PRESCOTT VALLEY, ARIZ. — Bellwether Enterprise Real Estate Capital (BWE) has provided a $75 million HUD loan for the construction of Legado Apartments, a multifamily property in downtown Prescott Valley. Jim Swanson of BWE’s Phoenix office originated the loan through HUD’s 221(d)(4) mortgage insurance program on behalf of the developer, Fain Signature Group. The non-recourse, fully assumable loan features a 40-year, fully amortizing term. The HUD-insured financing provides a combined construction and permanent loan for market-rate multifamily projects. The mid-rise apartment property will feature 329 units in a mix of one-, two- and three-bedroom layouts. Units will offer Energy Star appliances, washers/dryers, patio/balcony storage and scenic views. Community-wide amenities include electric vehicle charging stations, elevators serving all apartment floors and a parking garage. Common area amenities will include a community room/clubhouse with free Wi-Fi, poolside cabanas and spa, fitness center, a picnic area with barbecue grills, and recreation area with a dog run and dog washing station. As part of the mixed-use residential and commercial development project in the Prescott Valley Entertainment District, the property will have a rooftop restaurant open to the public and a variety of other foodservice outlets, including cafés, plus retail space on first and sixth …
ORLANDO, FLA. — Trinitas Ventures, a multifamily and mixed-use developer based in Lafayette, Ind., has received $67.3 million in construction financing for a 286-unit, 750-bed student housing development located near the University of Central Florida campus in Orlando. Citizens Financial Group’s commercial real estate finance team is acting as the sole lead arranger, book runner and administrative agent for the financing. Further details of the project were not disclosed. Citizens has also financed Trinitas student housing projects at Miami University in Ohio, Washington State University and University of Nebraska.
FORT WORTH, TEXAS — Arizona-based developer Empire Group of Cos. has acquired 48 acres near North Riverside Drive and Golden Triangle Boulevard in Fort Worth for the construction of a build-to-rent residential project. Empire plans to develop Village at Golden Triangle, which will comprise 323 homes on 30 acres, and sell the remaining 18 acres, which are zoned for office and/or retail development. Homes will come in a mix of one-, two- and three-bedroom formats with private backyards, and residential amenities will include a pool, outdoor grilling areas, a fitness center, walking paths, community clubhouse and a dog park. Construction is set to begin in the first quarter of 2023. Details of the commercial component were not disclosed. Empire Group acquired the land for $16 million.
WESTFIELD, IND. — TWG is underway on construction of Grand Park Village, a $57 million apartment development in Westfield, a northern suburb of Indianapolis. The project will consist of several buildings located directly south of Grand Park, a 400-acre youth and recreational sports complex. The 240-unit apartment community will feature amenities such as a dog park, fitness center, clubhouse, pool and grilling stations. Centier Bank provided project financing. Completion is slated for summer 2024.
NEW YORK CITY — A partnership between two privately owned firms, William Macklowe Co. and Senlac Ridge Partners, will develop a 180-unit multifamily project in Brooklyn’s Park Slope neighborhood. The complex will include 45 affordable housing units and a parking garage, as well as 67,000 square feet of commercial space that is now partially leased to CVS and German discount grocer Lidl. Construction is slated for a late 2024 completion. RIPCO Real Estate represented the developer in the retail lease negotiations.
YONKERS, N.Y. — Los Angeles-based Parkview Financial has provided an $18.3 million construction loan for a self-storage conversion project in Yonkers, a northern suburb of New York City. The borrower, KCT Inc., plans to demolish a 9,820-square-foot industrial building at 1060 Nepperhan Ave. and to construct a facility that offers 77,000 square feet of net rentable space across 949 units. CubeSmart will operate the facility, completion of which is slated for late 2023. The general contractor for the project is JCT Development, and the architect of record is ELEVEN18 Architecture.
NASHVILLE, TENN. — GBT Realty Corp., a locally based commercial real estate developer, has opened One22One, a $140 million office tower in Nashville. Situated at 1221 Broadway in the city’s Gulch neighborhood, the building rises 24 stories and totals 373,000 square feet. FirstBank occupies 52,000 square feet of office space on floors 13 and 14 that will include the headquarters of FB Financial Corp. (NYSE: FBK), the parent company of FirstBank. Additional, soon-to-be-announced tenants have reserved 120,000 square feet of space, according to GBT Realty. One22One will also house an 11,000-square-foot restaurant, Chotto Matte, that will be situated on the first and second floors. The exterior of One22One features a glass façade and a porte-cochère (entryway), as well as an outdoor amenity deck overlooking downtown Nashville’s skyline. Interior amenities include an upscale fitness center with showers and lockers; tenant lounge with workspaces and a grab-and-go market; wellness room; and a conference facility. The property also features a nearly touchless elevator system, gateless parking technology and high-end, independent HVAC systems. Frank Thomasson, Taylor Hillenmeyer, Janelle Gallagher and Byran Fort are the exclusive listing agents for One22One, which has about 200,000 square feet of office space available to lease. An additional 1,700 …
DALLAS — Atlanta-based Portman Holdings will develop Dallas Gateway, a mixed-use project in the Dallas Arts District. Plans currently call for 850 residential units in a variety of formats, 400,000 square feet of office space and 45,000 square feet of retail and restaurant space across three towers. The development will also feature 1,800 parking spaces and ample open green space. Construction is set to begin in the second quarter of next year.
SAN ANTONIO — Stream Realty Partners has broken ground on Interpark Logistics Center, a 689,215-square-foot industrial project located across the street from San Antonio International Airport. The development will comprise five buildings ranging in size from 119,600 to 155,475 square feet. Each structure will have a minimum of 24 dock doors with two drive-in ramps, 32-foot clear heights, 130-foot truck court depths and ESFR sprinkler systems. Stream is also marketing the development for lease. Completion is slated for August 2023.
DECATUR, GA. — Resia, formerly known as AHS Residential, has obtained $60 million in construction financing for a 476-unit apartment development in metro Atlanta. Located at 4151 Memorial Drive in Decatur, the community will feature five seven-story midrise buildings comprising one-, two- and three-bedroom floor plans. Twenty percent of the units will have income restrictions, according to Resia. Amenities will include assigned parking, a business center, fitness center and a swimming pool. Bank of America provided the loan to Resia, which broke ground on the unnamed community in the first quarter of 2022 and expects to deliver the asset in the third quarter of 2023. The project is the developer’s third property in the metro Atlanta area.