SAN ANTONIO — Cold Creek Solutions, a cold storage developer based in the Dallas-Fort Worth area, will build a 305,000-square-foot facility at the intersection of Interstate 10 and Loop 410 in San Antonio. ARCO National Construction is designing the project, which will feature space for approximately 45,000 pallets of frozen or refrigerated product. Construction is set to begin this fall, and the facility is expected to be operational by late 2022.
TAMARAC, FLA. — Sean Harrington and Joel Zusman of Aztec Group have arranged a $45 million, non-recourse loan for the refinancing of Tamarac Village, a 211-unit luxury rental apartment community in the Broward County city of Tamarac. JKM Developers is the developer on the project. The City of Tamarac owns the land. Boca Raton-based Lotis is the parent company of JKM, and Blue Bell, Pa.-based Capital Solutions Inc. invested an undisclosed amount for the project. New York City-based Limekiln Real Estate provided full term interest only financing. Tamarac Village Phase I, a Lotis Community, was completed in 2020 and is currently 99 percent occupied. Tamarac Village Phase I is located at 9141 W Commercial Blvd. on a 6.9-acre parcel that is ground-leased from the City of Tamarac. Phase I includes a two-story fitness facility, 8,885-square-foot clubhouse featuring a game and media room, resort-style pool and private garage spaces. Phase II of Tamarac Village is under construction and scheduled for completion in 2022, which will bring the overall community to 401 units.
LARGO, MD. — Retail Properties of America Inc. (RPAI) plans to begin developing the first building within Carillon, a planned mixed-use development in Largo. Construction on the first building known as The Ella, a 125,000-square-foot medical office building, will begin in the second half of 2021. The Ella will be situated 300 feet from the University of Maryland Capital Region Medical Center. The property will also be located close to the Largo Town Center Metro Blue and Silver lines, onsite surface parking and access to the Capital Beltway. RPAI is in active negotiations with prospective tenants.
MERRITT ISLAND, FLA. — Hunt Capital Partners and co-developers HumanKind Housing LLC and Kingdom Development Inc. have secured $4 million in Low Income Housing Tax Credit (LIHTC) equity financing to acquire and rehabilitate 85 units of affordable housing in Merritt Island. Total development cost at the property, known as Tropical Manor Apartments, is $17.3 million. Other funding sources include Bonneville Multifamily Capital extending a $12.3 million HUD 223(f) construction-to-permanent loan and RBC Capital is the underwriter of the publicly sold bonds issued by Brevard County Housing Authority. Tropical Manor is located in the central part of Merritt Island, approximately six miles west of Cape Canaveral in Brevard County. The acquisition and rehab project of the two-bedroom/one-bathroom units will preserve nine two-story garden-style apartment buildings, a one-story community building and a one-story maintenance building. The units are restricted to households earning up to 60 percent of area median income (AMI). In addition, the financing will result in continued affordability for residents as Tropical Manor’s Department of Housing and Urban Development Section 8 HAP contract will be extended for 20 years. Five of the units will be Americans with Disabilities Act accessible. After the renovation, the in-unit amenities will include garbage disposals, …
LYCOMING COUNTY, PA. — Digger Specialties, an Indiana-based manufacturer of building products, will open a 160,000-square-foot production and distribution facility in Central Pennsylvania’s Lycoming County. The build-to-suit facility will be located on a 25-acre site within Timber Run Industrial Park and is expected to bring about 150 new jobs to the community. Howard Fertman of NAI Mertz represented Digger Specialties in its site selection. Construction is scheduled to begin in August and to be complete in the first quarter of 2022.
BETHLEHEM, PA. — Locally based developer J.G. Petrucci Co. Inc. has begun construction on a 100,000-square-foot industrial expansion project at the headquarters of Cigars International in the Lehigh Valley city of Bethlehem. The project will increase the total size of the building to 213,500 square feet and will include an interior build-out for advanced material handling equipment. The project is slated for completion by the end of the year.
PLAINFIELD, N.J. — New Jersey-based developer CHA Partners has completed The Randolph, a 120-unit apartment complex in the Northern New Jersey community of Plainfield. Construction of the project, which is located at the site of the former Muhlenberg Regional Medical Center, began in late 2019. Units feature one- and two-bedroom floor plans, and amenities include a fitness center, dog park, multi-purpose event rooms, outdoor lounge areas and an automated package system. CHA Partners developed the property in a public-private partnership with the City of Plainfield.
New York Life Funds $44.5M Construction Loan for Two-Building Industrial Project in Kent, Washington
KENT, WASH. — New York Life Real Estate Investors has provided $44.5 million in construction financing for Bridge Point Kent 300, a two-building industrial project located in Kent. Situated on 16 acres on the former REI headquarters site, the property will feature 309,028 square feet of Class A warehouse distribution space spread across a 50,529-square-foot building and a 258,480-square-foot building. The buildings will feature 32- to 36-foot clear heights, 42 dock doors, 391 parking spaces and approximately 26,000 square feet of additional yard space. Steve Skok of Berkadia Commercial Mortgage placed the debt on the transaction.
GILBERT, ARIZ. — Parkview Financial has provided a $28 million construction loan to Scottsdale-based Verde Gilbert LLC for the development of Verde at Cooley Station, a lifestyle center located at 17201-17361 E. Williams Field Road in Gilbert. Verde Gilbert LLC is a joint venture between three development companies led by SB2 Communities. Upon completion, the 10-building, 96,000-square-foot property will offer 44,000 square feet of retail space, 13,000 square feet of office space, 31,000 square feet of restaurant space and 8,000 square feet of fitness space. Designed to be a restaurant-centric, mixed-used project, Verde at Cooley Station will offer 25 spaces for lease and The Green, a large open outdoor lawn area with a gazebo for musical events, fitness classes, movies in the park and other activities. Loan proceeds enabled the commencement of the first phase, which includes retail and a dozen dining concepts surrounded by The Green. Some of the stores are slated to open for business in late 2021, with a planned grand opening in first-quarter 2022. The second phase will include 24,000 square feet of retail space, 12,000 square feet of office space, 3,000 square feet of restaurant space and 8,000 square feet of fitness space. The second …
KYLE, TEXAS — Texas-based HPI Real Estate Services & Investments and the City of Kyle Economic Development Department will build three new industrial buildings totaling 380,913 square feet within Hays Commerce Center, a development located in the southern Austin suburb of Kyle. Hays Logistics Center 2, the first of the three new buildings that is being developed in partnership with Hillwood Investment Properties, will span 206,000 square feet and will feature a cross-dock configuration and 32-foot clear heights. Hays Logistics Center 3 will total 68,240 square feet and will offer speculative suites ranging from 11,800 to 68,240 square feet. Completion of this building is slated for the end of the year. Hays Logistics Center 4 will total 106,673 square feet and will also feature 32-foot clear heights. HPI also expects to complete this building before the end of the year.