development2

HVAF of Indiana, Woda Cooper Break Ground on 61-Unit Affordable Housing Community in Indianapolis

by Kristin Harlow June 14, 2021

INDIANAPOLIS — Co-developers HVAF of Indiana and Woda Cooper Cos. Inc. have broken ground on Proctor Place, a 61-unit affordable housing community in Indianapolis. The $12.6 million, three-story project is located at 240 N. Warman Ave. on the Central Greens campus just west of downtown. Units will be designated for renters who earn 30 to 80 percent of area median income. Monthly rents will range from $461 to $1,035, depending on the size of unit and income restrictions. Amenities will include a community room, indoor bicycle storage, playground, gazebo, free computers and free Wi-Fi. The city provided a payment in lieu of taxes (PILOT) to support the development, and the Indianapolis Housing Agency provided project-based vouchers for the 15 units set aside for veterans. The Indiana Housing & Community Development Authority allocated low-income housing tax credits for the project. HVAF of Indiana, formally known as Helping Veterans and Families, will coordinate supportive services onsite. The organization assists veterans in returning to self-sufficiency and avoiding homelessness. Fallbrook Opportunity Zone Fund II provided equity financing, while Cedar Rapids Bank & Trust provided a first mortgage. Fifth Third Bank served as construction lender and equity investor. The project team includes Indianapolis-based architect Cripe, …

June 14, 2021

Development Multifamily Texas

Stratus Properties to Develop 182-Unit Saint June Multifamily Project in Austin

by Taylor Williams June 11, 2021

AUSTIN, TEXAS — Locally based developer Stratus Properties (NASDAQ: STRS) will build The Saint June, a 182-unit multifamily project that will be located in Austin’s Barton Creek area. The garden-style property will be situated on 36 acres and will offer one-, two- and three-bedroom units. Amenities will include a pool, resident clubhouse and communal green space. Construction is expected to begin before the end of the quarter, and the first move-ins are scheduled for late 2022.

June 11, 2021

Acquisitions Multifamily New Jersey Northeast

Colliers Brokers Sale of 156-Unit Multifamily Portfolio in Northern New Jersey

by Taylor Williams June 11, 2021

HACKENSACK AND LITTLE FERRY, N.J. — Colliers International has brokered the sale of the Lenox Multifamily Portfolio, a collection of five apartment buildings totaling 156 units in Northern New Jersey. The properties, which are located in Hackensack and Little Ferry, feature a unit mix of 16 studios, 133 one-bedroom apartments and seven two-bedroom residences. Jacklene Chesler, Matthew Brown and Patrick Norris of Colliers brokered marketed the properties on behalf of the undisclosed seller. The buyer and sales price were also not disclosed.

June 11, 2021

Development Industrial Texas

Cold Creek Solutions to Develop 305,000 SF Cold Storage Facility in San Antonio

by Taylor Williams June 9, 2021

SAN ANTONIO — Cold Creek Solutions, a cold storage developer based in the Dallas-Fort Worth area, will build a 305,000-square-foot facility at the intersection of Interstate 10 and Loop 410 in San Antonio. ARCO National Construction is designing the project, which will feature space for approximately 45,000 pallets of frozen or refrigerated product. Construction is set to begin this fall, and the facility is expected to be operational by late 2022.

June 9, 2021

Development Maryland Office Southeast

RPAI Plans to Develop 125,000 SF Medical Office Building in Largo, Maryland

by Julia Sanders June 9, 2021

LARGO, MD. — Retail Properties of America Inc. (RPAI) plans to begin developing the first building within Carillon, a planned mixed-use development in Largo. Construction on the first building known as The Ella, a 125,000-square-foot medical office building, will begin in the second half of 2021. The Ella will be situated 300 feet from the University of Maryland Capital Region Medical Center. The property will also be located close to the Largo Town Center Metro Blue and Silver lines, onsite surface parking and access to the Capital Beltway. RPAI is in active negotiations with prospective tenants.

June 9, 2021

Affordable Housing Development Loans Multifamily

Hunt Capital, Development Partners Secure $4M LIHTC Financing for Affordable Housing Project in Merritt Island, Florida

by Julia Sanders June 9, 2021

MERRITT ISLAND, FLA. — Hunt Capital Partners and co-developers HumanKind Housing LLC and Kingdom Development Inc. have secured $4 million in Low Income Housing Tax Credit (LIHTC) equity financing to acquire and rehabilitate 85 units of affordable housing in Merritt Island. Total development cost at the property, known as Tropical Manor Apartments, is $17.3 million. Other funding sources include Bonneville Multifamily Capital extending a $12.3 million HUD 223(f) construction-to-permanent loan and RBC Capital is the underwriter of the publicly sold bonds issued by Brevard County Housing Authority. Tropical Manor is located in the central part of Merritt Island, approximately six miles west of Cape Canaveral in Brevard County. The acquisition and rehab project of the two-bedroom/one-bathroom units will preserve nine two-story garden-style apartment buildings, a one-story community building and a one-story maintenance building. The units are restricted to households earning up to 60 percent of area median income (AMI). In addition, the financing will result in continued affordability for residents as Tropical Manor’s Department of Housing and Urban Development Section 8 HAP contract will be extended for 20 years. Five of the units will be Americans with Disabilities Act accessible. After the renovation, the in-unit amenities will include garbage disposals, …

June 9, 2021

Development Industrial Northeast Pennsylvania

Digger Specialties to Open 160,000 SF Industrial Facility in Lycoming County, Pennsylvania

by Taylor Williams June 9, 2021

LYCOMING COUNTY, PA. — Digger Specialties, an Indiana-based manufacturer of building products, will open a 160,000-square-foot production and distribution facility in Central Pennsylvania’s Lycoming County. The build-to-suit facility will be located on a 25-acre site within Timber Run Industrial Park and is expected to bring about 150 new jobs to the community. Howard Fertman of NAI Mertz represented Digger Specialties in its site selection. Construction is scheduled to begin in August and to be complete in the first quarter of 2022.

June 9, 2021

Development Industrial Loans Washington Western

New York Life Funds $44.5M Construction Loan for Two-Building Industrial Project in Kent, Washington

by Amy Works June 9, 2021

KENT, WASH. — New York Life Real Estate Investors has provided $44.5 million in construction financing for Bridge Point Kent 300, a two-building industrial project located in Kent. Situated on 16 acres on the former REI headquarters site, the property will feature 309,028 square feet of Class A warehouse distribution space spread across a 50,529-square-foot building and a 258,480-square-foot building. The buildings will feature 32- to 36-foot clear heights, 42 dock doors, 391 parking spaces and approximately 26,000 square feet of additional yard space. Steve Skok of Berkadia Commercial Mortgage placed the debt on the transaction.

June 9, 2021

Development Industrial Texas

HPI, City of Kyle to Develop Three Industrial Buildings Totaling 380,913 SF in Metro Austin

by Taylor Williams June 8, 2021

KYLE, TEXAS — Texas-based HPI Real Estate Services & Investments and the City of Kyle Economic Development Department will build three new industrial buildings totaling 380,913 square feet within Hays Commerce Center, a development located in the southern Austin suburb of Kyle. Hays Logistics Center 2, the first of the three new buildings that is being developed in partnership with Hillwood Investment Properties, will span 206,000 square feet and will feature a cross-dock configuration and 32-foot clear heights. Hays Logistics Center 3 will total 68,240 square feet and will offer speculative suites ranging from 11,800 to 68,240 square feet. Completion of this building is slated for the end of the year. Hays Logistics Center 4 will total 106,673 square feet and will also feature 32-foot clear heights. HPI also expects to complete this building before the end of the year.

June 8, 2021

Development Industrial Nevada Western

Brass Cap Development Breaks Ground on Two-Building Industrial Facility in West Henderson, Nevada

by Amy Works June 8, 2021

WEST HENDERSON, NEV. — Brass Cap Development has broken ground on Silver and Black, a two-building industrial complex located at the corner of Dale Avenue and Chaparral Road in West Henderson. Each building will offer approximately 75,000 square feet that can be divisible to 7,500 square feet. Both properties will feature 30-foot clear heights; 20 dock doors measuring nine by 10 feet high with dock bumpers installed at each door per building; 10 dock doors measuring 12-foot by 14-foot high per building; ESFR fire suppression systems; and 2,500 amps, 277/480V, three-phase power per building. Las Vegas-based LM Construction Co. is the design-build general contractor for the project. Colliers Las Vegas is handling leasing and sales at the property.

June 8, 2021

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