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DevelopmentFloridaLoansMultifamilySoutheast

Royal Palm Cos., Mattoni Group Obtain $86M Financing for Multifamily Development in Central Florida

by John Nelson

SANFORD, FLA. — A partnership between Royal Palm Cos. and Mattoni Group has obtained $86 million in construction financing for Tuscany Village, a 420-unit multifamily development located at 4201 W. First St. in the north Orlando suburb of Sanford. The financing comprises $68 million in debt from a partnership between City National Bank and Abanca USA and $18 million in preferred equity from Origin Investments. The co-developers plan to break ground on the 21-acre project in the coming weeks and deliver the property in phases by 2026.

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Emerald-Heights-Redmond-WA
DevelopmentMultifamilySeniors HousingWashingtonWestern

Emerald Communities Delivers $63M Expansion at Emerald Heights Seniors Housing Community in Redmond, Washington

by Amy Works

REDMOND, WASH. — Emerald Communities has completed a $63 million expansion project at Emerald Heights, a continuing care retirement community in Redmond, a suburb east of Seattle. The Courtyard building concept was first introduced in 2017 and construction began in September 2022. Emerald Heights is welcoming 34 residents to their new homes this week and eight units are still available. The three-level Courtyard building offers six apartment designs including one-bedroom, one-bedroom with a den, two-bedroom and two-bedroom with a den that range in size from 826 to 1,764 square feet. The Courtyard building encompasses an underground parking structure, an entry plaza, shared outdoor spaces and meeting areas on each floor for social gatherings. Architectural firm of Rice Fergus Miller designed the project under the direction of Dean Kelly. GLY Construction was the builder. In addition to the newly opened Courtyard, Emerald Heights is also working on a new $55 million assisted living project, FirView. This 67,555 square-foot expansion will bring 54 one-bedroom apartments of assisted living along with a new dining space, activity rooms, outdoor patio, underbuilding parking and a sky-bridge connection the main buildings.  Dean Kelly of Rice Fergus Miller and GLY Construction will also be involved in the …

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Gateway-Grand-Phase-I-Mesa-AZ
ArizonaDevelopmentIndustrialWestern

Greystar Completes 1.1 MSF First Phase of Gateway Grand Industrial Project in Mesa, Arizona

by Amy Works

MESA, ARIZ. — Greystar has completed the first phase of Gateway Grand, a Class A industrial development in Mesa, and the company’s first industrial project in Arizona. Located at 7852 and 8016 E. Pecos Road, Gateway Grand Phase I offers 1.1 million square feet of industrial space spread across two 537,429-square-foot buildings. Available for immediate occupancy, the properties include speculative office space, initial HVAC on site and are move-in ready for a range of users. The office space includes conference rooms, break rooms, open and private offices and restrooms, while the industrial space includes 40-foot clear heights, 60-foot by 60-foot column spacing, a 70-foot speed bay, ESFR sprinklers and seven-inch slabs. Each building has 98 dock-high and four grade-level doors, supports 518 auto parking spaces and is equipped with 3,600 amps of power that is easily expandable via additional SES electrical gear on order. Phase II will add a 1.1 million-square-foot single building that is rail capable, with adjacency to Union Pacific’s planned Pecos Industrial Rail and Train Extension project. The building features will mirror those of Phase I, with an expanded 192 docks doors, seven-inch unreinforced slab over four-inch ABC, auto parking spaces and 2,000 square feet of speculative office …

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5240-Lankershim-Blvd-Los-Angeles-CA
CaliforniaDevelopmentLoansMultifamilyWestern

Bolour Associates Provides $20M in Financing for Three-Site Retail-to-Apartment Redevelopment Portfolio in Los Angeles

by Amy Works

LOS ANGELES — Beverly Hills-based Bolour Associates has provided more than $20 million in debt financing for the redevelopment of three retail projects in Los Angeles. Upon redevelopment, the sites will deliver 375 apartments. The borrower is North Carolina-based Grubb Properties. The portfolio includes: 700 Santa Monica Blvd., a 10,500-square-foot retail property slated for redevelopment into 99 apartments. 1200 Vine St., a 27,000-square-foot retail building in Hollywood that will be redeveloped into 151 apartments. 5240 Lankershim Blvd., a 30,900-square-foot land parcel in North Hollywood with plans for redevelopment into 128 units.

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DevelopmentMidwestMissouriMixed-UseMultifamilyRestaurantRetailTop Stories

Kansas City Current Plans $800M Riverfront Mixed-Use Development

by Jeff Shaw

KANSAS CITY, MO. — The Kansas City Current, a professional women’s soccer team, has unveiled plans for an $800 million mixed-use project on the Missouri riverfront in downtown Kansas City. The development follows completion of CPKC Stadium, a women’s soccer stadium that seats 11,500 people, in March. According to the project team, the $120 million venue is the first soccer stadium to be designed and built exclusively for women. Partners for the mixed-use project include Palmer Square Capital Management, Marquee Development and the Port Authority of Kansas City. The stadium will anchor the mixed-use district, along with Berkley Riverfront Park and the Missouri riverfront. The development will feature hundreds of multifamily units, food and beverage offerings, and new public recreational spaces such as a new town square and a riverfront promenade. The public areas will be programmed with family-friendly events like movie nights, food festivals, fitness classes and live music. Additionally, 10 percent of all residential units across all phases of the project will be set aside for tenants earning up to 50 percent of the area median income. “Kansas City was founded at the confluence of the Missouri and Kansas Rivers,” says Angie Long, co-founder and co-owner of the KC Current. “With the …

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Constellation-Eldridge-Houston
DevelopmentIndustrialMarket ReportsTexasTexas Market Reports

Combination of New, Old Factors Reinforce Appreciation of Industrial Growth Drivers in Texas

by Taylor Williams

The more things change, the more they stay the same. More than 150 years after the old French proverb was coined, industrial real estate professionals in Texas who have a penchant for philosophy may well be seeing its application play out in real time.  While the industrial market has cooled from 2021 and early 2022, when insatiable demand drove record rent growth, there are still enough positive fundamentals within the space to counteract the likes of inflation, interest rate hikes and geopolitical uncertainty during an election year. Against that backdrop, owners and brokers are frequently reminded of how fortunate they are to be doing business in the Lone Star State. Muchos Gracias Job and population growth are the Letterman guests who need no introduction, as they have always driven expansion and value creation in Texas across all sects of commercial real estate.  But as powerful as those drivers are, they’ve been there all along. In recent years, as disruption in debt markets has slowed industrial supply growth and inflation has put pressure on tenants’ costs of occupancy, other macro-level forces have also emerged to buoy the market. Specifically, the impacts of a growing concentration of manufacturing operations in Mexico have …

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DevelopmentFloridaMixed-UseSoutheast

City of Orlando Approves 8.5-Acre Downtown Sports and Entertainment District

by John Nelson

ORLANDO, FLA. — The City of Orlando has given final approval for the development of the sports and entertainment district situated on 8.5 acres adjacent to the Kia Center (formerly Amway Center), home arena of the NBA’s Orlando Magic. The co-developers, SED Development LLC, JMA Ventures LLC and Machete Group, recently named the project Westcourt. The developers plan to break ground on the 900,000-square-foot mixed-use development later this year. The Orlando Sentinel reports the project will cost roughly $500 million to develop. The development will include a 260-room hotel, 270 residential units, 3,500-seat live entertainment venue, Class A offices, restaurants, shops, 1,140-space parking garage and a 1.5-acre outdoor green space. The development team expects to deliver the project by March 2027 and create approximately 3,400 jobs for the region.

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Affordable HousingDevelopmentGeorgiaLoansMultifamilySeniors HousingSoutheast

Benoit Group, Atlanta Housing Secure Financing for Englewood Senior Development

by John Nelson

ATLANTA — A partnership between locally based developer The Benoit Group and Atlanta Housing, the city’s housing authority, has secured financing for the development of Englewood Senior, a $72 million affordable seniors housing project. Located on Atlanta’s southeast side near Grant Park and Zoo Atlanta, the property is a component of Phase I of the Englewood Development Plan, a $200 million overhaul of the former 30-acre Englewood Manor public housing site. Funding for Englewood Senior includes federal and state equity tax credit investment by Raymond James and JP Morgan, a Sterling Bank construction loan, permanent HUD-insured loan financing from Berkadia, Atlanta BeltLine tax allocation district (TAD) funds and a secondary priority loan from Atlanta Housing. Englewood Senior will feature 160 units reserved for households age 62 and older with income restrictions set at 60 percent of area median income (AMI) and will include over $2.5 million in rental subsidies for low-income families using Home Flex vouchers provided by Atlanta Housing. Amenities at Englewood Senior will include outdoor courtyards, movie theaters, fitness centers, a community room, 213-space parking garage and 15,000 square feet of retail space. Other components of Phase I include a mixed-income midrise building comprising 160 affordable housing units, …

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DevelopmentDistrict of ColumbiaLeasing ActivityOfficeRetailSoutheast

Marx Realty Completes Renovations at One Glover Office Building in D.C., Signs Lease With Fitness Concept

by John Nelson

WASHINGTON, D.C. — Marx Realty has completed renovations at One Glover, a 110,000-square-foot office building located at 2121 Wisconsin Ave. in Washington, D.C.’s Georgetown/Glover Park neighborhood. Additionally, the firm has signed a 10-year, 6,650-square-foot retail lease with Water Street Gym, a boutique fitness concept. John Schlagel of Transwestern represented Water Street Gym in the lease negotiations, and Mark Wooters and James Collins of Cushman & Wakefield represented Marx Realty. Updates to One Glover included an overhaul of the façade and the addition of an outdoor gathering area with seating options, lobby lounge and a garden room. Other updates include a uniform doorman and atmospheric music and scents throughout the building’s common areas. Marx Realty’s in-house design team partnered with Studios Architecture for the One Glover project. Office tenants of the building include Nexstar Media Group, George Sexton and Associates and DispatchHealth. Language immersion preschool CommuniKids occupies nearly 9,000 square feet on the ground level.

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DevelopmentIndustrialTexas

March Capital Management to Develop 900,000 SF Industrial Project in Creedmoor, Texas

by Taylor Williams

CREEDMOOR, TEXAS — San Francisco-based development and investment firm March Capital Management will develop 45 Logistics South, a five-building, 900,000-square-foot industrial project in Creedmoor, about 20 miles south of Austin. The site is located adjacent to I-45 and just east of I-35. Construction of the first phase of the project, which will consist of two buildings totaling approximately 400,000 square feet, is set to commence in the coming days. Deutsche Bank is financing the development.

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