Development

Ford to Break Ground on $3.5B Electric Vehicle Battery Plant in Marshall, Michigan

by Katie Sloan February 14, 2023

MARSHALL, MICH. — Ford Motor Co. (NYSE: F) has unveiled plans for BlueOval Battery Park Michigan, a $3.5 billion lithium iron phosphate (LFP) electric vehicle battery plant in Marshall, a small city of about 7,000 residents located approximately 100 miles west of Detroit. The development will be the first automaker-backed LFP battery plant in the U.S., according to Ford, and will initially employ 2,500 workers upon completion in 2026. The site offers opportunity for further development, despite the fact that 245 acres of land along the Kalamazoo River will be placed into a conservation easement and protected against future industrial development. The plant will operate as a wholly owned subsidiary of Ford in partnership with global battery manufacturer Contemporary Amperex Technology Co. Limited (CATL). Under terms of the arrangement, Ford will manufacture its LFP battery cells utilizing services and knowledge from CATL. The company’s current roster of electric vehicles run on nickel cobalt manganese (NCM) batteries. By offering a second, lower-cost battery chemistry, the company will be able to expand its offering of electric vehicles with a variety of affordable new models. “Ford’s electric vehicle (EV) lineup has generated huge demand,” says Jim Farley, the company’s president and CEO. “To …

February 14, 2023

Share of Markets with Rising Apartment Cap Rates_460

Arbor Realty Trust Build-to-Rent Content Partner Development Features Leasing Activity Midwest Multifamily Northeast Single-Family Rental Southeast Texas Western

Arbor Report Finds Rental Housing Insulated from Economic Contraction, Risk Factors Endure

by Sarah Daniels February 14, 2023

— By Ivan Kaufman, founder, chairman and CEO of Arbor Realty Trust, Inc.; and Sam Chandan, a professor of finance and director of the Chen Institute for Global Real Estate Finance at the NYU Stern School of Business Rental housing is uniquely positioned to withstand tremendous economic headwinds. Although some observers point to the slowdown in apartment rent growth as a sign of growing weakness, this trend is a cyclical feature that is not reflective of any structural change in the profile of demand or supply. It is normal to expect a period of slowing rent growth while there is uncertainty in the economic outlook. In-depth findings on these trends, plus a thorough economic outlook for 2023 and a complete breakdown of risk factors, are detailed in Arbor Realty Trust Special Report Spring 2023: Navigating a Corrective Environment, from which this article is excerpted. While no asset class is immune from the challenges of higher interest rates, the presence of amortization, which spreads out a loan into a series of fixed payments over time, makes the multifamily sector less likely to see mounting distress. All Department of Housing and Urban Development (HUD)-conforming multifamily loans are fully amortizing. Moreover, Fannie …

February 14, 2023

Development Multifamily Texas

Wood Partners Breaks Ground on 378-Unit Multifamily Project in North Houston

by Taylor Williams February 13, 2023

HOUSTON — Atlanta-based developer Wood Partners has broken ground on Alta Sunset Heights, a 378-unit multifamily project in North Houston. Units will come in one- and two-bedroom formats and will be furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities will include a pool, fitness center, business center, outdoor kitchen and a dog park. German private equity firm EuroInvestor contributed an undisclosed amount of equity to finance the project. Preleasing will begin in December, with full completion slated for early 2024.

February 13, 2023

Build-to-Rent Development Single-Family Rental Texas

AHV Communities Completes 142-Unit Single-Family Rental Project in Northwest San Antonio

by Taylor Williams February 13, 2023

SAN ANTONIO — Locally based developer AHV Communities has completed Farm Haus, a 142-unit single-family rental project in northwest San Antonio. The development’s two-story duplexes are available in two-, three- and four-bedroom homes that range in size from 1,134 to 1,645 square feet. Homes also include private garages and fenced yards. Amenities include a pool, fitness center, community kitchen, bocce courts, dog park and walking trails. Rents start at $2,070 per month.

February 13, 2023

Development Industrial Kentucky Southeast

LioChem to Develop $104.4M Manufacturing Facility in Franklin, Kentucky

by John Nelson February 13, 2023

FRANKLIN, KY. — LioChem e-Materials LLC, a subsidiary of Toyo Ink SC Holdings Co. Ltd., will develop a new speculative manufacturing facility at 310 Ronnie Clark Drive in Franklin’s Interstate Industrial Park. Hal Johnson, Jamie Newell and Tak O’Haru of NAI Ready represented LioChem in the site selection and purchase of 26 acres for the project. The facility, which is projected to create 141 jobs, will produce carbon nanotube (CNT) dispersions — the cathode conductive material used to enhance the performance of lithium-ion batteries — for use in electric vehicles.

February 13, 2023

Development Seniors Housing Southeast Virginia

Northmarq Facilitates $38.1M Construction Financing for Seniors Housing Project in Metro Richmond

by John Nelson February 13, 2023

MIDLOTHIAN, VA. — Northmarq has arranged a $38.1 million construction loan for the development of Lake Forest at Swift Creek, a 176-unit seniors housing project at 5950 Harbour Lane in Midlothian, roughly 15 miles outside of Richmond. The borrower, The Holladay Corp., is developing the community, which will comprise one building on 11.7 acres that is designed for active adults ages 55 and older. Keith Wells, Hunter Wood, Reina Abboud and Mike Lowry of Northmarq’s Richmond office secured the financing through Sandy Spring Bank. Delivery is scheduled for 2024.

February 13, 2023

Affordable Housing Development Loans Multifamily New York Northeast

Wells Fargo Provides $288M in Financing for Manhattan Affordable Housing Project

by Taylor Williams February 13, 2023

NEW YORK CITY — Wells Fargo has provided $288 million in financing for North Cove, a 611-unit affordable housing project in Manhattan’s Inwood neighborhood. The financing includes $155 million in debt that backs city-issued, tax-exempt bonds, as well as $133 million in equity that was generated through the purchase of tax credits. The borrower and developer is a partnership between Joy Construction Corp. and Maddd Equities. Units will be restricted to households earning between 27 and 110 percent of the area median income, and roughly 15 percent (94) of the residences will be reserved for formerly homeless residents. The development will include 60,000 square feet of commercial space and offer amenities such as outdoor picnic areas, community recreation rooms and various supportive services. Lastly, as part of the project, the city has donated an adjacent parcel for the construction of a waterfront park.

February 13, 2023

Colorado Development Mixed-Use Office Retail Western

Confluent Development Completes 127,000 SF Vectra Bank Corporate Center in Denver

by Amy Works February 13, 2023

DENVER — Confluent Development has completed Vectra Bank Corporate Center, a nine-story office building within Belleview Station in Denver. The 127,000-square-foot building brings together more than 200 employees from across the Denver metro area to serve Vectra Bank customers and facilitate the bank’s future growth. Vectra Bank Corporate Center features floors of office space and parking; a 4,300-square-foot conference center for employee training and hosting public events; and one floor of commercial retail space, including a Vectra Bank branch. Other features at the building include eight electric vehicle charging stations, bicycle storage, a greenspace with a large open-air patio on the sixth floor, café, grand fireplace and a lobby on the ninth floor. The project team included Open Studio Architectures, Weitz Co. and Provident Construction, as well as in-house entitlement experts at Confluent.

February 13, 2023

Development Multifamily North Carolina Southeast

NRP Group Breaks Ground on 310-Unit South Tryon Apartments in Charlotte

by John Nelson February 10, 2023

CHARLOTTE, N.C. — The NRP Group has broken ground on South Tryon, a multifamily development located at 3310 S. Tryon St. in Charlotte’s South End. Totaling five stories, the apartment community will comprise 310 units in one-, two- and three-bedroom layouts. Amenities at the property will include a fitness center, coworking space, indoor bike room, club room and social area, dog wash and park, a pool, courtyards and an outdoor cooking and dining area. Delivery of the project is scheduled for 2025. Canyon Partners Real Estate provided an equity investment in conjunction with a senior construction loan from CIBC Bank USA to finance the project.

February 10, 2023

Development Life Sciences North Carolina Southeast

Crescent, Nuveen Begin Construction on 322,000 SF Second Phase of Metro Raleigh Biomanufacturing Campus

by John Nelson February 10, 2023

HOLLY SPRINGS, N.C. — Crescent Communities and Nuveen Real Estate have broken ground on the second phase of THE YIELD, a speculative biomanufacturing development in Holly Springs, roughly 20 miles southwest of Raleigh. This phase will comprise three shell-ready, cGMP (Current Good Manufacturing Practice) biomanufacturing buildings totaling 322,000 square feet. The first two buildings are scheduled for completion in late 2023, with the third delivery expected in spring 2024. Including the first phase, which was sold to Apollo Global Real Estate and GeneSuites and is now known as Catalyst BioCampus, the development will total 2 million square feet of biomanufacturing, office/lab and retail space.

February 10, 2023

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