SAN ANTONIO — Forum Capital Advisors, a Denver-based investment firm, has provided an $18 million equity investment for Tacara at Steubing Heights, a 293-unit multifamily project that will be located near South Texas Medical Center in San Antonio. The four-story complex will feature studio, one- and two-bedroom units and amenities such as a pool, clubhouse, outdoor lounge and a pet park. The name of the lead developer was not disclosed. Construction is expected to begin before the end of the year and to be complete in 2025.
MORRISTOWN, N.J. — A partnership between New York City-based SJP Properties and Scotto Properties has broken ground on M Station West, a 260,000-square-foot office project in the Northern New Jersey community of Morristown. Designed by Gensler and inclusive of retail space, the two-building complex will serve as the new flagship office of Sanofi, a global pharmaceutical company that is based in Paris. Sanofi plans to employ nearly 2,000 people at the campus, which is slated for a first-quarter 2025 delivery. The partnership completed the 120,0000-square-foot M Station East in July 2022.
TRENTON, N.J. — RPM Development will build a 120-unit mixed-income residential project in downtown Trenton. The site at 150-170 Broad St. spans 1.3 acres, and the development will consist of 70 market-rate units, 48 affordable housing units and two superintendent units. Units will come in one-, two- and three-bedroom formats. Amenities will include a fitness center, resident lounge and a rooftop deck, and the property will also offer 168 parking spaces and a 7,500-square-foot retail plaza. The New Jersey Economic Development Authority and the New Jersey Housing & Mortgage Finance Agency both provided tax credit equity to finance the project. A construction timeline was not disclosed.
HOLLYWOOD, FLA. — FundRebel LLC is under contract to acquire Nine Hollywood, a mixed-use property currently underway in Hollywood, for $67 million. Situated on a 36,000-square-foot parcel, the development features 204 multifamily residential units, three levels of integrated parking and more than 7,000 square feet of retail space. Residences include apartments in studio, one- and two-bedroom layouts. Amenities at the property include a swimming pool, fitness center and business suites. Construction on the project is scheduled for completion in the fourth quarter of this year. The seller was not disclosed.
CHARLESTON, S.C. — Arizona-based Arriba Capital has provided a $20 million loan for the construction of Element by Westin, a hotel development currently underway in Charleston. Located at 4865 N. Arco Lane, the property will feature 125 rooms. Amenities will include complimentary breakfast, swimming pool, fitness center, bar, guest laundry room and sundries shop. Contender Development is the borrower and developer.
WHITE HOUSE, TENN. — The Sembler Co. has announced plans for White House Shops, a 75,000-square-foot retail center in White House, roughly 30 miles north of Nashville. Publix has signed a 48,387-square-foot lease to anchor the property, which will also feature 11,000 square feet of adjacent retail space and 9,000 square feet of shop space across two additional buildings. Completion of the project is scheduled for next summer. Sembler acquired the 20-acre site earlier this month from a private owner for an undisclosed price.
BAYTOWN, TEXAS — Locally based developer Avera Cos. has broken ground on Kilgore Grand Parkway, a 484,424-square-foot industrial facility in the eastern Houston suburb of Baytown. The cross-dock facility will be situated on a 33.9-acre site and will feature 40-foot clear heights, 185-foot truck court depths, 107 dock-high doors, an ESFR sprinkler system and ample car and trailer parking space. Avera is developing the project in partnership with AEW Capital Management. Delivery is slated for the second quarter of next year. Cushman & Wakefield is marketing the property for lease.
MARYLAND — Restaurant chain Slim Chickens has signed a deal with Phoenix Foods LLC to open eight new locations in the Maryland counties of Anne Arundel, Baltimore, Carroll and Harford. Brad Hoag, franchisee and owner of Phoenix Foods, will operate the locations, which will join another 1,100 restaurants currently in development for the brand. Hoag, who is based in Baltimore, is a former developer and operator of 10 Qdoba Mexican Grill locations and currently operates 10 Burger King restaurants.
FORT WORTH, TEXAS — Hillwood Multifamily has begun leasing Paloma Village, a 301-unit apartment community located within the 900-acre Alliance Town Center mixed-use development in North Fort Worth. Designed by JHP Architecture and financed by Frost Bank, Paloma Village consists of 13 buildings that house studio, one-, two- and three-bedroom units. Residences range in size from 556 to 1,972 square feet and offer private balconies/patios. Amenities include a pool, fitness center and a pet park. Rents start at $1,290 per month for a studio apartment.
SAN MARCOS, TEXAS — Marcus & Millichap Capital Corp. has arranged $12.5 million in joint venture equity financing for a residential project in San Marcos, located roughly midway between Austin and San Antonio. The development will consist of 210 for-rent, freestanding “micro homes” of modular construction. Homes will come in one- and two-bedroom formats and range in size from 400 to 1,100 square feet. Construction is expected to last about 21 months. Duke Dennis of Marcus & Millichap Capital Corp. arranged the equity financing and partnership on behalf of the lead developer, Casata.