Development

Realty Capital Residential Begins Leasing 275-Unit Multifamily Project in Burleson, Texas

by Taylor Williams August 16, 2023

BURLESON, TEXAS — Locally based developer Realty Capital Residential has begun leasing Depot on Main, a 275-unit multifamily project in Burleson, located south of Fort Worth. The five-story building is situated adjacent to the Old Town district. Depot on Main offers one- and two-bedroom units ranging in size from 590 to 1,229 square feet. Amenities include a pool with a tanning deck, coworking lounge, coffee bar, rooftop deck and entertainment terrace, dog park, fitness center and outdoor grilling and dining areas. Rents start at $1,365 per month for a one-bedroom apartment.

August 16, 2023

Development Leasing Activity New York Northeast Office

RXR Inks 700,000 SF Office Lease Expansion, Extension at 450 Lexington Avenue, Announces $300M Renovation

by Taylor Williams August 16, 2023

NEW YORK CITY — RXR has inked a 700,000-square-foot office lease extension and expansion with global law firm Davis Polk & Wardwell LLP at 450 Lexington Avenue in Midtown Manhattan. The tenant has re-committed to the 40-story building, which was originally constructed in 1991, for the next 25 years and is taking an additional 30,000 square feet of space. The firm’s footprint now spans 23 floors. In conjunction with the deal, the locally based landlord also announced a $300 million renovation. Designed by Gensler, the project will include the full modernization of lobbies and the addition of numerous amenities. Renovations will also upgrade other common areas and the anchor tenant spaces. Lewis Miller, Andrew Sussman and Munish Viralam of CBRE represented Davis Polk & Wardwell in the lease negotiations. William Elder and Andrew Ackerman represented RXR on an internal basis.

August 16, 2023

Development Industrial Loans Northeast Pennsylvania

JLL Arranges $114M Construction Loan for Spec Industrial Project in Metro Philadelphia

by Taylor Williams August 16, 2023

BUCKS COUNTY, PA. — JLL has arranged a $114 million construction loan for Lower Bucks Logistics Hub, an 814,567-square-foot speculative industrial project in Bucks County. The address of the site was not disclosed, but the development’s two buildings will be located at I-295, with one building on either side of Route 213 in Middletown Township, New Jersey. The buildings will have rear-load and cross-deck configurations, clear heights of 40 feet, six total drive-in doors and over 800 car and trailer parking spaces. Mike Pagniucci led the JLL team that originated the financing through Mesa West Capital on behalf of the borrower, Foxfield LLC. A construction timeline was not disclosed.

August 16, 2023

Development Florida Loans Multifamily Seniors Housing Southeast

Concord Summit Capital Arranges $122M Construction Financing for Active Adult Residential Project in Port St. Lucie, Florida

by John Nelson August 16, 2023

PORT ST. LUCIE, FLA. — Concord Summit Capital has arranged a total of $122 million in construction financing for the development of Encore at Tradition, a 415-unit active adult residential community underway in Port St. Lucie. David Larson, Daniel Eidson and Keegan Burger of Concord Summit arranged the financing, which comprised a $95 million principal loan and $27 million in mezzanine debt. Madison Realty Capital provided the senior loan, and the lender for the mezzanine loan was not disclosed. The borrower is America Walks at Port St Lucie LLC, a partnership between Pride One Construction, Brokaw Development Services and Riley Hotel Group that has collectively built more than 20,000 multifamily units. The borrower is using the funds to recapitalize the existing construction debt and complete the project. Encore at Tradition is roughly 40 percent complete and has a target delivery date of second-quarter 2024. The gated community is reserved for households age 55 and up and will feature one- and two-bedroom units ranging in size from 750 to 1,250 square feet, as well as two-bedroom villas spanning 2,030 square feet. Onsite amenities will include a salon, movie theater room, golf simulator, resort-style clubhouse, pickleball courts and medical/physical therapy services.

August 16, 2023

Development Georgia Multifamily Southeast

Joint Venture to Develop 330-Unit Apartment Community in Acworth, Georgia

by John Nelson August 16, 2023

ACWORTH, GA. — A joint venture between Novare Group, Batson-Cook Development Co. (BCDC) and PointOne Holdings plans to develop a 330-unit apartment community in Acworth. The unnamed, 20-acre project will be located at 5950 Highway 92, about 29 miles northwest of Atlanta. In addition to traditional apartments, the community will feature 20 carriage homes with private garages. City National Bank is providing construction financing to the joint venture. The design-build team includes architect Dynamik Design and general contractor Stratus Construction. The developers expect first units to be delivered in October 2024.

August 16, 2023

Build-to-Rent Development Midwest Single-Family Rental Wisconsin

Heyday Opens 170-Unit Build-to-Rent Community in Sun Prairie, Wisconsin

by Kristin Harlow August 16, 2023

SUN PRAIRIE, WIS. — Heyday has opened the first phase of Heyday Sun Prairie, a 170-unit build-to-rent community in the Madison suburb of Sun Prairie. Homes feature attached garages with electric vehicle charging outlets, private patios, keyless entry and green spaces. Monthly rents range from $1,700 for one-bedroom homes to $2,800 for three-bedroom homes. New leases include a six-month membership to nearby Sun Prairie Athletic Club. Daniel Management Group is the property manager.

August 16, 2023

Development Industrial Midwest Ohio

CRG Begins Development of 250,020 SF Spec Distribution Center in Etna, Ohio

by Kristin Harlow August 16, 2023

ETNA, OHIO — CRG and an affiliate of its capital partner, LXP Industrial Trust, have begun development of a 250,020-square-foot speculative distribution center in Etna, an eastern suburb of Columbus. The project is known as Building D at The Cubes at Etna 70, a 305-acre industrial park near I-70. Building D will feature a clear height of 36 feet, 62 trailer stalls, 32 dock positions and a 60-foot speed bay. The property offers a 15-year, 100 percent tax abatement. Contegra Construction is the general contractor, and Lamar Johnson Collaborative is the architect. The industrial park has three remaining pad-ready sites. The Cubes is a North American industrial brand owned and developed by CRG.

August 16, 2023

Affordable Housing Development Midwest Minnesota Multifamily

Lupe Development, Wall Cos. Open 143-Unit Affordable Housing Community in Minneapolis

by Kristin Harlow August 16, 2023

MINNEAPOLIS — Lupe Development and Wall Cos. have opened The Flats at Malcolm Yards, a 143-unit affordable housing community in Minneapolis. A grand opening celebration will take place Thursday, Aug. 17. The project is the latest addition to the new Malcolm Yards neighborhood, following The Market, an urban food hall, and The Station, a 210-unit market-rate apartment project. The Flats features a mix of studios, one- and two-bedroom units, all of which are reserved for residents who earn 60 percent or less of the area median income. Amenities include underground parking, a fitness center, business center, coffee bar and sky lounge with views of the Minneapolis skyline. The development is situated near the Green Line LRT station and the University of Minnesota transitway. The project received funding support from the City of Minneapolis Affordable Housing Trust Fund and the Minnesota Department of Employment and Economic Development as well as Hennepin County’s Affordable Housing Incentive Fund, Transit Oriented Development Program and Environmental Response Fund. Other investors include Allianz Life and R4 Capital, which was the tax-exempt lender.

August 16, 2023

Development Industrial Midwest Missouri

Hunt Midwest Breaks Ground on 203,899 SF Industrial Build-to-Suit Project for Community Wholesale Tire in Kansas City

by Kristin Harlow August 16, 2023

KANSAS CITY, MO. — Hunt Midwest has broken ground on a 203,899-square-foot industrial build-to-suit project for Community Wholesale Tire at Hunt Midwest Business Center in Kansas City. The facility will feature a clear height of 32 feet, 60 trailer parking spaces, 190 vehicle parking spaces and a 190-foot-deep truck court. Completion is slated for the end of the year. The project team includes civil engineer Olsson and Associates, general contractor GPS-KC and H2B Architects. Austin Baier and Mike Mitchelson of CBRE represented Hunt Midwest. Located just east of I-435, Hunt Midwest Business Center totals 2,500 acres. Community Wholesale Tire maintains facilities in nine states across the Midwest, serving more than 4,500 tire dealers.

August 16, 2023

Development Multifamily New Jersey Northeast Seniors Housing

Marquis Begins Renovations at Allendale Senior Living in Northern New Jersey

by Taylor Williams August 16, 2023

ALLENDALE, N.J. — Marquis Health Consulting Services has begun renovations at Allendale Senior Living, an assisted living and healthcare facility in Northern New Jersey. The unit count was not disclosed, but the property spans 146,000 square feet and sits on a 12-acre site. Renovations include a refresh of corridors, expansion of some apartments and the introduction of new amenities, including lounges, a private dining room and a salon. Marquis will also upgrade the movie theater and landscaping, and has already completed the redesign of the lobby and main dining room.

August 16, 2023

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