PHILADELPHIA — Developer EQT Exeter has begun leasing The Clark, a 327-unit apartment community located in Philadelphia’s University City submarket. The Clark features studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, tile backsplashes and individual washers and dryers. Amenities include a fitness center, game lounge, coworking space and a rooftop terrace. Greystar manages the property. The first move-ins will begin later this month. Rents start at $1,500 per month for a studio apartment.
DECATUR, MARION AND DANVILLE, ILL. — Meridian Design Build has completed construction of three industrial build-to-suit projects in Illinois. A global shipping and information services provider will occupy all three buildings. The first project is a 317,518-square-foot facility in Decatur. Scannell Properties developed the building, which features 10,920 square feet of office space, 174 interior van loading positions, 78 loading docks and a 607-car employee parking lot. Cornerstone Architects and civil engineer Spaceco made up the project team. SunCap Property Group served as the developer of a similar 251,000-square-foot building in Marion. The property features 11,411 square feet of office space, 147 interior van loading positions, 68 loading docks and a 537-car employee parking lot. Architect Ware Malcomb and civil engineer Manhard Consulting made up the project team. The third facility totals 217,323 square feet in Danville. Jones Development was the developer on the project, which features 10,500 square feet of office space, 119 interior van loading positions, 56 loading docks and a 390-car employee parking lot. The project team included Ware Malcomb and civil engineer Farnsworth Group.
ST. PETERS, MO. — Brinkmann Constructors has broken ground on Old Hickory Village, a 316-unit apartment complex in St. Peters, a northwest suburb of St. Louis. The project will consist of two buildings and a parking garage. Amenities will include a pool, fitness center, pickleball courts and three courtyards. Completion is slated for May 2025. Tegethoff Development is the developer.
DOWNERS GROVE, ILL. — Lifespace has completed renovations to the independent living building at Oak Trace, a continuing care retirement community in Downers Grove, about 20 miles west of Chicago. The renovations were part of a $112 million full-campus redevelopment. The first phase of the project occurred in 2019 with the opening of Oak Trace’s Health and Wellness Center offering assisted living, memory care rehabilitation and skilled nursing. The latest phase, completed last week, features renovated shared spaces of the independent living building. Highlights include the Oak Room, a formal restaurant-style dining room; the Lounge, a casual gathering space offering cocktails and small-plate items; a newly furnished library; an outfitted art studio; and a lobby. Oak Trace’s full redevelopment is scheduled for completion in spring 2024 with its independent living expansion. The final phase will add 140 new independent living apartments, a fitness center and aquatic center, multiple dining venues, a spa and performing arts center.
PASADENA, CALIF. — A partnership between Community Builders Group and Bridge Financial Advisors is opening Pasadena Studios, a $45 million affordable housing property in Pasadena. The six-story community will offer 180 micro-units, ranging from 245 square feet to 270 square feet. Each apartment will feature a private balcony, offering an indoor-outdoor living experience and additional square footage. The 56,000-square-foot asset features free internet service, a fitness center, laundry room, landscaped rooftop deck with seating, two grilling stations, fire features, landscaped courtyard, outdoor seating areas, lobby area seating with a kitchenette and community space, two elevators, secure entrances, security surveillance and bike storage. The project team includes Westport Construction, Natoma Architects and LCRA. WinnResidential, the property management arm of WinnCompanies, will manage the community.
LAS VEGAS — Quick-service chicken chain Bojangles has signed a development agreement to bring 20 new restaurants to Las Vegas, as well as the development of restaurants within 10 TravelCenters of America franchise locations across Western markets. TravelCenters of America franchisee LVP Restaurant Group LLC, an entity of LV Petroleum, and its investment partner, Kingsbarn Realty Capital, will lead the projects. Kingsbarn Realty Capital provides institutional and accredited investors access to an array of alternative real estate investments in the Las Vegas area. In partnership with LVP Restaurant Group, Kingsbarn will identify and acquire properties suitable for the new Bojangles developments. Kingsbarn has over $1.9 billion of assets under management, a $2 billion development pipeline and has acquired more than 270 properties within the United States. In July, Bojangles launched its expansion strategy, including a streamlined menu, new building design and new staffing model. The strategy simplifies operations and enhances the guest experience. To date, the brand has implemented the new strategy within seven restaurants in Texas, Florida, Tennessee, Arkansas and Louisiana.
NEW YORK CITY — JLL Capital Markets has arranged $220 million in financing for the conversion of 55 Broad Street in New York City’s Financial District into 571 luxury apartment units. Conversion of the 30-story office tower will occur in phases. JLL arranged the four-year, floating-rate loan through Mexico City-based Banco Inbursa on behalf of the borrower, a partnership between Metro Loft Developers LLC and Silverstein Properties. JLL also advised on the procurement and structuring of equity for the deal. The Rudin Family sold the building to the developers for about $173 million, according to Crain’s New York Business. Upon completion, 55 Broad Street will feature studios, one-, two- and three-bedroom units along with roughly 17,000 square feet of amenity space. Amenities will include a rooftop pool, fitness center, coworking facilities and sports simulators. The project will be one of the first fully electric residential buildings in Manhattan, leveraging self-contained heating and cooling systems. Mechanical renovations will bring the building to 100 percent carbon neutral and will enable the creation of additional amenities and rentable floor area. Located less than two blocks from the Bowling Green subway station, 55 Broad Street offers connectivity to destinations across the city and the …
JERSEY CITY, N.J. — Slate Property Group and McCourt Partners have provided a $59 million bridge loan for a 285-unit multifamily project in the McGinley Square area of Jersey City. The borrower, a partnership between Sequoia Development Group and Bushburg Properties, will use the proceeds to complete construction, lease-up and stabilization of the 16-story building. Units will come in studio, one-, two- and three-bedroom floor plans. Amenities will include a dog run, fitness center, coworking lounge, conference room and an indoor/outdoor rooftop deck, as well as 5,109 square feet of commercial space. Sam Rottenberg of SPR Group arranged the two-year, floating-rate loan on behalf of the developers. Full completion is slated for the first quarter of 2024.
HILLSBOROUGH, N.J. — New Jersey-based developer Adoni Property Group has completed The Franklin at Hillsborough, a 44-unit multifamily project in Northern New Jersey. The property, which is now 90 percent occupied, offers one- and two-bedroom units ranging in size from 1,000 to 1,300 square feet that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Rents at the remaining two-bedroom units start at $2,900 per month.
JACKSONVILLE, FLA. — Freedom Financial Funds has provided a $5.9 million construction loan for a single-tenant medical office building located in Jacksonville. The build-to-suit project is for an entity controlled by a national retail and single-tenant developer. The 15-month loan features two six-month extension options and was underwritten at an 80 percent loan-to-cost ratio. The construction timeline and address for the project were not disclosed.