NEW YORK CITY — Locally based developer Lightstone Group has received $130 million in construction financing for Lightstone Moxy, a 303-room hotel that will be located on Manhattan’s Lower East Side. MSD Partners LP, an affiliate of the private investment firm of tech magnate Michael Dell, provided a $90 million senior loan for the 16-story project. Lionheart Strategic Management LLC, an affiliate of Fisher Brothers, provided a $40 million mezzanine loan. Tao Hospitality Group will manage the hotel, which will feature multiple food and beverage concepts. Drew Anderman and Benjamin Nevid of Meridian Capital Group arranged the financing.
ROMULUS, MICH. — Ford Motor Co. has selected Romulus, a southwest suburb of Detroit and home of the Detroit Metropolitan Wayne County Airport, as the location of its new global battery center named Ford Ion Park. The $100 million project will help accelerate research and development of battery and battery cell technology. Ford Ion Park is part of Ford’s $185 million investment in developing, testing and building vehicle battery cells and cell arrays. Ford will refurbish an existing 270,000-square-foot facility to house up to 200 engineers.
GRANITE CITY, ILL. — Contegra Construction Co. has completed the new 40,800-square-foot headquarters for icon Mechanical in Granite City, just north of St. Louis. icon Mechanical is a full-service mechanical contractor, engineering and construction firm specializing in the design, fabrication and installation of process piping, power piping, industrial ventilation and commercial HVAC. The company employs more than 150 people in addition to hundreds of trade workers on projects. The two-story property is located at 1616 Cleveland Blvd. and features an atrium, glass-walled offices, LED lighting, two stairways and open interior workspaces. Joining icon and Contegra on the project team were civil engineer Juneau Associates, architect Gray Design Group and structural engineer Alper Audi, all of which are St. Louis-area firms.
WASHINGTON, D.C. — Office Properties Income Trust has broken ground on a redevelopment of a Class B office building located at 20 Massachusetts Ave. NW in Washington, D.C. The project will expand and reimagine the seven-story, 340,119-square-foot building to a 10-story, 427,000-square-foot property. The project, named 20 Mass, is expected to be completed in early 2023 and is predicted to cost approximately $200 million. Designed by Leo A. Daily Architects, 20 Mass will include 184,000 square feet of Class A office space on the top four floors with 45,000-square-foot floor plates, 14,000 square feet of retail space, a 271-room Royal Sonesta Hotel and a fitness club. Property amenities will include a vegetated green roof and a conference center. 20 Mass will feature touchless systems and will have WELL and LEED certifications. Located in D.C.’s Capitol Hill neighborhood, 20 Mass is adjacent to Union Station, a regional transit hub, and Capital One Arena, home stadium of the Washington Wizards basketball club and Washington Capitals ice hockey team. The property is also close to neighborhoods such as Chinatown, Penn Quarter and the Mount Vernon Triangle. Office Properties Income Trust is a REIT managed by the operating subsidiary of The RMR Group Inc., …
BETHESDA, MD. — Talonvest Capital Inc. has secured a $45.5 million construction loan to fund the ground-up development of a self-storage facility in Bethesda. Upon completion, the self-storage facility will feature a 131,559 net rentable square feet of climate-controlled space in approximately 1,560 units across nine levels. The project is expected to be completed in 2022. The loan features a low interest rate, a three-year term with an extension option and prepayment flexibility. Jim Davies, Erich Pryor, Mason Brusseau and Tom Sherlock of Talonvest secured the loan on behalf of the borrower, 1784 Capital Holdings, which is a self-storage developer based in Scottsdale, Arizona. Talonvest Capital is an Irvine, Calif.-based real estate firm that provides advisory services to self-storage and commercial real estate investors, owners and developers nationally.
BALTIMORE — Trout Daniel & Associates (TD&A) has arranged the sale of 300 West Fayette Street, a 120,000-square-foot building in Baltimore. The buyer, an entity doing business as 300 W. Fayette Finance LLC, is led by a local investment group. The company plans to redevelop the property into an apartment community. The sales price and seller were not disclosed. The property is a seven story building that formerly was a department store. The building will be converted into 107 market-rate apartments and will include street-level retail and flexible office space. Construction is slated to start in a few months. Built in 1908, the building was the original home of Berkheimer Brothers Department Store. In addition to the original department store, the sale includes an adjoining brownstone building that once housed Robert L. Richardson Mortgage Co. Gary Olschansky of TD&A represented the undisclosed seller, who had owned the building since 2005. Brad Byrnes of Byrnes & Associates Inc. represented the buyer. TD&A is a Baltimore-based commercial real estate services company.
COON RAPIDS, MINN. — Kraus-Anderson has completed a $5.8 million renovation of Allina Health’s Mercy Hospital in Coon Rapids, a northern suburb of Minneapolis. Designed by Leo A Daly Architects, the 25,000-square-foot project involved the renovation of the third-floor Mercy Specialty Center to accommodate an oncology clinic as well as pharmacy and lab space. The property is located at 11850 Blackfoot Street NW. Construction of the multi-phase project began in September 2020.
SEATTLE — Vulcan has purchased a fully entitled, 1.4-acre development site at 1600 132nd Ave. NE in Seattle’s Bel-Red corridor. Summerhill Apartments Communities sold the plot for an undisclosed price. The buyer plans to develop a 270,000-square-foot multifamily property on the site. The property is entitled with permits for an eight-story, 249-unit residential building. Construction could start early as fourth-quarter 2021, for completion in fourth-quarter 2023. Runberg Architecture Group is architect of record.
BROOMFIELD, COLO. — A joint venture between Titan Development and Pivot Development has unveiled plans for The Lock at Flatirons, an apartment property located in the Interlocken Technology Park in Broomfield. Situated on 3.3 acres, The Lock at Flatirons will feature 254 apartments, a fitness center, resort-style pool, bike storage and stations, secure access parking, technology packages throughout the property and co-working space. Construction is slated to begin in third-quarter 2021, with completion planned within approximately 28 months.
LAS VEGAS — Harsch Investment Properties has broken ground on Sunset Airport Center II, a four-building industrial complex in Las Vegas’ airport submarket. Slated for completion in summer 2022, Sunset Airport Center II will be an addition to the 269,853-square-foot Sunset Airport Center property that Harsch purchased in 2016. Located on Sunset and Pecos roads, Buildings A and B combined will total 185,000 square feet and offer up to 19 tenant spaces that range from 6,000 square feet to 16,000 square feet. Each space features both dock-high and grade-level loading. The buildings range from 26-foot to 30-foot minimum warehouse clear heights, 160-foot minimum truck court, ESFR sprinklers and Sunset Road frontage. The project team includes R&O Construction, VLMK Engineering + Design and VTN Consulting Engineers. MDL’s Jarrad Katz and Galit Kimerling-Moreau are overseeing leasing of the property.