development1

GenCap Partners Underway on 586-Unit Multifamily Project in Manor, Texas

by Taylor Williams September 20, 2022

MANOR, TEXAS — Developer GenCap Partners is underway on construction of The Park at Manor Crossing, a 586-unit multifamily project that will be located in the eastern Austin suburb of Manor. The community will be developed in two phases, with Phase I comprising 301 units and slated for a fourth-quarter completion. The second phase will deliver 285 units, with construction scheduled to commence in late 2024 and move-ins to begin in 2026. Residences will feature one-, two- and three-bedroom floor plans and will be furnished with stainless steel appliances, quartz countertops, tile backsplashes and individual washers and dryers. Amenities will include a pool, grilling areas, fitness center, dog park, clubhouse, coworking lounge and a package locker system.

September 20, 2022

Arizona Development Industrial Loans Western

JLL Arranges $99M Construction Loan for Five-Building Sossaman Park Industrial Project in Mesa, Arizona

by Amy Works September 20, 2022

MESA, ARIZ. — JLL Capital Markets has arranged $99 million in construction financing for the Phase I development of Sossaman Park 202, a five-building industrial project in Mesa. Totaling 828,718 square feet, the first phase will include a mix of light industrial, warehousing and distribution buildings ranging in size from 130,318 square feet to 198,782 square feet. Each of the buildings will offer two grade-level doors, between 25 to 41 dock-high doors, 50-foot by 52-foot column spacing and 32-foot clear heights throughout. Sossaman Park will be built in two phases with the second phase expected to include three additional buildings that will collectively total 722,000 square feet. A portion of the loan proceeds were used to fund the sponsor’s acquisition of the Phase II land site. The development is located on 108.9 acres at the southwest corner of Sossaman and Warner roads in the Chandler North/Gilbert submarket. Jeff Sause, Todd Sugimoto, Wyatt Strahan and Jason Carlos of JLL Capital Markets arranged a four-year, floating-rate loan for the borrower, a joint venture led by Contour. Pacific Western Bank provided the loan.

September 20, 2022

Development Hospitality Midwest Missouri

Midas Construction Breaks Ground on $50M Hotel in Clayton, Missouri

by Kristin Harlow September 20, 2022

CLAYTON, MO. — Midas Construction has broken ground on the $50 million AC Hotel Clayton in the St. Louis suburb of Clayton. The hotel will rise 11 stories with 207 rooms. Completion is slated for early 2024. The project is revitalizing a historic, underutilized site that once housed the former headquarters of the Clayton Police, which relocated in 2011. The hotel, designed for business and leisure travelers, will feature a rooftop bar and restaurant that will be open to the public. Construction was originally scheduled to begin in March 2020 but was postponed due to the pandemic. The development team consists of Koplar Properties, HomeBase Partners and Concord Hospitality.

September 20, 2022

California Development Multifamily Western

Ryan Cos. Opens 480-Unit Avalyn Apartments in Chula Vista, California

by Amy Works September 19, 2022

CHULA VISTA, CALIF. — Ryan Cos. has opened The Avalyn, an eight-building multifamily community within the master-planned Millenia in Chula Vista. The Avalyn features 480 apartments spread across eight three- and four-story buildings, as well as 14,000 square feet of commercial space. The units are available in one-, two- and three-bedroom flats, two-story lofts, live-work units and three-story townhomes. On-site amenities include a swimming pool, spa, clubhouse kitchen with lounge, Prohibition-style speakeasy, fitness center, community working spaces, two rooftop decks, pickleball court, bike maintenance and storage, community garden, two dog run and wash areas, and a live music studio. The Avalyn is the result of a development partnership between MetLife Investment Management and Allstate Investments as equity partners, and City National Bank and Vectra Bank Colorado, a division of Zions Bancorporation, as lenders.

September 19, 2022

Development Illinois Midwest Multifamily

McShane Breaks Ground on 40-Unit Affordable Housing Community in Elgin, Illinois

by Kristin Harlow September 19, 2022

ELGIN, ILL. — McShane Construction Co. has broken ground on Hanover Landing, a 40-unit affordable housing community that will serve vulnerable populations and individuals with disabilities in Elgin. UPholdings is the developer. Located at 711 E. Chicago St., the three-story property will feature amenities such as a community lounge, computer room, fitness center, laundry facilities and outdoor space. Residents will also have access to services such as case management, life skill training and employment assistance. Hanover Township partnered with UPholdings and the Housing Opportunity Development Corp. on the project. Ecker Center for Behavioral Health will serve as the lead service provider and operate an onsite clinic. Hooker DeJong is the architect. Completion is slated for September 2023.

September 19, 2022

Development Industrial Texas

Lovett Industrial, Cresset Partners Break Ground on 1.2 MSF Logistics Project in Conroe, Texas

by Taylor Williams September 16, 2022

CONROE, TEXAS — A partnership between locally based developer Lovett Industrial and private investment firm Cresset Partners has broken ground on NorthPort Logistics Center, a 1.2 million-square-foot logistics project in Conroe, about 40 miles north of Houston. The Class A facility will be situated on a 75-acre site within Conroe Park North and will feature 40-foot clear heights, 224 dock-high doors, 190-foot truck court depths and a minimum of 273 trailer parking stalls. Powers Brown Architecture is designing the project, and Alston Construction is serving as the general contractor. CBRE is the leasing agent, and Citizens Bank provided construction financing. Completion is slated for the second quarter of 2023.

September 16, 2022

Development Healthcare Iowa Midwest

NexCore Group Opens Orthopedic Medical Office Building in Council Bluffs, Iowa

by Kristin Harlow September 16, 2022

COUNCIL BLUFFS, IOWA — NexCore Group has completed development of a new orthopedic medical office building in Council Bluffs, a suburb of Omaha. OrthoNebraska occupies the 23,000-square-foot, build-to-suit project, which is located at 1260 Valley View Drive. OrthoNebraska offers orthopedic services to those with needs related to arthritis, osteoporosis, fractures, dislocations, torn ligaments, sprains, strains, tendon injuries and pulled muscles. Leo A Daly was the project architect and McCarthy Building Cos. was the general contractor. NexCore owns the property in a joint venture with Harrison Street.

September 16, 2022

Development Loans Multifamily Southeast Tennessee

JLL Arranges $133.6M Construction Loan for 19th & Church Apartments in Midtown Nashville

by John Nelson September 16, 2022

NASHVILLE, TENN. — JLL has arranged $133.6 million in construction financing for the development of 19th & Church, a 383-unit apartment development located at 1815 Church St. in Nashville’s Midtown neighborhood. Chris Knight led the JLL team that arranged the financing through Square Mile Capital Management LLC on behalf of the borrower, a joint venture between Ascend Real Estate Group and Wanxiang America Real Estate Group that is doing business as 19th Church Street LLC. Upon completion, the 16-story property will feature studio, one- and two-bedroom apartments with an average size of 814 square feet and high-end finishes. Community amenities will include a coffee bar, fitness center and yoga studio, indoor entertainment room, gourmet chef’s kitchen, music and podcast studio, an outdoor bar with TVs and bar seating, a courtyard with a pool, grilling stations and firepits and private work rooms. Additionally, 19th & Church will offer 6,000 square feet of retail space. No construction timeline was disclosed.

September 16, 2022

California Development Mixed-Use Multifamily Retail Western

USAA Real Estate, Hines Start Construction of Riverwalk San Diego Mixed-Use Project

by Amy Works September 16, 2022

SAN DIEGO — Hines, in partnership with USAA Real Estate, has started construction on the first phase of the 200-acre Riverwalk San Diego, a transit-oriented, mixed-use property in San Diego. The first phase will include 900 residential rental units, ranging from studios to townhomes, in five buildings along Friars Road; a neighborhood-serving retail space; village green; and traffic, sidewalk and bike lane improvements along Friars Road. Completion is slated for early 2025. The Riverwalk plan that was established through a partnership between Hines and the Levi-Cushman family landowners will transform Mission Valley West neighborhood, according to the development partnership.

September 16, 2022

Development Multifamily New Jersey Northeast

Larken Associates Nears Completion of 254-Unit Multifamily Project in Readington, New Jersey

by Taylor Williams September 15, 2022

READINGTON, N.J. — New Jersey-based developer Larken Associates is nearing completion of The Ridge at Readington, a 254-unit multifamily project located about 50 miles southwest of Manhattan. The Ridge at Readington will feature a mix of market-rate and affordable units in one- and two-bedroom formats across nine buildings. Residences will be furnished with stainless steel appliances and quartz countertops. Amenities will include a pool, fitness center, lounge and wet bar, outdoor pavilion, dog park and walking trails. The first move-ins are scheduled for the fourth quarter.

September 15, 2022

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