development1

Midas Hospitality Opens $11M Hampton Inn Hotel in Sikeston, Missouri

by Kristin Harlow September 5, 2018

SIKESTON, MO. — Midas Hospitality has opened a new Hampton Inn hotel in Sikeston in southeastern Missouri. The $11 million project spans 57,000 square feet and four stories. The 92-room hotel features an indoor swimming pool, fitness center, business center and meeting rooms. The hotel is located within the 100-acre Cotton Ridge development, which will include restaurants, a movie theater and other retail tenants. Midas Hospitality will own and manage the hotel. Sister company MC Hotel Construction was the general contractor for the project. Gray Design served as the architect. Bank of Missouri financed the project. Hampton Inn is part of the Hilton chain of hotels.

September 5, 2018

Acquisitions California Development Mixed-Use Multifamily Retail Western

Charles Dunn Co. Arranges $2.8M Sale of Land Parcel for Multifamily Development in Los Angeles

by Amy Works September 5, 2018

LOS ANGELES — Charles Dunn Co. has arranged the sale of a development site located at 729 S. Park View St. in Los Angeles. Salem Missionary Baptist Church sold the asset to Safeco LLC for $2.8 million. The 18,000-square-foot site features a 4,100-square-foot building, which the seller formerly occupied. The buyer, which owns an adjacent parcel, plans to develop 150 residential units and potentially ground-floor retail at the site. Chris Giordano, Chris Steck and John Anthony of Charles Dunn Co. represented the seller and buyer in the deal.

September 5, 2018

Development Loans Mixed-Use New York Northeast

TD Bank Arranges $18.4M Construction Loan for Mixed-Use Building in the Bronx

by David Cohen September 4, 2018

NEW YORK CITY — TD Bank has arranged an $18 million construction loan for Phoenix Estates, an eight-story, mixed-use building in the Hunts Point neighborhood of the Bronx. The 111,000-square-foot property is located at 700 Manida St. and will consist of 180 residential units for low-income seniors and moderate-income families. The first floor of the building will be a dedicated community facility used to host classes for residents of the building. TD Bank provided financing for borrowers MHANY Management Inc. and We Stay/Nos Quedamos Inc. The housing development will also benefit from a $14 million investment from the City of New York. The project is scheduled for completion by 2020.

September 4, 2018

Development Multifamily Texas

Howard Hughes Breaks Ground on 386-Unit Apartment Community in Metro Houston

by Taylor Williams September 4, 2018

THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has broken ground on Two Lakes Edge, a 386-unit multifamily community in The Woodlands, about 30 miles north of Houston. Situated on the 200-acre Lake Woodlands, the property features a pool and outdoor entertainment area, sky lounge, fitness center and kayaks and bikes for complimentary use by residents. Two Lakes Edge will also include ground-floor retail and restaurant space. Completion is slated for spring 2020.

September 4, 2018

Development Illinois Industrial Midwest

Bridge Development Buys 48-Acre Site, Plans 741,621 SF Industrial Project in Itasca, Illinois

by Kristin Harlow September 4, 2018

ITASCA, ILL. — Bridge Development Partners LLC has purchased a 48-acre vacant land site in Itasca with plans to develop Bridge Point Itasca, a three-building industrial property. Spanning 741,621 square feet, the buildings will be designed to accommodate single users or multiple tenants with a clear height of 32 feet. In addition to the industrial buildings, the development will include more than seven acres of land zoned for retail use. Chris Nelson of Lee & Associates represented Bridge and its joint venture partner, Banner Oak Capital Partners LP, in the land transaction. Lee & Associates will market the property for lease. The seller, Entercom Communications Corp., acquired the site in a merger with CBS Radio in November 2017. Terms of the sale were not disclosed.

September 4, 2018

Civic Development Midwest Minnesota

Kraus-Anderson Completes $21.9M Special Education School in St. Paul

by Kristin Harlow September 4, 2018

ST. PAUL, MINN. — Kraus-Anderson Construction Co. has completed RiverEast, a $21.9 million special education school in St. Paul. Located at 1055 Mackubin St., the 71,100-square-foot school will open in September and serve students in grades K-8. A maximum of 80 students will be enrolled in the school. Health and education design firm BWBR designed the school. Saint Paul Public Schools was the developer.

September 4, 2018

Development Midwest Missouri Office

HDA Architects Designs New Headquarters for ADB Cos. in Pacific, Missouri

by Kristin Harlow September 4, 2018

PACIFIC, MO. — HDA Architects has designed a new corporate headquarters for ADB Cos. in Pacific, about 35 miles west of St. Louis. ADB is part of the Keeley family of companies, which also includes a construction arm and development group. The project consists of a 36,852-square-foot office building and a 24,137-square-foot maintenance building. Plans call for a two-story lobby entrance and a lounge space. Completion of construction is slated for December.

September 4, 2018

Loans Multifamily Northeast Pennsylvania Seniors Housing

SunTrust, Ziegler Arrange $71M Loan for Quality Life Services Expansion in Pennsylvania

by David Cohen August 31, 2018

BUTLER, PA. — SunTrust has served as joint lead arranger and Ziegler as placement agent for a $71 million refinancing to Quality Life Services. The Butler-based healthcare services company will use the funds for an expansion of its communities, which include skilled nursing facilities and continuing care retirement communities (CCRC). The first renovation project is already underway at Quality Life Services – Sugarcreek, a CCRC in Worthington. The project is slated for completion in February 2019. When the projects are completed, all 10 of Quality Life Services’ skilled nursing facilities will be renovated and expanded. Additionally, the company will improve upon its home health and hospice divisions.

August 31, 2018

Development Kansas Midwest Multifamily

VanTrust Opens 282-Unit Luxury Apartment Community in Prairie Village, Kansas

by Kristin Harlow August 31, 2018

PRAIRIE VILLAGE, KAN. — Developer VanTrust Real Estate LLC has opened The Kessler Residences in Prairie Village’s Meadowbrook Park. The 282-unit luxury apartment community features amenities such as a clubhouse, fitness center, private dining room, outdoor kitchen and walking trails. Floor plans range from studios to three-bedroom units. Monthly rents start at $1,281. Pinnacle Property Management Services LLC is managing the property. Meadowbrook Park was formerly a golf and country club.

August 31, 2018

Development Midwest Minnesota

U.S. Bank Provides $5M in Construction Financing for Learning Center in St. Paul

by Kristin Harlow August 31, 2018

ST. PAUL, MINN. — U.S. Bancorp Community Development Corp. has provided $5 million in construction financing for Junior Achievement of the Upper Midwest’s new learning center in St. Paul’s Midway district. The 50,000-square-foot facility will double the organization’s teaching capacity to 34,000 middle and high school students each year. The federal New Markets Tax Credit from U.S. Bank is part of Junior Achievement’s $20 million fundraising effort. The new center will house a business incubator for high school student entrepreneurs, a telecommunications and distance-learning hub to teach students across three states and better public transportation access via the Green Line. Completion is slated for this November. The organization currently operates out of Maplewood, Minn.

August 31, 2018

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