Plans for Affordable Housing Project in Los Angeles Gains Approval
East Los Angeles Community Corp., a Los Angeles-based real estate development group, has gained the conditional approval for one of their proposed affordable housing developments in the city’s Boyle Heights neighborhood. If allowed to be constructed, the five-story property would yield 63 residential units with 4,265 square-feet of ground-floor commercial space. The project’s estimated construction costs and completion date are both unknown.
Lendlease and L+M Development Secure $250 Million in Financing for Mixed-Use Project
A partnership between Lendlease, an Australian construction and property management firm, and L+M Development Partners, a Manhattan-based real estate development firm, has closed on $250 million in construction financing for a massive mixed-use project in Manhattan’s Morningside Heights neighborhood. Once completed, the building will feature 54,000 square-feet of academic space and 165 residential units. The building will yield a total of 354,000 square-feet and will be completed in Spring 2023.
Namdar Group Selects Developer for Final Phases of Mixed-Use Complex
The Namdar Group, a New York-based real estate developer, has selected a redeveloper to deliver the fourth and fifth phases of an upcoming mixed-use complex. The fourth phase will yield a 27-story tower with 432 residential units, 1,544 square-feet of retail space, 9,981 square-feet of retail services, 6,480 square-feet of restaurant space, and 9,985 square-feet of office space. The fifth phase will produce four buildings featuring 440 residential units, 2,189 square-feet of retail space, and 16,357 square-feet of office space. The project’s estimated construction costs and completion timeline are both unknown.
KBS Sells San Jose Office Buildings for $95.2 Million
KBS, a real estate investment trust, has sold two buildings in the R&D office complex District 237 in San Jose, Calif. The buildings represent 142,710 square-feet of Class-A office space and are located across the street from a variety of commercial amenities. The buildings were sold for $95.2 million.
JLL Capital Markets Sells Charlotte Office Building for $8.275 Million
JLL Capital Markets, the investment banking arm of the real estate investment firm, has closed the sale of a newly constructed, fully-leased office property in Charlotte’s South End neighborhood. The property was sold for $8.275 million and features 18,282 square-feet of Class-A office space.