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The Hub on Causeway
LoansMassachusettsMixed-UseNortheastTop Stories

BXP, Delaware North Receive $465M Loan for Portion of The Hub on Causeway in Boston

by Abby Cox

BOSTON — A joint venture between BXP (NYSE: BXP), formerly Boston Properties, and Delaware North, a privately owned hospitality and entertainment company, has received a $465 million loan for the refinancing of a portion of The Hub on Causeway. The 1.5 million-square-foot mixed-use development is located in the West End neighborhood of Boston. Situated on the site of the former Boston Garden arena, the original home arena of the Boston Bruins and Boston Celtics, The Hub on Causeway is now a transit-oriented development that features 811,000 square feet of office space and 440 luxury apartments, as well as 250,000 square feet of retail space and a 60,000-square-foot Star Market grocery store. An affiliate of Verizon Communications anchors the development on a 20-year lease. Wells Fargo Bank, Morgan Stanley Bank and Bank of America provided the loan to BXP and Delaware North. The joint venture refinanced The Hub on Causeway’s office tower and “podium,” which is the lower section that houses a food hall, creative office space and a movie theater. “We are pleased to complete this financing, which not only enhances the strength and flexibility of our balance sheet, but also demonstrates our access to attractively priced capital in the secured …

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DevelopmentGeorgiaHospitalitySoutheastTop Stories

Convention Center Authorities, Hilton Break Ground on $398M Signia by Hilton Savannah Hotel

by John Nelson

SAVANNAH, GA. — The Savannah-Georgia Convention Center Authority and global hotelier Hilton (NYSE: HLT) have broken ground on Signia by Hilton Savannah, a 444-room hotel situated adjacent to the Savannah Convention Center. The $398 million hotel project is expected to debut in mid-2028 and serve as the headquarters hotel of the 666,000-square-foot convention center, which underwent a $276 million expansion project that wrapped up in February. The Atlanta-Journal Constitution reports that the hotel project was “15 years and three false starts” in the making. The riverfront hotel will sit on Hutchinson Island across the Savannah River from the city’s historic district. The AJC also reports that the 403-room Westin Savannah Harbor is currently the only hotel within walking distance of the convention center. The Savannah-Georgia Convention Center Authority owns the hotel and is developing the project in partnership with the Georgia World Congress Center Authority, an Atlanta-based entity that also manages the Savannah Convention Center. The Georgia World Congress Center Authority recently collaborated with Hilton on the development of Signia by Hilton Atlanta, a 976-room hotel tower situated near the convention center, as well as State Farm Arena and Mercedes-Benz Stadium in downtown Atlanta. “Signia by Hilton Savannah’s signing and groundbreaking represents …

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DevelopmentFloridaMixed-UseSoutheastTop Stories

Partnership Proposes $2B City Park at West Kendall Mixed-Use Development in Miami

by Kristin Harlow

MIAMI — A partnership between The Easton Group, Lennar and MPKA LLC has proposed City Park at West Kendall, a $2 billion, 990-acre master-planned community in Miami. The development team has filed its application with Miami-Dade County. Plans call for 7,800 new homes in a variety of price points, including townhomes, multifamily units, single-family homes and workforce housing, as well as 1.4 million square feet of retail space and 500,000 square feet of office space. At the heart of the proposed project is Village Core, a walkable town center with shops, restaurants, entertainment, plazas and a boardwalk. With the development application filed, the next step involves collaborating with local neighbors, government officials and community stakeholders to fine-tune the plan, according to Bill Albers, partner with MPKA, which is a consultant to the homebuilding industry. City Park is expected to generate $2.4 billion in annual economic output for the county. The project is also estimated to create more than 19,000 construction jobs during build-out followed by more than 13,000 permanent jobs. By reducing the need for daily commutes to job centers like downtown, Brickell, Doral and Coral Gables, City Park will also help reverse traffic patterns and ease congestion that has …

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ArizonaDevelopmentHospitalityLeasing ActivityMixed-UseRetailTop StoriesWestern

Partnership Announces Costco, Marriott Hotels Coming to $7B Halo Vista Development in Phoenix

by John Nelson

PHOENIX — A partnership between Mack Real Estate Group and McCourt Partners has announced updates for the first phase of Halo Vista, the co-developers’ $7 billion, 2,300-acre mixed-use campus in northwest Phoenix. Halo Vista is set to surround TSMC Arizona, the $165 billion semiconductor fabrication campus. The co-developers, which are operating as an entity doing business as Mack Halo Vista LLC, announced that the project will include a new Costco store, two Marriott-branded hotels (a Courtyard by Marriott and a Residence Inn) and an auto mall (i.e. a cluster of car dealerships). Locally based firm Common Bond Development Group is developing the hotels after acquiring the land from Mack Halo Vista. “Today’s confirmation of the first phase of hospitality and retail users marks an important milestone for Halo Vista because it will enable our project to deliver much-needed services in support of the growing TSMC ecosystem, while we simultaneously continue to focus on horizontal infrastructure development that underpins the entire master plan,” says Chris Janson, president of Mack Halo Vista LLC. The new buildings will be situated at I-17 and Dove Valley Road. Infrastructure is in place and ready for development, according to the developers. Last year, the Arizona State …

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Spence-Pull-Quote
Company NewsMidwestOhioTexasTop Stories

Fifth Third Bank Agrees to Acquire Comerica in $10.9B Transaction

by Taylor Williams

CINCINNATI AND DALLAS — Fifth Third Bancorp (Nasdaq: FITB) has entered into a merger agreement to acquire Comerica Inc. (NYSE: CMA) in a transaction valued at roughly $10.9 billion. Under the terms of the all-stock transaction, Comerica’s stockholders will receive approximately 1.86 shares of Fifth Third common stock for each Comerica share they own. That condition translates to a per-share price of $82.88, which was Fifth Third’s closing stock price on Oct. 3, the last business day before the deal was formally announced. The closing price also represents a 20 percent premium to Comerica’s 10-day volume-weighted average stock price. Upon closing, which is expected to occur at the end of the first quarter of 2026, Fifth Third shareholders will own approximately 73 percent of the combined company, and Comerica shareholders will own approximately 27 percent. According to Fifth Third and Comerica, the newly formed company will have about $288 billion in assets under management (AUM), making it the ninth-largest U.S. bank by that metric. In addition, the combined entity will operate in 17 of what company officials have described as “the 20 fastest-growing markets in the country, including key regions in the Southeast, Texas and California.” Company officials also anticipate …

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615 River Road
DevelopmentLoansMixed-UseMultifamilyNew JerseyNortheastTop Stories

S3 Capital Provides $255M Construction Loan for Mixed-Use Development Along Hudson River in New Jersey

by Abby Cox

EDGEWATER, N.J. — S3 Capital has provided a $255 million construction loan to finance the first phase of a $1 billion mixed-use development located on the Hudson River in the Northern New Jersey city of Edgewater. Galaxy Capital arranged the financing on behalf of the borrower and developer, New York City-based The Maxal Group. The initial phase of the project, dubbed 615 River Road, will be the first building in the planned development, which will ultimately comprise 1,200 residential units and more than 1,000 parking spaces, along with a 2.5-acre public waterfront park to link up with the 18.5-mile Hudson River Waterfront Walkway. A timeline for construction has not been announced. “We are thrilled to partner with The Maxal Group as they develop a transformative project that will bring much-needed state-of-the art housing and transit access to the Edgewater waterfront,” says Shawn Safdie of S3 Capital. “This transaction reflects our commitment to supporting best-in-class developers delivering new product to undersupplied markets.” 615 River Road will include a 25-story luxury apartment building featuring 381 units, ground-floor retail space and parking for roughly 500 vehicles. The property will also include a new public ferry terminal that will provide direct service to Manhattan’s west side. …

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Park-Central-Apartments_Raleigh-N.C
AcquisitionsMultifamilyNorth CarolinaSoutheastTop Stories

KBS Sells High-Rise Multifamily Property in Raleigh for $132.5M

by Hayden Spiess

RALEIGH, N.C. — Commercial real estate owner and operator KBS has completed the disposition of Park Central Apartments, a luxury high-rise multifamily property located in Raleigh. San Diego-based Fairfield Residential acquired the asset for $132.5 million.  KBS developed Park Central Apartments in a joint venture with locally based Kane Realty Corp. Construction on the project began in 2015 and was completed in 2017.  Totaling 286 apartments, the building also features 36,000 square feet of retail space. Current tenants at the property include food-and-beverage concept Happy + Hale, fitness studios Midtown Yoga and Orangetheory, ice cream shop Kilwins and Jabala Coffee.  Amenities at the community include a sky deck with a saltwater pool, clubhouse, sauna, dog spa, fitness center, conference center and a dedicated parking garage.  Situated in the North Hills district, the property features access to I-440 and walkability to a grocery store, multiple fitness concepts and dozens of restaurants, entertainment venues and retailers. Park Central Apartments is also located in proximity to downtown Raleigh and North Carolina State University.  “Each project we’ve developed in North Hills has outperformed our underwriting, reinforcing our conviction to this live-work hub and our strategy,” says Allen Aldridge senior vice president at KBS and asset …

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Data CentersDevelopmentIllinoisIndustrialMidwestTop Stories

Related Midwest, CRG Break Ground on Phase I of 440-Acre Quantum Shore Chicago Innovation District

by Kristin Harlow

CHICAGO — Related Midwest and CRG have broken ground on the Illinois Quantum & Microelectronics Park (IQMP), the first phase of Quantum Shore Chicago, a 440-acre, master-planned technology and innovation district along the Chicago lakefront. The project is located on the former U.S. Steel South Works site at 8080 S. DuSable Lake Shore Drive in the South Chicago neighborhood. The co-developers are receiving financing from funds managed by Blue Owl Capital on both the land acquisition and vertical development of facilities for IQMP’s anchor tenant, PsiQuantum, a Palo Alto, Calif.-based company with a mission “to build and deploy the world’s first useful quantum computers.” Quantum computing utilizes quantum mechanics to solve complex problems such as climate, energy and defense challenges faster than traditional computers.  Created through a public-private partnership with State of Illinois and federal agencies, IQMP will occupy 128 acres on the southern end of the development site. In addition to PsiQuantum’s 80,700-square-foot office and research facility — the first of several buildings the firm will eventually occupy — the campus will include a cryoplant (a facility that uses extremely low temperatures to produce gases like liquid helium and nitrogen for high-tech applications) and equipment labs, as well as …

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DevelopmentHospitalityMixed-UseNevadaRestaurantRetailTop StoriesWestern

Bally’s Unveils Plans for 35-Acre Entertainment Resort Destination on Las Vegas Strip

by John Nelson

LAS VEGAS — Bally’s Corp. (NYSE: BALY) has announced plans for Bally’s Las Vegas, an entertainment resort destination planned on the 35-acre site of the former Tropicana Las Vegas hotel and casino. The casino and sports entertainment operator is partnering with JLL and Marnell Cos. on the development, which is being submitted to Clark County for entitlements. Bally’s Las Vegas will share the site with the new Las Vegas Athletics Major League Baseball ballpark, a move by the Oakland Athletics that was announced and approved in 2023. Bally’s expects construction at Bally’s Las Vegas to begin in the first half of 2026. “Bally’s Las Vegas represents a once-in-a-generation opportunity to redefine the heart of the Strip,” says Soo Kim, chairman of the board of directors at Bally’s. “With world-class partners like JLL and Marnell, and with the arrival of Major League Baseball, we are not just building an integrated resort. We are creating a landmark destination that unites sports, entertainment, dining and hospitality on a scale only Las Vegas can deliver.” Plans for Bally’s Las Vegas include two luxury hotel towers totaling 3,000 rooms, an entertainment venue with a seating capacity of 2,500 and more than 500,000 square feet of …

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Town-Laurel-Crossing-Buford-Georgia
AcquisitionsGeorgiaLoansMultifamilySoutheastTop StoriesWalker & Dunlop

Walker & Dunlop Arranges Sale, Acquisition Financing for Metro Atlanta Apartment Communities Totaling 707 Units

by Taylor Williams

BUFORD AND KENNESAW, GA. — Walker & Dunlop (NYSE: WD) has arranged the sale of and provided Freddie Mac acquisition financing for Town Laurel Crossing and Manor Barrett, two apartment communities in the metro Atlanta area totaling 707 units. The transactions represent a total of $352.8 million in capital movement and placement. The name of the borrower, a private multifamily owner-operator, was not disclosed. Both properties are currently listed under rebranded names on the website of Denver-based Mission Rock Residential, which provides third-party management services for the assets. The properties were both built in 2024. Chris Goldsmith, Telly Fathaly and Cameron Dunn of Walker & Dunlop represented the seller, Related Group, in both transactions. Mary Stuart Hurst and Fletcher Dunn of Walker & Dunlop led the debt origination efforts on behalf of the new owner. Town Laurel Crossing is a 360-unit community located within the Exchange at Gwinnett shopping district in Buford, a northeastern suburb of Atlanta. According to Apartments.com, the property offers one-, two- and three-bedroom units that range in size from 752 to 1,550 square feet. Amenities include a pool, fitness center, lounge, clubhouse, dog park and outdoor grilling and dining stations. Manor Barrett is a 347-unit community …

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