development1

48-Story Luxury Apartment Tower Opens in Chicago’s Streeterville Neighborhood

by Kristin Harlow August 6, 2018

CHICAGO — Jupiter Realty Co. has completed development of 465 North Park in Chicago’s Streeterville neighborhood. MetLife Investment Management and Allstate own the 48-story luxury apartment tower, which is managed by Bozzuto. Designed by Pappageorge Haymes Partners, the property features 444 rental units, more than 10,000 square feet of retail space and 181 parking spaces. Luxury amenity spaces include a pool with cabanas, 38th-floor skydeck, clubroom with billiards, fitness center with yoga room, demonstration kitchen and multiple gathering areas. Floor plans include a mix of studios, one-, two-, three- and penthouse units. Monthly rents start at $1,925 for studios.

August 6, 2018

Development Hospitality Midwest Minnesota

Ceres, Orlean to Develop 170-Room Hotel in Bloomington, Minnesota

by Kristin Harlow August 6, 2018

BLOOMINGTON, MINN. — Ceres Enterprises LLC and The Orlean Company are developing a 170-room hotel in Bloomington adjacent to the Mall of America. The Cambria-branded hotel is slated to open in August 2019. BGL Real Estate Advisors arranged senior construction financing through an affiliate of Oz Real Estate. Project costs were not disclosed. Cambria Hotels, a brand under the Choice Hotels umbrella, caters to business travelers.

August 6, 2018

Loans Multifamily Seniors Housing Washington Western

Ziegler Arranges $44.8M Bond Financing for 236-Unit CCRC in Seattle

by Amy Works August 6, 2018

SEATTLE — Ziegler, a specialty investment bank, has arranged $44.8 million in bond financing for The Hearthstone Corp. The bonds will fund an expansion at the company’s continuing care retirement community, The Hearthstone at Green Lake in Seattle. The Hearthstone comprises The Lakeside, a 10-story, 186,400-square-foot building constructed in 1966; and Cove West, a four-story, 48,243-square-foot building constructed in 2015 adjacent to The Lakeside. The combined buildings feature 147 independent living apartments, 37 assisted living apartments, 12 memory care apartments and 40 skilled nursing beds. The expansion project, known as Cove East, will be located adjacent to Cove West. The new building will offer 22 independent living units and underground parking, with a bistro on the ground floor. In addition to funding the expansion, the bonds also refinanced a set of existing bonds. The bonds are a combination of $36.1 million in tax-exempt bonds with a 35-year amortization and $8.7 million in tax-exempt bonds to be repaid with Cove East entrance fees.

August 6, 2018

The-Seven-Hills-Resort-and-Conference-Center

Development Mixed-Use Texas

City Council Approves $78M Mixed-Use Project in Fredericksburg, Texas

by Taylor Williams August 3, 2018

FREDERICKSBURG, TEXAS — The City Council of Fredericksburg, a city located about 80 miles west of Austin, has approved a proposal to develop a $78 million mixed-use project. Branded The Seven Hills Resort and Conference Center, the property will feature a 150-room hotel, 40,000-square-foot retail and restaurant village, 35,000-square-foot conference center and an outdoor amphitheater. According to The Houston Chronicle, the project is being developed by Houston-based Murphree & Co. and Dallas-based The Beck Group, and is expected to open in early 2020.

August 3, 2018

Development Multifamily North Carolina Southeast

Dominion Realty Partners Breaks Ground on $59M Apartment Community in Triangle

by Camren Skelton August 3, 2018

MORRISVILLE, N.C. — Dominion Realty Partners (DRP) has broken ground on The Residences at Shiloh Crossing, a $59 million apartment development in Morrisville, about 14 miles west of Raleigh. The 318-unit community will feature a resort-style swimming pool and a 5,000-square-foot clubhouse and community center. In addition, Shiloh Crossing will be designed to obtain a green designation from the National Association of Home Builders (NAHB). DRP expects to deliver the first units at Shiloh Crossing in mid-2020, and wrap up construction on the project in late 2020. Capital Bank — formerly First Tennessee Bank — is providing construction financing to DRP. Rule Joy Trammell + Rubio is the architect, Batson Cook Construction Co. is the general contractor and Priest Craven & Associates is the civil engineer. Justin Good of HFF brokered the land sale on behalf of the seller, as well as provided financial advisory services to DRP.

August 3, 2018

Development Healthcare Midwest Nebraska

Darland Completes 80,000 SF Remodeling, Expansion of Medical Center in Wayne, Nebraska

by Kristin Harlow August 3, 2018

WAYNE, NEB. — Darland Construction Co. has completed a two-year expansion and remodeling project at Providence Medical Center in Wayne, located in northeastern Nebraska. The 80,000-square-foot project included the addition of a five-room emergency department and ambulance garage. Darland also made renovations to nearly every part of the hospital and completed upgrades to more than 75 percent of the building’s electrical and mechanical systems. The hospital, which now totals 114,000 square feet, remained fully functional throughout construction. Project costs were not disclosed.

August 3, 2018

Development Loans Multifamily Washington Western

NBS Financial Secures $22M in Construction Financing for 80-Unit Apartment Complex in Seattle

by Amy Works August 3, 2018

SEATTLE — Norris, Beggs & Simpson Financial Services (NBS Financial) has arranged $22 million in financing for the development of Stream Dexios Apartments, located in the Westlake neighborhood of Seattle. The borrower is Stream Real Estate. Mike Wood and Colin Ceithaml of NBS Financial secured the construction/permanent loan financing, which was structured with a 13-year term and a 30-year amortization. State Farm Life Insurance Co., a life company correspondent of NBS Financial, provided the funding. When completed in 2019, the five-story, 80,800-square-foot property will feature 80 apartment units, 3,900 square feet of ground-floor retail space and 54 parking stalls. On-site amenities will include a rooftop deck with views of Lake Union, Capitol Hill and the Cascade Mountains.

August 3, 2018

Loans Multifamily New York Northeast

Avison Young Arranges $31.5M Refinancing for Apartment Community in White Plains

by David Cohen August 2, 2018

WHITE PLAINS, N.Y. — Avison Young has arranged a $31.5 million refinancing for The Metro, a 124-unit apartment community in White Plains. The 12-story property is located in downtown White Plains at 34 S. Lexington Ave. David Krasnoff and Ryan Flannery of Avison Young arranged the financing package on behalf of the owner, Ginsburg Development Cos., a private real estate developer. The lender was undisclosed. Ginsburg recently acquired two buildings on the same block as The Metro and is currently redeveloping the area into a new project called City Square, which will include retail, office and residential space.

August 2, 2018

California Development Retail Western

Safeway to Anchor 100,000-Square-Foot Retail Center in San Jose

by Amy Works August 2, 2018

SAN JOSE, CALIF. — Safeway will anchor a 100,000-square-foot retail center in the North Village of Market Park San Jose, a mixed-use project under development in San Jose. The transit-oriented development is located adjacent to the soon-to-open Berryessa BART station. At full build-out, Market Park will include 4,000 residential units, 1.5 million square feet of office space, retail space, a park and walking/bicycle paths. In addition to the 65,000-square-foot Safeway, the North Village’s Market Place shopping center will house a drugstore, restaurants and service-oriented businesses. Borelli Investment Co. is handling the project management and leasing, and The Schoennauer Co. is handling permitting. The project team expects to break ground on the shopping center in the fall of 2019, with the Safeway store scheduled to open in 2020.

August 2, 2018

Development Michigan Midwest Multifamily

Bedrock, Woodborn to Develop Mixed-Income Residential Development at Frederick Douglass Site in Detroit

by Kristin Harlow August 1, 2018

DETROIT — The Detroit City Council has approved a development agreement for Bedrock and Woodborn Partners to develop a mixed-income residential development on the former Frederick Douglass public housing site. The 22-acre property has been vacant since public housing structures were demolished in 2014. Bedrock has selected architectural firm Rossetti to create the master plan for the $300 million project. The proposed neighborhood will consist of 913 housing units for rent and for sale, spread across six residential styles including townhomes, carriage homes, duplettes, flats, walk-ups and apartments. Other plans call for more than three acres of open parks and courtyard space, 19,000 square feet of retail space, more than 1,100 parking spaces, an early childhood education center and a 80-room hotel. Affordable housing developer Jonathan Rose Cos. will advise on the development of the affordable housing component of the project. Approximately 25 percent of the rental units will be designated as affordable. Proceeds from the $23 million sale of the site will enable the Detroit Housing Commission to invest in preservation and renovation of other affordable housing units throughout the city. Over the next several years, Bedrock plans to develop up to 3,500 residential rental units in Detroit. The developer’s …

August 1, 2018

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