Development

Walker & Dunlop Arranges $134.6M Construction Loan for Philadelphia Multifamily Project

by Taylor Williams January 12, 2023

PHILADELPHIA — Walker & Dunlop has arranged a $134.6 million construction loan for Northern Liberties, 360-unit multifamily project that will be located at 200 Spring Garden St. in Philadelphia. The transit-served building will offer a pool, fitness center, coworking lounge, conference center and a party room, as well as 23,070 square feet of retail space. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Mo Beler of Walker & Dunlop arranged the loan through insurance company Ullico on behalf of the borrower and developer, a partnership between Kushner Real Estate Group and National Real Estate Advisors.

January 12, 2023

Development Florida Industrial Leasing Activity Southeast

Lumber Supplier Signs 75,000 SF Industrial Lease in Punta Gorda, Florida

by John Nelson January 12, 2023

PUNTA GORDA, FLA. — Dakota Premium Hardwoods, a hardwood lumber and cabinet product supplier based in Waco, Texas, has signed a 75,000-square-foot industrial lease at 9450 Piper Road in Punta Gorda. The tenant will occupy space within Florida Gulf Coast Logistics Center, a 378,000-square-foot speculative facility being developed within Enterprise Charlotte Airport Park. Dan Miller of Colliers represented the landlord, Equus Capital Partners Ltd., in the lease transaction. Rian Smith of CBRE represented the tenant. Dakota Premium Hardwoods expects to move into its new warehouse and distribution space in September, according to Colliers.

January 12, 2023

Arizona Development Multifamily Western

Thompson Thrift to Develop 252-Unit Maddox Apartment Community in Buckeye, Arizona

by Amy Works January 12, 2023

BUCKEYE, ARIZ. — Thompson Thrift has released plans for The Maddox, a multifamily property located in the Phoenix suburb of Buckeye. Construction started this month with completion slated for late 2024. Located at the intersection of West Yuma Road and South Waterson Road, The Maddox will consist of seven three-story buildings with 80 detached garages. The community will feature 252 apartments in one-, two- and three-bedroom layouts with quartz countertops, tile backsplashes, stainless steel appliances, designer fixtures and finishes, an Alexa-compatible smart hub to integrate all smart devices, smart thermostats, smart door locks, walk-in closets and full-size washers/dryers. Units are available with patio, balcony and private yard options. Onsite amenities will include a clubhouse, heated swimming pool, 24-hour fitness center, Amazon Package Hub, courtyards, grilling stations, outdoor game area, firepits with seating areas, dog park, pet spa with grooming station, and a pickleball court. The community is situated on 10.6 acres within walking distance of Buckeye’s core retail corridor, including Fry’s Signature grocery store, Walmart, Lowe’s Home Improvement Warehouse and multiple dining options.

January 12, 2023

Colorado Development Loans Multifamily Western

Trailbreak Partners Receives $24.3M Construction Loan for Multifamily Project in Denver

by Amy Works January 12, 2023

DENVER — Trailbreak Partners has received $24.3 million in construction financing for the development of 32nd and Eliot Apartments, a Class A multifamily community in Denver’s Highlands neighborhood. Located at 3245 N. Eliot St., the three-story 32nd and Eliot will feature 124 apartments in a mix of studio, one- and two-bedroom units averaging 647 square feet. Twelve of the units will be designated as affordable, reserved for residents earning up to 80 percent of area median income. Units will offer in-unit washers/dryers, balconies, large windows, stainless steel appliances, custom cabinetry, luxury vinyl plank flooring and walk-in closets. Community amenities will include a clubhouse, resort-style plunge pool, hot tub, courtyard, roof deck, remote working spaces, a fitness center and sub-grade parking garage. Rob Bova led the JLL Capital Markets team that secured the senior construction loan through FirstBank.

January 12, 2023

California Development Industrial Western

Phelan Plans 284,850 SF Elkhorn Industrial Park in Sacramento

by Amy Works January 12, 2023

SACRAMENTO, CALIF. — Phelan Development has released plans for Elkhorn Industrial Park, a two-building, 284,850-square-foot speculative industrial project within Metro Air Park in Sacramento. Located at 4525 W. Elkhorn Blvd. and 4535 W. Elkhorn Blvd, the park will feature a 190,525-square-foot building and a 94,325-square-foot building. Completion is slated for fall 2023. Mark Demetre and Michael Hoo of Colliers’ Sacramento office are handling leasing for the project.

January 12, 2023

Development Georgia Industrial Southeast Top Stories

South Korea’s Hanwha Solutions to Invest $2.5B in Solar Panel Supply Chain in Georgia

by Katie Sloan January 12, 2023

CARTERSVILLE, GA. — Hanwha Solutions, through its clean energy subsidiary Qcells, has announced plans to invest more than $2.5 billion to develop a complete solar energy supply chain across the northern part of the state of Georgia. According to the company, this will represent the largest investment ever in solar panel production in the U.S. and make Qcells the only company in the country with a complete and sustainable solar supply chain. Qcells plans to break ground on a state-of-the-art manufacturing facility in Cartersville, roughly 43 miles northwest of downtown Atlanta, by the end of March. The plant will manufacture solar ingots, wafers and cells — the elements that make up solar panels — as well as finished panels. That facility is scheduled for completion in late 2024. The company also plans to expand solar panel production at its existing facility in Dalton, approximately 45 miles north of Cartersville, which opened in 2019. The company will hire an additional 535 employees at that facility. “As demand for clean energy continues to grow nationally, we’re ready to put thousands of people to work creating fully American-made and sustainable solar solutions, from raw material to finished panels,” says Justin Lee, CEO of Qcells. …

January 12, 2023

Development Loans Midwest Multifamily Wisconsin

JLL Capital Markets Secures $73.8M in Construction Financing for Multifamily Project in Madison, Wisconsin

by Jeff Shaw January 11, 2023

MADISON, WIS. — JLL Capital Markets has secured $73.8 million in construction financing for the development of Baker’s Place, a 206-unit, mass-timber apartment project in Madison. The financing included a $21.2 mezzanine debt investment from Pearlmark Mezzanine Realty Partners V LP, and a senior loan provided by Bank OZK. Mike Brady and Phil Galligan of JLL represented the borrowers, Wisconsin-based developers The Neutral Project and Compass Properties, as advisors in the project capitalization. Mark Witt of Pearlmark arranged the mezzanine financing. Upon completion, the property will comprise 14 stories, including 8,400 square feet of retail space. Plans for the development include green roofs, exposed mass timber, enhanced ventilation and natural materials, which are estimated to reduce carbon emissions by 42 percent relative to conventional construction techniques. Completion is scheduled for March of 2025.

January 11, 2023

Development Hospitality Texas

LNR Partners Completes Renovation of 284-Room Hilton-Branded Hotel in Houston

by Taylor Williams January 11, 2023

HOUSTON — Florida-based investment firm LNR Partners has completed the renovation of The Chifley, a 284-room hotel in Uptown Houston that is part of the Tapestry Collection by Hilton family of brands. In addition to upgraded guestrooms, common areas and amenity spaces, the hotel now houses a new food-and-beverage concept called Rouse. Additional amenities include a 24-hour fitness center, outdoor pool and 8,000 square feet of meeting and event space. LNR Partners purchased the hotel in 2021, at which time it was operating under the Sheraton flag. Florida-based Driftwood Hospitality Management now oversees the hotel’s day-to-day operations.

January 11, 2023

Development Multifamily North Carolina Southeast

Alliance Residential to Develop 302-Unit Apartment Community in Charlotte

by John Nelson January 11, 2023

CHARLOTTE, N.C. — Alliance Residential Co. has purchased a 3.5-acre site at 120 Matheson Ave. in Charlotte’s NoDa neighborhood with plans to develop a 302-unit apartment community. Dubbed Prose NoDa, the community will feature one- and two-bedroom apartments ranging in size from 663 to 1,058 square feet. The first units are expected to be available for occupancy in the fall of 2024. Amenities will include a resort-style pool, outdoor kitchen, grilling areas, access-controlled garage parking, dog park, private coworking offices, fitness center and a clubroom. The design-build team includes architect Cline Design and civil engineer McAdams. Prose NoDa is Alliance Residential’s sixth active project underway in the Charlotte area.

January 11, 2023

Development Healthcare Mississippi Southeast

Newmark Arranges $30M Construction Loan for Medical Office Development in Madison, Mississippi

by John Nelson January 11, 2023

MADISON, MISS. — Newmark has arranged a $30 million construction loan for a new four-story, approximately 99,000-square-foot medical office building development in Madison, about 15 miles north of Jackson, Miss. Jay Miele, John Nero, Ben Appel and Michael Greeley of Newmark’s Healthcare Capital Markets group placed the loan through a regional bank on behalf of the borrower, Boldt Healthcare Real Estate Development. Adam Goss and Ron Ott of Newmark provided transactional support. The healthcare facility will be located on Baptist Memorial Health Care Corp.’s medical campus and is anticipated to be completed in the first quarter of 2024.

January 11, 2023

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