VERONA, N.Y. — KeyBank Community Development Lending & Investment (CDLI) has provided a $10.8 million construction loan to convert a public school into affordable seniors housing in Verona, located just off Interstate 90 between Syracuse and Utica. Named the Jason Gwilt Memorial Senior Apartments, the project will feature 50 units and a senior center. Apartments are reserved for seniors making up to 50 percent of the area median income, with 15 units specifically set aside for homeless and frail residents. Services for those frail and homeless residents will be paid for using Empire State Supportive Housing Initiative funds made available through New York State Homes and Community Renewal (HCR). In addition to KeyBank’s construction loan, HCR provided Low-Income Housing Tax Credits (LIHTC) that will generate more than $10 million in equity for the project, and $5.2 million in low-interest, long-term mortgages. The City of Oneida Housing Authority provided $430,000 in project funds and the New York State Energy Research and Development Agency (NYSERDA) provided $50,000 in energy saving equipment. Joseph Eicheldinger and Gregory Kiger on KeyBank’s CDLI team arranged the financing.
PUYALLUP, WASH. — Buchanan Street Partners has provided a $16 million non-recourse bridge loan to Net Lease Alliance to resume and complete construction of a retail center in Puyallup. Located at 301 37th Ave. SE, the 125,100-square-foot project is fully preleased to 24 Hour Fitness and At Home, a retail chain specializing in home décor products. Buchanan Street closed the loan in two weeks to enable the timely completion of the project and meet tenant commencement dates by year-end and the first quarter of 2019. Target Rock Partners represented Net Lease Alliance in the transaction.
RIO RANCHO, N.M. — Titan Development Real Estate Fund I has opened Extra Space Storage 528 & Corrales, a self-storage facility located at Highway 528 and Corrales Road in Rio Rancho. The project is the second self-storage facility to be completed by the fund. The two-building property features 88,032 square feet of space offering both climate-controlled and drive-up units, as well as RV and boat parking. Additionally, the property includes electronic access, perimeter fencing, video cameras and a retail center that sells moving and packing supplies. The fund recently opened Extra Space Storage Rodeo in Santa Fe and plans to open two additional Extra Space Storage facilities in New Mexico in January.
DUNCAN, S.C. — CRG, the development arm of Clayco Inc., has purchased 39.3 acres of land in Duncan for the construction of The Cubes at Inland Woods. The speculative, cross-dock distribution center will span 467,200 square feet and feature 36-foot clear heights, 128 dock doors, four drive-in doors, 240 employee parking spaces and 74 trailer parking spaces. The Cubes will be situated less than two miles from the Inland Port Greer and less than three miles from BMW’s Spartanburg plant. The design team includes Clayco and its architect subsidiary BatesForum. Colliers International’s Garrett Scott, John Montgomery and Brockton Hall represented CRG on the land purchase and have also been chosen to manage the leasing of the new building. Atlanta-based The Net Lease Group arranged financing on behalf of CRG. The Cubes at Inland Woods is the second project in CRG’s distribution series. The St. Louis-based developer is also currently under construction on The Cubes at Inland 85 in Spartanburg.
NEW YORK CITY — Atlas Hospitality, in partnership with Fortuna Realty Group, has received a $40 million construction loan from Bank of America Merrill Lynch for the development of a 128-room boutique hotel in the financial district of Manhattan. Located at 120-122 Water St., the 26-story building will include a high-end restaurant on the ground floor and a double-deck rooftop with views of Manhattan. Fortuna Realty Group will manage the property upon its completion in 2020. Terms of the financing were not disclosed.
NEW YORK CITY — A joint venture between PEBB Capital and TriArch Real Estate Group has broken ground on a 153-bed student housing development located in the Morningside Heights neighborhood of Manhattan near Columbia University. The partnership acquired the land parcel in February for $20.3 million. The 14-story, 64,000-square-foot building will offer studio, one-, two- and three-bedroom, fully furnished units. Shared amenities will include a state-of-the-art fitness center, a study area with breakout rooms and a conference center, an outdoor terrace, bike storage, a package room, security surveillance, a rooftop deck and a coffee bar. The development is scheduled for completion in May 2020.
CHARLOTTE, N.C. — Lincoln Harris, a real estate development, investment and property management company, has entered Phase II of Legacy Union, a mixed-use development in Uptown Charlotte. Construction of the 362,000-square-foot 650 South Tryon, an 18-story glass building, has begun, and London-based Deloitte, a multinational professional services network and one of the Big Four accounting firms, will occupy the top four floors. Legacy Union spans two city blocks and will feature offices, retail shops, restaurants, hotels, residences, a parking garage, public green space and a pedestrian promenade.
OAK CREEK, WIS. — National Health Investors Inc. (NHI) has agreed to finance the development of Ignite Medical Resort Oak Creek, a 144-bed skilled nursing facility just south of Milwaukee in Oak Creek. NHI’s commitment totals $25.4 million. Construction on the facility is underway, with an expected completion of second-quarter 2020. A tenant entity owned by affiliates of Villa Healthcare and Ignite Medical Resorts will operate the community once completed. A 12-year lease term begins post-construction with two 10-year renewals and a 2 percent annual escalator. In addition, there is a $2 million earn-out based on the operator meeting certain operating metrics in 2024 and 2025.
SAN ANTONIO — Koontz Corp., a San Antonio-based developer, has broken ground on Palmetto Pointe, a 328-unit apartment community in San Antonio. The community will be situated on 15.2 acres on the northwest side near the city’s two largest private employers, USAA and South Texas Medical Center. Floor plans call for one- and two-bedroom units. Koontz aims to complete the entire 13-building complex in approximately 24 months. The leasing office and clubhouse are expected to open in July 2019, when the first units become available for occupancy.
NEW YORK CITY — Eastern Union has arranged a $46 million construction loan for the development of an 11-story condominium tower in the Kips Bay neighborhood of Manhattan. Located at 165 Lexington Ave., the property will consist of 43 residential units as well as two commercial spaces totaling 2,860 square feet. The architect for the project is Issac & Stern Architects. Michael Muller and Moshe Lipschitz of Eastern Union secured the financing on behalf of the borrower, Lexington Partners LLC, a joint venture between Brooklyn North Capital and RiverBrook Equities. S3 Capital Group provided the financing package. The project is slated for completion in March 2020.