Cities
Pair of Multibillion-Dollar Projects Gets Formal Launch
By Adrian Maties, Associate Editor Maryland Day was marked this March 25 by milestones for two projects with a potentially significant impact on the state’s economy. In Lusby, a groundbreaking ceremony formally launched the $3.8 billion expansion of the Cove Point liquefied natural gas facility, one of the largest investments in the state’s history. Gov. Larry Hogan and Ambassador Kenichiro Sasae of Japan joined Diane Leopold, president of Dominion Energy. The project will create 3,000 temporary construction jobs. Once complete, it will generate an additional $40 million in annual tax revenue to Calvert County, and, according to Hogan, could…
TODAY’S DEALS: Columbus Mixed-Use Community Trades Hands
PCCP provides a high net-worth investor with an acquisition loan; Greysteel arranges a 57-unit sale in Texas; and Pillar originates $9.2 million for the acquisition of an affordable property.
Joint Venture Grabs 116-Unit Luxury Rental Community in Suburban Philadelphia
A luxury apartment complex in suburban Philadelphia was acquired by a joint venture between Los Angeles-based Lowe Enterprises and First Capital Advisors of Wheaton, Ill.
660-Unit Self-Storage Facility Planned for Suburban Chicago
Lake Forest, Ill.-based Metro Storage LLC has announced plans to convert a former warehouse in the village of Northbrook into a state-of-the-art self-storage facility.
Podcast: Oil and Apartments
Will oil prices continue to drop? What does cheap oil mean for jobs and apartments in the the energy markets? MHN’s Mike Ratliff and Jack Kern aim to find out in this special edition research podcast.
TODAY’S DEALS: Vornado Refinances Massive D.C. Asset
Vornado completes a $308 million refinance; Lowe Enterprises and First Capital Advisors acquire Silk Factory Lofts; and Greysteel arranges a 120-unit sale in Texas.
Crescent Communities Introducing Luxury Apartment Living to Tampa’s Westshore Business District
Ground has broken for a new 374-unit luxury apartment community on 5.3 acres in Tampa’s Westshore area.
Oakwood Worldwide Acquires Luxurious Redwood City Apartments for Global Portfolio
Oakwood Worldwide added a 141-unit apartment community in Redwood City, Calif., to its global portfolio through its $4 billion partnership with Singapore-based Mapletree Group.
TODAY’S DEALS: ASB Acquires Class A Seattle Apartments for $90M
ASB Real Estate Investments announced the acquisition of buildings in the burgeoning Capitol Hill neighborhood; a newly built California asset trades for $84 million; and ARA Newmark closes two suburban Atlanta sales.
TODAY’S DEALS: Bascom, Oaktree Close Seventh Acquisition with Nevada Buy
Bascom bets on a recovering Las Vegas market; Milestone Apartments REIT grabs 303 units in Orlando; and Mortgage Equicap arranges a construction loan for an 80-unit building.