Development

Basis Industrial Receives $8.3M Construction Loan for Self-Storage Facility in Detroit

by Kristin Harlow September 26, 2023

DETROIT — Basis Industrial has received an $8.3 million construction loan for a self-storage facility in Detroit. Basis acquired the land at 1610 Algonquin St. in October 2021. Berkadia arranged the construction loan through Old National Bank. Basis plans to break ground on the 78,187-square-foot project in October. The facility will feature 645 climate-controlled units, advanced security systems and other amenities. Completion is slated for fall 2024. Basis plans to have a third party, Public Storage, manage the facility upon completion.

September 26, 2023

Development Florida Multifamily Southeast

PMG, Raven Capital Begin Leasing 27-Story Society Orlando Apartment Tower

by John Nelson September 26, 2023

ORLANDO, FLA. — PMG and Raven Capital Management/RCM Living have begun leasing Society Orlando, a 27-story apartment tower under development in downtown Orlando. The community comprises 462 apartments and 34,000 square feet of ground-floor retail space. Amenities will include a pool deck with grilling and entertainment areas, coworking lab with private conference rooms, gym and fitness studio, social lounges, yoga lawn, a craft food-and-beverage operation in the lobby, smart package lockers, app-based keys and integrated retail space. PMG is planning to open more than 8,500 units under the Society Living brand in Miami, Atlanta, Fort Lauderdale, Nashville, Denver and Brooklyn, with more locations to come. Move-ins at Society Orlando are expected to begin before the end of the year. PMG and Raven Capital obtained a $120 million construction loan for the project in 2021.

September 26, 2023

Development Georgia Southeast Student Housing

Stratus Development Delivers 186-Unit Puritan Mill Student Housing Community in Athens, Georgia

by John Nelson September 26, 2023

ATHENS, GA. — Stratus Development Group has delivered Puritan Mill, a 186-unit student housing community located near the University of Georgia in Athens. Located at 1120 Macon Highway, the property once housed a ruined mill and still features the mill’s water tower and a mill pond with a waterfall. Puritan Mill is situated near McNutt Creek and is walkable to Mama’s Boy, Molly’s Coffee, Amici, Oak House Distillery and the new Macon Highway Boat Launch. The community comprises two- and three-bedroom townhomes, as well as a swimming pool, clubhouse, gym, park, hammock garden and community grills.

September 26, 2023

Acquisitions Build-to-Rent Development Florida Multifamily Single-Family Rental Southeast

Berkadia Arranges $37.5M Acquisition Loan for Single-Family Rental Development Underway in Port St. Lucie, Florida

by John Nelson September 26, 2023

PORT ST. LUCIE, FLA. — Berkadia has arranged a $37.5 million forward acquisition loan for Tavalo Tradition, a 216-unit build-to-rent development underway in Port St. Lucie. The buyer, an investment vehicle managed by GTIS Partners, is purchasing the townhome-style development from K. Hovnanian, which will deliver units through mid-2024. Scott Wadler and Matt Nihan of Berkadia arranged the financing through an unnamed national bank on behalf of GTIS, which will obtain the capital in draws. Tavalo Tradition will be situated within the 2,500-acre Tradition master-planned community. Units will come in two- and three-bedroom townhomes and average 1,387 to 1,494 square feet in size. Amenities will include pickleball courts, a fitness center, swimming pool, dog park, over 500 acres of lakes and 300 acres of parks.

September 26, 2023

Development Leasing Activity Mixed-Use Restaurant Retail Southeast Virginia

Comstock Signs Two Restaurant Tenants for Phase II of Reston Station in Northern Virginia

by John Nelson September 26, 2023

RESTON, VA. — Comstock Holding Cos. Inc. has signed two new restaurants to join the second phase of Reston Station, a mixed-use development underway in Northern Virginia. The new tenants are Noku Sushi, a Virginia-based fast-casual sushi and ramen restaurant, and Tous les Jour, a bakery chain. Both tenants will occupy ground-level retail space at 1800 Reston Row Plaza, the first of two trophy office towers under development in Phase II. Both restaurants are slated to open in 2025. Michael Kang of Rappaport represented the tenants in both transactions. Other committed commercial tenants set to open at Reston Station include Vida Sport & Fitness, Ebbitt House and Puttshack.

September 26, 2023

Arizona Development Multifamily Western

Partnership Breaks Ground on 444-Unit Lanai Townhome Community in Buckeye, Arizona

by Amy Works September 25, 2023

BUCKEYE, ARIZ. — A partnership between Tucson-based Holualoa Cos. and Phoenix-Countrywalk Community Developers has broken ground on Lanai, a multifamily property in Buckeye. Built over two phases, Lanai will feature 444 townhome-style residences. Designed by WORKSBUREAU, Lanai units will feature dormer windows, vaulted ceilings and living rooms with glass sliders to enable indoor-outdoor living. Ground-floor unit will feature semi-private front courtyards. Community amenities will include a pool and lounge area, splash pad, playground, outdoor fitness equipment and area, dog park and dog run.

September 25, 2023

Development Massachusetts Multifamily Northeast

Capstone, MPZ Development Complete Multifamily Adaptive Reuse Project in Bridgewater, Massachusetts

by Taylor Williams September 25, 2023

BRIDGEWATER, MASS. — Capstone Communities and MPZ Development have completed The McElwain School Apartments, an adaptive reuse project in Bridgewater, about 25 miles south of Boston, that converted a former school building into a 57-unit mixed-income complex. The building had been vacant for the past 20 years. The majority (51) of the units are reserved for households earning 60 percent or less of the area median income. Amenities include a dog park, playground, community room and a wildflower bee meadow. The development was funded through a mix of state, local and low-income housing tax credit funding sources, as well as Community Preservation Corp. funding and a $15 million construction bridge loan from the Massachusetts Housing Investment Corp. The Massachusetts Housing Partnership also provided a $5.3 million permanent loan for the project.

September 25, 2023

Arizona Development Multifamily Western

Greenlight Communities, MEB Management Open Cabana Bridges Apartments in Tucson, Arizona

by Amy Works September 25, 2023

TUCSON, ARIZ. — Greenlight Communities and MEB Management, as property manager, have opened Cabana Bridges, a multifamily community located at 1102 E. 36th St. in South Tucson. The 170,784-square-foot property features studio, one- and two-bedroom apartments. Community amenities include a 24/7 fitness center, outdoor fitness circuit, yoga yard, swimming pool, clubhouse, shared spaces, a community garden and electric vehicle charging stations.

September 25, 2023

Arizona Development Industrial Loans Western

Trez Capital Funds Construction Loan for 153,000 SF Hawes Commerce Park Industrial Project in Mesa, Arizona

by Amy Works September 25, 2023

MESA, ARIZ. — Trez Capital has closed a construction loan for Dale Cavan for the development of Hawes Commerce Park, an industrial project at the intersection of East Pecos and South Hawes roads in Mesa. Currently under construction, Hawes Commerce Park will feature 10 buildings with a combined 16 units and a total of 153,000 net rentable square feet. The property sits adjacent to Phoenix’s secondary airport, Phoenix-Mesa Gateway Airport. Completion is slated for third-quarter 2024.

September 25, 2023

Development Industrial Loans New Jersey Northeast Self-Storage

CrownPoint, Lamar Cos. to Develop 1,200-Unit Self-Storage Facility in Newark

by Taylor Williams September 25, 2023

NEWARK, N.J. — A joint venture between two locally based development and investment firms, CrownPoint Group Inc. and Lamar Cos., will develop a 1,200-unit self-storage facility in Newark’s Ironbound district. The site is a former salvage yard that comprises four lots totaling roughly one acre, and the six-story, climate-controlled facility will span 135,000 gross square feet. Construction is set to begin in the fourth quarter. Extra Space Storage will operate the property. Michael Klein, Jon Mikula and Ryan Carroll of JLL arranged a $19 million construction loan through Provident Bank on behalf of the development team.

September 25, 2023

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