Development

Gemdale USA Receives $94.3M Construction Financing for Multifamily Development in Pleasant Hill, California

by Amy Works July 22, 2022

PLEASANT HILL, CALIF. — Gemdale USA has received $94.3 million in construction financing for an apartment community located in the Bay Area city of Pleasant Hill. Located at 85 Cleaveland Road, the four-story property will feature 189 apartments, a fitness center, communal lounges, clubroom, outdoor courtyard with lounge seating, amenitized rooftop and pool deck, co-working lounge, outdoor meeting rooms and fireplaces. Additionally, the property will be adjacent to 350,000 square feet of retail stores, restaurants and a movie theater. Brandon Roth, Nicco Lupo, Jordan Angel and Tatiana Hodapp of JLL Capital Markets’ Debt and Equity Advisory team arranged the senior financing through Bank OZK and the mezzanine financing through AvalonBay Communities for the borrower.

July 22, 2022

Development Georgia Hospitality Loans Southeast

ACRES Originates $74.8M Construction Loan for Westin Atlanta Gwinnett Hotel in Duluth, Georgia

by John Nelson July 22, 2022

DULUTH, GA. — ACRES Capital Corp. has originated a $74.8 million loan to fund the construction of the Westin Atlanta Gwinnett Hotel in Duluth. The borrower is Concord Hospitality, a hotel owner and developer based in Raleigh. Situated about 28 miles northeast of Atlanta, the 348-room hotel will serve as the flagship lodging option within the Gas South District campus off Sugarloaf Parkway. Westin Atlanta Gwinnett will be attached to the Gas South Convention Center and Arena (formerly known as Infinite Energy Center) and will offer 17,607 square feet of meeting space, as well as a business center, fitness center, dining options and a rooftop bar. The construction timeline and project team members were not disclosed.

July 22, 2022

Development Georgia Industrial Southeast

ICM, Waterloo to Develop 725,000 SF Distribution Center in Metro Atlanta

by John Nelson July 22, 2022

JACKSON, GA. — ICM Asset Management and Waterloo Partners plan to develop River Park Six, a 725,000-square-foot distribution center situated within the River Park E-Commerce Center in Jackson. Patterson Real Estate Advisory Group arranged an undisclosed amount of construction financing through Ameris Bank on behalf of the co-developers. Located southeast of Atlanta in Butts County, River Park 6 is part of a larger master-planned community that spans 1,200 acres with the capacity to accommodate 20 million square feet of industrial space. ICM and Waterloo have partnered with Constructive Ingenuity as a third-party construction manager for the River Park 6 project, as well as Evans as a general contractor and Colliers for leasing. A construction timeline was not disclosed.

July 22, 2022

Development Multifamily Texas

Guefen Development Partners to Build 264-Unit Apartment Complex in Richmond, Texas

by Taylor Williams July 22, 2022

RICHMOND, TEXAS — Guefen Development Partners has acquired 13.3 acres in the southwestern Houston suburb of Richmond for the development of Haven Mission Trace, a 264-unit apartment complex. The property will consist of eight residential buildings that will house units ranging in size from 669 to 1,266 square feet, as well as a pool and a clubhouse. Ashley Casterlin of Davis Commercial represented the seller in the land deal. A tentative completion date was not disclosed.

July 22, 2022

Development Multifamily New York Northeast

LMC Begins Leasing 434-Unit High-Rise Apartment Community in White Plains, New York

by Taylor Williams July 22, 2022

WHITE PLAINS, N.Y. — LMC has begun preleasing The Mitchell, a high-rise apartment community in White Plains, located north of New York City. The property comprises 434 studio, one-, two- and three-bedroom units that feature walk-in closets and stainless steel appliances. The Mitchell also includes amenities such as a fitness center, club lounge, outdoor lounge, children’s playroom, conference room and bike storage, as well as 8,145 square feet of retail space, including mezzanine-level coworking space and a rooftop deck. The first move-ins are scheduled for August. Rents start at $2,590 per month for a one-bedroom unit.

July 22, 2022

Development Massachusetts Multifamily Northeast

Wood Partners Completes 218-Unit Multifamily Project in Wayland, Massachusetts

by Taylor Williams July 22, 2022

WAYLAND, MASS. — Atlanta-based multifamily developer Wood Partners has completed Alta Oxbow, a 218-unit multifamily project in Wayland, a western suburb of Boston. Alta Oxbow offers one-, two- and three-bedroom units, with 66 apartments specifically tailored for residents age 55 and above. Select units also feature private balconies. Amenities include a pool, courtyards, fire pits and grilling stations, a hobby and craft lounge, library, fitness center, coworking spaces and a golf simulator. Rents start at $2,750 per month for a one-bedroom unit.

July 22, 2022

Development Multifamily Southeast Tennessee

Alliance Residential to Build 302-Unit Apartment Community in Nashville

by John Nelson July 22, 2022

NASHVILLE, TENN. — Alliance Residential has purchased 3.3 acres at 2500 Bransford Ave. in Nashville to develop Broadstone Berry Hill, a 302-unit apartment community. The Scottsdale, Ariz.-based developer has also recently opened Broadstone SoBro and will soon open Broadstone Centennial in Nashville. The Berry Hill community will be located approximately a half-mile from the newly opened Geodis Park, the 30,000-seat home arena of the Nashville FC MLS team. Unit interiors at Broadstone Berry Hill will include quartz countertops, stainless steel appliances and built-in mud benches and desks in select units. Community amenities will include a rooftop lounge, pool with a pool deck and putting green, coworking space and a clubroom with a tiki bar and demonstrator kitchen. Alliance Residential plans to welcome first residents in summer 2024.

July 22, 2022

Civic Development Mixed-Use Northeast Pennsylvania Top Stories

Philadelphia 76ers Unveil Plans for $1.3B Stadium in Center City

by Jeff Shaw July 22, 2022

PHILADELPHIA — Josh Harris and David Blitzer, managing directors of the National Basketball Association’s Philadelphia 76ers, have formed a development corporation for construction of the team’s new arena, known as 76 Place, in Center City Philadelphia. Development costs are estimated at $1.3 billion, with plans to complete construction before the 2031-2032 NBA season. The property will be part of Fashion District Philadelphia, a 900,000-square-foot mall redevelopment that opened in September 2019. The team will partner closely with Macerich, which owns Fashion District, on the project. The transit-oriented site is located at Market Street and South 11th Street, adjacent to five SEPTA public transit lines and three blocks from city hall. The Fashion District project was once a highly regarded development with top-tier retailers, but struggled due to the COVID-19 pandemic closing the doors on many retailers just six months after opening. “The decision to repurpose part of Fashion District Philadelphia to include the new 76ers arena is a natural evolution of the site and a unique and once-in-a-lifetime opportunity for our company,” says Tom O’Hern, CEO of Macerich. Team owner Harris Blitzer Sports & Entertainment tapped local real estate magnate David Adelman, CEO of Campus Apartments, co-founder of FS Investments …

July 22, 2022

Development Hospitality Multifamily South Carolina Southeast

Capital Square Breaks Ground on Hybrid Apartment Hotel Property in Charleston

by John Nelson July 21, 2022

CHARLESTON, S.C. — Capital Square has broken ground on 529 King Street ROOST Apartment Hotel, a five-story luxury apartment hotel located in the Garden District of Charleston. The hybrid property will feature 50 extended stay apartments in studio, one-, two- and three-bedroom floor plans. The property will operate under the ROOST Apartment Hotel brand, a division of Method Residential. The final development will total approximately 32,000 net rentable square feet, including an “open-air living room courtyard” and a rooftop lounge that will be open to the public. Capital Square’s project partners include architect Morris Adjmi & LS3P, general contractor BL Harbert and Method Residential as the retail leasing agent and co-developer of the property. 529 King is situated within an opportunity zone, and Capital Square is funding the project in part with proceeds from its fourth qualified opportunity zone fund, CSRA Opportunity Zone Fund IV LLC. The Richmond-based developer and investor expects to open the property in summer 2023.

July 21, 2022

Development Florida Leasing Activity Office Southeast

Law Firm Sidley Austin Signs 60,000 SF Office Lease at 830 Brickell in Miami

by John Nelson July 21, 2022

MIAMI — International law firm Sidley Austin LLP has signed a 60,000-square-foot office lease at 830 Brickell, a 55-story office tower nearing completion in Miami’s Brickell district. The building, developed in partnership by OKO Group and Cain International, is the first standalone office tower to be built in Brickell in over a decade. The office building is nearly 70 percent leased ahead of its late-2022 completion to tenants including Microsoft, New York-based insurance firm A-CAP, private equity firm Thoma Bravo, CI Financial, Marsh Insurance, AerCap and WeWork, among others. Brian Gale, Ryan Holtzman and Andrew Trench of Cushman & Wakefield represented the landlords in the lease deal. Jeff Gordon and Barbara Black of JLL represented Sidley Austin.

July 21, 2022

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