LAFAYETTE, IND. — RealAmerica Development LLC is developing H38 East Apartments, a 32-unit affordable housing project in Lafayette. The new development leverages the Indiana Housing and Community Development Authority program Moving Forward 2.0. This program is aimed at providing affordable, energy-efficient housing and transportation. All of the units will be priced affordably for low- to moderate-income individuals, with 30 units priced at 60 percent of the area median income (AMI) and two units priced at 50 percent AMI. The project will include solar power and geothermal features that use 35 percent less energy than a typical apartment development. Development partner Area IV Agency will provide an onsite life skills coach mentoring program that will assist families in education and career development. The community will include a classroom and technology center as well as a playground, fitness center and recreation area. Mortgage banking firm Merchants Capital secured an undisclosed amount of funding for the project. The city of Lafayette and Lafayette Housing Authority provided HOME funds and a tax abatement. Project costs are estimated at $7.4 million, according to the Lafayette Journal & Courier. A timeline for completion was not disclosed.
PAPILLION, NEB. — Darland Construction Co. is underway on a new Chrysler, Dodge, Ram and Jeep dealership near I-80 and Highway 370 in Papillion, a southwest suburb of Omaha. The project spans more than 59,000 square feet, including a showroom, service center, customer lounge, car wash and storage. The dealership will be one of the first in the area to include a hail protection system. The 135,000-square-foot hail netting is designed to protect inventory from hail, heat and ultraviolet rays. Construction began in April and completion is slated for spring 2020. Carlson West Povandra is the project architect.
PHOENIX — George Smith Partners has secured $67.2 million in senior construction financing for the ground-up development of a multifamily property in Phoenix. Located immediately north of Phoenix’s central business district, the 17-story high-rise will feature 254 apartments. The non-recourse loan represents 80 percent of the total project cost. Scott Meredith and John Thrall of George Smith Partners advised the undisclosed borrower in the financing.
EAST RUTHERFORD, N.J. — Local developer Diversified Properties LLC has broken ground on a 480 Flatz, a 35-unit multifamily property in East Rutherford. The four-story property will offer one-, two- and three-bedroom apartments that will range in size from 700 to 1,100 square feet. Units will feature quartz countertops and stainless steel appliances, as well as proximity to public transit lines and retail hubs. Thomas J. Brennan Architects is designing the project.
WALLER, TEXAS — NRG Manufacturing, a division of AFGlobal Corp., will open a 238,900-square-foot campus within Waller Industrial Park, located on the northwestern outskirts of Houston. NRG has partnered with Houston- and Dallas-based developer Archway Properties to renovate an existing 144,500-square-foot warehouse and office facility and to build a 94,400-square-foot manufacturing and testing center. The latter is under construction and is expected to be complete in November. Don Dennis and Ben Allen of Archway’s advisory division represented the landlord, GeoSouthern Intermediate Holdings, in the lease negotiations.
SUNDERLAND, MASS. — A partnership between Dallas-based Fountain Residential Partners and HC2 Capital has broken ground on a 150-unit student housing community near the University of Massachusetts Amherst. The property, which will include 38 units of affordable housing for other Sunderland residents, will offer one-, two- and three-bedroom floor plans. Amenities will include an 8,000-square-foot clubhouse with a gym, as well as outdoor gathering spaces. Stuart Roosth Architects designed the project, which is expected to be complete by summer 2020. Western Builders is serving as the general contractor.
GEORGETOWN, TEXAS — A partnership between Dallas-based MedCore Partners, developer The National Realty Group (TNGR) and operator Watermark Retirement Facilities will develop a 225-unit seniors housing community in Georgetown, a northern suburb of Austin. The property will be situated on 13.2 acres and will feature 125 independent living units, 80 assisted living residences and 20 memory care units. Construction is scheduled to begin in January 2020 and wrap up in summer 2021. A second phase is planned to add 90 independent living residences to the project, bringing the total unit count to 315.
INDIANAPOLIS — U-Haul has transformed a former Kmart property located at 7425 E. Washington St. in Indianapolis into a self-storage facility. The 178,963-square-foot building now holds 598 climate-controlled units. Customers also have access to moving supplies and U-Box portable storage containers. U-Haul also plans to offer outdoor self-storage at the 12.5-acre site. Originally constructed in 1969, the building had stood vacant since 2014.
HAILEY, IDAHO — KeyBank Community Development Lending and Investment (CDLI), along with KeyBank Real Estate Capital (KBREC), has secured $27 million to refinance and renovate Balmoral Apartments. The property is located in Hailey, a small city in central Idaho approximately 125 miles east of Boise. The financing included $10.1 million provided by CDLI, as well as $17.3 million from Freddie Mac arranged by KBREC’s commercial mortgage group. Completed in 2002, the property is a 192-unit, affordable garden-style apartment complex on four acres. Balmoral comprises 19 two- and three-story buildings offering five different floor plans with one-, two- and three-bedroom units. Site amenities include a clubhouse, fitness center, playground, picnic areas and access to an adjacent park with a soccer field and basketball courts. Dominium, which acquired the property in 2015, intends to moderately rehabilitate the property with a construction budget estimated at $52,000 per unit. The renovations will be conducted during a nine-month period while tenants are in place. Balmoral operates under the Section 42 LIHTC Program with seven units reseved for residents making up to 30 percent of area median income (AMI), 11 units at 40 percent AMI and 174 units at 60 percent AMI. Kelly Frank of Key’s …
WINFIELD, ILL. — Conor Commercial Real Estate has completed development of the North Avenue Commerce Center in Winfield, about 35 miles west of Chicago. The 265,550-square-foot, Class A industrial facility is the largest commercial development in Winfield’s history, according to Conor. The speculative project sits on 17 acres and features a clear height of 32 feet, 56 exterior docks, four drive-in doors, 12 trailer parking stalls and 228 vehicle parking stalls. McShane Construction Co. served as general contractor and Ware Malcomb provided architectural services.