CHICAGO — General contractor Bulley & Andrews has completed a renovation of The Belden-Stratford, a luxury apartment building in Chicago’s Lincoln Park neighborhood. Overlooking the Lincoln Park Zoo and Conservatory, the 16-story property was originally constructed in 1923 and is listed on the National Register of Historic Places. Designed by architect Meyer Fridstein, the building originally opened as a residential hotel before being converted to apartments. Mansueto Office, the investment firm of Joe Mansueto, who was a resident of the property during the 1980s, purchased the asset in 2018. Renovation work began in late 2020. Today, the property comprises 209 luxury apartment units, including studios, one-, two- and three-bedroom floor plans as well as a selection of penthouses. Monthly rents range from $2,500 to $15,000. Leasing and move-ins are underway. Solomon Cordwell Buenz served as the architect for the renovation project, along with historic architect Vinci Hamp Architects. Waterton manages the property. The team restored many of the original architectural details of the property and added new amenities, including a mezzanine-level lounge, fitness center, billiards and media lounge, wine tasting room, conference rooms, meeting space and a rooftop deck. Residents also have access to services such as valet parking, concierge …
Development
NEW YORK CITY — JLL has arranged $520 million in financing for Sackett Place & Society Brooklyn, a waterfront multifamily development located in Brooklyn’s Gowanus neighborhood. The financing includes a $335 million construction loan and $165 million in limited partnership equity. The borrower and developer is a joint venture between two New York City-based investment firms, Property Markets Group (PMG) and Carlyle. Sackett Place & Society Brooklyn will ultimately consist of two 21-story residential towers totaling 517 units and 10,000 square feet of retail space. The two towers are situated on the corner of Bond and Union streets overlooking the Gowanus Canal. An undisclosed number of units will be reserved as affordable housing as part of a rezoning initiative for permanent affordable housing in the Gowanus area. Construction is slated for a 2025 completion. Christopher Peck, Andrew Scandalios, Peter Rotchford, Nicco Lupo, Rob Hinckley, Jeff Julien and Jonathan Faxon of JLL arranged the debt and structured the equity partnership between PMG and Carlyle. The direct lender on the construction loan was not disclosed. “Developments with an affordable component continue to make sense to lenders seeking to deploy equity in a highly fractured market,” says Peck. “With its best-in-class sponsors and …
Belpointe OZ Secures $130M Construction Financing for Multifamily Project in Sarasota, Florida
by John Nelson
SARASOTA, FLA. — Belpointe OZ has secured a $130 million construction loan for the development of Aster & Links, a multifamily project in Sarasota. Bank OZK provided the financing. Upon completion, Aster & Links will comprise 424 apartments across two 10-story buildings, with units in one-, two-, three- and four-bedroom layouts. Amenities at the community will include more than 900 parking spaces, a clubroom, fitness center, courtyard, heated saltwater pool and outdoor grills. A construction timeline was not disclosed.
Newmark Arranges $48M Construction Financing for Multifamily Development in Asheville
by John Nelson
ASHEVILLE, N.C. — Newmark has arranged a $48 million construction loan for the development of Creekside Asheville, an apartment and townhome community in Asheville. Creekside Asheville will total 308,000 square feet and house 319 apartments and carriage homes. Amenities at the property will include a saltwater pool, fitness center, playground, clubhouse, cyber café and pet spa. Danny Matz, Nick Scribani, Jordan Roeschlaub and Dustin Stolly of Newmark secured the financing through Wintrust on behalf of the borrowers, URS Capital Partners and Advantis Development.
CHARLOTTE, N.C. — Northpond Partners has acquired Chadbourn Mill, an adaptive reuse project underway at a 1930s-era textile mill located within Charlotte’s Mill District. Northpond purchased the property from Federal Capital Partners (FCP) for $12.5 million, with plans to develop retail and restaurant space. Renovations will include the addition of two 7,000-square-foot patios and the installation of garage doors on the 18,000 square feet of ground-floor retail space at the property’s main building. Plans also include the addition of a lawn adjacent to the secondary, 2,100-square-foot retail building. The corporate headquarters for software developer Ekos will continue to occupy the second floor of the main building. Southwick Architecture + Interiors will serve as architect, and White Point Partners remains a partner on the development. Construction is expected to be complete in 2024. Stream Realty Partners arranged the sale on behalf of FCP and White Point.
FRISCO, TEXAS — Locally based developer Dalfen Industrial has broken ground on Frisco Trade Center, a three-building, 575,000-square-foot speculative project that will be located on the northern outskirts of Dallas. Building 1 will span 262,354 square feet and feature 185-foot truck court depths, 36-foot clear heights, 51 dock-high doors and two drive-in doors. Buildings 2 and 3 will both total 159,451 square feet and offer 32-foot clear heights, 36 dock-high doors and two drive-in doors each. All three buildings have rear-load configurations and onsite trailer parking. JLL is marketing the development for lease. Completion is slated for the fourth quarter.
MCKINNEY, TEXAS — Holt Lunsford Commercial Investments has delivered McKinney Airport Commerce Center, a 132,710 square-foot rear-load industrial building in metro Dallas. The project offers 32-foot clear heights, 135-foot truck court depths and ample parking for cars and trailers. The project was delivered fully preleased to two tenants.
SANTA MONICA, CALIF. — Pluralistic School has acquired commercially zoned land site in Santa Monica for $3.5 million. The site is located at 1457 12th St. The private elementary school already owns the adjacent property. The site consists of about 7,500 square feet of land with about 2,034 square feet of existing improvements, as well as a single-family residence and a triplex, both of which were vacant at the time of sale. WESTMAC Commercial Brokerage Co. and Highland Partners facilitated the transaction between the school and the private seller.
NEW YORK CITY — Locally based developer Dynamic Star has received approval from the New York City Council for Opus Point, a redevelopment that will convert the former Eagle Electric manufacturing facility in Queens into a 400,000-square-foot office property. Designed by SLCE Architects and redeveloped on a speculative basis, the 26-story complex will offer a variety of flexible workspace suites and spaces. Amenities will include a basketball court, fitness center, landscaped rooftop deck and conference facilities. Completion is slated for the second quarter of 2025. CBRE will market Opus Point for lease.
Hollingsworth Breaks Ground on Three Industrial Buildings in Loudon, Tennessee Totaling 520,184 SF
by John Nelson
LOUDON, TENN. — The Hollingsworth Cos. has broken ground on three industrial buildings within Huntington Industrial Park in Loudon, approximately 35 miles southwest of Knoxville. Two of the facilities were started as speculative projects and the third as a build-to-suit property for an undisclosed tenant. The assets span 130,424 square feet, 195,360 square feet and 194,400 square feet. Situated along I-40 and I-75, Huntington Industrial Park includes two additional sites available for build-to-suit developments spanning from 130,000 to 400,000 square feet.