Development

Breakthrough Properties Receives $130M Construction Loan for Philadelphia Life Sciences Project

by Taylor Williams May 8, 2023

PHILADELPHIA — Breakthrough Properties, which is a joint venture between New York City-based Tishman Speyer and biotechnology investment firm Bellco Capital, has received a $130 million construction loan for a life sciences project in Philadelphia. The site at 2300 Market St. in the Center City District is adjacent to both the University of Pennsylvania and Drexel University and will house an eight-story, 223,000-square-foot building. Amenities will include a café and lounge, fitness center and elevated terraces. D2 Capital Advisors arranged the loan through Corebridge Financial on behalf of Breakthrough Properties. Construction of the building shell is expected to be complete by next summer, at which point tenant build-outs will commence.

May 8, 2023

Affordable Housing Development Multifamily New York Northeast

Durst Organization Completes 163-Unit Affordable Housing Project in Queens

by Taylor Williams May 8, 2023

NEW YORK CITY — The Durst Organization has completed a 163-unit affordable housing project at 3-24 27th Ave. in the Astoria neighborhood of Queens. Designed by Dattner Architects, the building rises 14 stories and offers a fitness center, tenant lounge and onsite laundry facilities. Rents start at $665 per month for a one-bedroom unit. According to 6sqft.com, that figure reflects an income restriction level of 40 and 60 percent of the area median income.

May 8, 2023

Development Loans Multifamily New York Northeast Top Stories

Affinius Capital Provides $110M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams May 8, 2023

NEW YORK CITY — Affinius Capital, which is a partnership between USAA Real Estate and Square Mile Capital Management, has provided a $110 million construction loan for a 193-unit multifamily project in Brooklyn. The transit-served site spans a full city block along Fourth Avenue between Union and Sackett streets where the borough’s Park Slope and Gowanus neighborhoods converge. The borrower and developer, a partnership between New York City-based firms Gindi Capital and Avery Hall Investments, acquired the site in 2019. The building will rise 13 stories and house 14,000 square feet of retail and restaurant space. An undisclosed number of units will be reserved as affordable housing. Information on floor plans was also not disclosed. Amenities will include a rooftop lounge and pool, coworking space, children’s playroom, fitness center, pet washing station, tenant storage and a bike room. Christopher Peck and Peter Rotchford of JLL arranged the financing. Specific loan terms were not disclosed. Sitework on the project began in 2022, and full completion is scheduled for some time in 2024. “By creating high-quality housing at a range of income levels with a full suite of amenities in one of the most exciting parts of Brooklyn, our project will transform …

May 8, 2023

Development Industrial Southeast Tennessee

Griffin Partners Underway on 2 MSF Industrial Project in Metro Nashville

by John Nelson May 5, 2023

LEBANON, TENN. — Texas-based Griffin Partners is underway on the development of a 2 million-square-foot industrial project in Lebanon, roughly 30 miles east of Nashville. Dubbed Earhart Industrial Park, the property will comprise two large speculative warehouses. The first warehouse will total 863,573 square feet and feature 367 car parking spaces and 196 trailer parking spaces. Totaling nearly 1.2 million square feet, the second building will include 448 car parking spaces and 284 trailer spaces. Both warehouses will have depths of 640 feet and clear heights of 40 feet. Melissa Alexander, W.B. Scoggin, Casey Flannery and Warren Snowdon of Foundry Commercial’s Industrial Services team will handle leasing at the development, which is scheduled for delivery in the third quarter of 2024.

May 5, 2023

Development Industrial Texas

IDI Logistics Breaks Ground on 465,786 SF Spec Industrial Project in Round Rock, Texas

by Taylor Williams May 5, 2023

ROUND ROCK, TEXAS — Developer IDI Logistics has broken ground on Sunrise Commerce Center, a 465,786-square-foot speculative industrial project in the northern Austin suburb of Round Rock. The development will consist of five buildings that will be constructed in phases on a 37-acre site. Phase I will feature three rear-load buildings that will range in size from 59,274 to 175,170 square feet and are expected to be complete before the end of the year. Other project partners include 5G Studio Collaborative, Pacheco Koch (civil engineer), Adolfson & Peterson Construction and Stream Realty Partners (leasing agent).

May 5, 2023

Development Loans Multifamily New York Northeast

JLL Arranges $350M in Construction Debt, Equity for Queens Multifamily Project

by Taylor Williams May 5, 2023

NEW YORK CITY — JLL has arranged a total of $350 million in construction debt and joint venture equity for The Italic, a 363-unit multifamily project that will be located in the Long Island City area of Queens. The Italic will house 254 market-rate units and 109 affordable housing units, as well as 10,000 square feet of retail and restaurant space. Residences will come in studio, one- and two-bedroom floor plans and have an average size of 770 square feet. Amenities will include a fitness center, basketball court, resident lounge, coworking space, rooftop terrace and a golf simulator. Christopher Peck, Alex Staikos, Rob Hinckley, Steven Rutman and Nicco Lupo of JLL placed the debt through an undisclosed lender and structured the joint venture between the locally based developer, Fetner Properties, and its partner, The Lions Group. A tentative completion date was not disclosed.

May 5, 2023

Hackensack-Meridian-Health-Ambulatory-Care-Center

Development Healthcare New Jersey Northeast

Prism Capital Partners Breaks Ground on 80,000 SF Healthcare Project in Clifton, New Jersey

by Taylor Williams May 5, 2023

CLIFTON, N.J. — New Jersey-based Prism Capital Partners has broken ground on Hackensack Meridian Health Ambulatory Care Center, an 80,000-square-foot healthcare project in Clifton, about 20 miles west of New York City. Gensler designed the four-story building, which will be located at the corner of Metro Boulevard and Route 3 on Prism’s ON3 healthcare and life sciences campus. The facility will include a surgical center, multiple specialty practice areas and a 400-space parking garage. Completion is slated for the third quarter of 2024.

May 5, 2023

Arizona Development Multifamily Western

Related Group Nears Completion of Town Deer Valley Apartments in Phoenix

by John Nelson May 5, 2023

PHOENIX — Related Group is developing Town Deer Valley, a 388-unit apartment community in Phoenix. The complex has been developed in five phases on a 20-acre site. A completion date has not been disclosed, but the project’s general contractor, locally based construction management firm GCON Inc., estimates that it is currently 80 percent complete with the overall development. Town Deer Valley will total 442,000 square feet across 19 buildings upon completion. Designed by Todd & Associates Architects, the property’s community amenities will include two pools with cabanas, a golf putting green, pet spa, children’s playground and a clubhouse with coworking space, a fitness center and an arts and crafts room.

May 5, 2023

California Development Leasing Activity Retail Western

Nordstrom Rack to Open Five New Stores in California

by John Nelson May 5, 2023

SEATTLE — Nordstrom Inc. has announced plans to open five new Nordstrom Rack stores in California. Scheduled to open in 2024 and 2025, the stores will be located in Davis, Elk Grove, Gilroy, Oceanside and San Mateo. Both the Davis and Gilroy stores will comprise 25,000 square feet, with the Oceanside and San Mateo stores totaling 31,000 and 36,000 square feet, respectively. Each of the stores will be situated within shopping centers, with the new locations bringing the total count of Nordstrom Rack stores to 68.

May 5, 2023

California Development Seniors Housing Western

Clearwater Living to Open 101-Unit Seniors Housing Community in Newport Beach, California

by John Nelson May 5, 2023

NEWPORT BEACH, CALIF. — Clearwater Living has opened an information center at Clearwater Newport Beach, a 101-unit luxury assisted living and memory care community underway in Newport Beach, a coastal city south of Los Angeles. Clearwater expects to welcome new residents in early 2024. Clearwater Newport Beach will offer 70 assisted living and 31 memory care apartments in a variety of finishes and floor plans, including studio, one- and two-bedroom options. Clearwater Newport Beach will be the company’s 11th community in California, Nevada and Arizona, with additional developments in the pipeline.

May 5, 2023

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