Top Stories

Newmark Knight Frank Arranges $330M Sale of Reservoir Woods East Office Campus Near Boston

by Alex Tostado August 27, 2020

WALTHAM, MASS. — Newmark Knight Frank (NKF) has arranged the $330 million sale of Reservoir Woods East, a two-building, 515,273-square-foot office campus in Waltham. The building located at 40 Sylvan Road is a three-story, 312,845-square-foot asset, while the building at 50-60 Sylvan Road is a two-story, 202,428-square-foot property. The campus, which is situated 18 miles west of downtown Boston, also features up to 440,000 square feet of development potential, ideal for life-sciences use. A subsidiary of Verizon Laboratories leases space at 50-60 Sylvan on a short-term basis. Edward Maher, Robert Griffin, Matthew Pullen and Samantha Hallowell of NKF represented the seller, a joint venture between affiliates of Marcus Partners and The Davis Cos., in the transaction. The buyer was not disclosed. William Sleeper, also of NKF, provided financial analysis support. “Reservoir Woods East offers an attractive combination of near-term cash flow and long-term development upside within greater Boston, which is arguably the country’s most attractive market,” says Maher, vice chairman of NKF. “The property presents an exceptional opportunity to benefit from the momentum of the Waltham-Lexington life sciences cluster, which has become a bona fide extension of Cambridge in recent years.” The Reservoir Woods East campus also includes a structured …

August 27, 2020

Development Florida Multifamily Southeast Top Stories

Allen Morris, Ustler Development Open $108M Julian Apartments at Creative Village in Orlando

by Kristin Harlow August 26, 2020

ORLANDO, FLA. — The Allen Morris Co. and Ustler Development Inc. have opened The Julian Apartments at Creative Village in downtown Orlando. Located at 462 N. Terry Ave., the $108 million, 14-story multifamily community features 409 units, 6,000 square feet of ground-floor commercial space and a parking garage. The Julian is the first market-rate apartment building with proximity to the University of Central Florida and Valencia College’s downtown campus, according to the developers. The project is part of the larger $650 million mixed-use development known as Creative Village. The Julian offers studio, one-, two- and three-bedroom residences that range in size from 412 to 1,307 square feet. Monthly rents range from $1,275 to $2,950. Currently, residents can earn up to three months of free rent on select units. Amenities include collaborative space on each floor, a front porch overlooking the 2.5-acre Central Park, a rooftop pool, fitness facility and interior courtyard. Asset Living is the property manager for The Julian. Baker Barrios served as architect and Brasfield & Gorie was the general contractor. Creative Village is a transformation of the former Amway Arena site. The former home of the Orlando Magic closed in 2010 and demolished in 2012. The Creative …

August 26, 2020

Civic Development Loans Midwest Missouri Top Stories

Civic Board Approves Financing for Expansion of America’s Center Convention Complex in Downtown St. Louis

by John Nelson August 25, 2020

ST. LOUIS — The St. Louis Municipal Finance Corp. has approved the financing package for the expansion of America’s Center Convention Complex. The 502,000-square-foot events facility is located at 701 Convention Plaza in downtown St. Louis. The City of St. Louis and St. Louis County have each committed $105 million in bond financing to complete the expansion, which is branded the AC Next Gen Project. The city and county approved the project in April 2019. The expansion will add 92,000 square feet of exhibit space, a 65,000-square-foot ballroom and meeting area, 22,000 square feet of new support space, 26 new loading docks, the renovation of 12 existing docks, an outdoor pavilion and refurbishment of the Washington Avenue entrance. “Expansion of America’s Center is an investment in the future of our region, assuring dependable jobs for working families in these challenging times and demonstrating our commitment to businesses and workers is certain,” says Comptroller Darlene Green, the chief fiscal officer for the City of St. Louis. “COVID-19 is not going away soon, but we know as a nation we will overcome it. Businesses will rebound, and tourism jobs and conventions will come back. We must plan for a positive future for …

August 25, 2020

Development Mixed-Use Nevada Top Stories Western

Matter Real Estate Begins Construction of $400M UnCommons Mixed-Use Project in Las Vegas

by Taylor Williams August 24, 2020

LAS VEGAS — San Diego-based developer Matter Real Estate Group has started construction of UnCommons, a $400 million mixed-use project in Las Vegas. Designed by Gensler, the development is located on a 40-acre site at Interstate 215 and Durango Drive on the city’s southwest side. Plans currently call for 500,000 square feet of Class A office space and 830 multifamily units, as well as retail and restaurant space. Completion of Phase I is scheduled for early 2022. The Las Vegas Review-Journal reports that construction on the project was delayed due to COVID-19. Subsequently, the development team has pivoted to “near hospital-quality” HVAC systems and interior finishes made of materials designed to limit the spread of diseases like the novel coronavirus. “We recognized with COVID-19 that a fundamental shift was taking place that would render many office structures as unsafe and therefore obsolete practically overnight,” says Jim Stuart, partner at Matter Real Estate Group. “With the adjustments we made to our building systems, plus additional design attributes, we believe we have unlocked the answer for employee safety that will serve as the preferred model moving forward.” The retail and restaurant component will take the form of a public outdoor venue that …

August 24, 2020

Arizona Development Top Stories Western

Ziegler Provides $250.8M Financing for 320-Acre Sports Park in Metro Phoenix

by Katie Sloan August 21, 2020

MESA, ARIZ. — Specialty investment bank Ziegler has provided $250.8 million in financing for the development of Legacy Sports Park, located roughly 20 miles outside Phoenix in Mesa. Legacy Cares, a nonprofit organization providing sports opportunities to people of all ages and economic backgrounds, is developing the 320-acre project. The development is set to include: A soccer complex consisting of 22 soccer fields with additional fields to allow for large tournament capacity; An expanded stadium-type soccer field with an approximately 10,000-person seating capacity; One auxiliary turf field with an approximately 5,000-person seating capacity; An additional soccer field designated as a soccer-based performance training center; 10 softball and youth baseball fields including an expanded stadium field; 13 sand volleyball/ soccer courts with a stadium court; A pickleball complex consisting of 40 pickleball courts, one of which will be a stadium court; An obstacle course compound with zip lines; A 12-lane batting cage training center; An outdoor amphitheater with an approximately 1,000-person seating capacity; An esports video gaming competition center; Track and field space; 16 NBA-sized basketball courts; 60 indoor volleyball courts; A cheer, dance and gymnastics facility; and A health, fitness and wellness clinic. “With expansive first-class fields and facilities, we anticipate …

August 21, 2020

Development Florida Multifamily Southeast Student Housing Top Stories

Moss Construction Completes $134M University of Miami Lakeside Village Student Housing Property

by Alex Tostado August 20, 2020

CORAL GABLES, FLA. — Moss Construction has delivered University of Miami Lakeside Village, a $134 million, 1,115-bed student housing community on the University of Miami campus. The 569,441-square-foot, seven-story project features 25 interconnected buildings and several outdoor spaces. The property offers classrooms, music rooms, study areas, recreation rooms, a 200-seat auditorium and offices. The buildings also have food options, a package center and an exhibition hall. The university opened for in-person classes Monday, Aug. 17, a week earlier than planned due to the coronavirus pandemic. The fall semester will conclude Friday, Nov. 20, the week before Thanksgiving. To support sustainability initiatives, the property includes green roofs that absorb carbon dioxide to help clean the air and regulate the climate. Also, existing plant life was evaluated and, when possible, integrated into the landscape or relocated elsewhere on campus. Miami-based Arquitectonica designed the community. — Alex Tostado

August 20, 2020

Loans Retail Top Stories

Mall Owner CBL Plans for Chapter 11 Filing after Losing $215.3M in First Half of 2020

by Jeff Shaw August 19, 2020

CHATTANOOGA, TENN. — CBL Properties (NYSE: CBL) announced this morning that it has struck a deal with its lenders on a restructuring plan that will eliminate $900 million in debt and reduce annual interest expense by $20 million. Although the official press release from CBL did not mention bankruptcy, a representative from the company told the Chattanooga Times Free Press that the company plans to use the Chapter 11 bankruptcy process to complete the restructuring. The announcement follows yesterday’s second-quarter earnings call, where CBL revealed that it had drawn down its entire revolving credit facility, experienced $215.3 million in losses over the first half of the year, and expected to enter foreclosure proceedings on four malls. Those properties include Park Plaza in Little Rock, Arkansas, with $77.6 million in outstanding debt; Hickory Point in Forsyth, Illinois, with $27.4 million outstanding; EastGate Mall in Cincinnati with $31.9 million outstanding; and Burnsville Center in Minneapolis with $64.5 million outstanding. In addition, CBL is in discussion with lenders about restructuring or extending a $64.5 million loan on Greenbrier Mall in Chesapeake, Virginia; a $63 million loan on Asheville Mall in Ashville, North Carolina; and a $131.5 million loan on Oak Park Mall in …

August 19, 2020

Acquisitions Arizona Development Industrial Top Stories Western

Merit Partners-Led JV Buys 611 Acres in Metro Phoenix to Develop $1.5B Industrial Park

by John Nelson August 18, 2020

GLENDALE, ARIZ. — Merit Partners is leading a joint venture to develop Camelback 303, a $1.5 billion industrial park in the northwest Phoenix suburb of Glendale. The Phoenix-based firm recently closed on the acquisition of 611 acres along the Loop 303 corridor for the project, which will total 9 million to 10 million square feet of logistics and manufacturing space upon completion. Merit’s joint venture partners include industrial REIT First Industrial Realty Trust Inc. (NYSE: FR) and equity partner Diamond Realty Investments, which is the real estate investment arm of Mitsubishi Corp. According to second-quarter 2020 research from JLL, industrial asking rents in metro Phoenix are up 1.8 percent and absorption has increased 39 percent from this time last year. The second quarter marks the 28th straight quarter of positive absorption for the market. “We are extremely excited to be building at this location and at a point in the cycle where demand for Class A industrial is exponential — and expected to continue to rise in the years ahead,” says Kevin Czerwinski, president of Merit Partners. Camelback 303 will sit along the west side of Loop 303 and feature freeway frontage between the Camelback Road and Bethany Home Road …

August 18, 2020

Development Florida Loans Multifamily Southeast Top Stories Walker & Dunlop

Walker & Dunlop Provides $67M HUD Construction Loan for Shoma Village Apartments Near Miami

by Taylor Williams August 17, 2020

HIALEAH, FLA. — Walker & Dunlop has provided a $67 million HUD construction loan for Shoma Village Apartments, a 304-unit multifamily community that will be located in Hialeah. The borrower was locally based developer Shoma Group. Shoma Village Apartments will include 11,625 square feet of retail space fronting Hialeah Drive, about 15 miles northwest of downtown Miami. The property will consist of two eight-story residential buildings offering studio, one-, two-and three-bedroom units. Amenities will include a resident clubhouse, pool, fitness center with yoga and spin studios, resident coffee bar, dog park and a private courtyard with grilling stations. The clubhouse spans 7,300 square feet and features a concierge package room, communal kitchen, pool table and terrace area. Keith Melton, David Strange, Livingston Hessam and Jeremy Pino of Walker & Dunlop secured the loan through HUD’s 221(d)(4) program, which includes both construction and permanent financing for a project in a single loan. The financing was structured with a fixed interest rate for the two-year construction period and the 40-year amortization schedule. The financing also features a declining prepayment schedule for the initial 10 years post-construction. “The residential urbanization in cities like Hialeah is something we are seeing throughout Florida, and is very similar to …

August 17, 2020

Data Centers Development Industrial Southeast Tennessee Top Stories

Facebook Breaks Ground on $800M Data Center Outside Nashville

by Katie Sloan August 14, 2020

GALLATIN, TENN. — Facebook (NASDAQ: FB) has broken ground on an $800 million data center located roughly 18 miles north of Nashville in Gallatin. The company acquired the 809-acre development site earlier this year for $20 million under the name Woolhawk LLC, according to reports by local news site Gallatin News. The 982,000-square-foot campus will be built to LEED Gold certification standards, using 80 percent less water than the average data center. The development will also be supported by 100 percent renewable energy. Facebook has signed contracts for 220 megawatts of solar energy in Tennessee in support of the project. The company anticipates more than 1,100 construction workers will be onsite at the peak of construction, and the completed development will support approximately 100 new jobs in the form of technicians, engineers, facility managers, logistics professionals and security personnel. “We’re excited about Facebook in Gallatin because of the advantages we think it is going bring to our community,” says Paige Brown, the city’s mayor. “We’re confident in the brightest of futures for both Facebook and the city of Gallatin.” Facebook unveiled plans to build another $800 million data center 65 miles west of Chicago in Dekalb, Illinois, earlier this year. …

August 14, 2020

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