development1

Colliers Secures $115M Bridge Loan for Former NECCO Candy Manufacturing Facility Near Boston

by David Cohen January 16, 2019

REVERE, MASS. — Colliers International has arranged a $115 million bridge loan for a former NECCO candy manufacturing facility in Revere. The loan replaces the acquisition financing also arranged by Colliers. Located at 135 American Legion Highway, the 49-acre property includes a single-story, high-bay warehouse and a two-story manufacturing and distribution space. Adam Coppola, Thomas Welch, John Poole and Tonia Jenkins secured the financing on behalf of the borrower, Atlantic Management and VMD Companies. The lender was LoanCore Capital.

January 16, 2019

California Development Multifamily Western

JPI to Develop $190M Jefferson Vista Canyon Apartments Within Mixed-Use Project in Santa Clarita, California

by Amy Works January 16, 2019

SANTA CLARITA, CALIF. — JPI has closed on construction financing for Jefferson Vista Canyon, a luxury apartment community located in Santa Clarita. Dallas-based Comerica Bank and Los Angeles-based Colony Credit Real Estate will provide construction financing for the development. The $190 million project will feature 480 apartments; two resort-style pools with spas and cabanas with large-screen televisions; two fitness centers with multi-use studios for yoga and spin classes, with one center geared to functional training, including suspension training equipment; a clubhouse skylights, fireplace and entertainment kitchen; a speakeasy lounge; rooftop deck with barbecue area and fire pit; and a dog park and dog-washing station. Designed by Orange, Calif.-based Architects Orange, Jefferson Vista Canyon is slated for completion by spring 2020. Vista Canyon is JSB Development’s 185-acre, mixed-use, walkable community, including retail, office, hospitality, apartments, townhomes and single-family residences, along with a new intermodal transit station and Metrolink commuter rail.

January 16, 2019

Loans Multifamily New Jersey Northeast

HFF Arranges $70M Refinancing for Apartment Community in Harrison, New Jersey

by David Cohen January 15, 2019

HARRISON, N.J. — HFF has arranged a $70 million loan to refinance Steel Works, a recently completed, 286-unit apartment community in Harrison. Located at 1200 Frank E. Rodgers Boulevard South, the five-story property is currently 96 percent occupied and consists of a mix of studio, one- and two-bedroom floor plans. Amenities include an outdoor swimming pool with sundeck, fitness center, resident clubroom, dog park and electric car charging stations. Greg Nalbandian and Jim Cadranell of HFF secured financing for the borrower, a joint venture between Advance Realty and DeBartolo Development, to secure a 10-year, fixed-rate loan through an institutional lender. Loan proceeds were used to retire existing construction financing.

January 15, 2019

Development Healthcare Michigan Midwest

Granger, HED Complete $24M Renovation of Cancer Center in Ann Arbor, Michigan

by Kristin Harlow January 15, 2019

ANN ARBOR, MICH. — Granger Construction and architect Harley Ellis Devereaux (HED) have completed the renovation of the Robert H. and Judy Dow Alexander Cancer Center at the St. Joseph Mercy Ann Arbor’s hospital campus. The $24 million project involved the expansion of the cancer center to 66,000 square feet in order to provide space for the hospital’s growth and to enhance the facility’s cancer research and treatment facilities. Home to 38 exam rooms, the expanded facility offers a separate entrance and exit for patients. The existing building’s main atrium was also replaced, and significant exterior improvements were added. A new infusion center overlooks a healing garden. St. Joseph Mercy Hospital owns the facility and served as project developer.

January 15, 2019

Development Office Washington Western

Demolition Underway for Microsoft’s 3 MSF Campus Renovation in Redmond, Washington

by Amy Works January 14, 2019

REDMOND, WASH. — Demolition began on Jan. 8 for Microsoft’s multibillion-dollar overhaul of its corporate headquarters campus in Redmond and includes the decommissioning and demolition of 13 buildings. In mid-2018, the company announced its plans to renovate its campus and build nearly 3 million square feet of new workspace on 72 acres at its current campus in Redmond. Construction of the new buildings is expected to begin soon, with completion slated for 2022. The project team includes architecture firms LMN, NBBJ, WRNS Studio and ZGF Architects; general contractors Skanska, Balfour Beatty, GLY and Sellen; and lead landscaping architect Berger Partnership with OLIN. CBRE, JLL and OAC Services are serving as project managers for the redevelopment. Once complete, the modernized campus will include: • 18 new buildings, ranging from 180,000 square feet to 200,000 square feet, clustered in four distinct villages • Accessibility features to enhance mobility and ease of access for all employees • Buildings that are four to five stories in height • Atriums and courtyards for improved daylighting and direct connections to the outdoors • Sustainable design strategies • A gateway to serve employees and visitors arriving via Sound Transit’s Redmond Technology Center light rail station • A …

January 14, 2019

Development Florida Multifamily Southeast

CIM Delivers 43-Story Apartment Tower Within Miami Worldcenter Project

by John Nelson January 14, 2019

MIAMI — CIM Group has completed construction of CAOBA, a 43-story apartment tower located at 698 N.E. 1st Ave. in downtown Miami. The 444-unit building is the first tower to open at the $2 billion mixed-use Miami Worldcenter development. The City of Miami has approved an adjacent 40-story, 429-unit tower. CIM Group has received a Temporary Certificate of Occupancy for CAOBA, allowing residents to move into their apartments, which range from studios to three-bedroom units. Amenities include a resort-style pool deck with downtown and ocean views, fitness center and a clubroom with a chef’s kitchen, as well as pet-focused facilities including a dog-walking lawn and a dog-wash area. CAOBA also includes more than 15,000 square feet of ground-floor retail space for shops and restaurants that will connect to Miami Worldcenter’s retail promenade and plaza currently under construction. The property is situated one block from Miami Central, downtown’s new transportation hub, and Brightline’s high-speed rail Miami terminal.

January 14, 2019

Development Georgia Mixed-Use Restaurant Retail Southeast

Selig to Bring Food Hall, Brewery to $1B Mixed-Use Project in Atlanta’s Upper Westside

by John Nelson January 14, 2019

ATLANTA — Selig Enterprises has added two new food and beverage tenants at The Works, a $1 billion mixed-use development underway on 80 acres in Atlanta’s Upper Westside neighborhood. The Atlanta-based developer has announced a new food hall known as Chattahoochee Food Works. Headed by Robert Montwaid of Gansevoort Consulting, the new food hall will occupy 16,000 square feet of space within The Makers Building, which will front a quarter-mile linear park known as The Spur. The food hall will feature vendors, a test kitchen, artisanal market shops, space for events and tables that double as charging stations. Selig will also add a new 9,000-square-foot taproom and macrobrewery for Scofflaw Brewing Co., an Atlanta brewery founded in 2016 by Matt Shirah and Travis Herman. The new location will serve as Scofflaw’s main research and development facility and will feature a programmed outdoor area with games and gathering places. Situated off Chattahoochee Avenue, The Works will span 350,000 square feet of retail and entertainment, 500,000 square feet of office space, 500 residences, 200 hotel rooms and 13 acres of green space. The 27-acre Phase I is currently under construction and scheduled for openings in early 2020.

January 14, 2019

Acquisitions Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $24.5M Financing for Acquisition, Renovation of Affordable Housing Communities

by David Cohen January 14, 2019

NEW YORK CITY — KeyBank Community Development Lending and Investment (CDLI) has provided $24.5 million in financing for the acquisition and renovation of Highbridge Franklin and Twin Parks West, two New York City Housing Authority (NYCHA) properties in the Bronx. Together, the two properties total 647 units of permanent affordable housing. Both properties are part of NYCHA’s plan to finance, renovate and manage 1,700 apartment units across 17 developments under its Permanent Affordability Commitment Together (PACT) program. PACT is New York City’s implementation of the federal Rental Assistance Demonstration (RAD) program. KeyBank provided the financing to borrower Gilbane Development Co. Terms of the financing were not disclosed.

January 14, 2019

Development Midwest Office Ohio

Hertz Investment Group to Complete $2.5M Renovation of Office Property in Columbus

by Kristin Harlow January 14, 2019

COLUMBUS, OHIO — Hertz Investment Group, owner of 65 East State, has planned a $2.5 million renovation of the 26-story office building in Columbus. Additions include an 80-person conference room and a café area. The lobby will receive updated lighting, new seating areas, new artwork and an electronic directory. The existing locker rooms will be remodeled and updated to support the new fitness center. The landscaping, signage and outdoor patio will be updated as well. Andy Jameson and Dan Dunsmoor of Colliers International handle leasing for the 494,488-square-foot property.

January 14, 2019

Data Centers Development Loans Texas

HFF Secures Capital for Construction of 130,000 SF Data Center in Richardson, Texas

by John Nelson January 11, 2019

RICHARDSON, TEXAS — HFF has arranged construction financing and joint venture equity for a 130,000-square-foot data center in Richardson’s Telecom Corridor. Cullen Aderhold, Jim Curtin and Michael Cosby of HFF closed the capital transactions on behalf of the borrower, KDC Real Estate Development & Investments. Situated at the southeast corner of North Plano Road and East Lookout Drive, the facility will be adjacent to an ONCOR substation and have access to approximately 18 fiber providers within the area. Data center tenants in Richardson’s Telecom Corridor include Cisco, Bank of America, State Farm, TD Ameritrade, LinkedIn/Microsoft and Digital Realty.

January 11, 2019

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