community in northeast Austin. Designed by Humphreys & Partners, the community consists of 22 residential buildings separated by a large green belt and wetland with walking trails. Units range in size from 438 to 1,500 square feet. Amenities include a pool, fitness center, outdoor grilling areas, a demonstration kitchen, esports gaming center, podcast studios and a coworking lounge with a mix of common and private work areas. Monthly rent starts at $1,375. Construction began in summer 2021.

February 26, 2024

Development Multifamily Texas

JPI Breaks Ground on 398-Unit Multifamily Development in Fort Worth

by Taylor Williams February 26, 2024

FORT WORTH, TEXAS — Locally based developer JPI has broken ground on Jefferson Eastchase, a 398-unit multifamily development in Fort Worth. Designed by DLR Group Architects, the property will offer one-, two- and three-bedroom units and amenities such as a pool, fitness center, coworking lounge, dog park and a clubroom. JPI is developing Jefferson Eastchase in partnership with Fort Worth Housing Solutions, and the project will include an affordable housing component. The first units are expected to be available for occupancy in the third quarter of 2026.

February 26, 2024

Development Florida Southeast Student Housing

Florida Polytechnic, Capstone Begin Construction on 430-Bed Residence Hall Project in Lakeland, Florida

by John Nelson February 26, 2024

LAKELAND, FLA. — A public-private partnership between Florida Polytechnic University and Capstone Development Partners has begun construction on a 430-bed residence hall project in Lakeland. A topping out ceremony for the project was held in mid-February. The 137,000-square-foot development will offer one-, two- and four-bedroom units, alongside shared amenities including lounge and study space, a large multi-purpose room, offices and an interior courtyard. Delivery of the five-story project is expected for fall 2024. The $42 million development is being financed through tax-exempt public bonds issued by the State of Florida on behalf of the State University System. Capstone Management Partners will provide operations and maintenance services for the residence hall. The project’s design-build team includes Design Collective and Clancy & Theys.

February 26, 2024

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