development1

Commonwealth Development Completes $95M Mixed-Use Project Near the University of Wisconsin-Eau Claire

by Kristin Harlow December 6, 2018

EAU CLAIRE, WIS. — Commonwealth Development has completed a $95 million mixed-use project known as Confluence in Eau Claire. Located at the intersection of the Eau Claire and Chippewa rivers, the project consists of two buildings and a public plaza. The first building, completed in 2016, is Haymarket Landing. The $35 million, 235,000-square-foot building consists of 119 student housing units and 33,000 square feet of retail space. The second building, the Pablo Center at the Confluence, is a $60 million facility that includes a 1,229-seat theater, 400-seat black box theater, visitor’s center, innovation center and art gallery, as well as rehearsal rooms, recital halls and classrooms. The University of Wisconsin-Eau Claire and local arts organizations will share the Pablo Center. Market & Johnson served as the contractor.

December 6, 2018

Development Industrial Texas

JDC to Build 615,000 SF Distribution Center in Metro Dallas for Ollie’s Bargain Outlet

by Taylor Williams December 6, 2018

LANCASTER, TEXAS — Jones Development Co. (JDC) will build a 615,000-square-foot, build-to-suit distribution center in the southern Dallas metro of Lancaster for discount retailer Ollie’s Bargain Outlet, which will ultimately purchase the property. The Class A facility will be located within Wintergreen Exchange, a 71-acre industrial park, and is expected to be complete by the fourth quarter of 2019. Building features will include 36-foot clear heights, 75-foot speed bays, 100 dock doors, 14,500 square feet of office space and an ESFR sprinkler system. Gary Collett and David Eseke of Cushman & Wakefield marketed the property on behalf of JDC. John Van Buskirk of Lee & Associates, along with Sharon Morrison and Brad Struck of ESRP, represented Ollie’s Bargain Outlet in the deal. The project team is comprised of general contractor Bob Moore Construction, civil engineer Pacheco Koch and designer Alliance Architects.

December 6, 2018

Development Multifamily Seniors Housing Washington Western

AMWA to Develop 255-Unit Affordable Seniors Housing Community in Arlington, Washington

by Amy Works December 6, 2018

ARLINGTON, WASH. — AMWA Development Inc. has closed on a construction financing transaction for Cedar Pointe, a 255-unit affordable seniors housing community in Arlington, approximately 45 miles north of Seattle. Located on a four-acre site in the city’s Smokey Point neighborhood, the property will offer 175 one-bedroom units and 80 two-bedroom units, including a one-bedroom manager’s unit. All residents must be over the age of 55 and earning 60 percent or less of the area median income. Finance partners on the project include Washington State Housing Finance Commission, Hudson Housing Capital and Citi Community Capital. AMWA Construction will oversee the construction process, with a planned delivery of August 2020. FPI Management will operate the community. Cedar Pointe is the first real estate development project in Washington for AMWA Development, an independently owned and operated affiliate of AMCAL, a Southern California-based real estate developer.

December 6, 2018

Development Industrial Maryland Southeast

St. John Properties Breaks Ground on Three Buildings in Maryland Industrial Park

by Alex Tostado December 5, 2018

FREDERICK, MD. — St. John Properties has broken ground on three buildings within Arcadia Business Park in Frederick, about 50 miles west of Baltimore. The buildings will total 200,000 square feet when complete and represent Phase I of construction at the 61-acre industrial campus. Arcadia Business Park will total 600,000 square feet across eight buildings at full buildout. Phase I is expected to deliver in the summer.

December 5, 2018

Development New York Northeast Office

SL Green to Redevelop One Madison Avenue Office Tower in Manhattan

by David Cohen December 5, 2018

NEW YORK CITY — SL Green Realty Corp. has announced plans to redevelop One Madison Avenue, a Class A office tower in the Midtown South neighborhood of Manhattan. The adaptive-reuse project will involve reducing the existing building to its ninth floor and building 18 additional stories above. When completed, the building will span nearly 1.5 million square feet. The addition will feature modern office space and tenant specialty floors as well as more than an acre of outdoor terraces. Demolition and construction are expected to start in 2020 following the expiration of existing tenant leases. A design and development team of Kohn Pedersen Fox, Hines and Gensler has been selected for the project.

December 5, 2018

Development Industrial Texas

Pizzuti Breaks Ground on $55M Warehouse, Distribution Center in Tulsa for Whirlpool

by Taylor Williams December 5, 2018

TULSA, OKLA. — The Pizzuti Cos., a Columbus, Ohio-based development firm, has broken ground on a $55 million, 800,000-square-foot warehouse and distribution center in Tulsa for Whirlpool Corp., a Michigan-based manufacturer of home appliances. ARCO Construction Co. Inc. is handling the design/build of the facility, which will be situated next to a manufacturing plant that produces 2.1 million cooking products per year. Construction of the facility began in late November and completion is slated for December 2019.

December 5, 2018

Development Midwest Minnesota Multifamily

Brickstone Partners, KMK Capital to Develop 200-Unit Apartment Community in Minneapolis

by Kristin Harlow December 4, 2018

MINNEAPOLIS — Brickstone Partners Inc. and KMK Capital, in partnership with Deutsche Finance America, are developing LakeHaus, a 200-unit apartment community on Lake Calhoun in Minneapolis. The eight-story project will be situated on a 1.7-acre site at 3100 W. Lake St. The unit mix includes 36 studios, 85 one-bedroom units, 74 two-bedroom units and five penthouses. Amenities will include a rooftop swimming pool, clubroom, fitness center, lobby with coffee bistro, courtyards and grilling stations. Completion is slated for 2020. Kristian Lichtenfels, Josh Simon, Stella Pappas and Jules Sherwood of HFF arranged a construction loan through a national bank. The team also arranged mezzanine financing through EverWest Real Estate Partners. The development is valued at more than $119 million, according to HFF.

December 4, 2018

Loans Multifamily New York Northeast

Square Mile Capital Originates $71M Refinancing for Condominium Building in Harlem

by David Cohen December 4, 2018

NEW YORK CITY — Square Mile Capital Management has provided a $71 million loan to refinance The Rennie, a newly built condominium building in Harlem. The eight-story property spans the entire block between W. 137th and 138th Streets and contains 134 residential condominium units. Square Mile Capital provided the loan to Goldman Sachs Urban Investment Group and BRP Companies. Proceeds of the loan were used to repay existing debt, return equity to the sponsor and provide term to allow time for condominium sales. Preston Flammang of Cushman & Wakefield’s New York City office represented the borrower in the transaction.

December 4, 2018

The-Elliott-Pecan-District-Pflugerville-Texas

Development Mixed-Use Multifamily Texas

Presidium Begins Phase I of 45-Acre Mixed-Use Project in Metro Austin

by Taylor Williams December 4, 2018

PFLUGERVILLE, TEXAS — Presidium Group has begun work on Phase I of Pecan District, a 45-acre mixed-use project in the northern Austin metro of Pflugerville. Phase I will deliver The Elliott, a 272-unit multifamily property that is expected to be ready for occupancy in 2020. Designed by Mark Odom Studio, The Elliott will feature one- and two-bedroom units averaging 855 square feet per unit and amenities such as a pool, fitness center, business center and outdoor kitchen area. Pecan District is a 10-phase development that will feature 1,150 residential units, 998,000 square feet of office space and 228,000 square feet of retail and restaurant space upon its expected completion date in 2028.

December 4, 2018

Development Retail Texas

Trez Forman Provides $59.3M Construction Loan for Retail Center in Metro Dallas

by Taylor Williams December 3, 2018

MANSFIELD, TEXAS — Trez Forman Capital Group has provided a $59.3 million construction loan for Shops at Broad, a 193,825-square-foot retail power center in Mansfield, a southwestern suburb of Dallas. Belk, T.J. Maxx and Aldi will anchor the property, which will be situated on 58 acres. Other tenants will include Starbucks, Five Guys and FLIX Brewhouse. The $59 million loan was arranged by Brett Forman and John Hutchinson, President of Trez Capital Group Texas, based in Dallas. Trez Forman Managing Director Russ Holland, based in Atlanta, was also part of the origination team. The loan’s sponsor is Clarke Coole of Geyer Morris, who was advised by Will James of NorthMarq Capital. A firm timeline for construction has not yet been established, but the development team believes the project could be complete within the next couple years.

December 3, 2018

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