Development

Legacy South, Patterson Close Construction Financing for Rowan Townhomes in Metro Nashville

by John Nelson May 18, 2022

ANTIOCH, TENN. — Legacy South, with the assistance of its capital advisor Patterson Real Estate Advisory Group, closed on equity and debt construction financing for The Rowan, an 80-unit rental townhome community in the south Nashville suburb of Antioch. Patterson arranged an undisclosed amount of joint venture equity financing with TriGate Capital and debt financing through Hancock Whitney. Upon completion, The Rowan will be spread across 16 different buildings with an average unit size of 1,575 square feet, and each unit will contain three bedrooms and three-and-a-half bathrooms. Situated near I-24, I-40, I-65 and Route 254, the property offers easy access to Nashville’s primary job centers, including Nashville International Airport and downtown Nashville.

May 18, 2022

Development Loans Multifamily Texas

Zale Properties to Develop 394-Unit View at Sapphire Bay Apartments in Metro Dallas

by Taylor Williams May 18, 2022

ROWLETT, TEXAS — Locally based developer Zale Properties will build The View at Sapphire Bay, a 394-unit lakefront multifamily project that will be located in Rowlett, a northeastern suburb of Dallas. Units will be available in one-, two- and three-bedroom formats and will have an average size of 941 square feet. Interiors will be furnished with stainless steel appliances, quartz/granite countertops, full-size washers and dryers and private balconies. Amenities will include a pool, coworking space, game rooms, fitness center, pet spa, garden courtyard and kitchen and a landscaped picnic area. Completion is slated for May 2024. John Brownlee and Wilson Bauer of JLL arranged $58.3 million in fixed-rate construction financing through Principal Global Investors on behalf of Zale Properties.

May 18, 2022

Development Multifamily New Jersey Northeast

Partnership Completes 116-Unit Multifamily Project in Secaucus, New Jersey

by Taylor Williams May 18, 2022

SECAUCUS, N.J. — A partnership between New Jersey-based Woodmont Properties, Canoe Book Development and affordable/workforce housing owner-operator PIRHL has completed The Waterton, a multifamily project in the Northern New Jersey community of Secaucus. Of the property’s 116 units, 23 are reserved for households earning between 20 and 60 percent of the area median income. Residences are available in studio, one-, and two-bedroom floor plans. Amenities include a fitness center, entertainment lounge, children’s playroom, coffee bar and outdoor grilling and dining areas. Rents start at $2,600 per month for a studio apartment.

May 18, 2022

Development Midwest Minnesota Multifamily

Ryan Cos., Weidner Underway on Construction of 25-Story Apartment Building in Minneapolis

by Kristin Harlow May 18, 2022

MINNEAPOLIS — Ryan Cos. US Inc. and Weidner Apartment Homes are underway on the construction of Fourth & Park, a 25-story apartment building located at the intersection of South 4th Street and Park Avenue in downtown Minneapolis. Completion is slated for the first quarter of 2024. Plans call for 350 apartment units, 100 parking stalls, a sixth-floor green roof, pool deck and community room. Ryan is the developer and builder, and Ryan A+E Inc. is the architect of record. The building, situated one block west of US Bank Stadium, marks the last phase of Downtown East, a five-block redevelopment project that began in 2014. Ryan partnered with the City of Minneapolis, Minnesota Sports Facilities Authority, the Star Tribune and Wells Fargo to redevelop the neighborhood. The $588 million project includes 1.2 million square feet of office space spread across two 17-story Wells Fargo towers, a 200-unit apartment complex, a multi-tenant office building, four-acre public greenspace, hotel and parking ramp.

May 18, 2022

Acquisitions Development Industrial Utah Western

Sansone Group to Develop 289,100 SF Industrial Property in West Valley City, Utah

by Amy Works May 17, 2022

WEST VALLEY CITY, UTAH — Sansone Group, in partnership with Invesco Real Estate, has acquired an 18.5-acre land parcel in West Valley City. The partnership plans to develop a 289,100-square-foot Class A industrial facility on the site. Rusty Bollow of Colliers will handle leasing for the development, and Sansone Group will manage the asset. The Sansone Group team involved in the development include Jeff Greenwalt, Jake Corrigan, John Brown and John Benoist.

May 17, 2022

Development Georgia Industrial Southeast

Procter & Gamble to Build $205M Distribution Center in Jackson, Georgia

by John Nelson May 17, 2022

JACKSON, GA. — Procter & Gamble (P&G), a consumer goods manufacturer and distributor based in Cincinnati, plans to invest $205 million for a new automated distribution facility in Jackson. The 1 million-square-foot property will be located at 950 Logistics Parkway in Butts County, about 50 miles south of Atlanta near I-75. The global firm partnered with the Georgia Department of Economic Development’s Global Commerce team, Development Authority of Butts County, Metro Atlanta Chamber, Georgia Ports Authority and Georgia Power on the project, which is expected to bring 350 new jobs to the trade area. The developer and a construction timeline were not disclosed. P&G’s brands include Crest, Pampers, Tide, Bounty, Charmin, Always, Gillette, Old Spice, Pantene, Head & Shoulders, Cascade, Dawn, Febreeze, Mr. Clean and Swiffer, among others. In addition to the new Jackson facility, P&G operates a manufacturing facility in Albany, Ga., and a distribution center in metro Atlanta.

May 17, 2022

Development Florida Loans Southeast Student Housing

Pacific Western, Square Mile Provide $93M Loan for Student Housing Project Near University of Florida

by John Nelson May 17, 2022

GAINESVILLE, FLA. — Pacific Western Bank and Square Mile Capital have provided a $93 million construction loan for Theory Gainesville, an 861-bed student housing community underway within a half-mile from University of Florida. Pacific Western was the primary lender, and Square Mile was the mezzanine capital provider. The borrower and developer is Blue Vista Capital Management, a Chicago-based entity that has a student housing affiliate, PeakMade Real Estate. Blue Vista expects to deliver Theory Gainesville in two phases: Phase I before the fall 2023 semester and Phase II before the spring 2024 semester. Upon completion, the property’s units will be fully furnished with stainless steel appliances and wood-style flooring. Theory Gainesville will also have a fitness center, game room, rooftop pool and open green space.

May 17, 2022

Development Multifamily Texas

Cordish Cos. to Develop 300-Unit Multifamily Project at Arlington Entertainment District

by Taylor Williams May 17, 2022

ARLINGTON, TEXAS — The Cordish Cos., a Baltimore-based developer and operator specializing in sports-themed entertainment projects, will develop One Rangers Way, a 300-unit multifamily project in Arlington. The community will be located near Globe Life Field, home of the MLB’s Texas Rangers, and within Cordish’s Arlington Entertainment District. Designed by Hord Coplan Macht, One Rangers Way will offer one- and two-bedroom units, as well as penthouses, in addition to a 423-space parking garage and 43,000 square feet of indoor and outdoor amenities. Specifically, amenities will include a pool, fitness center, coworking spaces, indoor and outdoor lounges and concierge services. Construction is scheduled to begin this fall and to be complete in 2024.

May 17, 2022

Development Georgia Loans Multifamily Southeast

Walker & Dunlop Structures $47M in Construction Financing for The Line Apartments in Savannah

by John Nelson May 17, 2022

SAVANNAH, GA. — Walker & Dunlop Inc. has arranged $47 million in financing for the development of The Line, a 219-unit multifamily project that is within the bounds of a designated opportunity zone in downtown Savannah. Walker & Dunlop arranged construction financing on behalf of the developer, Standard Communities. Financing was sourced from a regional life insurance company and includes both construction and permanent financing within a single loan. Situated just three blocks from the Savannah River, The Line will include two buildings and will feature a full upscale amenity package, including a terrace level with a pool, sundeck, fitness center and grill area. The Class A project will also include onsite parking, a clubroom with views of downtown Savannah and the Savannah River and resident storage.

May 17, 2022

Development Multifamily New Jersey Northeast

KRE, Northwestern Mutual Complete Lease -Up of 507-Unit Multifamily Project in Jersey City

by Taylor Williams May 17, 2022

JERSEY CITY, N.J. — A joint venture between Kushner Real Estate Group (KRE) and Northwestern Mutual has completed the lease up of 351 Marin, a 507-unit multifamily project in Jersey City’s Powerhouse Arts District. The property is now fully occupied. Designed by Hollwich Kushner and HLW Architects, the 38-story building houses studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops and Whirlpool washers and dryers. Amenities include a sky lounge, pool, fitness center with a yoga studio, outdoor grilling stations, community garden and a dog park.

May 17, 2022

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