Development

Foundry Breaks Ground on 43-Acre Industrial Development in Metro Nashville

by John Nelson November 17, 2022

SMYRNA, TENN. — Foundry Commercial has broken ground on Creekside Logistics, a three-building, 43-acre industrial project located in Smyrna, roughly 25 miles southeast of Nashville. Building 1 will comprise 88,400 square feet, with Buildings 2 and 3 spanning 147,209 square feet and 135,200 square feet, respectively. Completion of the single-phase development is scheduled for late 2023. Synovus Bank is providing financing for the project, and Layton Construction is serving as the general contractor.

November 17, 2022

California Development Loans Restaurant Retail Western

Parkview Financial Provides $35M in Construction Financing for 42-Acre West Harbor Retail Project in Los Angeles

by Amy Works November 17, 2022

LOS ANGELES — Parkview Financial has provided a $35 million senior construction loan to a venture between Ratkovich Co. and Jerico Development for the development of West Harbor, a retail center along the Los Angeles waterfront in the San Pedro neighborhood. The financing from Parkview is in addition to $55 million of Commercial Property Assessed Clean Energy financing, as well as $85 million of investor equity. Situated on 42 acres at 1200 Nagoya Way, West Harbor will feature more than 125,460 square feet of multi-tenant retail space. Slated for completion in two phases, several restaurants will anchor the development, including Yamashiro, King & Queen Cantina, a market hall for fast-casual dining and Bark Social. Additionally, the project will include a 6,200-seat amphitheater developed in conjunction with the Nederlander Organization, as well as a variety of other tenants. The Los Angeles City Harbor Department owns the site and executed a long-term ground lease with the developer. The project is now under construction with completion slated for 2024.

November 17, 2022

Affordable Housing Development Loans Multifamily Seniors Housing Texas

Hunt Capital Provides $13.6M in LIHTC Equity for Affordable Seniors Housing Project in Temple

by Taylor Williams November 17, 2022

TEMPLE, TEXAS — Hunt Capital Partners has provided $13.6 million in Low-Income Housing Tax Credit (LIHTC) equity for Mariposa Scott & White, a 140-unit affordable seniors housing project in the Central Texas city of Temple. The development will consist of four three-story buildings on a 4.5-acre site. The majority (108) of the units will be rented to households earning up to 30, 50 or 60 percent of the area median income, and the remaining 32 units will be rented at market rates. Amenities will include a pool, fitness center, business center, clubhouse, theater room and outdoor picnic areas. Cadence Bank is also providing a $16.8 million construction loan for the project, which is scheduled for a January 2024 completion. The borrower is a partnership between Sycamore Strategies and Stuart Shaw Family Development.

November 17, 2022

Civic Development Massachusetts Northeast

MassDevelopment Provides $36M Bond for Boston School Renovation, Expansion Project

by Taylor Williams November 17, 2022

BOSTON — MassDevelopment has provided a $36 million tax-exempt bond to fund a project at The Park School in the Brookline area. The project will entail a renovation of an existing building to create space for an art and science wing, the construction of an outdoor turf athletic field and a ropes course and the addition of a new elevator in the main building. Additionally, the school will use bond proceeds to make roof repairs, replace skylights in various facilities and install a new sprinkler system. Construction is underway and expected to be complete in January 2024. Eastern Bank purchased the bond, which will also be used to refinance previously issued debt. Founded in 1888, The Park School is a nonprofit institution with an enrollment of 560 students in grades pre-K through 8.

November 17, 2022

Development Loans Maine Multifamily Northeast

Jones Street Receives $36M Construction Loan for Multifamily Project in Brunswick, Maine

by Taylor Williams November 17, 2022

BRUNSWICK, MAINE — Private equity real estate firm Jones Street Investment Partners has received a $36 million construction loan for a 181-unit multifamily project in Brunswick, located in the southern coastal part of Maine. The site is located in a Qualified Opportunity Zone within Brunswick Landing, which is a commercial and industrial redevelopment of a former naval base. Bangor Savings Bank provided the loan. Completion is slated for late 2024.

November 17, 2022

Affordable Housing Development Multifamily New Jersey Northeast

TCB Completes 111-Unit Supportive Housing Redevelopment in Jersey City

by Taylor Williams November 17, 2022

JERSEY CITY — The Community Builders (TCB), an affordable housing owner-operator with five offices across the country, has completed Bergenview Apartments, a project IN Jersey City that converted a historic YMCA building into a 111-unit apartment complex for formerly homeless individuals. All units are studios, and residents have access to a gym, game room, demonstration kitchen and a learning center. Kramer+Marks Architects designed the redevelopment, and Pike Construction Co. LLC served as the general contractor. The New Jersey Housing & Mortgage Finance Agency provided Low-Income Housing Tax Credit equity for the project.

November 17, 2022

Affordable Housing Development Illinois Midwest Multifamily

Structured Development, Evergreen Real Estate Group Open 48-Unit Mixed-Income Apartment Complex in Chicago

by Kristin Harlow November 17, 2022

CHICAGO — Structured Development and Evergreen Real Estate Group have opened Schiller Place Apartments on Chicago’s Near North Side. The mixed-income apartment complex consists of 48 units across three buildings. Located immediately south of Structured’s NEWCITY development on land that was formerly home to the Isham YMCA, Schiller Place is fully leased. There are six market-rate units, 24 reserved for Chicago Housing Authority (CHA) residents, 13 set aside for households earning up to 60 percent of the area median income (AMI) and five reserved for those who earn up to 30 percent of AMI. Five of the units have been earmarked for veterans and five will house individuals sourced through the Statewide Referral Network, which works with households earning up to 30 percent of AMI with a head of household who has a disability or illness. The project team included GMA Construction and architecture firm Bailey Edward. Funding for Schiller Place included federal 4 percent Low-Income Housing Tax Credits awarded by the Illinois Housing Development Authority (IHDA) and syndicated by Hudson Housing Capital. IHDA also awarded Illinois Affordable Housing Tax Credits that were syndicated by Clocktower Tax Credits and sponsored by Housing and Human Development Corp., which will provide onsite …

November 17, 2022

Alabama Development Industrial Southeast Top Stories

First Solar Plans $1.1B Solar Module Manufacturing Facility in Northern Alabama

by Katie Sloan November 17, 2022

DECATUR, ALA. — First Solar Inc. (NASDAQ: FSLR) has announced plans to develop a $1.1 billion solar module manufacturing facility within Mallard Fox Industrial Park in Decatur, located near the Tennessee River southwest of Huntsville. The factory will contribute 3.5 gigawatts (GWDC) of renewable power each year and create over 700 new jobs for the state of Alabama upon its completion in 2025, according to the developer. First Solar hopes to expand its American manufacturing footprint to over 10 GWDC and a total investment of $4 billion in the coming years. The company currently has two factories operating in the state of Ohio with a third scheduled for completion during the first half of 2023, and several research and development (R&D) centers in California and Ohio. First Solar recently said it would expand its operations in the United States following passage of the Inflation Reduction Act (IRA), which provides tax credits for domestically produced clean energy equipment. “The passage of the Inflation Reduction Act of 2022 has firmly placed America on the path to a sustainable energy future,” says Mark Widmar, CEO of First Solar. “Our Alabama facility, along with its sister factories in Ohio, will form part of the …

November 17, 2022

Affordable Housing Development Midwest Multifamily Ohio

NRP Group Opens 88-Unit Affordable Housing Community in Cleveland

by Kristin Harlow November 16, 2022

CLEVELAND — The NRP Group has opened 5115 at The Rising, an affordable housing community in Cleveland’s Broadway-Slavic Village. The project consists of 78 apartment units and 10 townhome units, all of which are affordable residences that will be reserved for low- to moderate-income renters. Supported by the Ohio Housing Finance Agency’s Housing Tax Credit program, the community currently has a waitlist of potential residents and has received more than 2,200 inquiries. Additional funding came from KeyBank, Ohio Capital Corp. for Housing, City of Cleveland and Third Federal Foundation. University Settlement, which provides community, family, youth and senior programs, is relocating its offices to the building, occupying 20,000 square feet on the first floor. Another 5,000 square feet of commercial space will serve as a food pantry and a Cuyahoga Community College Access Center.

November 16, 2022

Development Healthcare Illinois Midwest

IMPACT Strategies Begins Construction of 20,000 SF Outpatient Clinic in Godfrey, Illinois

by Kristin Harlow November 16, 2022

GODFREY, ILL. — IMPACT Strategies has begun construction of the new BJC Outpatient Center in Godfrey, about 30 miles north of St. Louis. The 20,000-square-foot outpatient clinic marks IMPACT’s eighth project for BJC HealthCare. St. Louis-based SCOUT Capital Group is the developer and Archimages Architects is the project architect. Midwest BankCentre provided funding. Completion is slated for summer 2023.

November 16, 2022

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