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LoansMultifamilyNortheastPennsylvaniaStudent HousingTop StoriesWalker & Dunlop

Walker & Dunlop Provides $285.5M Refinancing for Two Student Housing Properties at Temple University in Philadelphia

by Kristin Harlow

PHILADELPHIA — Walker & Dunlop Inc. has provided a $285.5 million loan for the refinancing of Vantage and The View at Montgomery, two student housing properties located on Temple University’s campus in Philadelphia. The Class A communities total 1,816 beds. Completed in 2019, Vantage rises 19 stories with 368 units. The property features more than 30,000 square feet of amenity space, retail offerings and floor plans ranging from studios to four bedrooms. Opened in 2014, The View at Montgomery includes 238 units and is located in the center of Temple University’s main campus. The 14-story building features studios through four-bedroom layouts. The Goldenberg Group acquired the site for Vantage and The View at Montgomery in 2008 as part of a multi-phase student housing project to bring much-needed rental product to Temple University. Walker & Dunlop’s multifamily finance and capital markets teams originated the seven-year, fixed-rate loans through Freddie Mac on behalf of The Goldenberg Group. Additionally, Walker & Dunlop Investment Partners (WDIP) provided a preferred equity investment as part of the refinancings. “In the face of macro headwinds stemming from the financial crisis, the COVID pandemic and nationwide enrollment pressure, the student housing sector has proven its resiliency time and …

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Landmark By Hillwood, Denton, Texas
DevelopmentHospitalityMixed-UseMultifamilyRetailTexasTop Stories

Hillwood Plans 3,200-Acre Landmark by Hillwood Mixed-Use Development in Denton, Texas

by Jeff Shaw

DENTON, TEXAS — Hillwood, a Perot company, has unveiled plans for Landmark by Hillwood, a 3,200-acre mixed-use project in the northern Dallas suburb of Denton. The project team includes Hillwood subsidiaries Hillwood Communities and Hillwood Properties. The plans call for 900 acres of commercial space comprising 5 million square feet of retail, hospitality and entertainment space, approximately 6,000 single-family homes and more than 3,000 multifamily units. The site, which is situated at I-35W and Robson Ranch Road, was previously known as Hunter Ranch. The parcel is one of the original land holdings purchased by the Perot family in 1987. The property encompasses Pilot Knob Hill, the highest point in Denton, according to Hillwood. Once completed, Landmark by Hillwood will offer 1,100 acres of park and open space, including Pilot Knob Hill, as well as an interconnected trail system, recreation areas and public parks. Hillwood also plans to construct a series of learning parks, which aim to promote nature education and engagement and will be open to the public. Hillwood plans to break ground on the first phase of the project this September. Phase I will comprise 747 single-family lots, with models slated to open in spring 2026. Planning and leasing are already underway …

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Chuys-Restaurant-El-Paso-Texas
AcquisitionsCompany NewsFloridaRestaurantRetailSoutheastTexasTop Stories

Darden Restaurants Agrees to Acquire Tex-Mex Chain Chuy’s for $605M

by Katie Sloan

AUSTIN, TEXAS AND ORLANDO, FLA. — Darden Restaurants (NYSE: DRI) has agreed to acquire Chuy’s Holdings (NASDAQ: CHUY) for $605 million in an all-cash transaction.  The Tex-Mex restaurant chain — which owns and operates 101 full-service restaurants across 15 states — will join Darden’s existing restaurant portfolio, which includes Olive Garden, LongHorn Steakhouse and Ruth’s Chris Steak House, among others.  Under terms of the merger agreement, Orlando-based Darden will acquire all outstanding shares of Chuy’s at $37.50 per share. The purchase price represents a 40 percent premium to the Austin-based company’s 60-day volume weighted price. Chuy’s board of directors unanimously approved the merger agreement, which includes a 30-day “go-shop” period that will allow the company to solicit alternative proposals from interested parties. The transaction is expected to close during the second quarter of 2025, subject to a number of closing conditions, including approval by a majority of Chuy’s stockholders.  Darden acquired Ruth’s Chris in summer 2023 for $715 million. The company’s portfolio of restaurant brands also includes Yard House, Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V’s and Bahama Breeze. Darden’s stock price closed at $147.35 per share on Thursday, July 17, down from $163.31 one year ago.  …

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ColoradoDevelopmentIndustrialTop StoriesWestern

Philip Morris Plans $600M ZYN Manufacturing Facility in Aurora, Colorado

by Kristin Harlow

AURORA, COLO. — Philip Morris International Inc. (PMI) has unveiled plans to invest $600 million over the next two years through one of its U.S. affiliates to open a manufacturing facility in Aurora, just east of Denver. PMI says the facility will produce Swedish Match ZYN nicotine pouches to help meet the growing global demand for smoke-free products. PMI plans to break ground on the development later this year and to begin preliminary operations by the end of 2025. Regular production is slated to begin in 2026. Swedish Match North America is also currently working to increase ZYN oral nicotine pouch production at its facility in Owensboro, Ky. PMI acquired Swedish Match in late 2022. Nicotine pouches are a flavored product marketed as an alternative to smoking or dipping tobacco. Long popular in Europe, they recently skyrocketed in popularity in the United States, fueled by social media influencers, according to ABC News. The project is expected to create 500 direct jobs with ongoing annual economic impact of $550 million and an additional 1,000 indirect jobs for the state of Colorado, according to PMI. The construction is expected to create nearly 5,000 temporary jobs. Career opportunities at the new facility will …

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AcquisitionsIndustrialTexasTop Stories

KKR Acquires 1.8 MSF Industrial Park in Southwest Houston for $234.2M

by John Nelson

HOUSTON — KKR & Co. Inc. (NYSE: KKR), a global alternative asset management investor based in New York City, has purchased Park 8Ninety, a 1.8 million-square-foot industrial park in southwest Houston. Artis Real Estate Investment Trust, a REIT based in Winnipeg, Canada, sold the 12-building park to KKR for $234.2 million. Artis REIT and Trammell Crow Co. (TCC) developed Park 8Ninety in five phases between 2017 and 2022. The 127-acre park features a mix of single-tenant and multi-tenant logistics buildings with clear heights ranging from 24 to 36 feet. Park 8Ninety is situated along Beltway 8 (Sam Houston Parkway) and U.S. Route 90A and features multiple access points to both roads. The park is situated about 20 miles southwest of downtown Houston and 19 miles west of William P. Hobby Airport. “Park 8Ninety is a great addition to our national logistics portfolio and expands our footprint in Houston, which continues to benefit from strong demand fundamentals and comparatively lower supply than many other markets in the United States,” says Ben Brudney, a managing director in the real estate group at KKR who oversees the firm’s U.S. industrial investments. “Park 8Ninety is a high-quality, well-designed, multi-tenant park with a diverse and …

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Stop&Shop
Company NewsConnecticutMassachusettsNew JerseyNew YorkNortheastProperty TypeRetailRhode IslandTop Stories

Stop & Shop to Close 32 Stores in the Northeast

by Hayden Spiess

QUINCY, MASS. — Stop & Shop, a grocery store chain based in the Boston suburb of Quincy, has announced plans to close 32 locations by the end of this year.  Situated throughout the Northeast, the stores — described in a press release as “underperforming” — are located in Connecticut, Massachusetts, New Jersey, New York and Rhode Island. According to the grocer, the affected stores will shutter on or before Nov. 2. Associates at the locations will be offered other employment within the company.  “As we announced in May, Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” says Gordon Reid, president of Stop & Shop.  The company has remodeled 190 stores since 2018, and Reid notes that the remodeled stores are performing better than the stores selected for closure. Accordingly, Stop & Shop plans to focus on “growth through price investments and store remodels.” Following the closures, Stop & Shop’s portfolio will comprise more than 350 stores across five states, with 81 stores in Connecticut, 115 in Massachusetts, 47 in New Jersey, 91 in New York and 25 in …

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Bally's-Chicago-Casino
DevelopmentHospitalityIllinoisMidwestMixed-UseRetailTop Stories

Bally’s Releases Updated Plan for $1.7B Casino Project in Chicago 

by Hayden Spiess

CHICAGO — Bally’s Corp. (NYSE: BALY) has released an updated permanent site plan for its $1.7 billion casino project in Chicago, a redevelopment of the former Chicago Tribune printing plant that will now be developed in a single phase. The property is located at 777 W. Chicago Ave. in the city’s River West neighborhood. Project plans now include a 34-story, 500-room hotel tower situated at the southern end of the 30-acre gaming and entertainment destination. The hotel — which was initially expected to be located elsewhere in the development — will feature a pool, spa, fitness center, sundeck and rooftop restaurant and bar.  In addition to the hotel, the Bally’s Chicago Casino will include a 3,000-seat theater, six restaurants, a food hall and a two-acre public park. The casino will comprise 3,300 slot machines, 173 table games and VIP gaming areas. Additionally, a 2,000-foot extension of the riverwalk will connect the property to the riverbank. Design firm HKS prepared the new renderings.  In May 2022, Bally’s was selected over competitors including Hard Rock International and Rush Street Gaming as the preferred developer of the project. Bally’s took possession of the land last week, and Brandenburg Industrial Service Co. is now preparing the …

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The-Victoria
HospitalityLoansMixed-UseMultifamilyNew YorkNortheastRetailTop StoriesWalker & Dunlop

Walker & Dunlop Arranges $148M Refinancing for The Victoria Mixed-Use Tower in Harlem

by Katie Sloan

NEW YORK CITY — Walker & Dunlop (NYSE: WD) has arranged the $148 million refinancing for The Victoria, a mixed-use property in the Harlem neighborhood of Upper Manhattan. At 30 stories, the property is the tallest building in Harlem.  The Victoria is built around the neighborhood’s historic Victoria Theater and offers 191 luxury apartments, a 211-room Marriott-branded hotel and 23,000 square feet of retail space. The project was completed in the third quarter of 2023 and also features 52 below-grade parking spaces.  Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Ari Hirt and William Herring of Walker & Dunlop’s New York capital markets team acted as exclusive advisors to the borrowers, Lam Group and Exact Capital. Aareal Capital provided the financing, which will support ongoing operations and future enhancements to the project. “This transaction underscores the project’s significance as a transformative development in Upper Manhattan, combining luxury living, hospitality excellence and cultural preservation,” says Appel. Bethesda, Md.-based Walker & Dunlop is one of the largest commercial real estate finance and advisory firms in the United States.  — Katie Sloan

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IndustrialSoutheastTop StoriesVirginia

LS GreenLink Plans $680M Submarine Power Cable Manufacturing Facility in Chesapeake, Virginia

by Kristin Harlow

CHESAPEAKE, VA. — LS GreenLink USA Inc., a wholly owned subsidiary of LS Cable & System Ltd., has unveiled plans to build a new submarine power cable manufacturing facility in Southeast Virginia’s Chesapeake. The company is investing more than $680 million in the new facility as part of its long-term global expansion strategy. The 98-acre brownfield site is located within the Hampton Roads Beltway along the Elizabeth River near The Port of Virginia. The company says the project will enhance its ability to meet the global demand for submarine power cables, which allow electricity and internet connectivity to span waterways. The cables are particularly useful for bringing power to land cities from offshore wind farms. In March, the project was awarded $99 million in investment tax credits under Section 48C of the Inflation Reduction Act of 2022, also known as the Qualifying Advanced Energy Project Credit Program. The Commonwealth of Virginia and the City of Chesapeake are also providing financial incentives to LS GreenLink through the Virginia Economic Development Partnership and the Chesapeake Economic Development Authority. The Virginia Economic Development Partnership collaborated with the City of Chesapeake and the Hampton Roads Alliance to bring the project to Virginia. Gov. Glenn …

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HospitalityLoansTexasTop Stories

JLL Arranges $430M Refinancing for Fairmont Austin Hotel Tower

by John Nelson

AUSTIN, TEXAS — JLL has arranged a $430 million CMBS loan for the refinancing of Fairmont Austin, a 37-story luxury hotel tower located at 101 Red River St. in downtown Austin. The borrower, San Diego-based developer Manchester Financial Group, used the five-year, fixed-rate loan to replace a $300 million senior loan and $125 million of mezzanine debt, which Berkadia arranged in 2019. Spanning 1.4 million square feet, Fairmont Austin features 1,048 guestrooms and suites, nearly 140,000 square feet of meeting space, a full-service spa, five dining options, an outdoor resort-style pool deck on the seventh floor and a pedestrian walkway connected to the Austin Convention Center. The hotel is currently the fifth-tallest building in Austin, according to JLL. Manchester Financial Group delivered the Fairmont Austin in 2018. In addition to its direct connection to the convention center, the building is near Lady Bird Lake and the city’s premier neighborhoods including the Rainey Street District and East Austin. Tim Wright, Aldon Cole and Olga Walsh of JLL’s capital markets debt advisory team arranged the interest-only loan through Goldman Sachs, which acted as lead manager and sole bookrunner in the transaction. Walsh says the marketing process for the refinancing was “competitive” due …

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