Development

KeyBank Provides $49.3M Construction Loan for Affordable Seniors Housing Property in San Ysidro, California

by Amy Works September 21, 2022

SAN YSIDRO, CALIF. — KeyBank Community Development Lending and Investment has provided $49.3 million in construction financing to 4132 Beyer L.P., a collaboration between nonprofit affordable housing Metropolitan Area Committee on Anti-Poverty of San Diego County and Riverside-based Kingdom Development. The partnership will use the funds to develop Ventana al Sur, an affordable seniors housing community in San Ysidro, just across the Mexican border from Tijuana. Ventana al Sur will include 100 one- and two-bedroom apartments for seniors, as well as a manager unit. The units will include roll-in showers, balconies, appliances, heating and air conditioning. The property will offer three laundry rooms, two elevators, secure parking and a rooftop terrace. The units will be restricted to seniors 62 and older making 20 percent to 50 percent of area median income, with 25 units for seniors experiencing chronic homelessness, supported by vouchers from San Diego Commission. Matthew Haas and Keven Ruf of KeyBank arranged the financing for the borrower. In addition to the funds from KeyBank, the project received $4.4 million from San Diego Housing Commission, $5 million from San Diego Economic Development, $20 million from California State Multifamily Housing Program and $30.4 million from California Housing Accelerator funds as …

September 21, 2022

Development Massachusetts Mixed-Use Northeast Top Stories

Construction Begins on 51-Story Redevelopment of Boston’s South Station Transit Hub

by Kristin Harlow September 21, 2022

BOSTON — Work has started on the expansion and improvement of the Governor Michael S. Dukakis Transportation Center at South Station in Boston. Designed by Pelli Clarke & Partners, the capstone of the project will be a 1 million-square-foot building that will rise 51 stories and offer a mix of office and multifamily uses. Construction is being privately funded. Currently, the South Station train station and bus terminal are two separate buildings, making connections between them difficult and inconvenient, according to Hines, which is leading the development. The project will allow for convenient transfers between all modes of transit, with direct connections between the rail and bus terminals. The new outdoor concourse area will increase in size by 67 percent for an improved experience for passengers and people passing through the station. The new bus terminal will increase capacity by more than 50 percent. Along with creating a new public space at the train station concourse, the project will also improve the streetscape along Atlantic Avenue with new sidewalks, granite curbs, streetlights, greenery and street furniture. “This transportation center will embody what we want people to feel about our city when they first set foot here and what the ethos …

September 21, 2022

Development Florida Industrial Southeast

BG Capital, FreezPak Logistics to Build $120M Cold Storage Facility in Jacksonville

by John Nelson September 20, 2022

JACKSONVILLE, FLA. — Philadelphia-based BG Capital and New Jersey-based FreezPak Logistics have purchased a 20.5-acre development site at 8730 Somers Road in Jacksonville for $11.2 million. The duo plan to develop an approximately $120 million cold storage facility spanning 272,400 square feet at the site, which is located near JaxPort’s Talleyrand and Dames Point terminals. The property, dubbed FreezPak Jacksonville, will feature 34 loading docks, 132 trailer parking stalls, 90 container plug-ins and 194 car parking spots. The facility will offer 56,000 pallet positions in the freezer space spanning 211,517 square feet and the cooler dock spanning 40,480 square feet. Users will have access to blast freezing, cross-docking, transportation, repacking, overseas container plug-in and USDA and FDA compliance at the facility, as well as a fleet of 42 robots installed by FreezPak’s robotic division. BG Capital and FreezPak plan to break ground on the Jacksonville project in the first quarter of 2023 and deliver in first-quarter 2024. FreezPak has another Florida development in the works, FreezPak Miami, which is set to open in December. BG Capital has partnered with FreezPak Logistics to build and own more than $3 billion of cold storage projects in seaport markets around the country. The …

September 20, 2022

Development District of Columbia Multifamily Southeast

Partnership to Develop 10-Story Residential Building Near Howard University in D.C.

by John Nelson September 20, 2022

WASHINGTON, D.C. — A partnership between Lowe, FLGA and Davenport Group has secured a 99-year ground lease from Howard University to construct a new residential tower on two sites in Washington, D.C.’s Shaw neighborhood currently being used as student parking lots. The 1.9-acre assemblage at 2251 Sherman Ave. and 2047 9th St. NW will be converted into a 525,000-square-foot, 10-story tower housing up to 500 residences, 27,000 square feet of commercial space and an underground parking garage. The partnership is undertaking the development with USAA Real Estate. JLL arranged an undisclosed amount of bridge financing for the land transaction through Eagle Bank. Construction is anticipated to commence in fall 2023. The project is the latest transaction by Howard University to densify its campus while maintaining long-term control of its real estate. Plans for the new housing include units ranging from studios to larger two-bedroom with den floor plans. Approximately 40 units will be designated as affordable housing, with the potential to increase that number to 60 units. Planned amenities include a club room, fitness center and rooftop patio and pool. The unnamed project is also set to include a 25-foot-wide public plaza fronting the future extension of W Street that …

September 20, 2022

Development Georgia Industrial Southeast

OA Development Breaks Ground on 1 MSF Industrial Park Near Atlanta Airport

by John Nelson September 20, 2022

ATLANTA — Locally based OA Development has broken ground on Victory Landing Logistics Center, a nearly 1 million-square-foot industrial park located adjacent to I-285 near Hartsfield-Jackson Atlanta International Airport. The developer expects to deliver the first phase, comprising five buildings totaling 700,000 square feet, next summer. Along with planned road improvements, the project represents $83 million in total investment. Roughly 30 percent of the site is designated green space and wetlands, according to OA Development. In addition to OA Development, the project team includes general contractor The Conlan Co. and Roswell, Ga.-based architectural firm Randall-Paulson Architects. Pat Murphy of Cushman & Wakefield is leasing the development.

September 20, 2022

Development Florida Southeast Student Housing

Lynn University, Capstone Development Complete $40.5M Residence Hall Project in Boca Raton

by John Nelson September 20, 2022

BOCA RATON, FLA. — A public-private partnership between Lynn University and Capstone Development Partners has opened Capstone Apartments, a $40.5 million residence hall located on the university’s campus in Boca Raton. The 112,369-square-foot community offers 342 beds in studio, two- and four-bedroom configurations for upperclassmen and graduate students. Shared amenities include a community kitchen, entertainment lounge, flexible workspace, multi-purpose room, study lounges and laundry facilities on each floor. The development was designed to achieve LEED Silver certification with sustainable elements including the use of locally sourced materials, solar sunshades, low-E glazing, high socially responsible investment (SRI) roof materials, low-flow fixtures, a high-efficiency HVAC system and LED lighting. Capstone Management Partners manages the facility, while the university provides resident life services, support, IT and campus safety services. Gerrits Construction, Design Collective, Donahue Architecture and Design and Provident Resources Group were part of the project’s design-build team.

September 20, 2022

Development Multifamily Texas

GenCap Partners Underway on 586-Unit Multifamily Project in Manor, Texas

by Taylor Williams September 20, 2022

MANOR, TEXAS — Developer GenCap Partners is underway on construction of The Park at Manor Crossing, a 586-unit multifamily project that will be located in the eastern Austin suburb of Manor. The community will be developed in two phases, with Phase I comprising 301 units and slated for a fourth-quarter completion. The second phase will deliver 285 units, with construction scheduled to commence in late 2024 and move-ins to begin in 2026. Residences will feature one-, two- and three-bedroom floor plans and will be furnished with stainless steel appliances, quartz countertops, tile backsplashes and individual washers and dryers. Amenities will include a pool, grilling areas, fitness center, dog park, clubhouse, coworking lounge and a package locker system.

September 20, 2022

Arizona Development Industrial Loans Western

JLL Arranges $99M Construction Loan for Five-Building Sossaman Park Industrial Project in Mesa, Arizona

by Amy Works September 20, 2022

MESA, ARIZ. — JLL Capital Markets has arranged $99 million in construction financing for the Phase I development of Sossaman Park 202, a five-building industrial project in Mesa. Totaling 828,718 square feet, the first phase will include a mix of light industrial, warehousing and distribution buildings ranging in size from 130,318 square feet to 198,782 square feet. Each of the buildings will offer two grade-level doors, between 25 to 41 dock-high doors, 50-foot by 52-foot column spacing and 32-foot clear heights throughout. Sossaman Park will be built in two phases with the second phase expected to include three additional buildings that will collectively total 722,000 square feet. A portion of the loan proceeds were used to fund the sponsor’s acquisition of the Phase II land site. The development is located on 108.9 acres at the southwest corner of Sossaman and Warner roads in the Chandler North/Gilbert submarket. Jeff Sause, Todd Sugimoto, Wyatt Strahan and Jason Carlos of JLL Capital Markets arranged a four-year, floating-rate loan for the borrower, a joint venture led by Contour. Pacific Western Bank provided the loan.

September 20, 2022

Development Loans Massachusetts Multifamily Northeast

Ullico Provides $150M Construction Loan for Metro Boston Multifamily Project

by Taylor Williams September 20, 2022

REVERE, MASS. — Ullico, a Washington, D.C.-based insurance company, has provided a $150 million construction loan for Amaya, a 475-unit multifamily project that will be located in the northeastern Boston suburb of Revere. Designed by ICON Architecture, the project is part of the 16.2 million-square-foot redevelopment of the former Suffolk Downs racetrack and will house 24,000 square feet of ground-floor retail space. Amenities will include a pool, landscaped courtyards, an outdoor kitchen with grilling stations, fitness center and a game room with an arcade. Completion is slated for the second quarter of 2024. The borrower was a partnership between National Real Estate Advisors, Cathexis and The HYM Investment Group.

September 20, 2022

Development Industrial Northeast Pennsylvania

Endurance Completes 251,200 SF Industrial Project in Middletown, Pennsylvania

by Taylor Williams September 20, 2022

MIDDLETOWN, PA. — Endurance Real Estate has completed construction of Middletown Logistics Center, a 251,200-square-foot industrial project located on the southeastern outskirts of Harrisburg. The Pennsylvania-based developer also signed industrial products manufacturer IPEX USA to a full-building lease at the property. Jeff Lockard, Jason Webb, Maria Ratzlaff and Ryan Barros of JLL represented Endurance in the lease negotiations. Sean Bleiler of CBRE represented the tenant. Middletown Logistics Center features clear heights of 36 feet, 33 trailer stalls and 102 car parking spaces.

September 20, 2022

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