CANTON, GA. — Madison Communities has broken ground on Madison Canton, a 252-unit multifamily community in Canton, roughly 40 miles north of Atlanta. Amenities at the property will include a clubhouse and fitness center, swimming pool, deck with grilling stations, dog park, dog wash and pickleball courts. Completion of the first units is scheduled for the second quarter of 2025. BenCo Construction, an affiliate of Madison Capital Group, will serve as general contractor for the project.
JACKSON, GA. — Waterloo Partners and ICM Asset Management have received $40 million in construction financing for the development of River Park 10, a speculative industrial project in Jackson, about 50 miles south of Atlanta via I-75. Upon completion, the property will total 825,000 square feet within the River Park E-Commerce Center master development. The joint venture acquired the site in September and plans to break ground immediately, with completion of construction scheduled for the third quarter of 2024. A syndication between Trustmark National Bank and Coastal State Bank provided the construction loan, and Sweld & Sweld provided joint venture equity. Patterson Real Estate Advisory Group arranged the financing on behalf of the borrowers.
MIAMI — Lionheart Capital, Leviathan Development and Well Duo will develop a new mixed-use project in Miami. Dubbed MIRAI Design District, the development is designed by Kengo Kuma and Associates (KKAA), marking the first mixed-use project in the country for the architectural firm. Upon completion, the property will comprise 15,500 square feet of ground-floor retail space across 17 units, with roughly 41,000 square feet of office space on the second and third floors. Construction is scheduled to begin in summer 2024, with completion anticipated by the end of 2025.
JERSEY CITY, N.J. — A partnership between locally based developer Fields Grade and New York City-based Alpine Residential has begun leasing Atlas, a 169-unit apartment complex located at 270 Johnston Ave. in Jersey City. The 24-story building houses studio, one-, two- and three-bedroom units as well as 9,000 square feet of retail space. Ten units are reserved as affordable housing. Amenities include a pool, fitness center, coworking spaces, outdoor grilling and dining areas, communal kitchen and a game room. MHS Architecture designed the project, and KL Masters Construction Co. served as the general contractor. Rents start at roughly $2,700 per month for a studio apartment.
SURPRISE, ARIZ. — BWE has arranged $29 million in first-mortgage construction financing for Echo Park @ P132, an industrial project in Surprise, approximately 20 miles northwest of Phoenix. Daniel Rosenberg and Logan Petersmeyer of BWE originated the loan for the borrower, Echo Real Estate Capital. A debt fund provided the capital. Totaling 183,000 square feet, Echo Park @ P132 will consist of four buildings ranging in size from 42,000 square feet to 48,000 square feet. The buildings will feature 2,500 square feet of speculative office space, 30-foot clear heights, dock-high doors, drive-in doors, LED lighting, secured concrete yards and 115 total parking spaces. Additionally, the buildings will be fully air conditioned.
FREDERICKSON, WASH. — A joint venture between Panattoni and Crow Holdings Capital has broken ground on a 782,875-square-foot build-to-suit industrial building for Harbor Freight Tools. The property will be built within FRED310, a 310-acre warehouse and distribution campus in Frederickson, approximately 40 miles south of Seattle. Harbor Freight signed the long-term lease earlier this year and construction officially commenced on Nov. 29. Four buildings, totaling 3.3 million square feet, are already under construction at the previously announced FRED310 development. The industrial park is expected to expand to as much as 4 million square feet once all six buildings are complete. The project will offer ample dock-high and grade-level loading, 36-foot to 40-foot clear heights, abundant auto/trailer parking and large modern truck courts. Scott Allan, Patrick Mullin and Connor Cree of Cushman & Wakefield represented the ownership in the lease with Harbor Freight Tools and led marketing efforts for the project.
CHICAGO — The NHP Foundation (NHPF) has opened Covent Apartments, a project that involved the redevelopment of Covent Hotel, a single-room occupancy (SRO) property in Chicago’s Lincoln Park neighborhood. The 30-unit affordable housing property marks NHPF’s second SRO property in Chicago. SRO housing is defined as a residential property that includes multiple single-room dwelling units, according to HUD. Each unit is for occupancy by a single eligible individual. The total development cost was $21.6 million, including $7.9 million in federal Low-Income Housing Tax Credits and historic tax credits, $5 million of City Home and Affordable Housing Opportunity Funds, $3.1 million in Illinois Housing Development Authority Permanent Supportive Housing Funds and $4.9 million from a HUD/FHA loan. The project also received a $698,910 Affordable Housing Program General Fund grant from FHLBank Chicago. The Chicago Housing Authority contributed 30 project-based vouchers for the property. In addition to the 30 units, Covent features onsite laundry facilities, a community room and an outdoor space. The property also includes three retail spaces totaling 4,700 square feet. Linn-Mathes was the general contractor, and Weese, Langley, Weese served as architect. R4 Capital was the tax credit investor and Merchants Capital was the lender.
SALT LAKE CITY — Bridge Investment Group and Lowe Property Group have received $157.5 million in loan proceeds to refinance Post District, a mixed-use complex in downtown Salt Lake City. Part of a three-phase project, Post District features 580 residential units across four buildings with approximately 26,000 rentable square feet of retail space. Sean Reimer, Mo Beler, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and William Herring of Walker & Dunlop co-originated the loan with Affinius Capital and Clarion Partners. The borrowers will use the loan proceeds to repay existing debt, fund future costs to complete the construction and repatriate equity to the client as the project continues the lease-up of its newly delivered units.
MARYSVILLE, WASH. — CBRE has arranged $47 million in construction financing for Motto Apartments, a multifamily property in Marysville, 35 miles north of Seattle. Intracorp Homes is developing the 228-unit community. James Bach, Connor Lemley, Regina Wang and Griffin Walker of CBRE secured the construction-to-permanent, seven-year, fixed-rate financing with interest-only payments for the full term. The borrower is Intracorp. Construction of the project will begin with the close of financing. Motto Apartments will feature air-conditioned units, an outdoor pool, clubhouse, fitness center, fire pits and a fenced dog park. Completion is slated for early 2026.
LAS VEGAS — Miltson Consulting has received approval from Clark County to proceed with the second phase of Mountain West Industrial Park in southwest Las Vegas. The second phase of the project will add 19.3 acres and 352,000 square feet of industrial space to the overall project. Construction is slated to start in late 2024, with completion scheduled for late 2025. Phase II will offer spaces ranging from 7,150 square feet to more than 110,000 square feet. When complete, Mountain West Industrial Park will feature more than 605,000 square feet of multi-tenant light distribution space on 36 acres. Buildings at the park will offer dock-high and grade-level loading doors, 24-foot to 30-foot clear heights, abundant parking, heavy power and an ESFR sprinkler system. CBRE’s Willmore Industrial and Logistics Team is overseeing the marketing and leasing of the industrial park.
