Mixed-Use

Hotel Development Partners Breaks Ground on Residence Inn in Atlanta’s Central Perimeter

by John Nelson February 17, 2016

ATLANTA — Hotel Development Partners has commenced construction on a new 128-room Residence Inn on a 4.8-acre site located at the intersection of Ashford Dunwoody and Meadow Lane roads in Atlanta’s Central Perimeter submarket. The site surrounds the existing Spruill Center for the Arts and will feature the hotel, Fogo de Chao Brazilian Steakhouse and other dining and shopping amenities in early 2017. Alan Shaw of The Shopping Center Group is leasing the site on behalf of Hotel Development Partners, which purchased the site in 2015. The developer is also underway on a Hampton Inn-anchored mixed-use project on Ashford Dunwoody Road.

February 17, 2016

Loans Mixed-Use Oregon Western

TMT Development Receives $130M in Financing for Park Avenue West Mixed-Use Tower in Portland

by Nellie Day February 17, 2016

PORTLAND, ORE. — TMT Development has received $130 million in permanent financing for Park Avenue West, a 391,795-square-foot, mixed-use tower in downtown Portland. The tower is located at SW Park Avenue and SW 9th Avenue. The development is situated one block west of Pioneer Square, directly across from Nordstrom in the city’s Central Business District. The tower sits atop a six-story subgrade parking garage. Park Avenue West will contain 24,233 square feet of first- and second-floor retail; 202 residential units on Floors 3 through 17; and 193,914 square feet of Class A office space on Floors 18 through 30. The office component is 92 percent leased to tenants like Stoel Rives, Washington Trust Bank, Morgan Stanley and Charles Schwab. TMT Development is developing the project. HFF’s Casey Davidson worked on behalf of the firm to secure the 20-year, fixed-rate, non-recourse loan through MetLife. Loan proceeds will be used to pay off an existing construction loan.

February 17, 2016

Mixed-Use Office Restaurant Retail Texas

New Restaurant to Open in Villagio Town Center Mixed-Use Project in Metro Houston

by Haisten Willis February 16, 2016

KATY, TEXAS — Preparations are underway to launch a new concept of Hungry’s Café & Bistro, a dining venue with locations around Houston. Neima Sharifi and Sherbim Sharifi, nephews of Hungry’s original founder, are planning a mid-March opening for Local Table by Hungry’s in Villagio Town Center, where the company has leased 4,558 square feet of restaurant space. The Sharifi brothers have leased the last retail vacancy in Villagio Town Center, which is located at 22756 Westheimer Parkway in Katy. The 107,119-square-foot project’s office component is nearly 100 percent leased, with just 2,000 square feet of shell space available. Rachael Keener of NewQuest Properties represented the landlord, Villagio Investment Holdings, and also served as Hungry’s tenant representative. The prototype restaurant will include an inside bar plus a patio that opens to the courtyard. The Local Table site search had concentrated on Katy and The Woodlands. Local Table will include take-out and delivery service at lunch and casual dinner dining.

February 16, 2016

Mixed-Use Multifamily Retail Student Housing Texas

Canyon Partners Invests $29.4M in Equity for Three Developments in Texas

by Haisten Willis February 15, 2016

ARLINGTON, PLANO AND SAN ANTONIO, TEXAS — Canyon Partners Real Estate, a commercial real estate investment firm, has completed three preferred equity investments in the fourth quarter of 2015. The deals totaled $29.4 million and will be used to develop apartment communities in Plano and San Antonio and a mixed-use student housing property in Arlington. The three investments closed included: An equity investment of $11.7 million in a joint venture with affiliates of Catalyst Urban Development and LandPlan to fund the construction of The Huntington, a 320-unit multifamily property in Plano. The site is less than a quarter-mile from Legacy Business Park, a 2,655-acre, Class A office development, which serves as the headquarters for many Fortune 500 companies; An equity investment of $7.6 million in a joint venture with affiliates of Catalyst Urban Development and LandPlan to fund the development of 101 Center, a mixed-use student housing community in Arlington. The project includes 244 units with high-end finishes and Class A amenities, 18,412 square feet of ground-floor retail with 90 parking spaces and a 600-space parking garage; A preferred equity investment of $10.1 million in a joint venture with an affiliate of the NRP Group to fund the development of …

February 15, 2016

Hospitality Loans Mixed-Use Multifamily Northeast Pennsylvania Retail

Switzenbaum & Associates Funds $15.5M Loan for Mixed-Use Development in State College

by Amy Works February 12, 2016

STATE COLLEGE, PA. — RSR EB-5 Regional Centers (RSR), an affiliate of Switzenbaum & Associates, has funded a $15.5 million loan for the financing of a ground-up construction mixed-use property in State College, through the U.S. Citizenship and Immigration Services (USCIS) EB-5 immigrant investor program. The interest-only loan is in conjunction with a $26.5 million senior construction loan from Fulton Bank, which provided the remainder of the required debt for the project. Originally structured for 30 investors, the project opened an additional spot due to increased demand. While USCIS requirements for EB-5 stipulate that a minimum of 10 new jobs must be created for every investor, this project’s construction and operation will create an estimated 521 jobs. The borrower, Fraser Partners, an affiliate of Real Estate Capital Management and Brickbox Enterprises, will use the funds to construct The Fraser Centre, a 265,000-square-foot mixed-use project on the crest of Pennsylvania State University’s main campus. Slated for completion this fall, the development will feature 50,000 square feet of retail space, a 165-room Hyatt Place Hotel and 26 residential condominiums.

February 12, 2016

Mixed-Use North Carolina Southeast Top Stories

Federal Capital Partners Sells West Village Development in Durham for $187M

by Christina Cannon February 12, 2016

DURHAM, N.C. — Federal Capital Partners has sold the mixed-use development, West Village, for $187 million. The Connor Group purchased the development, which is located at 605 W. Main St. in Durham. West Village consists of 609 apartments and 104,000 square feet of commercial space, which is located less than two miles from Duke University. The apartments are comprised of 453 urban lofts and 156 luxury apartments. The 10 buildings that make up West Village were previously tobacco warehouses, with most of the buildings pre-dating 1920. The apartments at West Village range from studios to four-bedroom units, and amenities include swimming pools with sundecks, courtyards, a fitness center, business center, on-site Amtrak station, outdoor theater, clubhouse, game room, bike shop and patios with a TV and grills. Over the past few years, improvements throughout the community were made, including new branding, signage, Wi-Fi hotspots, and the fitness center was expanded to feature a yoga room and juice bar. West Village residents also have access to the Zipcar program. There are currently 45 restaurants within a half-mile radius of West Village, which has a Walk Score of 84, meaning most errands can be accomplished on foot. The residential portion of West …

February 12, 2016

Florida Loans Mixed-Use Southeast

Related Group, Dezer Development Close $114.7M Construction Loan for Mixed-Use Tower in Miami

by John Nelson February 11, 2016

MIAMI — The Related Group and Dezer Development have closed on a $114.7 million construction loan for Hyde Midtown Suites & Residences, a hotel and condominium development that will be located on Midtown Avenue and 34th Street in Miami. Mack Real Estate Credit Strategies provided the construction loan to Related and Dezer. The two companies collaborated with sbe on the project, which will feature 60 designer hotel rooms, 410 luxury condominiums and 19,500 square feet of retail, dining and entertainment space, including the Hyde Piano Bar Lounge. Hyde Midtown will feature a pool terrace on the seventh floor, private screening theater, game room, bocce and tennis courts and VIP access to Hyde Beach at the SLS Hotel South Beach. The design team includes Arquitectonica and David Rockwell, who will design the lobby and hotel rooms. Related and Dezer broke ground on the mixed-use tower in September 2015 with a completion date set for 2018. The condo portion is more than 70 percent under contract.

February 11, 2016

Mixed-Use North Carolina Southeast Top Stories

Kane Realty, KBS to Develop $100M High-Rise in Raleigh

by John Nelson February 11, 2016

RALEIGH, N.C. — Kane Realty Corp., a Raleigh-based commercial real estate developer, has joined with Newport Beach, Calif.-based KBS Realty Advisors as a joint venture partner for the development of Park Central in Raleigh. The development costs for the 16-story, mixed-use tower are estimated to total $100 million, according to Triangle Business Journal. “We are delighted for our partnership with KBS Realty Advisors to continue with Park Central,” says John Kane, CEO of Kane Realty Corp. “The vision we’ve shared with KBS fulfills the [area’s] demand for an upscale, urban lifestyle that’s rich with amenities. As Raleigh continues to grow, we are proud to provide a vibrant community … for residents and workers to enjoy.” The 252,204-square-foot high-rise retail and apartment building will be located at the intersection of Six Forks Road and the 440 Beltline in Midtown Raleigh’s North Hills district. Construction is already underway on the project, which is situated adjacent to Midtown Park. “We truly believe Park Central’s dynamic location within an attractive market like Raleigh, coupled with the luxury style of living we’re offering, will be a very attractive draw to tenants,” says Marc DeLuca, regional president of KBS. “Raleigh has become an appealing location for …

February 11, 2016

Illinois Midwest Mixed-Use

Tucker Development, Acadia Realty Trust Plan 90,000 SF Mixed-Use Development in Downtown Chicago

by Christina Cannon February 9, 2016

CHICAGO — Tucker Development and Acadia Realty Trust have acquired a portfolio of 10 buildings located on the 900 block of West Randolph Street in the Fulton Market District of Chicago. The duo plans to redevelop the space as a mixed-use area that will consist of 90,000 square feet of office and retail space. The site is located a block from the Morgan Station CTA stop, providing access to the Pink and Green lines. The project is slated for completion in the spring of 2017.

February 9, 2016

Midwest Mixed-Use Office Ohio

Grandview Yard Near Columbus Leases Space to Eight New Tenants

by Christina Cannon February 9, 2016

GRANDVIEW HEIGHTS, OHIO — The developer of Grandview Yard has signed eight new tenants who will collectively occupy over 24,000 square feet of space. Grandview Yard is a mixed-use development outside of Columbus that is situated on 125 acres and will encompass 1.2 million square feet of retail, restaurant, grocery, hospitality and residential space once completed. New tenants who have inked a deal at Grandview Yard include: Hilliard Lyons: 2,900 square feet at 800 Yard St. Unum Life Insurance Co.: 6,300 square feet at 800 Yard St. Seamless Logistics: 3,400 square feet at 775 Yard St. Columbus Hospitality Management: 3,400 square feet at 775 Yard St. United States Navy: 2,200 square feet at 845 Yard St. Northeast Family Dental Associates: 2,000 square feet at 845 Yard St. FKP Architects Inc.: 1,900 square feet at 845 Yard St. Executive Eye Care LLC: 2,000 square feet at 895 W. Third Ave. In addition to the eight new tenants, the project developer, Nationwide Realty Investors, has announced that the first 320,000-square-foot building on Nationwide’s own 500,000-square-foot office campus will open this spring. Nationwide also announced that the 166-unit Apartments at Grandview Yard will open this spring, and a 135-room Courtyard by Marriott, along …

February 9, 2016

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