Development

Tulfra Real Estate Acquires Land in Jersey City for 2,422-Unit Self-Storage Project

by Taylor Williams September 23, 2021

JERSEY CITY, N.J. — Locally based developer Tulfra Real Estate has acquired land in Jersey City for the construction of a 2,422-unit self-storage project. The facility will be located at 300 Thomas McGovern Drive and will have a gross square footage of approximately 261,000 square feet, including an adjoining parking structure that will also be constructed as part of the project. Thomas Walsh of Walker & Dunlop brokered the land deal. A groundbreaking date will be announced in the coming days. According to Tulfra, there are approximately 159,000 housing units and 22,500 new apartments under development within a three-mile radius of the site.

September 23, 2021

The-Parker-Phase-II-Rutherford-New-Jersey

Development Multifamily New Jersey Northeast

Vango Development Receives Approval for 60-Unit Multifamily Project in Northern New Jersey

by Taylor Williams September 23, 2021

RUTHERFORD, N.J. — Vango Development has received site plan approval from the planning board of the Borough of Rutherford, located in the northern part of the Garden State, for a new 60-unit multifamily project. The property, which will be located in the downtown area, represents the second phase of The Parker, a 52-unit complex completed by Vango in 2019. The new four-story building will house a mix of studio, one- and two-bedroom units, as well as 3,000 square feet of ground-floor retail space. Minno & Wasko Architects & Planners is designing the project, completion of which is slated for spring 2023.

September 23, 2021

Company News Development Industrial Top Stories

Brookfield Asset Management, Elion Partners Form $1B Industrial Development Partnership

by Katie Sloan September 23, 2021

TORONTO AND MIAMI — Brookfield Asset Management (NYSE: BAM) and Elion Partners have announced a $1 billion strategic partnership. The venture will expand Toronto-based Brookfield’s logistics portfolio across core infill markets in the U.S. Through the investment, Brookfield recapitalized Elion Logistics Park 55, a master-planned industrial park in Wilmington, Illinois, approximately 60 miles southwest of downtown Chicago. Located adjacent to the BNSF railway, the property features five Class A, fully leased industrial buildings totaling 4 million square feet. The site offers the potential to develop up to 15 million square feet of additional industrial space. Park Madison Partners acted as advisor for the recapitalization. Brookfield has also committed $80 million to Elion’s latest affiliated value-add fund — Elion Real Estate Fund V — which held its final closing last month, achieving a capitalization of $500 million. A majority of the fund’s portfolio was pre-specified prior to Brookfield’s investment and includes 3.2 million square feet of logistics properties across infill coastal markets in the U.S. “Industrial logistics real estate continues to experience positive momentum and now is the logical time to seek long-term capital,” says Juan DeAngulo, managing partner at Miami-based Elion. “This partnership structure and Brookfield’s support will enable Elion …

September 23, 2021

Development Industrial Midwest North Dakota

Amazon Opens First Fulfillment Center in North Dakota

by Kristin Harlow September 22, 2021

FARGO, N.D. — Amazon has opened its first fulfillment center in the state of North Dakota. The more than 1 million-square-foot facility opened on Sunday, Sept. 19 in Fargo and is expected to create more than 1,000 full-time jobs. Associates pick, pack and ship bulky or large-sized items such as patio furniture, outdoor equipment and rugs. Amazon also operates a delivery station in West Fargo.

September 22, 2021

Development Illinois Midwest Multifamily

Antunovich, Hines Reveal Amenity Renderings for One Oak Brook Commons in Suburban Chicago

by Kristin Harlow September 22, 2021

OAK BROOK, ILL. — Architect Antunovich Associates and developer Hines have revealed the amenity renderings for One Oak Brook Commons, a 17-story luxury apartment building in Oak Brook. Amenities will include a pool deck, fitness center, library, rooftop, social lounge and sports simulator. The 250 units will range in size from studios to three-bedroom penthouses. Pre-leasing is slated to begin later this year with first move-ins anticipated in January 2022. Monthly rents for one-bedrooms will start at $2,395. Luxury Living Chicago Realty is completing marketing and leasing for the property, which is part of the larger Oak Brook Commons, a mixed-use development with restaurants, retail, creative office space and a new park entitled The Pitch.

September 22, 2021

Development Industrial Texas

TGS Cedar Port Partners Breaks Ground on 1.2 MSF Spec Industrial Project Near Port Houston

by Taylor Williams September 22, 2021

BAYTOWN, TEXAS — TGS Cedar Port Partners, a division of Trans-Global Solutions Inc., has broken ground on a 1.2 million-square-foot speculative industrial project within Cedar Port Industrial Park, a 15,000-acre master-planned development located near Port Houston in Baytown. Building features will include 40-foot clear heights, oversized truck courts, an ESFR sprinkler system and more than 1,000 trailer parking stalls and 1,500 car parking spaces. In addition, the property will offer office space that can be built to suit tenants’ specific needs. Powers Brown Architecture is designing the project, and E.E. Reed Construction is serving as the general contractor. Bank of Texas provided construction financing, and NAI Partners is the leasing agent. Completion is slated for the second quarter of next year.

September 22, 2021

Colorado Development Multifamily Western

CP Capital, Greystar to Develop 288-Unit Brighton Park Apartments in Colorado

by Amy Works September 22, 2021

BRIGHTON, COLO. — CP Capital US has partnered with Greystar to develop Brighton Park, a multifamily property located at the intersection of Longs Peak Street and North 42nd Avenue in Brighton, a northeast suburb of Denver. Situated on 13 acres, the three-story, garden-style property will feature 288 apartments with stainless steel appliances and stone-surface countertops. Community amenities will include a fitness center, resort-style swimming pool, dog park, detached garages and surface parking spots. Groundbreaking is slated for the fourth quarter of 2021, with the first units scheduled for delivery in early 2023. Total build out is scheduled for the second quarter of 2023. CP Capital, formerly known as HQ Capital Real Estate, has partnered with Greystar on four development projects, with the most recently projects being The Gabriel in North Pomona, Calif., and Monty in North Charleston, S.C.

September 22, 2021

Affordable Housing Development Multifamily Texas

Brinshore Development to Build 192-Unit Mixed-Income Community in Beaumont

by Taylor Williams September 22, 2021

BEAUMONT, TEXAS — Brinshore Development will build Trinity Grove, a 192-unit mixed-income community in Beaumont. Brinshore will develop the 195,000-square-foot property in partnership with the City of Beaumont Housing Authority. About half the units will be reserved for applicants earning 80 percent of the area median income or below, while the remaining 49 percent of the units will have no income restrictions. Units will feature one-, two- and three-bedroom floor plans, and amenities will include a children’s play area, fitness center, outdoor gathering and grilling stations and a computer learning center. JHP Architecture is serving as project architect, and Cadence McShane is the general contractor. Completion is slated for fall 2022.

September 22, 2021

Affordable Housing Development Loans Multifamily New York Northeast

JLL Arranges Construction Debt, Equity for 418-Unit Long Island Mixed-Income Project

by Taylor Williams September 22, 2021

BAY SHORE, N.Y. — JLL has arranged $113 million in construction financing and $55 million in joint venture equity for the capitalization of a 418-unit multifamily project in the Long Island community of Bay Shore. The property, which will be built in two phases, will consist of 334 market-rate apartments and 84 workforce housing units, as well as 1,650 square feet of retail space. Amenities will include a pool, outdoor grilling stations, a business center and coworking lounge, fitness center, clubrooms, game room and pet washing station. Andrew Scandalios, Rob Hinckley, Jeffrey Julien and Nicco Lupo of JLL arranged the joint venture equity with institutional investors advised by J.P. Morgan Asset Management on behalf of the developer, TRITEC Real Estate Co. Michael Gigliotti, Geoff Goldstein, Kelly Gaines and Jackie Ferrer of JLL sourced the four-year, floating-rate construction loan through Truist Financial Corp. and Santander Bank.

September 22, 2021

Affordable Housing Development Loans Massachusetts Multifamily Northeast Seniors Housing

MassHousing Provides $23.5M in Financing for Metro Boston Affordable Seniors Housing Expansion

by Taylor Williams September 22, 2021

NEWTON, MASS. — MassHousing has provided $23.5 million in financing for the expansion of Golda Meir House in the western Boston suburb of Newton. The project will expand the existing 199-unit affordable seniors housing property, adding 68 new apartment homes that will be reserved for renters at various income levels that fall below the area median income. The capital stack includes $17 million in Low-Income Housing Tax Credit equity allocated by the Massachusetts Department of Housing & Community Development, as well as various other subsidies. The borrower and developer is 2Life Communities. Prellwitz Chilinski Associates is the project architect, and Colantonio Inc. is the general contractor. Construction is expected to be complete in spring 2023. Golda Meir House was originally built between 1978 and 1995 and was renovated in 2018.

September 22, 2021

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