Mixed-Use

Turnbridge Equities, Waterford Property Co. Acquire City Place Long Beach Mixed-Use Property in Southern California

by Amy Works March 18, 2021

LONG BEACH, CALIF. — A partnership between Turnbridge Equities and Waterford Property Co., along with Monument Square Investment Group, has purchased City Place Long Beach, a 14-acre, large-scale, open-air, mixed-use development in downtown Long Beach. The partnership first acquired the loan on the asset at the end of 2020 and now reached an agreement to take over ownership of the property. Originally the site was Long Beach Plaza Mall, an enclosed shopping mall that was built in 1982 and demolished in 2002 to make way for City Place. The partnership is now reinventing the property as a mixed-use development with retail, office, restaurant and entertainment spaces, as well as working to immediately stabilize the asset.

March 18, 2021

Development Mixed-Use Multifamily Office Retail South Carolina Southeast

Sembler, Hawthorne Residential to Develop 46-Acre Mixed-Use Project in Myrtle Beach

by Julia Sanders March 17, 2021

MYRTLE BEACH, S.C. – The Sembler Co., a St. Petersburg, Fla.-based commercial real estate developer, plans to develop The Mill, a 46-acre mixed-use project in Myrtle Beach’s Carolina Forest community. The new development is slated to include retail, office space and multifamily. Sembler is partnering with Hawthorne Residential Partners on the apartment residences. Sembler and Hawthorne expect to begin construction this summer. The Mill is situated at the intersection of River Oaks Drive and Carolina Forest Boulevard, adjacent to The Parks of Carolina Forest, a roughly 800-unit housing development by D.R. Horton Inc. The Mill will include Marketplace at The Mill, a 66,680-square-foot neighborhood shopping center that features a freestanding, 46,800-square-foot Publix, as well as a six-acre parcel ideal for a medical or traditional office, hotel, mini-storage or other commercial use. The shopping center is expected to be complete by summer 2022. The Mill will also include Hawthorne at The Mill, a 290-unit multifamily residential community. The property will offer one-, two- and three-bedroom units throughout two four-story buildings with elevator access and nine, two-story carriage-style buildings over private garages. The apartment community will also feature over 8,000 square feet of amenity space, including a luxury clubhouse with resident lounge, …

March 17, 2021

Development Loans Mixed-Use Multifamily North Carolina Southeast

ACRE Provides $34M Loan for New High-Rise Development in Durham

by Julia Sanders March 15, 2021

DURHAM, N.C. — Asia Capital Real Estate (ACRE), a global real estate private equity firm, has provided a $34 million bridge loan for a mixed-use community in Durham known as One City Center. Provided through ACRE’s latest debt fund ACRE Credit, the loan will serve to refinance existing debt related to the project’s construction. The two-year financing carries a loan-to-value ratio (LTV) of 66.4 percent, with options for two single-year extensions. Roger Edwards of JLL originated the loan on behalf of the borrower, Austin Lawrence Partners (ALP). Located at 110 Corcoran St., One City Center is a Class A, 28-story tower featuring 109 market-rate apartments and 30 owner-occupied condominiums, which were 88.1 percent occupied as of the building’s opening in January 2021. The building, built and delivered by ALP, also includes 130,000 square feet of office space and 22,000 square feet of ground-floor retail owned by Virginia Beach, Va.-based Armada Hoffler. Community amenities include a rooftop pool, hot tub, rooftop lounge with kitchen, fitness center, a sixth floor resident park with seating areas, grills and a fire pit, a private dog run and secure parking garage with 122 spaces. Individual units include floor-to-ceiling glass windows, nine-plus-foot ceilings, stainless steel appliances, …

March 15, 2021

Development Loans Mixed-Use Multifamily Office Southeast Virginia

BHI Provides $26.5M Construction Financing for Mixed-Use Conversion Project in Richmond

by Julia Sanders March 12, 2021

RICHMOND, VA. — BHI, a commercial bank based in New York, has provided $26.5 million in construction financing for the redevelopment of 629 E. Main St. in downtown Richmond, a 12- story office building that will be converted to a mixed-use property. Douglas Development Corp. (DDC) is the borrower, and it plans to convert the property into 188 rental units with studios, one- and two-bedroom apartments, as well as 132,806 square feet of commercial space. Built in 1922, the property will have a complete renovation of the building, while still preserving its historic interior and architectural details. The property is located 0.4 miles from the Virginia State Capitol building and a half-mile from City Hall. BHI is the U.S. operation of Israel-based Bank Hapoalim. 629 Main Street is the second transaction that BHI has funded for DDC.

March 12, 2021

Development Loans Mixed-Use Texas

Trez Capital Provides $12.7M in Construction Financing for Phase I of Metro Austin Mixed-Use Project

by Taylor Williams March 10, 2021

GEORGETOWN, TEXAS — Trez Capital has provided $12.7 million in construction financing for Phase I of Parmer Ranch, a 454-acre mixed-use project in the northern Austin suburb of Georgetown by developer Owen Holdings Inc. The first phase will consist of 155 single-family homes. The entire project will ultimately feature 1,000 single-family homes, 100,000 square feet of commercial space, a 4.5-acre community center, a new middle school and 47 acres of open space. Phase I also includes the development of a 10-acre park with an event lawn and outdoor pavilion, a food truck court, green space with hiking trails and an amenity pond.

March 10, 2021

Development Mixed-Use Texas

Midway, GrayStreet Unveil Plans for Lone Star District Mixed-Use Project in San Antonio

by Taylor Williams March 8, 2021

SAN ANTONIO — Houston-based developer Midway and private equity firm GrayStreet Partners have unveiled plans for Lone Star District, a mixed-use project in San Antonio that will be a redevelopment of the former Lone Star Brewery site. The site borders the San Antonio River and is located roughly 1.5 miles from the downtown area. Plans for Phase I of the 32-acre development call for 250 multifamily units, 100,000 square feet of office space and 50,00 square feet of retail, restaurant and entertainment space. Project partners include master-plan architects Lake|Flato and OJB Landscape Architecture, as well as civil engineer WGI Engineers. Phase I is expected to be complete in 2025.

March 8, 2021

California Development Mixed-Use Top Stories Western

Pacific Equity Properties Receives $130M Construction Financing for Mixed-use Development in Malibu, California

by Julia Sanders March 5, 2021

MALIBU, CALIF. — Pacific Equity Properties Inc. has received $130 million in construction financing for Cross Creek Ranch Malibu, a 112,000-square-foot mixed-use development in Malibu, a beach city just west of downtown Los Angeles. Cross Creek Ranch is the largest development to be approved since Malibu incorporated in 1991, according to the developer. The property will offer 70,000 square feet of retail and restaurant space, including 10,000 square feet of interior dining, and 42,000 square feet of Class A office space. More than 80 percent of Cross Creek Ranch’s 12.9-acre grounds will be dedicated to landscape architecture, water treatments and gathering places. The development will also feature subterranean and perimeter surface parking. The project is slated for completion in 2023. “As opposed to focusing exclusively on the shopping experience of the center, we have put an emphasis on the communal aspect of Cross Creek Ranch. Our aim is to create an intimate, rural village atmosphere,” says Bryan Gordon, CEO of Pacific Equity Properties. The site is located near shopping destinations such as Malibu Country Mart, Malibu Village, The Park at Cross Creek and Malibu Lumber Yard, immediately adjacent to a new expansion campus of Santa Monica College. Integrated Capital Management …

March 5, 2021

Development Mixed-Use Restaurant Retail Southeast Tennessee

Brookfield Properties Opens Retail, Dining Portion of Fifth + Broadway in Downtown Nashville

by Julia Sanders March 5, 2021

NASHVILLE, TENN. — Brookfield Properties has opened the retail and dining component at Fifth + Broadway, a six-acre mixed-use project in downtown Nashville. Brookfield and local developer Pat Emery partnered on the development, which formerly was the location of the Nashville Convention Center. General contractor Skanska broke ground on the project in April 2017, when San Diego-based OliverMcMillan was the lead developer before its acquisition by Brookfield in February 2018. Designed by Gresham Smith and Gensler, the newly opened portion of Fifth + Broadway features 200,000 square feet of restaurants and retail space, along with parking garages that hold 2,145 cars. Retail tenants include Nash Collection, REVV, Ariat, Ray-Ban, Free People, The Dry House, Veseo Lingerie & Swimwear, Molly Green and others. Restaurant tenants include Hattie B’s Hot Chicken, Eddie V’s, Jeni’s Splendid Ice Cream and Shake Shack, among others. The retail center also includes the 56,000-square-foot National Museum of African American Music. Later this spring, Fifth + Broadway’s Assembly Food Hall will debut 15 new eateries dubbed collectively as “South Hall.” The expanded food hall will also include a rooftop concert venue and a full-service restaurant from FB Society (formerly Front Burner Society). Fifth + Broadway also includes The …

March 5, 2021

Development Loans Mixed-Use Multifamily Nevada Office Restaurant Retail Western

Parkview Financial Provides $100M Loan for Conversion of Harrah’s Hotel Casino to Mixed-Use Project in Downtown Reno

by Amy Works March 5, 2021

RENO, NEV. — Parkview Financial has provided a $100 million loan to Reno City Center, an affiliate of Las Vegas-based CAI Investments. The funds will be used for the renovation and redevelopment of Harrah’s Reno Hotel and Casino into Reno City Center, a mixed-use project. Gryphon Private Wealth Management’s opportunity zone fund provided the equity. Located at 219 N. Center St. in downtown Reno, the development will include 538 apartments and more than 250,000 square feet of office and retail space. The existing 6.3-acre, 15-building property comprises approximately 1.4 million square feet of gross building area, including three hotel towers rising 17, 24 and 26 stories; a seven-story parking garage with additional parking on the top of the structure; casino and sports book; convention and meeting areas; multiple restaurants and coffee shops; retail sales areas; administrative offices; back-of-house support areas; and maintenance and storage areas. Luxe General Consulting is performing the renovation, which is slated for completion by summer 2022. Upon completion, the residential component will feature a rooftop pool, amenity deck, outdoor plaza, fountain, fitness center, theater room, bar and game room. The 538 units will feature a home office alcove, full kitchen with stainless steel appliances and quartz …

March 5, 2021

Development Mixed-Use Texas

Dodson Commercial Breaks Ground on 68,000 SF Mixed-Use Redevelopment in Fort Worth

by Taylor Williams March 4, 2021

FORT WORTH, TEXAS — Dodson Commercial Real Estate has broken ground on The 701, a redevelopment of historic buildings in Fort Worth located at the corner of Hemphill Street and West Magnolia Avenue. The project, which is slated for an early 2022 completion, will ultimately feature 68,000 square feet of retail, restaurant, office and medical office space. VLK Architects is designing the project and will occupy 26,000 square feet of office space.

March 4, 2021

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