SUGAR LAND, TEXAS — Houston-based developer Vista Cos. has broken ground on Vista Sugar Land III, an 8,400-square-foot retail project that will be located on the city’s southwestern outskirts. The center is 83 percent preleased. United Constructors is the general contractor for the project, which is slated for a fourth-quarter delivery. Stellar Bank provided construction financing.
NEW YORK CITY — A partnership between locally based developer Slate Property Group and nonprofit RiseBoro Community Partnership has begun construction on a $146 million affordable housing project in the Brownsville area of Brooklyn. The unit mix will consist of 130 supportive housing residences for formerly homeless young adults and families; 34 residences that will be reserved for renters earning 60 percent or less of the area median income (AMI); 51 apartments that will be restricted for households earning 50 percent or less of AMI; and one superintendent’s unit. Units will come in studio, one-, two- and three-bedroom floor plans, and the building will also house a 3,800-square-foot community center and 1,600 square feet of ground-floor retail space, as well as a fitness center, rooftop terrace, classroom spaces, children’s play area and a community room. Aufgang Architects designed the project, and SD Builders & Construction is serving as the general contractor. Completion is slated for summer 2025.
SOMERVILLE, MASS. — The Preservation of Affordable Housing (POAH) has broken ground on Phase I of Clarendon Hill, a multifamily redevelopment project in the northern Boston suburb of Somerville that will add 168 affordable housing units to the local supply. The entire development, which is located on Powder House Boulevard, will ultimately consist of 591 units. Phase I will feature 41 one-bedroom apartments, 121 two-bedroom residences and six three-bedroom units that will be reserved for residents earning between 30 and 80 percent of the area median income. Bank of America provided construction financing for the project, which is being developed in partnership with the Somerville Community Corp. and the Somerville Housing Authority. Phase I is slated for a fall 2024 completion. Clarendon Hill was originally built in 1948 as a residence for veterans returning from WWII. MassHousing also provided financing to fund renovations and preserve the property’s affordability status.
BROOKFIELD, CONN. — Greystone has provided a $35 million Fannie Mae loan for the refinancing of Barnbeck Place Apartments, a 165-unit multifamily property located in southern Connecticut’s Fairfield County. Built in 2015, the property offers studio, one- and two-bedroom units and amenities such as a fitness center and a clubhouse. Twenty percent of the units are reserved for households earning 80 percent or less of the area median income. Dan Sacks and Avi Kozlowski of Greystone originated the financing, which was structured with a fixed interest rate and a five-year term, on behalf of the undisclosed borrower. Barnbeck Place was 98 percent occupied at the time of the loan closing.
PISCATAWAY, N.J. — JLL has negotiated the $21.2 million sale of a 108,875-square-foot industrial property located in the Northern New Jersey community of Piscataway. The property features a clear height of 24 feet, 24 loading docks, two drive-in doors and 83 parking spaces. Marc Duval, Jordan Avanzato, Nicholas Stefans, Jason Lundy and Jose Cruz of JLL represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The property was fully leased to 19 tenants at the time of sale.
NEW YORK CITY — First Look Media, a nonprofit organization that offers streaming and production services, has signed a 7,896-square-foot office lease at 853 Broadway in Manhattan. The lease term is five years, and the space spans the entire 10th floor. The 21-story, 157,000-square-foot building is currently undergoing a multimillion-dollar renovation. Andrew Wiener and Rob Fisher internally represented the landlord, The Feil Organization, in the lease negotiations. Gary Stein, Ken Ruderman and Michael Bertini of Savills represented First Look Media.
NASHVILLE, TENN. — Albion Residential has purchased land in Nashville with plans to build Albion Music Row, a two-tower luxury apartment project totaling 850 units. The first tower will rise 29 stories and 350 feet. Albion plans to begin construction prior to the end of the year on the 458-unit building, followed by the second tower, which will feature 392 units and rise 20 stories. Both buildings will offer retail and restaurant spaces on the ground floors. The centerpiece of the development will be a public green space that will feature art, a performance stage and a lawn designed for music uses. Albion Music Row will also feature an active recording studio. Albion Music Row will offer micro units at a lower price point in addition to studios, one-, two- and three-bedroom floor plans. There will also be duplex units. The site comprises five lots located at the southwest corner of the intersection of McGavock Street and 14th Avenue. Albion paid $31 million for the property. The project team includes Hartshorne Plunkard Architecture, civil engineer Barge Cauthen & Associates, landscape architect Hodgson Douglas, structural engineer SDL and MEP engineer I.C. Thomasson. Albion Residential is pursuing a LEED Silver designation for …
CHARLOTTE, N.C. AND RICHMOND, VA. — Hoffman & Associates plans to expand into two new markets, Charlotte and Richmond, with the development of three new multifamily projects totaling 1,108 apartments. The developments, which will exceed 1 million square feet in size and $433 million in total investment, will include two assets in Charlotte’s South End neighborhood and a $133 million development in the Scott’s Addition neighborhood of Richmond. The Washington, D.C. -based developer plans to break ground on 2500 Distribution Street in Charlotte (330 apartments) in spring 2024 and deliver the project in fall 2026. Down the street, Hoffman plans to begin construction on 2401 Distribution Street (410 apartments) in spring 2025 and wrap up construction in summer 2027. Lastly, 3200 W Moore Street in Richmond (368 apartments) will break ground in late 2024 and deliver in late 2026.
APEX, N.C. — Beacon Partners has broken ground on the first phase of Apex Gateway, a 380-acre master-planned development in Apex, approximately 15 miles west of Raleigh. The project surrounds the intersection of U.S. Highway 64 and N.C. Highway 751 and will feature a mix of industrial, life sciences, retail and medical office space. Phase I will feature three light industrial buildings totaling 480,000 square feet, including a 172,150-square-foot headquarters facility for Durham Coca-Cola Bottling Co. Al Williams and Matt Winter of JLL are handling leasing for Apex Gateway’s speculative developments. The project team also includes general contractor The Conlan Co., architect HagerSmith Design and engineer Advanced Civil Design. Truist Bank is providing construction financing.
CONCORD, N.C. — Carter Exchange Fund Management Co., a subsidiary of Carter Funds LLC, has sold Station at Poplar Tent, an apartment community located at 50 Poplar Station Circle NW in Concord, roughly 25 miles northeast of Charlotte. An undisclosed buyer purchased the property for $74.7 million. Carter Exchange owned the community for nearly three years, during which time the company completed renovations including the addition of parcel lockers to the clubhouse, upgrades to flooring and expanded amenities and increased average monthly rents on occupied units by 25.2 percent. The property averaged 94.9 percent occupancy during Carter Exchange’s ownership.