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DevelopmentHospitalityKentuckySoutheast

Choice Opens 114-Room Everhome Suites Hotel in Lexington

by John Nelson

LEXINGTON, KY. — Choice Hotels International Inc. has opened a 114-room Everhome Suites hotel in Lexington, the brand’s first in Kentucky. Situated off I-64, the four-story property is owned by the developer, New Circle Investments, and managed by H&W Hotels. Every room at the extended stay hotel features a fully equipped kitchen with a full-sized refrigerator, dishwasher, stovetop, microwave, flatware, cookware and counter space, and select rooms include washers and dryers. Amenities include complimentary Wi-Fi, a market, grills, fire pit, laundry facilities and a fitness center featuring Peloton bikes. With this opening, Choice Hotels has four Everhome Suites open, with more than 10 set to open over the next 12 months, 20 under construction and 60 in the planning stages.

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DevelopmentLoansMultifamilySoutheastTennessee

Knighthead Funding Originates $22M Refinancing for Luna Apartments in Nashville

by John Nelson

NASHVILLE, TENN. — Knighthead Funding has originated a $22 million loan for the refinancing of The Luna, a newly built apartment community located at 1009 8th Ave. S in Nashville’s Edgehill neighborhood, roughly two miles south of downtown. The two-year, fixed-rate loan will feature interest-only payments and be used to take out a maturing construction loan. The borrower is a joint venture led by developer CA South. Built in 2023, The Luna features 108 apartments with monthly rental rates ranging from $1,650 to $4,300, according to Apartments.com. Floor plans include studio, one-, two- and three-bedroom layouts ranging in size from 520 to 1,350 square feet. Amenities include a pool, fitness center, clubhouse, pet play area, pet washing station and a business center.

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Waldorf-Astoria-Hotel-&-Residences-Miami
DevelopmentFloridaHospitalityLoansMultifamilySoutheastTop Stories

PMG Receives $668M Construction Loan for Waldorf Astoria Hotel & Residences Miami

by Taylor Williams

MIAMI — PMG, a development and investment firm with offices in New York City and Miami, has received a $668 million construction loan for the Waldorf Astoria Hotel & Residences Miami. Located at 300 Biscayne Blvd, the building will rise more than 1,000 feet and will house 387 private residences and 205 hotel rooms and suites, as well as retail and restaurant space. The latter component will include Peacock Alley, a concept that is part of the Waldorf Astoria band. The Waldorf Astoria is part of the Hilton Hotels (NYSE: HLT) family of brands. Christopher Peck, Chris Drew, Brian Gaswirth, Jimmy Calvo and Mateo Bolivar of JLL arranged the financing through Arkansas-based Bank OZK and New York City-based Related Fund Management on behalf of PMG. According to South Florida Business Journal, condo sales launched in 2021, and the formal groundbreaking took place in 2022. At the time of the loan closing, more than 90 percent of the residences had been pre-sold. Vertical construction of the property is slated for mid-2028 completion. Hotel guests and residents will have access to a shared suite of amenities. These will include: Residents of the Waldorf Astoria Hotel & Residences Miami can also utilize a …

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CaliforniaDevelopmentIndustrialMarket ReportsUtahWesternWestern Market Reports

Badiee’s Industrial Trifecta: San Diego, Sacramento, Salt Lake City

by Jeff Shaw

Badiee Development has logistics and industrial projects throughout the Western U.S., but its current focus is the region’s three S’s: San Diego, Sacramento, Calif., and Salt Lake City. “Badiee Development is prioritizing leasing at our existing projects in San Diego and Sacramento, and entitling future projects in San Diego, Sacramento and Salt Lake City,” says Ben Badiee, the firm’s founder and CEO. “Our company holds a ‘land bank’ with plans to develop more than 2 million square feet across four distinct projects in three markets.” San Diego Badiee’s headquarters is ripe with industrial ventures for the firm. These include the two-building, 242,969-square-foot Sanyo Logistics Center and the 38-acre Britannia Airway Logistics Center, both of which are being built near the Mexican border in Otay Mesa.  Britannia Airway has also been entitled for an interim use of industrial outdoor storage (IOS), allowing the project to accommodate about 1,000 trucks and trailers.  “Being in our ‘backyard,’ Otay Mesa has proven to be a highly successful market for the firm,” Badiee says. “It is at the forefront of the onshoring/nearshoring trend for the U.S. and Mexico, and land availabilities are scarce.” Sacramento Land scarcity has also been a driver for Badiee in Sacramento …

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Affordable HousingDevelopmentMultifamilyTexas

Hunt Capital Partners Completes 116-Unit Affordable Housing Project in North Austin

by Jeff Shaw

AUSTIN, TEXAS — Hunt Capital Partners has completed Saison North, a 116-unit affordable housing project located at the site of the former NXNW Brewery in North Austin. The majority (70 percent) of the units are subject to income restrictions, specifically for households earning 30, 50 or 60 percent or less of the area median income. Units come in one-, two- and three-bedroom floor plans, and amenities include a clubhouse with community kitchen, a fitness center and a business center. Hunt Capital Partners developed the property in partnership with O-SDA Industries, Travis County Housing Finance Corp. and Saigebrook Development.

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The-Brook
DevelopmentMultifamilyNew YorkNortheast

Witkoff, Apollo Global Top Out 52-Story Apartment Tower in Brooklyn

by Taylor Williams

NEW YORK CITY — A partnership between Witkoff and an affiliate of Apollo Global Management has topped out The Brook, a 52-story apartment building in downtown Brooklyn. The Brook will house 591 apartments and 21,000 square feet of retail space. Thirty percent of units will be set aside as affordable housing. Income restrictions for these units were not disclosed. Amenities will include a pool, basketball court, lounge, fitness center, library, communal terraces, playground, dog run and coworking spaces. Move-ins are slated to begin in the second half of 2025. Beyer Blinder Belle designed the community, and Bonetti/Kozerski Architecture provided interior design services. Suffolk Construction is the general contractor.

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DevelopmentHospitalityNew HampshireNew JerseyNew YorkNortheast

Everhome Suites to Open Three New Hotels Totaling 334 Rooms in Northeast

by Taylor Williams

ROCKVILLE, MD. — Everhome Suites, which is part of the family of brands of Maryland-based owner-operator Choice Hotels International Inc., will open three new hotels totaling 334 rooms in the Northeast. The properties include a 106-room hotel in Portsmouth, N.H.; a 114-room hotel in Somerset, N.J.; and a 114-room hotel in Rochester, N.Y. All rooms will feature fully equipped kitchens. Construction of the hotels is underway, and the openings are scheduled for 2025.

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DevelopmentSoutheastStudent HousingTennessee

Juneau Construction Tops Out 1,600-Bed Student Housing Project Near University of Tennessee

by John Nelson

KNOXVILLE, TENN. — Juneau Construction has topped out Hub Knoxville, a student housing development near University of Tennessee that will comprise two 10-story towers and a seven-story building. The co-developers, Core Spaces and Schenk Realty Group, broke ground on the project in February 2023 and secured $233 million in construction financing last summer. Upon completion, the 1,600-bed community will feature 30,000 square feet of retail space, 23,000 square feet of indoor amenities and a 19,000-square-foot rooftop terrace that features a pool, basketball court and hot tub. The design-build team includes Dwell Design Studio, Antunovich Associates and DCI Engineers. Core Spaces and Schenk Realty Group plan to deliver Hub Knoxville in time for fall semester in 2025.

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DevelopmentFloridaMultifamilySoutheast

Kushner, PTM Partners Launch Preleasing at 36-Story Apartment Tower in Miami

by John Nelson

MIAMI — Kushner and PTM Partners have launched preleasing at 2000 Biscayne Boulevard, a 36-story apartment tower underway in Miami’s Edgewater district. The property will feature 420 studio, one-, two- and three-bedroom luxury apartments ranging in size from 500 to 1,500 square feet. Kushner and PTM have appointed SERHANT. New Development as the marketing and leasing agency of record for the building. Designed by Kobi Karp Architecture and Restoration Hardware for interiors, each unit will feature modern flooring, stainless steel appliances, Italian kitchen cabinetry and bathroom vanities, floor-to-ceiling windows and private terraces in select units. Amenities will include a fitness center with a sauna and massage treatment rooms, gaming club room, children’s play area, pet spa, resort-style pool with cabanas and an outdoor gym and yoga area overlooking Biscayne Bay.

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DevelopmentIndustrialLoansMidwestMinnesota

US Department of Energy Provides $213.6M Loan Guarantee for Solugen’s Manufacturing Facility in Minnesota

by Kristin Harlow

MARSHALL, MINN. — The U.S. Department of Energy Loan Programs Office has provided a $213.6 million loan guarantee to support the construction of Solugen’s Bioforge Marshall facility in Southwest Minnesota. The 500,000-square-foot facility will produce bio-based chemical products for use in wastewater treatment, industrial wastewater, construction, agriculture and the energy sector. The project is designed to reduce annual carbon emissions by up to 18 million kilograms compared with incumbent production methods. Construction began in April, and production at the facility is scheduled to begin in fall 2025. The development will create up to 100 jobs during construction and 56 full-time manufacturing jobs once fully operational.

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