development1

KeyBank Provides $20M Refinancing for Multifamily Community in Connecticut

by David Cohen July 27, 2018

WINDSOR, CONN. — KeyBank Real Estate Capital has provided a $20 million Freddie Mac, first mortgage loan for Windsor Station, a 130-unit multifamily community in Windsor. Built in 2017, the property sits on 6.5 acres and comprises two four-story buildings. Tom Peloquin of KeyBank arranged the non-recourse, fixed-rate financing with a 12-year term, six years of interest-only payments and a 30-year amortization schedule. The loan will be used to refinance existing debt. The lender was undisclosed. Lexington Partners LLC and LAZ Investments developed Windsor Station.

July 27, 2018

Cedar-Port-IV-Distribution-Center-Baytown-Texas

Development Industrial Texas

Clay Development to Build 349,440 SF Distribution Center in Metro Houston

by Taylor Williams July 27, 2018

BAYTOWN, TEXAS — Houston-based Clay Development & Construction Inc. will build Cedar Port IV Distribution Center, a 349,440-square-foot industrial facility that will be located within Cedar Port Business Park in Baytown, an eastern suburb of Houston. The rail-served property will feature 32-foot clear heights, 50- by 52-foot column spacing and 60-foot loading bays, as well as the capacity to accommodate a 72,320-square-foot building expansion. Construction is scheduled to begin in October and wrap in summer 2019.

July 27, 2018

Development Georgia Multifamily Seniors Housing Southeast

Columbia Residential to Open Transit-Oriented Seniors Housing Community Near Atlanta

by Camren Skelton July 27, 2018

DECATUR, GA. — Columbia Residential is set to open Columbia Senior Residences at East Decatur, a mixed-income seniors housing community located adjacent to the Avondale MARTA station in Decatur, roughly eight miles east of downtown Atlanta. Columbia Residential partnered with the DeKalb County Community Development Department, the Housing Authority of DeKalb County and the Development Authority of DeKalb to transform the former parking lot adjacent to the MARTA station into a seniors housing community. The five-story building features 92 units dedicated to seniors 62 and older. Amenities include a dining and dancing room, business center, movie theater, fitness center, onsite laundry facilities and a courtyard with a gazebo. The site’s main pedestrian walk provides access to the Avondale MARTA bus and transit station. East Decatur is part of MARTA’s latest transit-oriented development at Avondale Station. In addition to the 92 seniors housing units, the Development Authority of Decatur, Columbia Ventures and Cortland Partners will deliver 377 market-rate apartments, 34 condos and more than 40,000 square feet of retail space. Upon completion, each portion of the project will be connected by a central plaza. DeKalb County and the Housing Authority of DeKalb County provided a first mortgage loan for East Decatur. Enterprise …

July 27, 2018

Development Michigan Midwest Office

Chemical Bank to Relocate Headquarters to Downtown Detroit

by Kristin Harlow July 26, 2018

DETROIT — Chemical Bank, which has been headquartered in Midland, Michigan, since its founding in 1917, is relocating to downtown Detroit effective immediately. The headquarters will temporarily operate out of the bank’s Detroit office, located at 333 Fort St., while awaiting a new 20-story building to be built at the corner of Woodward Avenue and Elizabeth Street. The move coincides with the city of Detroit’s announcement to name Chemical Bank as the primary banking partner for managing the city’s operating deposit accounts. Chemical Bank plans to add approximately 500 employees to its new Detroit office upon completion of construction. The 240,000-square-foot tower is expected to include street-level retail space, car parking, office floors and condominiums, according to the Detroit Free Press. A timeline for completion was not disclosed. Midland will continue to be home of the company’s corporate operations center. Chemical Financial Corp. is the holding company for Chemical Bank.

July 26, 2018

Development Midwest Missouri Mixed-Use

S.M. Wilson Begins Construction of City Foundry in St. Louis

by Kristin Harlow July 26, 2018

ST. LOUIS — S.M. Wilson has begun construction of Phase I of the City Foundry STL mixed-use project in St. Louis. Plans call for the construction and renovation of six buildings, improvements to the 10-acre site and the construction of more than 60 tenant spaces. The $185 million Phase I includes 122,000 square feet of restaurant and entertainment space, 105,000 square feet of retail space and 110,000 square feet of office space. Steve Smith and London-based Caparo are the developers. Lawrence Group is the architect. Tenants are expected to begin opening at the property in mid-2019. The tenants disclosed by the developer include Alamo Drafthouse Theaters, Punch Bowl Social and McNellies Group. The project is the adaptive reuse of the former Century Electric Foundry complex.

July 26, 2018

Development Mixed-Use Southeast Virginia

S.L. Nusbaum to Develop 250,000 SF Mixed-Use Project in Virginia Beach

by Camren Skelton July 26, 2018

VIRGINIA BEACH, VA. — S.L. Nusbaum Realty Co. has acquired 33 acres in Virginia Beach for the development of Burton Crossing, a 250,000-square-foot mixed-use project. The development will be located along Interstate 64 at the intersection of Northampton and Premium Outlets boulevards, adjacent to the recently opened Norfolk Premium Outlets and near a future IKEA store that is scheduled to open in spring 2019. S.L. Nusbaum’s sponsored entity, Northampton Development LLC, acquired the land from the Economic Development Authority of the City of Norfolk for an undisclosed price. Burton Crossing will feature retail, restaurants, office space and a lakefront public park. A construction timeline for the project was not disclosed.

July 26, 2018

Development Office Texas

Heady Investments Breaks Ground on 450,000 SF Office Project in Plano

by Taylor Williams July 25, 2018

PLANO, TEXAS — Dallas-based development firm Heady Investments has broken ground on Headquarters II, a project in Plano that will deliver two 14-story office buildings totaling 450,000 square feet. Designed by O’Brien Architects, the development will be located in the Legacy area and will also feature parking garages and a hotel. The Dallas Morning News reports that the project will have a construction period lasting 19 months.

July 25, 2018

Development Georgia Mixed-Use Southeast

Joint Venture Breaks Ground on $200M Mixed-Use Project in Metro Atlanta

by Camren Skelton July 25, 2018

LAWRENCEVILLE, GA. — A joint venture between George Berkow Inc., Novare Group and Batson-Cook Development Co. (BCDC) has broken ground on SouthLawn, a $200 million mixed-use project in Lawrenceville, roughly 32 miles northeast of Atlanta. The project will include more than 600 multifamily units, 15,000 square feet of retail space and a town green near the city’s downtown square. SouthLawn will create a walkable environment by connecting City Hall and the police station with Lawrenceville Lawn, a city park. The residential component, led by George Berkow, will include three- and four-story apartments and townhomes, as well as single-family detached homes. The apartment component will include two offerings: SouthLawn Luxury Apartment Residences, which will feature an elevated pool area overlooking the entire development, and Conclave, which will feature larger residences, a private pool, club and a fitness center. Citizens Bank is providing financing for the project, along with ELV Associates, BCDC and Novare Group. Phillips Partnership is the architect, Kimley-Horn is the civil engineer and Fortune-Johnson is the general contractor. A construction timeline for the development was not disclosed.

July 25, 2018

Acquisitions California Development Multifamily Western

Joint Venture Buys Former Convent Near San Diego for Apartment Conversion

by Amy Works July 25, 2018

LA MESA, CALIF. — Pathfinder Partners has partnered with San Diego-based Silvergate Development to acquire a 4.1-acre former convent and seniors housing community in La Mesa for an undisclosed price. The partnership plans to develop Little Flower Haven, a 130-unit apartment community on the site. Development plans include preserving portions of the 1930s-era mission-style property, including the existing bell tower and chapel. Once complete, the property will feature 68 one-bedroom/one-bath units, 55 two-bedroom/two-bath apartments and seven studio units. Each unit will feature stainless steel appliances, in-unit washer/dryers, central heat and air conditioning, new flooring and solid-surface countertops. On-site amenities will include a recreation room with kitchen, fitness facility, exterior decks, pool and spa, barbecues, electric vehicle charging stations, bike lockers, resident storage areas, covered parking and dog park. Construction is slated to begin this fall. Austin Dias of Duhs Commercial represented the buyer, while Eric Knowles of Kidder Mathews represented the undisclosed seller in the deal.

July 25, 2018

Development Loans New York Northeast Office Top Stories

JLL Arranges $235M Construction Loan for 34-Story Office Tower in Brooklyn

by David Cohen July 25, 2018

NEW YORK CITY — JLL Capital Markets has arranged a $235 million loan for the construction of One Willoughby Square, a 34-story, Class A office tower in downtown Brooklyn. One Willoughby Square will rise 560 feet above the future Willoughby Park, a one-acre public green space on top of a 700-space underground parking garage in Brooklyn’s Tech Triangle. The building will feature column-free floor plates as well as 10-foot windows. The tower is the first ground-up office development in downtown Brooklyn in decades, according to JLL. Aaron Appel, Keith Kurland, Aaron Niedermayer, David Sitt and Eliott Zetioune of JLL arranged the four-year, floating-rate loan through Québec-based Otéra Capital Inc. for borrower JEMB Realty. The planned 462,656-square-foot tower is already 27 percent leased to two tenants: architectural firm NYC School Construction Authority and FXCollaborative, the executive architect of One Willoughby Square. JEMB will seek LEED Silver certification for the project, which is scheduled for completion in 2021. “The lending community was impressed by the experienced sponsorship of this project as well as its quality design, location and preleasing,” says Kurland. “Clearly, One Willoughby is destined to become Brooklyn’s most distinctive and sought-after office address.” — David Cohen

July 25, 2018

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