REBusinessOnline

Bank OZK Provides $15.6M Construction Loan for Self-Storage Facility in Hillside, New Jersey

HILSIDE, N.J. — Bank OZK has provided a $15.6 million construction loan for Hillside CubeSmart, a 1,203-unit self-storage facility in Hillside. HFF represented the borrower, Quinlan Development Group, in the transaction. Terms of the financing were not disclosed. CubeSmart, one of the nation’s largest operators of self-storage facilities, will manage the property. The property is located at 591 North Union

Development, Industrial, Loans, New Jersey, Northeast, Self-Storage

Pennrose Tops Out 120-Unit Seniors Housing Community in Maryland

ASPEN HILL, MD. — Pennrose has completed vertical construction of Pointe View at Aspen Hill, a 120-unit, mixed-income seniors housing community in Aspen Hill, located just north of Washington, D.C. Located on a nearly six-acre parcel, the development features 61 one-bedroom and 59 two-bedroom apartments. Harkins Builders is the general contractor, while Architecture by Design is the architect. The affordable, independent living community will be restricted to residents age 62 or older, …

Development, Maryland, Multifamily, Seniors Housing, Southeast

KeyBank Secures $63M Loan for Apartment Community in Revere, Massachusetts

REVERE, MASS. — KeyBank has provided a $63 million refinancing for Beach House, a 234-unit apartment community in Revere. The Fannie Mae loan was used to refinance an existing KeyBank construction loan. The borrower, Baystone Development, built the seven-story property in 2018. The financing includes a 10-year term with a five-year interest-only period on a 30-year amortization

Loans, Massachusetts, Multifamily, Northeast

Floor & Decor to Relocate, Expand Its Headquarters, Creating 500 Jobs in Metro Atlanta

ATLANTA — Floor & Decor, a specialty retailer of hard surface flooring and related accessories, plans to relocate and expand its headquarters to Cobb County from Atlanta. The company’s expansion will create 500 jobs, including administrative and customer service positions, over five years, according to Georgia Gov. Nathan Deal. Additionally, the company will receive a $500,000 grant to help establish the new headquarters and could be eligible for more than $3 million in state tax breaks …

Company News, Development, Georgia, Office, Southeast

Goldman Sachs, Lionheart Strategic Management Provide $133M Construction Financing for W Hotel in Nashville’s Gulch District

NASHVILLE, TENN. — Goldman Sachs and Lionheart Strategic Management have provided senior and mezzanine financing totaling $133 million for the ground-up construction of a W-branded hotel in Nashville’s Gulch neighborhood. Magellan Development, Corner Partnership and Hospitality Gaming Advisors are developing the 346-room hotel. The senior and mezzanine financing will have co-terminus initial terms of three years. The financing closed in

Development, Hospitality, Loans, Southeast, Tennessee

Joint Venture Breaks Ground on Majestic Sunroad Center Industrial Park in San Diego

SAN DIEGO — A joint venture between Sunroad Enterprises and Majestic Realty Co. has broken ground on Majestic Sunroad Center, an industrial park located in San Diego’s Otay Mesa neighborhood. Majestic Sunroad Center will comprise three buildings offering a total of 227,000 square feet of Class A industrial space with first-rate amenities and design features. The buildings will feature 30-foot clear heights, cross-dock loading, LED lighting, ESFR fire protection and secured truck …

California, Development, Industrial, Western

Three New Tenants to Join DuPage Business Center in West Chicago

WEST CHICAGO, ILL. — The DuPage Airport Authority (DAA) has secured three new tenants for its 800-acre DuPage Business Center in West Chicago. Suncast Corp., a custom wood structures and resin products manufacturer, signed a long-term agreement with developer Pritzker Realty Group to lease a 782,000-square-foot facility. The $4.9 million development will enable Suncast to consolidate its Batavia and Montgomery locations into a new warehouse spanning 40 acres. Norix Group Inc., a manufacturer …

Development, Illinois, Industrial, Midwest

Hutton Completes $60M Shopping Center in Metro Charlotte

INDIAN LAND, S.C. — Chattanooga-based Hutton has completed Promenade at Carolina Reserve, a regional shopping center located at the corner of U.S. 521 and Jim Wilson Road in Indian Land, a suburb of Charlotte in South Carolina. The $60 million property spans 258,000 square feet of retail space. Promenade at Carolina Reserve's tenant roster includes Burlington, Hobby Lobby, Ross Dress for Less, T.J. Maxx, HomeGoods, UltaBeauty, Five Below, Rack Room Shoes, Dollar Tree, Kirkland’s, …

Development, Retail, South Carolina, Southeast

Affirmed Housing Opens $25M Affordable Seniors Housing Community Near Los Angeles

CARSON, CALIF. — Affirmed Housing has opened Bella Vita, a 65-unit affordable seniors housing community in Carson, located approximately 15 miles south of downtown Los Angeles. The $25 million project also features 15,150 square feet of amenities, 62 parking spaces and 3,000 square feet of commercial space on its 1.2-acre plot. Units are reserved for seniors earning between 30 percent and 60 percent of the area median income. Design and development partners include the City of Carson, …

California, Development, Multifamily, Seniors Housing, Western

Ridge Senior Living Tops Out $150M Seniors Housing Development in Metro Denver

LAKEWOOD, COLO. — The Ridge Senior Living has completed vertical construction of The Ridge at Pinehurst, an 18-acre independent living, assisted living and memory care community in the first-ring Denver suburb of Lakewood. Development costs are estimated at $150 million for the project. When completed, the community will offer 222 independent living units, 96 assisted living units and 42 memory care units. Construction is scheduled for completion in fall 2019. The community will offer …

Colorado, Development, Multifamily, Seniors Housing, Western
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