Development

Cushman & Wakefield Arranges $142.9M in Construction Financing for Mixed-Use Project in Brooklyn

by Jeff Shaw November 1, 2022

NEW YORK CITY — Cushman & Wakefield has arranged $142.9 million in construction financing for 120 Fifth Avenue, a mixed-use development in the Park Slope neighborhood of Brooklyn. The borrowers, Senlac Ridge Partners and The William Macklowe Company, are redeveloping the two-acre site, currently a one-story vacant grocery store and its parking lot, into a 212,000-square-foot mixed-income housing property and retail plaza. The project will comprise two buildings featuring 180 residential units, 25 percent of which will be affordable. The development will also offer 67,000 square feet of retail space and a 225-space underground parking garage. Lidl Supermarket and CVS Pharmacy recently signed long-term leases for approximately 35,000 square feet of the retail space with the developer. An expected date for project completion was not disclosed. The property is located four blocks from Flatbush Avenue and Barclays Center, the home of the NBA’s Brooklyn Nets, and is within walking distance to the 2, 3, 4, 5, B, D, N, Q and R trains. Cushman & Wakefield’s Equity, Debt & Structured Finance team of Gideon Gil and Lauren Kaufman represented the borrowers in the transaction. Macklowe and Senlac Ridge acquired the development site, the former home to Key Foods, in 2020. …

November 1, 2022

Development Features Multifamily

Executive Q&A: Multifamily Building Costs Rise Up to 40 Percent in a Year, Says R&O Construction’s Eric Stratford

by Jeff Shaw November 1, 2022

OGDEN, UTAH — Multifamily builders face many challenges, including schedule delays, supply chain interruptions, fluctuating material costs and workforce shortages. Construction companies are exercising creativity in tackling these issues to meet high demand. Many firms that build commercial properties argue that smart planning and collaboration among architects, engineers and construction firms are the best ways to weather the storm. REBusinessOnline, a sister publication of Multifamily & Affordable Housing Business, recently interviewed Eric Stratford, director of business development and pre-construction services at R&O Construction, about today’s construction landscape. REBusinessOnline: Tell us about your company. Eric Stratford: R&O Construction was founded in 1980, and we are proud to say that our first client over 42 years ago is still a client today. We are headquartered in Ogden, Utah, with full-service offices in Salt Lake City and Las Vegas. R&O Construction currently employs approximately 185 employees. Some of our recent projects include Senior Living on Washington, an affordable seniors housing community in Ogden; Ascent 1791, a LEED Gold Certified apartment community in Park City, Utah; and The Canyons Employee Housing Facility, a project ordered by Vail Resorts to provide housing for their employees. REBusinessOnline: In which markets and/or regions are you most active? …

November 1, 2022

California Development Healthcare Western

Stockdale Capital to Develop 145,000 SF Medical Office Tower in Los Angeles’ Westside

by Amy Works October 31, 2022

LOS ANGELES — Stockdale Capital Partners has received approval from the Los Angeles City Council for the development of a 12-story Class A medical office building at 656 S. San Vicente Blvd. in Los Angeles’ Westside neighborhood. With construction slated to begin as early as late 2023, the 145,000-square-foot project will offer surgery, invasive outpatient services, laboratory space and patient-centered medical space. The property will also feature living gardens on the ground floor and upper floors, low-water usage and drip irrigation, increased plantings and greenspace, potential for building-integrated solar, use of recycled materials, high-efficiency heating and cooling systems, and energy-efficient design and green spaces throughout. Additional amenities will include electric vehicle charging stations, ample bicycle parking and 418 parking spaces with valet services.

October 31, 2022

Target-Portland-Town-Center-Portland-Texas

Development Multifamily Retail Texas

McLeod Cobb to Develop $100M Multifamily, Retail Project Near Corpus Christi

by Taylor Williams October 31, 2022

PORTLAND, TEXAS — McLeod Cobb Investments will develop Portland Town Center, a $100 million multifamily and retail project that will be located near Corpus Christi in South Texas. Plans for Portland Town Center currently call for 200,000 square feet of retail space that will be anchored by a 128,500-square-foot Target store, as well as 300 multifamily units. The design team includes Osborn & Vane Architects Inc. and Terra Associates Inc, and Arch-Con Corp. is the general contractor. Plains Capital Bank provided construction financing for the 45-acre project. Construction is scheduled to begin in November.

October 31, 2022

Development Hospitality Loans Texas

Arriba Capital Provides $37.4M Construction Loan for Dual-Branded Downtown Houston Hotel

by Taylor Williams October 31, 2022

HOUSTON — Arizona-based investment banking firm Arriba Capital has provided a $37.4 million construction loan for a dual-branded hotel that will be located at 1514 Leeland St. in downtown Houston. The hotel will total 221 rooms under the Home2 Suites by Hilton and Tru by Hilton brands and offer shared amenities such as a lobby bar, breakfast dining areas, meeting space, an outdoor pool, fitness room, laundry facilities and a market pantry. Completion is slated for the third quarter of 2024. The borrower and developer is Houston-based PA Hospitality, which will also manage the property. Hall Structured Finance provided the loan.

October 31, 2022

Affordable Housing Development Massachusetts Multifamily Northeast

Urban Edge, MDHCD to Develop 65-Unit Affordable Housing Project in Boston

by Taylor Williams October 31, 2022

BOSTON — Urban Edge, in partnership with the Massachusetts Department of Housing & Community Development (MDHCD), will develop a 65-unit affordable housing project at 1599 Columbus Ave. in Boston. The property will house one-, two- and three-bedroom units that will be reserved for renters earning up to 30 and 60 percent of the area median income, as well as 3,200 square feet of retail space. Utile Inc. is the project architect, and Bald Hill Builders is the general contractor. Completion is slated for spring 2024. MassHousing provided financing for the project.

October 31, 2022

Development Illinois Midwest Multifamily

Mansueto Office to Reimagine Historic Chicago Building into Apartments

by Kristin Harlow October 31, 2022

CHICAGO — Mansueto Office Inc. is reimagining the 100-year-old building at 2300 N. Lincoln Park West in Chicago into a luxury apartment community. Named the Belden-Stratford, the renovated 16-story property will be home to 209 units with floor plans that range from studios to three-bedroom penthouses. Pre-leasing is underway, with first move-ins anticipated in winter 2023. Amenities will include onsite restaurant Mon Ami Gabi, a rooftop deck, fitness center, yoga studio, pet spa, wine storage, resident lounge, Luxer package service and valet and concierge services. The building first opened in 1923 as a hotel. Solomon Cordwell Buenz is the project architect, Vinci Hamp Architects Inc. is the historic architect, Bulley & Andrews is the general contractor and Waterton is the property manager.

October 31, 2022

Affordable Housing Development Midwest Multifamily Ohio

Fairfield Homes Opens 34-Unit Supportive Housing Community in Zanesville, Ohio

by Kristin Harlow October 31, 2022

ZANESVILLE, OHIO — Fairfield Homes Inc., in partnership with Muskingum Behavioral Health, has opened Pearl House Zanesville in Zanesville, about 50 miles east of Columbus. The property features 34 units for individuals and families recovering from drug or alcohol addiction. Residents receive support services, treatment and a full-time case worker provided through Muskingum Behavioral Health. Amenities include outdoor recreational spaces and a community room. Rent is based on income. Gorsuch Construction was the general contractor.

October 31, 2022

Affordable Housing Development District of Columbia Loans Multifamily Southeast

Redbrick Receives $142.5M Construction Loan for Residential Development in D.C.

by John Nelson October 31, 2022

WASHINGTON, D.C. — Redbrick LMD has received a $142.5 million construction loan for the development of The Douglass, a 750-unit residential project in Washington, D.C.’s Bridge District. Brian Gould of Chatham Financial arranged the loan through Citizens Bank on behalf of Redbrick. The Douglass will feature 40,000 square feet of retail space, and about 80 of the apartments will be reserved as affordable housing. The Douglass will be the first building constructed in the Bridge District, which comprises eight acres. Upon completion, the 2.5 million-square-foot project will be developed as a mixed-use neighborhood with a focus on sustainability and wellness. The Douglass is designed to target net zero carbon from operations and to meet or exceed International Future Living Institute (IFLI) and LEED Platinum standards.

October 31, 2022

Acquisitions Development Mixed-Use Southeast Tennessee

Newmark Secures $66M Land Sale in Midtown Nashville, Buyer Plans Mixed-Use Project

by John Nelson October 31, 2022

NASHVILLE, TENN. — Dairy Farmers of America (DFA), represented by Tarek El Gammal and Vincent Lefler of Newmark, has sold a 3.2-acre parcel in Nashville. Bosa Development acquired the land for $66 million. Located at 1401 Church St., the site is part of the Midtown submarket and will be developed as a mixed-use property. John Shaunfield, Kyle Jett and Chris Murphy of Newmark’s Dallas office also provided transactional support. Details about the construction timeline or project design were not disclosed.

October 31, 2022

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