Development

Mosaic Acquires Land for $250M Mixed-Use Development in Metro Orlando

by Jeff Shaw July 6, 2023

DEBARY, FLA. — Mosaic Development LLC has purchased 13.1 acres of land in Debary, roughly 23 miles north of Orlando, for the development of the first phase of a mixed-use project to be located immediately north of the city’s SunRail station. Upon completion, the “Main Street-style” development will feature 500 apartment units, 40,000 square feet of retail space and a central park and community plaza. Construction on the project is scheduled to begin early next year. Mosaic purchased the land parcels, which are zoned as a transit-oriented development (TOD) district, from private landowners as well as the City of DeBary for a total $4.2 million. Mosaic is currently under contract to purchase an additional 5.7 acres within three years for the second phase of the development. Colliers worked to bring the private owners into a joint marketing agreement with the city. Ken Krasnow, Brooke Mosier and David Calcanis of Colliers represented the sellers, which included Miller Land Trust, Ray Sands/Frank Slabodnik, Empire Cattle and DeBary Central LLC, in addition to the city. Casey Babb of Colliers represented Mosaic in the transaction. “I envision a main street that serves as the vibrant heart of our community — a place where neighbors …

July 6, 2023

Arkansas Development Loans Multifamily Southeast

Mia Rose Secures Land, Financing for 177-Unit Multifamily Development in Fayetteville, Arkansas

by John Nelson July 5, 2023

FAYETTEVILLE, ARK. — Mia Rose Holdings LLC has secured the land and construction financing for The Junction at Shiloh, a planned 135-unit multifamily community in Fayetteville. Southern Bank provided financing. Upon completion, the property will feature 12 studio, 118 one-bedroom, 35 two-bedroom and 12 three-bedroom apartments ranging from 629 to 1,291 square feet in size. Amenities at the community will include a swimming pool, fitness center, business center and multiple green spaces. Rosemann & Associates is the architect on the project, construction for which is scheduled to begin in the third quarter of this year. The Engenuity is providing mechanical, electric and plumbing (MEP) engineering. Kimbel Mechanical is the MEP contractor, and Oelke Construction is the sitework contractor. Asset Living will manage The Junction at Shiloh, with the first units expected to open mid-year 2024.

July 5, 2023

Acquisitions Development Multifamily North Carolina Southeast

Capstone Arranges Sale of 319-Unit Apartment Development Underway in Asheville, North Carolina

by John Nelson July 5, 2023

ASHEVILLE, N.C. — Capstone Cos. has arranged the sale of Creekside Luxury Apartments, a multifamily development project located at 2177 Brevard Road in Asheville. Upon completion, which is scheduled for the end of 2025, the property will comprise 319 units. Austin Heithcock, Adam Klenk, Jordan Arand and Josh White of Capstone represented the seller, Advantis, in the transaction. URS Capital, in partnership with PREG-Advantis and its construction arm, BCC Construction Inc., acquired the property for an undisclosed price.

July 5, 2023

Development Healthcare Texas

Partnership Completes 59,741 SF Medical Office Building in San Antonio

by Taylor Williams July 5, 2023

SAN ANTONIO — A partnership between Chicago-based Remedy Medical Properties and San Antonio-based Medical Facilities Holdings has completed a 59,741-square-foot medical office building in San Antonio’s Westover Hills neighborhood. The facility, which includes an ambulatory surgery center for Physician Surgical Network Affiliates, features a 40-foot grand entrance lobby, four operating rooms and a café with patio seating.

July 5, 2023

Arizona Development Multifamily Western

Thompson Thrift Plans 308-Unit Stella Multifamily Property in San Tan Valley, Arizona

by Jeff Shaw July 5, 2023

SAN TAN VALLEY, ARIZ. — Thompson Thrift is set to begin construction on Stella, a 308-unit apartment community in the Phoenix suburb of San Tan Valley. Stella will comprise 12 two- and three-story buildings, as well as green spaces, a pool, two pickleball courts and two dog parks. Units will come in one-, two- and three-bedroom floor plans and include features such as quartz countertops, hardwood-style flooring, stainless steel appliances, internet access, ceiling fans, washers and dryers, smart thermostats and an Alexa-compatible smart hub. Stella is scheduled to open for residency in late 2024. It will be Thompson Thrift’s sixth community in Arizona.

July 5, 2023

Development Multifamily New Jersey Northeast

Woodmont Properties Completes Lease-Up at 443-Unit Apartment Community in West Windsor, New Jersey

by Taylor Williams July 5, 2023

WEST WINDSOR, N.J. — New Jersey-based developer Woodmont Properties has completed the lease-up of Woodmont Way, a 443-unit apartment community in West Windsor, located outside of Trenton in Mercer County. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, pickleball and bocce ball courts, a golf simulator, theater room, game room and a dog park. Woodmont Way is now fully occupied. Information on starting rents was not disclosed.

July 5, 2023

Development Life Sciences New Jersey Northeast

Hx2 Development Underway on 100,000 SF Life Sciences Project in Trenton

by Taylor Williams July 5, 2023

TRENTON, N.J. — Locally based firm Hx2 Development is underway on construction of a 100,000-square-foot life sciences project in Trenton’s Chambersburg neighborhood. The transit-served facility, which is known as Building 114, will be located within Roebling Center, a five-building, 7.1-acre mixed-use redevelopment. Shell construction of the building is expected to be complete by the end of the year. JLL has been appointed as the leasing agent.

July 5, 2023

Affordable Housing California Development Multifamily Top Stories Western

CIM Group Breaks Ground on 168-Unit Mixed-Income Development on Former West Angeles Church Site

by Kristin Harlow July 5, 2023

LOS ANGELES — CIM Group has broken ground on a 168-unit mixed-income multifamily development with 40,000 square feet of ground-floor retail space in Los Angeles. The project at 3045 Crenshaw Blvd. is located on the former north campus of the West Angeles Church of God in Christ. The six-story apartment community will offer 17 affordable housing units. Floor plans will consist of studios, one- and two-bedroom units. Amenities will include a courtyard, pool, fitness center, clubroom and two outdoor sky decks on the fifth level. The development offers convenient access to the Metro E Line light rail station on Crenshaw Boulevard, which connects east to downtown Los Angeles and west to Santa Monica. After 43 years at its north campus location, West Angeles Church has consolidated its facilities and now operates from its south campus location at 3600 Crenshaw Blvd. West Angeles Church’s sale of the property at 3045 Crenshaw Blvd. to CIM Group took place in March and was part of the church’s long-planned property dispositions announced in 2019 to bring new community-serving developments to the neighborhood. The church used the sale proceeds to fund various church programs and initiatives, including the construction of a Family Life Center that …

July 5, 2023

Affordable Housing Development District of Columbia Loans Multifamily Southeast

DCHFA Provides $63.2M Financing for Redevelopment of Affordable Housing Community in D.C.

by John Nelson June 30, 2023

WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided $63.2 million in tax-exempt bonds for the rehabilitation of Worthington Woods Apartments in the Washington Highlands neighborhood of Washington, D.C. Originally built in 1944 and renovated in 2002, the property comprises 394 affordable housing apartments. The Worthington Woods Tenants Association acquired the building and selected Montgomery Housing Partnership Inc. and the Anacostia Economic Development Corp. to oversee the $133.6 million overhaul. The DCHFA also underwrote $45.5 million and $9.1 million in federal and local Low Income Housing Tax Credit (LIHTC) equity for the preservation of the affordable apartments. Additionally, the D.C. Department of Housing and Community Development is providing a $38.8 million loan from the Section 108 Loan Guarantee Program for this project. Following the redevelopment, Worthington Woods will feature units in one-, two- and three-bedroom layouts reserved for residents earning 30, 50 and 60 percent of the area median income (AMI). Amenities will include a playground, community room, laundry facilities, onsite tenant services and 156 parking spaces. Communities Together Inc. will provide resident services to tenants.

June 30, 2023

Development Florida Loans Mixed-Use Multifamily Southeast

Walker & Dunlop Arranges $58.8M Construction Financing for Multifamily Development in Gainesville, Florida

by John Nelson June 30, 2023

GAINESVILLE, FLA. — Walker & Dunlop Inc. has arranged a $58.8 million loan for the construction of Celebration Pointe Apartments, a 239-unit multifamily community to be located within the Celebration Pointe mixed-use development in Gainesville. Jeremy Pino, Livingston Hessam, Carl Passmore and Kyle Miller of Walker & Dunlop originated the non-recourse financing through an undisclosed life insurance company on behalf of the borrower and developer, Viking Cos. Combined with a mezzanine loan from an unnamed debt and equity fund, the developer’s total debt capitalization on the project represents and 85 percent loan-to-cost ratio. A construction timeline for the project was not disclosed.

June 30, 2023

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