development1

KGH Completes Initial Phase of $50M Infrastructure at Metropica Project in South Florida

by Camren Skelton November 7, 2017

SUNRISE, FLA. — KGH International Development has completed the first of two planned infrastructure phases totaling more than $50 million at Metropica, a 65-acre planned mixed-use development in Sunrise. The infrastructure work, managed by John Moriarty & Associates, readies the community for its multi-phased construction. Conclusion of the first infrastructure phase also marks Metropica’s first two named streets: Metropica Boulevard and Metropica Way. At full build-out, the $1.5 billion Metropica development will span 4 million square feet and feature condominiums, apartments, a boutique hotel, office space and retail and entertainment offerings. Metropica’s initial tower, a 28-story residential condominium, will be topped off in the first quarter of 2018. Construction on Metropica’s retail phase, totaling approximately 280,000 square feet, will also begin in the first quarter of next year. Signed retailers at the project include Fogo de Chao, City Works Eatery & Pour House, Harry’s Pizzeria, Sugarboo & Co., Anthropologie and Free People.

November 7, 2017

Loans Maryland Multifamily Southeast

Walker & Dunlop Arranges $61.1M HUD Loan for New Apartment Project in Metro Baltimore

by Camren Skelton November 7, 2017

GAMBRILLS, MD. — Walker & Dunlop has arranged a $61.1 million loan for the development of Monarch at Waugh Chapel, a 246-unit apartment community under construction in Gambrills, roughly halfway between Baltimore, Md., and Washington, D.C. Dee McClure of Walker & Dunlop arranged the financing through the United States Department of Housing and Urban Development (HUD)’s 221(d)(4) new construction program on behalf of the borrower and developer, a joint venture between Bozzuto Development Co. and Reliable Contracting. The financing includes a two-year construction loan followed by a permanent, 40-year, fixed-rate loan. Monarch is part of the Waugh Chapel master-planned community, which will include residential, commercial, office and residential amenities upon full build-out. The apartment community will feature a fitness center, yoga studio, business center, billiards room, resort-style pool and cooking stations.

November 7, 2017

Florida Loans Multifamily Southeast

EIG Secures $52M in Construction Financing for Apartment Community in Miami

by Camren Skelton November 7, 2017

MIAMI — Estate Investments Group (EIG) has secured $52 million in construction financing for the development of Soleste Blue Lagoon, a new 33-unit apartment community that will be located at 5375 N.W. 7th St. in Miami. EIG secured the financing through Florida Community Bank. Soleste Blue Lagoon will feature studio, one-, two- and three-bedroom units ranging in size from 400 to 1,100 square feet, with rents starting at $1,300 per month. Community amenities will include a resort-style pool, sun deck with private cabanas, private beach with sand volleyball court, health and fitness club and a rooftop garden. Construction is slated for completion by summer 2019.

November 7, 2017

Healthcare Texas

McCarthy Begins $150M Expansion of Healthcare Campus in Oklahoma City

by Taylor Williams November 6, 2017

OKLAHOMA CITY — McCarthy Building Cos. Inc. has begun work on a $150 million expansion of Oklahoma Heart Healthcare’s south campus in Oklahoma City. The project will deliver a six-story, 228,338-square-foot hospital tower on the campus’ west side, which will be occupied by healthcare provider Mercy. That building will offer 44 patient beds, eight cardiac care unit beds, two inpatient pharmacies, imaging and surgery areas and a chapel. The project will also deliver surface parking, a helipad and a 180-space parking garage. Completion is currently scheduled for 2020.

November 6, 2017

Retail Texas

Floor & Decor to Open 77,958 SF Store, Design Center in Austin

by Taylor Williams November 6, 2017

AUSTIN, TEXAS — Floor & Decor will open a 77,958-square-foot store and design center within Shops at Tech Ridge, a 504,153-square-foot retail center located at the intersection of Interstate 35 South and Parmer Lane in Austin. About 40 employees will work in the store, the grand opening of which is scheduled for Thursday, Nov. 9. Floor & Decor is an Atlanta-based provider of hard-surface flooring supplies.

November 6, 2017

Hospitality Midwest Wisconsin

Janko Group Tops Off Hyatt Place Hotel in Milwaukee

by Kristin Harlow November 6, 2017

MILWAUKEE — Developer Janko Group and operator Janko Hospitality hosted a topping out ceremony for the Hyatt Place hotel under construction at The Brewery in Milwaukee on Thursday, Nov. 2. The 150-room, six-story hotel is slated to open in July 2018. Located at 800 W. Juneau Ave., the hotel is part of The Brewery neighborhood redevelopment project located on the site of the former Pabst Brewing Complex. The topping off ceremony took place on site in the hotel’s recently completed first floor. The Hyatt Place will feature a bar and lounge, 2,000 square feet of meeting space, fitness center and outdoor terrace.

November 6, 2017

Healthcare Midwest Nebraska

Darland Completes 51,000 SF Renovation at Hospital in Grant, Nebraska

by Kristin Harlow November 6, 2017

GRANT, NEB. — Darland has completed a three-year expansion and remodeling project at Perkins County Health Services in Grant in central western Nebraska. The 51,000-square-foot project included a 28,884-square-foot addition to expand services provided by the hospital. The two-story addition includes 20 patient rooms with dedicated spaces for labor and delivery; isolation and intensive care; an endoscopy suite; and a new emergency department with drive-up entrance. A new physical therapy area, cardio rehab center, conference room and IT office space are located in the lower level. Renovations to the existing hospital included a new laboratory, administration area, two updated operating rooms and a specialty clinic. The entire hospital also underwent a full mechanical upgrade. Avant Architects provided architectural services.

November 6, 2017

Indiana Midwest Multifamily

Woda Group Opens 38-Unit Affordable Seniors Housing Property in Kendallville, Indiana

by Kristin Harlow November 6, 2017

KENDALLVILLE, IND. — The Woda Group Inc. has opened Atz Place in Kendallville in northeastern Indiana. The 38-unit affordable seniors housing property features 24 one-bedroom units and 14 two-bedroom units. Amenities include a lobby, community room, grandchild room, fitness room and laundry. Funding for Atz Place, built on the site of the former Atz Ice Cream Shoppe at 301 E. Wayne St., was made possible through federal housing tax credits allocated by the Indiana Housing Community and Development Authority. R4 Capital invested in the housing tax credits, while Huntington Bank provided the construction loan. Preferred Building Supply LLC provided a construction donation for the project.

November 6, 2017

Loans Multifamily New Jersey Northeast

DMG Investments Receives $71.6M Construction Loan for 204-Unit Condo Project in Cliffside Park, New Jersey

by Amy Works November 6, 2017

CLIFFSIDE PARK, N.J. — DMG Investments has closed a $71.6 million construction loan for One Park, a 204-unit condominium building located in Cliffside. The financing was secured by DMG with the assistance of Cooper-Horowitz Inc. through AIG. Designed by Architectura with interiors by VLDG, One Park will feature 204 one-, two, three- and four-bedroom for-sale residences priced from $495,000. On-site amenities will include a 24-hour attended front desk; an aquatic center with an indoor heated pool with adjoining outdoor sun deck, sauna and steam rooms; and a private furnished roof deck, including dining terrace with grilling stations, fire pits, intimate seating areas and an outdoor movie theater. Additional amenities include a fitness center, a children’s playroom, a pet spa, guest suites and a secure parking garage. The 14-story building topped out in August and is slated for completion in fall 2018.

November 6, 2017

Mixed-Use Texas

Developer to Build $120M Mixed-Use Project at Craig Ranch in McKinney

by Taylor Williams November 3, 2017

MCKINNEY, TEXAS — Developer Shane Jordan will build Hub 121, a 22-acre mixed-use property that will be located within the Craig Ranch development in McKinney. The first phase of the project will deliver a 40,000-square-foot restaurant park with pedestrian walkways that connect to Independent Bank’s 400,000-square-foot headquarters and the development’s 2,500-unit residential community. Phase I will also deliver a 6,500-square-foot entertainment pavilion, 20,000 square feet of retail space and 287 residential units. Construction of Phase I will begin in January 2018, with the first restaurants scheduled to open in January 2019. Phase II will deliver a 200,000-square-foot office building, additional retail space and a hotel.

November 3, 2017

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