Development

Metonic Real Estate Solutions, WNPM Open 330-Unit Millennium Apartments in Palm Desert, California

by Amy Works March 20, 2025

PALM DESERT, CALIF. — Omaha, Neb.-based Metonic Real Estate Solutions, as owner, and Irvine, Calif.-based Western National Property Management (WNPM), as property manager, have opened Millennium Apartments at 74699 Technology Drive in Palm Desert. Situated in Coachella Valley, Millennium Apartments offers 330 studio, one-, two- and three-bedroom apartments with contemporary finishes, smart-phone technology, private patios, stainless steel appliances, quartz countertops, plush carpeting in bedrooms, open-concept floor plans and direct-access garages. Common area amenities include a clubhouse, saltwater swimming pool, fitness center with private yoga studio and outdoor exercise lawn, an activity park, a pet park, three conference rooms, a business center, coworking spaces, package lockers and electric vehicle charging stations.

March 20, 2025

Development Hospitality Utah Western

Extell Development, Hilton to Develop Canopy by Hilton Hotel at Deer Valley East Village in Park City

by Amy Works March 20, 2025

PARK CITY, UTAH — New York-based Extell Development and Hilton have announced plans to develop a new Canopy by Hilton hotel at Deer Valley East Village, North America’s first luxury alpine village to be developed since 1981. Slated to open in summer 2026, the 180-key hotel will mark Canopy by Hilton’s first hotel in Utah. Overlooking the Jordanelle Reservoir and Deer Valley Resort, Canopy by Hilton at Deer Valley will offer ski access, an apres-ski experience and access to a variety of restaurants. The hotel design features architecture by The Richardson Design Partnership and interior design by DLR/Brayton Hughes. The hotel will offer a curated suite of onsite amenities including a pool and hot tub, steam room and sauna, fitness room and golf simulator. Additionally, the hotel will offer a dedicated ski reception lobby and ski locker room, meeting and conference facilities and two levels of underground parking accommodating 176 stalls. Canopy at Deer Valley will feature more than 9,600 square feet of food-and-beverage facilities, including a signature restaurant, an apres-ski lounge, a grab-and-go coffee shop and a rooftop lounge with mountain views.

March 20, 2025

Acquisitions California Development Industrial Multifamily Western

Shopoff Realty Buys 13.7-Acre Property in Buena Park, Plans Residential Development

by Amy Works March 20, 2025

BUENA PARK, CALIF. — Shopoff Realty Investments, in partnership with a national home builder, has acquired a 13.7-acre property in Buena Park, with plans to re-entitle the parcel for residential use. The property currently features two industrial buildings totaling 370,031 square feet that are occupied by Amway Corp. with a corporate sale-leaseback in place. A total of $49 million in acquisition financing for the project was secured with assistance from Jamie Kline and Kyle White of JLL Capital Markets.

March 20, 2025

Development Mixed-Use New Jersey Northeast

Kushner, KABR Group Complete $30M Mixed-Use Redevelopment Project in Jersey City

by Taylor Williams March 20, 2025

JERSEY CITY, N.J. — A partnership between regional development and investment firms Kushner Cos. and The KABR Group has completed a $30 million mixed-use redevelopment project in Jersey City. The project converted the former Great Atlantic & Pacific Tea Co. warehouse, a six-story building that was originally constructed in 1913, into a commercial structure with 135,000 square feet of office and retail space known as The Arts & Powerhouse Building. Commercial spaces range in size from 4,000 to 100,000 square feet, and the building features a 10,000-square-foot rooftop amenity deck. Retailers that have already signed leases or opened stores at the building include Rumble Boxing, Daily Provisions, Spear Physical Therapy and One Medical. CBRE is the building’s leasing agent.

March 20, 2025

Affordable Housing Development Midwest Multifamily Ohio

Frontline Development, Woda Cooper Break Ground on $17.6M Affordable Housing Community in Cleveland

by Kristin Harlow March 20, 2025

CLEVELAND — Frontline Development Group LLC and Woda Cooper Cos. Inc. have broken ground on Gordon Crossing, a 54-unit affordable housing development that will provide housing options for residents earning up to 80 percent of the area median income in Cleveland. The $17.6 million project is backed by a combination of public and private funding. Located at the convergence of Hough and University Circle, Gordon Crossing sits at the heart of two neighborhoods. Hough is known for its revitalization, home to generations of families and a growing wave of investment. University Circle is a hub of institutions such as hospitals, universities and cultural anchors. The four-story development will feature 42 two-bedroom units and 12 three-bedroom apartments. Residents will have access to a community room with kitchenette, onsite management office, parcel room and outdoor spaces. Projected rents range from $362 to $1,699, depending on household income and unit size. The development is expected to house a diverse mix of residents, including caregivers, educators, hospitality and retail workers, civil servants and others. Gordon Crossing is supported by an equity investment from RBC Capital, utilizing housing tax credits allocated by the Ohio Housing Finance Agency (OHFA). Lenders include Dollar Bank, CF Bank, the …

March 20, 2025

Development District of Columbia Hospitality Southeast

TPG Hotels, Douglas Development Open 107-Room Canal House of Georgetown Hotel in DC

by John Nelson March 20, 2025

WASHINGTON, D.C. — A partnership between TPG Hotels & Resorts and Douglas Development has delivered Canal House of Georgetown, a 107-room hotel located along the Chesapeake & Ohio Canal in Washington, D.C.’s Georgetown district. Operating as a Tribute Portfolio hotel, the property represents the 1 millionth room in Marriott’s U.S. portfolio. The hotel is an adaptive reuse of a former office building and two historic townhomes and features a library lounge, private courtyard, fitness center and onsite restaurant C&O Lounge.

March 20, 2025

Development Hospitality Loans Mixed-Use Multifamily Southeast Tennessee Top Stories

Walker & Dunlop Arranges $253M Construction Loan for Pendry Nashville Hotel and Condominium Tower

by John Nelson March 20, 2025

NASHVILLE, TENN. — Walker & Dunlop (NYSE: WD) has arranged a $253 million construction loan for the development of the Pendry Nashville and Pendry Residences Nashville, a luxury 30-story hotel and condominium tower located in the city’s Gulch district. Pendry Hotels & Resorts, in partnership with investment and development firms SomeraRoad and Trestle Studios, plan to immediately break ground on the project. Upon completion, Pendry Nashville will include 180 guestrooms and suites, while 146 for-sale residences will be offered at Pendry Residences. The Pendry Nashville Hotel & Residences development is part of Phase III of the Paseo South Gulch master-planned micro-neighborhood, a 1 million-square-foot mixed-use district developed by SomeraRoad. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz, Sean Bastian and Jackson Irwin of the Walker & Dunlop New York Capital Markets team arranged the loan. Bank OZK and InterVest Capital Partners provided the financing package on behalf of SomeraRoad and Trestle Studio. Jay Morrow and Carter Gradwell of the Walker & Dunlop Hospitality team represented SomeraRoad throughout the financing process, working in collaboration with the firm’s New York Capital Markets team. “Having worked with SomeraRoad to capitalize prior phases of their Paseo South Gulch master-planned development, we are …

March 20, 2025

Development Loans Multifamily New Jersey Northeast

Merchants Capital Secures $120M in Construction Financing for Mixed-Income Multifamily Project in Newark

by Taylor Williams March 19, 2025

NEWARK, N.J. — Merchants Capital has secured $120 million in construction financing for Museum Parc, a 250-unit, mixed-income multifamily project in Newark. The financing consists of a $62 million construction loan provided by parent company Merchants Bank and a $58 million Freddie Mac 9 Percent Low-Income Housing Tax Credit forward permanent loan. Museum Parc will be a two-building complex in the downtown area that will also house a 4,120-square-foot Newark Museum of Art gallery and approximately 2,300 square feet of ground-floor retail space. Twenty percent of the units will be reserved as affordable housing. Of those 50 residences, 45 will be reserved for households earning 50 percent or less of the area median income (AMI), and the other five will be reserved for households earning 30 percent or less of AMI. Amenities will include a fitness center, coworking space, game room, speakeasy lounge, commercial kitchen area and a rooftop terrace. Michael Milazzo of Merchants Capital handled the transaction on behalf of the developer, a partnership between an affiliate of L+M Development Partners and local housing operator MCI Collective.

March 19, 2025

Development Industrial Massachusetts Northeast Office Walker & Dunlop

DHPH Receives $19.2M Construction Loan for Office-to-Industrial Conversion Project in Metro Boston

by Taylor Williams March 19, 2025

CHELMSFORD, MASS. — DH Property Holdings (DHPH) has received a $19.2 million construction loan for an office-to-industrial conversion project in Billerica, located northwest of Boston. The regional developer plans to demolish a 102,786-square-foot office building at 270 Billerica Road and construct a 91,606-square-foot industrial facility with a clear height of 32 feet, 12 dock positions and parking for 181 cars and 11 trailers. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Ianno and Stanley Cayre of Walker & Dunlop arranged the loan through Voya Financial on behalf of DHPH.

March 19, 2025

Acquisitions Development Industrial Lee & Associates Midwest Wisconsin

Lee & Associates Negotiates $24.5M Land Sale in Southeast Wisconsin Slated for Industrial Development

by Kristin Harlow March 19, 2025

CALEDONIA, WIS. — Lee & Associates has negotiated the $24.5 million sale of 223 acres of land in Caledonia within Southeast Wisconsin. The site was formerly known as South Hills Country Club. The transaction marks the largest land acquisition in Southeast Wisconsin since Microsoft acquired 467 acres in late 2023, according to Lee & Associates. Thomas Boyle of Lee & Associates represented the buyer, New York-based Ashley Capital, which plans to build a 4 million-square-foot industrial park on the site. Named South Hills Commerce Center, the project will feature 10 buildings ranging in size from 218,400 to 554,000 square feet. Hintz Real Estate Development Co. LLC was the seller.

March 19, 2025

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