Mixed-Use

MRC Provides $27M in Financing for Two Multifamily Developments in Metro Seattle

by Amy Works January 15, 2020

SEATTLE and TACOMA, WASH. — Madison Realty Corp. has originated a $27 million first mortgage loan. The financing will allow the undisclosed borrower to complete construction of an eight-story, 158,952-square-foot mixed-use rental building with 144 apartments and 5,917 square feet of ground-floor retail space in Tacoma. The property is already 65 percent complete and will be a key component of The Tacoma Town Center, a multi-purpose, mixed-use, urban development that will include multifamily, retail and office space. Located in Tacoma’s Hilltop neighborhood, the mixed-use property will feature apartments on floors three through eight in a unit mix of 36 studios, 83 one-bedrooms and 25 two-bedrooms. A partially subterranean, 116-space parking garage will cover the three bottom floors with an entrance/exit along 23rd Street. A 1,000-square-foot amenity room will be located on the third floor. Additionally, the borrower used the funding to refinance an existing land loan on a 9,878-square-foot development site in the Denny Triangle/Belltown neighborhood of downtown Seattle. The site currently houses a vacant restaurant property and is entitled for a future condominium tower.

January 15, 2020

Affordable Housing Content Partner Development Features Georgia Mixed-Use Multifamily Southeast Southeast Feature Archive Walker & Dunlop

Egbert Perry and Affordable Housing: How One Man’s Vision Launched a National Movement

by Jaime Lackey January 12, 2020

When picturing the rebirth of downtown Atlanta, one of the first images to come to mind is the skyline — the iconic high-rises. Another, often overlooked, part of this picture includes Atlanta’s skywalks. In the early days of redevelopment, these walkways connected luxury buildings above urban neighborhoods that many had abandoned, and effectively furthered the separation of the “haves” from the “have-nots.” Iconic Atlanta developer Egbert Perry was driven to challenge development that emphasized the separation. From his perspective, perpetuating the separation of community members simply perpetuated the issues of inequity and injustice that plagued the city. Perry was motivated to bring people together in a different way, in neighborhoods that would appeal to everyone. Where others saw poverty, blight, and dilapidated housing projects, Perry saw potential — and pioneered a new approach to affordable and workforce housing, commercial real estate development, and community development and investment. The Story Begins at Centennial Place In 1994, when Perry left H.J. Russell & Company to start The Integral Group, he quickly came upon an opportunity to redevelop the area now home to Centennial Place. The 60-acre property was located in the heart of downtown Atlanta, and was considered to be the most …

January 12, 2020

California Development Mixed-Use Top Stories Western

Hines, USAA, Philena Break Ground on 807,000 SF West Edge Mixed-Use Project in Los Angeles

by Alex Patton January 10, 2020

LOS ANGELES — A partnership between Hines Interests Limited Partnership, USAA Real Estate and Philena Properties has broken ground on West Edge, an 807,000-square-foot mixed-use project in West Los Angeles. Upon full build-out, the development will feature 200,000 square feet of office space, 90,000 square feet of retail space, 600 multifamily units and a half-acre open-air plaza. The project is scheduled for completion in 2022. West Edge’s eight floors of office space will be designed specifically for media and technology users. The office portion will feature 11-foot floor-to-ceiling windows and outdoor terraces on five of the floors. A 36,000-square-foot grocery store will anchor the retail space, with other tenants including a 16,000-square-foot fitness center, 18,000 square feet for multiple restaurants and bars, and 20,000 square feet for other retail. The 600 luxury apartments will feature a private fitness center, resort-style pool, yoga area, library, private test kitchen, rooftop sports bar, movie screening area and a lounge. Situated in the West Los Angeles neighborhood, the site will offer immediate access to the Bundy Station metro station, which connects to the Downtown, Culver City and Santa Monica districts. The Martin Family has owned the site for more than 40 years, and the …

January 10, 2020

California Civic Development Mixed-Use Multifamily Office Restaurant Retail Western

Triad Lagoon Valley Acquires 840 Acres for Mixed-Use Development in Vacaville, California

by Amy Works January 9, 2020

VACAVILLE, CALIF. — Triad Lagoon Valley, a Washington limited liability company affiliated with Seattle-based Triad Development, has purchased 840 acres from Lennar Corp. for an undisclosed price. The buyer plans to develop Lagoon Valley, a mixed-use community on the site. Lagoon Valley is approved as a conservation community, balancing jobs and housing, with more than 80 percent of its specific plan area entitled for open space/recreational use. Site grading is slated to commence in May, with building construction scheduled to begin in early 2021. Lagoon Valley will include Class A office space, 12 residential neighborhoods and a variety of recreational components. The office portion — Ascend @ Lagoon Valley — will feature seven four-story buildings ranging in size from 700,000 square feet to potentially 1 million square feet. Additionally, Ascend will offer a 30,000-square-foot amenity building with a fitness center, food and recreation space. Outdoor amenities at the property will include an amphitheater, sports courts and field space. Lagoon Valley is also surrounded by 2,000 acres of protected open space, including a 470-acre Lagoon Valley Park, 100-acre lake, a centrally located eight-acre public park and numerous neighborhood parks. The community will also include a fire station, a 50,000-square-foot town center …

January 9, 2020

Loans Mixed-Use New York Northeast

Progress Capital Arranges $85M Refinancing Loan for Bronx Mixed-Use Development

by Alex Patton January 8, 2020

NEW YORK CITY — Progress Capital has arranged an $85 million loan to refinance Union Crossing, a 275,000-square-foot mixed-use development in the Port Morris neighborhood of the Bronx. LibreMax Capital provided the floating-rate loan, which will be used to replace the original construction loan and fund potential tenant improvements and leasing commissions during lease-up. Located at 825 East 141st St., the building was originally constructed in 1916 as a major baking facility for the Great Atlantic & Pacific Tea Company. A partnership of the Bluestone Group, the Altmark Group, Madison Realty Capital and Galil Management purchased and redeveloped the property in 2016 to include retail, office and industrial space. Nonprofit affordable housing developer Westhab is the property’s first office tenant, taking 8,233 square feet of space. Brad Dominico of Progress Capital arranged the loan.

January 8, 2020

Development Mixed-Use Multifamily Retail Washington Western

Lowe Completes Development of 286-Unit Talisman Apartments in Redmond, Washington

by Amy Works January 8, 2020

REDMOND, WASH. — Los Angeles-based Lowe has completed the development of Talisman, an apartment property located at Redmond Town Center, a mixed-use lifestyle center in Redmond. As the first apartment building to be completed at the 1.2 million-square-foot Redmond Town Center, Talisman features 286 apartments and 9,400 square feet of ground-floor retail space. Row House, F45, Musashi and The Airrosti Chiropractic occupy the retail portion. The apartment community offers a mix of one- and two-bedroom layouts with loft-inspired designs and high-end finishes, including keyless entry, stainless steel appliances, custom flooring and quartz countertops. Community amenities include a lobby, co-working space, a community sports bar with kegerator, resident lounge, two-level fitness center with yoga room, rooftop deck, outdoor kitchen, fire pit and a maker space where tenants can meet to create, invent and learn. Pre-leasing is underway, with the first occupancies slated for February. The project team includes Compass Construction as general contractor, Encore Architects as architect, Ankrom Moisan as interior designer, Communita Atelier as landscape architect, KPFF as civil engineer and BCQ as structural engineer. Greystar will serve as property manager, and JSH is handling leasing of the retail portion.

January 8, 2020

Development Florida Loans Mixed-Use Southeast

Berkadia Arranges $76M Construction Loan for Mixed-Use Complex in Miami’s Wynwood District

by Alex Tostado January 6, 2020

MIAMI — Berkadia has secured a $76 million bridge loan for the construction of Gateway at Wynwood, an approximately 230,000-square-foot office and retail complex at 2916 N. Miami Ave. in Miami’s Wynwood district. Charles Foschini of Berkadia arranged the financing through Miami-based 3650 REIT on behalf of the borrower and developer, New York-based Rose & Berg Realty Group LLC. Designed by architect Kobi Karp, Gateway at Wynwood will be situated near Miami’s central business district (CBD), Midtown, the Arts and Entertainment District, Miami Beach and mass transit options including the Miami Metrorail and new Virgin Trains commuter rail line. The project will feature approximately 220,000 square feet of office space, with roughly 27,700 square feet of space on each floor, as well as 25,900 square feet of retail space. The site is ready for the foundation work and vertical construction to commence. Gateway at Wynwood is projected to open in the second half of 2021. Colliers International is handling Gateway at Wynwood’s office leasing assignment, and CBRE is marketing the property’s retail space.

January 6, 2020

Development Loans Mixed-Use Retail Texas

Metropolitan Capital Advisors Secures Two Loans for RedBird Mall in Southwest Dallas

by John Nelson January 3, 2020

DALLAS — Metropolitan Capital Advisors (MCA) has arranged two loans to finance RedBird Development Group’s redevelopment of RedBird Mall, an enclosed regional mall in southwest Dallas formerly known as Southwest Center Mall. MCA arranged a $7.1 million acquisition loan through Dallas-based Graham Mortgage for the mall’s former Sears department store. The University of Texas Southwestern Medical Center (UT Southwestern) has agreed to lease the entire 150,000-square-foot wing of the mall. The new RedBird Medical Center is slated to open in 2021. MCA also arranged a $12.7 million construction loan to finance the redevelopment of the former Dillard’s department store that will be occupied by medical office and job training users including Parkland Hospital, Work Ready U and Work Force Solutions. Origin Bank provided the construction loan. The Growth South Fund, a private equity fund that targets south Dallas, also provided financing for RedBird’s Mall redevelopment. RedBird Development Group is an entity headed by Peter Brodsky, Terrence Maiden and Jon Cochran. The new RedBird Mall will feature 300,000 square feet of office space, 400,000 square feet of retail and restaurants, apartments and a Courtyard by Marriott. Palladium USA is building the multifamily component, according to The Dallas Morning News.

January 3, 2020

Acquisitions Mixed-Use Southeast Virginia

Penzance Purchases 169-Unit Mixed-Use Building in Metro D.C.

by Alex Tostado January 3, 2020

HERNDON, VA. — Washington D.C.-based Penzance Management LLC has purchased The Mark, a 169-unit mixed-use apartment community in Herndon, a Washington, D.C., suburb in Northern Virginia. Jeff Kim and Allen Manesh of Ideal Realty Group (IRG) represented Penzance in the off-market transaction. Located at 2323 Dulles Station Blvd., The Mark is situated in the Dulles Technology Corridor and within walking distance of the future Innovation Center Metro Station. The Mark features more than 15,000 square feet of retail space leased to tenants such as Alo Vietnam, Neo Smiles Dental, Kabobi by The Helmand and Edward Jones Investments. The property also has a 311-space secured parking garage and a resident-only pool and fitness center. Built in 2007, the building offers one- and two-bedroom units, as well as a clubhouse, business center, Zen garden and a barbecue and picnic area.

January 3, 2020

Development Mixed-Use New York Northeast

JLL Brokers $150M Sale of Brooklyn Waterfront Development Site

by Alex Patton January 3, 2020

NEW YORK CITY — JLL has brokered the $150 million sale of River Street Assemblage, a 3.2-acre waterfront development site in the North Williamsburg neighborhood of Brooklyn, to Two Trees Management Co. LLC. Located at One River Street, the property includes 285,020 square feet of buildable space and is zoned M3-1 for a variety of retail, office, manufacturing and mixed-use projects. The site also includes a portion of water, piers and platforms along the East River and River Street. Brendan Maddigan and Stephen Palmese led a JLL team that represented the seller, Con Edison, in the transaction.

January 3, 2020

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