ST. PETERSBURG, FLA. — Boca Raton, Fla.-based Mill Creek Residential and Boston-based CrossHarbor Capital Partners have broken ground on Modera St. Petersburg, a 383-unit mixed-use apartment community near downtown St. Petersburg. The property is expected to be open for first move-ins by late 2023. Modera St. Petersburg will be a 20-story, high-rise community with 14,000 square feet of ground-floor retail space. The property will offer one-, two- and three-bedroom floorplans with den layouts and penthouses available. Unit features will include wood plank-style flooring, nine-foot ceilings, built-in shelves and desks in select homes, ceiling fans, private balconies, stainless steel appliances, quartz countertops, tile backsplashes, kitchen islands, USB ports, in-unit washers and dryers, walk-in closets and central heating and air with programmable thermostats. Community amenities will include a fitness center, outdoor pool, rooftop lounge and terrace, grilling area, outdoor dining, clubhouse, conference room, coworking spaces, common-area Wi-Fi, game room, package lockers, onsite pet spa and secured garage parking with electric vehicle charging stations. Other community features will include access to bike storage, additional storage options and mobile-app and key-fob entry. Situated at 201 17th St. South, Modera St. Petersburg will border the Pinellas Trail, a 47-mile bike trail that stretches north to …
MCDONOUGH, GA. — Ready Capital has closed on a $16.6 million acquisition loan for a 132-unit, two-property multifamily portfolio in McDonough, a southern suburb of Atlanta in Henry County. Upon acquisition, the unnamed sponsor will implement a capital improvement plan that includes renovating unit interiors, improving curb appeal and community amenities and addressing deferred maintenance. The non-recourse, interest-only, floating-rate loan features a 48-month term, one extension option and flexible prepayment.
NASHVILLE, TENN. — SomeraRoad has started construction of the first ground-up tower within its Paseo South Gulch mixed-use project in Nashville. Known as Prima, the building will include 278 apartment units, 18,000 square feet of Class A office space and 8,000 square feet of retail space. ESa designed the project, which is slated for completion by the third quarter of 2023. Clark Construction is the general contractor. Safehold Inc. and S3 Capital provided financing. The tower will complement the recently completed adaptive reuse of two historic buildings within the project featuring office and retail space. SomeraRoad has planned future ground-up projects within Paseo South Gulch, with construction of a second tower scheduled to begin by early 2023. “Paseo South Gulch will be a premier live-work-play destination in Nashville, and the start of Prima is a significant step toward our transformational vision becoming a reality,” says Andrew Donchez, principal and head of development at SomeraRoad. “We’ve worked tirelessly to craft every detail of Paseo South Gulch, to tie new towers into the adaptive reuse of historic structures and future phases, to ultimately create a district that feels authentic and vibrant.” The name Paseo speaks to the district’s interconnected walkways and terraces …
CHARLOTTE, N.C. — KeyBank Real Estate Capital has provided a total of $48 million in financing for Eastway Park Apartments, a 132-unit affordable seniors housing development in Charlotte. The financing includes a $14.3 million construction loan, $8.4 million equity bridge loan and $13.3 million Fannie Mae mortgage-backed security (MBS) as Tax-Exempt Bond Collateral (MTEB). In addition, KeyBank subsidiary Key Community Development Corp. (KCDC) is investing $12 million of 4 percent Low-Income Housing Tax Credit (LIHTC) equity to support the development. The nonprofit borrower and developer, Harmony Housing, did not disclose a construction timeline for the project. Eastway Park will include age-restricted units for those 55 years of age and older. The property will serve households earning a range from 30 percent to 80 percent of area median income (AMI) and will be subject to an agreement ensuring ongoing affordability for at least 30 years. Out of the 132 units, 40 of the one-bedroom units will have project-based rental assistance and veterans’ preference by way of Veterans Affairs Supportive Housing (VASH) Vouchers from Inlivian, formerly known as Charlotte Housing Authority. The development will provide supportive services to tenants including a shuttle service. The development team has also contacted organizations such as …
ATLANTA — JLL Capital Markets has arranged the $38 million sale of 1010 Midtown, a 44,302-square-foot retail center located on Peachtree Street in Midtown Atlanta. Brad Buchanan, Jim Hamilton and Andrew Kahn of JLL represented the seller, Atlanta-based The Ardent Cos., in the disposition of the property to Tampa-based East Coast Acquisitions. 1010 Midtown is located on the ground level of a 425-unit luxury condominium building that was not included in the sale. Completed in 2008, 1010 Midtown was 94 percent leased at the time of sale to tenants including Sugar Factory, RA Sushi Bar, Piedmont Healthcare, Silverlake Ramen, Better Homes and Gardens Real Estate, Panera Bread, Chipotle Mexican Grill and Sage Dental. Located at 1010 Peachtree St. NE, the property is situated less than one mile from Georgia Tech, 2.6 miles from Georgia State University, two miles from downtown Atlanta and less than one mile from Piedmont Park. The property is also 13.2 miles from Hartsfield-Jackson Atlanta International Airport.
ASHLAND, VA. — MacKenzie Investment Group LLC, the development and investment arm of Baltimore-based The MacKenzie Cos., has delivered a 202,000-square-foot warehouse and industrial building in Ashland, about 16.5 miles north of Richmond. The development is part of Phase I of the North Richmond Industrial Park, a 75-acre business park that can support up to 600,000 square feet of warehouse and industrial space. The building, which was constructed on a speculative basis, is fully leased to three tenants including The Home Depot; MS International Inc., an importer and distributor of natural stones and countertops; and Sentara Healthcare, a nonprofit healthcare organization serving Virginia and North Carolina. Each tenant expects to take occupancy over the next several months. The project features 32-foot clear heights, 46 dock doors, a surface parking lot that can accommodate nearly 160 cars and 46 trailers and freight service via CSX and Northern Southern rail lines. Located at 11060 Johnson Road, the property is situated near US Route 1 and Interstates 95, 64, 85 and 295. Additionally, the project is located 23.6 miles from the Richmond International Airport.
ROSWELL, GA. — Kimpton Hotels & Restaurants, part of IHG Hotels & Resorts’ Luxury & Lifestyle Collection, will open a boutique hotel in Roswell. The Kimpton hotel is slated to open by early 2024. HEI Hotels & Resorts will operate the hotel once completed, and Randall-Paulson Architects will serve as the architect on the project. The Kimpton hotel will feature 125 guest rooms, including 20 suites, as well as nearly 6,500 square feet of indoor meetings and events space, an 11,000-square-foot courtyard, fitness center, rooftop restaurant and a ground-floor restaurant and bar. Additionally, the hotel will offer amenities including a morning coffee and tea service, hosted evening social hour, pet-friendly policies and bicycles. Located on Mimosa Boulevard and Magnolia Street, the three-story hotel will be situated near the Historic Roswell Town Square. The property will also be near many restaurants and retailers including Gate City Brewing Co., El Zarape, King Galleries, The Roswell Garden and Ipp’s Pastaria & Bar. The property is also located 21.9 miles from downtown Atlanta.
CHARLOTTE, N.C. — Dallas-based CBRE has signed a lease to relocate its office to Vantage South End, a 635,000-square-foot mixed-use campus in Charlotte. The firm will relocate approximately 100 employees to a 24,535-square-foot space on the second floor of the Vantage South End’s east tower, which is located at 1120 South Tryon St. The company will change offices in the fourth quarter. The West Tower of the property was completed in 2021 and the new East Tower will be completed in the third quarter of 2022. The new office is part of CBRE’s Workplace360 initiative, which is the Dallas-based company’s approach to workplace strategy. The strategy is designed to promote employee flexibility, mobility and productivity. Workplace360 offices feature several workplace settings, including both collaborative and private spaces that employees can self-select to accommodate their hour-by-hour needs. Vantage South End includes two 11-story office towers connected by more than an acre of outdoor greenspace. The property’s amenities include outdoor terraces and seating, a wellness and fitness center, tenant event and training center, 55,000 square feet of restaurants and amenity spaces and a planned boutique hotel. The property’s West Tower is occupied by tenants including Lending Tree and Grant Thornton. Vantage South …
The need for affordable housing has grown, but factors like municipal slowdowns and delays in financing have helped contribute to a lack of supply. Gregg Gerken, head of U.S. Commercial Real Estate with TD Bank, spoke to REBusiness about why the need for affordable housing is at a critical juncture and why this need is so difficult to fill. Finance Insight: What is the state of affordable housing right now? Gerken: There is a supply/demand imbalance. There continues to be a desperate need for more investment in affordable housing, not less. The arrival of COVID introduced more challenges for affordable housing, but the struggle to find high-quality affordable rental housing existed well before the pandemic. Rent prices affect millions of Americans, especially those with low incomes, and rents have only increased. Furthermore, the pandemic has caused an interruption of the supply chain and much-needed new projects have been delayed. Finance Insight: Can you outline a few big-picture national trends that are most impacting affordable housing right now? Gerken: As I mentioned, the imbalance of supply and demand is negatively affecting affordable housing. Rising rental rates mean fewer people will be able to qualify for affordable housing. Coming out of COVID …
COLUMBIA, MD. — The Howard Hughes Corp. (NYSE: HHC) has unveiled plans to invest $325 million to densify Downtown Columbia, the REIT’s 391-acre mixed-use development within the master-planned community of Columbia. Founded by James Rouse in 1967, Columbia is situated within the Baltimore-Washington, D.C. corridor in Maryland and is one of the first master-planned communities in the United States. The first new HHC project within Downtown Columbia’s Lakefront District is a four-story, 86,000-square-foot medical office building representing about $45.8 million in investment. Studio Red Architects is designing the property to achieve LEED Platinum and Fitwel certifications. Orthopaedic Associates of Central Maryland (OACM), a division of The Centers for Advanced Orthopaedics, will move its Columbia office into the new building upon completion in 2024, occupying approximately 20 percent of the asset. The property will be situated near a Whole Foods Market and Lake Kittamaqundi. Several health and wellness tenants signed on at Downtown Columbia to capitalize on the halo effect from the nearby Howard County General Hospital, which is part of Johns Hopkins Medicine. Other tenants at the Lakefront District include The Pearl spa, medtech firm NuVasive, MedStar Health’s headquarters, Healthcare Management Solutions, Welldoc, Sharecare, Consortium Health Plans, Vaya Pharma, Medisolv …