QUINCY, MASS. — Locally based development and management firm FoxRock Properties will develop Center & Stone, a 201-unit apartment complex that will be located in the southern Boston suburb of Quincy. The complex will feature 9,500 square feet of retail space and 10,500 square feet of amenity space comprising a pool, rooftop deck, resident lounge and 165 parking spaces. Jonathan Schneider of JLL arranged construction financing for the project through Citizens Bank on behalf of FoxRock.
COLUMBUS, OHIO — Columbus-based developer Woda Cooper Cos. has opened Wendler Commons, a $15.4 million affordable housing development located at 4860 Wendler Blvd. in Columbus. Wendler Commons comprises 62 units that are affordable for households that earn 30 to 80 percent of area median income, including 14 one-bedroom apartments, 40 two-bedroom apartments and eight three-bedroom apartments. Four units are designed for those with mobility challenges, and two additional units are specifically equipped for those with sight and/or hearing impairments. Rental rates are $330 to $1,060 per month, depending on unit size and income restriction. Units come with cable, telephone and internet access. Community amenities include an onsite management office, a multipurpose space with a kitchenette, a playroom, a fitness center and laundry with off-street parking. The Ohio Housing Finance Agency allocated federal low-income housing tax credits to support equity financing as well as provided an equity bridge mortgage. Ohio Capital Corp. for Housing purchased the tax credits, which enabled equity financing invested by Cincinnati-based Fifth Third Bank, which also provided a construction loan. Merchants Capital provided a first permanent mortgage. The City of Columbus originated $750,000, and the Affordable Housing Trust for Columbus and Franklin County provided a primary equity bridge loan. …
SAN FRANCISCO — Lendlease, a global investment firm headquartered in Australia, has broken ground on 30 Van Ness, a $1.1 billion mixed-use tower that will be located in between San Francisco’s Hayes Valley and Mid-Market districts. The price tag represents Lendlease’s largest investment to date in the Americas. Completion is slated for 2025. Designed by SCB Architects, the 540-foot-tall building will consist of 333 residential condominiums and 290,000 square feet of office and retail space. The property’s 38 stories of residential space will be constructed atop the nine-story podium that will house the office and retail components. Residences will come in studio, one-, two- and three-bedroom floor plans and have an average size in excess of 1,000 square feet. About 25 percent of the units will be reserved as affordable housing, specific income requirements for which were not disclosed. The 10th floor of the building will house residential amenities. Each level of office space will offer outdoor terraces and dynamic glass that lowers energy usage throughout the building. In addition, the site’s event and retail space will open into a public plaza at the northeast corner of Market and Van Ness streets. This space will be used to host both …
AURORA, COLO. — The Opus Group has purchased 316 acres of undeveloped land between Interstate 70 and Denver International Airport in Aurora for $49.7 million. Opus, in partnership with Principal Real Estate Investors, plan to develop Sun Empire, a 3.9 million-square-foot industrial park, on the site. Todd Witty and Daniel Close of CBRE represented Opus in the acquisition and will market the project for lease, sale and built-to-suit development. Tyler Carner, Jeremy Ballenger and Jessica Osstermick of CBRE advised on the capital raise, helping to source Principal Real Estate Investors as the joint-venture partner. Construction of the first phase of Sun Empire is scheduled to begin in third-quarter 2022. The first phase will include two Class A buildings sized 624,094 square feet and 204,859 square feet. The later phases of construction will be influenced by tenant requirements. The park can accommodate building sizes ranging from 200,000 square feet to 1 million square feet. Each building is slated to include substantial trailer parking, as well as dock and drive-in loading. The site is located at East 56th Avenue and Harvest Road, a five-minute drive to Denver International Airport and approximately 25 minutes from downtown Denver.
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.
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.
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.
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.
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.
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.