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Life SciencesLoansMassachusettsNortheastTop Stories

Joint Venture Receives $1B Refinancing for Vertex Pharmaceuticals Headquarters Facility in Boston

by Taylor Williams

BOSTON — A joint venture led by locally based REIT Diversified Healthcare Trust (NASDAQ: DHC) has received $1 billion for the refinancing of the Vertex Pharmaceuticals headquarters facility in Boston. A consortium of lenders — Morgan Stanley Bank, Bank of Montreal, Goldman Sachs and J.P. Morgan — provided the financing, which was structured with a five-year term and a fixed interest rate. Local investment firm RMR Group, which provides asset and property management services for the joint venture, arranged the debt. The majority of the proceeds will be used to retire $620 million in fixed-rate debt on the property, as well as to fund leasing reserves and repatriate cash to investors. Located at 50 Northern Ave. and 11 Fan Pier Blvd. in Boston’s Seaport District, the two-building facility spans approximately 1.1 million square feet. Both buildings were constructed in 2013. Vertex, which produces medicines and therapies for genetic disorders including cystic fibrosis, renewed its lease in August 2024 and will remain the property’s sole occupant through 2044. The joint venture ownership group includes multiple institutional investment groups that were not named in the announcement. Diversified Healthcare’s stake in the property is 10 percent; the company previously sold a 10 percent …

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AlabamaDevelopmentGeorgiaIndustrialKentuckySouth CarolinaSoutheastTennesseeTop Stories

GE Appliances Unveils $3B Investment to Expand U.S. Manufacturing Across Five States

by Kristin Harlow

LOUISVILLE, KY. — GE Appliances, a Haier company, has unveiled plans to invest more than $3 billion in its U.S. operations over the next five years. The company plans to expand its air conditioning and water heating portfolio, increase production output across all product lines and further modernize its 11 U.S. manufacturing plants with new automation and capital equipment. The first phase of investments will begin at GE Appliances plants in Kentucky, Alabama, Georgia, Tennessee and South Carolina. Upon completion of the plan, Louisville-based GE Appliances will have invested $6.5 billion across its U.S. manufacturing plants and nationwide distribution network since 2016, which is the year that the company was sold by General Electric (NYSE: GE) to Haier. The new $3 billion announcement marks the second-largest investment in the company’s history. The GE Appliances plant in Camden, S.C., currently produces gas water heaters. With the new investment, electric and hybrid water heater manufacturing will be added, doubling the plant’s output and employment once the project is complete. The first phase will be implemented by early 2026. In December, GE Appliances will add two new models of air conditioners to its air and water product portfolio at its Selmer, Tenn., plant. …

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DevelopmentIndustrialKentuckyMichiganMidwestSoutheastTop Stories

Ford Motor Co. to Invest $5B at Manufacturing Plants in Kentucky, Michigan

by John Nelson

LOUISVILLE, KY. AND MARSHALL, MICH. — Automotive giant Ford Motor Co. (NYSE: F) will invest $2 billion at its Louisville Assembly Plant and $3 billion at its BlueOval Battery Park Michigan factory. Combined, the investment will create and secure approximately 4,000 jobs across both plants, as well as spur dozens of new U.S.-based suppliers, according to Ford. Ford’s investments will help the automaker deliver a suite of electric vehicles (EVs), beginning with a midsize, four-door electric pickup truck that will be assembled at its Louisville plant. Ford plans to launch domestic and international sales of the new trucks, which are expected to be priced starting at $30,000, in 2027. Jim Farley, president and CEO of Ford, says that the automaker will be the first in the country to make prismatic lithium iron phosphate (LFP) batteries, which are cobalt- and nickel-free and serve as the floor of the new EVs. Ford plans to begin manufacturing the new prismatic LFP batteries for the new electric truck at BlueOVal Battery Park Michigan next year. Located in Marshall, Mich., the factory is under construction, with the shell built out and mechanical, electrical and piping infrastructure underway. Ford says that the lithium LFP battery cell …

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Royal-Crest-Nashua
AcquisitionsMultifamilyNortheastTop Stories

Harbor Group Agrees to Acquire New England Multifamily Portfolio for $740M

by Taylor Williams

NORFOLK, VA. — Harbor Group International (HGI) has entered into an agreement to acquire a portfolio of five multifamily properties totaling 2,719 units that are scattered throughout the New England area. The sales price was $740 million. The seller was Apartment Investment and Management Co., (Aimco), a REIT that sells on the New York Stock Exchange under the ticker “AIV.” All properties in the portfolio were built between 1970 and 1974. Unit interiors are furnished with stainless steel appliances. Amenities across the properties include pools, fitness centers, clubhouses, and community green spaces. HGI plans to implement a value-add program across the portfolio. The Norfolk-based investment company also paid Aimco a $20 million non-refundable deposit as part of the transaction. “The addition of these communities will deepen HGI’s presence within the Boston area, a market exhibiting robust multifamily fundamentals where we already have a strong operating footprint,” says Yisroel Berg, chief investment officer of multifamily at HGI. “With limited new supply in the surrounding areas of each property, we will be well-positioned to leverage our local market knowledge to maintain stable occupancy levels and implement targeted renovations that enhance the resident experience.” As of July 2025, the portfolio was 95.7 percent …

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The Ranch
ArizonaDevelopmentLeasing ActivityMixed-UseMultifamilyRestaurantRetailTop StoriesWestern

Partnership Receives Final Approval for $1B Mixed-Use Development in Gilbert, Arizona

by Abby Cox

GILBERT, ARIZ. — A partnership between Las Vegas-based IndiCap, Salt Lake City-based Colmena Group and locally based Langley Properties has received final entitlement approval from the Town of Gilbert’s Planning Commission to begin construction for The Ranch, a proposed $1 billion mixed-use development in Gilbert. Situated near the Phoenix-Mesa Gateway Airport and Arizona State University’s Polytechnic Campus, The Ranch will span more than 295 acres and is anticipated to become Gilbert’s largest mixed-use development to date, according to the development team. The project is also expected to create roughly 6,000 jobs during construction. “This entitlement approval marks a turning point not just for The Ranch, but for Gilbert as a whole,” says Todd Ostransky, vice president of regional development at IndiCap. “This development is designed to meet the evolving needs of businesses and residents while driving sustainable economic growth in the region.” Upon full build-out of the multi-phase project, The Ranch will include a 221-acre light industrial component totaling 3 million square feet, 34 acres of retail space and 729 multifamily units across three communities. Steve Larsen of JLL is managing leasing efforts for the industrial portion of the project. Phase I of The Ranch — which is set to break ground in the fall …

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One-Five-One_New-York-City
LoansNew YorkNortheastOfficeTop Stories

Durst Organization Receives $1.3B in CMBS Financing for One Five One Office Building in Times Square

by Hayden Spiess

NEW YORK CITY — The Durst Organization, a family-owned real estate owner and development firm based in New York City, has received $1.3 billion in CMBS financing for One Five One, a 48-story building located at 151 W. 42nd St. in the Times Square area of Midtown Manhattan.  A consortium of Wells Fargo Bank, JPMorgan Chase and Bank of America provided the loan. The debt, which was structured with a five-year term and an interest rate of 5.86 percent, reflects a loan-to-value ratio based on an estimated property valuation of approximately $2.3 billion. The Durst Organization will use the proceeds to fund tenant improvements, closing costs and other capital expenditures, as well as to return equity to Durst. At the time of the loan closing, One Five One was 92 percent leased to tenants such as TikTok, NASDAQ Inc., BMO Capital Markets and law firm Venable LLP.  According to Wikipedia, The Durst Organization developed the building in the late 1990s. Formerly known as 4 Times Square, the 1.8 million-square-foot building includes 72,000 square feet of retail space and underwent a $150 million repositioning in the 2010s, following the departures of publishing firm Condé Nast and law firm Skadden Arps.   Law …

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IllinoisMidwestRetailTop Stories

Claire’s Files for Chapter 11 Bankruptcy Again for U.S. Operations, Aims to Close Underperforming Stores

by Kristin Harlow

HOFFMAN ESTATES, ILL. — Claire’s U.S., the operator of Claire’s and Icing stores across the United States, has filed for Chapter 11 bankruptcy protection in Delaware. The jewelry retailer listed both its liabilities and assets between $1 billion to $10 billion. Hoffman Estates-based Claire’s previously filed for Chapter 11 bankruptcy in 2018. Claire’s says that the proceedings will enable the company to immediately commence the monetization process for its assets to maximize value for the business. The retailer is continuing a comprehensive review of strategic alternatives, including discussions with potential partners that began prior to the filings. “This decision is difficult, but a necessary one. Increased competition, consumer spending trends and the ongoing shift away from brick-and-mortar retail, in combination with our current debt obligations and macroeconomic factors, necessitate this course of action for Claire’s and its stakeholders,” says Chris Cramer, CEO of Claire’s. Claire’s retail stores in North America will remain open and continue to serve customers. However, in its bankruptcy filings the retailer noted 18 Claire’s and Icing stores that “should be exited” and is requesting the approval of store closing sales. These include: Claire’s U.S. intends to seek approval for a consensual use of cash collateral to …

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AcquisitionsCompany NewsDistrict of ColumbiaGeorgiaMarylandMultifamilySoutheastTop StoriesVirginia

Elme Communities Agrees to Sell Multifamily Portfolio to Cortland for $1.6B as Part of Liquidation Plan

by John Nelson

BETHESDA, MD. AND ATLANTA — Elme Communities (NYSE: ELME), a Maryland-based multifamily owner-operator that previously operated as WashREIT, has entered into a purchase and sale agreement with an affiliate of Cortland Partners, an Atlanta-based multifamily investment and management firm. Under the terms of the transaction, Elme would sell 19 apartment communities to Cortland for $1.6 billion in an all-cash deal. “We are pleased to have reached an agreement with Cortland that recognizes the greater value of these 19 Elme communities and their long-term potential when coupled with Cortland’s economies of scale,” says Paul McDermott, president and CEO of Elme. “We believe Cortland will be an excellent steward of the properties and that this sale will facilitate a seamless transition of ownership, enabling continuity of operations for our residents and community teams.” Steven DeFrancis, CEO of Cortland, said that the portfolio will grow the company’s presence in the Washington, D.C., region and in its home state of Georgia.  “We’re excited to welcome these communities into the Cortland family and deliver the exceptional living experience residents have come to expect from our brand,” says DeFrancis. The properties include: Goldman Sachs & Co. LLC and Jones Lang LaSalle Securities LLC are acting as …

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Waterline-Austin
DevelopmentMixed-UseTexasTop Stories

Lincoln Property Co., Kairoi Top Out 74-Story Waterline Mixed-Use Tower in Downtown Austin

by Taylor Williams

AUSTIN, TEXAS — A partnership between Dallas-based Lincoln Property Co. and San Antonio-based Kairoi Residential has topped out Waterline, a 74-story mixed-use tower located at 98 Red River St. in downtown Austin. The property gets its name from the site’s location near the nexus of Waller Creek and Lady Bird Lake. According to the development team, at 1,025 feet, Waterline is now the tallest building in Texas, eclipsing JPMorgan Chase Tower in Houston, which had allegedly been the state’s tallest building since 1981. Construction of Waterline began in fall 2022 and is expected to be fully complete in late 2026. Waterline will ultimately feature 352 upscale apartments, 700,000 square feet of office space, a 251-room hotel that will be operated under the 1 Hotels brand and 24,000 square feet of ground-floor retail and restaurant space. Residential amenities will include two pools, a fitness center, lounge, kitchen and coworking space. Office tenants will also have access to a fitness center, as well as a bar and lounge and indoor meeting spaces. The partnership is now marketing office space for lease. The launch of residential leasing and the opening of the hotel are scheduled for this fall. Kohn Pedersen Fox (KPF) is …

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Journal Squared III
DevelopmentLoansMultifamilyNew JerseyNortheastTop Stories

JLL Arranges $255M Loan for Refinancing of High-Rise Apartment Building in Jersey City 

by Abby Cox

JERSEY CITY, N.J. — JLL has arranged a $255 million loan for the refinancing of Journal Squared III, a newly constructed, 58-story multifamily apartment building in the Journal Square neighborhood of Jersey City. The borrower was a joint venture between Kushner Real Estate Group (KRE) and National Real Estate Advisors. Located at 595 Pavonia Ave., adjacent to the Journal Square PATH station, Journal Squared III is the third and final tower in the $900 million Journal Squared mixed-use development, which has a combined 2.3 million square feet and 1,840 residential units, according to Wikipedia. A decade in the making, construction of Phase I of Journal Squared began in 2014. Journal Squared II, which rises 68 stories and houses 538 units, opened in summer 2021. Construction of Journal Squared III topped out in May 2023. Completed in 2024, Journal Squared III features 598 luxury apartment units with a mix of studio, one-, two- and three-bedroom floor plans averaging 719 square feet. The development also offers 100,000 square feet of amenity space across the three buildings, such as a boxing ring, multiple fitness centers, recording studio, theater and a variety of coworking spaces and resident lounges that serve as an extension of …

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