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Development

Arts-&-Powerhouse-Building-Jersey-City
DevelopmentMixed-UseNew JerseyNortheast

Kushner, KABR Group Complete $30M Mixed-Use Redevelopment Project in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — A partnership between regional development and investment firms Kushner Cos. and The KABR Group has completed a $30 million mixed-use redevelopment project in Jersey City. The project converted the former Great Atlantic & Pacific Tea Co. warehouse, a six-story building that was originally constructed in 1913, into a commercial structure with 135,000 square feet of office and retail space known as The Arts & Powerhouse Building. Commercial spaces range in size from 4,000 to 100,000 square feet, and the building features a 10,000-square-foot rooftop amenity deck. Retailers that have already signed leases or opened stores at the building include Rumble Boxing, Daily Provisions, Spear Physical Therapy and One Medical. CBRE is the building’s leasing agent.

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Affordable HousingDevelopmentMidwestMultifamilyOhio

Frontline Development, Woda Cooper Break Ground on $17.6M Affordable Housing Community in Cleveland

by Kristin Harlow

CLEVELAND — Frontline Development Group LLC and Woda Cooper Cos. Inc. have broken ground on Gordon Crossing, a 54-unit affordable housing development that will provide housing options for residents earning up to 80 percent of the area median income in Cleveland. The $17.6 million project is backed by a combination of public and private funding. Located at the convergence of Hough and University Circle, Gordon Crossing sits at the heart of two neighborhoods. Hough is known for its revitalization, home to generations of families and a growing wave of investment. University Circle is a hub of institutions such as hospitals, universities and cultural anchors. The four-story development will feature 42 two-bedroom units and 12 three-bedroom apartments. Residents will have access to a community room with kitchenette, onsite management office, parcel room and outdoor spaces. Projected rents range from $362 to $1,699, depending on household income and unit size. The development is expected to house a diverse mix of residents, including caregivers, educators, hospitality and retail workers, civil servants and others. Gordon Crossing is supported by an equity investment from RBC Capital, utilizing housing tax credits allocated by the Ohio Housing Finance Agency (OHFA). Lenders include Dollar Bank, CF Bank, the …

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DevelopmentDistrict of ColumbiaHospitalitySoutheast

TPG Hotels, Douglas Development Open 107-Room Canal House of Georgetown Hotel in DC

by John Nelson

WASHINGTON, D.C. — A partnership between TPG Hotels & Resorts and Douglas Development has delivered Canal House of Georgetown, a 107-room hotel located along the Chesapeake & Ohio Canal in Washington, D.C.’s Georgetown district. Operating as a Tribute Portfolio hotel, the property represents the 1 millionth room in Marriott’s U.S. portfolio. The hotel is an adaptive reuse of a former office building and two historic townhomes and features a library lounge, private courtyard, fitness center and onsite restaurant C&O Lounge.

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DevelopmentHospitalityLoansMixed-UseMultifamilySoutheastTennesseeTop Stories

Walker & Dunlop Arranges $253M Construction Loan for Pendry Nashville Hotel and Condominium Tower

by John Nelson

NASHVILLE, TENN.  — Walker & Dunlop (NYSE: WD) has arranged a $253 million construction loan for the development of the Pendry Nashville and Pendry Residences Nashville, a luxury 30-story hotel and condominium tower located in the city’s Gulch district. Pendry Hotels & Resorts, in partnership with investment and development firms SomeraRoad and Trestle Studios, plan to immediately break ground on the project. Upon completion, Pendry Nashville will include 180 guestrooms and suites, while 146 for-sale residences will be offered at Pendry Residences. The Pendry Nashville Hotel & Residences development is part of Phase III of the Paseo South Gulch master-planned micro-neighborhood, a 1 million-square-foot mixed-use district developed by SomeraRoad. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz, Sean Bastian and Jackson Irwin of the Walker & Dunlop New York Capital Markets team arranged the loan. Bank OZK and InterVest Capital Partners provided the financing package on behalf of SomeraRoad and Trestle Studio. Jay Morrow and Carter Gradwell of the Walker & Dunlop Hospitality team represented SomeraRoad throughout the financing process, working in collaboration with the firm’s New York Capital Markets team. “Having worked with SomeraRoad to capitalize prior phases of their Paseo South Gulch master-planned development, we are …

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Museum-Parc-Newark
DevelopmentLoansMultifamilyNew JerseyNortheast

Merchants Capital Secures $120M in Construction Financing for Mixed-Income Multifamily Project in Newark

by Taylor Williams

NEWARK, N.J. — Merchants Capital has secured $120 million in construction financing for Museum Parc, a 250-unit, mixed-income multifamily project in Newark. The financing consists of a $62 million construction loan provided by parent company Merchants Bank and a $58 million Freddie Mac 9 Percent Low-Income Housing Tax Credit forward permanent loan. Museum Parc will be a two-building complex in the downtown area that will also house a 4,120-square-foot Newark Museum of Art gallery and approximately 2,300 square feet of ground-floor retail space. Twenty percent of the units will be reserved as affordable housing. Of those 50 residences, 45 will be reserved for households earning 50 percent or less of the area median income (AMI), and the other five will be reserved for households earning 30 percent or less of AMI. Amenities will include a fitness center, coworking space, game room, speakeasy lounge, commercial kitchen area and a rooftop terrace. Michael Milazzo of Merchants Capital handled the transaction on behalf of the developer, a partnership between an affiliate of L+M Development Partners and local housing operator MCI Collective.

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270-Billerica-Chelmsford-Massachusetts
DevelopmentIndustrialMassachusettsNortheastOfficeWalker & Dunlop

DHPH Receives $19.2M Construction Loan for Office-to-Industrial Conversion Project in Metro Boston

by Taylor Williams

CHELMSFORD, MASS. — DH Property Holdings (DHPH) has received a $19.2 million construction loan for an office-to-industrial conversion project in Chelmsford, located northwest of Boston. The regional developer plans to demolish a 102,786-square-foot office building at 270 Billerica Road and construct a 91,606-square-foot industrial facility with a clear height of 32 feet, 12 dock positions and parking for 181 cars and 11 trailers. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Ianno and Stanley Cayre of Walker & Dunlop arranged the loan through Voya Financial on behalf of DHPH.

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AcquisitionsDevelopmentIndustrialLee & AssociatesMidwestWisconsin

Lee & Associates Negotiates $24.5M Land Sale in Southeast Wisconsin Slated for Industrial Development

by Kristin Harlow

CALEDONIA, WIS. — Lee & Associates has negotiated the $24.5 million sale of 223 acres of land in Caledonia within Southeast Wisconsin. The site was formerly known as South Hills Country Club. The transaction marks the largest land acquisition in Southeast Wisconsin since Microsoft acquired 467 acres in late 2023, according to Lee & Associates. Thomas Boyle of Lee & Associates represented the buyer, New York-based Ashley Capital, which plans to build a 4 million-square-foot industrial park on the site. Named South Hills Commerce Center, the project will feature 10 buildings ranging in size from 218,400 to 554,000 square feet. Hintz Real Estate Development Co. LLC was the seller.

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DevelopmentMidwestNorth DakotaRetail

Kraus-Anderson Begins $2.8M Renovation Project at Veterans Memorial Arena in West Fargo

by Kristin Harlow

WEST FARGO, N.D. — Kraus-Anderson has begun a $2.8 million renovation at West Fargo Park District’s Veterans Memorial Arena located at 1201 7th Ave. East in West Fargo. Designed by ICON Architectural Group, the 80,000-square-foot project consists of HVAC upgrades to both ice arenas, including new air conditioning at the Vet’s 1 Arena for non-ice event use during the summer. Additional improvements include renovations to the four locker rooms, modifying bleachers for handicap access and the addition of surveillance and access control systems. Completion is slated for October.

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CaliforniaDevelopmentHealthcareWestern

Scripps to Build New $1.2B San Marcos Medical Center Campus Near San Diego

by Kristin Harlow

SAN MARCOS, CALIF. — Scripps Health has unveiled plans to move forward with the development of a new medical center campus in San Marcos, about 35 miles north of San Diego. The Scripps San Marcos Medical Center will be located on a 13-acre site south of State Route 78 near Twin Oaks Valley Parkway. The first phase of the project will be a comprehensive ambulatory facility, and the second phase will be an acute care hospital. Total project costs are estimated at $1.2 billion, according to The San Diego Union-Tribune. “We acquired the San Marcos property 35 years ago, but it wasn’t the right time to build,” says Chris Van Gorder, president and CEO of Scripps Health. “Our patient population in the area has since grown to the point that it made sense for us to move forward.” Scripps purchased roughly 80 acres in San Marcos for a medical center campus in 1990. In the early 2000s, Scripps engaged H.G. Fenton to work with Scripps and the City of San Marcos on how to best utilize the land, with Scripps retaining 13 acres for the development of the new campus. For more than four years, Scripps management has been working …

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Aggie-Square-Sacramento-CA
CaliforniaDevelopmentLife SciencesMultifamilyOfficeRetailWestern

Partnership to Open 808,000 SF First Phase of Aggie Square on UC Davis Health Campus in Sacramento

by Amy Works

SACRAMENTO, CALIF. — Baltimore-based Wexford Science + Technology, in partnership with The University of California, Davis and the City of Sacramento, has announced the groundbreaking of Aggie Square, a mixed-use development at UC Davis Health Campus in Sacramento. Located at the corner of Stockton Boulevard and 2nd Avenue, Aggie Square’s first phase will offer 808,000 square feet of upscale Class A life sciences research labs, technology and office space, plus housing and retail space. The ribbon-cutting ceremony is scheduled for May 2. Situated on 8.2 acres, Phase I consists of a 313,000-square-foot lab and life sciences building, a 255,000-square-foot Lifelong Learning office and classroom building, a 35,000-square-foot UC Veterinary Genetics Lab, and Anova Aggie Square, a 190-unit residential development with 15,000 square feet of retail space. The first phase also offers community serving uses, a parking structure and indoor/outdoor public spaces. Each building is anchored by UC Davis programs and configured to co-locate private industry investment and innovation infrastructure for startups, as well as community-based partnerships. The project team is also marketing another 313,000-square-foot lab and life sciences building with ground-floor retail located at 100 Aggie Square. The building offers flexible design, and construction will commence once preleasing thresholds are met. …

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