development1

Gulf Corp., Tailwind Complete 131,178 SF Industrial Project in Laredo

by Taylor Williams April 8, 2020

LAREDO, TEXAS — Developer Gulf Corp. and equity partner Tailwind Real Estate Equities have completed I-35 Logistics Center, a 131,178-square-foot industrial project in the South Texas city of Laredo. The Class A facility features 4,000 square feet of office space, 32-foot clear heights, 46 dock-high doors, 73 trailer parking spaces and an ESFR sprinkler system. Park Avenue Construction served as the general contractor for the project, construction of which began in August 2019. CBRE is handling leasing.

April 8, 2020

Development Multifamily Texas

Embrey Receives Financing for 338-Unit Multifamily Redevelopment Project in San Antonio

by Taylor Williams April 7, 2020

SAN ANTONIO — Locally based developer Embrey Partners has received financing from Wells Fargo for the construction of a 338-unit multifamily community at the historic Borden Creamery property, located adjacent to the Pearl District in San Antonio. Construction is scheduled to begin in July with the demolition of a self-storage facility currently on the 5.1-acre site. Humphreys & Partners is designing the project, completion of which is slated for July 2023. The Borden building will be preserved in a separate project by AREA Real Estate LLC to include 60,000 square feet of office and retail commercial space. Embrey’s development pipeline currently includes more than 6,000 new units.

April 7, 2020

Development Loans Multifamily New Mexico Western

CBRE Arranges $49.7M in Construction Financing for South Meadows Apartments in Santa Fe

by Amy Works April 7, 2020

SANTA FE, N.M. — CBRE has secured $49.7 million in construction financing for the development of South Meadows, a market-rate multifamily apartment complex in Santa Fe. Peter Gineris and Chad Ricks of CBRE’s Capital Markets’ Debt & Structured Finance team originated the loan through the firm’s FHA lending platform on behalf of Storm River, the owner/developer. The loan for the Class A, garden-style apartment project is funded through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) new construction mortgage insurance program. The transaction provides an interest-only construction period of 27 months with a 40-year, non-recourse and fully amortizing permanent loan. Located at 2800 S. Meadows Blvd., the development will feature 10 three-story residential buildings, offering a total of 240 units, and a single-story clubhouse/leasing office. Community amenities will include a pool and spa with ramada; picnic and barbecue areas with grills; dog park; bike racks; mail center; fob access to amenity areas; detached garages; carports; a maintenance building; and secured perimeter fencing. Each unit will feature stainless steel, energy-efficient appliances, pantries, kitchen islands, entry closets, storage units, USB outlets, washers/dryers, oversized bathtubs, walk-in shower stalls, walk-in closets, nine-foot ceilings, crown molding, hard-surface premium flooring, private patio/balcony and ceiling …

April 7, 2020

California Civic Development Western

C.W. Driver Completes $24M Vanguard University Student Center in Orange County

by Amy Works April 6, 2020

COSTA MESA, CALIF. — C.W. Driver Cos. has completed the development of Waugh Student Center at Vanguard University in Costa Mesa. HPI Architecture designed the $24 million, two-story facility, which features 35,000 square feet of interior space and a 7,500-square-foot exterior deck. Within Waugh Student Center, students, faculty and staff will have access to a 3,300-square-foot food service area with all-day and late-night options, as well as an 8,000-square-foot common dining room. Additionally, the student center offers a 3,000-square-foot fitness center and an 8,000-square-foot recreational center that can be converted into meeting and event space to accommodate 880 people for lectures or 480 for catered functions. The center also features areas equipped with power outlets and charging stations for studying, a trellised roof deck with fireplace, and two-story outdoor dining and gathering area. Waugh Student Center is the first project in a 30-year campus enhancement plan to reshape Vanguard’s 38-acre campus at 55 Fair Drive in Costa Mesa.

April 6, 2020

Colorado Development Loans Multifamily Western

JLL Arranges $18.8M Loan for Bloom at Cherry Creek Apartment Development in Denver

by Amy Works April 2, 2020

DENVER — JLL has arranged $18.8 million in financing for the development of Bloom at Cherry Creek, a multifamily property located at 4700 E. Kentucky Ave. in Denver. Kristian Lichtenfels and Matt Steffen of JLL worked on behalf of the borrower, Botnick Realty, to secure the five-year, fixed-rate construction loan through a regional bank. Situated on 1.1 acres within Denver’s Cherry Creek district, Bloom at Cherry Creek will feature 111 apartments in a mix of one- and two-bedroom layouts. Units feature white shaker cabinets, quartz countertops, stainless steel appliances, luxury flooring and in-unit washers and dryers. The five-story, podium-style property is slated for completion in mid-2021. Community amenities will include a rooftop deck with firepit, grilling station, community kitchen, game room, fitness center and workstations.

April 2, 2020

California Development Loans Mixed-Use Multifamily Retail Western

Michaels Organization Receives Financing for Third Phase of Jordan Downs Redevelopment in Los Angeles

by Amy Works April 1, 2020

LOS ANGELES — The Michaels Organization has received financing for the third phase of new housing at Jordan Downs, a redevelopment project in Los Angeles’ Watts neighborhood. This is the latest milestone in a revitalization of the city’s largest public housing community. The Housing Authority of the City of Los Angeles and its private-sector partners, Michaels and BRIGE Housing, are leading the project. The $58 million, Phase 3 development will provide 92 new apartments, affordable to households earning between 30 percent and 80 percent of area median income. The new apartments will include a variety of floor plans in a mix of one-, two- and three-bedroom layouts with sustainable finishes and energy-efficient appliances. Additionally, 17 apartments will be fully accessible to residents with physical disabilities and hearing or visual impairments. Targeting LEED Gold certification, the apartment building will feature solar PV designed to offset all the common area and central hot water heating for the development. Financing for Phase 3 includes equity from Berkadia’s purchase of 9 percent Federal Low-Income Housing Tax Credits and permanent loans through Freddie Mac, the State of California’s Affordable Housing and Sustainable Communities program, and the Housing Authority of the City of Los Angeles. Additionally, …

April 1, 2020

Civic Development Midwest Minnesota

Kraus-Anderson Begins $28M Addition to Elementary School in Pipestone, Minnesota

by Kristin Harlow April 1, 2020

PIPESTONE, MINN. — The Rochester office of Kraus-Anderson has begun constructing a $28 million addition to Pipestone Elementary School in Southwest Minnesota. Designed by ISG Architects, the two-story, 85,940-square-foot project also includes interior renovations to the middle and high schools. Those improvements include security upgrades to the buildings and parking lot. The project is slated for completion in late summer 2021. In response to COVID-19, Kraus-Anderson says it has implemented stringent social distancing and other elevated safety protocol on construction job sites.

April 1, 2020

Development Office Restaurant Retail Texas

Gordon Partners Nears Completion of 40,000 SF Office, Retail Expansion Project at Lake Conroe

by Taylor Williams March 31, 2020

CONROE, TEXAS — Houston-based developer Gordon Partners is nearing completion of its expansion of Waterpoint Center, a lifestyle center that fronts Lake Conroe, about 40 miles north of Houston. The project will add roughly 40,000 square feet of retail, restaurant and office space, as well as 60 new boat slips. Restaurants that have signed new leases at the property include Akashi Asian Bistro and Kenz Mediterranean. Several office users, Gary Greene Realtors and Optimus Med Spa have also signed leases. Construction is scheduled to be complete in August.

March 31, 2020

Development Midwest Minnesota Multifamily

26-Story Luxury Apartment Tower Opens in Minneapolis

by Kristin Harlow March 31, 2020

MINNEAPOLIS — Rafter, a 26-story, 283-unit luxury apartment tower in northeast Minneapolis, has opened. Cuningham Group designed the 407,530-square-foot project. Mortenson Development was the developer. The tower’s exterior is a blend of white and textured charcoal concrete that creates a look reminiscent of modern ceramic arts, according to Cuningham. Photographs, paintings and sculptures by local artists can be found throughout Rafter’s shared spaces. Located at 333 Hennepin Ave., the development also features 6,000 square feet of retail space and a seven-story, 279-space parking garage. Monthly rents start at $1,425. The property name comes from the fact that a group of turkeys is called a “rafter.” Many wild turkeys call this part of Minneapolis home.

March 31, 2020

Development Midwest Missouri Multifamily

CBKC to Develop $12.6M Multifamily Project in Kansas City

by Kristin Harlow March 31, 2020

KANSAS CITY, MO. — Community Builders of Kansas City (CBKC) has unveiled plans to develop The Rochester on Blue Parkway, a $12.6 million multifamily project within an Opportunity Zone in Kansas City. The 81,400-square-foot, four-story development will house 64 units. Amenities will include a rooftop deck, fitness center, package room and community meeting space. Monthly rents will range from $985 to $1,275. The property was named after Rochester Gatson, the founder of CBKC. Straub Construction and Hufft Projects make up the project team. A timeline for completion was not disclosed. CBKC says it is working with several partners to finalize the project’s capital stack.

March 31, 2020

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