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Development

The-Italic-Queens
DevelopmentMultifamilyNew YorkNortheast

Fetner Properties, Lions Group Begin Leasing 50-Story Apartment Building in Queens

by Taylor Williams

NEW YORK CITY — A partnership between two locally based developers, Fetner Properties and Lions Group, has begun leasing The Italic, a 50-story apartment building located at 26-32 Jackson Ave. in the Long Island City area of Queens. Designed by SLCE Architects and built by Hunter Roberts Construction Group, the building houses 363 units in studio, one-, two- and three-bedroom units, with 109 residences designated as affordable housing. Amenities include a communal lounge, fitness center, golf simulators, a basketball court, coworking spaces and a rooftop terrace. The building also houses 20,000 square feet of commercial space. Rents start at approximately $3,800 per month for a studio. Construction topped out in December 2023.

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DevelopmentIndustrialLife SciencesNorth CarolinaSoutheastTop Stories

Johnson & Johnson Breaks Ground on $2B Pharmaceutical Manufacturing Facility in Wilson, North Carolina, As Part of $55B Investment

by John Nelson

WILSON, N.C. AND NEW BRUNSWICK, N.J. — Johnson & Johnson (NYSE: JNJ), has broken ground on a $2 billion pharmaceutical manufacturing facility in Wilson, about 50 miles east of Raleigh. The project is part of a larger, $55 billion investment in U.S. manufacturing, research-and-development (R&D) and technology initiatives that the global pharmaceutical, medical devices and consumer health products provider is planning over the next four years. “Today’s announcements accelerate our nearly 140-year legacy as an American innovation engine tackling the world’s toughest healthcare challenges,” says Joaquin Duato, chairman and CEO of Johnson & Johnson. “Our increased U.S. investment begins with the ground-breaking of a high-tech facility in North Carolina that will not only add U.S.-based jobs but manufacture cutting-edge medicines to treat patients in America and around the world.” The new manufacturing facility will span approximately 500,000 square feet and will create 5,000 construction jobs, as well as 500 specialized positions for employees and contractors, including process technicians, laboratory analysts, engineers and microbiologists. Upon completion, Johnson & Johnson plans to produce medicines for people with cancer, immune-mediated and neurological diseases at the Wilson plant. The company estimates that the facility will have an economic impact of $3 billion in North …

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Affordable HousingDevelopmentSeniors HousingSoutheastVirginia

True Ground Housing Breaks Ground on $64M Affordable Seniors Housing Community in Metro DC

by John Nelson

CHANTILLY, VA. — True Ground Housing Partners has broken ground on a $64 million affordable seniors housing community in Chantilly, roughly 30 miles outside Washington, D.C. Dubbed Avonlea Senior, the development will be situated within the Avonlea Town Center master-planned community developed by Peterson Cos.  The project team includes general contractor Bozzuto Construction, Advanced Project Management (APM), Grimm + Parker Architects, Moya Design Partners, Allen + Shariff Corp. and civil engineer Urban Ltd. Upon completion, the community will comprise 137 units for residents age 55 and older. The property will also feature a wellness suite, business center and two community rooms. Completion of the project is slated for summer 2026.  Financing for the development includes low-income housing tax credits (LIHTC) from Virginia Housing; more than $6 million from Loudoun County’s affordable multifamily housing loan program; $7.5 million from Amazon REACH; $1.4 million in Virginia Housing Trust Fund financing; and $4 million from Virginia’s Housing Innovations in Energy Efficiency (HIEE) program. Additionally, Truist has purchased approximately $29 million in tax credit equity. Formerly Arlington Partnership for Affordable Housing, True Ground Housing Partners is a nonprofit affordable housing developer.

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DevelopmentFloridaIndustrialLoansSoutheast

CBRE Arranges $45M Construction Loan for Industrial Development in Fort Myers, Florida

by John Nelson

FORT MEYERS, FLA. — CBRE has arranged a $45 million construction loan for the development of Oriole Logistics, a 442,000-square-foot industrial project in Fort Myers. Billy Mork, Joel Torborg and Mike Vannelli of CBRE Capital Markets’ Debt & Structured Finance team in Minneapolis secured the loan on behalf of the owner and developer, Capital Partners. Situated at 16815 Oriole Road, the property is near Southwest Florida International Airport, which in its second phase of a three-year, $1 billion terminal expansion. The Oriole Logistics project will comprise one 136,000-square-foot building and two buildings spanning 153,000 square feet each, according to the Business Observer. Upon completion, the three-building portfolio will feature 84 dock doors, 28 to 32-foot clear heights and a 580-space parking lot. Construction for the project is slated to break ground in April. Oriole Logistics marks the third industrial development for Capital Partners in South Florida since 2023.

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Mesa-Linda-Logistics-Center-Hesperia-CA
CaliforniaDevelopmentIndustrialLoansWestern

Newcastle Partners Obtains $27.5M in Construction Financing for Mesa Linda Logistics Center in Hesperia, California

by Amy Works

HESPERIA, CALIF. — Newcastle Partners has received $27.5 million in construction financing for Mesa Linda Logistics Center, a Class A industrial warehouse and distribution facility currently under construction in Hesperia. Scheduled for delivery in first-quarter 2026, the 408,997-square-foot property will offer a clear height of 36 feet, 54 dock-high doors, 57 trailer parking stalls, 215 auto parking spaces, an ESFR sprinkler system and a combined 12,000 square feet of office and mezzanine space. The project is situated on 17.5 acres and will offer access to freeways, including interstates 5 and 40, US-395, CA-18 and CA-189. Greg Brown, Samuel Godfrey and Allie Black of JLL Capital Markets secured the floating-rate, nonrecourse construction loan through a bank for the borrower.

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DevelopmentIndustrialMidwestMissouri

Wieland Expands Operations in Metro St. Louis with $500M Manufacturing Facility

by Kristin Harlow

ST. LOUIS — Wieland, a global supplier of high-quality copper and copper alloy solutions, is expanding its operations in the St. Louis region, investing $500 million in a new facility. Construction began in early March. The expansion will retain 800 jobs. Wieland, which manufactures products for the electric vehicle industry, contributes to the nearly 16,000 skilled metals industry workers in the area. The company also makes parts for construction, munitions, coinage and electronics. Wieland maintains recycling facilities in Granite City and produces welded copper tubes in Cuba, Mo. The St. Louis region ranks second in the United States for minerals and ores exports, primarily including metals and metal products, according to the St. Louis Regional Freightway.

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CivicDevelopmentMidwestNebraska

Assemble Lincoln Selects Site for 125,000 SF Downtown Convention Center in Nebraska

by Kristin Harlow

LINCOLN, NEB. — Assemble Lincoln, Lancaster County’s standing committee overseeing the development of Lincoln’s Downtown Convention Center, has selected the Garfield Public/Private site near South 13th and M streets as the location for Lincoln’s convention center. After a process that began in fall 2023 following two feasibility studies in 2022 and 2023 by CSL, commissioned by the Downtown Lincoln Association, Lincoln Downtown Rotary #14 and Visit Lincoln, three sites were shortlisted as finalists in July 2024. The convention center is estimated to come with an investment between $111 million and $120 million and have an impact of $18.5 million in total economic output annually, supporting 230 jobs and generating nearly $1.3 million in tax revenue per year. Next steps in the process to develop the site include beginning outreach and preliminary negotiations with landowners of the parcels being considered for development, submitting Lancaster County’s Turn Back Tax application to the state, understanding the anticipated timeline of approval of the application and when funds would become available if approved, determining a schedule for issuing design, preconstruction and construction management request for proposals and building a master schedule and budget for development of the site. The selected site is situated directly across …

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DevelopmentIllinoisLoansMidwestMultifamilyStudent Housing

Cushman & Wakefield Arranges Equity Financing for University of Illinois Student Housing Development with 241 Beds

by Kristin Harlow

CHAMPAIGN, ILL. — Cushman & Wakefield has arranged limited partner (LP) equity financing for the development of 505 S 5th Street, a Class A student housing project in Champaign serving students attending the University of Illinois’ Urbana-Champaign campus. The project will be located adjacent to campus and in the heart of Campustown. The development site is fully entitled and shovel-ready, with groundbreaking slated for this month. Completion is anticipated ahead of the 2026-2027 academic school year. The community will feature 241 beds and amenities such as a fitness center, yoga studio, sauna, study rooms, business center, clubroom and outdoor lounge area. Kristian Brown, Travis Prince, Shawn Lubic, Victoria Marks, Susan Tjarksen and Brendon Urban of Cushman & Wakefield arranged the financing on behalf of Hartman Capital, a Champaign-based firm specializing in student housing at the University of Illinois. Quilvest Capital Partners, a global private investment firm, provided the LP equity.

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AcquisitionsDevelopmentIllinoisIndustrialMidwest

Logistics Property Co. Buys Development Site Next to Chicago O’Hare Airport, Plans to Build 123,000 SF Warehouse

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Logistics Property Co. LLC has acquired a nearly 6-acre site at 2700 York Road in Elk Grove Village located just west of the Chicago O’Hare International Airport. Construction on the site is expected to commence in May. When complete, the development will feature a 123,000-square-foot rear-load warehouse with 16 dock doors, two drive-in doors and 125 auto parking spaces. Aaron Martell and Ben Fish of Logistics Property Co. worked with Ed Lowenbaum of Cresa on the purchase. Jacob & Hefner Associates is the civil engineer. The project is slated for completion in the second quarter of 2026.

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32-34-Walker-St.-Manhattan
DevelopmentMultifamilyNew YorkNortheast

Kriss Capital Provides $32M in Financing for Manhattan Adaptive Reuse Project

by Taylor Williams

NEW YORK CITY — Local lender and private equity firm Kriss Capital has provided $32 million in financing for an adaptive reuse project in Manhattan’s Tribeca area. The borrower, a partnership between local firms Urban Capital Group and Prosper Property Group, will use the proceeds to acquire and convert a former textile warehouse into a five-unit residential building with ground-floor retail space. The design team includes SOMA and Turett Collaborative. Residences will come in three- and four-bedroom floor plans and have an average size of 3,500 square feet. Andy Iadeluca of New Development Capital arranged the debt. GRA Equities and PZ Realty Investments are also partners on the project, construction of which is underway and slated for a mid-2026 completion.

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