Last week, Los Angeles-based development firm Banyan Residential, in partnership with Indianapolis-based firm, Milhaus, broke ground on Banyan Beckley, a $59 million multifamily development within a Dallas, Texas Opportunity Zone. Located just outside of downtown, this 279 unit project is slated to be complete in early 2023.
Cedar Realty Trust, in a joint venture with Asland Capital Partners and Goldman Sachs Urban Investment Group, secured a $105 million construction loan from JPMorgan for the first phase of a Ward 7 Washington, DC Opportunity Zone Development, Northeast Heights. Northeast Heights first phase development will include a six-story commercial building with 240,000 square-feet of office space and 18,000 square-feet of retail.
Additionally, Alabama is once again in the news on Opportunity Zones. The multifamily project, Lakeview Green, opened for leasing located in a Birmingham, Alabama Opportunity Zone. This CRG and Decennial joint-venture includes 118 units, a fitness center, swimming pool, and sundeck.
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Banyan Residential, Milhaus Break Ground on Multifamily Project in Dallas, Texas Opportunity Zone
Los Angeles-based development firm, Banyan Residential, in partnership with Indianapolis-based firm, Milhaus, recently broke ground on Banyan Beckley, a $59 million multifamily development in a Dallas, Texas Opportunity Zone. The development is located just outside of downtown, and will offer 279 one-, two-, and three bedroom units, as well as micro-units.
Banyan will feature a swimming pool for residents, mobile workspaces, a clubhouse, and a rooftop deck. Construction is set to finish in 2023.
Industrial Development Coming to Mesa, Arizona Opportunity Zone
The City of Mesa, Arizona recently announced the development of three industrial buildings located next to the Phoenix-Mesa Gateway Airport. Located in an Opportunity Zone, the buildings will have a combined 96,121 square-feet of space, and sit on 7.25 acres. An additional 2.2 acres will be available for a build-to-suit industrial project.
“We are excited to grow our relationship with Mesa, which offers a growing skilled workforce, business-friendly environment and excellent infrastructure,” said Brent Howard of Abington Emerson’s Southwestern Region, the developers on the project. “We continue to see significant economic growth and sustained interest for the light industrial sector and are very pleased about bringing this high-quality project to market.”
Leasing Underway at Lakeview Green Apartments in Birmingham, Alabama Opportunity Zone
Lakeview Green apartment community located within a Birmingham, Alabama Opportunity Zone is ready to accept residents. This mixed-use development project from real estate firms CRG and Decennial, includes 118 units with 27,000 square-feet of ground floor retail and a public park. Amenities include a fitness center, swimming pool, sundeck with fire pits, herb gardens, and gated parking. This was Decennial’s first Opportunity Zone investment.
“From beautifully landscaped green space, to new retail and entertainment opportunities, to richly detailed apartment homes, Lakeview Green offers a lifestyle experience that complements the excitement and energy of Southside,” said J.J. Smith, CRG’s Managing Partner. “We are proud to enter the Birmingham market with a project that offers unparalleled comfort and convenience in a live-work-play neighborhood.”
Cresset, Diversified Real Estate Capital Establish Partnership
Cresset Partners, a Chicago-based investment firm, along with Diversified Real Estate Capital, have formed the Cresset Real Estate Partners partnership. This partnership formalizes and expands their current working relationship, which includes 13 financed buildings that are currently underway throughout the country.
The company’s team will include 20 investment, acquisition, and asset management professionals.
Cedar Realty Secures Construction Financing for Washington, DC Opportunity Zone Development
Last week, Cedar Realty Trust announced its joint venture with Asland Capital Partners and Goldman Sachs Urban Investment Group secured a $105 million construction loan from JPMorgan for the first phase of their Washington, DC Opportunity Zone development. The first phase includes construction on a six-story commercial building with 240,000 square-feet of office space and 18,000 square feet of retail. The development, branded as Northeast heights, will also include up to 1,300 residential units.
“We believe that the impetus behind the opportunity zone program was precisely the development of projects such as Northeast Heights, aimed at creating vital investment opportunities [in] mixed-income, underserved neighborhoods,” said James Simmons III, CEO of Asland Capital Partners.