Lendlease, together with the United States Army, has obtained $1.1 billion in capital commitment to invest across the Lendlease/Army military housing portfolio. The new finance structure will be used on housing and community improvement projects.
The capital will fund the renovation of more than 12,000 existing homes and build more than 1,200 new homes across six of the company’s military housing communities. Improvements will vary according to the specific installation, but it will include new home construction, demolition of outdated homes and major exterior and interior renovations. Improvements are in the planning stages for the following properties, with work expected to begin in spring of 2021:
- Campbell Crossing in Fort Campbell, Ky.
- Fort Drum Mountain Community Homes in Fort Drum, N.Y.
- Fort Hood Family Housing in Fort Hood, Texas
- Knox Hills in Fort Knox, Ky.
- North Haven in Fort Wainwright, Ala.
- Island Palm Communities Schofield Barracks, Wheeler Army Airfield in Hawaii
At the beginning of the year, Lendlease Magellan Development Group topped off Cirrus and Cascade in Chicago. The residential towers are situated adjacent to a new park and are two of three high-rises planned for the metro’s Lakeshore East neighborhood.