Wednesday, April 22, 2026
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Development

Affordable HousingDevelopmentIllinoisMidwestMultifamilySeniors Housing

Evergreen Completes $31.5M Bellwood Senior Apartments Affordable Community in Metro Chicago

by Kristin Harlow

BELLWOOD, ILL. — Evergreen Real Estate Group has completed Bellwood Senior Apartments, an 80-unit affordable seniors housing community in Bellwood, a western suburb of Chicago. The $31.5 million project replaces a former Walgreens store that had been vacant for nearly five years. The four-story development offers 76 one-bedroom and four two-bedroom apartments for seniors age 62 or older with incomes at or below 60 percent of the area median income (AMI). Evergreen says the building is 40 percent leased and will reach full occupancy in the next few months. Weese Langley Weese Architects designed the project. F.H. Paschen served as general contractor on the development. Financial partners for Bellwood Senior Apartments include the Illinois Housing Development Authority as the tax credit issuer (both Low-Income Housing Tax Credits and Illinois Affordable Housing Tax Credits) and subordinate funds provider; the Village of Bellwood, which provided a TIF loan; Bank of America, which is the investor and construction loan lender; Hudson Housing Capital, which syndicated the tax credits; Cook County, which provided HOME funds; and the ComEd Energy Efficiency Program.

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DevelopmentMixed-UseNortheastPennsylvaniaRetailTop Stories

St. John Properties to Redevelop 1 MSF Harrisburg Mall in Pennsylvania into Swatara Exchange

by Kristin Harlow

HARRISBURG, PA. — St. John Properties Inc. has unveiled plans for the redevelopment of Harrisburg Mall, a 1 million-square-foot regional mall located in the Swatara Township section of Dauphin County. The company plans to build Swatara Exchange, a mixed-use development consisting of multi-use commercial space and supporting inline retail and retail pad sites. The mall will undergo an extended demolition program that is expected to conclude in 2025. The existing Bass Pro Shops and Applebee’s Grill + Bar restaurant will remain operational, and the former Toys ‘R’ Us building will be marketed for a new use. At full build-out, Swatara Exchange is expected to support up to 1,000 new jobs in its nearly 550,000 square feet of space and contribute approximately $1 million in additional tax revenue annually. Twelve new buildings, including two retail pad sites, will be constructed in total. “When formulating our long-term strategy for Harrisburg Mall, we factored in trends occurring throughout the retail industry, changing consumer shopping patterns, the local real estate landscape and the greater Harrisburg economic climate,” says Lawrence Maykrantz, president and CEO of St. John Properties. The developer plans to build 13,600 square feet of single-story office space and nearly 200,000 square feet …

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DevelopmentMixed-UseSouth CarolinaSoutheast

North Charleston City Council Approves 50-Acre Naval Yard Redevelopment

by John Nelson

NORTH CHARLESTON, S.C. — The North Charleston City Council has voted to approve Battery Park, a redevelopment of the 50-acre former Charleston Naval Complex. A partnership consisting of Jamestown, Weaver Capital Partners and WECCO Development will assist the city in transforming the waterfront complex into a mixed-use district comprising 1,400 residential units, with 17 percent reserved for workforce housing (households earning less than 120 percent of the area median income). The development will also feature shops, restaurants, offices, entertainment spaces and 23 acres of public spaces, parks and streets. The developers also plan to establish a new pavilion with a market hall, event space and an active lawn fronting the water. The construction timeline for the redevelopment was not disclosed. In addition to Battery Park, Jamestown, Weaver Capital and WECCO are underway on Navy Yard Charleston, an 85-acre redevelopment that will ultimately comprise 3.5 million square feet of commercial and residential space comprising more than 2,600 residential units.

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DevelopmentLeasing ActivityMixed-UseRestaurantRetailSouth CarolinaSoutheast

RocaPoint Signs Six New Tenants at $1B Greenville County Square Development in South Carolina

by John Nelson

GREENVILLE, S.C. — RocaPoint Partners has signed six new tenants to join Greenville County Square, a $1 billion mixed-use development underway in downtown Greenville. In addition to Whole Foods Market announced earlier this year, the 3 million-square-foot development will include Pottery Barn, Williams Sonoma, Cordish Cos. brands Sports & Social and PBR and restaurants Fleming’s Prime Steakhouse and Wine Bar, Hawkers and The Salty. Other committed tenants include Lima One Capital (office), Pins Mechanical, Fairway Social, Perch Kitchen and Tap, Agave Bandido, Jinya Ramen Bar and Ben & Jerry’s. Earlier this year, Greenville County moved into its new 262,000-square-foot administrative building and parking deck. RocaPoint is currently building out the project’s roads and infrastructure.

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Affordable HousingDevelopmentHospitalitySeniors HousingSoutheastWest Virginia

Cornerstone Community Development to Break Ground on $51M Adaptive Reuse Project in Huntington, West Virginia

by John Nelson

HUNTINGTON, W.VA. — Cornerstone Community Development Corp. plans to convert the historic Prichard Hotel in downtown Huntington into an affordable seniors housing property. The $51 million renovation will comprise converting the former hotel rooms into 108 residential living spaces, as well as repositioning the first two floors for healthcare services and additional community resources. Cornerstone Community Development’s partners on the project include Christ Temple Church, Winterwood Development and CVS Health, which is investing more than $17 million in the project. The timeline for construction was not disclosed.

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Affordable HousingDevelopmentFloridaLoansSeniors HousingSoutheast

Pinnacle Obtains $41.2M Construction Financing for Affordable Seniors Housing Development in South Florida

by John Nelson

MIRAMAR, FLA. — Pinnacle has obtained $41.2 million in construction financing for Pinnacle at La Cabana, a 110-unit affordable seniors housing development in Miramar, a city in South Florida’s Broward County. The financing included debt or LIHTC equity from Bank of America, Neighborhood Lending Partners, Florida Housing Finance Corp., City of Miramar and United Way of Broward County. Located at 8911 Miramar Parkway, the development is a public-private partnership between Pinnacle and the City of Miramar, which is the landowner. Pinnacle at La Cabana will feature one- and two-bedroom apartments, with 11 units reserved for seniors earning 28 percent of the area median income (AMI) and the remaining affordable to seniors earning 60 percent of AMI. Amenities will include indoor and outdoor multi-purpose facilities. Completion of the project is estimated for mid-2025.

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DevelopmentMultifamilyTexas

Richmond Group Begins Leasing 340-Unit Prescott Apartments in Austin

by Taylor Williams

AUSTIN, TEXAS — The Richmond Group, a multifamily owner-operator based in Connecticut, has begun leasing The Prescott, a 340-unit apartment community in Austin’s South Congress neighborhood. The Prescott features 16 different floor plans, including studio, one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, individual washers and dryers and private balconies/patios. Amenities include a pool, business center, fitness center, pet park, clubroom, package locker system and outdoor grilling and dining stations. South Florida-based V Starr handled the interior design of the project. Rents start at roughly $1,300 per month for a studio apartment.

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Cedar-Crest-Hospital-&-Residential-Treatment-Center-Belton
DevelopmentHealthcareTexas

AP Construction Underway on 79,000 SF Healthcare Project in Belton, Texas

by Taylor Williams

BELTON, TEXAS — Adolfson & Peterson (AP) Construction is underway on a 79,000-square-foot healthcare project in Belton, about 75 miles north of Austin. The two-story, 96-bed facility will be an expansion of the Cedar Crest Hospital & Residential Treatment Center and will include space for activity therapy, an outpatient clinic, gym and a new kitchen. AP Construction is also renovating the facility’s existing kitchen. Completion is slated for spring 2025.

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CaliforniaDevelopmentMultifamilyWestern

Begonia Real Estate, C.W. Driver Complete $37.8M Apartment Building in Temple City, California

by Amy Works

TEMPLE CITY, CALIF. — Begonia Real Estate Development and C.W. Driver Cos., as builder, have completed Begonia Place, a four-story, mixed-use project in Temple City. Located at 5570 Rosemead Blvd., the $37.8 million property features 74 one- and two-bedroom apartments, ranging from 732 square feet to 1,251 square feet. Nineteen of the units are multi-floor penthouses and two units are ground-level, townhome-style, live-work layouts. All apartments feature private balconies or patios, with some larger units offering built-in barbecues and fire pits. Community amenities include a clubhouse, business conference center, 24-hour access to a fitness facility, an outdoor courtyard and multiple lounge areas with water features. The first floor of Begonia Place features 14,000 square feet of retail and commercial space with a secured subterranean garage for visitors and residents. The pet-friendly community is C.W. Driver Cos.’ first partnership with Begonia Real Estate Development. Creative Design Associates served as architect for the project.

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DevelopmentIndustrialLoansMontanaWestern

CBRE Arranges $13.5M Construction Loan for Last-Mile Industrial Facility in Billings, Montana

by Amy Works

BILLINGS, MONT. — CBRE has secured a $13.5 million participating construction loan for the development of a last-mile industrial facility in Billings. Situated on 9.77 acres, the 39,600-square-foot building will feature 32-foot clear heights. Upon completion, a single tenant will occupy the facility on a long-term basis. Bob Ybarra, Bruce Francis, Shaun Moothart, Doug Birrell, Nick Santangelo and Jim Korineck of CBRE Capital Markets Debt and Structured Finance negotiated the loan at a fixed interest rate on behalf of the undisclosed client.

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