Property Type

WEST LAFAYETTE, IND. — The U.S. Department of Commerce, which works with businesses and universities to promote job creation and economic growth, has agreed to a preliminary memorandum of terms (PMT) with semiconductor manufacturer SK hynix for its new $3.9 billion manufacturing plant in Indiana. The manufacturer, part of South Korean-based SK Group, announced in April that its advanced packaging and research-and-development (R&D) facility was coming to Purdue Research Park, an office and industrial research park adjacent to the campus of Purdue University in West Lafayette. The PMT includes $450 million in direct funding under the CHIPS and Science Act and an additional loan of up to $500 million. The funding will contribute to SK hynix’s production of high-bandwidth-memory (HBM) semiconductors (or computer chips) for AI supply chain security technology in the United States. These new-generation HBM chips will be mass-produced and packaged onsite and will have more processing power than SK hynix’s current chips, which process 1.18 terabytes of data per second. “We are excited about the Department of Commerce’s support, through the CHIPS and Science Act, of the largest semiconductor production facility located at a university in the United States,” says Mung Chiang, president of Purdue University. “This …

FacebookTwitterLinkedinEmail
Matt Williamson Pavlov Media FutureProofing Quote from article

In the rapidly evolving landscape of multifamily technology, owners and operators face a critical challenge to staying competitive. As demand for high-speed internet and robust connectivity grows, it is essential to adapt quickly. However, constantly upgrading infrastructure can be prohibitively expensive and time-consuming. The solution lies in future-proofing properties — building an adaptable infrastructure that can support unknown future technological needs. “Future-proofing is a matter of having infrastructure capable of supporting what we don’t know we will want later,” says Matt Williamson, lead sales engineer at Pavlov Media, which provides Wi-Fi, fiber-optic internet service and managed digital services to multifamily properties. Future-proofing involves implementing scalable and flexible communication systems that accommodate both current and emerging digital demands. By focusing on future-proofing, multifamily properties can meet residents’ increasing expectations for high-speed internet and comprehensive Wi-Fi coverage while also reducing operational costs and enhancing overall efficiency. Balance Current Needs with Future Trends “Multifamily residents now expect extremely high-speed internet connections in their units and throughout the entire property, including common areas like gyms, conference rooms, pools and walking paths,” Williamson says. Residents want robust internet connections for activities such as streaming, video calls and remote home monitoring. The importance of upload speeds …

FacebookTwitterLinkedinEmail

ATLANTA — Cousins Properties and Town Lane have acquired Proscenium, an office building located in the Midtown submarket of Atlanta, for $83 million. The purchase was executed through a newly formed joint venture, with Town Lane owning 80 percent of the venture and Cousins owning the remaining 20 percent. Atlanta Business Chronicle reports that the seller is an affiliate of Manulife Financial Corp. Locally-based Cousins will manage the property — which totals 526,000 square feet — and provide leasing services. Located within the Colony Square mixed-use development, the Proscenium was 74 percent leased at the time of sale. The new ownership plans to execute improvements at the property. Simpson Thacher & Bartlett LLP is providing legal counsel to Town Lane, and Eversheds Sutherland (US) LLP is serving as counsel to Cousins.

FacebookTwitterLinkedinEmail

SUMMERVILLE, S.C. — Woodfield Development has completed and opened The Ames, a 304-unit apartment development located at 3800 Zephyr Road in Summerville. Situated within the Nexton master-planned development, the property offers residences in a mix of studio, one-, two- and three-bedroom layouts. Amenities at The Ames include a swimming pool, courtyard, grilling stations and a 1,500-square-foot pool cabana with a bar area. This marks Charleston-based Woodfield’s 17th multifamily delivery in the state.

FacebookTwitterLinkedinEmail

MIAMI — Tom Brady Enterprises (TBE) Capital Management has signed an 8,415-square-foot office lease at THE WELL Bay Harbor Islands, a mixed-use project currently under development in Miami. TBE will relocate its headquarters to a 113,000-square-foot office building located at 1177 Kane Concourse within the development. Scheduled to open in 2025, the office building is currently 35 percent preleased. Blanca Commercial Real Estate, which serves as the leasing agent for THE WELL Bay Harbor, represented the landlord, Terra, in the lease negotiations. Colliers and Current Real Estate Advisors represented TBE. Upon completion, THE WELL Bay Harbor will also feature an eight-story condominium building, more than 22,000 square feet of amenities and a restaurant. Tom Brady Enterprises manages all business ventures of retired football player Tom Brady, including his portfolio of brands, which includes sportwear company BRADY Brands, wellness brand TB12, production company Religion of Sports and Autograph, which is dedicated to fan engagement. Brady played in the NFL for 23 seasons and won seven Super Bowls, six with the New England Patriots.

FacebookTwitterLinkedinEmail

FARRAGUT, TENN. — BWE has arranged a $19.8 million loan for the refinancing of Lanesborough, a multifamily community located in Farragut, roughly 20 miles southwest of Knoxville. Paul Harbor of BWE secured the Fannie Mae financing on behalf of the undisclosed borrower, with support from BWE colleagues J.R. Bertram, Libby Davis and John Segrest. Totaling 208 units, Lanesborough was 99 percent occupied at the time of sale. Amenities at the community, which was originally constructed in 1997, include a swimming pool, spa, clubhouse, community pond, fitness center, car wash station, garage parking, storage space, gated access and basketball, volleyball and tennis courts.

FacebookTwitterLinkedinEmail

MEMPHIS, TENN. — Eastern Union has secured a $13 million loan for the refinancing of Garden View Apartments, a multifamily community located at 1033 and 1087 Whitaker Drive in Memphis. Bellco Federal Credit Union provided the 30-year loan, which carries a 7.3 percent interest rate, to the undisclosed borrower. Built in 1963, Garden View Apartments totals 156 units across 15 buildings spanning 131,000 rentable square feet. The community features 60 one-bedroom units and 96 two-bedroom units. Motti Blau and Mendy Pfeifer of Eastern Union arranged the financing on behalf of the borrower. Dov Bakon of Eastern Union served as the underwriter for the transaction.

FacebookTwitterLinkedinEmail
Cypress-Creek-Apartment-Homes-at-Montfort-Drive

DALLAS — Hunt Capital Partners has arranged $20 million in Low-Income Housing Tax Credit (LIHTC) financing for Cypress Creek Apartment Homes at Montfort Drive, a 168-unit mixed-income housing project in Dallas. The unit mix will consist of 92 one-bedroom apartments, 64 two-bedroom residences and 12 three-bedroom units. About 70 percent (116) of the units will be reserved for households earning between 30 and 80 percent of the area median income, with the remainder to be rented at market rates. Residents will have access to services such as weekly exercise classes, monthly food banks, tax preparation assistance and annual health fairs. The developer is a partnership between Bonner Carrington and Sycamore Strategies.

FacebookTwitterLinkedinEmail

HOUSTON — Cresa has brokered the sale of a 14.8-acre industrial development site in northwest Houston. The site is located on Becker Road near Waller-Tomball Road. Brandon Wuntch and Drew Altmann of Cresa represented the buyer, an entity doing business as Zermeno GTB LP, in the transaction. The seller and sales price were not disclosed. The buyer tentatively expects to deliver an industrial facility on the site in 2025.

FacebookTwitterLinkedinEmail

DALLAS — Two locally based brokerage firms, Bill Foose Co. and Wingert Real Estate, have jointly negotiated the sale of a two-acre retail development site at the corner of I-20 and Dowdy Ferry Road in southeast Dallas. Bill Foose of and Jason Wingert collaborated to represent the seller, an entity doing business as 635 Dowdy Venture, in the transaction. Tulsa-based gas station giant QuikTrip purchased the site.

FacebookTwitterLinkedinEmail