Development

JLL Arranges $17M Construction Loan for Manhattan Multifamily Project

by Taylor Williams November 24, 2020

NEW YORK CITY — JLL has arranged a $17 million construction loan for a 12-unit multifamily project that will be located at 66 Clinton St. on the Lower East Side of Manhattan. Kriss Capital provided the loan to the borrower, a partnership between Vault Development, Borough Equities and TLM. Units will feature private balconies, and residents will have access to a rooftop deck and a fitness center. Completion is slated for December 2021. Max Herzog, Marko Kazanjian and Matt Fagella of JLL arranged the loan.

November 24, 2020

Acquisitions Development Life Sciences North Carolina Office Southeast

JLL Secures $52.8M Loan for Life Sciences Property at Research Triangle Park in Raleigh-Durham

by Alex Tostado November 23, 2020

MORRISVILLE, N.C. — JLL has arranged a $52.8 million loan for the acquisition and conversion of Perimeter’s Edge, a four-building, 341,547-square-foot property in Morrisville. The buyer and borrower, Longfellow Real Estate Partners, will convert the asset into a life sciences lab. MetLife Investment Management provided the five-year, floating-rate loan. Perimeter’s Edge is situated within Research Triangle Park at 2450 and 2600 Perimeter Park Drive, 507 Airport Blvd. and 515 McCrimmon Parkway. A timeline for construction was not disclosed. Greg LaBine, Roger Edwards and Martha Nay of JLL arranged the loan on behalf of the borrower. Brigitte Burkett of MetLife originated the loan.

November 23, 2020

Development Florida Industrial Southeast

Miller Construction Breaks Ground on 312,592 SF Industrial Park in Metro Miami

by Alex Tostado November 23, 2020

HIALEAH GARDENS, FLA. — Miller Construction has broken ground on Midpoint Miami Logistics Park, a 312,592-square-foot industrial property in Hialeah Gardens. The 18-acre site will include the 147,974-square-foot Building 1 and the 164,618-square-foot Building 2. Miller expects to immediately break ground on Building 1 and then plans to start Building 2 four weeks later. The Fort Lauderdale, Fla.-based general contractor expects to complete the park in summer 2021. The assets will feature 32-foot clear heights, a shared 180-foot truck court and a total of 124 dock doors. Foundry Commercial is the developer and owner of Midpoint Miami Logistics Park. RLC Architects is the designer, and Avison Young is handling leasing efforts. The engineering team includes Miami-based firms Puga & Associates International, DDA Engineers and Langan Engineering.

November 23, 2020

Development Multifamily North Carolina Southeast

Joint Venture to Develop 248-Unit Multifamily Community in Raleigh

by Alex Tostado November 23, 2020

RALEIGH, N.C. — A joint venture between Novare Group, Batson-Cook Development Co. (BCDC) and Marble Capital has acquired 11 acres between Interstates 540 and 440 east of downtown Raleigh to develop a 248-unit multifamily community. AT&T sold the land, which currently houses an AT&T Operations Center that will remain in use for the immediate future. The joint venture expects to break ground on the yet-to-be-named project in December with a completion date slated for fall 2022. The complex will offer studio to three-bedroom floor plans. Communal amenities will include a clubhouse, business center, game room, fitness center and a pool. Humphreys & Partners Architects is the architect, Kimley-Horn is the civil engineer and Construction Enterprises Inc. is the general contractor. Cadence Bank and Atlantic Capital Bank provided debt financing to the developers.

November 23, 2020

Development Illinois Industrial Midwest

Ryan Cos. Completes Development of Pullman Crossings Industrial Project in Chicago

by Kristin Harlow November 23, 2020

CHICAGO — Ryan Cos. has completed the development of Pullman Crossings, a 62-acre industrial project within the larger Pullman Park in Chicago’s Pullman neighborhood. Ryan served as master developer in collaboration with Chicago Neighborhood Initiatives. With the recent completion of a 145,000-square-foot, build-to-suit distribution center for Amazon, Ryan has developed three industrial facilities totaling 685,000 square feet at Pullman Crossings since 2017. Located at the intersection of I-94 and 103rd Street, Pullman Crossings is part of an area that was originally home to factories that served as manufacturing sites for Pullman rail cars beginning in the late 1800s. Current tenants besides Amazon include Whole Foods Market and SC Johnson.

November 23, 2020

Development Illinois Midwest Multifamily

Optima Receives Final Municipal Approval for Development of 109-Unit Apartment Building in Wilmette, Illinois

by Kristin Harlow November 23, 2020

WILMETTE, ILL. — Optima Inc. has received final approval from the village of Wilmette for the development of a 109-unit luxury apartment building. The developer plans to break ground in late 2021 at the site, which is currently occupied by a bank. Designed by Hovey, the project will also include more than 8,000 square feet of commercial space on the first floor. Residents will have access to various amenities, including a rooftop sky deck and pool. Completion is scheduled for 2023.

November 23, 2020

Development Multifamily Student Housing Texas

Panteras, Miyama to Build 101-Bed Student Housing Property in Fort Worth

by Taylor Williams November 23, 2020

FORT WORTH, TEXAS — A partnership between student housing developer Panteras Development Partners and owner-operator Miyama USA will build a 101-bed student housing property in Fort Worth that will serve students at Texas Wesleyan University. The 56-unit property will be located within a short walk of the heart of the campus and will feature one- and two-bed floor plans, as well as student lounges with large-screen TVs and dedicated study areas. The opening is scheduled for fall 2022.

November 23, 2020

Development Massachusetts Northeast Office

WS Development Tops Out 525,000 SF Office Project for Amazon in Boston’s Seaport District

by Taylor Williams November 23, 2020

BOSTON — WS Development has topped out 111 Harbor Way, a 525,000-square-foot office project in Boston’s Seaport District that will be occupied by Amazon upon completion in late 2021 or early 2022. Designed by Gensler, the property is located within WS Development’s Boston Seaport mixed-use development that spans 33 acres and 20 city blocks. Amazon is expected to occupy about 430,000 square feet and create about 2,000 new jobs within the building.

November 23, 2020

Connecticut Development Loans Multifamily Northeast

Spinnaker, Eastpointe to Develop 300-Unit Apartment Community in Bridgeport, Connecticut

by Taylor Williams November 23, 2020

BRIDGEPORT, CONN. — A partnership between Spinnaker Real Estate Partners LLC and Eastpointe LLC will develop Canfield Park at Fairfield Metro, a 300-unit apartment community in Bridgeport. The property will feature studio, one- and two-bedroom units averaging 850 square feet, as well as 20,000 square feet of amenity space and 500 parking spaces for residents. Christopher Peck, Peter Rotchford, Kristen Knapp and Rob Root of JLL arranged $68 million in construction financing for the developer through Sculptor Real Estate. Completion is slated for 2022.

November 23, 2020

Development Industrial New York Northeast

Tower Holdings Completes 81,200 SF Industrial Project in Montgomery, New York

by Taylor Williams November 23, 2020

MONTGOMERY, N.Y. — Development and construction management firm Tower Holdings Group has completed an 81,200-square-foot industrial project located on a 7.4-acre tract in Montgomery, about 60 miles northwest of New York City. The first floor features 7,237 square feet of office space and 71,643 square feet of warehouse space, while the second floor houses 9,880 square feet of office space, equipped with a conference room and showroom.

November 23, 2020

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