Tuesday, August 26, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Top Stories

DevelopmentHospitalityNevadaRetailTop StoriesWestern

Caesar’s Entertainment Begins $160M Transformation of Harveys Lake Tahoe Casino, Hotel in Nevada

by John Nelson

STATELINE, NEV. — Caesar’s Entertainment (NASDAQ: CZR), a gaming and casino giant based in Reno, has begun the $160 million transformation of Harveys Lake Tahoe, a 1.6 million-square-foot hotel and casino located in Stateline. The redevelopment project will feature upgrades, accommodations, elevated dining and gaming options and a new contemporary design. Beginning July 1, the resort will operate as Caesars Republic Lake Tahoe Hotel & Casino. “This transformation honors the storied history of Harveys while introducing modern amenities and elevated experiences that will redefine luxury in Lake Tahoe,” says Karie Hall, senior vice president and general manager of Harrah’s and Caesar’s Republic Lake Tahoe. The 88,000-square-foot casino floor at Caesars Republic Lake Tahoe will be reimagined with fresh carpeting, lighting, tables, chairs and digital displays, while also including new slot machines, a high limit room and a World Series of Poker room. The lobby will also be redesigned. The resort’s towers, Remus Tower and Romulus Tower (formerly Mountain Tower and Tahoe Tower), will also be improved. All rooms in the Remus Tower will be remodeled, while Romulus Tower will receive a refresh after previously being fully redesigned in 2020. Additionally, butler service for select suites will be available for both hotels. …

Continue Reading
FacebookTwitterLinkedinEmail
DelawareDevelopmentIndustrialLife SciencesNortheastTop Stories

Merck Breaks Ground on $1B Pharmaceutical Manufacturing Facility in Wilmington, Delaware

by Kristin Harlow

WILMINGTON, DEL. — Biopharmaceutical giant Merck (NYSE: MRK) has broken ground on a $1 billion pharmaceutical manufacturing facility in Wilmington, about 30 miles southwest of Philadelphia. Known as Merck Wilmington Biotech, the 470,000-square-foot project will comprise laboratory, manufacturing and warehouse capabilities. Merck says the center will enable the launch and commercial production of next-generation biologics and therapies. Notably, the facility will be the Rahway, N.J.-based company’s first domestic site for producing cancer treatment drug Keytruda. Reuters reports that the Delaware plant is in effort to expand domestic production as Merck prepares to deal with President Trump’s tariffs. In its first-quarter financial results, Merck estimated that the impact of tariffs imposed so far would lead to additional costs of approximately $200 million for the company in general. Located within the 164-acre, 14-building Chestnut Run Innovation & Science Park (CRISP), the new facility will help foster growth in Wilmington’s biotechnology sector, creating more than 500 full-time roles and roughly 4,000 construction jobs. The laboratory component is expected to be fully operational by 2028, with production of experimental drugs anticipated to start by 2030. Pennsylvania-based developer MRA Groups owns CRISP, which is in the midst of a large-scale repositioning, and MRA Group is …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsDistrict of ColumbiaMixed-UseSoutheastTop Stories

Hoffman, Madison Marquette Sell The Wharf in Southwest D.C. to PSP Investments at $1.8B Valuation

by John Nelson

WASHINGTON, D.C. — In two separate releases, co-developers Hoffman & Associates and Madison Marquette have announced that they sold their stake in The Wharf, a 3.5 million-square-foot mixed-use destination in southwest Washington, D.C. The Public Sector Pension Investment Board (PSP Investments), a pension fund investor based in Quebec, is now the sole owner of The Wharf, following more than a decade of having a minority stake in the development. The Wharf was constructed over the course of 15 years by Hoffman & Associates and Madison Marquette. The mixed-use neighborhood features a mile of waterfront development along the Potomac River. The sales price was not shared in either announcement, but Green Street News reports that Hoffman & Associates and Madison Marquette sold their stake at a $1.8 billion valuation. Previous components at The Wharf have sold in recent years and were thus not included in the sale to PSP Investments, including 300 condominiums, two office buildings and the Willard InterContinental Washington hotel, which Willard Investments purchased and rebranded in 2022. The Wharf was delivered by the sellers in two separate phases. Phase I opened in October 2017 and included three hotels, two multifamily and condominium buildings and 210,000 square feet of retail, …

Continue Reading
FacebookTwitterLinkedinEmail
RFK-Stadium_DC
CivicDevelopmentDistrict of ColumbiaMixed-UseSoutheastTop Stories

Commanders and District of Columbia Announce New Stadium, Mixed-Use Development, Team Pledges $2.7B Investment

by Taylor Williams

WASHINGTON, D.C. — The NFL’s Washington Commanders have announced plans to develop a new football stadium in Washington, D.C., (“the District”), as well as a surrounding mixed-use destination. The team, which currently plays at FedEx Field in Landover, Md., has pledged to invest at least $2.7 billion into financing the project. The District has committed to a $500 million investment for the new stadium, which is expected to open in 2030. The site spans 180 acres within the Robert Francis Kennedy (RFK) campus on the city’s east side. The Commanders, formerly known as the Redskins, are developing the new 65,000-seat stadium in partnership with the District, which recently gained control of the campus via the D.C. Robert F. Kennedy Memorial Stadium Campus Revitalization Act. The legislation, which took effect in January, gave the District the ability to develop the campus for a mix of uses, lifting the restrictions that were in place under the previous lease. The legislation also required that 30 percent of the RFK campus be reserved for parks, trails and open space, not including a 32-acre riparian area along the Anacostia River. As part of the larger development, the Commanders plan to bring a variety of commercial …

Continue Reading
FacebookTwitterLinkedinEmail
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 …

Continue Reading
FacebookTwitterLinkedinEmail
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 …

Continue Reading
FacebookTwitterLinkedinEmail
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, …

Continue Reading
FacebookTwitterLinkedinEmail
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 …

Continue Reading
FacebookTwitterLinkedinEmail
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 …

Continue Reading
FacebookTwitterLinkedinEmail
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 …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts