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PCCP Provides $163.9M Construction Loan for Multifamily Development in Paramus, New Jersey

by Kristin Harlow

PARAMUS, N.J. — PCCP has provided a $163.9 million senior loan to a joint venture between Russo Development and Kushner Real Estate Group for the construction of The Paramus Chapter, a 426-unit multifamily project in suburban New York City. The joint venture acquired the land in May 2025. Construction began in July 2026, and completion is slated for the fourth quarter of 2028. The Paramus Chapter will consist of two four-story buildings over concrete podiums with 810 parking spaces and approximately 5,300 square feet of ground-floor retail space. Both buildings will have separate entrances, parking and amenities. Building A will include 166 units, comprising 138 market-rate apartments and 18 affordable units. Amenities will include an outdoor pool, 2,200-square-foot gym, game room, theater, karaoke lounge, sports simulator, rentable party room, dog run and 3,400 square feet of coworking space. Building B will feature 260 units, comprising 222 market-rate residences and 38 affordable units. Amenities will include a full-time concierge, leasing center, 2,800-square-foot gym, chef’s kitchen, gardening room and two outdoor courtyards. The project site is directly adjacent to Bergen Town Center, which features more than 1 million square feet of retail space anchored by Whole Foods Market and Target. John Alascio, …

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Company NewsDevelopmentGeorgiaIndustrialSoutheastTop Stories

Audi Selects Georgia for $4B SUV Manufacturing Plant

by John Nelson

PEACH COUNTY, GA. — Audi AG has selected the Middle Georgia Megasite near Macon for a $4 billion advanced manufacturing facility, which will be the German automotive giant’s first plant in Georgia. The company’s new factory in Peach County will bring approximately 4,500 new jobs to central Georgia and create an expected annual capacity of 200,000 vehicles, with a focus on Audi’s luxury SUVs. Audi expects to begin grading the site in 2027 and break ground on the new plant in 2028. The factory is expected to begin operating at full capacity in 2031. The size of the new factory was not disclosed, but Audi says it will be “among the brand’s largest production footprints globally.” “The United States is one of the world’s most important premium markets, and we have not yet realized our full potential,” says Gernot Döllner, chairman of the board of management at Audi AG. “We are determined to change that — with premium products, a stronger brand and a competitive local production base. This is about building a stronger Audi business in America — not simply about building a factory.” “We are proud to welcome one of the world’s most iconic automotive brands to Georgia,” …

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DevelopmentGeorgiaIndustrialSoutheastTop Stories

Mitsubishi Power to Invest $490M for Manufacturing Expansion Project Near Savannah, Create 220 Jobs

by Abby Cox

POOLER, GA. — Mitsubishi Power Americas has announced it will invest $490 million to expand the company’s existing operations at its Savannah Machinery Works facility at 1000 Pine Meadow Drive in Pooler, a western Savannah suburb that sits close to both the Port of Savannah’s Garden City Terminal and Savannah/Hilton Head International Airport. The expansion will add 450,000 square feet of manufacturing space, doubling the company’s current footprint. The project is expected to create 220 new jobs in Chatham County. Savannah Machinery Works — Mitsubishi Power Americas’ premier heavy-industrial manufacturing plant and service center — opened in 2010 as the company’s first complete gas turbine production facility building outside of Japan. The new facility is scheduled to begin operating in early 2029, according to multiple media sources. Additional details of a construction timeline were not released. Civic support for Mitsubishi’s investment includes the Georgia Department of Economic Development (GDEcD), the Savannah Economic Development Authority, Georgia Power and Georgia Quick Start. “Mitsubishi Power Americas’ products are critical to America’s energy infrastructure, and the company is continuing to invest in Georgia because of the connectivity that our ports, rail, highways and airports provide,” says GDEcD Commissioner Pat Wilson.  Mitsubishi Power stated that the …

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AcquisitionsCompany NewsMidwestNew YorkNortheastRetailSoutheastTexasTop StoriesWestern

PSP Investments, Nuveen Launch $790M Grocery-Anchored Retail Joint Venture

by Abby Cox

MONTREAL AND NEW YORK CITY — The Public Sector Pension Investment Board (PSP Investments), a pension fund investor based in Montreal, and Nuveen Real Estate, one of the largest investment managers in the world, have launched a joint venture with an initial investment of $790 million to acquire open-air shopping centers across the United States. To date, PSP and Nuveen have closed on 3 million square feet across 19 assets in Arizona, California, Colorado, Florida, Minnesota, Texas, Virginia and Washington.    The investment strategy is demographically driven, focusing on open-air shopping centers anchored by market or category dominant grocers, necessity-based retailers and essential services that demonstrate “durable performance and resilient foot traffic,” according to the press release. In particular, the joint venture targets U.S. metro areas with strong population growth, rising household incomes and high barriers to entry, where well-capitalized retailers are actively seeking to expand. “Necessity-based retail has demonstrated remarkable resilience through various cycles, underpinned by consistent consumer demand for essential goods and services,” says Brian Wallick, portfolio manager of U.S. cities retail strategy at Nuveen Real Estate. “We’re confident this combination of scale, relationships and local execution positions us strongly in one of the most stable and defensive segments …

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AcquisitionsColoradoCompany NewsMultifamilyTop StoriesWestern

Apollo to Purchase Majority Stake in $2B UDR Multifamily Portfolio

by John Nelson

DENVER AND NEW YORK CITY — Global asset manager Apollo (NYSE: APO) and UDR Inc. (NYSE: UDR), a multifamily REIT based in Denver, are forming a new long-term joint venture involving an apartment portfolio valued at approximately $2 billion. The joint venture will own a portfolio of 19 communities totaling 7,059 apartments. The names and addresses of the properties were not released. Under terms of the agreement, Apollo’s affiliates and funds managed by Apollo will invest $1.34 billion of equity capital into the newly established joint venture, representing an approximate two-thirds interest. UDR will retain a one-third interest and consolidate the joint venture, as well as operate and manage the portfolio, for which it will earn an asset management fee. UDR plans to utilize the proceeds from the new equity capital infusion for investment in “higher-growth assets,” general corporate purposes and debt reduction. Tom Toomey, chairman, president and CEO of UDR, says that accessing low-cost, permanent equity capital has been a “strategic priority” for the company. “With this transaction, we believe we will be positioned to take advantage of compelling opportunities in the marketplace while improving the quality of our wholly owned portfolio and strengthening our balance sheet,” says Toomey. “This …

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Dan Gilbert Pledges $1B Capital Commitment for Renaissance Center Redevelopment in Detroit

by Hayden Spiess

DETROIT — Dan Gilbert, founder and chairman of mortgage giant Rocket Cos. and real estate company Bedrock, has pledged to commit roughly $1 billion in capital for the redevelopment of Renaissance Center, a landmarked mixed-use property in Detroit. The overall redevelopment cost is currently projected to be $2.2 billion.  As part of the pledge, a new nonprofit organization will be formed to own, redevelop and operate the development and the surrounding Riverfront District. Bedrock will provide project management services on behalf of the nonprofit at no cost.  According to the Detroit Historical Society, construction on Renaissance Center originally began in 1973. The first tower opened in 1976. General Motors purchased the development in 1996 for $73 million to serve as its global headquarters. In 2004, General Motors completed a $500 million renovation of the property. In January, the company completed its move to a new headquarters at Hudson’s Detroit.  In 2024, Bedrock and General Motors established a partnership to explore redevelopment opportunities at Renaissance Center, announcing a conceptual plan for the redevelopment in November of that year.  According to Crain’s Detroit Business, Renaissance Center is currently still owned by General Motors, and Dave Massaron — the company’s vice president of infrastructure and corporate citizenship — says …

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DevelopmentIndustrialLife SciencesNortheastPennsylvaniaTop Stories

GSK to Invest $800M in Metro Philadelphia Life Sciences, Manufacturing Facilities, Create 300 New Jobs

by Taylor Williams

UPPER MERION, PA. — Global pharmaceutical company GSK plc (NYSE: GSK) will invest $800 million in its life sciences and manufacturing facilities in metro Philadelphia, an initiative that is expected to create about 300 new jobs within the local economy. The announcement is a follow-up to the company’s pledge in late September to invest $30 billion in research-and-development (R&D) and manufacturing initiatives over the next five years, with $1.2 billion earmarked for expanding its existing technologies and advanced manufacturing sites, including its metro Philadelphia facilities. The existing facilities are located in Upper Merion Township, about 20 miles northwest of Philadelphia. The expansion will involve some demolition of existing facilities to establish a biopharmaceutical innovation and manufacturing hub, integrating commercial production, R&D and advanced digital capabilities in a single site. Construction is scheduled to begin next year. The new jobs are expected to be created over a five-year period, bringing GSK’s total employment in the region to about 4,500 positions. GSK announced a similar $800 million investment in its pharmaceutical and biotechnology facilities in Lancaster, about 70 miles west of Philadelphia, about two years ago. The company will be eligible for tax benefits through Pennsylvania’s Qualified Manufacturing Innovation and Reinvestment Deduction …

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CaliforniaDevelopmentHospitalityMixed-UseTop StoriesWestern

OCVIBE Unveils First Autograph Collection Hotel in Anaheim, California

by Abby Cox

ANAHEIM, CALIF. — The Samueli Family and Marriott International (NASDAQ: MAR) have unveiled the design for SENA, Anaheim’s first hotel in Marriott’s Autograph Collection portfolio. Set to open in 2029, the 300-room luxury hotel will serve as the hospitality anchor of OCVIBE, a $5 billion, 100-acre master-planned entertainment and mixed-use district surrounding the Honda Center, the home arena of the Ducks. The Samueli Family, owner of the Ducks, along with its affiliate OC Sports & Entertainment, is the master developer behind OCVIBE and SENA. The hotel’s project team also includes Wimberly Allison Tong & Goo (architecture and landscape architecture) and Rockwell Group (interior design), while Sage Hospitality Group will lead guest services. “SENA brings together world-class hospitality, culinary and design brands while creating something distinctly ‘Anaheim,’” says Mike Waterman, president and CEO of Visit Anaheim. “It reflects the continued evolution of Anaheim and the caliber of experiences taking shape across our destination.”  At the center of the entrance to SENA, Rockwell Group is designing a circular indoor-outdoor lobby bar that will transition from bright colors during the day to warm, atmospheric colors at night. Meanwhile, the pool deck, pool bar and the indoor-outdoor lobby bar will overlook OCVIBE’s South Plaza …

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AcquisitionsCompany NewsTop Stories

EQT to Acquire Investment Manager Stockbridge

by Hayden Spiess

STOCKHOLM AND SAN FRANCISCO — Swedish private markets firm EQT AB has announced plans to acquire real estate investment manager Stockbridge for $375 million in cash with total deal value reaching up to $550 million.  Under the deal, Stockbridge, which was founded in 2003, will become part of EQT Real Estate. Stockbridge has approximately 185 employees across six U.S. offices, with around 180 institutional clients.  Headquartered in San Francisco, Stockbridge currently boasts a portfolio of roughly $16.5 billion in fee-generating assets under management and a total gross asset value of $27 billion in assets under management. The company’s commercial real estate portfolio spans 92.9 million square feet and nearly 20,000 residential units. Upon closing of the transaction, Stockbridge’s diversified strategies and alternative sectors business will operate as a dedicated line under EQT Real Estate, and industrial capabilities will be integrated into EQT Real Estate’s existing industrial platform.  Existing leadership and teams at Stockbridge will largely remain in place, according to EQT. Terry Fancher, CEO of Stockbridge, will become vice chair of EQT Real Estate, with Stockbridge CFO Kristin Renaudin transitioning to global CFO of EQT Real Estate. Tuba Malinowski, executive managing director at Stockbridge, will become head of U.S. diversified …

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FloridaGeorgiaLoansMultifamilySoutheastTop Stories

JLL Arranges $463M in Bridge Financing for Thompson Thrift’s Eight-Property Multifamily Portfolio

by Kristin Harlow

CHICAGO — Chicago-based JLL Capital Markets has arranged $463 million in bridge financing for Thompson Thrift’s eight-property multifamily portfolio comprising 2,412 Class A apartment units across Florida, Georgia and Arizona. JLL secured the floating-rate construction take-out loan through Barings. The portfolio includes: Floor plans average 1,023 square feet. Unit interiors feature gourmet kitchens with stainless steel appliances, quartz or granite countertops, smart home technology, full-size washers and dryers, and private balconies or patios. Examples of amenities include fitness centers, resort-style pools, resident social hubs with coffee bars, pickleball courts, dog parks with pet spas, business centers and outdoor spaces.  Danny Kaufman, Medina Spiodic, Mark Gibson and Matthew Lawton of JLL arranged the loan on behalf of Thompson Thrift. Daniel Hedgepeth of Barings originated the financing. With offices in Indianapolis and Terre Haute, Ind., Denver, Houston and Phoenix, Thompson Thrift develops, constructs, leases and manages multifamily communities. The firm has developed more than $7.9 billion in ground-up real estate projects across 25 states. — Kristin Harlow

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