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Shelby-Ranch-Austin
DevelopmentMultifamilyTexas

United Properties Breaks Ground on 302-Unit Shelby Ranch Apartments in South Austin

by Taylor Williams

AUSTIN, TEXAS — Minneapolis-based developer United Properties has broken ground on Shelby Ranch, a 302-unit apartment community that will be located in South Austin. The project will comprise two four-story buildings on an eight-acre site at 2212 Lynbrook Drive. Units will come in studio, one-, two- and three-bedroom floor plans and will feature stainless steel appliances, quartz countertops and private patios/balconies. Amenities will include a pool, resident garden, arts and crafts studio, fitness center, coworking lounge and a dog park. Belshaw Mulholland Architects designed Shelby Ranch, which is slated for a late 2024 completion.

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DevelopmentIllinoisIndustrialMidwestOffice

Skender Breaks Ground on 37,000 SF Expansion for Greater Chicago Food Depository

by Kristin Harlow

CHICAGO — Skender has broken ground on a 37,000-square-foot expansion of the Greater Chicago Food Depository. The food bank on Chicago’s Southwest Side provides food for families and individuals at risk of food insecurity. The new structure at 4100 W. Ann Lurie Place will add onto the food bank’s existing two-story warehouse and office. Plans call for a commercial kitchen for meal preparation and packaging as well as a demonstration kitchen for nutrition education. The Greater Chicago Food Depository aims to produce and distribute 2.5 million prepared meals annually to community members. Completion is slated for early 2024. Partners by Design is the project architect. This latest expansion as well as renovations that were completed in 2019 are phases of the Nourish Project, which was driven by a $75 million capital campaign.  

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DevelopmentMichiganMidwestMultifamilySeniors Housing

KIRCO Opens 148-Unit Senior Living Community in Metro Detroit

by Kristin Harlow

CLARKSTON, MICH. — KIRCO has completed its first senior living community in Michigan, Monark Grove Clarkston. The 189,000-square-foot community is located on 17 acres in Clarkston, approximately 35 miles northwest of downtown Detroit. Beztak operates the property, which features 77 independent living units, 49 assisted living units and 22 memory care units. KIRCO was the developer and KIRCO MANIX was the builder on the project.

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Palladium-Dallas-Stemmons
Affordable HousingDevelopmentMultifamilyTexas

Palladium Completes 87-Unit Mixed-Income Residential Project in Northwest Dallas

by Taylor Williams

DALLAS — Locally based affordable housing developer and operator Palladium USA has completed Palladium Dallas Stemmons, an 87-unit mixed-income property located at 2440 Southwell Road on the northwest side of the city. The affordable housing units are reserved for renters earning between 30 and 60 percent of the area median income. Amenities include a pool, dog park, hiking trails, conference room, computer lab, kid’s playroom and a fitness center. HEDK designed the project.

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The-Marek-at-Lebanon-New-Hampshire
DevelopmentLoansMultifamilyNew HampshireNortheast

Colliers Arranges $79.7M in Debt, Equity for Multifamily Project in Lebanon, New Hampshire

by Taylor Williams

LEBANON, N.H. — Colliers has arranged $79.9 million in construction debt and joint venture equity for The Marek at Lebanon, a 250-unit multifamily project that will be located near the Vermont-New Hampshire border. The property will comprise two residential buildings housing one- and two-bedroom units that will be connected by a 10,000-square-foot amenity building, all on a 17.7-acre site. The general contractor is DEW Construction Corp., with design by Market Square Architects and engineering by VHB Inc. A syndicate led by Brookline Bank provided the fixed-rate senior construction loan to the borrower, Massachusetts-based Saxon Partners. Jeff Black, Kevin Phelan, Sean Burke and Bryan Koop of Colliers placed the debt and arranged the joint venture equity partnership with Tritower Financial Group.

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DevelopmentIndustrialNew HampshireNortheast

Realterm, MHT Complete 65,000 SF Air Cargo Facility in Manchester, New Hampshire

by Taylor Williams

MANCHESTER, N.H. — Maryland-based development and investment firm Realterm and the Manchester-Boston Regional Airport (MHT) have completed a 65,000-square-foot, multi-tenant air cargo facility in Manchester, located in the southern part of the Granite State. Amazon Air has launched daily cargo service at the facility, which features three aircraft parking positions with the option to expand to a fourth.

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CaliforniaDevelopmentIndustrialWestern

Westport Properties Plans 99,910 SF Industrial Facility in Perris, California

by Amy Works

PERRIS, CALIF. — Westport Properties has released plans for a Class A industrial building at the corner of Ramona Expressway and Brennan Avenue in Perris. The company acquired the land in September 2022. Construction for the single-tenant, 99,910-square-foot facility is slated to begin in third-quarter 2023. The building will feature 36-foot clear heights, secured truck court, ESFR sprinklers, 11 dock doors and 6,000 square feet of office space. Completion is scheduled for third-quarter 2024. Alex Smith and Herrick Johnson of Lee & Associates are handling leasing for the property.

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DevelopmentHealthcareLoansNorth CarolinaSoutheastTop Stories

Gantry Arranges $180M in Construction Financing for VA Medical Clinic Near Raleigh

by Jeff Shaw

GARNER, N.C. — Gantry has arranged $180 million in construction financing for the development of a 250,000-square-foot medical office facility in Garner, a suburb just south of Raleigh. The U.S. Department of Veterans Affairs (VA) has fully pre-leased the property as a community-based outpatient clinic (CBOC) in a long-term agreement. Construction at the 17-acre site is scheduled to begin early next year. Gantry’s George Mitsanas, Peter Hillakas and Austin Ridge secured the construction-to-permanent loan on behalf of a private real estate investment company. One of Gantry’s correspondent life company lenders provided the 22-year loan, which features a fixed rate for the entirety of the loan. The rate was locked earlier this year at time of application. Gantry will act as the loan servicer throughout the loan term. The loan is the fifth in a series of financings this year that Gantry secured on behalf of a sponsor specializing in the construction of VA medical centers, with new loans totaling nearly $500 million in 2022. During the past three years, Gantry has completed over $1.1 billion of project financings for VA medical facilities with various borrowers. “The VA facilities program is part of a strategic effort to expand access to and …

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DevelopmentIndustrialTexas

Joint Venture to Develop 1.7 MSF Industrial Park in Austin

by Taylor Williams

AUSTIN, TEXAS — A joint venture between Houston-based Hines and New York-based investment firm Galesi Group will develop a 1.7 million-square-foot industrial park in northeast Austin. The site at the corner of Harris Branch Parkway and Parmer Lane spans 150 acres. Powers Brown Architecture is designing the project, the first phase of which will consist of three buildings totaling 315,000 square feet. A construction timeline was not disclosed.

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DevelopmentFloridaIndustrialSoutheast

Onicx, Aries Capital to Build 1 MSF Industrial Park in Edgewater, Florida

by John Nelson

EDGEWATER, FLA. — Tampa-based Onicx Group has acquired 83 acres of industrial land in Edgewater in a joint venture with Aries Capital. The companies, which acquired the site for $4.2 million, will develop a 1 million-square-foot industrial park called Space Coast Industrial Park at Parktowne. Groundbreaking for the development is expected in January 2023. Phase I will include the construction of two buildings comprising 133,500 and 176,000 square feet, for a total 309,500 square feet. Completion of the first phase is anticipated for the first quarter of 2025. Orlando-based C4 Architecture will serve as the project’s architect. Scott Claiborne of Onicx led the site identification and development approval process, with Neil Freeman, Matt Carney and Brandon Perdeck of Aries overseeing the land acquisition and transaction structure and financing.

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