Development

Lyon Contracting Underway on 110-Unit Apartment Complex Near Minneapolis

by Kristin Harlow February 18, 2021

BURNSVILLE, MINN. — Lyon Contracting Inc. is underway on construction of The Overlook on Crystal Lake, a 110-unit apartment complex in Burnsville, about 15 miles south of Minneapolis. Northland Real Estate Group LLC is the project developer. Units will range from 600-square-foot studios to 1,500-square-foot three-bedrooms. Amenities will include a rooftop patio, community room, fitness room and workspaces. The project sits on a three-acre site adjacent to Crystal Lake and directly across from Buck Hill Ski Area. Construction began in January and is expected to be completed in 14 months. Venture Capital Mortgage arranged the debt and equity for the project. Additional project team members include The Cole Group, Civil Site Group and Great Lakes Management Co.

February 18, 2021

Development District of Columbia Hospitality Southeast

Koucar, Donohoe Open $58M Cambria Hotel in Southwest D.C.

by Julia Sanders February 17, 2021

WASHINGTON, D.C. — Cambria Hotel Washington DC Capitol Riverfront has opened in southwest Washington, D.C. Michigan-based Koucar Management and Donohoe Cos. Inc. co-developed the nine-story, 154-room property. BBGM Architects and DiLeonardo designed the hotel, which is valued at $58 million. The Cambria Hotel Washington DC Capitol Riverfront hotel is located at 69 Q St., SW, about 1.4 miles from the National Mall and 6.1 miles from the Ronald Reagan Washington National Airport. The hotel is near the Anacostia River. The hotel’s amenities include guest rooms with spa-style bathrooms, 24-hour room service, a fitness center, full-service restaurant with patio seating and 1,500 square feet of meeting space. The property also has a 3,500-square-foot rooftop terrace offering skyline views. Cambria is a hotel flag under Choice Hotels International. An official grand opening celebration at the hotel will be held later in 2021.

February 17, 2021

Development Industrial Loans Maryland Self-Storage Southeast

MD Energy Provides $3M CPACE Loan for Former Printing Facility Conversion in Baltimore County

by Julia Sanders February 17, 2021

PIKESVILLE, MD. — MD Energy Advisors has provided a $3 million commercial property-assessed clean energy (CPACE) loan to Garver Development Group to fund renovations to the former Port City Press printing facility in Baltimore County. The 177,000-square-foot property is located at 1323 Greenwood Road in Pikesville. Garver Development acquired the facility in 2020. The former owner, a Pennsylvania-based entity doing business as 1323 Greenwood LLC, closed the plant in early 2018 and the site has remained vacant. CPACE is a financing structure in which building owners borrow money for energy efficiency, renewable energy, or other projects and make repayments via an assessment on their property tax bill, according to the U.S. Department of Energy. CPACE loans are non-recourse debt products on a 20- to 25-year term and amortization schedule and feature a fixed interest rate routinely under 6 percent. Garver Development plans to convert approximately two-thirds of the building into a use that will support self-storage under the Self Storage Plus brand, as well as storage options for cars and small recreational vehicles. The balance of the space, representing approximately 32,000 square feet, will be transformed into an area that can be used for various light industrial and warehouse applications. …

February 17, 2021

Development Industrial Nevada Western

SunCap Property, Diamond Realty Investments to Develop SunPoint West Industrial Campus in North Las Vegas

by Amy Works February 17, 2021

NORTH LAS VEGAS — SunCap Property Group, along with Diamond Realty Investments, has closed on a 39-acre land parcel in North Las Vegas for the development of SunPoint West, a speculative industrial project. Bounded by West Cheyenne and Brooks avenues and Coleman and Clayton streets, the six-building property will offer buildings ranging in size from 55,473 square feet to 238,057 square feet for single or multi-tenant users. Site work is slated to begin in April, with the first building shell scheduled for delivery by the end of the year. Chris Lane, Jerry Doty, Paul Sweetland and Dan Doherty of Colliers International’s Doherty Industrial Team represented the buyers in the land acquisition.

February 17, 2021

Development Mixed-Use New Jersey Northeast

Connell Underway on $400M Mixed-Use Redevelopment in Berkeley Heights, New Jersey

by Taylor Williams February 17, 2021

BERKELEY HEIGHTS, N.J. — New Jersey-based developer The Connell Company is underway on The Park, a $400 million mixed-use redevelopment project in the Northern New Jersey community of Berkeley Heights. The development spans 185 acres and will feature office, hospitality, residential and retail uses, as well as a network of jogging and nature trails, upon completion in 2023. Connell is set to begin construction this year on The District, a phase that will include some 300 apartments, as well as retail and entertainment space. The previous phase featured office space that opened last summer.

February 17, 2021

Development Massachusetts Northeast Seniors Housing

MIT Submits Plans for 690-Bed Residence Hall Targeting Graduate Students

by Taylor Williams February 17, 2021

CAMBRIDGE, MASS. — The Massachusetts Institute of Technology (MIT) has submitted plans for a 690-bed residence hall for graduate students at 269-301 Vassar St. on the university’s campus in Cambridge, according to reports by development tracking platform Bldup. The university will develop the project with American Campus Communities, according to reports, in order to “allow MIT the financial flexibility and resources necessary to expand bed capacity and expedite capital renewal improvements.” Further details on the development were not announced.

February 17, 2021

Development Multifamily Northeast Pennsylvania Seniors Housing

College Town Communities to Develop 132-Unit Student Housing Property in Metro Philadelphia

by Taylor Williams February 17, 2021

WILLOW GROVE, PA. — College Town Communities will develop a 132-unit student housing development near the Penn State Abington campus in Willow Grove, a northern suburb of Philadelphia. The developer recently acquired the four-acre development site from Fairhill Properties for $2.5 million. Chris Pennington of Binswanger Commercial Real Estate Services brokered the land deal. The new development will offer fully furnished two-bedroom units alongside communal amenities including a clubhouse, fitness center, business center, café, media lounge and a resort-style pool. The groundbreaking is scheduled for spring.

February 17, 2021

Development Florida Loans Multifamily Southeast

Estate Cos. Secures $55.5M in Construction Financing for Soleste Cityline Multifamily Project in South Florida

by John Nelson February 16, 2021

DANIA BEACH, FLA. —The Estate Cos., a multifamily developer based in Miami, has secured $55.5 million in construction financing for Soleste Cityline. The eight-story property will be a Class A, mixed-use community with 340 rental units and 12,800 square feet of retail at 4 North Federal Highway in Dania Beach. Soleste Cityline will be located on the northeast corner of Federal Highway and Dania Beach Boulevard, around 25 miles from Miami. Synovus Financial Corp. arranged the financing. The developer plans to break ground this quarter. Fort Lauderdale-based Merrimac Ventures is a partner in the project and will own the retail portion of the property, along with Miami-based Tricera Capital. The project will offer units ranging from approximately 600 to 1,200 square feet. Studios, one-, two- and three-bedroom units include dual master suites, spacious walk-in closets, private balconies and a full-size washer and dryer. Soleste Cityline will feature a pool deck, fitness center, outdoor grilling stations, clubroom and private event space.

February 16, 2021

Affordable Housing Development Florida Multifamily Southeast

Wendover Housing Partners Breaks Ground on $16.3M Affordable Housing Community in Sanford, Florida

by John Nelson February 16, 2021

SANFORD, FLA. — Wendover Housing Partners, an Altamonte Springs, Fla.-based multifamily developer, has broken ground on Monroe Landings, a $16.3 million affordable housing community in Sanford. Wendover received $11.5 million in tax credit equity, $1.3 million from partner Orlando Housing Authority and a $2.8 million permanent loan from Neighborhood Lending Partners. Roger B. Kennedy Construction is overseeing the construction of the community. Located at 375 Oleander Ave. in Sanford, Monroe Landings will be a 60-unit, multifamily community with one-, two- and three-bedroom units. Community amenities will include a clubhouse with a gathering area and fireplace, resident computer center, pool, tot lot, gazebo with picnic tables, outdoor grills and a community gardening area. Rent is expected to start at $766 per month for one-bedroom units, $908 per month for two-bedroom units and $1,041 per month for three-bedroom units. Wendover expects to move residents in by the end of 2021 or beginning of 2022. In November 2013, HUD demolished an existing affordable housing community at the site after being deemed uninhabitable. Several hundred residents were displaced at the time the community was demolished. Wendover will offer the former residents the option to live at Monroe Landings when completed. The property will serve …

February 16, 2021

Development Midwest Multifamily Nebraska Student Housing

Campion Devco to Develop 575-Bed Student Housing Project in Lincoln, Nebraska

by Kristin Harlow February 16, 2021

LINCOLN, NEB. — Campion Devco LLC is developing LivRed, a 575-bed student housing project near the University of Nebraska-Lincoln in Lincoln. The seven-story building will offer furnished one-, two-, three- and four-bedroom units. Community amenities will include a fitness center, package room, parking garage, private study rooms, gaming areas and lounges. The project team includes Sampson Construction, Grace Hebert Curtis Architects, ETI and REGA Engineering. Scott Clifton, Stewart Hayes, Teddy Leatherman and Dan Kearns of JLL Capital Markets sourced a joint venture partner in Tailwind Group for the project. A timeline for construction was not disclosed.

February 16, 2021

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