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Development

Aeolian-Building-Meriden-Connecticut
Affordable HousingConnecticutDevelopmentLoansMultifamilyNortheast

KeyBank Provides $51.5M in Financing for Multifamily Conversion Project in Meriden, Connecticut

by Taylor Williams

MERIDEN, CONN. — KeyBank has provided $51.5 million in financing for a multifamily conversion project in Meriden, located roughly midway between New Haven and Hartford. The sponsor, Trinity Financial, will redevelop the former manufacturing facility of musical instrument maker Aeolian Co. into an 82-unit mixed-income housing complex. The historic building is located at 85 Tremont St. and was originally constructed in 1887. Units will be subject to a range of income restrictions, with 11 residences to be rented at market rates. Amenities will include a fitness center, community room and a children’s play area. KeyBank provided a $24.5 million construction loan as the primary debt component of the financing package, and Trinity secured another $27 million in equity financing from a multitude of different sources. A tentative completion date was not disclosed.

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DevelopmentIllinoisMidwest

Northwestern University Breaks Ground on New $800M Ryan Field

by Kristin Harlow

EVANSTON, ILL. — Northwestern University has broken ground on its new Ryan Field in Evanston. Total project costs of the new football stadium are estimated at $800 million, according to local media reports. The privately funded project is expected to create more than 2,900 jobs and nearly $660 million in economic impact to the city and surrounding areas. Most of the funding comes from Pat Ryan Sr., founder of Aon Corp. The facility is slated to open in 2026 and will include a community park and public green spaces. Northwestern is targeting 35 percent of total subcontracted spending between local, minority-owned and women-owned businesses for the construction of the new stadium, totaling an estimated $208 million. Turner-Walsh is leading construction. Demolition of the former 98-year-old stadium wrapped up this month, according to the Chicago Tribune.

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Affordable HousingDevelopmentMidwestMinnesotaMultifamilySeniors Housing

Volunteers of America National Services Opens 80-Unit Affordable Seniors Housing Community in Anoka, Minnesota  

by Kristin Harlow

ANOKA, MINN. — Volunteers of America National Services has opened Nolte River Place, an 80-unit affordable seniors housing community in Anoka, a northern suburb of Minneapolis. The property features one- and two-bedroom units, eight of which are reserved for formerly unhoused senior veterans and 10 are designated units for Project Rental Assistance Contracts vouchers. Amenities include a community room, exercise room, underground parking, hair salon and library. Volunteers of America is a faith-based nonprofit with programs in 46 states.

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Ray-Phoenix-Apts-Phoenix-AZ
ArizonaDevelopmentLoansMultifamilyWestern

JLL Arranges $120M Construction Loan for 26-Story Multifamily Project in Phoenix

by Amy Works

PHOENIX — JLL Capital Markets has arranged $120 million in construction financing for the development of Ray Phoenix, a 26-story residential building in downtown Phoenix. Michael Gigliotti, Brad Miner and Frank Choumas of JLL Capital Markets Debt Advisory secured the financing for the borrower, VeLa Development Partners and Ray, through an affiliate of RXR Realty Investments LLC. Located at 777 N. Central Ave., Ray Phoenix will offer 401 studio, one- and two-bedroom apartments, including duplex and penthouse units with floor-to-ceiling windows, custom cabinetry and luxury flooring and bathroom tiles. The property will feature 20,000 square feet of amenity space, including a large fitness center, yoga studio, resort-style pool, communal kitchen, fireplace lounge, sunken lounge with theater experience, dog wash stations, indoor and outdoor gardens, and workspaces. Situated within an Opportunity Zone, Ray Phoenix will be located on the Phoenix light-rail line and less than a mile north of the Footprint Center and Chase Field.

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Formation-Park-10-Goodyear-AZ
ArizonaDevelopmentIndustrialWestern

Formation Interests, Crescent Real Estate Break Ground on 427,000 SF Formation Park Industrial Project in Goodyear, Arizona

by Amy Works

GOODYEAR, ARIZ. — Dallas-based Formation Interests and Crescent Real Estate has broken ground on the first phase of Formation Park 10, an industrial development at the corner of Bullard Avenue and Celebrate Life Way in Goodyear, a suburb west of Phoenix. Willmeng Construction is serving as general contractor for the project. The first phase of Formation Park 10 will consist of 427,000 square feet spread across two buildings and includes a large, first-of-its-kind park to serve as an amenity for future tenants and the surrounding community.

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DevelopmentIndustrialNorth CarolinaSoutheastTop Stories

Ozempic Manufacturer Novo Nordisk Breaks Ground on $4.1B Production Facility Near Raleigh

by John Nelson

CLAYTON, N.C. — Novo Nordisk, a Danish pharmaceutical giant, has broken ground on a 1.4 million-square-foot manufacturing facility in the Raleigh suburb of Clayton. The drugmaker plans to invest $4.1 billion in the development in order to boost the production of diabetes treatment Ozempic, weight loss drug Wegovy and other injectable therapies. Operations at the 56-acre site will include filling and packaging syringes and injection pens. According to CNBC, the demand for Wegovy and Ozempic has outstripped supply in the United States over the past year. The disparity has led to “intermittent shortages,” reports the national news outlet. In 2024 alone, Novo Nordisk is investing $6.8 billion into pharmaceutical production, up from approximately $4 billion last year. “It took us a century to reach 40 million patients, but through this expansion and continued investment in our global production, we’re building Novo Nordisk’s ability to serve millions more people living with serious chronic diseases in the future,” says Lars Fruergaard Jørgensen, president and CEO of Novo Nordisk. “This is yet another real signal of our efforts to scale up our production to meet the growing global need for our life-changing medicines and the patients of tomorrow.” The expansion project will double …

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DevelopmentMultifamilyTexas

Wood Partners, ParkProperty Capital Open 261-Unit Albright Apartments in Austin

by Taylor Williams

AUSTIN, TEXAS — A partnership between Atlanta-based developer Wood Partners and ParkProperty Capital has opened The Albright, a 261-unit apartment complex in Austin’s Burnet neighborhood. The Albright offers studio, one-, two- and three-bedroom units with smart technology features, stainless steel appliances, granite countertops, walk-in closets and full-size washers and dryers. Amenities include a pool, fitness center, coworking lounge, clubroom, gaming area, pet park and a rooftop lounge. Rents start at $1,475 per month for a studio apartment, according to the property website.

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Affordable HousingCivicDevelopmentGeorgiaMultifamilySoutheast

Atlanta BeltLine, Invest Atlanta Approve $172M Budget for Affordable Housing and Trail Construction

by John Nelson

ATLANTA — The board of directors of Atlanta BeltLine Inc. and Invest Atlanta have approved the Atlanta BeltLine budget for the 2025 fiscal year. Totaling $172 million and marking a 12 percent increase over the 2024 budget, the funding will be directed toward the goal set in 2005 of developing 5,600 units of affordable housing by 2030, as well as acquiring land for the completion of trail construction on the planned 22-mile corridor by the end of 2030. Funding sources for the budget include $69 million from the tax-allocation district (TAD); $49 million from donations; $32 million from the BeltLine special service district (SSD); and $20 million from federal grants. “This is a historic and exciting time for Atlanta BeltLine as we get closer to completing the trail while meeting important goals,” says Clyde Higgs, president and CEO of Atlanta BeltLine Inc. “Supported by our new budget, we will exceed our goals for affordable housing, accelerate the pace for trail work and invest in more economic opportunities for all.” The new funding will help The BeltLine to develop more affordable housing than originally set out by the 2005 BeltLine Redevelopment Plan, which is notable since development costs have risen significantly …

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CivicDevelopmentSoutheastVirginia

Hoar Construction Breaks Ground on 25,000 SF Recreation Center at George Mason University in Northern Virginia

by John Nelson

FAIRFAX, VA. — Hoar Construction has broken ground on a new, 25,000-square-foot recreation center at George Mason University in Fairfax, roughly 20 miles outside Washington, D.C. Dubbed the Activities Community Wellness Building, the facility will serve as the home of the school’s pep band, as well as host student programming and events. Completion is scheduled for spring 2025. The building will feature a full-size NCAA basketball court, additional courts for basketball and volleyball games, yoga and exercise class space, conference rooms, storage and office suites. Powers Brown Architecture is the project architect, and IMEG Corp. is serving as the civil engineer.

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100-Business-Park-Drive-Armonk-New-York
DevelopmentLoansMixed-UseNew YorkNortheast

Basis Industrial Receives $39.6M in Financing for Mixed-Use Property in Armonk, New York

by Taylor Williams

ARMONK, N.Y. — Basis Industrial has received $39.6 million in financing for 100 Business Park Drive, a mixed-use property in Armonk, located north of New York City in Westchester County. Proceeds will be used to refinance existing debt on a 60,000-square-foot warehouse building on the site and to fund construction of a 117,000-square-foot mixed-use building. The new building will house an 82,400-square-foot Extra Space Storage facility, a 26,550-square-foot Sportime pickleball complex and an additional 8,000 square foot of industrial space for Jan-Tile, the primary tenant at the existing warehouse. Basis originally purchased the site in spring 2023. Construction of the new building is slated to begin in July and to be complete in the third quarter of 2025. Ackman-Ziff Real Estate Group arranged the debt through Beach Point Capital Management.

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