Development

KPG Funds Receives $50M Construction Loan for Boutique Office Project in Lower Manhattan’s SoHo District

by Jeff Shaw June 16, 2023

NEW YORK CITY — KPG Funds has received a $50 million construction loan for 40 Crosby, a boutique office redevelopment project in the high-end SoHo district of Lower Manhattan. The five-story cast iron building totals 70,000 square feet, including prime retail space on the ground floor with Broadway frontage. KPG plans to rebrand the property as The Crosby upon completion. KPG bought the asset in early 2022 and immediately began planning the redevelopment. Sabal Investment Holdings and GDS Brightstar provided the construction loan. Nick Scribani, Dustin Stolly and Jordy Roeschlaub at Newmark arranged the financing. According to Rod Kritsberg, KPG’s co-founder and chief investment officer, the three-year construction loan will be used to give 40 Crosby a full-building renovation, keeping in line with KPG Funds’ standard to transform it into one of the “most desirable office and retail assets in the neighborhood.” Improvements will consist of a separate entrance on Crosby Street with high-end, pre-built office space and significant capital allocated to the lease-up of the specialty retail space fronting Broadway. The asset offers flexible floorplates to cater to multiple tenants or contiguous floors for a flagship headquarters location. The office space features up to 18-foot ceiling heights, 20 oversized windows bringing …

June 16, 2023

Development District of Columbia Loans Mixed-Use Multifamily Retail Southeast

Tishman Speyer Obtains $150M Construction Loan for Mazza Gallerie Mall Redevelopment in D.C.

by John Nelson June 15, 2023

WASHINGTON, D.C. — Tishman Speyer has secured a $150 million construction loan to fund the mixed-use redevelopment of Mazza Gallerie, an obsolete, three-story shopping mall in Washington, D.C.’s Friendship Heights neighborhood. The mall closed its last store this past Christmas, according to local media reports. RBC Capital Markets provided the financing. The reimagined development will comprise 320 rental apartments and 90,000 square feet of retail space, including 20,000 square feet of new ground-level retail space fronting Wisconsin Avenue. Tishman Speyer will maintain the mall’s 70,000-square-foot retail concourse that will once again be anchored by T.J. Maxx. The redevelopment will also maintain over 800 parking spots across four below-grade levels. Demolition of the existing structure is underway, and completion of the residential portion and first wave of new retail openings is anticipated for 2025. The project’s design-build team includes general contractors Davis Construction and Smoot Construction and architects 3XN and Eric Colbert & Associates (architect of record).

June 15, 2023

Affordable Housing Civic Development Florida Mixed-Use Multifamily Southeast

HTG Breaks Ground on $100M Mixed-Use Development in Hollywood, Florida

by John Nelson June 15, 2023

HOLLYWOOD, FLA. — Housing Trust Group (HTG) has broken ground on University Station, a $100 million mixed-use development, in a public-private partnership with the City of Hollywood. The project will comprise 216 units of workforce housing, a 635-space parking garage, retail space and new home for Barry University College of Nursing and Health Services. All of University Station’s apartments will be reserved for individuals and families at various income thresholds, including 22, 30, 40, 60, 70 and 80 percent of the area median income (AMI), with rents ranging from $374 to $1,634. The three-building development will be situated on 2.5 acres of city-owned land next to the future Broward Commuter Rail (BCR) South Station. Funding sources include LIHTC equity from Raymond James and debt from Bank of America and National Housing Trust Fund. The State of Florida and Broward County also contributed debt and civic funds for the project. The development team includes Corwil Architects and general contractor ANF Group Inc. HSQ Group will serve as the civil engineer, BNI Engineers will serve as the structural engineer and RPJ Inc. Consulting Engineers will serve as the MEP engineer. B. Pila Design Studio will handle interior design, and Witkin Hults + …

June 15, 2023

Development Industrial Texas

Clay Development Underway on 523,640 SF Distribution Center in Southwest Houston

by Taylor Williams June 15, 2023

HOUSTON — Locally based firm Clay Development is underway on construction of Main Central I, a 523,640-square-foot distribution center in Houston. The 33.4-acre site is located at the intersection of South Main/U.S. Highway 90 and the Fort Bend Toll Road on the city’s southwest side. Main Central I will feature a cross-dock configuration, 36-foot clear heights, parking for 151 trailers and 109 employee vehicles and an ESFR sprinkler system. Completion is scheduled for the third quarter. Clay Development has tapped Cushman & Wakefield to assist with its internal marketing and leasing efforts.

June 15, 2023

Development Office Texas

Kaizen Development Completes 200,000 SF Office Building in McKinney, Texas

by Taylor Williams June 15, 2023

MCKINNEY, TEXAS — Kaizen Development Partners has completed a 200,000-square-foot office building within the $250 million District 121 mixed-use development in the northern Dallas suburb of McKinney. Designed by Perkins&Will, the eight-story, Class A building was developed on a speculative basis in partnership with the McKinney Economic Development Corp. Amenities include a fitness center, tenant lounge and outdoor recreational spaces.

June 15, 2023

California Development Industrial Western

Sudberry Starts Construction of Phase II of Otay River Business Park in Chula Vista, California

by Jeff Shaw June 15, 2023

CHULA VISTA, CALIF. — Sudberry has started construction on the second phase of Otay River Business Park in Chula Vista. Phase II will include two manufacturing and warehouse buildings that will total 205,335 square feet. A 97,230-square-foot building and 108,205-square-foot building will be located at 2995 and 2855 Faivre Street, respectively. Pre-leasing is underway with sizes ranging from 25,000 to 108,000 square feet. Sudberry’s development team includes TFW Construction, SCA Architecture, Lightfoot Planning Group, Ridge Landscape Architects (RLA) and Southland Paving. Michael Mossmer of Voit Real Estate Services is providing brokerage services.

June 15, 2023

Development Multifamily Nevada Seniors Housing Western

JV Breaks Ground on Valage Carson Valley Seniors Housing Community in Minden, Nevada

by Jeff Shaw June 15, 2023

MINDEN, NEV. — A joint venture between Greystone Housing Impact Investors LP (NYSE: GHI) and ISL Ventures has broken ground on Valage Carson Valley, a seniors housing community in Minden, a small municipality of approximately 3,000 people just east of Lake Tahoe. The property will feature 56 assisted living units and 46 memory care units. The project is scheduled for completion in fall 2024. PI Architects designed the community, which Metcalf Builders is constructing, managed by Leading Light Development and Construction Consulting. Integral Senior Living will be the operator upon completion. Centrally located in the heart of the Carson Valley, the site is within walking distance of medical services including Carson Tahoe Health.

June 15, 2023

Development Healthcare Texas

Texas Oncology Opens 50,000 SF Cancer Care Center in Amarillo

by Taylor Williams June 15, 2023

AMARILLO, TEXAS — Texas Oncology has opened a 50,000-square-foot cancer care center in Amarillo. The freestanding facility offers medical oncology, hematology, gynecologic oncology, radiation oncology, breast radiology, surgical oncology and colon and rectal surgery services. Denver-based NexCore Group developed the project, which sits on 4.8 acres and serves as the workplace for 10 physicians and more than 100 staffers.

June 15, 2023

Development Industrial Loans New York Northeast

Innovo Property Group Receives $354M in Financing for Queens Industrial Project

by Taylor Williams June 15, 2023

NEW YORK CITY — Locally based investment and development firm Innovo Property Group has received $354 million in financing for a 720,000-square-foot industrial project located at 28-90 Review Ave. in the Long Island City area of Queens. Innovo received construction financing from Axos Bank and Cerberus Capital Management and equity from Goldman Sachs Asset Management. The breakdown of each component within the capital stack was not disclosed. Completion of the project is slated for 2025. Christopher Peck, Peter Rotchford, Tyler Peck and Nicco Lupo of JLL arranged the financing.

June 15, 2023

Development Multifamily New York Northeast

Joint Venture to Develop 295-Unit Apartment Tower in Downtown Brooklyn

by Taylor Williams June 15, 2023

NEW YORK CITY — A joint venture between locally based developer Lonicera Partners and New York-based investment firm Rabina will develop a 295-unit apartment tower at 55 Willoughby St. in downtown Brooklyn. The building will house 206 market-rate apartments and 89 affordable housing units, as well as 3,500 square feet of retail space. Amenities will include a fitness center, rooftop terrace, lounge, media room and coworking space. Jeffrey Julien, Chris Peck, Nicco Lupo, Rob Hinckley, Geoff Goldstein, Marko Kazanjian and Alex Staikos of JLL arranged floating-rate construction debt through Santander Bank and City National Bank for the project. The team also structured joint venture equity with Boston-based investment firm The Davis Cos. Demolition work is underway, and the project is slated for a third-quarter 2025 delivery.

June 15, 2023

Newer Posts

Older Posts