Development

The developer buys one of the last remaining land sites in the southwest Phoenix submarket.

The renovations will include upgraded finishes in the building lobbies, enhanced building amenity packages, upgraded common areas, restrooms, elevator cabs, landscaping and a programmable activity lawn.

Quartermaster owner Sky Management has partnered with architecture firm Digsau and is currently implementing a host of capital improvements that are expected to be completed by the spring of 2020.

The fund, through its affiliated entities, plans to develop a 120-room hotel, operated under a nationally recognized brand, and a six-story, 144-unit apartment community at the site.

The 236-unit apartment building extends 765 feet into the Hudson River, developed by Hartz Mountain Industries and The Maxal Group. The financing came in the form of a $100-million syndicated loan for the project from M&T Bank that was completed in July.

Legacy Partners and architecture firm Tiscareno Associates had to think outside the box, creating 195 luxury living spaces, two major retail spaces and ample parking on a site with an unusual wedge shape.

Despite the record levels of new construction, apartment vacancy has held strong in Downtown Los Angeles.

Madison Realty Capital and The Bluestone Group provide $30 million financing for a 6-acre mixed-use development.