JLL arranges $870 million construction loan for South Station redevelopment in Boston, MA

Jennifer Keller

BOSTON, MA, January 24, 2020 – JLL Capital Markets announced today that it has arranged an $870 million construction loan for the first phase of the South Station redevelopment, which comprises a 1.2 million-square-foot, 51-story mixed-use tower that will be built at Boston’s South Station transportation hub.

 The South Station redevelopment is a world-class, 1.9 million-square-foot mixed-use project that will transform Boston’s transportation hub and skyline. 

JLL worked on behalf of a joint venture between affiliates of Hines, APG Groep NV and Dune Real Estate Partners LP, to secure the loan with The Children’s Investment Fund.

Riaz Cassum 

Anticipated for delivery in 2024, the first phase of the project will offer approximately 660,000 rentable square feet of Class AA office and retail space as well as approximately 166 residential condominium units and more than 500 parking spaces. 

The faceted oval glass tower was designed by Pelli Clark Pelli Architects and will be constructed to align with the historic South Station façade and meet LEED^® Gold standards.

The office component will feature 26,000-square-foot, primarily column-free floor plates with 13’ floor-to-ceiling heights and unobstructed views of downtown Boston and Boston Harbor. 

South Station redevelopment, which comprises a 1.2 million-square-foot, 51-story mixed-use tower that will be built at Boston’s South Station transportation hub.

 The residential component of the tower will offer studio, one-, two- and three-bedroom units along with penthouse duplex units. The residences will feature the finest finishes and will be accessed through a private lobby with doorman/door staff. 

The tower is positioned directly above South Station, Boston’s transportation hub, which serves more than 130,000 commuters daily and offers direct access to multiple modes of transportation like trains, buses and the subway. 

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Riaz Cassum and Senior Director Jennifer Keller.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc. a licensed real estate broker.

About Dune Real Estate Partners LP:

Daniel M. Neidich 

Dune Real Estate Partners LP is a New York City-based real estate investment firm currently executing a strategy focused on distressed, deep value-add and contrarian investing, primarily in the United States.   

Dune manages the Dune Real Estate Funds, which were launched by Mr. Daniel M. Neidich in 2005 and have raised $3.6 billion of equity capital.

Contact: 

Kristen Murphy

JLL Senior Manager

 Public Relations 

Phone: +1 617 848 1572

Email: Kristen.Murphy@am.jll.com

 www.hines.com

jll.com

apg.nl/eng.

Evergreen Real Estate Group and Chicago Housing Authority Break Ground on Pioneering Affordable Senior Housing Community on Chicago’s North Side

Ravenswood Senior Living is a new 193-unit
affordable senior rental community
at 4515 North Winchester Avenue
 in Chicago’s Ravenswood neighborhood

CHICAGO, IL (Jan. 24, 2020) — Evergreen Real Estate Group today announced the start of construction on Ravenswood Senior Living, a 193-unit affordable rental community at 4515 N. Winchester Ave. in Chicago’s Ravenswood neighborhood.

Evergreen representatives joined 47^th Ward Ald. Matt Martin and officials from the Chicago Housing Authority (CHA), Illinois Housing Development Authority (IHDA) and other partners at a ceremonial groundbreaking on Jan. 23.

The pioneering $81 million project will convert the former Ravenswood Hospital — which was built in 1974 and has been vacant since 2002 — into much-needed affordable senior housing.

Civic officials and other development partners
 joined Evergreen Real Estate Group
to celebrate the groundbreaking
of Ravenswood Senior Living

From left:  Stephen Sparks, senior vice president, Key Bank; Jim Cunningham, deputy regional administrator, U.S. Department of Housing and Urban Development; Samir Mayekar, deputy mayor of neighborhood and economic development, city of Chicago; James Bible, acting CEO, Chicago Housing Authority; Mike Griffin, fund manager, National Development Council; Kristin Faust, executive director, Illinois Housing Development Authority; Jeff Rappin, founder and chairman, Evergreen Real Estate Group; and 47th Ward Ald. Matt Martin.

  It is one of the first developments in the country to offer both independent living and supportive living for low-income seniors in a single location, allowing residents to age in place as their needs and lives change. 

Located between Damen and Ravenswood avenues, the 10-story building will have 74 one-bedroom independent living apartments for CHA residents, as well as 119 units for participants in the Illinois Supportive Living Program, an alternative to nursing home care that is administered by the Illinois Department of Healthcare and Family Services.

While the two communities will be located in the same building, they will have separate entrances and operate independently from each other. 

Jeff Rappin

“This important project is a rare opportunity to bring much-needed affordable senior housing to Chicago’s North Side while establishing a viable financing model that can be applied to future senior developments across the country, especially as the population continues to age,” said Jeff Rappin, founder and chairman of Evergreen Real Estate Group.

“Ravenswood Senior Living will provide a full spectrum of housing options in a single location, making it possible for CHA residents to transition into a new, yet familiar, home if and when they require assistance with daily tasks like bathing, dressing and making meals.

"We're proud to partner with the CHA in creating neighborhood-based affordable housing that benefits some of Chicago’s most vulnerable residents.”   

James L. Bebley

“This development illustrates CHA’s creative approach to expanding affordable housing,” said CHA Acting CEO James L. Bebley. “It offers a unique combination of independent living and supportive living for low-income seniors, but also is one of the first in the nation.

"And, it is an example of CHA’s commitment to build strong, vibrant communities throughout Chicago.”

“This groundbreaking was made possible by a public-private partnership that has been working for years to help residents age in place as their housing needs change,” IHDA Executive Director Kristin Faust said.

 “Affordable housing doesn’t have a one-size-fits-all solution, and Ravenswood Senior Living is an innovative development that will support a continuum of options for Chicago residents as they age.”

Kristin Faust

Rappin added that while the former hospital is not an official historic structure, it is an important local landmark to the community and, as a result, Evergreen plans to revitalize and maintain much of the original structure.

Ravenswood Senior Living is owned by Evergreen Real Estate Group in partnership with Chicago-based Synergy Construction Group and the Chicago Housing Authority.

 Financial partners for the independent living community include the CHA, which is providing Rental Assistance Demonstration (RAD) project-based vouchers for all 74 residents, as well as a significant amount of capital funds.

Matt Martin

 Evergreen also worked with IHDA, the National Development Council (NDC), Ravenswood Community Council, ComEd’s Energy Efficiency Program via the CHA Community Support Corporation, IFF and Key Bank to secure additional funding and tax credits.

 Leopardo Companies is the general contractor, with Evergreen Construction Company and Synergy Construction Group serving as subcontractors.

Ravenswood Senior Living is located close to public transit, including the Damen and Montrose Brown Line stations, the Ravenswood Metra stop, and several CTA bus routes.

The Ravenswood Senior Living project is the third affordable senior housing community that Evergreen has developed on Chicago’s North Side over the past year.

CONTACTS:

 Kathryn Kjarsgaard, kkjarsgaard@taylorjohnson.com,

(312) 267-4514

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528 

www.evergreenreg.com

Regency Centers Announces Resignation of Board Member John Schweitzer

John C. Schweitzer 

JACKSONVILLE, FL, Jan. 24, 2020 (GLOBE NEWSWIRE) -- Regency Centers Corporation (NASDAQ: REG; “Regency” or the “Company”) announced today that John C. Schweitzer has tendered his resignation from its Board of Directors effective immediately.

Mr. Schweitzer’s decision to resign was not due to any disagreement with the Company on any matter relating to its operations, policies or practices.

Commenting on his departure Mr. Schweitzer stated, “Serving on Regency’s board has been an honor and a privilege.  My fellow directors are a uniquely talented group as well as Regency’s outstanding team that is top of the line in the sector.  Regency is well positioned for a long future of success.”

“We want to thank John for his many years of service to Regency,” stated Martin E. “Hap” Stein, Jr., Executive Chairman. 

Martin E. “Hap” Stein, Jr.

"Mr. Schweitzer has held many board positions over his tenure including Lead Independent Director as well as his most recent roles as chairman of the Compensation Committee and a member of the Nominating and Governance Committee. 

"Mr. Stein continued, “His tremendous contributions were invaluable in Regency’s growth and successes over the years.  All of us will miss his wise counsel and leadership and wish him all the best.”

CONTACT:

Laura Clark
904 598 7831
LauraClark@RegencyCenters.com

regencycenters.com