JACKSONVILLE, FLA. — Aileron Investment Management has arranged a $13.8 million loan for the construction of a 122-room Residence Inn by Marriott hotel located in Jacksonville. The transaction was structured as an SBA 504 loan, with Aileron providing an $8.7 million first mortgage loan, and a $5.1 million interim second mortgage loan. Upon completion of the construction, the loan will convert to long-term permanent financing. Florida Business Development Corp. was the CDC on the transaction.
ATLANTA — Isakson Living, an Atlanta-based developer, will move forward with developing Peachtree Hills Place. Isakson Living and Foley Design Associates Architects will be refining the plans for the south Buckhead community over the next several months. Peachtree Hills Place, a residential community offering a full continuum of care, was first introduced in 2006. However, in 2009, the development of the 20-plus acre site in the historic Peachtree Hills neighborhood was put on hold during the recession. More than 150 buyers originally reserved a home at Peachtree Hills Place. Many of the initial buyers, along with 40 new prospective buyers already on the priority list, are expected to reserve a new home in the community. Amenities will include a clubhouse with multiple dining venues, a fitness center and a health center. The first phase of development will include 84 condominiums and eight custom single-family homes. The condominiums at Peachtree Hills Place will include one-, two- and three- bedroom plans ranging in size from 1,400 square feet to more than 3,000 square feet. Upon completion, there will be 192 condominiums and 12 single-family homes. Services include security, transportation, assisted living, memory care and skilled nursing. Pre-sales will commence in 2016.
PORTER, TEXAS — The Signorelli Co., has broken ground on a 120,000-square-foot Kroger in Valley Ranch Town Center, a new retail district inside the master-planned community of Valley Ranch. The 1,400-acre community is situated at the intersection of U.S. 59 and the Grand Parkway, just north of Kingwood. Sam’s Club, Academy Sports + Outdoors and several restaurants including Chili’s, Chick-fil-A and El Pollo Loco were the first to be announced in Valley Ranch Town Center. A cinema, which will be one of the anchors of the planned entertainment district along with a 10,000-seat amphitheater, will soon be announced along with other stores and restaurants. A 135-acre park called The Grove will border Valley Ranch. Also part of Town Center is Texan Drive Stadium at Valley Ranch, a football stadium for the New Caney ISD. At final completion, Valley Ranch is planned to include approximately 2,500 homes and townhomes and 1,000 multifamily residences.
QUINCY, MASS. — Related Beal has completed the interior renovation of Presidents Place, a mixed-use property located at 1250 Hancock St. in Quincy. The renovation program included the modernization of the elevators, common corridors and restrooms; a new lobby and signage; and improvements to the building’s façade and parking garage. In addition to the renovations, Related Beal signed six new tenants to the 350,000-square-foot building: Barnes & Noble Bookstore, Mass Bay Credit Union, The Townshend, Best of Care, Beacon Clinical Research and Jimmy John’s Gourmet Sandwiches. Additional tenants at the property include Quincy College, Harvard Vanguard and Best Doctors. The property is owned and managed by Related Beal in partnership with Boston Andes Capital.
LAWRENCE, MASS. — Malden Mills Phase II Loft Five50, which comprises 62 units of affordable housing in Lawrence, is complete. WNC, a national investor in real estate and community development initiatives, provided approximately $12.7 million in low-income housing tax credit (LIHTC) equity to WinnDevelopment to fund the adaptive reuse project that is transforming the historic former Malden Mills manufacturing site into affordable housing. Malden Mills Phase II Loft Five50 delivers a mix of studio, one-, two- and three-bedroom units. Amenities include onsite management, a clubhouse and community area, fitness center, theater, Wi-Fi lounge, laundry facility, playground, picnic area and elevator. Each unit is equipped with air conditioning. WNC also provided $14.4 million in LIHTC equity to help construct the first phase of Malden Mills Loft Five50 in 2012, including 75 units that are fully occupied.
HOUSTON — Cousins Properties has completed its multi-million dollar renovation at 3 Greenway Plaza, part of the 4.4 million-square-foot Greenway Plaza campus. The completed renovations include a redone lobby and concourse levels, with marble tile and wood finishes, new lighting fixtures and furniture, commissioned art installations throughout and updated parking garage elevator banks. Cousins is also working on a new, 12,000-square-foot fitness center and improvements to The Shops at Greenway Plaza, set to be completed in the second quarter of 2016. These are the first common area upgrades at Greenway Plaza since 1998.
CEDAR PARK, TEXAS — The Austin office of Cadence McShane Construction Co. has completed the 23,150-square-foot headquarters and manufacturing facility for Voltabox of Texas Inc. The build-to-suit facility is located on a six-acre site at 1500 Volta Drive that Voltabox acquired from master developer TIG Real Estate Services. It is part of Scottsdale Crossing Commerce Park. Voltabox of Texas, and Voltabox Deutschland GmbH are suppliers of lithium ion batteries for all types of vehicle-based and stationary uses. The building is the firm’s first North American operation. Cadence McShane constructed the facility utilizing a steel frame and insulated tilt-wall panels. The main entrance and office component of the headquarters facility feature a glass curtain wall exterior accented with red metal panels complementing the Voltabox brand. The interior of the building includes a 20-foot clear height and four dock doors.
SARASOTA, FLA. — Carter and Hunt Investment Management have formed a joint venture to develop a 180-unit high-rise apartment community in downtown Sarasota. The development will be located at the corner of 2nd Street and Central Avenue, directly across the street from Whole Foods Market. Hunt Investment Management is managing the investment on behalf of an institutional client, and SunTrust Bank is providing construction financing. The 10-story, Class A project will include one-, two-, three- and four-bedroom apartments and 15,000 square feet of retail space. Each unit will feature quartz countertops, stainless steel appliances, open floorplans, large windows, 10-foot ceilings, balconies and high-speed Internet wiring. Community amenities will include a 24-hour fitness center, resort-style swimming pool, clubroom and an outdoor deck. The first three stories of the development will include secured parking for residents. Two hotel-style suites for tenants to rent for short-term guests will also be available. The design team includes architect Hoyt Architects, general contractor Core Construction and property manager Pinnacle Property Management. The project will start construction before year-end with completion scheduled for early 2017.
RIVERVIEW, FLA. — Tampa-based Dunphy Properties and Atlanta-based Batson Cook Development Co. have formed a joint venture to build Rivercrest Commons, a grocery-anchored shopping center located at the intersection of U.S. 301 and Symmes Road in Riverview. Publix will anchor the property, which will feature a Publix Liquor Store and an additional 16,100 square feet of inline retail space housing Casablanca Spa, East Wok, Majik Touch Dry Cleaning and Hair Cuttery. Joe Tyszko of Insite Realty’s Clearwater, Fla., office is responsible for leasing the project. Rivercrest Commons is slated for a summer 2016 completion.
SAN ANTONIO — Stream Realty Partners, a national real estate development, services and investment firm, has relocated to an expanded office at One International Centre located at 100 N.E. Loop 410 in north-central San Antonio, where it occupies the entire 15th floor. Stream’s San Antonio office has grown over the years to employ nearly 30 people. The firm specializes in leasing, property management and construction management for more than 4.2 million square feet of office, industrial and retail projects.