development1

Griffin-Plaza-Senior-Living-Simi-Valley-CA

Canyon Partners Real Estate Invests $10.6M in Seniors Housing Development in Southern California

by Amy Works October 1, 2018

SIMI VALLEY, CALIF. — Canyon Partners Real Estate LLC has provided $10.6 million of preferred equity for the construction of a seniors housing community in Simi Valley, approximately 40 miles northwest of downtown Los Angeles. Griffin Fine Living is developing the project, known as Griffin Plaza Senior Living. This transaction represents Canyon’s third investment with Griffin since 2013. When completed, Griffin Plaza will feature 75 assisted living units and 26 memory care units in a two-story, 100,000-square-foot building. The development is near numerous acute care facilities and is located within the existing 13-acre Griffin Plaza retail center. Originally developed by Griffin in the early 1980s, the shopping center is currently undergoing a full-scale renovation to create a lifestyle center with anchor tenants including an Aldi grocery store and a CVS Pharmacy. “The Simi Valley region is already significantly underserved in seniors housing and memory care,” says Paul Griffin, CEO of Griffin Fine Living. “Demand for high-quality facilities is forecasted to increase, creating a demographics-led investment opportunity.” Solvere Living has been selected as the operator. Construction is scheduled for completion before the end of 2019.

October 1, 2018

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $24.7M in Financing for Affordable Housing Community in Cambridge

by David Cohen October 1, 2018

CAMBRIDGE, MASS. — MassHousing has provided $24.7 in financing for Concord Highlands, a six-story, 98-unit affordable housing community in Cambridge. MassHousing provided the borrower, Homeowners Rehab, with an $8.9 million permanent loan, $11.9 million tax credit equity bridge loan and $3.8 million in workforce housing funding. All apartments at the community will be deed-restricted and affordable to low-, moderate- and middle-income households. The project is the largest affordable housing community to be built in Cambridge in 40 years. Ten of the 98 new apartment homes at Concord Highlands will be affordable to households earning 30 percent of the area median income (AMI). Fifty units will be affordable for households earning up to 60 percent AMI. Thirty-eight units will be workforce-housing units, with 21 of the workforce units affordable for households earning up to 80 percent AMI, and 17 workforce housing units for households earning at or below 100 percent AMI. The AMI for Cambridge is $107,800 for a family of four. NEI General Contracting is serving as general contractor for the project. The architect is ICON Architecture.

October 1, 2018

Development Multifamily Seniors Housing South Carolina Southeast

Sunshine Retirement Breaks Ground on Seniors Housing Community in Upstate South Carolina

by Amy Works October 1, 2018

MAULDIN, S.C. — Sunshine Retirement Living has broken ground on Maple Brook Terrace Retirement Community, a 133-unit seniors housing community in Mauldin, a suburb of Greenville in Upstate South Carolina. The three-story community will feature 150,000 square feet of living and communal space nearby to local shopping and entertainment centers. The project is scheduled for completion in late 2019. Based in Bend, Ore., Sunshine Retirement Living manages 21 retirement communities in 10 states, offering senior apartments, independent living, assisted living and memory care.

October 1, 2018

Development Hospitality Illinois Midwest

Broughton Hotels Completes Renovation of Three Historic Hotels in Chicago

by Kristin Harlow October 1, 2018

CHICAGO — Broughton Hotels has completed the renovation of its three historic boutique hotels in Chicago, including The Majestic Hotel, The Willows Hotel and City Suites Chicago. Initially built during the 1920s, each property now features new lobby furnishings, enhanced lighting, window treatments, linens, carpeting and artwork. City Suites also features new guestrooms. Anthony Laurino of California-based design firm ALD Designs created the concepts for each hotel’s renovation. The Majestic Hotel, which includes 52 rooms, features a baseball theme. The property is within walking distance of Wrigley Field. The Willows Hotel, which is home to 55 rooms, features a new lobby inspired by Lincoln Park Zoo. The 45-room City Suites Chicago features vibrant décor and urban art. The guestrooms are reminiscent of modern Chicago apartments.

October 1, 2018

Loans New Jersey Northeast

HFF Secures $13M Construction Loan for Industrial Facility Near Philadelphia

by David Cohen September 28, 2018

WEST DEPTFORD, N.J. — HFF has secured a $13 million construction loan to expand a 113,000-square-foot industrial facility in the Philadelphia-area community of West Deptford. Located at 301 Grove Road, the facility is fully leased to global adhesive and sealant manufacturer Bostik Inc. The planned construction will add 122,000 square feet of distribution space with a 32-foot clear height, bringing the total square footage up to 235,000 square feet. Completion is expected in the spring of 2019. Michael Pagniucci and Doug Rodio of HFF represented the borrower, Foxfield Industrial, in securing financing through lender Webster Bank. The proceeds of the financing will take out the existing loan on the facility and fund the expansion.

September 28, 2018

Development Multifamily Seniors Housing Washington Western

Wolff Co. Completes 135-Unit Seniors Housing Property in Lacey, Washington

by Amy Works September 28, 2018

LACEY, WASH. — Scottsdale, Ariz.-based The Wolff Co. has completed Revel Lacey, a seniors housing community located at 211 Hoh St. SE in Lacey. The community will celebrate its grand opening on Saturday, Oct. 13. The three-story community features 135 studio, one- and two-bedroom independent living residences, as well as two guest suites. On-site amenities include a full-service salon and spa, fitness center, movie theater and chef-driven dining experiences in a modern-American restaurant and pub created by Chef Beau MacMillan. The Wolff Co. is currently developing senior living communities throughout the United States, with plans to expand its portfolio by investing $300 million to $400 million annually in the development of additional communities.

September 28, 2018

Development Midwest Missouri

Tarlton to Construct $12M Parking Garage in St. Louis

by Kristin Harlow September 28, 2018

ST. LOUIS — Tarlton Corp. is constructing a new $12 million parking garage in the Cortex Innovation Community in St. Louis. The five-level garage will provide spaces for 678 vehicles. Completion is slated for May 2019. HOK is the architect. The project is the first of three parking garage projects planned for the district. The Cortex Innovation Community is home to 350 technology-related businesses.

September 28, 2018

Rancho-Vista-Corporate-Center-San-Diego-CA

California Development Office Western

Ware Malcomb Completes Redevelopment of 838,300 SF Office Campus in San Diego

by Amy Works September 27, 2018

SAN DIEGO — Ware Malcomb has completed the redevelopment construction of Rancho Vista Corporate Center, located at 16399 W. Bernardo Drive in San Diego. Swift Real Estate Partners is the developer, Level 10 Construction served as general contractor and Ware Malcomb provided architecture, interior design and branding services for the project. The newly renovated corporate campus features Class A office and R&D buildings totaling 838,300 square feet on 67.5 acres. The project included the renovation of the exteriors, with upgraded landscape and hardscape throughout, as well as upgrading the on-site amenities for tenants. Additionally, the project now features a remodeled conference center, courtyard and 15,600-square-foot café with an operable glass wall system, as well as a new indoor workout facility, activity center with basketball and volleyball courts, outdoor collaboration areas and an outdoor dining area with a stretched fabric canopy. Ware Malcomb’s Branding Studio also provided signage design services for the redevelopment. The main goal for the project was to create site and brand identity with a design focused on energy efficiency, with xeriscaping to minimize water use and abundant shared areas to allow users to utilize site amenities.

September 27, 2018

Development Illinois Midwest Multifamily

Lendlease Opens 452-Unit Apartment Tower in Chicago’s South Loop

by Kristin Harlow September 27, 2018

CHICAGO — Lendlease has opened The Cooper at Southbank, a 29-story, 452-unit apartment tower in Chicago’s South Loop. It is the first project both built and developed by the firm in the Chicago market. The Cooper is one of five residential buildings planned for Southbank, a seven-acre neighborhood development along the South Branch of the Chicago River. Floor plans range in size from 451 to 1,104 square feet. Monthly rents start at $1,710. In addition to apartment units, six penthouses and 26 townhomes will be available for rent starting in January. Amenities span more than 35,000 square feet on the sixth floor and include a terrace, pool, pizza oven, bocce ball court, fitness center with Peloton bikes, virtual sports simulator, musical instrument lounge and reading room. Pet amenities, including a dog run and grooming station, are located on the fifth floor. Southbank’s central amenity will be a two-acre park. Perkins+Will serves as the principal architect for Southbank. Hoerr Schaudt is the landscape architect. The Cooper is named after several Chicago creative pioneers, including the artistry of Frederick Cooper’s lighting, the craftsmanship of Oswald Cooper’s lettering and typefaces, the ingenuity of Martin Cooper’s inventions and the spirit of Jack L. Cooper’s early radio …

September 27, 2018

Development Northeast Office Pennsylvania

City Center Investment Tops Out 13-Story Office Tower in Allentown

by David Cohen September 26, 2018

ALLENTOWN, PA. — Real estate development company City Center Investment Corp. has topped out Five City Center, a 13-story office tower in Allentown. The 300,000-square-foot building is located at Eighth and Hamilton streets and will feature an all-glass exterior with first-floor retail space. Payroll processing provider ADP has leased 243,241 square feet at Five City Center to house its regional sales division. The building is slated to open by Sept. 1, 2019.

September 26, 2018

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