Development

Middlesex Savings Bank Provides $39.1M Construction Loan for Metro Boston Industrial Project

by Taylor Williams June 17, 2022

WILMINGTON, MASS. — Middlesex Savings Bank has provided a $39.1 million construction loan for a 214,440-square-foot industrial project in Wilmington, a northern suburb of Boston. The two-building development is scheduled for a January 2023 completion and will feature a clear height of 32 feet, ESFR sprinkler systems and ample car and trailer parking. Brett Paulsrud and Jonathan Schneider of JLL, working with Middlesex’s Nick Giberson, arranged the loan on behalf of the borrower, Boston-based Davis Cos.

June 17, 2022

Affordable Housing California Development Multifamily Western

USA Properties Fund Starts Construction of Terracina at Whitney Ranch Affordable Housing Community in Rocklin, California

by Amy Works June 17, 2022

ROCKLIN, CALIF. — Roseville-based USA Properties Fund has started construction of Terracina at Whitney Ranch, an affordable multifamily property in Rocklin. Completion is slated for late 2024. Situated between University Avenue and Wildcat Boulevard, Terracina at Whitney Ranch will feature 288 apartments in a mix of one-, two- and three-bedroom layouts. Units will offer energy-efficient appliances, light fixtures and ceiling fans, as well as low-flow faucets, showers and toilets. One-bedroom apartment rents are projected to be $515 to $1,275 per month, while two-bedroom apartments will lease for $606 to $1,518 per month and three-bedroom units will rent for $687 and $1,741 per month. Community amenities will include a 4,000-square-foot clubhouse with a community room and fitness room, a swimming pool, courtyard with seating, a tot-lot play area and laundry facilities.

June 17, 2022

Development Industrial Southeast Top Stories Virginia

LEGO Group Plans $1B Toy Factory in Metro Richmond, Its First in the U.S.

by Jeff Shaw June 17, 2022

CHESTERFIELD, VA. — Danish toymaker LEGO Group has released plans for a 1.7 million-square-foot factory in Chesterfield, a southern suburb of Richmond. Over the course of 10 years, LEGO estimates it will invest $1 billion in the project and generate 1,760 jobs. Located on 340 acres, the project also includes a solar park that will produce 100 percent of the factory’s energy needs. Construction is scheduled to begin this fall, with full production beginning in 2025. The property will be LEGO’s seventh factory worldwide, its second in North America and its first in the United States. LEGO factories in Europe and China are also being expanded, and in December 2021, the privately held toymaker announced plans to build a factory in Vietnam to support further growth in Asia. The industrial expansion is part of the company’s goal to shorten supply chains and reduce its carbon footprint. The project is also designed to meet LEED Gold standards. “More and more families are falling in love with LEGO building, and we are looking forward to making LEGO bricks in the United States, one of our largest markets,” says Niels Christiansen, CEO of LEGO Group. “The location in Virginia allows us to build …

June 17, 2022

Development Loans Multifamily North Carolina Southeast

JLL Arranges $93.2M Construction Financing for Joinery Apartments in Charlotte

by John Nelson June 16, 2022

CHARLOTTE, N.C. — JLL has arranged debt and equity construction financing totaling $93.2 million for the second phase of development of The Joinery, a multifamily project in Charlotte’s Mill District. Travis Anderson, Cory Fowler, Warren Johnson and Ryan Pride of JLL arranged the financing on behalf of the borrowers, Charlotte-based Space Craft and California-based Swinerton. The financing package included $28 million in equity that was raised from 480 individual investors on CrowdStreet and a $65.2 million loan from Benefit Street Partners. Set to open in 2023 at 1816 N. Brevard St. and 420 E. 22nd St., the two-building development will feature 361 one-, two- and three-bedroom apartments, as well as 17,384 square feet of ground-floor retail space and amenities including a rooftop patio and fitness centers in both buildings. Phase I of The Joinery opened earlier this year.

June 16, 2022

Acquisitions Development District of Columbia Hospitality Southeast

Electra America Hospitality Group Acquires Hotel from George Washington University in D.C., Plans $30M Renovation

by John Nelson June 16, 2022

WASHINGTON, D.C. — Electra America Hospitality Group, a joint venture between investment firm Electra America and extended stay hotelier AKA, has purchased One Washington Circle, a 152-room hotel in Washington, D.C. George Washington University (GWU) sold the hotel to the buyer for an undisclosed price. Savills USA represented GWU in the transaction. The new ownership plans to undertake a $30 million renovation to the asset and reopen in June 2023 as an AKA-branded development that specializes in weekly and monthly stays. Built in 1964 and renovated in 2003, the nine-story hotel is situated in D.C.’s West End neighborhood near GWU’s main campus, George Washington University Hospital, Foggy Bottom Metro Station and major institutions including World Bank and IMF.

June 16, 2022

Development Florida Industrial Southeast

GCP to Develop 237,500 SF Industrial Facility Near Jacksonville Port

by John Nelson June 16, 2022

JACKSONVILLE, FLA. — Growth Capital Partners (GCP), an industrial real estate developer and owner based in Birmingham, plans to develop a 237,500-square-foot industrial facility near JAXPORT (Jacksonville Port Authority). GCP recently purchased a 37.8-acre site on Alta Drive near JAXPORT’s Blount Island and Dames Point terminals with plans to break ground in July on the project. Dubbed Port Commerce Center, the front-load, concrete tilt-wall project will feature 32-foot clear heights, a 130-foot truck court and land for trailer storage. GCP has tapped Bryan Bartlett of Newmark to lease the property. Newmark also represented the land seller, an entity doing business as Alta Jacksonville Holdings, in the transaction. Birmingham-based Vardaman Construction LLC is the general contractor of Port Commerce Center, which is GCP’s fourth industrial project underway. The developer is also building industrial facilities in Texas and Tennessee.

June 16, 2022

Development Office Texas

Gensler Completes Repositioning of CIM Group’s 188,000 SF Office Building in East Austin

by Taylor Williams June 16, 2022

AUSTIN, TEXAS — Architecture and design firm Gensler has completed the repositioning of Fifth + Tillery, a 188,000-square-foot office building in East Austin that is a redevelopment of an industrial facility. The owner, CIM Group, acquired the property in October 2019 shortly after construction began, and the initial construction was completed in August 2020. Spaces at Fifth + Tillery are marketed to creative office users featuring outdoor balconies with heightened levels of natural light. The building also offers a landscaped courtyard with various outdoor amenities.

June 16, 2022

Development Multifamily New Jersey Northeast

Kushner Breaks Ground on 265-Unit Multifamily Project in East Hanover, New Jersey

by Taylor Williams June 16, 2022

EAST HANOVER, N.J. — Locally based developer Kushner has broken ground on a 265-unit multifamily project in the Northern New Jersey community of East Hanover. The community will feature a mix of one- to three-bedroom residences across four buildings and will include 53 affordable housing units. The amenity package will comprise a pool, grilling stations, outdoor gaming area, fitness center with a yoga studio, theater room, residents-only clubroom, a conference and coworking facilities. Completion is slated for the first quarter of 2025.

June 16, 2022

Connecticut Development Multifamily Northeast

Building & Land Technology Completes 180-Unit Apartment Community in Stamford, Connecticut

by Taylor Williams June 16, 2022

STAMFORD, CONN. — Connecticut-based developer and private equity firm Building & Land Technology has completed Anthem, a 180-unit apartment community in Stamford’s Harbor Point neighborhood. The waterfront community offers one-, two- and three-bedroom units and amenities such as a pool, fitness center with a yoga studio, meditation center, golf simulator, outdoor kitchens, guest suites and communal workspaces. Rents start at approximately $2,900 per month for a one-bedroom unit.

June 16, 2022

Development Midwest Missouri Retail

Outside the Lines Completes Water Show Fountain at Branson Boardwalk in Missouri

by Kristin Harlow June 16, 2022

BRANSON, MO. — Outside the Lines (OTL), a design-build construction company that specializes in water features, fountains, rockwork and themed environments, has completed a water-effects show fountain at Branson Boardwalk in Missouri. The water feature is in a cascading lake situated adjacent to the Aquarium at the Boardwalk, the first attraction developed at the entertainment complex that opened in fall 2020. The fountain plays two fully choreographed shows every half hour from 8 a.m. to 10:30 p.m. seven days a week. Branson Boardwalk is a dining, shopping and entertainment destination that is opening in phases.

June 16, 2022

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