Hilton Alexandria Mark Center Completes Multi-Million Dollar Renovation in Alexandria, VA

 ALEXANDRIA, VA, March 5, 2012—Davidson Hotels & Resorts, one of the nation’s largest independent hotel management companies, today announced that the 496-room Hilton Alexandria Mark Center (top left photo) in historic Alexandria, Va., has completed a multi-million dollar renovation.

  Davidson has managed the hotel since June 2005 and oversaw the renovation project, designed by Paradigm Design Group of Cypress, Texas.  The hotel is owned by a private investment fund advised by Crow Holdings Capital Partners, L.L.C.

 

“In this market, it is particularly important that a hotel of this stature remain in top condition,” said Patrick Lupsha (middle right photo), Davidson’s chief operating officer. 

“All guest rooms were totally renovated last summer, and we’ve now completed an update of the lobby and meeting spaces to bring the areas that impact the guest experience to ‘like new’ condition.  We are confident that the significant capital investment will enable this landmark hotel to retain its dominant position in this part of the Washington D.C. market.”

The Hilton Alexandria Mark Center’s 55,000 square feet of meeting space was enhanced with new carpet, wall and window coverings and regional artwork.  The lobby was redesigned to encourage guests to recharge themselves and their laptops and cell phones, using a soothing palette of blues, neutral tones and warm wood accents that give the public spaces a timeless, elegant feel.

“Because of its proximity to the Pentagon and Old Town Alexandria, guests at this hotel expect a level of historic charm and modern convenience that is sometimes a challenge to balance,” said Charlie Banta (lower left photo), general manager.  “Paradigm Design did an outstanding job of blending old and new in a sophisticated, classically dramatic way.” 

Paradigm Design Group’s recent projects can be viewed at

http://www.paradigm-design.com/.

 Additional information on Davidson may be found at the company’s Web site, http://www.davidsonhotels.com/.

 Contacts:

:Cyndi Norwood                                Jerry Daly, Chris Daly (media)

Davidson Hotel Company                Daly Gray Public Relations

(901) 821-4155                                 (703) 435-6293

cnorwood@davidsonhotels.com     jerry@dalygray.com

Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

Interstate Hotels & Resorts Adds Landmark JC Mandarin Hotel in Shanghai to Growing China Management Portfolio

ARLINGTON, VA, March 5, 2012—Interstate Hotels & Resorts today announced that Interstate China has executed an agreement to manage the 514-room Shanghai JC Mandarin Hotel (top left photo), effective February 1, 2012.  The hotel is owned by Shanghai Jin Cang Mandarin Hotel Ltd. 

“Our international growth strategy continues to accelerate in China, with the addition of the JC Mandarin Hotel to our international portfolio, our third hotel in the dynamic city of Shanghai which includes the DoubleTree by Hilton Shanghai-Pudong,” said Jim Abrahamson (middle right photo), Interstate’s chief executive officer. 

“The JC Mandarin is a five-star hotel in every sense of the word, from its first-class amenities to its legendary, first-rate guest service, a tradition we intend to build on.” 

This activity follows a previous announcement that the Company has been named to manage the luxury J Hotel located in Shanghai Tower, anticipated to be the world’s tallest hotel scheduled to open in 2014.

“China’s hotel industry has tremendous growth potential ahead, and we intend to play an important role in its expansion,” he added.  “We currently have eight hotel management agreements covering over 3,100 rooms, and have the infrastructure in place to accommodate rapid growth.

“Interstate has well-established relationships with major international brands and has the in-house expertise to assist owners and developers in positioning their hotels, renovations and brand conversions, as well as ground-up construction. 

" China’s hotel industry is evolving rapidly, and we believe our experience substantially differentiates us from other hotel management companies.” 

Located at the center of the city’s business and shopping districts at world-famous Nanjing Road (lower left photo), the JC Mandarin Hotel is truly a Shanghai landmark.  Its well-established five-star service, combined with its history of providing the finest in accommodations and luxury to guests, have made the JC Mandarin one of the city’s best-known hotels. 

 For more information, visit the Shanghai JC Mandarin Hotel’s website: http://www.jcmandarin.com./

For additional information about Interstate, visit the company’s website: www.ihrco.com.

 Contacts:

Jerry Daly, Chris Daly

U.S. media

Daly Gray

703-435-6293

chris@dalygray.com

Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

Steve Buckler and Macaire Matchett Join Hyatt Place Braintree Hotel’s Senior Leadership Team

  

 BRAINTREE, MA, March 5, 2012 – The 204-room Hyatt Place Boston/Braintree hotel, anticipated to open in May of 2012, today announced that Steve Buckler (top right photo) has joined as general manager and Macaire Matchett (top left photo) as director of sales as the hotel’s pre-opening senior leadership team.

Buckler brings with him 40 years of hospitality sales and operations experience, most recently as vice president, sales and marketing, for Broughton Hospitality Group and prior to that, as vice president, sales and marketing, for Pan Pacific Hotels & Resorts.

His operations experience includes leadership-level positions as general manager at the Pan Pacific Hotel in San Diego and as a regional vice president of marketing and operations for three four-star hotels in Australia, New Zealand and Vanuatu, in addition to corporate sales and marketing responsibility in the South Pacific Region.

 Buckler has also held director-level sales and marketing positions, including leading a sales and marketing team during a 650-room expansion and repositioning of a luxury hotel in San Diego, and opening three four-star Hyatt hotels in Baltimore, Orlando and Atlanta.

Macaire Matchett joins the Hyatt Place Braintree (lower right dining room photo) as pre-opening director of sales, bringing extensive sales experience and knowledge of the Boston-area market to her new position.

Most recently she was director of sales at the Homewood Suites by Hilton, Canton, Mass., responsible for leading sales and marketing for a new build hotel.  Prior to that Matchett was a sales manager at the 157-room Hyatt Place Boston/Medford hotel for four years, responsible for group and corporate sales. 

 For more information, visit the hotel’s website at: http://braintree.place.hyatt.com.

 Media Contacts:

Steve Buckler

General Manager

781-426-5104

steve.buckler@ihrco.com

www.ihrco.com

Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

Atlanta CRE Show: Zoning for Dollars

  

 ATLANTA, GA (March 5, 2012) – With cities and counties desperate to pump up sagging economies and land available at dirt-cheap prices, this is a great time to buy properties and rezone them for more profitable uses. But an increased willingness by local governments to approve requests doesn’t mean property owners can get away with being lackadaisical in their rezoning efforts.

 Those were two of the points guests shared on the most recent episode of the “Commercial Real Estate Show,” which provided strategies and best practices for rezoning in today’s economic climate.

 “This is a better time than it’s been in a long time to try to get rezonings because, frankly, governments have the ‘We’re Open for Business’ signs out,” said Seth G. Weissman (top right photo), a professor at Georgia Tech and partner with Weissman Nowack Curry & Wilco. “Jurisdictions that used to have hundreds of cases on the docket now have one or two zoning cases.”

 “We have talked to the planning departments in several markets where we are selling land in the southeast and they say, ‘We’ll let you build almost anything – we just want you to come here and build and bring some jobs,” said show host Michael Bull (top left photo), founder and president of Bull Realty.

However, not all rezonings are slam-dunks in today’s market, cautioned Doug Dillard (middle right photo), a zoning attorney and partner with Weissman Nowack Curry & Wilco.

 Local government planning departments don’t have a lot to do these days and staff members who have survived layoffs are anxious “to justify their existence,” Dillard said. “So, sometimes they make [rezonings] a little tougher.”

 Before seeking a rezoning or early on in the process, a property owner or developer should talk with the local planner, the elected officials who will ultimately decide the case and the affected neighborhood groups, Weissman advised. “At the end of the day, that is the best way to take the temperature and figure out if this is a rezoning that has a prayer,” he said.

Those asking for a rezoning also should be diligent in meeting with those groups throughout the process, Weissman and Dillard added.

 The person speaking on behalf of the zoning applicant in hearings and other meetings cannot be “faint-hearted or thin-skinned,” Weissman said. “You need to have someone who is not going to get emotionally wrapped up in the case but can present it in an even-handed, calm way.”

 “Many times the opposition is emotional, and it [becomes] very personal,” Dillard added.

Weissman also noted that not raising certain constitutional issues during a zoning hearing will forfeit an applicant’s right to appeal a decision in court. The use of a zoning attorney can prevent a property owner or developer from being placed in such a situation, he said.

 Other topics included standard rezoning timelines, negotiating tactics and property sales that are contingent on the buyers getting the properties rezoned. The full show is available for download here.

 The next “Commercial Real Estate Show” will be available March 8 and will examine the issues surrounding commercial leases.

 Contact

Stephen Ursery

Wilbert News Strategies

404.965.5026

sursery@wnspr.com

www.CREshow.com

Invest Atlanta Helps Thrust Interactive With New Headquarters

  

 (from left) of Thrust Interactive CEO Jesse Lindsley, Atlanta Mayor Kasim Reed and Invest Atlanta Vice President Bill Cronin.

  ATLANTA, GA  (March 5, 2012) – Invest Atlanta – Atlanta’s Development Authority –has assisted Thrust Interactive, an Atlanta-based third-party development studio for online and mobile games and apps, in its move to a new headquarters in the city’s Inman Park neighborhood.

Specifically, Invest Atlanta provided site selection and advocacy support for Thrust Interactive.

The high-tech gaming company - started eight years ago in the owner’s house - just moved into its new headquarters at 741 Edgewood Ave. The 4,500-square-foot freestanding loft building houses the company’s 20 employees and provides room for expected growth. The company already has hired nine new employees in 2012 and plans to expand their team further due to growing demand of the gaming industry in Atlanta.

Mayor Kasim Reed – who also chairs Invest Atlanta – attended the recent opening of Thrust Interactive’s new headquarters and praised Thrust CEO Jesse Lindsley for starting and growing a company in the city. At the event, Thrust also introduced its latest game – Boomblastica.

“I am pleased about the growth and success of Thrust Interactive, an Atlanta-based business,” said Mayor Reed.  “I congratulate Jesse on the opening of the new headquarters and applaud Invest Atlanta for its role in supporting this and many other small businesses across the city. Together, we will continue to attract world-class talent, create jobs and bring new companies to Atlanta.”

Thrust Interactive’s new headquarters, previously a commercial photography studio is equipped with sets resembling vintage 1920s Southern California beach cottages. This unique build-out enables the space to double as an incubation center for emerging indie development teams.

 Thrust Interactive’s story is indicative of Atlanta’s position as a top city for high-tech and creative companies, said Brian P. McGowan (top right photo), president and CEO of Invest Atlanta.

“Atlanta offers young entrepreneurs, especially those in the technology and creative fields, an attractive environment for growth and job creation,” McGowan said. “Invest Atlanta is proud to have assisted Thrust Interactive and looks forward helping many more similar firms as they grow in the city.”

Entertainment tax credits for digital gaming companies have played a role in Thrust’s growth, Thrust CEO Lindsley said. While Thrust Interactive itself has not received any of the credits, they have helped Thrust attract key clients that do benefit from the credits.

“When we started Thrust, our kitchen was the conference room, and our board room was in the garage,” Lindsley said. “Thanks to the city of Atlanta’s pro-business stance under Mayor Reed, we now have a full-fledged headquarters where we can collaborate and continue to grow.”

The Thrust Interactive relocation offers a prime example of how Invest Atlanta, working with the Georgia Department ofEconomic Development and Metro Atlanta Chamber, can help creative companiesgrow, thrive and remain in the city of Atlanta said Amanda Shailendra (middle left photo), business development manager at Invest Atlanta.

“I enjoyed working with our partners, the Georgia Department of Economic Development and Metro Atlanta Chamber, to help make expansion possible for Thrust Interactive,” Shailendra said. “Home-grown companies like Thrust Interactive that create new jobs are exactly the typeInvest Atlanta works to help.

  Visit http://www.investatlanta.com./  

 Contact:

Krunali Parekh

Wilbert News Strategies

C:  404.901.4433  

D: 404.965.5024

kparekh@wnspr.com

EagleBridge Capital Arranges Mortgage For Boston Mixed-Use Portfolio

 Boston, MA --  EagleBridge Capital has arranged permanent mortgage financing in the amount of $4,500,000 for a portfolio of three properties situated in the Brighton section of Boston, Massachusetts on the Brookline line. 

The mortgage financing was arranged by EagleBridge principals Ted. M. Sidel (middle right photo) and Brian D. Sheehan (middle left photo) who stated that the loan was provided by a leading regional financial institution.

The portfolio is composed of Brighton Heights (top left photo), a two-story 20,000 square foot office building, located at 167 Corey Road, 3 Washington Street which is leased to the Brighton Auto Clinic, and 5 Washington Street which is leased to U.S. 1 Petroleum.  The buildings are located across from the Brighton Whole Foods Supermarket in an area of apartments, office buildings, and retail stores.

Tenants at the Brighton Heights office building include Medical Digital Photography, 3d Diagnostics, Biomedical Modeling, Brookline Driving School, Crimson Language Service, IMS 2000, Wellbeing Chiropractic, and Chinese Natural Health.  Brighton Auto Clinic is a long established auto repair and maintenance shop. U.S. 1 Petroleum a full service has station. 

Mr. Sidel and Mr. Sheehan stated, “This was an unusual combination of properties, but the solid location and experience of the borrower impressed our lender. We are pleased that EagleBridge was able to structure very competitive mortgage financing that met the borrower’s needs.”

EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for industrial, office, and r & d buildings,  shopping centers, apartments, hotels, condominiums and mixed use properties as well as special purpose buildings.

Contact:

Ted Sidel                                                                                              

(617) 292-7177,  EXT. 10

33 Broad Street,

Boston, MA  02109 

TEL: 617.292.7177   FAX: 617.292.7575

http://www.eaglebridgecapital.com/

White Lodging Closes On Property for Hyatt Place Nashville

MERRILLVILLE, IN /PRNewswire/ -- The downtown Nashville skyline will have a new look in 2013 thanks to the addition of the Hyatt Place Nashville (top left photo).

This month White Lodging, one of the hospitality industry's fastest growing independent development, ownership and management companies, closed on the property for the new hotel, the first and only Hyatt property in the downtown.

The hotel, located at 301 3rd Ave. South in downtown Nashville, will be constructed on the former site of Rock City Machine Co, and will be developed and managed by White Lodging. Construction is scheduled to begin in May with the 255-suite hotel opening in December 2013.

"The recent growth in downtown Nashville has been well planned and we believe this will serve as a catalyst for even greater growth in the coming years," said Deno Yiankes (middle right photo), president and CEO investments and development division for White Lodging. "We are thrilled to be bringing a Hyatt Place hotel to the heart of downtown's expanding convention and entertainment district."

All 255 suites are 20 percent larger than the average hotel room, and decorated in Hyatt's signature, upscale decor. Guests can relax in separate sitting and sleeping areas equipped with a wet bar and mini fridge after spending time at one of the countless live music venues just two blocks away on Broadway, the street where many of today's top musical artists got their start.

The hotel, White Lodging's second in Nashville, will complement the construction of the Music City Center (lower left rendering).

Nashville's new convention center scheduled to open in 2013 on 19 acres in Nashville's downtown and only a block away from the hotel site.

 Along with the convention center, Hyatt Place Nashville guests will be a block away from the newly expanded Country Music Hall of Fame and Museum, and a short walk from the city's business district.

For Hyatt Place information or to make a reservation, call 1-888-HYATT-HP (888-492-8847) or visit www.HyattPlace.com

For more information about White Lodging, please visit www.whitelodging.com.

Contact: Kathleen Quilligan, +1-219-472-2861, Fax +1-219-472-2273

Web Site: http://www.whitelodging.com

Seagis Property Group Acquires 340,000-SF Class A Industrial Building in Miami, FL

  

CONSHOHOCKEN, PA  /PRNewswire/ -- Seagis Property Group announced today that it has acquired a 340,000 square foot warehouse/distribution facility in the Doral submarket of Miami Florida.

 The building, which is located at 10000 NW 25th Street (top left photo) features  32' clear ceiling height,  ESFR sprinkler systems, secured cross-dock loading (50 dock high and 4 drive-ins), 56,000 sf of finished two-story office space, 6400 sf of refrigerated storage area, T-5 Lighting, diesel powered back-up generator, and 331 auto parking spaces.  Access is provided off of 25th and 21st Streets.

The building will be available in its entirety for lease in June 2012.

Seagis Property Group LP owns 8.5 million square feet of industrial buildings primarily in Greater Miami/Ft. Lauderdale, Central and Northern New Jersey, and the JFK Airport area. 

Seagis is headquartered in suburban Philadelphia, with offices at One Tower Bridge, 100 Front Street, Suite 350, Conshohocken, PA 19428.  

Contact:

Charles C. Lee, Jr.,

 Principal,

Seagis Property Group LP,

 +1-484-530-9135,

 clee@seagisproperty.com, or

Investment Contact,

John B. Begier,

Principal,

Seagis Property Group LP,

+1-484-530-9134,

jbegier@seagisproperty.com

Web Site: http://www.seagisproperty.com

New Contract for Peak Campus Management Increases Managed Portfolio Value Above $1 Billion

ATLANTA, GA  /PRNewswire/ -- Peak Campus Management announced today that it has executed a new management contract for Bayside Village (top left photo), a 402-bed student housing community serving the students of the University of Southern Maine (lower right photo), in Portland, Maine. 

This contract is a significant milestone for Peak Campus Management, as it pushes their managed portfolio asset value to over $1 billion.

 

Bob Clark (middle right photo), President of Peak Campus Management said, "Being purpose-built with a great location to campus and amenity package, Bayside Village is a wonderful addition to our portfolio. 

“This addition has enabled Peak Campus to pass yet another milestone by increasing our managed portfolio value to over $1 billion.  We are excited that our proven platform focused on people, marketing and leasing, and world class operations is successful, and is being well received by our partners and owners."

Built in 2008, Bayside Village offers a unique living experience for students by offering 2 bedroom, 2 bath and 4 bedroom, 2 bath fully-furnished floor plans with community amenities that include study lounges, a tanning bed and laundry center. 

Capital upgrades planned cover the build out of a club room with activity space, a leasing center, computer lab and a large conference/group study room. 

Peak Campus Management is one of the country's largest and most successful management companies in the country with over 19,800 beds of student housing in 17 states nationwide.

Peak Campus managed communities are consistently recognized by their college or university as the top off-campus housing choice for the market.

Contact:

Jessica H. Nix

Vice President of Marketing

404-920-5351

jnix@peakcampus.com

Regency Centers Announces 260,000-SF Ground-up Development in Houston, TX

 HOUSTON, TX--(BUSINESS WIRE)-- Regency Centers (NYSE:REG), a national owner, operator and developer of grocery-anchored and community shopping centers, has begun construction of Southpark at Cinco Ranch, a 260,000-square-foot neighborhood center anchored by market-dominant grocer Kroger, in Fort Bend County.

The neighborhood center is strategically located at the intersection of two main arterial roads, Westpark Tollway (FM1093), the east/west connection to downtown Houston, and Spring Green Boulevard (FM 723), which will connect Westpark Tollway to Interstate 10.

In partnership with Excel Commercial Real Estate LLC, Regency Centers began construction of the center’s first phase on February 20th with anchor openings scheduled for the fourth quarter of 2012.

Located 32 miles west of downtown Houston, Southpark at Cinco Ranch is the first anchored retail development, located west of Grand Parkway, within Cinco Ranch, one of the nation’s fastest growing master planned communities.

The project’s first phase will include a 101,497-square-foot Kroger and fuel center, which will create 275 new jobs, a 71,680-square-foot Houston-based sporting goods retailer, 29,920 square feet of small shops and seven outparcels.

“We couldn’t be more pleased to announce the groundbreaking of Southpark at Cinco Ranch. The shopping center will benefit from limited retail competition and the area’s affluent population which is growing three times faster than the surrounding market,” said Abe Pacetti (top right photo), senior manager of investments for Regency Centers.

“Southpark at Cinco Ranch has all the key attributes that define a Regency center – market-dominant anchors, a prime location, high barriers to entry and excellent demographics.

"We’re excited about becoming a long-term citizen of such a fabulous master planned community and continuing to expand our presence in Houston through the development of quality shopping centers.”

Southpark at Cinco Ranch is 72 percent preleased and will add an additional 57,000 square feet in the second phase. To lease space in Phases I and II, contact Leasing Agent Ben Brown at 713.599.3517.

Regency Centers owns and/or manages 12 properties in Houston totaling 1.7 million square feet.

  

Contact:

Regency Centers Corporation

Abe Pacetti, 713-599-3502

Senior Manager Investments

abepacetti@regencycenters.com

or

The Hoffman Agency Regency Centers

Bonnie Hayflick, 904-398-9663

Stirling Sotheby’s International Realty Named Exclusive Agents for Five Acre Artist’s Estate in Lake County, FL

ORLANDO, FL. --- Stirling Sotheby’s International Realty was recently appointed exclusive sales and marketing representatives for a unique five acre estate property on Lake Griffin in Leesburg that includes a 1,800 square foot artist’s studio (top left photo).

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said the artist-inspired lakefront estate located at 7952 Treasure Island Rd. includes a 3,788 square foot luxury home with private guest quarters, two floor-to-ceiling gas fireplaces, private covered and screened bedroom balcony in addition to a screened lanai for outdoor entertaining, bamboo floors and a private dock.

The home’s spacious master suite opens onto the private balcony with spa tub.

Stirling Sotheby’s International Luxury Home Specialist Lynn Edwards (lower right photo) is representing the property which is listed at $593,600.   

To view a video of the property go to

http://tours.vht.com/Viewer/Video.aspx?ListingID=50690502&Style=SIR

For more information, please contact:

 Roger Soderstrom, Owner/Founder Stirling Sotheby’s International Realty,

 407-588-1260;

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 

Commercial Lenders Saddled With Ample Cash, Real Estate Capital Institute Reports

CHICAGO, IL – The Real Estate Capital Institute notes that as the second quarter approaches,  real estate capital markets are nearly back to conditions that are more "normal.”

Lenders are saddled with ample cash and many have cleaned their balance sheets, no looking for fresh new funding opportunities.  General mortgage market conditions are outlined as follows:

 

Mortgage rates:  3.85% (for very low leverage) to 4.75% for up to 65% leverage is a typical range for 10-year loans offered by life companies.  5% is a rough benchmark for where CMBS and higher-leverage life companies are actively competing.  9-12% mezzanine and preferred equity funds available for funding debt above standard levels.

Loan Amounts & Leverage:  $8 million or more is a starting loan amount for
capturing the most competitive funds.  Smaller loans offered at pricing premiums of 25 basis points or more.  75% leverage is available from multiple sources for the highest quality retail and industrial properties, 65% to 70% is a benchmark for office properties. 

80% is the maximum leverage for apartments based on CMBS and agency execution.  With mezzanine financing, leverage levels approaching 90% are available for projects with ample cash flow.

Underwriting:  An overall debt yield of 9% to 11% applies for securitized
loans, although the trend is to use Rating Agency LTV as a new benchmark.

 

Observations:  Lenders' biggest concerns remain for finding projects that
have sufficient cash flow.  *Again, rates are the lowest in modern history
with 6% approaching "high risk" pricing. A couple years ago, such rate would
have been available to the highest quality projects. 

The Real Estate Capital Institute's Jeanne Peck (top right photo) notes, "Nearly every property sector is gradually recovering.  For example, office buildings are now financeable with lower overall occupancy levels of 70 to 80% being more acceptable. In contrast, 90% was a benchmark for much the past decade."

 

The Real Estate Capital Institute(r) is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates including treasuries, bank prime and LIBOR. 

 Furthermore, call the Real Estate Capital RateLine at
7RE-CAPITAL (773-227-4825) for hourly rate updates.

Contact:

Jeanne Peck, Research Director

director@reci.com

http://www.reci.com/

The   Real Estate Capital Institute(r)
3517 West Arthington Street
Chicago, Illinois USA 60624

Agencies are the most effective at lowest pricing with highest leverage. Life insurance companies are the price leaders, particularly for low-leverage and flexible documentation.  CMBS players returned, mostly picking off commercial properties in secondary markets or with projects seeking higher leverage.