Mixed-Use

Bally’s Releases Updated Plan for $1.7B Casino Project in Chicago

by Hayden Spiess July 12, 2024

CHICAGO — Bally’s Corp. (NYSE: BALY) has released an updated permanent site plan for its $1.7 billion casino project in Chicago, a redevelopment of the former Chicago Tribune printing plant that will now be developed in a single phase. The property is located at 777 W. Chicago Ave. in the city’s River West neighborhood. Project plans now include a 34-story, 500-room hotel tower situated at the southern end of the 30-acre gaming and entertainment destination. The hotel — which was initially expected to be located elsewhere in the development — will feature a pool, spa, fitness center, sundeck and rooftop restaurant and bar. In addition to the hotel, the Bally’s Chicago Casino will include a 3,000-seat theater, six restaurants, a food hall and a two-acre public park. The casino will comprise 3,300 slot machines, 173 table games and VIP gaming areas. Additionally, a 2,000-foot extension of the riverwalk will connect the property to the riverbank. Design firm HKS prepared the new renderings. In May 2022, Bally’s was selected over competitors including Hard Rock International and Rush Street Gaming as the preferred developer of the project. Bally’s took possession of the land last week, and Brandenburg Industrial Service Co. is now preparing the …

July 12, 2024

Hospitality Loans Mixed-Use Multifamily New York Northeast Retail Top Stories Walker & Dunlop

Walker & Dunlop Arranges $148M Refinancing for The Victoria Mixed-Use Tower in Harlem

by Katie Sloan July 11, 2024

NEW YORK CITY — Walker & Dunlop (NYSE: WD) has arranged the $148 million refinancing for The Victoria, a mixed-use property in the Harlem neighborhood of Upper Manhattan. At 30 stories, the property is the tallest building in Harlem. The Victoria is built around the neighborhood’s historic Victoria Theater and offers 191 luxury apartments, a 211-room Marriott-branded hotel and 23,000 square feet of retail space. The project was completed in the third quarter of 2023 and also features 52 below-grade parking spaces. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Ari Hirt and William Herring of Walker & Dunlop’s New York capital markets team acted as exclusive advisors to the borrowers, Lam Group and Exact Capital. Aareal Capital provided the financing, which will support ongoing operations and future enhancements to the project. “This transaction underscores the project’s significance as a transformative development in Upper Manhattan, combining luxury living, hospitality excellence and cultural preservation,” says Appel. Bethesda, Md.-based Walker & Dunlop is one of the largest commercial real estate finance and advisory firms in the United States. — Katie Sloan

July 11, 2024

Connecticut Loans Mixed-Use Northeast

JLL Arranges $165M in Construction Financing for Mixed-Use Project in Darien, Connecticut

by Taylor Williams July 10, 2024

DARIEN, CONN. — JLL has arranged $165 million in construction financing for Phase II of The Corbin District, a six-acre mixed-use project located in the southern coastal Connecticut city of Darien. The project is part of a larger initiative to redevelop the downtown area. Upon completion, the development will feature 11 new buildings with 78,810 square feet of retail space, 105,968 square feet of office space and 112 apartments. The financing consists of a $102 million construction loan from Barings and $63 million in C-PACE financing from Counterpointe SRE. Michael Gigliotti, Evan Pariser and Robert Tonnessen of JLL arranged the debt on behalf of the sponsor, locally based developer Baywater Properties.

July 10, 2024

Florida Loans Mixed-Use Office Retail Southeast

CMC Group Obtains $69.9M Loan for Refinancing of Metro Miami Mixed-Use Development

by John Nelson July 10, 2024

CORAL GABLES, FLA. — Locally based CMC Group has obtained a $69.9 million loan for the refinancing for 4000 Ponce, a mixed-use development located in Coral Gables, a western suburb of Miami. City National Bank of Florida provided the loan to CMC, whose affiliate Ugo Colombo developed the nine-story project in 2002. Paul Stasaitis, Paul Adams and Nicole Barba of JLL arranged the five-year, floating-rate loan on behalf of CMC Group. Situated at the intersection of Ponce de Leon Boulevard and Bird Road, 4000 Ponce features The Collection, a luxury car dealership whose brands include Ferrari, Aston Martin, Porsche, Maserati, Alfa Romeo, McLaren and Audi. The property also includes 150,000 square feet of office space and 32,000 square feet of retail space. 4000 Ponce was 90 percent leased at the time of sale to tenants including Steinway & Sons, Coldwell Banker, Hemisphere Media Group, Korn Ferry, Evensky & Katz, Pure Barre and Jetset Pilates.

July 10, 2024

Development Florida Mixed-Use Southeast Student Housing

Core Spaces, RD Management to Develop 1,300 Student Housing Beds Near University of South Florida in Tampa

by John Nelson July 9, 2024

TAMPA, FLA. — Core Spaces and RD Management plan to break ground soon on Hub II, a 400-unit student housing project in Tampa’s Uptown district that will comprise 1,300 beds and a structured parking garage with 800 spaces. The project is Phase I of multiple communities that the co-developers are planning within Rithm, a nearly 100-acre campus adjacent to the University of South Florida that formerly housed University Mall, which opened in 1974. Core Spaces and RD Management ultimately plan to develop up to 3,000 student housing beds, 150 conventional apartments and 10,000 square feet of retail space at Rithm, which already features a Sprouts Farmers Market, restaurants, bars and incubator space for startup companies. Construction will begin on Hub II this fall, and the project is expected to be completed in fall 2027. The other phases (Hub III and Hub IV) will include over 700 beds and 800 beds, respectively, and will be fully delivered by 2030. In 2022, Core Spaces delivered Hub Tampa, a 359-unit, 890-bed student housing community located within Rithm.

July 9, 2024

Development Mixed-Use South Carolina Southeast Student Housing

Signet Underway on Five-Story Mixed-Use Development Near Clemson University in South Carolina

by John Nelson July 9, 2024

CLEMSON, S.C. — Signet Real Estate Group is underway on the development of MODA Clemson, a five-story mixed-use development in Clemson. Located near Clemson University, the project is designed to cater to the needs of students and young professionals. In addition to 159 residential units in studio, one-, two- and three-bedroom layouts, the property will feature ground-floor retail space. Project partners include First National Bank of Pennsylvania, Kimley-Horn, Coursey Architects, HPA Design Group, Freese Johnson and Catamount Constructors. Signet expects to complete MODA Clemson in summer 2026. Pintail Real Estate will manage retail leasing at the property.

July 9, 2024

Acquisitions California Mixed-Use Multifamily Retail Western

Marcus & Millichap Brokers Sale of 13,827 SF Mixed-Use Property in Placerville, California

by Amy Works July 9, 2024

PLACERVILLE, CALIF. — Marcus & Millichap has arranged the sale of a mixed-use property at 414-434 Main St. in Placerville, approximately 45 miles northeast of Sacramento. A private investor sold the asset to another private investor for $1.7 million. Constructed in the 1920s as a movie theatre, the 13,827-square-foot property has been converted into five ground-floor retail spaces and three top-floor residential units. Edward Nelson, Wyatt Figueroa and William Graves Jr. represented the seller, while Nelson procured the buyer in the deal.

July 9, 2024

Loans Michigan Midwest Mixed-Use

Bernard Financial Group Arranges $30.5M Loan for Refinancing of Mixed-Use Property Near Detroit

by Kristin Harlow July 9, 2024

GROSSE POINTE WOODS, MICH. — Bernard Financial Group (BFG) has arranged a $30.5 million CMBS loan for the refinancing of a 272,312-square-foot mixed-use property in Grosse Pointe Woods, a northeast suburb of Detroit. The asset features office, retail and medical space. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, Pointe Plaza Development LLC.

July 9, 2024

Development Hospitality Mixed-Use Multifamily Texas

Reports: Fort Worth City Council Approves $630M Expansion of Historic Stockyards

by Taylor Williams July 3, 2024

FORT WORTH, TEXAS — The Fort Worth City Council has approved a $630 million proposal to expand the historic Stockyards District, according to reports from multiple local news sources such as The Dallas Morning News, Fox4 KDFW and The Texan. According to the local Fox News affiliate, the proposal represents part of a larger, $1 billion expansion and would include both multifamily and hospitality components, as well as onsite parking. Axios Dallas reports that on a more specific level, the next phase of expansion will feature 500 hotel rooms, 300,000 square feet of commercial space and a 295-unit multifamily property. The Texan reports that the expansion would be led by Fort Worth Heritage LLC, which is a joint venture between California-based Majestic Realty Co. and Hickman Cos, with North Texas-based M2G Ventures also serving as a development partner. Multiple news outlets reported that the City of Fort Worth expects the expansion of the Stockyards District, which will include some public funding and is expected to be fully complete by 2032, to ultimately generate more than $400 million in fresh tax revenue.

July 3, 2024

Development Mixed-Use Multifamily North Carolina Southeast

Vista Residential Breaks Ground on 277-Unit Mixed-Use Apartment Community in Holly Springs, North Carolina

by John Nelson July 3, 2024

HOLLY SPRINGS, N.C. — Vista Residential Partners has broken ground on Main Street Vista, a 277-unit mixed-use apartment community in Holly Springs, a southwest suburb of Raleigh. The 11.7-acre development site is located at the corner of North Main Street and Holly Springs Road. Main Street Vista will feature a mix of one-, two- and three-bedroom apartments averaging almost 1,050 square feet, as well as 19,000 square feet of retail space and 11,000 square feet of live-work space. Select apartments will have a ground-floor office space available for lease to prospective tenants who desire to work from home. Designed by Niles Bolton, Main Street Vista will feature a clubhouse, resort-style swimming pool, fitness center, central green area, pet park and 24/7 package concierge services. Dome Equities and two Ohio-based life insurance companies provided financing for the project. The construction timeline was not disclosed.

July 3, 2024

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