Civic

YMCA to Develop $41M Facility, School in Raleigh Using SunTrust-Backed Capital

by Camren Skelton April 23, 2018

RALEIGH, N.C. — YMCA of the Triangle has unveiled plans to develop a $41 million recreation center and school located at 1436 Rock Quarry Road in southeast Raleigh. The project is being funded with $21 million in New Markets Tax Credit (NMTC), and a loan from SunTrust Community Capital. CAHEC New Markets LLC, a subsidiary of Raleigh-based CAHEC, a nonprofit tax credit equity syndicator, provided YMCA of the Triangle with $15 million in NMTC allocations, and SunTrust provided the remaining $6 million. Tax Advantage Group provided NMTC advisory services to YMCA of the Triangle. The new facility will house a 42,960-square-foot recreation center with a wellness area, gymnasium and group exercise studio, as well as a 71,980-square-foot building that will be operated and leased to the Wake County Public School System. The new YMCA center will create 28 permanent jobs in the area, as well as 129 construction jobs during the development phase. The project is slated for completion in August 2019.

April 23, 2018

Neeley-School-of-Business-Texas-Christian-University

Civic Development Texas

TCU to Open Real Estate Center at New Business School in Fort Worth

by Taylor Williams April 2, 2018

FORT WORTH, TEXAS — The Neeley School of Business at Texas Christian University (TCU) in Fort Worth will open a real estate center, according to the school’s website. The center, which has received more than $2 million in funding, will provide educational resources, research and networking opportunities for the Dallas-Fort Worth (DFW) real estate industry. The Neeley School of Business is currently undergoing a $5.5 million expansion project that should deliver new facilities by January 2020, and the real estate center is expected to be housed within the expanded space.

April 2, 2018

Civic Development Texas

Cadence McShane to Build 527,000 SF High School Campus in Sherman

by Taylor Williams March 28, 2018

SHERMAN, TEXAS — Cadence McShane Construction Co. will build a new, 527,000-square-foot campus for Sherman High School in north Texas. Designed by VLK Architects, the campus will include three main academic buildings, a 2,000-seat stadium, an 800-seat auditorium, a competition gym and four practice gyms, competition baseball and softball fields and a 50,000-square-foot fieldhouse. The project is being financed through a $176 million bond package approved by City of Sherman voters in November 2017. According to the Sherman Herald Democrat, the campus will be complete in time for the 2020 school year.

March 28, 2018

Civic Development Georgia Property Type Southeast

JE Dunn to Build $46M Research, Teaching Facility at Georgia Southern University

by Camren Skelton March 28, 2018

STATESBORO, GA. — JE Dunn Construction will soon break ground on a $46 million teaching and research facility for the engineering programs at Georgia Southern University in Statesboro. The new Center for Engineering and Research (CEAR) will centralize the various departments and multiple disciplines of the Allen E. Paulson College of Engineering and Computing, whose operations currently take place in three buildings. The 130,000-square-foot CEAR building will span three stories and will offer advanced equipment and technology, classrooms, seminar and conference rooms, computer labs and administrative offices. JE Dunn is serving as the project’s construction manger, and Stevens & Wilkinson/SmithGroupJJR is the architect. The development team will break ground on the CEAR building in January 2019, with completion scheduled for the 2020 fall semester.

March 28, 2018

Civic Louisiana Southeast

Roy Anderson to Lead $17M Construction Project at WWII Museum in New Orleans

by Camren Skelton January 19, 2018

NEW ORLEANS — Roy Anderson Corp., a subsidiary of Tutor Perini Corp., has unveiled plans to construct the Hall of Democracy at the National WWII Museum’s campus in New Orleans. The $17 million pavilion will total 34,800 square feet and will be dedicated to the museum’s research, WWII content, expertise and outreach. The pavilion will house a special exhibits gallery; the Institute for the Study of War and Democracy, which is expected to be the hub of World War II knowledge and education for the museum and the general public; a WWII Media and Education Center with production studios and broadcast capabilities; and a library. Construction on the project is expected to commence later this month or in early February, with completion slated for the summer of 2019.

January 19, 2018

Civic Loans Mixed-Use Multifamily New York Northeast

Madison Realty Capital Provides $53.5M in Financing for Mixed-Use Development in Manhattan

by Amy Works January 5, 2018

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $53.5 million acquisition and construction financing package collateralized by a partially constructed mixed-use development at 208 Delancey Street on the Lower East Side of Manhattan. The borrower, New Empire Real Estate Development, plans to construct an approved 85,000-square-foot, 69-unit residential condominium building and a 10,201-square-foot community facility on the site. MRC funded an initial $15 million at closing to the borrower and has committed to fund an additional $38.5 million to complete construction of the project. The $53.5 million financing package represents approximately 70 percent of the total project cost. The property includes a gross area of 84,579 square feet and a net sellable area of 62,529 square feet. The seller began construction on the site in 2011 and completed excavation, foundation and superstructure work through the fourth floor, but received a stop work order midway through the project. With the MRC financing, the buyer was able to acquire the distressed property and intends to demolish the existing structure, repair any structural deficiencies and begin work on the revised new building plans.

January 5, 2018

Civic New Hampshire Northeast Office

A&G Partners Completes $11.6M Sale of Daniel Webster College Campus in Nashua, New Hampshire

by Amy Works January 3, 2018

NASHUA, N.H. — A&G Partners has closed the sale of Daniel Webster College’s 53-acre campus, formerly owned by ITT Educational Services, to Hong Kong-based user for $11.6 million. The campus housed 13 buildings totaling 281,000 square feet. The transaction — approved October 25, 2017, by the U.S. Bankruptcy Court in Indianapolis — followed the closing in November of A&G’s sale of the college’s aviation-specific facilities to Southern New Hampshire University. Assets at the former aviation school included a hangar, flight center, library, gym, townhouse and six additional buildings.

January 3, 2018

Civic Mixed-Use New York Northeast Retail

TerraCRG Arranges $53M Sale of 165,000 SF Mixed-Use Property in Brooklyn

by Amy Works January 2, 2018

NEW YORK CITY — TerraCRG has brokered the sale of 1501 Pitkin Avenue, a 165,000-square-foot mixed-use building in Brooklyn. POKO Partners sold the property to an undisclosed buyer for $53 million. Built in 1929, the former movie theater has been redeveloped into a mixed-use property featuring retail and educational space. The building features 12,371 square feet of retail space occupied by Pizza Hut, Subway and Dollar Tree, and a 152,404-square-foot charter school that serves 1,000 students. Ofer Cohen, Dan Marks, Matt Cosentino, Fred Bijou and Eric Satanovsky of TerraCRG brokered the deal.

January 2, 2018

Civic New York Northeast

NYC School Construction Authority Breaks Ground on $52.4M Addition at Elementary School in Queens

by Amy Works December 11, 2017

NEW YORK CITY — The School Construction Authority and MPCC, as general contractor, have broken ground for the Public School 144 addition, an expansion at Colonel Jeromus Remsen School, located at 93-02 69th Ave. in the Forest Hills section of Queens. The $52.4 million, four-story addition will house 26 classrooms, an entrance lobby, an outdoor play area, a cafeteria, offices and a medical suite. The Pre-K through fifth grade school currently serves 894 students. Designed by Urbahn Architects, the expansion will accommodate 590 students and eliminate the need for temporary modular, outdoor classroom facilities. The project team includes MPCC, Leslie E. Robertson Associates LERA, Loring Consulting Engineering, YU + Associates Engineers, Edgewater Design, Lumen Architecture, Cerami & Associates and Schiavone Designs.

December 11, 2017

Civic Georgia Loans Southeast

SunTrust, Partners Provide $24.8M Financing for New YMCA Headquarters in Downtown Atlanta

by Camren Skelton December 7, 2017

ATLANTA — SunTrust Community Capital, in partnership with McCormack Baron Salazar and Invest Atlanta, has provided $24.8 million in financing for a new YMCA of Metro Atlanta headquarters. The 54,400-square-foot building, known as the YMCA Center for Leadership and Learning, will be located at 569 Martin Luther King Jr. Drive in downtown Atlanta, a half-mile from the new Mercedes-Benz Stadium. The financing included $22 million in New Market Tax Credits (NMTC) allocation and a $2.5 million Westside Tax Allocation District grant from Invest Atlanta. SunTrust Community Capital served as the sole NMTC investor for the development. The new Leadership and Learning Center will house the YMCA of Metro Atlanta’s administrative offices and will become the new regional YMCA training center for the Southeast, providing training to over 1,500 employees annually. The center will bring 135 YMCA employees to downtown Atlanta, including 25 new jobs and various internship opportunities. The facility is expected to open in early 2019.

December 7, 2017

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