GOLDEN VALLEY, MINN. — Architect NELSON Worldwide has designed a new shared amenity space at Golden Hills, an office building in the Minneapolis suburb of Golden Valley. The firm reconfigured the layout by removing an underutilized café and transforming it into a tenant lounge, grab-and-go market and game room. Dubbed 701 Local, the amenity space totals 1,700 square feet. There are multiple seating options and games such as air hockey.
PHOENIX — Empire Group, a multifamily and commercial real estate development firm based in Scottsdale, Ariz., has obtained an $88.5 million construction loan for the development of Village at Bronco Trail. The 354-unit build-to-rent (BTR) community will be situated on a 30-acre site at 29th Avenue and Sonoran Desert Drive on the city’s north side. Empire Group expects to deliver the first swath of single-family homes at Village at Bronco Trail in 2024. Homes will average 920 square feet and amenities will include detached garages, a dog park, grilling area, resort-style pool, clubhouse and common area open spaces. Each home will have a private yard; kitchen with quartz countertops, stainless steel appliances and backsplashes; full-size washers and dryers; and upgraded smart-home features and technology. The property will be situated within two miles of the chip manufacturing plant for Taiwan Semiconductor Manufacturing Co., which is a $40 billion facility and a major economic demand driver for the North Phoenix residential market. Kyle McDonough and George Maravilla of Tower Capital arranged the financing on behalf of Empire Group. The direct lender was not disclosed, but the mortgage brokerage firm was able to secure multiple term sheets from lenders during due diligence. “The BTR …
MCKINNEY, TEXAS — Dallas-based owner-operator Palladium USA has broken ground on a $48 million affordable housing community in McKinney. The four-story complex will house one-, two- and three-bedroom units and amenities such as a pool, children’s play area, clubroom with a communal kitchen, fitness center, dog park and a computer lounge. Cross Architects designed the project, and Treymore Construction is the general contractor. The Texas Department of Housing & Community Affairs issued $23 million in tax-exempt bonds for the project that were purchased by Cedar Rapids Bank & Trust. PNC Bank also provided over $19 million in equity. Palladium is developing the project in partnership with The McKinney Housing Finance Corp. The first units are set to be delivered in late 2024.
SAN ANTONIO — Ziegler has arranged $25.3 million in bond financing for Forefront Living San Antonio (FLSA), which plans to use the funds to acquire a 27-acre tract in the city and pay for pre-construction development costs of a seniors housing project. FLSA will own and operate the community, which is slated to include 153 independent living apartments, 40 independent living cottages and 16 memory support assisted living units, as well as a covered parking deck, common areas and administrative support spaces. The financing comprises $22.3 million in tax-exempt notes and $3 million in taxable notes placed with affiliates of FLSA. The development will be named Bella Vida at La Cantera.
PHILADELPHIA — A partnership between National Real Estate Advisors and New Jersey-based Kushner Real Estate Group has topped out The Noble, a 360-unit multifamily project located at 200 Spring Garden St. in Philadelphia’s Northern Liberties neighborhood. Designed by Handel Architects, the 13-story building will house Class A amenities including a pool, coworking lounge, party room, juice bar, dog run and 10,000 square feet of public green space. City Fitness will anchor the retail component with a 17,000-square-foot facility. Preleasing will begin in December, and the first units are expected to be available for occupancy in the first quarter of 2024.
HONOLULU — Hunt Capital Partners (HCP), Pacific Development Group (PDG) and Hunt Development Group (HDG) have received $68.9 million in federal Low-Income Housing Tax Credit (LIHTC) equity and $24.4 million in State LIHTC equity financing for Halawa View II, a high-rise development in Honolulu. The building will complement the first phase of Halawa View, which was constructed in 1972 and renovated in 2012. Hunt Capital Partners facilitated the Federal LIHTCs through its proprietary fund with JPMorgan Chase. The Bank of Hawaii, with participation from American Savings Bank and Central Pacific Bank, provided construction financing in the form of an $80.2 million tax-exempt loan and a $12.3 million taxable loan. The Bank of Hawaii will also provide $24.6 million in permanent, tax-exempt financing. Additional financing includes a $42.3 million Rental Housing Revolving Fund loan from Hawaii Housing Finance and Development Corp. and a $5 million loan from Honolulu’s Affordable Housing Fund, which will be lent to the partnership through Hawaii Assisted Housing. Halawa View II will offer 302 studio, one-, two- and four-bedroom apartments. The building will rise 18 stories on a 3.11-acre site. Units will be affordable to households earning at or below 30, 40, 50 and 60 percent of …
NEW YORK CITY — Locally based real estate giant Tishman Speyer will develop a 237-unit affordable housing complex in the Far Rockaway area of Queens. Units will come in studio, one-, two- and three-bedroom floor plans, with the majority (201) reserved for renters earning between 30 and 80 percent of the area median income. The remaining 36 apartments will provide supportive housing for formerly homeless individuals. The project will also include 8,000 square feet of retail space and 7,500 square feet of community center space. Completion is scheduled for 2025.
MORRISVILLE, N.Y. — KeyBank has provided $21 million in financing for Community View Apartments, a 61-unit affordable housing project that will be located in Morrisville, about 30 miles southeast of Syracuse. The financing consists of a $9 million construction loan and $12 million in Low-Income Housing Tax Credit equity. Residences will serve renters age 55 and above that earn between 30 and 60 percent of the area median income. Roughly a third of the units will target individuals that were either formerly or are currently at risk of homelessness or have physical disabilities. John Paul Vachon and Kate De La Garza of KeyBank structured the financing. The sponsor is Christopher Community Inc., a nonprofit based in Syracuse.
OVERLAND PARK, KAN. — Brinkmann Constructors has broken ground on the sixth building at Tallgrass Creek, a senior living community in the Kansas City suburb of Overland Park. The project is being built in partnership with Erickson Senior Living. The five-story building will include 84 units of assisted living and memory care and total 128,000 square feet. Amenities will include a community room, catering room, game room and designated living area. Completion is slated for late 2024.
NEW YORK CITY — A partnership between Gilbane Development Co., Hudson Cos. and MHANY Management Inc. has received $297 million in financing to develop the second phase of The Peninsula, a mixed-use project in the Hunts Point neighborhood of The Bronx. Construction of Phase II is scheduled to begin later this summer and to be complete in 2026. Phase II of The Peninsula will consist of 359 affordable housing units across two buildings, a 50,000-square-foot public plaza, open green space, a 155-space parking garage and a 20,000-square-foot community center. The site spans a full city block and formerly housed the Spofford Juvenile Detention Center. WXY Studios is the lead architect for the project. The majority (312) of the residences will be reserved for households earning 60 percent or less of the area median income, and the remainder will be set aside for renters that were formerly homeless. Units will come in studio, one-, two- and three-bedroom floor plans. Residential amenities will include a fitness center, children’s play area, tenant lounge and outdoor terraces. The development team is now accepting resident applications. Phase I of the development was completed in 2022 and comprises 183 affordable housing units, a 14,000-square-foot cultural arts …
