SURPRISE, ARIZ. — BWE has arranged $29 million in first-mortgage construction financing for Echo Park @ P132, an industrial project in Surprise, approximately 20 miles northwest of Phoenix. Daniel Rosenberg and Logan Petersmeyer of BWE originated the loan for the borrower, Echo Real Estate Capital. A debt fund provided the capital. Totaling 183,000 square feet, Echo Park @ P132 will consist of four buildings ranging in size from 42,000 square feet to 48,000 square feet. The buildings will feature 2,500 square feet of speculative office space, 30-foot clear heights, dock-high doors, drive-in doors, LED lighting, secured concrete yards and 115 total parking spaces. Additionally, the buildings will be fully air conditioned.
FREDERICKSON, WASH. — A joint venture between Panattoni and Crow Holdings Capital has broken ground on a 782,875-square-foot build-to-suit industrial building for Harbor Freight Tools. The property will be built within FRED310, a 310-acre warehouse and distribution campus in Frederickson, approximately 40 miles south of Seattle. Harbor Freight signed the long-term lease earlier this year and construction officially commenced on Nov. 29. Four buildings, totaling 3.3 million square feet, are already under construction at the previously announced FRED310 development. The industrial park is expected to expand to as much as 4 million square feet once all six buildings are complete. The project will offer ample dock-high and grade-level loading, 36-foot to 40-foot clear heights, abundant auto/trailer parking and large modern truck courts. Scott Allan, Patrick Mullin and Connor Cree of Cushman & Wakefield represented the ownership in the lease with Harbor Freight Tools and led marketing efforts for the project.
CHICAGO — The NHP Foundation (NHPF) has opened Covent Apartments, a project that involved the redevelopment of Covent Hotel, a single-room occupancy (SRO) property in Chicago’s Lincoln Park neighborhood. The 30-unit affordable housing property marks NHPF’s second SRO property in Chicago. SRO housing is defined as a residential property that includes multiple single-room dwelling units, according to HUD. Each unit is for occupancy by a single eligible individual. The total development cost was $21.6 million, including $7.9 million in federal Low-Income Housing Tax Credits and historic tax credits, $5 million of City Home and Affordable Housing Opportunity Funds, $3.1 million in Illinois Housing Development Authority Permanent Supportive Housing Funds and $4.9 million from a HUD/FHA loan. The project also received a $698,910 Affordable Housing Program General Fund grant from FHLBank Chicago. The Chicago Housing Authority contributed 30 project-based vouchers for the property. In addition to the 30 units, Covent features onsite laundry facilities, a community room and an outdoor space. The property also includes three retail spaces totaling 4,700 square feet. Linn-Mathes was the general contractor, and Weese, Langley, Weese served as architect. R4 Capital was the tax credit investor and Merchants Capital was the lender.
SALT LAKE CITY — Bridge Investment Group and Lowe Property Group have received $157.5 million in loan proceeds to refinance Post District, a mixed-use complex in downtown Salt Lake City. Part of a three-phase project, Post District features 580 residential units across four buildings with approximately 26,000 rentable square feet of retail space. Sean Reimer, Mo Beler, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and William Herring of Walker & Dunlop co-originated the loan with Affinius Capital and Clarion Partners. The borrowers will use the loan proceeds to repay existing debt, fund future costs to complete the construction and repatriate equity to the client as the project continues the lease-up of its newly delivered units.
MARYSVILLE, WASH. — CBRE has arranged $47 million in construction financing for Motto Apartments, a multifamily property in Marysville, 35 miles north of Seattle. Intracorp Homes is developing the 228-unit community. James Bach, Connor Lemley, Regina Wang and Griffin Walker of CBRE secured the construction-to-permanent, seven-year, fixed-rate financing with interest-only payments for the full term. The borrower is Intracorp. Construction of the project will begin with the close of financing. Motto Apartments will feature air-conditioned units, an outdoor pool, clubhouse, fitness center, fire pits and a fenced dog park. Completion is slated for early 2026.
LAS VEGAS — Miltson Consulting has received approval from Clark County to proceed with the second phase of Mountain West Industrial Park in southwest Las Vegas. The second phase of the project will add 19.3 acres and 352,000 square feet of industrial space to the overall project. Construction is slated to start in late 2024, with completion scheduled for late 2025. Phase II will offer spaces ranging from 7,150 square feet to more than 110,000 square feet. When complete, Mountain West Industrial Park will feature more than 605,000 square feet of multi-tenant light distribution space on 36 acres. Buildings at the park will offer dock-high and grade-level loading doors, 24-foot to 30-foot clear heights, abundant parking, heavy power and an ESFR sprinkler system. CBRE’s Willmore Industrial and Logistics Team is overseeing the marketing and leasing of the industrial park.
VALLEY PARK, MO. — Developer Mia Rose Holdings has opened 44 West Luxury Living, a new apartment complex in the St. Louis suburb of Valley Park. The project features five buildings with one- and two-bedroom units along with a clubhouse. Three of the five buildings totaling 120 units are complete. The remaining two buildings totaling 84 units are slated for completion in January. The two-bedroom units average 1,020 square feet while the one-bedroom floor plans are approximately 780 square feet. The 3,800-square-foot clubhouse features a conference center, package concierge, specialty coffee bar, great room and fitness center. The outdoor amenities, which include a pool, sun deck and lounge with fire pits and grills, will open this spring. Additionally, a two-acre parcel of the 10-acre project site is slated for future commercial and retail space. Wright Construction is the general contractor, Rosemann & Associates PC is the architect, Engenuity is the mechanical, electrical and plumbing engineer, and Premier Design Group is the civil engineer. The property manager is 2B Residential.
TINLEY PARK, ILL. — Cannabis Facility Construction (CFC) has completed the Ascend Tinley Park recreational cannabis dispensary for Ascend Wellness Holdings Inc. in the Chicago suburb of Tinley Park. The 4,900-square-foot property at 16200 S. Harlem Ave. was formerly home to Chili’s and the Dugout sports bar. The project build-out included new lighting, custom-milled wood walls, multimedia display screens, illuminated product display cases and flexible point-of-sale stations. The building now features a state-of-the-art security system, custom mural by a local artist and expanded parking. The project marks the seventh Illinois dispensary that CFC has built for Ascend.
DALLAS — Harwood International will develop Harwood No. 15, a 23-story, 340,000-square-foot office building that will be situated within the locally based developer’s 19-block namesake district in Uptown Dallas. Harwood No. 15 will feature spa-like amenities, including saunas, steam rooms and a cold plunge, as well as a conference center, fitness center and a 20,000-square-foot rooftop park. The design team includes Kengo Kuma & Associates and Corgan. Construction is set to begin in mid-2024 and to be complete in late 2026. Harwood most recently completed the 27-story Harwood No. 14, which is now 76 percent leased. The entire Harwood District currently has an occupancy rate of about 93 percent.
AUSTIN, TEXAS — Minneapolis-based developer Ryan Cos. has topped out Rivette Tower, a 345-unit apartment community located in Austin’s Mueller District. The project comprises two three- and five-story buildings with 2,500 square feet of retail space on the ground floor. Units will feature one-, two- and three-bedroom floor plans, with 15 percent of the residences (about 50 units) reserved for renters earning up to 60 percent of the area median income. Amenities will include a pool, rooftop deck, coworking space and outdoor gathering areas. The first units are expected to be available for occupancy next spring. Construction began in March 2022.