development1

AAA Management Receives $47.6M Construction Loan for Geo Queen Anne Apartments in Seattle

by Amy Works October 25, 2021

SEATTLE — San Diego-based AAA Management has obtained $47.6 million in financing for the construction of Geo Queen Anne, an apartment development in Seattle’s Queen Anne submarket. Located at 2222 15th Ave. West, the six-story, 148,159-square-foot building will feature 168 apartments, 20 percent of which will be designated as affordable. Community amenities will include a fitness center, package center, rooftop terrace with fireplaces and barbecues, bike storage and 96 parking spaces in an underground structure. Completion is slated for early 2023. Bill Chiles, Scott Peterson and Morgon Fraser of CBRE’s Debt & Structured Finance team in San Diego arranged the loan for the borrower.

October 25, 2021

California Development Loans Multifamily Seniors Housing Western

CBRE Originates $42M Construction Financing for LGBTQ-Focused Seniors Housing Community in Palm Springs, California

by Amy Works October 22, 2021

PALM SPRINGS, CALIF. — CBRE Senior Housing has arranged $42 million in construction financing for Living Out Palm Springs, a luxury active adult community that will cater primarily to LGBTQ residents. Aron Will, Austin Sacco and Tim Root of CBRE Senior Housing arranged the financing on behalf of a joint venture between KOAR International Inc. and a group of high-net-worth investors. The financing is a non-recourse, four-year loan with full-term interest-only payments and an extension option. A national bank provided the funds. The nine-acre site is located at the northwest corner of East Tahquitz Canyon Way and North Hermosa Drive in central Palm Springs. The community will be the first of its kind, as virtually no other LGBTQ-oriented, market-rate active adult communities exist in the market today, according to CBRE. Additionally, the community was planned and will be operated with the active involvement and input of the LGBTQ community. While the community’s primary target is LGBTQ seniors living in Southern California, marketing efforts will target prospective residents from all over the United States. The community will feature 122 units. Living Out Management LLC, an affiliate of KOAR, will operate the community under a traditional management agreement.

October 22, 2021

Development Midwest Missouri Retail

Outside the Lines to Build Show Fountain at Branson Boardwalk in Missouri

by Kristin Harlow October 22, 2021

BRANSON, MO. — Outside the Lines (OTL), a design-build company specializing in water features, fountains, rockwork and themed environments, is building a show fountain within the lake at Branson Boardwalk in Missouri. The 12,500-square-foot lake is adjacent to the Aquarium at the Boardwalk. The $55 million project, the first attraction to be developed at the Branson Boardwalk, includes a 34-ton, 55-foot octopus sculpture by Demiurge. The octopus will be integrated into the show fountain with color-changing LED lights. Kuvera Partners is the owner and operator of both the Branson Boardwalk and Aquarium at the Boardwalk.

October 22, 2021

Development Industrial North Carolina Southeast

WDG to Develop 630,000 SF Industrial Park in Statesville, North Carolina

by Julia Sanders October 21, 2021

STATESVILLE, N.C. — Williams Development Group (WDG) plans to break ground on Statesville Commerce Center, a 630,000-square-foot speculative industrial park in Statesville. Grant Miller, Rob Speir and Justin Smith of Colliers | Charlotte have been hired by WDG to lease and market the property. Statesville Commerce Center will offer access to Interstates 77, 40 and 85 and will feature two Class A buildings with Building 1 set to include 370,136 square feet, 36-foot clear heights, 72 dock-high doors and 145 trailer spaces. Building 2 will include 263,701 square feet, 32-foot clear heights, 33 dock-high doors and 73 trailer spaces. Both buildings will feature an ESFR fire suppression system and LED lighting. Building 1 and 2 are slated for completion by 2023. WDG and Colliers | Charlotte are collaborating on this project with Merriman-Schmitt Architects Inc., Oak Engineering and Landmark Builders. Statesville Commerce Center is WDG’s fifth development in North Carolina following projects in Greensboro, Whitsett, Winston-Salem and High Point.

October 21, 2021

Colorado Development Loans Office Western

Parkview Financial Provides $8.7M Construction Loan for Five-Story Office Building in Denver

by Amy Works October 21, 2021

DENVER — Parkview Financial has provided an $8.7 million construction loan to 2926 Umatilla LLC, an entity of Generation Development, for the development of a speculative office building in Denver. Located at 2926 Umatilla St. within the LoHi submarket, the planned five-story property is situated on an infill lot formerly used for parking. The 32,734-square-foot building will feature underground parking for 30 cars via a stacked mechanical parking system. Generation Development acquired the site in late 2018 and construction on the project will begin soon. Completion is slated for fourth-quarter 2022. George Smith Partners arranged the loan. Denver-based BOSS Architects is serving as project architect.

October 21, 2021

Development Multifamily New Jersey Northeast

CHA Partners Breaks Ground on 210-Unit Royal at Bloomfield Station Apartments in New Jersey

by Taylor Williams October 21, 2021

BLOOMFIELD, N.J. — Locally based developer CHA Partners has broken ground on The Royal at Bloomfield Station, a 210-unit multifamily project in Northern New Jersey. The development will also include 14 townhome units for purchase, as well as 7,000 square feet of retail/restaurant space and a 304-space parking garage. The amenity package will consist of a fitness center, business center, rooftop entertainment area, several multi-purpose event rooms and lounges, pet spa and an automated package handling system. The first units are expected to be available for occupancy in mid-2023.

October 21, 2021

Development Illinois Midwest Multifamily

Greystar Breaks Ground on its First High-Rise Apartment Tower in Downtown Chicago

by Kristin Harlow October 21, 2021

CHICAGO — Greystar has broken ground on its first high-rise apartment development in downtown Chicago. Located at 166 N. Aberdeen St., the 20-story building will include 223 units, 23 of which will be designated as affordable housing. Plans call for a third-floor amenity level with a 5,650-square-foot outdoor deck that will include a pool, lawn and lounge areas as well as access to the coworking and fitness area. An outdoor lounge on the 14th floor will offer views of the Chicago skyline. Completion is slated for March 2023. SCB is the project architect. Associated Bank arranged a $59.7 million loan for the project through ServisFirst Bank and Old Second National Bank.

October 21, 2021

California Development Hospitality Mixed-Use Multifamily Restaurant Retail Western

CGI+ Real Estate Strategies to Construct Mixed-Use Development on Los Angeles’ Miracle Mile

by Amy Works October 20, 2021

LOS ANGELES — CGI+ Real Estate Strategies has received full entitlements to develop a hotel, multifamily and retail mixed-use project at the intersection of Wilshire Boulevard and La Brea Avenue in Los Angeles’ Miracle Mile district. Located at 639 S. La Brea Ave., the eight-story, transit-oriented property will feature a 125-key hotel, 121 residential rental units and 13,000 square feet of street-level and rooftop restaurant space. The boutique-style hotel will offer rooms ranging in size from 320 square feet to 415 square feet, as well as two top-floor guest suites as large as 1,200 square feet. Hotel amenities will include a 3,500-square-foot event space, a layered rooftop guest deck and a swimming pool. The residential component will offer a mix of one-, two- and three-bedroom floorplans with 18 units set aside for extremely low-income households and one for a moderate-income household. Each apartment will feature hardwood floors, in-unit washers/dryers and home automation controls for security and climate, as well as one-touch access to neighborhood services. Community amenities will include a fitness center, rooftop deck with interactive lounge spaces and pool, and a bicycle storage area. Morris Adjmi is serving as architect and interior designer for the development, which is the …

October 20, 2021

Acquisitions Arizona Development Mixed-Use Top Stories Western

Howard Hughes Corp., Jerry Colangelo Buy 37,000 Acres in Phoenix for Massive Douglas Ranch Mixed-Use Project

by John Nelson October 19, 2021

PHOENIX — The Howard Hughes Corp. (NYSE: HHC) and local business magnate Jerry Colangelo are partnering to develop Douglas Ranch, a large-scale, master-planned community in Phoenix. HHC and Colangelo have purchased 37,000 acres for the project in Phoenix’s West Valley region for $600 million. Upon full buildout, Douglas Ranch will comprise 100,000 homes for 300,000 residents, as well as 55 million square feet of commercial development. The partnership plans to launch residential lot sales at Douglas Ranch in the first half of 2022. “We are creating a city of the future — leveraging HHC’s development expertise to build a community with limitless potential to spur growth, business expansion, economic opportunity and innovation,” says Colangelo, a longtime Phoenix resident and former owner of the Phoenix Suns NBA franchise. The land sellers, locally based JDM Partners and Scottsdale-based El Dorado Holdings, will remain as joint venture partners for Douglas Ranch’s first phase, which is a 3,000-acre village called Trillium located in the city of Buckeye. Colangelo is a partner at JDM Partners, along with David Eaton and Mel Shultz. The firm is one of the largest owners of entitled land in Arizona. HHC and Colangelo are launching Douglas Ranch to tap into …

October 19, 2021

Affordable Housing Development Multifamily Oregon Western

Ethos Development Breaks Ground on 73-Unit Shift Apartments in Portland

by Amy Works October 18, 2021

PORTLAND, ORE. — Ethos Development has broken ground for the construction of Shift Apartments, a five-story multifamily property located in Portland’s Overlook neighborhood. The 43,000-square-foot, transit-oriented community will feature 73 apartments in a mix of lofts, one-, two- and three-bedroom layouts affordable to residents earning 60 percent of area median income. Shift will also feature 22 market-rate micro-studios. On-site amenities will include a gym, community room and roof deck. Works Progress Architecture is serving as architect and O’Brien & Co. is serving as general contractor for the project. Shift Apartments is located one block from Nomad, a 130-unit apartment community completed by Ethos in December 2020.

October 18, 2021

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