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Walker & Dunlop Arranges Construction Financing for $146M College Point Logistics Center in Queens

by Jeff Shaw March 24, 2023

NEW YORK CITY — Walker & Dunlop’s capital markets team has arranged $94 million in construction financing for the development of College Point Logistics Center in the College Point neighborhood of Queens, just across Flushing Bay from LaGuardia International Airport. A joint venture between Wildflower Ltd. and Drake Real Estate Partners is developing the project, with construction costs estimated at $146 million. College Point Logistics Center will be a ground-up warehouse and structured parking facility. The property will feature 81,000 square feet of rentable industrial space, as well as 160,000 square feet of enclosed parking across two floors and 68,000 square feet of surface-level parking. Wildflower designed the project with ground-floor warehouse space and multi-story parking to maximize the project’s efficiency and meet the needs of modern industrial and logistics tenants. College Point Logistics Center is located alongside the Whitestone Expressway, making it accessible to LaGuardia and John F. Kennedy International Airports, the New York and Atlantic Railways and the Red Hook Container Terminal. Development of the facility is scheduled for completion in the second quarter of 2024. Jonathan Schwartz, Aaron Appel, Mo Beler, Ari Hirt and Triston Stegall led the Walker & Dunlop team in securing the floating-rate loan on behalf of …

March 24, 2023

Development Industrial Texas Top Stories

Sempra Releases Final Plans for $13B Liquid Natural Gas Export Terminal in Port Arthur, Texas

by Katie Sloan March 23, 2023

PORT ARTHUR, TEXAS — Sempra Infrastructure Partners, a subsidiary of energy infrastructure firm Sempra (NYSE: SRE), has released plans for Phase I of Port Arthur LNG, a $13 billion natural gas liquefaction and export terminal in Port Arthur. Phase I of the project will include two liquefaction trains capable of producing up to 13.5 million metric tons per annum (MTPA) of liquefied natural gas (LNG); up to three LNG storage tanks; marine facilities, including two marine berths for LNG vessel berthing and loading; natural gas liquids and refrigerant storage; feed gas pre-treatment and truck loading areas; and combustion turbine generators for on-site generation of electrical power. A three-mile portion of State Highway 87 between the Intracoastal Waterway and Keith Lake Pass will also be relocated to accommodate the development of Phase I, which is located along the Sabine-Neches ship channel, offering direct access to the Gulf of Mexico. Sempra has closed a joint venture with an affiliate of ConocoPhillips for Phase I of the project, which has been approved by the Federal Energy Regulatory Commission (FERC). The firm has also agreed to sell an indirect, non-controlling interest in the development to an infrastructure fund managed by KKR, and has closed …

March 23, 2023

Development Life Sciences Massachusetts Mixed-Use Northeast Top Stories

Berkeley Investments Moves Forward with 176 Lincoln Mixed-Use Project in Boston

by Kristin Harlow March 22, 2023

BOSTON — Berkeley Investments has received approval from the Boston Planning & Development Agency to move forward with development of its 176 Lincoln mixed-use project in Boston’s Allston neighborhood. Plans call for Class A lab and R&D space, offices and apartment units. Designed by CBT, 176 Lincoln will be built on a five-acre site with two acres of landscaped open space. The two main commercial buildings will include 720,000 square feet of lab, R&D and office space. The project will also include onsite housing, including 252 apartment units with 10 live-work units for artists. The project will be situated within immediate proximity to Harvard’s recently completed Paulson School of Engineering and Applied Sciences, the Harvard Business School and the recent expansion of Harvard academic and cultural facilities such as the Harvard Innovation Labs. The expanding Harvard presence in Allston is establishing a new cluster for innovation and research in greater Boston, according to Berkeley. “With its location adjacent to Harvard’s growing Allston campus and its introduction of state-of-the-art, Class A lab space, 176 Lincoln will be an important addition to the rapidly growing life sciences, medical, academic research and corporate corridor stretching through Boston and into Cambridge,” says Young Park, …

March 22, 2023

Development Leasing Activity Mixed-Use Retail South Carolina Southeast Top Stories

Whole Foods to Anchor $1B Mixed-Use Development in Downtown Greenville, South Carolina

by John Nelson March 21, 2023

GREENVILLE, S.C. — Whole Foods Market has signed on to anchor Greenville County Square, a $1 billion mixed-use redevelopment project in downtown Greenville. Atlanta-based RocaPoint Partners is the developer behind the 3.5 million-square-foot live-work-play destination, which will modernize and activate 40 acres along University Ridge. The Austin, Texas-based grocer will occupy a standalone building designed by MVA Architects. Whole Foods is the first tenant announced, and RocaPoint is currently pursuing other credit-worthy retailers and restaurants to join the development. “Whole Foods Market will add to the development’s lively charm and represents the quality of the tenants we’re targeting to drive economic growth while simultaneously answering public interest at Greenville County Square,” says Patrick Leonard, principal of RocaPoint. The developer says that Greenville County Square will serve as a connective hub to the city’s outdoor-oriented attractions, namely Falls Park and the new Cancer Survivor’s Park. Additionally, the project is expected to connect with the historic Swamp Rabbit Trail, a 22-mile walking and biking path that runs along the Reedy River and connects Greenville to Travelers Rest, S.C. “This redevelopment is positioned to be the ideal walkable environment for residents and visitors with a strategic blend of office, hotels, residential, restaurant, entertainment and …

March 21, 2023

Loans Multifamily New York Northeast Top Stories

Newmark Arranges $248M Refinancing for The Biltmore Apartment Tower in Manhattan

by Taylor Williams March 20, 2023

NEW YORK CITY — Newmark has arranged the $248 million refinancing of The Biltmore, a 51-story apartment tower in Manhattan’s Midtown West neighborhood. The borrower was a partnership between institutional investment firm BentallGreenOak and locally based developer Slate Property Group. Built in 2003, The Biltmore consists of 464 apartments and 47,397 square feet of commercial space. Units feature studio, one- and two-bedroom floor plans with quartz countertops, custom cabinetry and individual washers and dryers. Amenities include a fitness center with a yoga studio; rooftop terrace with entertainment areas; library with private conference rooms; communal dining room; and a game lounge. The Biltmore’s commercial space houses an array of food and beverage purveyors, convenience-oriented retailers, boutique fitness concepts and a medical office user. The property recently underwent a renovation that upgraded the lobby, amenity spaces and elevator systems. Ownership plans to use a portion of the newly issued proceeds to fund further capital improvements. Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Chris Kramer of Newmark arranged the financing through two New York City-based firms, Square Mile Capital and Clarion Partners. “The multifamily market in New York City has been a strong performer despite the headwinds over the past few years and …

March 20, 2023

California Development Mixed-Use Office Top Stories Western

Fox Corp. Plans $1.5B Expansion to Historic Fox Studio Lot in Los Angeles, Including New Office Towers

by John Nelson March 17, 2023

LOS ANGELES — Fox Corp. has submitted plans to the City of Los Angeles to expand the historic Fox Studio Lot as part of a project known as “The FOX FUTURE Studio Lot Project.” The plan is expected to cost approximately $1.5 billion and generate $9 million in annual tax revenues. The Fox Studio Lot currently comprises 1.8 million square feet across 96 buildings. The FOX FUTURE Studio Lot Project would add 1.6 million square feet of new development, including nine new soundstages, as well as production facilities and a 24-story media campus office building. The media campus office is intended to receive LEED Platinum certification and will feature shared and private offices designed for film and TV production. Fox is seeking a development partner to construct a 35-story building toward the northeast section of the Fox Studio lot that will directly connect to the studio lot and the Century City subway station, but will function as independent office space. This building will also be designed with LEED Platinum certification in mind. Plans also call for upgrades to existing facilities, a historic preservation plan for key buildings, seismic retrofits of older buildings and a renovation of Fox Sports Studio A. “The Fox …

March 17, 2023

Colorado Development Multifamily Top Stories Western

EMBREY Acquires Development Site in Denver for 283-Unit Multifamily Project

by Katie Sloan March 16, 2023

DENVER — EMBREY has acquired 219,562 square feet of land in the Washington Virginia Vale neighborhood of Denver for the development of a Class A multifamily community. Located at 5231 Leetsdale Drive, the property is currently home to a small retail strip building and a hardwood flooring company. The buildings will be demolished to make way for the new development, which is set to offer 283 units upon completion. Travis Hodge and Tony Bobay of the Capstone Colorado land team represented the buyer in the acquisition of the development site. A timeline and further details on the project were not announced. EMBREY is also currently developing Belaire, a 354-unit multifamily community in Denver’s 40 West Arts District, which is scheduled for completion in 2025. The project is set to offer shared amenities including a pool, spa, outdoor cooking space, bike workshop and racks, ski gear lockers, lounge areas, a fitness and yoga center and dog park. “EMBREY has been part of the Denver community for 23 years, and over the past decade, the population has continued to soar,” says Executive Vice President Jimmy McCloskey. “We expect strong rental demand as the area continues to grow.” San Antonio-based EMBREY owns, develops, …

March 16, 2023

Development Illinois Midwest Mixed-Use Top Stories

Development Team Moves Forward With $895M Mixed-Use Project in Chicago’s Woodlawn Neighborhood

by Kristin Harlow March 15, 2023

CHICAGO — Woodlawn Central LLC is moving forward with the development of Woodlawn Central, an $895 million mixed-use project spanning eight acres in Chicago’s Woodlawn neighborhood. The development team recently hired Transwestern Real Estate Services as its commercial real estate services provider. Woodlawn Central is poised to transform the area into a walkable, transit-oriented district with easy access to civic amenities such as the Obama Presidential Center, Jackson Park, the Museum of Science and Industry and the University of Chicago. Woodlawn’s Apostolic Church of God conceived and planned the project. The Network of Woodlawn, which was founded in 2009 to improve the neighborhood’s quality of life by building infrastructure to support better education, safety, health and economics, gave substantial input on the project. In addition to 870 homes ranging from affordable workforce options to market rate, luxury and seniors housing, Woodlawn Central will support a diverse range of Black businesses, creators, innovators and residents with much-needed community assets. Plans call for a 154-room hotel, small performance theater, vertical greenhouse and microgrid energy facility. The retail, hospitality, cultural, service, tech and transit options have been planned to nurture Black-owned businesses and generate employment opportunities for residents. According to the development team, …

March 15, 2023

Loans Mixed-Use Multifamily New Jersey Northeast Top Stories

Greystone Provides $257.2M Refinancing for 1,155-Unit The Beacon Apartments in Jersey City

by John Nelson March 14, 2023

JERSEY CITY, N.J. — Greystone, a privately held commercial real estate financial services firm, has provided a $257.2 million loan for The Beacon, a six-building apartment complex in Jersey City totaling 1,155 units. The borrower, Building and Land Technology (BLT), is using the loan to refinance the construction loan stemming from the project’s adaptive reuse of a historic hospital. The Beacon opened as the Jersey City Medical Center Complex in 1936 before its conversion to high-end apartments between the early 2000s and 2016, according to Jersey Digs. Judah Rosenberg of Greystone originated the Freddie Mac loan, which features a 10-year term and fixed interest rate. John Alascio, Alex Hernandez, Alex Lapidus, Mitch Rothstein, Brian Whitmer, Niko Nicolaou and David Bernhaut of Cushman & Wakefield arranged the financing on behalf of BLT. “The property is ideally located at the intersection of three of Jersey City’s most populated neighborhoods and features unparalleled views of the New Jersey Gold Coast and Manhattan,” says Alascio. “The recently redeveloped complex features best-in-class amenities and a thoughtful community design offering tenants a convenient live-work-play environment.” Situated on 14 acres near Jersey City’s Journal Square, McGinley Square and Bergen Lafayette neighborhoods, The Beacon is located within two …

March 14, 2023

Development Loans Multifamily New York Northeast Top Stories Walker & Dunlop

Walker & Dunlop Arranges $131M Construction Loan for Queens Multifamily Project

by Taylor Williams March 13, 2023

NEW YORK CITY — Walker & Dunlop has arranged a $131 million construction loan for a 240-unit multifamily project that will be located in the Long Island City area of Queens. The site at 23-10 42nd Road lies at the convergence of the borough’s Court Square and Queens Plaza districts. Preliminary sitework was completed last fall, and the development team expects to fully deliver the building in summer 2025. Apartments will be available in studio, one- and two-bedroom formats and will feature Class A finishes. Residents will have access to more than 15,000 square feet of indoor and outdoor amenities, including a fitness center, coworking spaces, sky lounge and multiple amenity terraces, all with views of the Manhattan skyline. A syndicate led by Corebridge Financial (formerly AIG) and Los Angeles-based PCCP LLC provided the floating-rate loan, specific terms of which were not disclosed. The borrower is locally based developer Werwaiss Properties, which has partnered with Albanese Development Corp. on the project. “This thoughtfully conceived residential tower in one of New York’s most rapidly growing, transit-rich neighborhoods will help create additional market-rate and attainable housing options in New York City,” says Brian Haber, managing director at PCCP. Jonathan Schwartz, Aaron Appel, …

March 13, 2023

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