JLL Capital Markets led the financing for the development of Durham Logistics Center, a 351,000 SF industrial property in Durham, NC

Durham Logistics Center, a 351,030-square-foot
 Class A industrial property in Durham, NC

 

CHARLOTTE, NC, Sept. 23, 2024 –  JLL Capital Markets has arranged the construction financing for Durham Logistics Center, a 351,030-square-foot Class A industrial property in Durham, North Carolina. 

Financial details were not disclosed. JLL worked on behalf of Lovett Industrial to arrange the loan through Comerica Inc.

Taylor Allison

The rare infill 27.8-acre logistics and distribution development site will feature 36-foot clear heights, 84 dock-high doors, 185-foot truck court and 86 trailer parking spaces. Construction kicked off in August 2024, with delivery planned for early Q4 2025.

Located at 1716 Camden Ave., the property is positioned at an irreplaceable location, fronting I-85 and I-885 intersection with immediate access to the vital transportation and logistics corridor that has fueled the rise of the Sun Belt.

Moreover, the project boasts unparalleled access to the entirety of the booming Raleigh-Durham MSA and its core demand drivers – including the world-renowned Research Triangle Park (RTP), situated just ten miles away.

Bobby Norwood 

The JLL Debt Advisory team was led by Bobby Norwood and Taylor Allison along with Hamp Gibbs and Nick Thornton.

“Durham Logistics Center is a testament to the Raleigh-Durham market's strong fundamentals,” said Norwood. “We are seeing continued investor and lender interest in markets with diverse economic drivers, skilled labor pools and robust population growth – all hallmarks of the Triangle area."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization.

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

Hamp Gibbs

For more news, videos and research resources, please visit JLL’s newsroom. 

 

About Lovett Industrial

 

Founded in 2020 and based in Houston, Texas, Lovett Industrial is a privately held vertically integrated logistics real estate investment platform that seeks to develop and acquire industrial real estate assets that are differentiated by their quality, location, and functionality. 

Currently active in over 15 markets across the United States, Lovett Industrial’s portfolio comprises approximately 16 million square feet of completed, acquired, and under-construction warehouses and over 10 million square feet of warehouses planned for future development.

 Lovett Industrial’s founders have combined over 60+ years of experience in the commercial and industrial real estate sectors. For more information, please see our website at 

 

 

 

 

CONTACT:

 

 Grace Lewis, JLL PR

Phone: +1 903 520 3478  

Email: grace.lewis@jll.com

 

jll.com.

www.comerica.com,

https://lovettindustrial.com/.

 

Forman Capital Funds $78 Million Construction Loan for Condo Project Near the Miami River

Rendering of planned short-term rental
condominium project on River District 14
 at 1420 NW 14^th Avenue in Miami, FL

, Henry Pino

 MIAMI, FL and PALM BEACH, FL –– Forman Capital, a leading private direct real estate lender, provided a $77,805,708 loan to finance the construction of a short-term rental condominium project in Miami. 

Alta Development is developing River District 14 on a 1.3-acre site at 1420 NW 14^th Ave., near the Miami River. Construction is expected to begin before the end of the year.

 

Forman Capital provided a construction loan to River North Property Owner LLC, an entity tied to Alta’s main principal and founder, Henry Pino.  Principal Ben Jacobson, Chief Investment Officer/Principal Scott Mehlman and Vice President Ty Regnier sourced the loan on behalf of Palm Beach-based Forman Capital.

 

Ben Jacobsen

River District 14 features two 16-story towers with 283 fully furnished units, including studios and one and two-bedroom residences. Prices start around $500,000 and range over $1 million.

 

Owners have the flexibility to lease their units on any home-sharing platform of their choosing or through a rental program. The project is already more than 50% sold.

 

River District 14 marks the first time Forman Capital has worked with Alta Development.

 

Scott Mehlman

“Forman Capital is pleased to work with an accomplished developer like Henry Pino and help bring his latest project to life in the Miami River district,” Jacobson said. “We particularly like funding projects in emerging areas that will have a positive impact on the community.”

Ty Regnier

“The new construction condominium market continues to sizzle, and residences built for short-term rentals have proven to really resonate with buyers,” said Mehlman.  “Based on initial sales at River District 14, I think this will be a major success.”

 

River District 14 is the second short-term rental project in Miami Forman Capital financed in 2024. In April, it supplied a $54.56 million construction loan for Domus FLATS at Brickell Park, a 12-story condominium hotel that will rise at 1611 SW 2^nd Ave.

 

 

 

Brett Forman

About Forman Capital:

Palm Beach-based Forman Capital is a provider of private commercial real estate debt and equity financing for transactions ranging from $5 million to $100 million. 

 

The firm focuses on short-term construction financing, mezzanine debt, and preferred equity across various real estate asset classes and geographies.

Company principals Brett Forman and Ben Jacobson have closed more than $2.9 billion in commercial real estate transactions since 2004.  

 

 

CONTACT:

 

Eric Kalis

Senior Vice President

ekalis@boardroompr.com

C 305-794-5123

O 954-370-8999

Web | Facebook | Instagram | LinkedIn

www.formancap.com.

 

Graycor Hires Randy Moon as Project Executive, Southwest Division

Randy Moon

  

 PHOENIX, AZ,  Sept . 23, 2024 – Leading general contractor Graycor Construction Company has expanded its Southwest executive leadership team, hiring

Randy Moon as Project Executive. In his new role, Moon supports high-level operations and business development for Graycor’s Southwest Division, with specific responsibility to lead its warehouse and distribution activity.

Brianna Nessler

Moon is based in Graycor’s Phoenix office, working under Southwest Division General Manager Rusty Martin and in collaboration with other members of the Southwest executive leadership team, including Project Executive Brian Bea, who oversees Graycor’s advanced manufacturing and healthcare projects and opportunities, and Brianna Nessler, who serves as Business Development Manager.

Moon’s career spans almost two decades and includes project leadership roles at firms including The Walsh Group, Meridian Design Build and Alston Construction.

“Metro Phoenix is in growth mode and so are we. Randy’s expertise in both construction and private development strengthens our position to capture the many opportunities that this market has to offer,” said Martin.

Rusty Martin

“His knowledge and solutions-focused approach, particularly in the industrial space, complements our efforts to provide superior service in growing sectors across the manufacturing, office, industrial, medical and retail spaces. Randy is an excellent addition to the Graycor team.”

Moon holds a bachelor’s degree in Civil Engineering from the University of Illinois Urbana-Champaign.

 

CONTACT:

Stacey Hershauer

480.600.0195

stacey@focusaz.com

www.graycor.com.