The first modular three-flat will be installed in the Humboldt Park neighborhood as part of 10 affordable-rate, three-flat apartment buildings assembled on currently vacant lots in the 27th Ward.

Since its founding, Bedrock and its affiliates have invested and committed more than $5.6 billion to acquiring and developing more than 100 properties, including new construction of ground up developments in Downtown Detroit and Cleveland, totaling more than 18 million square feet.

Upon the closing of the deal, which is expected in the third and fourth quarter of this year, RoundPoint will become a wholly-owned subsidiary of Freedom Mortgage.

“Since Borgata arrived in the market more than 15 years ago, we have maintained a steadfast dedication to property growth and development, and we believe our new concepts confirm our position,” says Marcus Glover, resident and COO for Borgata Hotel Casino & Spa.

The expansion, which will boost Hyatt's luxury portfolio in the Asia Pacific region by 25%, will be comprised of seven new Park Hyatt branded properties and six hotels each under the Grand Hyatt and Andaz brands, as well as two Alila branded resort properties.

“Tenants occupying this market are typically looking for facilities with good functionality in a strategic location, proximate to the major transportation arteries, the ports, Newark Liberty International Airport, and New York City. 1416 East Linden checks all the boxes…,” says Bussel Realty SVP Jordan Metz.

The portfolio totals 1.27 million square feet of office space. SREIT is managed by Starwood REIT Advisors L.L.C., a subsidiary of Starwood Capital Group.

The former prison site is a prime location for new commercial or mixed-use development, state officials note.