SEATTLE — Landmark Properties has acquired two development parcels, totaling 15,225 square feet, at 1200 NE 45th St. in Seattle’s U-District. Terms of the transaction were not released. Situated near the University of Washington campus and the U-District station on Sound Transit’s Link light rail system, the land is entitled for a 24-story, 237-unit multifamily property. The new light rail station, which opened in October 2021, is two stops from Capitol Hill and three stops from the Seattle central business district. By 2023, the rail station will also connect to the Eastside and downtown Bellevue. Kyle Yamamoto, Eli Hanacek, Jon Hallgrimson and Mark Zoffel of CBRE Capital Markets’ Seattle office brokered the transaction.
WHITE MARSH, MD. — Monarch Communities has unveiled plans for Monarch White Marsh, a 188-unit independent living, assisted living and memory care community in the Baltimore suburb of White Marsh. Construction is scheduled to begin this month on the $80 million project. The property is incorporated into a 113-acre, master-planned, mixed-use development known as Villages of White Marsh. The community will be connected to a 20-acre park via a walking bridge, providing access to 40 acres of open space and walking trails. Monarch will be the operator upon completion, which is slated for late 2023. Monarch Communities operates and develops senior living communities along the East Coast.
ATLANTA — Shadowbox Studios, a TV and movie studio operator formerly known as Blackhall Studios, is underway on expanding its studio campus in Atlanta from nine soundstages to 31. The 1.2 million-square-foot expansion project will grow the locally based company’s footprint to total 2 million square feet. The move follows a $500 million financing commitment from Silver Lake, a private equity investor with more than $88 billion in assets under management. Silver Lake will partner with existing investor Commonwealth Asset Management, which remains the majority shareholder of Shadowbox Studios. The capital injection will also be used to fund Shadowbox’s studio developments underway in London and Los Angeles. Deutsche Bank, EY and Sidley Austin represented Shadowbox in the financing transaction with Silver Lake. Farrer & Co. and King & Spalding also provided legal counsel. Latham & Watkins represented Silver Lake. The existing Atlanta studios for Shadowbox Studios served as filming locations for movies such as Jumanji: The Next Level, Jungle Cruise and Godzilla: King of the Monsters. The construction timeline for the expansion project was not disclosed.
DUNCAN, S.C. — SunCap Property Group has broken ground on Hillside 290, a 284,400-square-foot industrial facility within Hillside Industrial Park in Duncan. Situated along SC Highway 290 near I-85 and Inland Port Greer, the rear-load building will feature 62 dock doors, 315 car parking spaces and 59 trailer parking spaces. The property features spaces divisible to 70,000 square feet and can accommodate distribution, light manufacturing and automotive-related users. Garrett Scott, John Montgomery, Brockton Hall and Dillon Swayngim of Colliers will handle leasing at Hillside 290. SunCap has selected Hogan Construction Group to build the project. Details about the construction timeline were not disclosed.
MIAMI — JDS Development Group has received $86 million in acquisition and construction financing for 1 Southside Park, a 64-story mixed-use project in Miami’s Brickell neighborhood. Plans call for 1,175 apartment units, 190,000 square feet of office space, a 200-room hotel, 10,000 square feet of retail space and 1,400 parking spaces. The development will include the country’s first Treehouse Hotel, along with multiple food and beverage outlets and public spaces. As part of the Brickell Rapid Transit Zone, the project will enhance access to public transportation, provide direct connection to The Underline and reinvigorate Southside Park, according to JDS. The Underline is a 10-mile linear park, urban trail and public destination being built on land below Miami’s Metrorail that is opening in phases through 2025. Southside Park’s proposed design enhancements include an enclosed dog run, seating areas, water features, opportunities for public art, playgrounds, a new basketball court and space for active programming such as movie nights and community sports events. A Walker & Dunlop team led by Aaron Appel, Keith Kurland, Jonathan Schwartz and Adam Schwartz arranged the financing through Maxim Capital Group. An existing land acquisition loan was replaced with a bridge construction loan at a lower interest …
SAN DIEGO — Live Oak Bank and Locust Point Capital have provided a $28 million loan for the development of an 81-unit assisted living and memory care community in the Clairemont neighborhood of San Diego. The borrower is a partnership between RhodesMoore and Frontier Management. The urban infill development will consist of a 73,000-square-foot building and parking deck situated on 1.5 acres. Frontier will be the operator upon completion.
GOODYEAR, ARIZ. — Ironwood Cancer & Research Centers have unveiled plans to develop a healthcare facility in Goodyear. Situated on six acres at the northwest corner of 159th Avenue and McDowell Road, the facility will feature 28,634 square feet of space and offer oncology, CT and PET diagnostic imaging, radiation, chemotherapy and immunotherapy. A groundbreaking ceremony is scheduled for Sept. 20, 2022.
CHARLOTTE, N.C. — The Charlotte City Council has approved the proposed $275 million financing package for renovations to Spectrum Center, the home arena for the NBA franchise Charlotte Hornets. The city council voted 10-1 to approve the plan, which includes a $60 million budget to build a new basketball practice training facility that will be funded via new revenue generated from sponsorships and naming right agreements. Financing for the city’s role in the $215 million in renovations to Spectrum Center (approximately $173 million) will be sourced from rental car and hotel taxes. The plan also extends the team’s lease through 2045, an additional 15 years from its lease expiration in 2030. Located at 333 E. Trade St. in Uptown Charlotte, Spectrum Center opened in October 2005 and has a seating capacity exceeding 20,000. In addition to Hornets home games, the arena hosts concerts, collegiate sporting competitions, comedy shows and other events. The City of Charlotte owns the arena and Hornets Sports & Entertainment operates it. Details about specific renovations or a construction timeline have not been made public.
WASHINGTON, D.C. — J.P. Morgan Chase has provided a $75.6 million construction loan to Urban Atlantic and Triden Development Group for The Reynard, a 344-unit apartment development in Washington, D.C. The property will be part of The Parks at Walter Reed, a 66-acre redevelopment of the former Walter Reed Army Medical Center in northwest D.C. The project represents the eighth ground-up project at the mixed-use campus. Urban Atlantic and Triden, in partnership with an opportunity zone investment from CrossHarbor Capital Partners, will build the apartment building on a 2.3-acre site adjacent to the Whole Foods Market-anchored Parks Marketplace. Amenities at The Reynard will include coworking space, a fitness center, resort-style pool and a maker space with podcast studios. Unit types range from studios to three -bedrooms, including 11 live-work units with storefronts along Georgia Avenue and 26 income-restricted apartments reserved for households earning 80 percent or less of the area median income. Bozzuto will manage The Reynard upon completion, which is expected to be roughly 24 months following the ground breaking.
LAUREL, MD. — Catalyst Healthcare Real Estate and Bain Capital Real Estate have broken ground on a 60,000-square-foot medical office building in Laurel, a city about midway between Baltimore and Washington, D.C. The property will be connected to the University of Maryland Capital Region Health Hospital by an enclosed skyway and offer outpatient services, including family medicine, imaging, internal medicine, oncology, orthopedics, pharmacy, physical therapy, OB/GYN and dialysis. The building, which will feature about 3,000 square feet of commercial space, is the first phase of the master plan that will include the development of 11 healthcare buildings, as well as retail, restaurants and green space. Catalyst Healthcare and Bain Capital plan to open the property in summer 2023.