DANIA BEACH, FLA. — Aztec Group has arranged a $60.3 million construction loan for Oasis Pointe, a planned 301-unit apartment community in Dania Beach. Cymbal Development received the non-recourse loan from 3650 REIT. The 42-month loan features a fixed interest rate at an 80 percent loan-to-cost ratio. The waterfront community will span 2.4 acres and include structured parking, a 19-slip boat club, waterfront boardwalk, butterfly and meditation gardens and a lap pool. The community will also include COVID-19 protocols, including fresh-air intake throughout the property to sterilize and purify the air. A timeline for completion was not disclosed. Jason Shapiro, Charles Penan and Joel Zusman of Aztec arranged the loan on behalf of the Miami-based developer. Michael Fleischer and Will Pierce of 3650 REIT originated the financing.
SAGINAW, TEXAS — A partnership between management firm SilverPoint Senior Living and developer Journey Capital has begun construction on Edition Senior Living, a 93-unit community in Saginaw, a northern suburb of Fort Worth. The 6.1-acre property will consist of 22 independent living cottages, 54 assisted living units and 19 memory care residences. Residents will have access to resort-quality amenities, chef-prepared meals and concierge-style services. A tentative completion date was not disclosed.
WASHINGTON, D.C. — Stonebridge and Rockefeller Group will redevelop the Jackson Graham Building, a 400,000-square-foot office property in Washington, D.C.’s Penn Quarter district. Redevelopment costs are expected to total more than $300 million. The building currently serves as the Washington Metropolitan Area Transit Authority’s (WMATA) headquarters. The development team expects to break ground on the project in 2023, allowing WMATA to remain at the site through 2022. Upon completion, which is slated for 2025, WMATA will not return to the space. However, WMATA will continue to own the land, which Stonebridge and Rockefeller will control on a 99-year ground lease. The Jackson Graham Building has served as WMATA’s headquarters since 1974. The asset is situated at 600 Fifth St. NW, between the White House and U.S. Capitol Building. The office building will feature a rooftop deck and a penthouse conference center.
SUGAR LAND, TEXAS — A partnership between Houston-based Buckhead Investment Partners and Zane Segal Projects has broken ground on Arista Riverstone, a 142-unit active adult community that will be located in the southwestern Houston suburb of Sugar Land. The four-story building will border a lake and connect to the walking trails within the Riverstone master-planned development. Additional amenities will include a fitness and wellness center, a pool, multiple game rooms and lounges, conference and craft rooms, multiple dog parks, a hair and nail salon and climate-controlled storage units. San Antonio-based Gonzalez Newell Bender Architects is designing the project. Galaxy Builders Ltd., also based in San Antonio, is the general contractor, and Greystar is the leasing agent. Move-ins are slated to begin in early May, with full completion scheduled for fall 2021.
BIRMINGHAM, ALA. — The Opus Group and The McKinney Fund have delivered Ascend Five Points South, a 520-bed student housing community near the University of Alabama at Birmingham (UAB). The property offers studio to four-bedroom floor plans with rents starting at $739 per month. Communal amenities include a pool, fitness center, study rooms and a spa. The asset is situated at 1001 20th St. S., adjacent to the UAB campus. The design team for Ascend Five Points South included Rabren General Contractors, Myefski Architects and Creative License International. Asset Living manages the community.
MARICOPA, ARIZ. — ACRES Capital has originated a $28 million loan for the construction and stabilization of Bungalows on Bowlin, a single-story multifamily property located at Bowlin Road and John Wayne Parkway in Maricopa. Cavan Cos., a Scottsdale, Arizona-based real estate developer, is the borrower and has developed multiple Bungalow-branded projects across the Phoenix area. Bungalows on Bowlin will feature 196 apartments, a resort-style swimming pool and spa, a farmhouse-style clubhouse and 426 on-site parking spaces. Once completed, the 16-acre property will be one of the only single-story rental communities in the Maricopa submarket. Jeremy Korer of Cushman & Wakefield arranged the loan.
RICHMOND, VA. — A joint venture between Balboa Real Estate Partners and The Opus Group has broken ground on Ascend Richmond. The 428-bed student housing community will be located near the Virginia Commonwealth University campus. The project will offer a mix of studio, one-, two-, three- and four-bedroom units. Communal amenities will include an outdoor terrace, pool, a fitness center and lounge areas. Rabren General Contractors is the general contractor for the project. A timeline for completion was not disclosed.
RENO, NEV. — Panattoni Development, serving as developer, has completed northern Nevada’s first Amazon last-mile facility, located at the intersection of Virginia Street and Stead Boulevard in Reno. Constructed in five months, the 145,602-square-foot building will enable Amazon to be fully operational for the holiday season. A last-mile facility serves as the final distribution hub prior to delivery to end-users, enabling shipments to be delivered as quickly as possible. The project team included Alston Construction, Architects Orange and Odyssey Engineering Inc.
MIAMI BEACH, FLA. — Starwood Property Trust, an affiliate of Starwood Capital Group, has topped off construction at its two-building, 144,430-square-foot office building in Miami Beach. Starwood is developing the project in partnership with Integra Investments. Upon full completion, slated for late 2021, Starwood will occupy 55 percent of the six-story east building and part of the west building. The remaining space will be leased to third-party companies. Signed tenants were not disclosed, though the company said the property is “approaching full occupancy.” The asset will house 300 Starwood employees and feature 8,000 square feet of retail space and a 277-space parking garage with valet services. The headquarters is located at 2340 Collins Ave., one block from the beach and one mile north of downtown Miami Beach. Gensler designed the property, Clive Lonstein Inc. designed the interiors and CoastalBrodson is the general contractor. Citizens Bank provided Starwood and Integra with a $76 million construction loan.
NORMAL, ILL. — An affiliate of Phoenix Investors has unveiled plans to build Phase II of the North Normal Industrial Park in Normal near Bloomington. The 500,000-square-foot addition will be built on 30 acres of land at 301 W. Kerrick Road. In June, Phoenix acquired the partially completed Phase I, which consists of 500,000 square feet that is leased to electric vehicle company Rivian. Phoenix expects to complete construction of Phase I in early 2021 and Rivian plans to take occupancy in March. Plans for Phase II include a clear height of 32 feet and 50 exterior docks. The space will be easily divisible for two users. The City of Normal approved tax-increment financing for the project.