NEW YORK CITY — A partnership between locally based developer Slate Property Group and RiseBoro Community Partnership has purchased the 350-room JFK Hilton Hotel in Queens with plans to convert the property into a 318-unit affordable housing complex. The partnership purchased the hotel, which was originally built in 1987 and is located about half a mile from JFK International Airport, for $64 million. The new complex will be known as Baisley Pond Park Residences and will house studio, one- and two-bedroom units and amenities such as a fitness center, computer lounge and multiple common rooms. Monthly rents will range from $784 for a studio to $1,493 for a two-bedroom apartment. As part of the conversion, the development team will replace all major building and mechanical systems, including new all-electric heating and cooling systems to reduce emissions. Aufgang Architects is designing the project, which has a total price tag of about $167 million and is expected to take about 21 months to complete.
BEACHWOOD, OHIO — ADR Signature has acquired the 216-room Embassy Suites by Hilton Cleveland Beachwood hotel for $10.2 million. The property is located at 3775 Park East Drive in Beachwood, a southeast suburb of Cleveland. Amenities include an indoor pool, business center, fitness center, meeting rooms, complimentary breakfast and an onsite restaurant. Starwood Capital Group was the seller.
CHARLOTTE, N.C. — Berkadia has arranged a $10 million CMBS loan for the refinancing of WoodSpring Suites Charlotte – University Research Park, a 122-room, extended-stay hotel located at 7007 MacFarlane Blvd. in Charlotte. Michael Weinberg and Alec Fox of Berkadia’s Hotels & Hospitality team arranged the five-year, fixed-rate loan through KeyBank on behalf of the borrower, Orlando-based Liberty Investment Properties. The sponsor has developed more than 35 WoodSpring Suites-branded hotels since 2007. Built in 2021, WoodSpring Suites Charlotte – University Research Park is situated adjacent to a Topgolf off I-85 and is within three miles of the University of North Carolina at Charlotte campus.
HUNTINGTON, W.VA. — Cornerstone Community Development Corp. plans to convert the historic Prichard Hotel in downtown Huntington into an affordable seniors housing property. The $51 million renovation will comprise converting the former hotel rooms into 108 residential living spaces, as well as repositioning the first two floors for healthcare services and additional community resources. Cornerstone Community Development’s partners on the project include Christ Temple Church, Winterwood Development and CVS Health, which is investing more than $17 million in the project. The timeline for construction was not disclosed.
FORT LAUDERDALE, FLA. — Balfour Beatty has completed the vertical construction of the second phase of a $1 billion project to expand the Greater Fort Lauderdale/Broward County Convention Center in Fort Lauderdale. In addition to the 400,000-square-foot East Expansion Building, the phase includes the development of the 29-story, 801-room Omni Fort Lauderdale hotel. Upon completion, the East Expansion Building will comprise ballrooms, exhibit space and a kitchen to service the 1.5 million-square-foot convention center. Amenities at the hotel will include additional meeting and ballroom space, restaurants and a rooftop bar. Balfour Beatty is completing construction on behalf of the developer, Matthews Southwest. The project team also includes Nunzio Marc DeSantis Architects and Fentress Architects. Completion of the second phase is scheduled for late 2025.
BOSSIER CITY, LA. — An affiliate of Cordish Cos. doing business as LRGC Gaming Investors LLC has broken ground on Live! Casino & Hotel Louisiana, a $270 million development in Bossier City. The development represents the first land-based casino in the Bossier City-Shreveport metropolitan area, according to Cordish. The project is expected to create 750 new construction jobs and 750 permanent jobs upon completion. The site was formerly home to the vacant Diamond Jacks Casino & Hotel, which Cordish acquired earlier this year. Scheduled to open in 2025, the Live! Casino & Hotel Louisiana will feature more than 47,000 square feet of gaming space; a sportsbook for live betting on sporting events; an upscale 550-room hotel with a resort-style pool and fitness center; 25,000-square-foot events center; structured and surface parking; and 30,000 square feet of dining and entertainment venues, including Cordish brands Sports & Social, PBR Cowboy Bar and Luk Fu.
The spike in interest rates and the consequent disruption throughout real estate capital markets over the last 18 months is generating newfound interest in commercial property assessed clean energy (C-PACE) financing. The program, which emerged more than a decade ago, pays for building upgrades to improve energy and water efficiency as well as seismic resilience in new construction and rehabs. In cases where cost overruns, stabilization delays and declining values threaten the ability to refinance construction loans, developers are tapping C-PACE retroactively for a much-needed slug of so-called “rescue capital,” says Rafi Golberstein, CEO of the PACE Loan Group, a direct lender of C-PACE based in Minneapolis, Minn. Typically, developers are using the proceeds to pay down debt and fund reserves to secure loan extensions or modifications. “We are seeing a ton of opportunities right now in deals that were built over the past three years, and C-PACE can provide a liquidity infusion to get many folks through a maturity logjam,” he declares. “When confronted with other options, they’re going to prefer C-PACE all day long.” Cost-Effective Debt Indeed, the cost of those other options, such as mezzanine financing or preferred equity, can be upwards of 500 basis points higher …
SANTA ANA, CALIF. — Caribou Industries has pulled $5.6 million in building permits and executed a disposition and development agreement with the City of Santa Ana to begin construction on 3rd & Broadway Promenade, a mixed-use project in downtown Santa Ana. Located in the southeastern suburbs of Los Angeles, 3rd & Broadway Promenade will feature a 16-story multifamily building, a 10-story hotel and an event center. The residential component will offer studio, one- and two-bedroom floorplans and 198 secured homeowner garages. The three-star hotel will feature 75 guest rooms, a rooftop conference facility, restaurant, bar and more than 13,500 square feet of retail and residential space. Additionally, 3rd & Broadway Promenade will feature a 204-space parking structure for the public. Construction is slated to begin in second-quarter 2024. Gensler is serving as architect for the project.
HYDE PARK, N.Y. —A partnership between locally based developer T-Rex Capital and Pennsylvania-based owner-operator Shaner Hotel Group is nearing completion of a 137-room, Marriott-branded hotel in Hyde Park, about 85 miles north of Manhattan. The hotel will be located within Bellefield at Historic Hyde Park, a $1 billion mixed-use development, and will operate under Marriott’s Residence Inn brand. Rooms will feature kitchens and workstations, and amenities will include a fitness center, 3,180 square feet of meeting space, a 150-person ballroom and multiple onsite food-and-beverage options. The hotel will welcome its first guests early next year.
RESEARCH TRIANGLE PARK, N.C. — An affiliate of NexPoint Advisors has acquired land within Research Triangle Park (RTP) for the development of a 250-room Marriott Renaissance-branded hotel. The buyer has partnered with Dallas-based developer Alamo Manhattan to deliver the project, which will be situated at 4175 Sancar Way within Hub RTP, a $1.5 billion mixed-use development serving as RTP’s downtown. Construction is scheduled to begin next summer. Dubbed Renaissance RTP, the property will feature a full-service restaurant and bar, as well as 13,000 square feet of meeting space. Upon full build-out, Hub RTP will comprise up to 1 million square feet of office and life sciences lab space, 38,000 square feet of retail space and 1,200 multifamily units, in addition to the hotel.