Development

Summit Design + Build Breaks Ground on New Multifamily Project Near Charlotte

by John Nelson May 10, 2022

KANNAPOLIS, N.C. – Chicago-based general contractor Summit Design + Build has kicked off construction on Stadium Lofts South, a 69,000-square-foot multifamily project in the Charlotte suburb of Kannapolis. Once complete, the project will overlook the baseball stadium of the Kannapolis Cannon Ballers, a Minor League Baseball team and Class A affiliate of the Chicago White Sox. The seven-story building will have two floors of retail/office space and five floors of apartments totaling 43 units. The building will feature a lobby, fitness center, club room, balconies and a parking garage. The project is expected to wrap up in spring 2023. The project team includes developer Lansing Melbourne Group and architect Built Form. Stadium Lofts South marks the first construction project for Summit Design + Build in North Carolina.

May 10, 2022

Development Multifamily New Jersey Northeast

BNE Real Estate Begins Leasing 99-Unit Apartment Complex in Fairfield, New Jersey

by Taylor Williams May 10, 2022

FAIRFIELD, N.J. — BNE Real Estate has begun leasing The Kingsley, a 99-unit apartment complex in the Northern New Jersey community of Fairfield. Designed by Minno & Wasko Architects & Planners, the property features one- and two-bedroom units with stainless steel appliances, quartz countertops, tile backsplashes and individual washers and dryers. Private balconies and patios are available in select residences. Amenities include a pool, game room and a card room, as well as indoor and outdoor lounges, Amazon package lockers and a fitness center. Rents start at roughly $2,300 per month for a one-bedroom unit.

May 10, 2022

Development Industrial Midwest Ohio

SEMCORP to Invest $916M for Manufacturing Facility in Sidney, Ohio

by Kristin Harlow May 10, 2022

SIDNEY, OHIO — SEMCORP Advanced Materials Group has unveiled plans to invest $916 million for a new manufacturing facility in Sidney, about 35 miles north of Dayton. The facility, which is expected to create nearly 1,200 jobs, will be utilized to make separator film, a key component in batteries for electric vehicles. SEMCORP’s products will be used by electric vehicle battery makers across North America. The Sidney project will be located at Sidney Ohio Industrial Park and will span 850,000 square feet. A timeline for completion was not released. The City of Sidney provided incentives for the project, but specific details were not provided. According to a news release, China-based SEMCORP is currently the largest lithium-ion battery separator film producer in the world with six manufacturing facilities.

May 10, 2022

California Development Industrial Life Sciences Loans Western

JLL Arranges $27.4M in Financing to Convert Industrial Building to Life Sciences Space in Vista, California

by Amy Works May 10, 2022

VISTA, CALIF. — JLL Capital Markets has secured $27.4 million in financing for the acquisition and repositioning of 2065 Thibodo Road, an industrial property in Vista. The borrower is a joint venture between Lincoln Property Co. and Angelo Gordon. The new owner plans to convert the existing 76,872-square-foot property, which is situated on 4.1. acres, into manufacturing space that meets Current Good Manufacturing Practices for life sciences users. The property features 149 parking stalls, five grade-level doors, 28-foot clear heights and 8,000 amps of power. Aldon Cole, Jordan Angel, Daniel Pinus and Auden Menke of JLL Capital Markets arranged the three-year, floating-rate loan through Citizens. Additionally, Joe Anderson of JLL brokered the sale from the previous owner and currently represents the borrower in its efforts to lease the building.

May 10, 2022

Development Hospitality Loans Multifamily New York Northeast Top Stories

Parkview Financial Provides $207M Loan for Acquisition, Redevelopment of Former Hudson Hotel in New York City

by Katie Sloan May 10, 2022

NEW YORK CITY — Parkview Financial has provided $207 million in financing for the acquisition and redevelopment of the former Hudson Hotel in Manhattan’s Clinton neighborhood. Located at 353-366 West 58th St., the 24-story hotel was most recently operated by Cain International until shuttering in 2020 under strain from the COVID-19 pandemic. The undisclosed borrower plans to convert the 385,124-square-foot property into a 438-unit residential tower. Units will feature eight-foot to 10-foot ceilings, hardwood floors, stainless steel appliances, quartz countertops and washers and dryers. The building will also offer 30,000 square feet of retail and 25,000 square feet of office space. The new ownership plans to market the units at a 20 percent discount to rates seen at other properties in the surrounding area in hopes of attracting young professionals, students and small families to the property, according to Paul Rahimian, CEO and founder of Parkview. The redevelopment is scheduled for completion in early 2023. The building was originally constructed in 1929 to act as the American Women’s Association clubhouse and residence for young women before being converted into the Henry Hudson Hotel in 1941. The property is located one block west of Columbus Circle near Billionaires’ Row. Parkview Financial provided the financing in conjunction with Montgomery Street Partners. …

May 10, 2022

Development Florida Loans Multifamily Southeast

J.P. Morgan Provides $96.4M Construction Loan for Apartment Tower in Downtown West Palm Beach

by John Nelson May 9, 2022

WEST PALM BEACH, FLA. — J.P. Morgan has provided a $96.4 million construction loan for the development of a 22-story apartment tower in downtown West Palm Beach. The borrower is a joint venture between the developer, Hyperion, and affiliates of Starwood Capital Group and Winter Properties. Located at 201 Clearwater Drive, the unnamed tower will include 457 apartments, 7,000 square feet of ground-floor retail space, a 628-space parking garage and more than 34,000 square feet of indoor and outdoor amenities. Hyperion is expected to begin construction soon, and the development is slated to be open to renters in early 2024.

May 9, 2022

Development Multifamily Texas

Realty Capital to Develop 200-Unit Apartment Complex in Flower Mound, Texas

by Taylor Williams May 9, 2022

FLOWER MOUND, TEXAS — Realty Capital will develop Terranea at Lake Grapevine, a 200-unit apartment complex in Flower Mound, located in the northern central part of the metroplex. Designed by Merriman Anderson Architects, Terranea at Lake Grapevine will rise 16 stories and include townhouses, penthouses and retail space in addition to traditional rental units. Amenities will include a pool deck overlooking Lake Grapevine, a fitness center, golf simulator, game room, bar, dog wash, storage and outdoor gathering spaces. Construction is slated to begin this summer and to be complete in 2024.

May 9, 2022

Development Industrial Texas

Avera Cos. Breaks Ground on 120,022 SF Industrial Project in North Houston

by Taylor Williams May 9, 2022

HOUSTON — Locally based developer Avera Cos. has broken ground on a 120,022-square-foot industrial project that will be located on an 8.2-acre site in north Houston. The building will be the fourth within Avera’s Century Plaza Distribution Center and will feature 32-foot clear heights, 195-foot truck court depths and an ESFR sprinkler system. Construction is scheduled for a second-quarter 2023 completion. CBRE will lease the building.

May 9, 2022

Development Multifamily New York Northeast

Eliviat Group to Develop 224-Unit Multifamily Project in Wallkill, New York

by Taylor Williams May 9, 2022

WALLKILL, N.Y. — Long Island-based developer Eliviat Group, in partnership with Pyramid Management Group, will develop The Galleria Residences, a 224-unit multifamily project that will be located about 80 miles north of Manhattan in Wallkill. The site spans five acres and sits directly across from the Galleria Mall at Crystal Run. CT Male & Associates is designing the community, which will feature 122 one-bedroom units, 96 two-bedroom residences and six three-bedroom units. Amenities will include a rooftop lounge, dog park and office-style conference rooms. Construction is scheduled to begin in September and to be complete in June 2024.

May 9, 2022

Development Industrial New Jersey Northeast

Elberon Completes 140,000 SF Cold Storage Facility in Elizabeth, New Jersey

by Taylor Williams May 9, 2022

ELIZABETH, N.J. — Elberon Development Group has completed a 140,000-square-foot cold storage facility in the Northern New Jersey city of Elizabeth that is a build-to-suit for New Jersey-based FreezPak Logistics. The facility features clear heights of 66 to 80 feet, 18 loading docks and 30,000 pallet positions. Trailer parking is available both on site and across the street. California-based Ware Malcomb designed the project, with Industrial Building Group serving as the general contractor.

May 9, 2022

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