Development

Edgemere-Crossing-Shrewsbury-Massachusetts

Cornerstone Arranges $53.3M Construction Loan for Multifamily Project in Shrewsbury, Massachusetts

by Taylor Williams January 22, 2024

SHREWSBURY, MASS. — Cornerstone Realty Capital has arranged a $53 million construction loan for Edgemere Crossing, a 250-unit multifamily project in Shrewsbury, located in Worcester County in the central part of Massachusetts. Edgemere Crossing will house 116 one-bedroom units and 134 two-bedroom units that will be furnished with stainless steel appliances, granite countertops, individual washers and dryers and private balconies/patios. Amenities will include a pool, clubhouse, fitness center, conference area, dog park and outdoor grilling and dining stations. The borrower and developer is a joint venture between The Dolben Co. and Belmont Capital. The direct lender was not disclosed.

January 22, 2024

Development Mixed-Use New York Northeast

Monadnock Development Completes 136,000 SF Mixed-Use Project in Brooklyn

by Taylor Williams January 22, 2024

NEW YORK CITY — Locally based firm Monadnock Development has completed 300 Huntington, a 136,000-square-foot mixed-use building in Brooklyn. Designed by Dattner Architects and Bernheimer Architecture, the building consists of 49,000 square feet of office space and 17,000 square feet of retail and restaurant space, with the remainder dedicated for various industrial uses. The development also features an 8,700-square-foot esplanade that serves as a gateway to the Gowanus public waterfront park.

January 22, 2024

Development Hospitality Texas

Pacific Hospitality to Renovate 194-Room Hotel Granduca in Northwest Austin

by Taylor Williams January 19, 2024

AUSTIN, TEXAS — California-based investment and management firm Pacific Hospitality Group will renovate the 194-room Hotel Granduca in northwest Austin. The project includes the addition of a new spa, an overhaul of the restaurant and bar and renovations to the pool deck and lobby. The design and construction team consists of interior design firm Hotel Studio, McCabe Architecture, Digney York Associates and PHG. The hotel will remain open during renovations, which will begin in June and are expected to be complete in the fall.

January 19, 2024

Development Loans Multifamily New Jersey Northeast

JLL Arranges $150M Construction Loan for Metro Manhattan Multifamily Project

by Taylor Williams January 19, 2024

WEST NEW YORK, N.J. — JLL has arranged a $150 million construction loan for RB3, a 426-unit multifamily project that will be located across the Hudson River from Manhattan in West New York, N.J. The 11-story waterfront property, which will be located within the 200-acre Port Imperial master-planned development, will offer studio, one- and two-bedroom units. Residences will be furnished with stainless steel appliances, quartz countertops, individual washers and dryers and private balconies/patios. Amenities will include a pool, fitness center, clubhouse, private offices and coworking spaces, a virtual reality room, golf simulator, children’s playroom, sky lounge, grilling stations and a pickleball court. Jon Mikula, Jim Cadranell, Steven Klein and Ryan Carroll of JLL arranged the five-year, fixed-rate loan through Northwestern Mutual on behalf of the locally based borrower, Canoe Brook Development.

January 19, 2024

Development Leasing Activity Life Sciences Northeast

Celera, True North Complete Phase I of 250,000 SF Life Sciences Redevelopment in Metro Boston

by Taylor Williams January 19, 2024

ANDOVER, MASS. — A partnership between Boston-based developer Celera Properties and Connecticut-based investment firm True North Management Group has completed Phase I of Andover Technology Park, a life sciences redevelopment project in metro Boston suburb. The first phase of the redevelopment of the 250,000-square-foot campus entailed the core and shell repositioning of the building at 600 Federal St. Ownership subsequently inked 42,000 square feet of new leases at the property. CBRE is the leasing agent for Andover Technology Park. VIVO Arch served as the project architect, and Timberline Construction was the general contractor.

January 19, 2024

Arkansas Development Industrial Southeast

Tempus Realty Completes 530,000 SF Westrock Coffee Distribution Center in Conway, Arkansas

by John Nelson January 19, 2024

CONWAY, ARK. — Tempus Realty Partners has completed a 530,000-square-foot distribution center in Conway, which will be occupied by project partner Westrock Coffee. Tempus and Westrock acquired the 30-acre site, which is located roughly 30 miles outside Little Rock, in early 2023. Building features include 36-foot clear heights, a 13,000-square-foot mezzanine office, 100,000 square feet of air-conditioned production space, extensive power distribution and an exterior enclosed machine room. The property will support Westrock Coffee’s product and packaging operation at a nearby facility, as well as handle additional distribution needs. The development team included Clark Contractors, Lewis Architects, Engineering Consultants and Build Nimble/Colliers Arkansas. Ted Dickey of Lighthouse Asset Advisors advised Westrock Coffee in the project.

January 19, 2024

Development Industrial South Carolina Southeast

Tesla to Open 251,100 SF Logistics Center Near Greenville

by John Nelson January 19, 2024

FOUNTAIN INN, S.C. — Electric vehicle giant Tesla will open a 251,100-square-foot logistics center within Fox Hill Business Park in Fountain Inn, roughly 20 miles outside Greenville. The facility, the first in the state for Tesla, will distribute vehicle parts regionally and will not include manufacturing operations. Tesla will fully occupy Building 3 within Fox Hill Business Park, which is being developed by The Sudler Cos. Tesla and the developer announced a similar partnership in Tampa in 2023. A timeline for the auto company’s occupancy at Fox Hill was not disclosed. Other tenants at the park, which will feature up to 2.5 million square feet of manufacturing, distribution and warehousing space at full build-out, include Sage Parts Plus, a supplier of replacement parts for aviation ground support equipment.

January 19, 2024

Development District of Columbia Multifamily Southeast

JAG, FORTIS Deliver 12-Story Multifamily Development in D.C.

by John Nelson January 19, 2024

WASHINGTON, D.C. — Jefferson Apartment Group (JAG) and The Fortis Cos. have delivered J. Coopers Row, a 312-unit multifamily development located in the Capitol Riverfront submarket of Washington, D.C. Situated at 1319 S. Capitol St. SW, the building stands at 110 feet across 12 stories. Apartments at the property range from 444 to 1,850 square feet in one-, two- and three-bedroom layouts. Amenities at the development include a rooftop swimming pool, outdoor lounge areas, penthouse-level sky lounge, fitness center, coworking area, maker space, dog run, pet spa and 24-hour concierge service. The community is located one block from the Navy Yard-Ballpark Metro station and is proximate to Audi Field, The Yards, The Boilermaker Shops, the Navy Yard, the Southwest Waterfront and The Wharf.

January 19, 2024

Arkansas Development Multifamily Southeast

ERC, Tradewind to Develop 272-Unit Multifamily Community in Springdale, Arkansas

by John Nelson January 19, 2024

SPRINGDALE, ARK. — Arkansas-based ERC Holdings and Houston-based Tradewind Properties will develop a 272-unit multifamily community at Elm Springs Road and N. 48th Street in Springdale. Dubbed The Ramsay, the property will comprise 18 three-story buildings housing 143 one-bedroom apartments and 129 two-bedroom apartments. Amenities will include a café and lounge, 1,900-square-foot wellness center, pocket park, meditation room, dog park and a clubhouse. Pick-It Construction is the general contractor, and the architect is Rob Sharp. Completion of the first units is scheduled for fall of this year.

January 19, 2024

Development Industrial Midwest Ohio

Interstate Batteries Partners with Neyer Properties to Build New Fulfillment Center in Columbus

by Kristin Harlow January 19, 2024

COLUMBUS, OHIO — Interstate Batteries has formed a joint venture partnership with Neyer Properties to build a new fulfillment center in Columbus. The project will be the first building in The Hub @70/270 development, which can accommodate up to 400,000 square feet of industrial and distribution space. Situated at the front of the site, the Interstate Batteries regional fulfillment center will have direct frontage along I-70 and I-270. The 151,000-square-foot facility will mark one of eight regional fulfilment centers nationwide for Interstate Batteries. Construction is scheduled to begin this month and to be completed this fall. The new property will service battery distributors in Ohio and surrounding states. The project team includes Byers, Minton & Associates, Red Architecture, Kimley-Horn and Brocon Construction.

January 19, 2024

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