LOWELL, MASS. — MassDevelopment has provided $17 million in tax-exempt bond financing for a 52-unit affordable housing project that will be located north of Boston in Lowell. The site formerly housed a Merrimack Valley Food Bank warehouse that will be demolished, although select areas of the historic façade will be retained and restored. The majority (41) of the units will be reserved for households earning 60 percent or less of the area median income (AMI), with the other 11 to be set aside for renters earning 30 percent or less of AMI. The borrower is an affiliate of Tremont Development Partners. Eastern Bank purchased the bond.
ST. PAUL, MINN. — Kraus-Anderson has begun an extensive renovation project for St. Paul Public Schools at Hidden River Middle School and Wilson School, which will serve as a temporary location for the school community while Hidden River is remodeled. The combined construction cost of both projects is $40.2 million. Designed by DLR Group, the 98,491-square-foot project will feature a full interior remodel for Hidden River, including new mechanical and electrical systems. A 3,600-square-foot addition will create a new main entrance at the northeast corner of the building, and a 7,200-square-foot addition will expand the kitchen, loading dock and mechanical room. Completion is slated for fall 2025.
BROWNSBURG, IND. — Flaherty & Collins Properties has opened Phase II of The Arbuckle Apartments in Brownsburg, a western suburb of Indianapolis. The first phase of the property was built in 2018 and provides 310 units ranging in size from studios to two-bedroom townhomes. The property is located at 7240 Arbuckle Commons. According to Flaherty & Collins, Brownsburg’s population has increased by nearly 20 percent in the last five years.
FORT WORTH, TEXAS — The Fort Worth City Council has approved a $630 million proposal to expand the historic Stockyards District, according to reports from multiple local news sources such as The Dallas Morning News, Fox4 KDFW and The Texan. According to the local Fox News affiliate, the proposal represents part of a larger, $1 billion expansion and would include both multifamily and hospitality components, as well as onsite parking. Axios Dallas reports that on a more specific level, the next phase of expansion will feature 500 hotel rooms, 300,000 square feet of commercial space and a 295-unit multifamily property. The Texan reports that the expansion would be led by Fort Worth Heritage LLC, which is a joint venture between California-based Majestic Realty Co. and Hickman Cos, with North Texas-based M2G Ventures also serving as a development partner. Multiple news outlets reported that the City of Fort Worth expects the expansion of the Stockyards District, which will include some public funding and is expected to be fully complete by 2032, to ultimately generate more than $400 million in fresh tax revenue.
DALLAS — Metro Philadelphia-based developer Toll Brothers (NYSE: TOL) has completed Lyle, a 334-unit apartment community in North Dallas. Toll Brothers developed the property in partnership with Chicago-based Equity Residential as part of a trio of multifamily developments in the Dallas-Fort Worth metroplex. Units come in studio, one-, two- and three-bedroom floor plans and are furnished with quartz countertops, tile backsplashes and keyless entry mechanisms. Select residences also offer private balconies/patios. Amenities include a pool, game lawn, fitness center, coworking lounge and a coffee bar. Santander Bank financed construction of the project. Rents start at $1,675 per month for a studio apartment.
AUSTIN, TEXAS — MDH Partners has delivered 71 Logistics Center, a 215,912-square-foot industrial project located near Austin-Bergstrom International Airport. The Atlanta-based development and investment firm acquired the 45-acre site last summer, and the rear-load facility is divisible to 72,000 square feet. Building features include 32-foot clear heights, 185-foot truck court depths, 2,640 square feet of office space and parking for 142 cars (expandable to 262) and 54 trailers. ARCO Design/Build served as the general contractor for the project. JLL is the leasing agent.
NEW YORK CITY — A partnership between locally based developer BFC Partners, CB Emmanuel, nonprofit organization Catholic Homes, Pinnacle City Living and the New York City Housing Authority (NYHCA) has received $332.3 million in financing for the redevelopment of West Brighton I and II on Staten Island. The project, which is being carried out through the NYHCA’s Permanent Affordability Commitment Together (PACT) program will rehabilitate 574 affordable housing units that are home to more than 1,300 residents. The development team will also reactivate 24 vacant units, with 12 restored as permanently affordable residential units and 12 converted into a new senior center. The financing consists of a combination of debt provided by Freddie Mac and the New York City Housing Development Corp. (HDC), as well as a bridge loan provided by Wells Fargo, historic tax credits, city subsidies and sponsor equity. Buildings will receive both interior and exterior renovations, including façade restorations, roof repairs, new security systems, ventilation improvements and refurnished heating and water systems. In addition, the partnership will undertake comprehensive upgrades to the bathrooms and kitchens with new appliances, fixtures and countertops. Lastly, the grounds will be revitalized with new landscaping, lighting, play equipment, seating, walkways and community …
NEW YORK CITY — A partnership between locally based firm Douglaston Development, Asland Capital Partners, nonprofit organization Breaking Ground and the New York City Housing Authority (NYHCA) will undertake a $275 million renovation of Sack Wern Houses in The Bronx. The seven-building affordable housing property is located in the borough’s Soundview neighborhood and is home to more than 800 residents. The rehabilitation, which is being carried out through the NYHCA’s Permanent Affordability Commitment Together (PACT) program, will cover more than 400 apartments, as well as common areas and building infrastructure and utility systems. All apartments will receive new doors, closets, windows and paint, as well as comprehensive upgrades to bathrooms and kitchens, including new appliances, fixtures, countertops, cabinets, lighting, flooring and showers. Sack Wern buildings will also receive sustainable heat pump technology, façade repairs, ventilation improvements, roof replacements, new solar panels and new security installations such as cameras and improved lighting. Additionally, common areas — entrances, lobbies, mail areas, hallways, stairways, laundry rooms and the community room — will be fully renovated. Lastly, development grounds will be revitalized with new landscaping, children’s play equipment and seating, as well as repaved walkways, more accessible ramps and stairs and an upgraded basketball …
NEW YORK CITY — TYKO Capital, a locally based real estate private equity firm, has provided a $140 million construction loan for a 348-unit multifamily project in Brooklyn. The site at 310 Nevins St. is located in the Gowanus neighborhood. Designed by Fogarty Finger Architects, the project will be a sister building of the 320-unit property at 340 Nevins St. Both properties will feature a mix of floor plans and Class A amenities, as well as a 25 percent affordable housing component for renters earning 60 percent or less of the area median income. Jordan Roeschlaub, Chris Kramer and Michael Dorfman of Newmark arranged the loan on behalf of the borrower, a partnership between Tavros Holdings and Charney Cos. Completion is slated for mid-2027.
HOLLY SPRINGS, N.C. — Vista Residential Partners has broken ground on Main Street Vista, a 277-unit mixed-use apartment community in Holly Springs, a southwest suburb of Raleigh. The 11.7-acre development site is located at the corner of North Main Street and Holly Springs Road. Main Street Vista will feature a mix of one-, two- and three-bedroom apartments averaging almost 1,050 square feet, as well as 19,000 square feet of retail space and 11,000 square feet of live-work space. Select apartments will have a ground-floor office space available for lease to prospective tenants who desire to work from home. Designed by Niles Bolton, Main Street Vista will feature a clubhouse, resort-style swimming pool, fitness center, central green area, pet park and 24/7 package concierge services. Dome Equities and two Ohio-based life insurance companies provided financing for the project. The construction timeline was not disclosed.