Development

BRP Cos. Receives $294M in Construction Financing for Metro New York City Multifamily Project

by Taylor Williams March 2, 2022

NEW ROCHELLE, N.Y. — BRP Cos., the urban development arm of Goldman Sachs Asset Management, has received $294 million in construction financing for a mixed-income housing project in New Rochelle, a northern suburb of New York City. The development at 500 Main St. in the city’s downtown area will consist of 477 units in one- and two-bedroom formats, 119 of which will be dedicated as affordable housing. Specifically, 20 units will be reserved for households earning 50 percent or less of the area median income (AMI), while 99 residences will be earmarked for renters earning 60 percent or less of AMI. The remainder of the units will be rented at market rates. The community will also feature 24,000 square feet of amenity space that includes a pool, fitness center, lounge and a rooftop deck. Demolition work is underway with vertical construction set to begin in mid-March, and the first units are expected to be available for occupancy by late 2024. Housing & Community Renewal, an economic development agency based in New York City, provided a $200 million construction loan for the project through its housing finance agency. In addition, Goldman Sachs provided $40.7 million in equity and $20.7 million in …

March 2, 2022

Development Multifamily New Jersey Northeast

Wick Cos. Completes 146-Unit Multifamily Project in Woodbridge, New Jersey

by Taylor Williams March 2, 2022

WOODBRIDGE, N.J. — Locally based developer Wick Cos. has completed The Park at Woodbridge Station, a 146-unit multifamily project in Northern New Jersey. The transit-oriented property offers one-, two- and three-bedroom units with stainless steel appliances, wood-grain cabinets and full-size washers and dryers. Amenities include a coffee bar, fitness center, community room with a chef’s kitchen, dog run, game room and a rooftop deck with outdoor grilling and dining areas. Rents start at $1,775 per month for a one-bedroom unit.

March 2, 2022

Development Multifamily Texas

ZOM Living Completes 378-Unit Mezzo Dallas Apartments

by Taylor Williams March 1, 2022

DALLAS — Orlando-based developer ZOM Living has completed Mezzo Dallas, a 378-unit multifamily project located on the city’s north side. The 15-acre garden-style community features 13 buildings that house, one-, two- and three-bedroom units that range in size from 700 to 1,560 square feet. Residences are furnished with stainless steel appliances, quartz countertops, walk-in closets and private yards in select units. Amenities include a pool, lounge, coworking office space, outdoor kitchen and dining area, game room, fitness center with a yoga studio, dog park and a pet spa. JHP Architecture designed the project, and Stanford Construction served as the general contractor. Synovus Bank provided construction financing. ZRS Management will oversee daily operations of the property. Rents start at $1,380 per month for a one-bedroom unit.

March 1, 2022

Doerr-Lane-Logistics-Center-Schertz-Texas

Development Industrial Texas

Ackerman & Co. Breaks Ground on 307,000 SF Industrial Project Near San Antonio

by Taylor Williams March 1, 2022

SCHERTZ, TEXAS — Atlanta-based developer Ackerman & Co. has broken ground on Doerr Lane Logistics Center, a 307,000-square-foot industrial project in Schertz, a northeastern suburb of San Antonio. The Class A distribution center will feature 32-foot clear heights, 318 automobile parking spaces, 96 trailer parking spaces, an ESFR sprinkler system and two undeveloped acres for additional storage usage. Completion is slated for February 2023. NAI Partners has been tapped to lease the development.

March 1, 2022

Acquisitions Development Mixed-Use Southeast Tennessee

Monarch Alternative, GBT Realty Acquire Development Site in Midtown Nashville for $110M

by Julia Sanders March 1, 2022

NASHVILLE, TENN. — Monarch Alternative Capital LP has acquired an eight-acre development site in Nashville’s Midtown district for $110 million in partnership with locally based GBT Realty Corp. The site is currently zoned for 1.8 million square feet of mixed-use real estate. Currently home to Beaman Toyota and directly west of Interstates 40 and 65, the site provides immediate access to the Gulch, Music Row, Vanderbilt University and downtown Nashville. The site’s zoning allows for the possible development of residential, retail, hospitality and office use. Construction plans are still in the works and haven’t been released yet.

March 1, 2022

Development Midwest Minnesota Multifamily

Kraus-Anderson Completes Construction of $100M Apartment Complex in Minneapolis

by Kristin Harlow March 1, 2022

MINNEAPOLIS — Kraus-Anderson has completed construction of The Larking, a $100 million apartment complex located at 615 S. 8th St. in downtown Minneapolis. Designed by ESG Architects, the project rises 16 stories with 341 market-rate units. The development also includes three levels of underground parking, a Wells Fargo bank branch an additional 9,100 square feet of street-level retail space. Amenities include a sky lounge, pool deck, fitness center, sauna, golf simulator, pet spa, work-from-home suites and a conference room. Monthly rents start at $1,315 for studios.

March 1, 2022

Development Industrial Midwest Wisconsin

HSA Commercial to Develop 1.3 MSF Spec Industrial Project in Bristol, Wisconsin

by Kristin Harlow March 1, 2022

BRISTOL, WIS. — HSA Commercial Real Estate has unveiled plans to build a new speculative industrial development totaling 1.3 million square feet near its existing Bristol Highlands Commerce Center East in Bristol, about 40 miles south of Milwaukee. The three-building project will be named Bristol Highlands Commerce Center West. HSA plans to start construction on the first 550,000-square-foot building in April with completion slated for July 2023. The two additional buildings will span 417,000 and 357,000 square feet. The project team consists of Partners in Design Architects, Premier Design + Build Group LLC and Pinnacle Engineering Group. CBRE will serve as leasing agent.

March 1, 2022

Development Industrial Self-Storage Texas

SurePoint to Develop 744-Unit Self-Storage Facility in Conroe, Texas

by Taylor Williams February 28, 2022

CONROE, TEXAS — SurePoint Self Storage will develop a 744-unit facility that will be located within Johnson Development’s Grand Central Park master-planned community in the northern Houston suburb of Conroe. CubeSmart will operate the facility, which will feature approximately 94,000 square feet of net rentable, climate-controlled space. Construction is scheduled to begin this fall and to be complete in May 2023. The facility will be SurePoint’s 14th self-storage development in the greater Houston area.

February 28, 2022

Affordable Housing Development Multifamily North Carolina Seniors Housing Southeast

Woda Cooper Opens 50-Unit Affordable Seniors Housing in Hickory, North Carolina

by Julia Sanders February 28, 2022

HICKORY, N.C. — Woda Cooper Cos. Inc. has opened Center Crossing, a 50-unit, four-story affordable seniors housing community in Hickory that offers one- and two-bedroom apartments. Five of the units are accessible for those with mobility challenges, including two units specifically equipped for those with sight and hearing impairments. Unit features include kitchens with Energy Star-rate appliances, dedicated storage areas and washer and dryer closets. The property serves residents aged 55 and older who earn 40 to 80 percent area median income (AMI). Rental rates range from $356 to $921 per month, depending on unit size and income restriction. Community amenities include an onsite management office, a multipurpose space with laundry and a fitness center, as well as a computer room. The property also features off-street parking, a covered patio with seating, additional outdoor seating areas and a covered bus stop. North Carolina Housing Finance Agency (NCHFA) allocated federal Low-Income Housing Tax Credits (LIHTC) to support equity financing for Center Crossing, including two permanent debt loans. Western Piedmont Council of Governments provided a $250,000 Home Loan through its Unifour Home Consortium. CREA LLC purchased the tax credits which also provided equity for the project. RiverHills Bank provided a $6.9 million …

February 28, 2022

Development Industrial Iowa Midwest

Hydrite Chemical to Expand Manufacturing Facility in Waterloo, Iowa

by Kristin Harlow February 28, 2022

WATERLOO, IOWA — Hydrite Chemical plans to expand its facility in Waterloo that manufactures and distributes chemical products throughout the U.S. The City of Waterloo awarded tax benefits for the expansion project, which represents a $21 million capital investment over the next three years. Hydrite also plans to expand the facility’s transportation fleet and warehouse space. The project is expected to bring the workforce total to 158 employees at the Waterloo facility, which is the company’s only Iowa location and its largest property.

February 28, 2022

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