Development

Molto Properties Breaks Ground on 604,064 SF Industrial Project in Metro Austin

by Taylor Williams August 31, 2022

GEORGETOWN, TEXAS — Chicago-based developer Molto Properties has broken ground on Blue Springs Business Park, a 604,064-square-foot industrial project in the northern Austin suburb of Georgetown. Blue Springs Business Park will consist of three cross-dock and rear-load buildings ranging in size from 124,914 to 310,366 square feet. The structures will be situated on a 43-acre site less than half a mile from I-35. Building features will include 32- to 36-foot clear heights, 180- to 210-foot truck court depths, ESFR sprinkler systems and combined parking for 580 cars and 90 trailers. Burton Construction is the general contractor for the project, which is slated for a second-quarter 2023 completion. Transwestern has been tapped to lease the development, which is Molto Properties’ first in Central Texas.

August 31, 2022

Development Industrial North Carolina Southeast

Toyota Announces $2.5B Expansion, 350 New Jobs at North Carolina Battery Manufacturing Plant

by John Nelson August 31, 2022

LIBERTY, N.C. — Automotive giant Toyota Motor Corp. has announced an additional investment of $2.5 billion in its newest North American facility, Toyota Battery Manufacturing North Carolina (TBMNC) in Liberty. This investment adds capacity to support battery electric vehicle (BEV) battery production and will add 350 jobs, bringing the total employment at the campus to approximately 2,100 and the total investment to $3.8 billion. Scheduled to begin production in 2025, the new facility will produce batteries for hybrid electric vehicles (HEV) and BEVs.

August 31, 2022

Development Florida Loans Multifamily Southeast

Berkadia Arranges $57.5M Construction Loan for Multifamily Project in Miami’s Allapattah Neighborhood

by John Nelson August 31, 2022

MIAMI — Berkadia has arranged a $57.5 million construction loan for Fourteen Residences Allapattah, a 237-unit apartment community located within an opportunity zone at 1470 N.W. 36th St. in downtown Miami’s Allapattah neighborhood. Charles Foschini, Chris Apone and Shannon Wilson of Berkadia’s Miami office secured the financing on behalf of the borrower, Neology Life Development Group, a residential and commercial real estate firm led by Lissette Calderon. Jeff Rosenfeld and Sean Robertson originated the 24-month loan, which features two extension options, internally for the lender, Churchill Real Estate. Upon completion in early 2024, Fourteen Allapattah Residences will consist of a 14-story building with 180 apartment units connected via a pool deck to a five-story building with 57 apartments. The property will be situated within walking distance from the Allapattah Miami Metrorail Station, Rubell Museum and SuperBlue, an immersive art museum. The community will offer studio, one- and two-bedroom units ranging from 450 to 900 square feet. Amenities will include original artwork, a multipurpose lobby, media lounges and living rooms, rooftop pool and clubhouse, poolside cabanas, coworking spaces, conference rooms, outdoor movie screen, an indoor and outdoor fitness and wellness center, dog park with dog wash area, bike storage, virtual concierge …

August 31, 2022

Civic Development Texas

Harmony Public Schools to Open 160,000 SF Campus at CityPlace in Houston

by Taylor Williams August 31, 2022

HOUSTON — Harmony Public Schools, a charter program focused on the science, technology, engineering and math (STEM) disciplines, will open an 160,000-square-foot Houston campus for students in grades pre-K through 12. The campus will be located within CityPlace, a mixed-use development that is led by New York-based Coventry Development Corp. The 60,000-squuare-foot campus for pre-K and elementary students is scheduled to open in advance of the 2024-2025 academic year, and the 100,000-square-foot middle and high school campus should come on line in time for the 2026-2027 school year.

August 31, 2022

Development Industrial Northeast Pennsylvania

Trammell Crow Breaks Ground on 588,000 SF Industrial Project in Lehigh Valley

by Taylor Williams August 31, 2022

BETHLEHEM, PA. — Dallas-based Trammell Crow Co. has broken ground on Lehigh Valley Trade Center III, a 588,000-square-foot industrial project in the Eastern Pennsylvania city of Bethlehem. The project comprises two single-story buildings that are expected to be complete in late 2023. Trammell Crow Co. is also nearing completion of Lehigh Valley Trade Center II, a 527,000-square-foot, cross-dock facility that features a clear height of 40 feet, 119 dock doors, 250 car parking spaces and 154 trailer parking spaces. Trammell Crow is developing both properties in partnership with New York-based Clarion Partners. Peak Construction is serving as the general contractor for the project, and KSS Architects is designing the facility.

August 31, 2022

Acquisitions Development Life Sciences Massachusetts Northeast Office

Jumbo Capital, Apollo Global Buy Metro Boston Office Building for $21M, Plan Life Sciences Conversion

by Taylor Williams August 31, 2022

CANTON, MASS. — A joint venture between Jumbo Capital and Apollo Global Management has purchased a 79,000-square-foot office building in the southern Boston suburb of Canton for $21 million with plans to convert the property into a life sciences facility. The development team plans to redevelop the existing building and add a 46,460-square-foot manufacturing space. Jeff Black, Bryan Koop and Sean Burke of Colliers arranged $57.7 million in acquisition and construction financing through Cambridge Savings Bank on behalf of the joint venture. Frank Petz, Matt Sherry, Brooke Howard and Rob Schlesinger, also with Colliers, brokered the sale of the property.

August 31, 2022

California Development Multifamily Student Housing Western

Core Spaces Plans 1,047-Bed Student Housing Development in Fullerton, California

by Amy Works August 31, 2022

FULLERTON, CALIF. — Core Spaces has announced plans for Hub Fullerton, a 1,047-bed student housing development in Fullerton. Groundbreaking is scheduled for later this year. DLR Group designed the project, which will serve students attending California State University-Fullerton, Hope International University and Pacific Christian College. The six-story building will offer shared amenities including a rooftop deck, swimming pool, hot tub, workspaces, a yoga and fitness center, spa and resident lounge space. The development will also feature a ground floor coffee shop and a landscaped public park space with seating. The community is scheduled for delivery in 2025 and will offer units in townhome and apartment configurations.

August 31, 2022

Arizona Development Loans Multifamily Western

BWE Provides $75M Construction Loan for Legado Apartments in Prescott Valley, Arizona

by Amy Works August 31, 2022

PRESCOTT VALLEY, ARIZ. — Bellwether Enterprise Real Estate Capital (BWE) has provided a $75 million HUD loan for the construction of Legado Apartments, a multifamily property in downtown Prescott Valley. Jim Swanson of BWE’s Phoenix office originated the loan through HUD’s 221(d)(4) mortgage insurance program on behalf of the developer, Fain Signature Group. The non-recourse, fully assumable loan features a 40-year, fully amortizing term. The HUD-insured financing provides a combined construction and permanent loan for market-rate multifamily projects. The mid-rise apartment property will feature 329 units in a mix of one-, two- and three-bedroom layouts. Units will offer Energy Star appliances, washers/dryers, patio/balcony storage and scenic views. Community-wide amenities include electric vehicle charging stations, elevators serving all apartment floors and a parking garage. Common area amenities will include a community room/clubhouse with free Wi-Fi, poolside cabanas and spa, fitness center, a picnic area with barbecue grills, and recreation area with a dog run and dog washing station. As part of the mixed-use residential and commercial development project in the Prescott Valley Entertainment District, the property will have a rooftop restaurant open to the public and a variety of other foodservice outlets, including cafés, plus retail space on first and sixth …

August 31, 2022

Development Florida Loans Southeast Student Housing

Trinitas Receives $67.3M Construction Financing for Student Housing Development Near UCF in Orlando

by John Nelson August 30, 2022

ORLANDO, FLA. — Trinitas Ventures, a multifamily and mixed-use developer based in Lafayette, Ind., has received $67.3 million in construction financing for a 286-unit, 750-bed student housing development located near the University of Central Florida campus in Orlando. Citizens Financial Group’s commercial real estate finance team is acting as the sole lead arranger, book runner and administrative agent for the financing. Further details of the project were not disclosed. Citizens has also financed Trinitas student housing projects at Miami University in Ohio, Washington State University and University of Nebraska.

August 30, 2022

Acquisitions Build-to-Rent Development Single-Family Rental Texas

Empire Group Acquires 48 Acres in Fort Worth for Build-to-Rent Residential Project

by Taylor Williams August 30, 2022

FORT WORTH, TEXAS — Arizona-based developer Empire Group of Cos. has acquired 48 acres near North Riverside Drive and Golden Triangle Boulevard in Fort Worth for the construction of a build-to-rent residential project. Empire plans to develop Village at Golden Triangle, which will comprise 323 homes on 30 acres, and sell the remaining 18 acres, which are zoned for office and/or retail development. Homes will come in a mix of one-, two- and three-bedroom formats with private backyards, and residential amenities will include a pool, outdoor grilling areas, a fitness center, walking paths, community clubhouse and a dog park. Construction is set to begin in the first quarter of 2023. Details of the commercial component were not disclosed. Empire Group acquired the land for $16 million.

August 30, 2022

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