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Mixed-Use

DevelopmentFloridaHospitalityLoansMixed-UseMultifamilySoutheast

LV Lending Arranges Financing for Phase I of $1B Reunion Resort Expansion in Central Florida

by John Nelson

KISSIMMEE, FLA. — LV Lending has arranged an undisclosed amount of construction financing for Phase I of the expansion of Reunion Resort, a 2,226-acre resort community located in the Orlando suburb of Kissimmee. The borrower is Orlando Reunion Development LLC, a related company wholly owned by the same principle of Kingwood Orlando Reunion Resort LLC. The 31.6-acre expansion spans two contiguous parcels surrounding the property’s 10-acre Crystal Lagoon. The expansion will feature 1,800 vacation rental homes and townhomes and a hotel, as well as an amphitheater for events. The $1 billion expansion will take place over five phases and several years. Groundbreaking is slated to begin in 2024. Existing uses at Reunion Resort include thousands of luxury homes, villas and condominiums; three championship golf courses; seven food-and-beverage outlets; waterparks; 11 pools; a rooftop pool and private club faculty; and conference areas.

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DevelopmentGeorgiaLoansMixed-UseMultifamilySoutheast

Middle Street, AECOM-Canyon Obtain $245M Construction Financing for Midtown Atlanta Multifamily Project

by John Nelson

ATLANTA — A joint venture between developers Middle Street Partners and AECOM-Canyon Partners has obtained $245 million in construction financing for its two-tower multifamily project situated a block from Piedmont Park in Midtown Atlanta. Eastdil Secured arranged the financing through Bank OZK and Related Fund Management on behalf of the developers. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia advised Middle Street in the transaction. The unnamed development will occupy a full city block on Juniper Street between 11th and 12th streets. The project will include a north tower and south tower totaling 487 apartments, and each tower will feature an undisclosed amount of ground-floor retail space. The developers plan to break ground immediately. The project team includes general contractor Brasfield & Gorrie, architect Brock Hudgins and interior designer CID Design Group.

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DevelopmentHospitalityMixed-UseMultifamilySoutheastVirginia

PREIT Receives Approval for New Apartments, Hotel at Springfield Town Center in Metro D.C.

by John Nelson

SPRINGFIELD, VA. — PREIT, a retail REIT based in Philadelphia, has received approval from the Fairfax County Board of Supervisors for the development of two empty land parcels at Springfield Town Center, a mixed-use campus located in Springfield, roughly 14 miles outside of Washington, D.C. Two separate entities are under agreement to purchase and develop the parcels. One of the buyers, Intermountain, will construct a 165-room hotel, and the other, Hanover, will build a 460-unit multifamily community. Together, the sales price for the two parcels totals approximately $20 million. Built in 2017, Springfield Town Center is anchored by a 1 million-square-foot mall housing Target, Regal Cinemas, Macy’s, JCPenney, LOFT, H&M and a food court, among other retailers.

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DevelopmentFloridaMixed-UseMultifamilyOfficeRetailSoutheast

Related, Rockpoint Start Construction of Mixed-Use Project in Miami’s Wynwood Neighborhood

by Jeff Shaw

MIAMI — Related Group and Rockpoint have broken ground on WNWD21, a mixed-use project located in the Wynwood neighborhood of Miami. Upon completion, which is scheduled for the third quarter of 2024, the development will comprise two 12-story buildings with 304 apartments, 18,000 square feet of retail and 63,000 square feet of office space. Apartment units will feature studio, one-, two- and three-bedroom layouts, with amenities including a rooftop pool deck, health and wellness facilities, private theater and music room, resident-only dining, coworking space and an art collection. Cohen Freedman Encinosa & Associates Architects will act as architect for the project, with interior design by iddi Design. Beauchamp Construction Co. is the builder.

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DevelopmentMixed-UseMultifamilyNorth CarolinaRetailSoutheast

MRP, Asana Plan Mixed-Use Redevelopment of Duke Energy Headquarters in Charlotte

by Jeff Shaw

CHARLOTTE, N.C. — MRP Realty and Asana Partners have acquired the Duke Energy headquarters building at 526 S. Church St. in Charlotte, with plans to develop a mixed-use project at the site. Initial plans include 450 residential units and 55,000 square feet of ground-floor retail space. Duke Energy plans to vacate the building and move to its newly constructed headquarters at Duke Energy Plaza in late 2023.

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CaliforniaHospitalityLoansMixed-UseMultifamilyRetailWestern

Boardwalk Investments Group Receives $245M Refinancing for Mixed-Use Portfolio in California

by Amy Works

COSTA MESA, CALIF. — Costa Mesa-based Boardwalk Investments Group, led by Gary Jabara and Debi Kroger, has received $245 million in financing for a portfolio of properties in California. John Chun, John Marshall, Jordan Leake and Spencer Seibring of JLL Retail Capital Markets Debt Advisory secured the permanent financing from four lenders. The portfolio includes: The Estate, a 22-acre hospitality and destination retail complex in downtown Yountville. The property features the 193-room Hotel Villagio, Vintage House and the five-bedroom Villa at The Estate. Aliso Creek Shopping Center, a 49,149-square-foot, 92-percent occupied retail center in Laguna Beach. Flower Hill Promenade, a 168,249-square-foot, 95.6-percent leased retail center in Del Mar. The Landing, a 44,289-square-foot, fully leased shopping center on the Balboa Peninsula in Newport Beach. 1810 State Street, a 99-unit mid-rise apartment complex in downtown San Diego’s Little Italy neighborhood. Restoration Hardware Yountville, a single-tenant wine vault and restaurant space in downtown Yountville.

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DevelopmentMixed-UseTexas

Developers Underway on Phase I of Mixed-Use Project in Celina, Texas

by Taylor Williams

CELINA, TEXAS — Developers Guy Hatcher and Todd Stein are underway on construction of Phase I of a mixed-use project in the North Texas city of Celina. The initial phase of Celina Station, which is located at the corner of Preston Road and Ash Street, will feature 60,000 square feet of retail, office and medical office space. Tenants that have committed to this space include AT&T Wireless, OMG Tacos, Methodist Family Medical and Cook’s Children’s Pediatric. The development team has also secured leases with a nail salon, dentistry practice, martial arts school and a Vietnamese restaurant. At full buildout, Celina Station will also include 336 multifamily units that will be developed by Highpark Capital and multiple acres of parks, sports courts and walking trails.

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DevelopmentLoansMixed-UseMultifamilyNew YorkNortheastRetailTop Stories

Lendlease, Australian Pension Fund Receive $360M Construction Loan for Mixed-Use High-Rise in Brooklyn

by Jeff Shaw

NEW YORK CITY — A joint venture between global real estate and investment management group Lendlease and Australian pension fund Aware Super has secured a $360 million construction loan for the development of 1 Java Street, a 36-story mixed-use development adjacent to the East River in the Greenpoint neighborhood of Brooklyn. Plans call for 834 apartments, 13,000 square feet of retail space and an 18,000-square-foot public waterfront park connecting the property to the India Street Pier, which offers service for the East River Ferry. Thirty percent of apartments at 1 Java Street will be affordable units under the Affordable New York 421(A) Program and Voluntary Inclusionary Housing. Lendlease’s investment management, development and construction business units will serve in 1 Java Street’s development. The property is slated for completion in 2026. Christopher Peck, Alex Staikos, Phil Cadorette and Joy Dracos led a JLL Capital Markets team that represented the joint venture to secure the floating-rate construction loan through a Bank of America-led syndicate. New York City architecture firm Marvel will serve as interior designer for both market-rate and affordable units at 1 Java Street. INC Architecture & Design will design the public areas and Créme Architecture & Design will be the interior designer for …

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DevelopmentFloridaMixed-UseSoutheastTop Stories

Chetrit Group to Build 4 MSF Waterfront Development in Miami

by John Nelson

MIAMI — The Chetrit Group, a privately held New York City-based developer, plans to develop The River District, a 4 million-square-foot mixed-use destination in Miami. The project will span more than six acres along the Miami River waterfront. Total development costs will exceed $1 billion, according to Bloomberg. The Chetrit Group previously secured a $310 million loan from Madison Realty Group to fund the project’s first two phases of construction. Occupying the delta between I-95, Southwest Second Avenue and Jose Marti Park, The River District will feature four ground-up skyscrapers — a condominium tower, office tower and two high-rise apartment buildings — as well as a pair of two-story waterfront retail buildings, a marina and new streetscapes. Overall the project will comprise 1,600 residences, an undisclosed amount of Class A office space, 30,000 square feet of retail space, a boat marina that can accommodate 60-foot vessels, 2,000 covered parking spots and restaurants and nightlife venues. “The River District is going to create a riverwalk experience for the first time in the city, and we expect to completely transform how people in the area live, work and play,” says Michael Chetrit, principal of Chetrit Group. The first building to come to …

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LoansMixed-UseMultifamilyRestaurantRetailUtahWestern

Dwight Capital Provides $21.4M HUD Loan for Paxton 365 Apartment Complex in Salt Lake City

by Amy Works

SALT LAKE CITY — Dwight Capital has provided a $21.4 million HUD 223(f) loan for Paxton 365, a mixed-use multifamily property in Salt Lake City. The refinancing benefitted from a Green Mortgage Insurance Premium Reduction, as Paxton 365 is Energy Star certified. The asset features a five-story building with 121 residential units and three commercial spaces, including Paxton Pub. Community amenities include a dog park, courtyard with fire pit, fitness center, roof terrace, community lounge, grill areas and electric vehicle charging stations.

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