development1

Arch-Con Breaks Ground on 170-Room SpringHill Suites Hotel in Fort Worth

by Taylor Williams January 16, 2018

FORT WORTH, TEXAS — General contractor Arch-Con Construction, in collaboration with developer Oldham Goodwin Group LLC, has broken ground on a 170-room SpringHill Suites hotel in Fort Worth. The hotel will be located at the site of the recently demolished Wells Fargo Building near Fort Worth’s historic Stockyards area. Designed by Atlanta-based architecture firm Niles Bolton Associates and Dallas-based interior design firm Studio 11 Design, the property will total 133,000 square feet and feature a rooftop restaurant, first-floor wine bar, pool and three ballrooms. Completion is slated for early 2019.

January 16, 2018

Hall Structured Finance Provides $19.2M Loan for Hotel Redevelopment in Fort Lauderdale

by Camren Skelton January 16, 2018

FORT LAUDERDALE, FLA. — Hall Structured Finance (HSF) has provided a $19.2 million construction loan for the redevelopment of the Gale Hotel, a 96-room boutique hotel in Fort Lauderdale. Howard Taft and Charles Penan of Aztec Group arranged the loan on behalf of the borrower and developer, a joint venture between Newgard Development Group and Merrimac Ventures. The Gale Hotel site was first constructed in 1948 as the Escape Hotel, and operated as a hotel until the 1980s. The property was then transitioned into Tiffany House, an assisted living facility, until it was closed in 2005. The redeveloped Gale Hotel is expected to open in the first quarter of 2019. Menin Hospitality will manage the new hotel. The site, located one block west of A1A and Fort Lauderdale Beach, sits adjacent to Gale Residences, a 129-unit condominium tower that Newgard and Merrimac Ventures are also co-developing. HSF provided a $35.6 million construction loan for the tower in 2016.

January 16, 2018

Florida Loans Multifamily Southeast

Aztec Group Arranges $56.8M Construction Loan for Multifamily Development in Broward County

by Camren Skelton January 15, 2018

PEMBROKE PINES, FLA. — Aztec Group Inc. has secured a $56.8 million construction loan for the development of a 387-unit apartment community at Pembroke Pines City Center, a 325,000-square-foot mixed-use project under development in Broward County. The site is located at the southwest corner of Palm Avenue and Pines Boulevard in Pembroke Pines. Jason Shapiro and Sean Harrington of Aztec Group arranged the loan through Florida Community Bank on behalf of the borrower and project developer, Terra City Center MF LLC. The community will feature a resort-style pool, fitness center and clubhouse. Terra is currently underway on the retail portion of Pembroke Pines City Center, which is more than 70 percent preleased to tenants including Publix, Carl’s Patio, Cooper’s Hawk, BurgerFi, Smoothie King, PizzaRev, Bento Café and The Halal Guys. In addition, the project is located adjacent to the city’s recently completed civic center, which includes a 3,500-seat performing arts center and conference hall, outdoor plaza, 10,000-square-foot art gallery and a new city hall. Pembroke Pines City Center is expected to complete in 2019, according to the South Florida Business Journal.

January 15, 2018

Hospitality New York Northeast

Stonehill Taylor Designs 251-Room Hotel in Hudson Yards District of Manhattan

by Amy Works January 15, 2018

NEW YORK CITY — Stonehill Taylor has designed HY36, a hotel in the Hudson Yards district, for owners LLR Holdings LLC and Intercontinental Hotel Group. Open in fall 2017, the hotel features 251 rooms; a business lounge; an outside patio with a full bar and retractable skylight roof; a full gym; two meeting rooms; and The Great American, a destination restaurant. The hotel features an industrial design that emulates the nearby transportation hubs, including Penn Station, Port Authority Bus Terminal, Lincoln Tunnel and Grand Central Station. The façade is composed of corrugated metal and glass panels arranged in a rhythmic vertical configuration. K & Co. designed the interior spaces, with Glen Cohen designing the guestrooms. Intercontinental Hotel Group operates the property.

January 15, 2018

Michigan Midwest Multifamily

City Club Apartments Breaks Ground on $70M Apartment Property in Detroit

by Kristin Harlow January 15, 2018

DETROIT — City Club Apartments has broken ground on a 288-unit apartment property in Detroit. Located at the corner of Washington Boulevard and Park Avenue facing Grand Circus Park, the site was once home to the 18-floor, 800-room Statler Hotel, which was built in 1915. In addition to apartments and penthouses, the property, known as City Club Apartments-CBD, will also feature 13,000 square feet of street-level space, including a pet store, restaurant and gourmet market. Amenities will include wellness and exercise rooms, valet parking and concierge services. The first residents are expected to begin moving into the community in November 2018 with project completion set for the second quarter of 2019. Wolverine Building Group is the general contractor, while BKV Group and Damon Farber are providing architectural services. Huntington Bank, Bank of Ann Arbor and Comerica Bank provided construction financing for the $70 million project.

January 15, 2018

Multifamily Texas

Oden Hughes Breaks Ground on 350-Unit Apartment Community in North Austin

by Taylor Williams January 12, 2018

AUSTIN, TEXAS — Oden Hughes LLC has broken ground on Lenox Ridge, a 350-unit multifamily community that will be located in north Austin. The property will feature a 1,600-square-foot community work studio on the second floor, which will offer private and community offices, meeting rooms, an open-floor lounge and a hospitality bar. The community is scheduled to open in early 2019.

January 12, 2018

Kentucky Multifamily Southeast

Doster Breaks Ground on 312-Unit Apartment Community in Lexington

by Camren Skelton January 12, 2018

LEXINGTON, KY. — Doster Construction Co. has broken ground on Springs at Hamburg, a 312-unit apartment community in Lexington. The project is the general contractor’s fifth multifamily project with Continental Properties, the developer, owner and operator. Kahler Slater Experience Design is the architect of record for the project. The new 360,364-square-foot development includes 14 buildings and private, townhome-style entrances in each unit. Community amenities include a resort-style pool, fitness center, clubhouse and four parking garage buildings. Doster expects to complete construction in the summer of 2019.

January 12, 2018

Illinois Midwest Seniors Housing

SWIDA Breaks Ground on $10.9M Affordable Seniors Housing Community in Swansea, Illinois

by Kristin Harlow January 12, 2018

SWANSEA, ILL. — Southwestern Illinois Development Authority (SWIDA), in partnership with Bywater Development Group and Bi-State Development, has broken ground on Metro Landing of Swansea near St. Louis. The $10.9 million transit-oriented development will feature 62 affordable seniors housing apartment units adjacent to the Swansea MetroLink Station. St. Louis-based Altman Charter is serving as general contractor for the project, which is scheduled for completion in spring 2019. Chicago-based Worn Jerabek Wiltse Architects is the architect. The Illinois Housing Development Authority (IHDA) provided the majority of project financing, with additional construction financing provided by PNC Bank. Additional support comes from the Illinois Department of Commerce and Economic Opportunity (DCEO) and Ameren, along with the St. Clair County Intergovernmental Grants Department.

January 12, 2018

Hospitality Loans New York Northeast

Square Mile Acquires $31.8M Mezzanine Loan on Hotel Development in Manhattan

by Amy Works January 11, 2018

NEW YORK CITY — Square Mile Capital Management has acquired a $31.8 million mezzanine loan in face value for financing the development of Moxy Hotel, located at 105-109 W. 28th St. in the Chelsea/NoMad neighborhood of Manhattan. A subsidiary of Marriott International, which originated the mezzanine debt in December 2016, was the seller. The completed property will consist of a 37-story building with 349 guest rooms and will be flagged under Marriott’s Moxy brand. The hotel will feature a ground-floor market restaurant, lobby bar, lounge and a rooftop sky bar with panoramic views of the Manhattan skyline. Designed by Stonehill Taylor, the hotel is slated to open this year. The Lightstone Group purchased the site in July 2014 and broke ground in April 2016. Bank of the Ozarks and a subsidiary of Marriott International provided $101.8 million in construction financing, including the mezzanine debt. Lightstone is an experienced hotel owner and developer, with two other Moxy projects under development in Manhattan.

January 11, 2018

Multifamily Texas

KWA Nears Completion of Phase I of $350M, 1,300-Unit Multifamily Project in Arlington

by Taylor Williams January 11, 2018

ARLINGTON, TEXAS — KWA Construction is nearing completion of Phase I of Arlington Commons, a 1,300-unit multifamily redevelopment project in Arlington valued at approximately $350 million. Developed in four phases by The Nehemiah Co. and designed by JHP Architecture/Urban Design, the project is redeveloping complexes that were built in the 1970s. The first phase will deliver 353 units. The project is being financed in part by $10.5 million in economic incentives from the City of Arlington.

January 11, 2018

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