Development

Brinkmann Constructors Tops Out 87,000 SF Headquarters for First Bank in Creve Coeur, Missouri

by Kristin Harlow October 6, 2023

CREVE COEUR, MO. — Brinkmann Constructors has topped out the new 87,000-square-foot headquarters for First Bank in Creve Coeur, a suburb of St. Louis. The four-story building will feature multiple outdoor workspaces and a multipurpose “innovation hub” for team collaboration and social events. The project also includes a two-story, 82,000-square-foot parking garage for both employees and visitors. The new headquarters is situated near the site of the bank’s original headquarters on Olive Boulevard. Completion is slated for the second quarter of 2024. First Bank, which maintains locations in Missouri, Illinois and California as well as mortgage offices in Kansas, is temporarily operating out of an office branch adjacent to the new headquarters.

October 6, 2023

Development Multifamily New Jersey Northeast

Garden Communities Begins Leasing 270-Unit Multifamily Property in Springfield, New Jersey

by Taylor Williams October 6, 2023

SPRINGFIELD, N.J. — Locally based developer Garden Communities has begun leasing The Metropolitan, a 270-unit multifamily property located in the Northern New Jersey community of Springfield. The property consists of 223 one- and two-bedroom apartments, 47 two- and three-bedroom townhomes and 5,000 square feet of retail space. Amenities include a pool, fitness center, coffee bar, community room, coworking spaces and an outdoor kitchen with grilling and dining stations. Leasing for the townhomes is underway, with rents starting at $6,945 per month. Leasing of the apartments will commence early next year.

October 6, 2023

Development Multifamily New York Northeast

Delshah Capital Completes 204-Unit Multifamily Adaptive Reuse Project in Manhattan

by Taylor Williams October 6, 2023

NEW YORK CITY — Delshah Capital, a locally based real estate private equity firm, has completed a multifamily adaptive reuse project at 30 Morningside Drive on Manhattan’s Upper West Side. The project converted a former hospital complex that was originally constructed between 1896 and 1928 into a residential complex with 204 units across five buildings. CetraRuddy served as the architect for the project, and Titanium Construction Services was the general contractor.

October 6, 2023

Development Industrial Leasing Activity New Jersey Northeast

Cushman & Wakefield Arranges $4.9M in Financing for Northern New Jersey Industrial Project

by Taylor Williams October 6, 2023

EDISON, N.J. — Cushman & Wakefield has arranged $4.9 million in financing for an 82,500-square-foot industrial project that will be located in the Northern New Jersey community of Edison. Streamline Realty Funding provided the debt, which the borrower, Catalyst Development Partners, will use to acquire the 6.7-acre site and fund predevelopment costs. John Alascio, Chuck Kohaut, T.J. Sullivan and Jason Blankfein led the transaction for Cushman & Wakefield.

October 6, 2023

California Development Loans Multifamily Western

AAA Management Receives $99.4M Construction Loan for Ion Aero Apartment Community in San Diego

by Amy Works October 6, 2023

SAN DIEGO — San Diego-based AAA Management has obtained $99.4 million in construction financing and preferred equity for the development of Ion Aero, an eight-story multifamily property in San Diego. Located in 8555 Aero Drive, Ion Aero will feature 302 apartments in a mix of studio, one-, two- and three-bedroom units ranging from 500 square feet to 1,400 square feet. Community amenities will include an indoor-outdoor fitness center and yoga studio; coworking space; a clubroom with indoor and outdoor entertaining space; playground; dog run; pool and spa; and a seventh-floor sky lounge. Bill Chiles, Scott Peterson and Morgon Fraser of CBRE Capital Markets’ debt and structured finance team in San Diego secured the financing, which features a three-year term and 75 percent loan-to-cost ratio.

October 6, 2023

Affordable Housing Development Multifamily Texas

Palladium USA Breaks Ground on $65M Affordable Housing Project in San Antonio

by Taylor Williams October 5, 2023

SAN ANTONIO — Palladium USA, in partnership with the San Antonio Housing Trust Public Facility Corp. (PFC), has broken ground on Palladium Crestway, a $65 million affordable housing project in San Antonio. Income restrictions for the community were not disclosed. Palladium Crestway will be a three-story building with 271 units on a 10-acre site. Residences will come in one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, conference center, sports court, dog park, computer lounge, children’s playroom and clubroom with a mini-kitchen. Preleasing will begin next summer, and full completion is slated for next winter. The San Antonio Housing Trust PFC issued $31 million in tax-exempt bonds that were purchased by Cedar Rapids Bank & Trust. PNC Bank provided a $27 million equity investment. Kim Parker of Dynamic Commercial Real Estate represented Palladium USA in the purchase of the land. Cross Architects designed the Palladium Crestway, and Brownstone Construction is serving as the project’s general contractor.

October 5, 2023

Development Multifamily Texas

Legacy Partners, Pondmoon Capital Open 296-Unit Merit Apartments in Lewisville, Texas

by Taylor Williams October 5, 2023

LEWISVILLE, TEXAS — San Francisco-based Legacy Partners and Pondmoon Capital Holdings USA have opened Merit, a 296-unit apartment community in the northern Dallas suburb of Lewisville. The development features one-, two- and three-bedroom units that range in size from 630 to 1,500 square feet and are furnished with granite countertops, stainless steel appliances, work-from-home spaces and private balconies/patios. Amenities include a pool, fitness center, dog park, coworking space, outdoor gaming area and a 24-hour convenience mart. Project partners included JHP Architecture and Provident General Contractors.

October 5, 2023

California Development Healthcare Western

McCarthy Building Cos. Completes 200,000 SF Patient Tower at Providence Cedars-Sinai Tarzana Medical Center

by Amy Works October 5, 2023

TARZANA, CALIF. — McCarthy Building Cos. has completed the construction of the Friese Family Tower, five-story patient tower at Providence Cedars-Sinai Tarzana Medical Center in Tarzana. The tower is named for the Daniel Friese family in recognition of their $50 million donation to the building’s construction. The 200,000-square-foot facility features 150 private patient rooms; an expanded emergency department; a pharmacy with a pneumatic tubing system; a pediatric unit with a playroom for younger patients and a dedicated room for adolescent patients; a cardiovascular unit; critical care unit; and a progressive care unit. The Friese Family Tower also features visitor waiting rooms on all levels and recliners and sleeper sofas in all patient rooms. Perkins & Will designed the facility, which McCarthy Building Cos. constructed.

October 5, 2023

Affordable Housing Development Loans Multifamily Washington Western

KeyBank Provides $14.6M Construction Loan for New Life Homes Affordable Project in Tacoma, Washington

by Amy Works October 5, 2023

TACOMA, WASH. — KeyBank Community Development Lending and Investment (CDLI) has provided $14.6 million in financing for the construction of New Life Homes, a 60-unit low-income housing project in Hilltop in Tacoma. The community is designated for individuals in recovery for substance abuse, those leaving the criminal justice system, formerly homeless persons, persons with disabilities and veterans earning no more than 30 percent or 50 percent of area median income. Shiloh Baptist Church, with Beacon Development Group as consultant, is sponsoring and developing New Life Homes. Shiloh Baptist Church, a historically Black church, wants to combat gentrification on Tacoma’s Hilltop neighborhood by transforming several of its parcels along the block of South I Street into affordable housing. With the assistance of Tacoma Housing Authority, the church has leveraged several public funding sources along with tax credits and traditional financing to construct New Life Homes. Believing In Myself Again (BIMA) Services will provide supportive services for tenants with a focus on creating opportunities for growth, education and skill development. Veterans Affairs will provide services for the Veterans Affairs Supportive Housing units and coordinate with BIMA. KeyBank CDLI provided a $14.6 million construction loan with LIHTC equity provided by National Equity Fund (NEF). …

October 5, 2023

Development Illinois Midwest Multifamily

Flaherty & Collins Breaks Ground on $65M Luxury Apartment Complex in East Peoria, Illinois

by Kristin Harlow October 5, 2023

EAST PEORIA, ILL. — Flaherty & Collins Properties has broken ground on Blutowne, a $65 million luxury apartment community in the Levee District of East Peoria, a city in central Illinois. The project includes two multifamily buildings that will be centrally located near the municipal building and public library. Plans call for 219 units, 10,000 square feet of commercial space and 276 parking spaces. Merchants Bank of Indiana provided financing for the project, which will be situated at 501 E. Washington St. Units will come in studio, one- and two-bedroom floor plans, with the average unit size being 898 square feet. Amenities will include a fitness facility, meeting space, saltwater pool and rooftop lounge. Flaherty & Collins expects to welcome the first residential and commercial tenants in spring 2025. The full build-out is slated for completion in fall 2025.

October 5, 2023

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