Development

Keystone Construction Completes 45,000 SF Production Studio for St. Louis CBS Affiliate

by Kristin Harlow January 19, 2024

ST. LOUIS — Keystone Construction Co. has completed a new production studio and headquarters for St. Louis CBS affiliate First Alert 4. The general contractor transformed an existing three-story, 45,000-square-foot office building through a major exterior and interior renovation project. The new space is 26 percent larger than First Alert 4’s previous space. The facility at 77 Progress Parkway features two broadcast studios with 14 presentation areas, a newsroom, two dressing rooms, two control rooms, a data center, seven satellites, LED-screen backgrounds and a fitness center. The design and engineering team included Partners by Design, Cole & Associates and Barrett, Woodyard & Associates. NAI Desco served as the real estate broker for the purchase of the building and two-acre lot.

January 19, 2024

Development Florida Hospitality Mixed-Use Multifamily Retail Southeast Top Stories

LD&D Plans $200M Cass Square Mixed-Use Project in Tampa, Florida

by Jeff Shaw January 19, 2024

TAMPA, FLA. — LD&D, an investment, development and design firm headquartered in Miami, has unveiled plans for its $200 million Cass Square mixed-use project in downtown Tampa. LD&D plans to break ground on Phase I of the project, a luxury multifamily tower, this summer. The 28-story multifamily building will be called DoMo at Cass Square. The high-rise community will offer 360 units, as well as more than 45,000 square feet of amenities, a 586-space parking podium and 32,500 square feet of ground-floor retail. Planned amenities include a wellness area, 10,000 square feet of co-working space, a pickleball court and a sky lounge on the 26th floor. Future phases of Cass Square will include various retail offerings and a 10-story hotel. The development will also feature a pedestrian paseo connecting the residential and hotel sections with restaurants and other retail experiences. LD&D has partnered with Dynamic Group and Marriott to develop the hotel portion, which will be a 178-key Element by Westin property. Amenities will include a fitness center with food and beverage programs and a pool. Rooms will feature double-height ceilings and windows. The developers expect to break ground on the hotel by the end of the year. LD&D acquired …

January 19, 2024

California Development Loans Multifamily Western

Calmwater Capital Funds $32.2M Construction Loan for Multifamily Project in San Gabriel, California

by Amy Works January 18, 2024

SAN GABRIEL, CALIF. — Calmwater Capital has provided Alhambra-based GE Development with a $32.2 million construction loan for the completion of The One, a multifamily community in San Gabriel, a suburb of Los Angeles. The transaction also included an additional $3.7 million in subordinate financing from a Los Angeles-based alternative lender in order to reduce the borrower’s equity commitment. The financing will be used to take out the original construction loan with a portion of the proceeds to be used to fund hard and soft costs needed to bring the project to 100 percent completion. The property was 86 percent completed at loan closing. Located at 101 E. Valley Blvd., The One will feature 81 market-rate studio, one- and two-bedroom apartments in a multi-level, four-story building. Additionally, the property will offer 13,000 square feet of street-level retail space, a three-level subterranean parking garage, interior retail plaza and pedestrian promenade, resident sundeck and a rooftop garden. Completion is slated for second-quarter 2024. Zalmi Klyne and Karl Weidell of Northmarq’s Los Angeles office arranged the financing. Larry Grantham, Zach Novatt and DaJuan Bennett of Calmwater originated the loan.

January 18, 2024

Colorado Development Loans Multifamily Seniors Housing Western

Bayview Provides $6M in C-PACE Financing for 124-Unit Mesa Verde in Durango, Colorado

by Jeff Shaw January 18, 2024

DURANGO, COLO. — Bayview PACE has provided $6 million in C-PACE financing for key improvements for the 124-unit Mesa Verde senior living community in Durango, a small city in the southwest corner of the state. The C-PACE financing helped fund primary building systems including HVAC, electrical, plumbing and roofing. The 105,000 square-foot Mesa Verde will offer 92 assisted/transitional living units spread across studio, one-bedroom and one-bedroom configurations, as well as 32 memory care studio units. Mesa Verde is directly adjacent to Centura Mercy Hospital, the only major hospital in the area. Mesa Verde is a project of Mission Senior Living, a developer, operator and owner of senior living communities across Arizona, New Mexico, Nevada and Montana. The Durango market is underserved with currently only one existing assisted living facility and no memory care units within city limits, according to Mission Senior Living.

January 18, 2024

Acquisitions Development Florida Industrial Southeast

Avison Young Negotiates Sale of 3,400-Acre Industrial Development Site in Central Florida

by John Nelson January 18, 2024

SUMTER COUNTY, FLA. — Avison Young has brokered the $40 million sale of Monarch Ranch, a 3,400-acre industrial development site in Central Florida’s Sumter County. University Park, Fla.-based Benderson Development purchased the land in partnership with The Villages, a census-designated place (CDP) situated at the north end of Sumter County and Marion County. The site is located near the convergence of I-75 and the Florida Turnpike within an hour’s drive of both Orlando and Tampa. Situated between Sumter County cities Wildwood and Coleman, the Monarch Ranch property use will continue as agriculture until possible large-scale industrial development plans are in place, according to Avison Young. Jay Ziv, Michael Fay, John Crotty, David Duckworth, Brian de la Fé and Greg Morrison of Avison Young marketed and brokered the sale of Monarch Ranch on behalf of the undisclosed seller as appointed by the court.

January 18, 2024

Acquisitions Development Industrial Texas

Stream Realty Partners Acquires Two Industrial Development Sites Totaling 40.7 Acres in Houston

by Taylor Williams January 18, 2024

HOUSTON — Stream Realty Partners has acquired two industrial development sites totaling 40.7 acres in Houston. The first parcel spans 24.4 acres and is located at the intersection of Kirby Drive and North Spectrum Boulevard on the city’s south side. The second site totals 16.3 acres and is located near the intersection of I-45 and State Highway 99 on the city’s north side. Stream plans to develop speculative facilities on both sites, with construction kicking off later this year. Justin Robinson, Tyler Wellborn, Craig McKenna and Kyle Fletcher of Stream sourced and negotiated the acquisition of the first site. Grant Wisenbaker of Stream handled the purchase of the second site in conjunction with Robinson, Wellborn and McKenna.

January 18, 2024

Development Industrial Loans South Carolina Southeast

IPA Arranges $23M Construction Loan for Industrial Project Near Charleston

by John Nelson January 18, 2024

SUMMERVILLE, S.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $23 million construction loan for the development of a 39-acre industrial park in the Charleston suburb of Summerville. Todd McNeill and Sunny Sajnani of IPA’s Dallas office arranged the three-year construction loan through Southern States Bank on behalf of the borrower, Atlanta-based Capital Development Partners. The loan was underwritten at a 65 percent loan-to-cost ratio. Boasso Global, a provider of cleaning, maintenance, storage and transportation services for the tank trailer and container industry, will occupy the park, which is located near I-26 and I-526 and a short drive to Port of Charleston’s North Charleston Terminal. The construction timeline was not disclosed.

January 18, 2024

Affordable Housing Development Loans Massachusetts Multifamily Northeast

WinnCos. Receives $69.1M in Financing for Metro Boston Affordable Housing Project

by Taylor Williams January 18, 2024

SWAMPSCOTT, MASS. — Regional developer and operator WinnCos. has received $69.1 million in financing for The Westcott, a 114-unit affordable housing project in Swampscott, a northeastern suburb of Boston. Units at The Westcott will come in studio, one-, two- and three-bedroom formats and will be reserved for renters earning between 30 and 110 percent of the area median income. The Massachusetts Executive Office of Housing & Livable Communities provided Low-Income Housing Tax Credit equity for the project. MassHousing provided bridge and permanent financing, and both the Swampscott Affordable Housing Trust and North Shore HOME Consortium contributed funds to the development. Construction is underway, with the first units expected to be available for occupancy next year.

January 18, 2024

Affordable Housing Development Multifamily New York Northeast

CAMBA Housing Ventures Breaks Ground on 328-Unit Affordable Housing Project in Brooklyn

by Taylor Williams January 18, 2024

NEW YORK CITY — CAMBA Housing Ventures has broken ground on Clarkson Avenue Estates, a 328-unit affordable housing project in Brooklyn. GZA GeoEnvironmental Inc. led the remediation efforts for the site at 329 Clarkson Ave., which most recently housed a parking facility operated by SUNY Downstate Medical Center. The nine-story building will offer one-, two- and three-bedroom units for renters earning up to 30, 40, 50 and 70 percent of the area median income. Half of the units will be reserved as supportive housing for formerly homeless or incarcerated individuals. Amenities will include community rooms, a computer room, basketball gym and onsite laundry facilities. The development will also feature 30,000 square feet for supportive facilities for initiatives such as workforce training, financial literacy, youth education and development and childcare. Delivery is slated for 2026.

January 18, 2024

Development Midwest Minnesota Multifamily

Continental Properties Opens 280-Unit Apartment Community in Chaska, Minnesota

by Kristin Harlow January 18, 2024

CHASKA, MINN. — Continental Properties has opened Springs at McKnight Lake, a 280-unit apartment community in Chaska, a southwest suburb of Minneapolis. The property is located at 3 Oakridge Drive near a new Costco store. Springs at McKnight Lake offers studio, one-, two- and three-bedroom units. Amenities include a pool, clubhouse, outdoor grill area, fitness center, car care area and two dog parks. Situated on the slopes overlooking McKnight Lake, the property provides residents with a direct path to trails and water activities. Springs at McKnight Lake marks the ninth community in Continental’s Minnesota portfolio.

January 18, 2024

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