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The Links on PGA Parkway
DevelopmentLoansMultifamilyTexasTop Stories

Carbon Cos., Greenway Receive $125M in Construction Financing for Multifamily Project in Frisco, Texas 

by Channing Hamilton

FRISCO, TEXAS — Carbon Cos. and Greenway Investment Co. have received roughly $125 million in construction financing for The Links on PGA Parkway, an apartment community located about 30 miles north of Dallas in Frisco. The debt, which was arranged by the Carbon Cos. internal team, will be used to complete the construction of the final two phases of the four-phase, 38-acre development. The financing includes a syndicated bank loan facility and mezzanine loan. Origin Bank arranged the syndicated bank loan, with participant banks including Simmons Bank, North Dallas Bank & Trust CO, b1Bank and Century Bank. Once fully completed in 2027, The Links on PGA Parkway will total 1,310 residential units. The first two phases of the development, which opened in December 2021 and October 2023, delivered 690 apartments and a two-acre city park. Phases III and IV will add an additional 620 apartments, as well as 815 underground parking spots. Last fall, ownership secured a $138.3 million loan from MF1 Capital for the refinancing of Phase I of the development. Phases I and II of the development feature a mix of one, two, and three-bedroom floor plans. Community amenities include two pools with outdoor lounges, two clubhouses, two …

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DevelopmentKansasMidwestOfficeTop Stories

Fiserv Unveils Plans for $175M Fintech Headquarters in Metro Kansas City

by John Nelson

OVERLAND PARK, KAN. — Fiserv Inc. (NYSE: FI), a global technology company specializing in financial services and payments, has unveiled plans for the development of a $175 million fintech headquarters in the Kansas City suburb of Overland Park. The company will renovate two buildings on the Aspiria corporate campus — formerly the headquarters of telecom company Sprint that is now owned by Occidental Management — which houses 3.9 million square feet of office space across 20 buildings. The new office will join a growing list of innovation centers across the country for Fiserv, including locations in Alpharetta, Ga.; Milwaukee; Omaha, Neb.; Berkeley Heights, N.J.; and New York City. “The greater Kansas City metro area offers a dynamic environment with a growing population of tech talent, making it the ideal location for Fiserv’s next strategic fintech hub,” says Frank Bisignano, chairman and CEO of Fiserv. Situated at 6500 and 6550 Sprint Parkway, Fiserv’s new headquarters will span 427,000 square feet, marking the largest office recruitment in Kansas history, according to the office of Kansas Gov. Laura Kelly. Fiserv picked Overland Park for its central U.S. location, in addition to its proximity to the company’s Midwestern clients and the region’s affordability. The new …

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FloridaHospitalityLoansSoutheastTop Stories

Driftwood Capital Completes $415M Recapitalization of National Hospitality Portfolio

by Kristin Harlow

MIAMI — Miami-based Driftwood Capital has completed the $415 million recapitalization of a nationwide hospitality portfolio valued at $1.2 billion. The portfolio includes 18 Hilton-, Marriott- and Margaritaville-branded hotels totaling 4,203 rooms across 10 states. Wells Fargo led financing for the debt component of the transaction with a roughly $330 million securitized senior loan. ACORE Capital provided $85 million in preferred equity. Many of the properties are located in high-growth markets within California, Texas, Florida, North Carolina, Utah and New York. Prominent hotels include Margaritaville Lake Resort Lake of the Ozarks, Marriott San Diego Mission Valley, Hilton Dallas/Southlake Town Square, Canopy by Hilton West Palm Beach Downtown and Hotel Vesper in Houston. Each asset in the portfolio has either been newly built or comprehensively renovated in recent years. “This portfolio brings together some of the highest quality assets we own and operate, creating a uniquely cohesive investment opportunity for our partners,” says Carlos Rodriguez Sr., chairman and CEO of Driftwood. “We’ve intentionally assembled this particular portfolio of assets to reflect strength in markets, performance and long-term fundamentals.” Driftwood says the transaction marks a major milestone in its strategy to create scalable hospitality portfolios, designed to maximize value through operational control, …

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Company NewsDevelopmentIndianaIndustrialMidwestOfficeTop Stories

Roche to Invest $50B for U.S. Expansion, Including New Pharmaceutical Manufacturing Facilities

by John Nelson

INDIANAPOLIS — Roche, a Swiss biotechnology company whose U.S. headquarters is in Indianapolis, has announced its intention to invest $50 billion in the United States over the next five years. The investment will include new and expanded life sciences facilities across the country, as well as a new 900,000-square-foot manufacturing facility, the location of which will be announced soon. This project will be a manufacturing facility for Roche’s portfolio of next-generation weight loss medicines. The other new developments will include a gene therapy manufacturing facility in Pennsylvania, a new plant in Indiana for continuous glucose monitoring and a new research-and-development (R&D) center in Massachusetts. Roche will also expand and upgrade its existing pharmaceutical manufacturing facilities in Kentucky, Indiana, New Jersey, Oregon and Pennsylvania as part of the investment, as well as expand R&D centers in Arizona, California and Indiana. Roche’s investment is expected to create more than 12,000 new jobs, including nearly 6,500 construction jobs and 1,000 permanent jobs at the new and expanded facilities. The construction timeline for these projects was not announced. Once Roche’s new and expanded facilities come on line, the firm says it will be able to export more medicines from the United States than it …

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Avalon-Wesmont-Station-Wood-Ridge-New-Jersey
AcquisitionsLoansMultifamilyNew JerseyNortheastTop Stories

JLL Brokers $161.5M Sale of Northern New Jersey Apartment Community

by Taylor Williams

WOOD-RIDGE, N.J. — JLL has brokered the $161.5 million sale of Avalon at Wesmont Station, a 406-unit apartment community located at 100 Rosie Square in Wood-Ridge, about 15 miles west of Manhattan. Avalon at Wesmont Station was built in 2012-2013 and offers one-, two- and three-bedroom units with an average size of 959 square feet. Amenities include a pool, outdoor grilling and dining stations, resident clubroom with workstations and a fitness center. The property also houses 18,000 square feet of ground-floor retail space that is fully leased. Jose Cruz, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Austin Pierce of JLL represented the seller, Virginia-based REIT AvalonBay Communities Inc. (NYSE: AVB), in the transaction. The buyer was New York-based Cammeby’s International Group. Ryan Koehler of NewPoint Real Estate Capital originated a $112 million Freddie Mac acquisition loan, which carried a 10-year term and six years of interest-only payments, for the deal. “The sale of Avalon at Wesmont Station demonstrates the continued investor appetite for well-located, institutional-quality multi-housing assets in strong suburban markets near New York City,” says Cruz. “This property’s strategic location, coupled with its value-add potential through unit renovations, made it an attractive investment opportunity in today’s market.” The apartment …

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The Village at Gainesville
AcquisitionsFloridaMultifamilySeniors HousingSoutheastTop Stories

SantaFe Healthcare Sells 100-Acre Senior Living Property in Gainesville, Florida

by Channing Hamilton

GAINESVILLE, FLA. — Continuum Advisors has arranged the sale of The Village at Gainesville, a 639-unit seniors housing community in Gainesville. SantaFe Healthcare Inc. sold the 100-acre asset to funds managed by Fortress Investment Group for an undisclosed price. The Village at Gainesville consists of nine residential buildings — six independent living, one assisted living and two memory care — and several community clubhouses with amenities. Eighty percent of the residences are dedicated to independent living. Continuum states that the property is considered one of the largest seniors housing rental communities in the United States. According to the property website, amenities include a fitness center with trainers, pool with a hot tub, tennis and pickleball courts, a reading room, hair salon, woodshop, housekeeping services and internet access.  The community also offers scheduled transportation throughout the grounds and off-campus. The property sits across from Santa Fe College, a two-year community college, and within five miles of the University of Florida. SantaFe Healthcare has owned and managed The Village at Gainesville for more than 30 years and has overseen three expansion projects at the community from 1986 through 2009. The locally based healthcare owner-operator injected capital expenditures of $3 million annually into the …

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Student Housing Portfolio
AcquisitionsFloridaIndianaNorth CarolinaStudent HousingTexasTop Stories

Newmark Brokers Sale of 3,693-Bed Student Housing Portfolio Across Four States

by Hayden Spiess

NEW YORK CITY — Newmark Group has brokered the sale of a student housing portfolio situated across four states. Located near major public universities in Florida, Texas, Indiana and North Carolina, the portfolio comprises five properties housing 3,693 beds across 1,248 units.  A joint venture between Nuveen and The Preiss Co. was the seller. The buyer and sales price were not disclosed, though Newmark states the transaction represents the largest U.S. student housing portfolio sale this year. The undisclosed communities serve students attending the University of Texas at Austin, North Carolina State University, Texas State University, the University of Florida and Indiana University. Each property is situated an average of roughly 0.9 miles within its respective campus.  Amenities at the communities include swimming pools, grilling stations, fitness centers, outdoor recreation areas and study rooms.  The Preiss Co. recently closed on the recapitalization of the portfolio, which Newmark also arranged. As part of the recapitalization, all five properties will undergo renovations to shared amenity spaces. Planned upgrades include the addition of modern furniture, updated finishes and state-of-the-art fitness equipment.  Several properties will also receive unit interior renovations including the addition of modern cabinetry, updated flooring, contemporary fixtures and hardware, new lighting …

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DevelopmentDistrict of ColumbiaMixed-UseMultifamilySoutheastTop Stories

Akridge, National Development Complete Phase I of Stacks Mixed-Use Project in D.C.

by Kristin Harlow

WASHINGTON, D.C. — Akridge and National Real Estate Development have opened Colette and Everly, two luxury apartment buildings within The Stacks in the Buzzard Point neighborhood of Washington, D.C. With these openings, the mixed-use project’s first phase is now complete. Phase I of The Stacks totals nearly 1 million square feet and includes 1,116 multifamily units, more than 90,000 square feet of amenity spaces across three apartment buildings, roughly 22,000 square feet of public parks, approximately 40,000 square feet of retail space and 11,000 square feet of coworking space. First move-ins at Colette and Everly are slated for this month. The two buildings total 732 units. “Everly and Colette provide residents with some of the best water views in the region, as well as convenient access to the best of D.C., including The Wharf, Navy Yard and downtown,” says Adam Gooch, managing principal and chief development officer at Akridge. “Between these two new residential towers and their sister building, The Byron, which opened earlier this year, The Stacks offers three distinctive luxury living options to match residents’ needs.” Architecture firm Gensler designed Everly and was the broader design coordinator of The Stacks. Everly features 413 apartment units within a 14-story …

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DevelopmentIndustrialTexasTop Stories

NVIDIA to Develop Two AI Supercomputer Manufacturing Plants in Texas As Part of $500B U.S. Investment

by John Nelson

SANTA CLARA, CALIF. — NVIDIA Corp. (NASDAQ: NVDA), a Santa Clara-based tech firm that primarily designs and manufactures graphics processing units (GPUs) for artificial intelligence (AI) use, plans to develop two new AI supercomputer manufacturing plants in Texas. The new projects will include a plant in Houston that NVIDIA is co-developing with Foxconn and a factory in Dallas that NVIDIA is building with Wistron. Further real estate specifics for the new facilities were not shared, but NVIDIA plans to create “digital twins” to design and operate the factories, which will be reliant on automation and robotics. Mass production of NVIDIA AI supercomputers at both plants is expected to ramp up in the next 12 to 15 months, according to NVIDIA. Additionally, NVIDIA announced that it has started production of NVIDIA Blackwell chips at the TSMC Arizona campus in Phoenix. NVIDIA is partnering with Amkor and SPIL for packaging and testing operations in Arizona. The new Texas plants and the production of NVIDIA Blackwell chips in Arizona are part of the company’s $500 billion push to mass produce NVIDIA AI supercomputers on U.S. soil, which would represent the first time that the company’s supercomputers were made entirely domestically. Together, the announcements …

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50-Hudson-Street-Jersey-City
DevelopmentLoansMultifamilyNew JerseyNortheastTop Stories

Tishman Speyer Receives $331M Construction Loan for 40-Story Apartment Tower in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — New York City-based developer Tishman Speyer has received a $331 million construction loan from global investment group CDPQ for a 40-story multifamily tower in Jersey City. With financing in place, Tishman Speyer plans to begin construction in the coming weeks and deliver the building in 2028. The project is the sister building of 55 Hudson Street, a 58-story, 1,017-unit apartment building that is under construction and slated for an early 2027 completion. The riverfront site at 50 Hudson St. is located in the Paulus Hook neighborhood, less than a block from the Paulus Hook Pier, which offers ferry service to various New York City metro locations. Plans for 50 Hudson Street call for 924 units in studio, one- and two-bedroom floor plans, as well as 10,000 square feet of street-level retail space. The two buildings will share roughly 75,000 square feet of indoor and outdoor amenity space, and the development as a whole will feature more than 60,000 square feet of retail, restaurant and entertainment space. In addition, the development will have a 32,000-square-foot waterfront plaza that will connect to Jersey City’s esplanade and will be available for community events. The design team for the project …

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