INDIANAPOLIS — The Life Properties, the property management and construction management affiliate of Olive Tree Holdings, is nearing completion of a $2.7 million capital improvement program at The Life at Arden Landing, a 131-unit apartment complex in Indianapolis. Completion is slated for the fourth quarter. Interior upgrades are being made to 105 of the community’s residences as well as window replacements, new exterior paint, repairs to the exterior façade, sidewalk and parking lot upgrades, improvements to the children’s playground, replacement of the gutter system, security camera system enhancements and landscaping improvements. There are also several sustainable upgrades such as low-flow plumbing retrofits and the installation of LED lighting. The property was originally built in 1999.
JLL Arranges $193M in Construction Financing for Pathside Apartment Tower in Jersey City, New Jersey
JERSEY CITY, N.J. — JLL has arranged a $193 million construction loan for Pathside, a 605-unit luxury apartment tower in Jersey City, a suburb of New York City. Located at 499-507 Summit Ave. in the city’s Journal Square neighborhood, the high-rise will be situated within an opportunity zone and adjacent to the PATH subway station. Thomas Didio, Thomas Didio Jr., Gerard Quinn and Salvatore Buzzerio of the debt advisory team at JLL Capital Markets arranged the five-year, floating-rate, nonrecourse loan through Pacific Life. The borrower, locally based Panepinto Properties Inc., plans to deliver Pathside in the second quarter of 2026. Joseph Panepinto Jr., global president of Panepinto Properties, led the financing negotiations on behalf of the developer. “We are excited to announce the vertical capitalization of Pathside, the newest luxury delivery in Panepinto’s Gold Coast pipeline,” says Thomas Didio Jr. “Pacific Life provided the borrower team with an accretive single-source solution in a very challenging market for large construction loans.” Upon completion, Pathside will feature studio, one-, two- and three-bedroom apartments averaging 710 square feet in size. The property will also feature 3,200 square feet of commercial space on the ground level. The general contractor on the project is AJD Construction, …
PIGEON FORGE, TENN. — BrightColors LLC and partner Kingsmen Xperience Inc. have announced plans with crayon giant Crayola to open a 30,000-square-foot Crayola Experience in Pigeon Forge. Upon completion, the indoor family entertainment center will feature 20 interactive experiences and a retail store. The Pigeon Forge location marks the sixth attraction for the brand, which has opened venues in Pennsylvania, Florida, Minnesota, Texas and Arizona. Four additional Crayola Experience locations will open over the next five years, the locations of which were not disclosed.
ATLANTA — Atlanta BeltLine Inc. has purchased 13.7 acres along the BeltLine’s Southside Trail in southwest Atlanta for $13.3 million. Situated at 356 University Ave., the property is situated adjacent to the Pittsburgh Yards adaptive reuse development. This acquisition marks the continuation of the BeltLIne’s mission to procure land along the trail loop. AECF Atlanta Realty, a subsidiary of the Annie E. Casey Foundation, manages Pittsburgh Yards and was the seller. SouthState Bank provided acquisition financing for the transaction. The BeltLine will conduct a community engagement process to determine best uses for the site. After incorporating the vision of adjacent residents and local businesses into the plans, the organization will issue a Request for Proposals (RFPs) to invite developers to submit proposals to redevelop the site.
NASHVILLE, TENN. — Oman-Gibson Associates (OGA) has broken ground on a 6,000-square-foot medical imaging facility in Nashville. The clinic, which is being constructed at 8124 Sawyer Brown Road on behalf of Vanderbilt Imaging Services, will provide specialty imaging including MRI, CT, ultrasound, fluoroscopy, digital X-ray and mammography services. Vanderbilt plans to relocate its Belle Meade Imaging practice to the new facility, with completion expected in late 2024 or early 2025. Thomas Constructors is the general contractor on the project, HMK Architects is the architect and Fulmer Lucas Engineering is serving as the civil engineer.
HOUSTON — Arizona-based lender Arriba Capital has provided a $52.5 million construction loan for a dual-branded hotel project that will be located at 1319 Texas Ave. in downtown Houston. The property will feature a total of 275 guestrooms with traditional and extended-stay options under the Holiday Inn Express and Staybridge Suites brands. Shared amenities will include an outdoor pool, meeting and event space, a full-service bar, fitness center, business center and a dining area for complimentary breakfast. Completion is slated for late 2025. The borrower and developer is Houston-based Neway Hospitality.
MOUNT POCONO, PA. — Newland Capital Group will develop Mount Pocono Commerce Center, a 1.2 million-square-foot industrial project that will be located roughly midway between Scranton and Allentown in eastern Pennsylvania. The project is a build-to-suit for an undisclosed third-party logistics group and will feature a clear height of 40 feet, 196 loading docks, four drive-in doors, 384 trailer stalls and 200-foot truck court depths. David Pelaia and Chad Morgan of JLL arranged a senior construction loan through Axos Bank and mezzanine financing from Fidelity Investments, as well as joint venture equity from an undisclosed partner, for the project. A tentative completion date was not disclosed.
QUEEN CREEK, ARIZ. — Sprouts Farmers Market has opened a 50,000-square-foot store at Vineyard Towne Center, a 23-acre retail development that Vestar is currently developing in the Phoenix suburb of Queen Creek. Sprouts is the anchor tenant of Phase I of the project. A 145,000-square-foot Target is scheduled to open in April 2025 and anchor the development’s Phase II. Other tenants at Phase I, which is currently 90 percent leased, include Chunk Cookies, Cinnaholic, Dentists of Queen Creek, European Wax Center, MOD Pizza, Mountain America Credit Union, Mr. Pickles, Nekter Juice Bar, Ono Hawaiin BBQ, Over Easy and Zara Nail Bar.
CHICAGO — Sterling Bay has begun pre-leasing efforts for The Dylan, a 282-unit luxury apartment tower in Chicago’s Fulton Market. Developed in partnership with Ascentris and designed by bKL, The Dylan features a variety of floor plans ranging from 526 to 1,669 square feet. Sterling Bay Design Studio and Chicago-based firm Harken Interiors selected the in-unit finishes. Residents have access to more than 15,000 square feet of outdoor amenity space, including a rooftop pool and fifth-floor deck featuring fire pits, grill stations, outdoor fitness options and a dog play area. First move-ins are expected in October. Monthly rents start at $2,120. The Dylan also offers 28 units of income-based housing. Residents of The Dylan will also enjoy access to SBX, Sterling Bay’s proprietary tenant experience portal offering community programming. The Dylan will host private events such as local boutique pop-ups, exclusive chef tastings and arts and culture classes. Managed by Sterling Bay Property Management in partnership with JLL, The Dylan is expected to achieve an environmental certification of Two Green Globes and will follow the RESET Air Standard. Chicago-based Luxury Living is leading pre-leasing efforts.
ROMULUS, MICH. — Marquette Cos. has reopened The Maxwell, a 312-unit apartment community in Romulus. The firm completed an $8 million revitalization project to address previously deferred maintenance issues as well as property updates. Exterior upgrades include new and repaired hardscaping, restoration of the pool and deck with new furnishings, repaired and upgraded building exteriors, replacement windows and the addition of a dog park. The community clubhouse now features a renovated fitness center, updated finishes in the resident lounge, a new catering kitchen and a new leasing office. Renovations to the units include new cabinetry and countertops in the kitchens with black appliances, along with new flooring and paint. Hallways and common areas throughout the community’s 26 buildings were also renovated. Marquette worked closely with city officials prior to acquiring the property and throughout the renovation, and used local vendors for the construction work. Built in 1972 as Morgan Manor, the property was a popular home for pilots and flight attendants due to its proximity to the Detroit Metropolitan Wayne County Airport. The community offers studio, one- and two-bedroom floor plans ranging from 650 to 850 square feet. Monthly rents start at $885. Marquette partnered with DRA Advisors on the …