SIDNEY, OHIO — SEMCORP Advanced Materials Group has unveiled plans to invest $916 million for a new manufacturing facility in Sidney, about 35 miles north of Dayton. The facility, which is expected to create nearly 1,200 jobs, will be utilized to make separator film, a key component in batteries for electric vehicles. SEMCORP’s products will be used by electric vehicle battery makers across North America. The Sidney project will be located at Sidney Ohio Industrial Park and will span 850,000 square feet. A timeline for completion was not released. The City of Sidney provided incentives for the project, but specific details were not provided. According to a news release, China-based SEMCORP is currently the largest lithium-ion battery separator film producer in the world with six manufacturing facilities.
VISTA, CALIF. — JLL Capital Markets has secured $27.4 million in financing for the acquisition and repositioning of 2065 Thibodo Road, an industrial property in Vista. The borrower is a joint venture between Lincoln Property Co. and Angelo Gordon. The new owner plans to convert the existing 76,872-square-foot property, which is situated on 4.1. acres, into manufacturing space that meets Current Good Manufacturing Practices for life sciences users. The property features 149 parking stalls, five grade-level doors, 28-foot clear heights and 8,000 amps of power. Aldon Cole, Jordan Angel, Daniel Pinus and Auden Menke of JLL Capital Markets arranged the three-year, floating-rate loan through Citizens. Additionally, Joe Anderson of JLL brokered the sale from the previous owner and currently represents the borrower in its efforts to lease the building.
NEW YORK CITY — Parkview Financial has provided $207 million in financing for the acquisition and redevelopment of the former Hudson Hotel in Manhattan’s Clinton neighborhood. Located at 353-366 West 58th St., the 24-story hotel was most recently operated by Cain International until shuttering in 2020 under strain from the COVID-19 pandemic. The undisclosed borrower plans to convert the 385,124-square-foot property into a 438-unit residential tower. Units will feature eight-foot to 10-foot ceilings, hardwood floors, stainless steel appliances, quartz countertops and washers and dryers. The building will also offer 30,000 square feet of retail and 25,000 square feet of office space. The new ownership plans to market the units at a 20 percent discount to rates seen at other properties in the surrounding area in hopes of attracting young professionals, students and small families to the property, according to Paul Rahimian, CEO and founder of Parkview. The redevelopment is scheduled for completion in early 2023. The building was originally constructed in 1929 to act as the American Women’s Association clubhouse and residence for young women before being converted into the Henry Hudson Hotel in 1941. The property is located one block west of Columbus Circle near Billionaires’ Row. Parkview Financial provided the financing in conjunction with Montgomery Street Partners. …
WEST PALM BEACH, FLA. — J.P. Morgan has provided a $96.4 million construction loan for the development of a 22-story apartment tower in downtown West Palm Beach. The borrower is a joint venture between the developer, Hyperion, and affiliates of Starwood Capital Group and Winter Properties. Located at 201 Clearwater Drive, the unnamed tower will include 457 apartments, 7,000 square feet of ground-floor retail space, a 628-space parking garage and more than 34,000 square feet of indoor and outdoor amenities. Hyperion is expected to begin construction soon, and the development is slated to be open to renters in early 2024.
FLOWER MOUND, TEXAS — Realty Capital will develop Terranea at Lake Grapevine, a 200-unit apartment complex in Flower Mound, located in the northern central part of the metroplex. Designed by Merriman Anderson Architects, Terranea at Lake Grapevine will rise 16 stories and include townhouses, penthouses and retail space in addition to traditional rental units. Amenities will include a pool deck overlooking Lake Grapevine, a fitness center, golf simulator, game room, bar, dog wash, storage and outdoor gathering spaces. Construction is slated to begin this summer and to be complete in 2024.
HOUSTON — Locally based developer Avera Cos. has broken ground on a 120,022-square-foot industrial project that will be located on an 8.2-acre site in north Houston. The building will be the fourth within Avera’s Century Plaza Distribution Center and will feature 32-foot clear heights, 195-foot truck court depths and an ESFR sprinkler system. Construction is scheduled for a second-quarter 2023 completion. CBRE will lease the building.
WALLKILL, N.Y. — Long Island-based developer Eliviat Group, in partnership with Pyramid Management Group, will develop The Galleria Residences, a 224-unit multifamily project that will be located about 80 miles north of Manhattan in Wallkill. The site spans five acres and sits directly across from the Galleria Mall at Crystal Run. CT Male & Associates is designing the community, which will feature 122 one-bedroom units, 96 two-bedroom residences and six three-bedroom units. Amenities will include a rooftop lounge, dog park and office-style conference rooms. Construction is scheduled to begin in September and to be complete in June 2024.
ELIZABETH, N.J. — Elberon Development Group has completed a 140,000-square-foot cold storage facility in the Northern New Jersey city of Elizabeth that is a build-to-suit for New Jersey-based FreezPak Logistics. The facility features clear heights of 66 to 80 feet, 18 loading docks and 30,000 pallet positions. Trailer parking is available both on site and across the street. California-based Ware Malcomb designed the project, with Industrial Building Group serving as the general contractor.
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Speed to Market is ‘Almost the Only Priority’ for Multifamily Developers Looking to Avoid Cost Risks, Say InterFace Panelists
CHARLOTTE, N.C. — Multifamily developers are pushing their chips in and aggressively looking for new development deals, especially for sites in and around high-growth markets in the Southeast. Michael Tubridy, senior managing director of Crescent Communities, said his firm isn’t leaving anything to chance and is looking to move quickly on development opportunities. “We’re trying to get as many units on the ground today as possible, because tomorrow will be more expensive,” said Tubridy. “I like the chances of today’s cost environment a lot better than I like the unknown of where we’ll be a year from now or two years from now. Putting a premium on speed to market is something that we are much more focused on; it’s almost the only priority right now.” Tubridy’s comments came during the development panel at InterFace Carolinas Multifamily 2022. The half-day event was held on April 14 at the Hilton Uptown Charlotte hotel and attracted more than 260 attendees from all facets of the multifamily industry in North Carolina and South Carolina. Michael Saclarides, director of Cushman & Wakefield’s Multifamily Advisory Group, moderated the discussion. Crescent Communities is far from the only multifamily developer pursuing ground-up construction opportunities in earnest. In …
NASHVILLE, TENN. — Amazon plans to invest a total of $10.6 million to help build and renovate more than 130 affordable housing units in Nashville. The investment is in partnership with the Metropolitan Development and Housing Agency (MDHA) and supports the social work of the local nonprofit CrossBridge Inc., which provides housing and supportive services to adults overcoming addiction. The investment is part of the Amazon Housing Equity Fund, which has earmarked more than $2 billion to create and preserve 20,000 affordable homes in Nashville, Washington state’s Puget Sound region and the Arlington, Va., region, which is home to Amazon’s HQ2 campus. The Seattle-based e-commerce giant has committed more than $94 million over the past two years to affordable housing efforts in Nashville. Amazon’s commitment to MDHA consists of a $7.1 million low-rate loan to support the construction of Cherry Oak Apartments, a mixed-income residential development in the Cayce Place neighborhood of east Nashville. Cherry Oak will feature 96 apartments, including 53 that are affordable at or below 80 percent of area medium income (AMI). MDHA has a 99-year ground lease at the site. Amazon is also providing a $3.5 million grant to support CrossBridge’s housing projects on Lindsley Avenue …