Development
TF Cornerstone Gets $265M Loan for Long Island City Project
TF Cornerstone has secured $265 million in financing from a consortium of four banks for the development of 4545 Center Blvd, an 850-unit luxury apartment high-rise that will sprout up in Long Island City, Queens.
$4B Better Buildings Challenge Unites Government, Private Sector
Saying “we can’t wait for Congress to act,” President Obama on Friday announced that over the next two years, nearly $4 billion in combined federal and private-sector money will be surging into energy upgrades to buildings.
Washington REIT to JV with Trammell Crow on $95M Virginia Apartment Community
Capitalizing on the growing demand for residential rentals in metropolitan Washington, D.C., Washington Real Estate Investment Trust has entered into a joint venture with Trammell Crow Co. to build an apartment high-rise in Alexandria, Va., for $95 million.
Forest City to Lead 119-Acre Atlanta Transit Development
Plans are in the works for a major mixed-use, multi-modal transportation hub in Atlanta and Forest City Real Estate Asset Services is onboard to spearhead the project.
Hartz Mountain Purchases Jersey City’s 99 Hudson Site for $35M
Hartz Mountain Industries has snapped up the one-acre parcel at 99 Hudson in Jersey City in a transaction valued at $35 million.
Impactful Women
Five remarkable women were awarded CREW Network’s 2011 Impact Awards. CPE offers videotaped insights and written profiles of these pioneers, negotiators and mediators — specializing in development, service and finance.
Skanska JV Wins $522M Phase-One Construction Contract for New Orleans Hospital
Skanska USA and joint-venture partner MAPP Construction have secured the assignment to build phase one of the new University Medical Center in New Orleans. The $522 million contract is split 90-10, making Skanska’s share of the project $470 million.
Chicago’s Elysian Hotel Sold, to Become Waldorf-Astoria
The Elysian Hotel Chicago, a luxury lodging destination, has been purchased by a joint-venture investment group and will soon reopen under the Waldorf-Astoria brand.
Chicago to Get 42-Story, $114M Apartment Tower
DeBartolo Development and partner Optima are building the 332-residence mixed-use Optima Center multi-family property at a cost of $114 million in Chicago’s Streeterville neighborhood.
Exclusive: JLL Expands into South America with Bogota Office
Jones Lang LaSalle is opening a new office in Bogota, Colombia, to serve as the base of its operations in the Northern Cone, CPE has learned exclusively.