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16000 Pines Market
DevelopmentFloridaLoansMixed-UseSoutheast

Thorofare Capital Provides $43.7M in Financing for 16000 Pines Market Retail Development in South Florida

by Julia Sanders

PEMBROKE PINES, FLA. — Thorofare Capital Inc. has provided $43.7 million in senior mortgage financing to an entity managed by Miami-based Terra for 16000 Pines Market, a 135,000-square-foot mixed-use development nearing completion in Pembroke Pines. Keith Kurland, Jackson Sastri and Ian Hawk of Walker & Dunlop arranged the financing. Terra will utilize the loan proceeds to finish construction, capitalize the tenant improvements/leasing commissions and carry the project until it’s stabilized. The first phase of construction for 16000 Pines Market was completed earlier this year, with construction of Phase II now underway and slated to deliver in 2022. 16000 Pines Market is situated on 13.2 acres with visibility along Pines Boulevard and Dykes Road. The shopping center is anchored by Publix as well as Burlington and Crunch Fitness. Additional tenants include Verizon Wireless, Regions Bank, a United States Postal Service branch, Jersey Mike’s Subs, Vivo Pizza & Pasta, FirstWatch Café, Cheddar’s and MD Now. Thorofare Capital Inc. is a commercial real estate debt fund manager and affiliate of Thorofare LLC. Terra is a real estate development and investment company.

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Esperanza-Duarte-Station-Duarte-CA
CaliforniaDevelopmentMultifamilyWestern

MBK Rental Living, R.D. Olson Construction Break Ground on 344-Unit Apartment Project in Los Angeles County

by Amy Works

DUARTE, CALIF. — MBK Rental Living and R.D. Olson Construction have broken ground on Esperanza at Duarte Station, a multifamily property located on 4.3 acres in Duarte. The five-story property will feature 344 one-, two- and three-bedroom apartments in a mix of 12 floor plans ranging from 514 square feet to 1,090 square feet. Community amenities will include a parking structure, rooftop indoor/outdoor fitness center, clubroom, resort-style pool and spa, outdoor entertainment and cooking spaces, a coworking venue, dog park, pet washing station and a linear park that runs the length of the community. Esperanza at Duarte Station is a joint venture project between MBK Rental Living and Haseko Corp., with construction financing provided by Principal Real Estate Investors. Additional project partners include Architects Orange, PBA Structural Engineers and MJS Landscape.

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Wynwood Haus
DevelopmentFloridaMultifamilySoutheast

Partnership Breaks Ground on 224-Unit Wynwood Haus Apartments in Miami

by Julia Sanders

MIAMI — A partnership between TSG, Lineaire Group and Bridge Investment Group has broken ground on Wynwood Haus, a 224-unit multifamily property located at 1765 N. Miami Ave. in the Wynwood submarket of Miami. The project is slated for completion by the first quarter of 2023. Wynwood Haus will be a 20-story project and will include studio, one- and two-bedroom floorplans that range from 394 to 945 square feet. The unit will feature floor-to-ceiling windows, balconies, full-size in-unit washer and dryer, wireless-controlled smart thermostat, 10-inch ceilings, walk-in closets in most units, a rain shower and secure keyless entry. Wynwood Haus will have a rooftop with a pool and sun deck, as well as a yoga room and fitness center. The property will also include private workspaces, a conference room and a coworking area, with Wi-Fi in all common spaces. The property will also offer a steam room, sauna and experiential showers, as well as an outdoor barbecue and dining area, great room and catering kitchen. Lastly, the property will feature a library and resident lounge, pet grooming, electric car charging stations, a smart locker package room and cold storage, as well as 5,500 square feet of retail space. The community …

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Affordable HousingDevelopmentIndianaMidwestMultifamily

Woda Cooper Breaks Ground on $12.9M Affordable Housing Development in Plainfield, Indiana

by Kristin Harlow

PLAINFIELD, IND. — Woda Cooper Cos. Inc. has broken ground on a new affordable housing community named Harper’s Crossing in the Indianapolis suburb of Plainfield. The $12.9 million, 60-unit community will be located at 311 Harper’s Way near The Shops at Perry Crossing. The three-story building will offer a number of amenities to residents earning between 30 and 80 percent of area median income, including a common laundry room, free Wi-Fi throughout and a community room. The developer was able to receive a tax abatement from the Town of Plainfield since the project is located in an Opportunity Zone. Tax credits awarded by The Indiana Housing & Community Development Authority (IHCDA) generated equity financing. Monthly rents at the community, which will offer one-, two- and three-bedroom units as well as accessible units, will remain between $292 and $1,070, depending on income restrictions and unit size. Building materials are being used to meet LEED Silver certification standards for energy efficiency. RBC Community Investments (RBCCI) was the tax credit syndicator. Huntington National Bank made an investment through RBCCI and also provided a construction loan. Cedar Rapids Bank & Trust provided the first mortgage. Indianapolis-based Cripe is the architect, BWI LLC is the general contractor and Sol Design + Consulting is the sustainability consultant. …

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DevelopmentIndianaIndustrialMidwest

Opus, Clarion Begin Development of Two Spec Industrial Buildings in Suburban Indianapolis

by Kristin Harlow

MOUNT COMFORT, IND. — The Opus Group and Clarion Partners LLC have broken ground on two speculative industrial buildings at Point 70 Logistics Park in Mount Comfort, a northeast suburb of Indianapolis. Building A and Building B will span 802,907 square feet and 298,823 square feet, respectively. Building A will feature a clear height of 40 feet, 184 dock positions, 208 trailer stalls and 460 parking stalls. Building B will feature a clear height of 32 feet, 68 dock positions, 89 trailer stalls and 216 parking stalls. Completion of the buildings, which will sit on 88 acres, is slated for summer 2022. Opus is serving as developer, design-builder, interior designer, architect and structural engineer. Luke Wessell of Cushman & Wakefield will market the buildings for lease.

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DevelopmentMidwestMissouriMultifamily

Fogelman Properties Completes Renovation of 489-Unit Apartment Community in Suburban St. Louis

by Kristin Harlow

CHESTERFIELD, MO. — Fogelman Properties has completed the renovation of 15Seventy, a 489-unit apartment community located at 1570 Westmeade Drive in the St. Louis suburb of Chesterfield. Fogelman built the property in 1987 and began the renovation project in 2018. The project included the addition of a new Wi-Fi café, a redesigned lobby and leasing center, updates to the pools and tennis courts and the addition of new gathering spaces such as an outdoor entertainment kitchen, poolside pavilion and indoor kitchen area. Fogelman also unveiled a new fitness center with state-of the-art equipment and programs. To date, Fogelman has upgraded 220 of the units with granite countertops, new cabinetry, wood-style flooring and stainless steel appliances. Monthly rents start at $1,127.

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DevelopmentHealthcareNew JerseyNortheast

Public-Private Partnership Begins Work on $750M Cancer Treatment Facility in New Brunswick, New Jersey

by Taylor Williams

NEW BRUNSWICK, N.J. — A public-private partnership led by the New Brunswick Development Corp. has begun construction on a $750 million cancer treatment facility in the northern-central part of the Garden State. RWJBarnabas Health and the Rutgers Cancer Institute of New Jersey will operate the facility, which will provide inpatient and outpatient cancer services, including ancillary services, as well as state-of-the-art laboratories for research. Construction of the 12-story building is slated for completion in 2024.

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Cornerstone-at-Greentree-Marlton-New-Jersey
Affordable HousingDevelopmentMultifamilyNew JerseyNortheastSeniors Housing

Walters Opens Affordable Seniors Housing Community in Marlton, New Jersey

by Taylor Williams

MARLTON, N.J. — Walters, an affordable housing developer, has opened Cornerstone at Greentree, an income-restricted seniors housing community in the Philadelphia suburb of Marlton. Situated on 2.3 acres, the four-story building features 68 one- and two-bedroom apartments, with rents starting at $850 per month. Apartments are leased exclusively to residents whose incomes are at or below 60 percent of the area median income.

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The-Grove-Phoenix-AZ
ArizonaDevelopmentHospitalityMixed-UseMultifamilyOfficeRestaurantRetailWestern

RED Development Starts Construction of $300M The Grove Mixed-Use Project in Phoenix

by Amy Works

PHOENIX — RED Development has announced that construction is underway for The Grove, a $300 million mixed-used development at the northwest corner of 44th Street and Camelback Road in Phoenix. Situated on 15 acres, the development will include the recently announced Global Ambassador hotel, a four-story office building, several ground-floor retail and restaurant spaces, two two-story office buildings, a self-storage facility by Hibernia Capital, a covered parking structure and an apartment building by StreetLights Residential. Completion of the first phase is slated for the latter half of 2022 with final completion and the hotel’s opening scheduled for fall 2023. The Grove is also the home to the new Phoenix Suns and Phoenix Mercury private training facility that opened in late 2020.

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Parke West
DevelopmentHospitalityMixed-UseMultifamilyRestaurantRetailSoutheastTennessee

GBT Realty Breaks Ground on Next Phase of Parke West Mixed-Use Project in Nashville

by Julia Sanders

NASHVILLE, TENN. — GBT Realty Corp., a Brentwood, Tenn.-based commercial development and investment company, has broken ground on the next phase of construction for Parke West, a mixed-use project located near Nashville’s West End neighborhood. The plans include a hotel, residential community, restaurants and retail space, which will all be situated within two towers. Parke West will also have a 450-space underground parking structure that will serve both towers. Developed, owned and managed by Nashville-based Chartwell Hospitality, the nine-story hotel is a dual-branded Hilton Garden Inn and Home2 Suites by Hilton. The hotels will feature a shared lobby and amenities, including a lobby bar and restaurant, fitness center, rooftop pool deck and approximately 4,000 square feet of flexible meeting space. Of the 172 rooms, 69 will operate as Home2 Suites, while the remaining 103 rooms are designated for Hilton Garden Inn. Plans for the 15-story, multifamily tower includes 210 one- and two-bedroom units. Community amenities will include a 12th floor outdoor swimming pool and deck, dog spa and a 24-hour concierge. Between the towers will be a courtyard featuring open-air, landscaped terraces. Approximately 11,000 square feet of commercial space on the ground level will house restaurants with outdoor seating, service …

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