WASHINGTON, D.C. — Forest City Washington has unveiled plans for the second phase of The Yards, a master-planned mixed-use development in Washington, D.C. Phase II of the waterfront development will include an additional 3 million square feet on the western side of the property, between 1st Street S.E. and New Jersey Avenue. Planned elements include 1,200 residential units, 1.5 million square feet of Class A office space and 150,000 square feet of retail and dining space. Phase II will be organized around a pedestrian-friendly street with ground-level retail and dining, extended green spaces and public gathering areas. The six-block area will begin at the intersection of New Jersey Avenue and M Street S.E., and will extend to the Anacostia River at Diamond Teague Park. The second phase of the project is expected to break ground in 2019 and deliver in 2030. At full build-out, The Yards will span 48 acres and will feature 1.8 million square feet of office space, 400,000 square feet of retail and dining and up to 3,400 residential units. In addition, The Yards will be home to the 225-room Thompson D.C. hotel, slated to open in 2020.
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SANDY SPRINGS, GA. — Atlanta-based developer Selig Enterprises has unveiled the retail tenant lineup at City Springs, a $229 million mixed-use development in Sandy Springs, about 14 miles north of downtown Atlanta. Serving as the downtown district of Sandy Springs at the corner of Roswell Road and Mount Vernon Highway, City Springs will soon be home to four new restaurants and three health and wellness concepts totaling roughly 20,000 square feet. The new eateries will include Café Vendome, a bread and sandwich bistro with an existing location in Sandy Springs; Flower Child, a health-conscious restaurant chain serving vegetables, fruit, grains and healthy proteins; Nam Kitchen, a Vietnamese restaurant headed by Alex Kinjo of MF Sushi, executive chef Thuy Bich and Ahn Hoang from Nam Midtown; and The Select, an American comfort food concept that will feature an extensive wine list. The health and wellness outfits coming to City Springs will include Turn, the first indoor cycling and boot camp fitness studio from owner Ashley Francis; SculptHouse, a high-intensity, low-impact fitness concept with existing locations in Buckhead and Nashville; and Vida-Flo, a hydration treatment center staffed by licensed medical professionals. Build-out has begun on several of the spaces, with the first tenants expected …
NEW YORK — New York-based Greystone Affordable Development has arranged $168.6 million in financing for the recapitalization of 26 affordable housing properties located across 17 counties in Georgia. The financing, which combined both public and private funding, was arranged on behalf of the owner, The Hallmark Cos. The financing package included $54.3 million in tax-exempt bonds from the Housing Authority of Macon-Bibb County; 4 percent in low income housing tax credits (LIHTCs) purchased by Boston Financial Investment Management, generating $54 million in capital contributions; a $28 million loan through the United States Department of Agriculture (USDA) Section 515; $27.3 million in USDA Section 538 loans provided by Greystone Servicing Corp. Inc.; and $5 million in excess reserves, project operations, investment income and deferred developer fees. Hallmark will substantially renovate the portfolio’s interiors and exteriors over the next two years. Planned renovations focus on modernizing the properties — built between the late 1970s and mid-1990s — and addressing accessibility, functional obsolescence and deterioration. The owner plans to achieve overall energy savings of at least 20 percent at each property through the use of Energy Star-certified appliances and windows.
JACKSONVILLE, FLA. — Colony Industrial, an affiliate of Colony NorthStar, has acquired Westside Industrial Park in Jacksonville for $77.5 million. The 1.3 million-square-foot park, located at 4601 and 4910 Bulls Bay Highway, includes four Class A industrial buildings. The Jacksonville Business Journal reports Pattillo Industrial Real Estate sold the portfolio, which was 99.8 percent leased at the time of sale to nine tenants. Frank Fallon, Chris Riley and Trey Barry of CBRE arranged the transaction on behalf of the seller. The acquisition marks Colony Industrial’s fourth investment in the Jacksonville market over the last nine months.
MILWAUKEE — Affiliates of Milwaukee-based Phoenix Investors have acquired an eight-property industrial portfolio located throughout Kentucky for $9.3 million. The properties total 831,000 square feet and are located in Morehead, Carrollton, Danville, Maysville and Mount Sterling. Affiliates of Pope Cos. sold the properties, which were constructed between 1989 and 2004. The new owners plan to renovate the portfolio, which was 63 percent leased at the time of sale, and find new tenants for the vacant space. Bryan Flaherty of CBRE arranged the sale, and Walker & Dunlop Commercial Property Funding LLC provided financing.
NAPERVILLE, ILL. — Capitol Seniors Housing has opened Arbor Terrace Naperville in Illinois. The $27 million assisted living and memory care community features 74,256 square feet and 95 residential units. The community is located at 2920 Leverenz Road in the Cantore Place development. Amenities include a library, theater, café, salon and spa and fitness center. Faulkner Design Group designed the property’s interiors.
ELGIN AND ARLINGTON HEIGHTS, ILL. — Plymouth Industrial REIT Inc. has acquired two Class B industrial buildings in the Chicago area for $15.7 million. One of the properties is a 236,736-square-foot building located at 1600 Fleetwood Drive in Elgin. Stamar Packaging fully occupies the asset. The other property, 3 West College Drive in Arlington Heights, is 100 percent leased to Arrow Up, a provider of containerized bins for the oil fracking industry. Midwest Industrial Funds was the seller.
OSHKOSH, WIS. — Alliant Credit Union has provided a $10.3 million loan for the refinancing of the Shops at Market Fair in Oshkosh. The 89,698-square-foot retail center, located at 1508-1550 S. Koeller St., is fully leased to tenants such as Ulta and Wisconsin Vision. Mark Ebersold of NorthMarq Capital arranged the 10-year loan, which features a 25-year amortization schedule. East Capitol Realty LLC was the borrower.
CEDAR RAPIDS, IOWA — NorthMarq Capital has arranged a $7.7 million loan for the refinancing of Wheatland Club Apartments in Cedar Rapids. The 144-unit apartment property is located at 5617 Muirfield Drive SW. Jason Kinnison of NorthMarq arranged the 23-year loan, which is fully amortized. A life insurance company provided the loan.
OMAHA, NEB. — Scarlett Hotel Group has acquired the Marriott Fairfield Inn & Suites Downtown Omaha for an undisclosed price. The 113-room hotel is located at 1501 Nicholas St. near the TD Ameritrade Stadium and CenturyLink Convention Center and Arena. The four-story property recently underwent a renovation to upgrade all public spaces, including a completely revamped lobby and guest rooms. The seller was not disclosed.