Jones Street Investment Partners | November 15, 2022
Jones Street Investment Partners, a private equity real estate firm focused on multifamily assets located throughout the Northeast and Mid-Atlantic regions of the U.S., today announced that it has secured $179 million in construction financing to develop luxury multifamily communities in Kittery and Brunswick, Maine, as well as Manchester, New Hampshire. Securing these loans enables Jones Street to expand its portfolio in key secondary markets across the Northeast that are severely supply constrained and have demonstrated consistently strong rental growth.
“We appreciate the support of our financing partners, Our ability to secure these loans at attractive terms is a testament to the strength of our relationships, the quality of our business plans and our established track record. Each of these projects aligns with our emphasis on long-term, cash flowing investment strategies that have the potential to deliver attractive risk-adjusted returns. We look forward to ingraining ourselves within each of these communities and delivering exceptional living experiences to our future residents.”
-Matt Frazier, founder and CEO of Jones Street Investment Partners.
Jones Street secured a $70 million loan from Key Bank as well as a $7.9 million preferred equity investment from a major investment manager to develop Seacoast Residences, a 282-unit multifamily community located at 76 Dennett Road in Kittery. The five-building property, which is situated along I-95 and immediately across the border from Portsmouth, New Hampshire, will feature luxury unit finishes, a resort-style swimming pool, fitness center, dog park, sun deck, and on-site nature trails. Seacoast Residences is located in an area with a limited supply of rental product and is poised to benefit from its proximity to major employment centers. A number of national and regional businesses operate in the New Hampshire and Southern Maine seacoast regions, including Andover Healthcare, Portsmouth Naval Shipyard, CSI Engineering, Northwestern Mutual, and Sun Life Financial, among others. Jones Street expects to complete construction in early 2024.
Bangor Savings Bank provided Jones Street with a $36 million loan to develop an amenity-rich, 181-unit multifamily community in Brunswick. Located on Admiral Fitch Avenue in a Qualified Opportunity Zone, the property sits within the Brunswick Landing Development, a former naval base that is being revitalized and includes nearly 2 million square feet of commercial and industrial space. Ideally situated three miles from downtown Brunswick and within 30 minutes of downtown Portland, which is experiencing sustained rent growth, the property is expected to benefit from the strong employment market. A number of major regional and national employers, including L.L.Bean, VividCloud and General Dynamics Bath Iron Works, as well as top-ranked Bowdoin College, operate in the area. The property is expected to be completed by the fourth quarter of 2024.
Jones Street secured a $65.1 million loan from Berkshire Bank to develop a 250-unit multifamily community in downtown Manchester. Located at 75 Canal Street within a Qualified Opportunity Zone, the property will consist of studio, one-, two- and three-bedroom apartments and approximately 2,000 square feet of ground-floor retail space. It will also feature an array of amenities including a clubhouse with a full-service kitchen and game room, fitness center, business center and two outdoor courtyards. Manchester boasts low unemployment rates, high affordability and strong economic growth. This has translated into high occupancy and consistently strong rental growth. Major employers in the area include Oracle, TD Bank, New York Life and Southern New Hampshire University. Jones Street expects construction to be completed in the summer of 2024.
About Jones Street Investment Partners:
Jones Street Investment Partners is a privately held real estate investment management firm focused on multifamily investments located in the Northeast and Mid-Atlantic regions of the United States. Formed in 2014, the Boston-based firm is an opportunistic and disciplined value-based investor focused primarily on the management of long-term, cash-flowing investment strategies and drawing on the capabilities of affiliate Jones Street Residential for asset and property management. Aligning an institutional-quality investment and operational approach with the economic and strategic interests of its investors, Jones Street is a trusted source of investment opportunities for its capital partners. Jones Street’s portfolio consists of 4,389 apartment units with approximately $1.3 billion of current assets under management and $360 million of equity invested.
Green Canopy NODE | December 02, 2022
Green Canopy NODE is pleased to announce the launch of its first crowdfunding campaign, now available for investment to the public on StartEngine. The Seattle-based construction technology, real estate development, and fund management company has long believed that investment in private companies should be democratized. Launching this campaign allows everyone, not just institutional or accredited investors, to invest in revolutionizing the construction industry to build more sustainable, healthy homes faster.
"We are excited about crowdfunding because it gives more people an opportunity to be a part of transforming how homes are built while at the same time offering real positive social and environmental impact for our communities and the planet, When individuals with normal incomes align their values to their investments, they become direct participants in positive transformation with us –they become impact investors for a better world."
-Co-CEO Aaron Fairchild.
Green Canopy NODE is raising capital to scale its technology development with innovative construction products that simplify construction while boosting productivity – building faster and more sustainably. The company leverages its integrated construction ecosystem, proving product-market fit on-site through its certified green real estate development pipeline and real estate funds.
In 2023, Green Canopy NODE plans to install millions of dollars worth of utility and structural products on site and develop a new region of expansion across the US – selling to other developers and builders directly and through channel partners with its configurable product catalog.
"Our roadmap is clear – we're here to scale healthy and sustainable homes from everyone, Given the labor and supply shortages, traditional homebuilders simply can't produce enough. It's time to revolutionize the industry, and we see our integrated construction ecosystem as the model required for scale."
-Co-CEO Bec Chapin.
The vertically integrated company is also an experienced fund manager. Green Canopy NODE Capital has successfully launched and managed four real estate funds and is soon to launch its pioneering fifth fund on mass timber. Learn more about Green Canopy NODE's offering and how to invest at www.startengine.com/greencanopynode.
About Green Canopy NODE:
Green Canopy NODE is an integrated construction technology, real estate development, and fund management company. Over its history, it has sought to embrace the innovation required to change the current paradigm of housing development and deliver on its commitment to help regenerate communities and environments. The company works with its clients and investors to develop high-performing, deep green, all-electric, and healthy housing.
Michael Baker International | November 18, 2022
Michael Baker International, a global leader in engineering, planning and consulting services, announced today that the firm has been selected by CSX Transportation (CSXT) to lead program and construction management for significant rail enhancement projects as part the Transforming Rail in Virginia (TRV) initiative. The TRV program represents an innovative public/private partnership, which also includes the Federal Railroad Administration (FRA), Virginia Department of Transportation (VDOT), Amtrak and Virginia Railway Express (VRE) commuter rail operator as key stakeholders. This work is being completed in conjunction with the Virginia Passenger Rail Authority (VPRA), the lead state agency for TRV, and encompasses the design and construction of multiple projects between Washington, DC, and Richmond, Virginia, totaling $3.7 billion.
"Michael Baker has a history of overseeing rail and transit projects for more than 40 rail carriers throughout the country, providing innovative solutions that enable our clients to achieve their goals and ultimately, enhance the transportation of freight, I am thrilled that the Michael Baker team, supported by Patrick Engineering, is servicing CSXT on this exciting infrastructure project that will transform rail in Virginia, as well as the Rail and Transit Practice at Michael Baker. "
-Kirsten Bowen, National Director, Freight Rail at Michael Baker International.
Michael Baker will provide program management and construction management services for TRV project delivery over the next 10 years. The firm will serve as owner-representative, collaborating with various design consultants to provide pre-construction and construction phase services including design reviews, project controls and construction management/ inspection for multiple bridges, walls, track and associated infrastructure.
A leading supplier of rail-based freight transportation, CSXT operates more than 2,000 miles of track throughout the state of Virginia. VPRA, created in 2020, will gain control of 350 miles of railroad right-of-way and 225 miles of existing track from CSXT as TRV capital investments are completed, enabling expanded passenger rail services. Once Virginia completes construction of a separate passenger rail corridor along this section of track, Virginia and CSXT will benefit from freight-dedicated tracks free of passenger rail traffic. This will lead to enhanced passenger rail service, such as more frequent Amtrak state-supported trains and a near doubling of VRE Fredericksburg Line commuter service to include new late-night and weekend service.
About Michael Baker International:
Michael Baker International is a leading provider of engineering and consulting services spanning four distinct Verticals: Infrastructure, Design-Build Services, Federal Programs and Services and Consulting and Technology Solutions (CTS). The firm's Practices encompass all facets of infrastructure, including design and civil engineering for diverse bridge, highway, water, rail and transit and aviation projects, as well as planning, architecture, environmental and construction and program management. For more than 80 years, the company has been a trusted partner to clients, providing comprehensive services and solutions, delivering expertise and quality, and embracing emerging technologies and the latest innovations – like intelligent transportation, engineered models and public safety software as a service (SaaS).
Trimble | November 08, 2022
Trimble (NASDAQ: TRMB) today announced the launch of Trimble Construction Cloud powered by Microsoft Azure, an industry cloud to streamline construction projects. Trimble Construction Cloud was developed as part of Trimble's collaboration with Microsoft to advance technology adoption and accelerate the digital transformation of the construction, agriculture and transportation industries.
Trimble Construction Cloud takes advantage of Microsoft Azure services including Logic Apps, Azure DevOps, and Azure Kubernetes Service. The platform links project teams, data, processes and multiple stakeholders—such as general contractors, subcontractors, designers, engineers and owners—across all phases of construction projects. Connecting people, processes and workflows enables projects to be completed better, faster, safer, cheaper, and greener. By providing seamless collaboration from the field to the back office, Trimble Construction Cloud provides a trusted environment where transparency and actionable data are the new norm. It is also the sole construction industry cloud for Microsoft customers.
"Trimble Construction Cloud enables customers to accelerate and deliver improved business outcomes with data from native Trimble and ecosystem of services, It empowers project teams to design, construct, operate, collaborate and learn with live data sharing. This unique approach leverages connected workflows, precise spatial data and constructible models to modernize the entire ecosystem and accelerate customer success. We're excited to help customers and partners achieve more productively and sustainability than before."
-Jennifer Lin, senior vice president and chief platform officer for Trimble.
Trimble Construction Cloud will launch as the cloud solution powering Trimble Construction One, a purpose-built connected construction management offering that includes rich field data, estimating, detailing, project management, finance and human capital management solutions. Non-Trimble Construction One users can subscribe to Trimble Construction Cloud independently as a separate service.
Trimble Construction Cloud includes four main functions designed to automate the flow of data and decision-making for more efficient and predictable business outcomes:
Common Data Environment: Task-specific point solutions have created the fragmentation of data and losses in handoffs, as construction is increasingly a mixed fleet world with different equipment, technology, software and information—each of which handle different parts of the construction lifecycle. Trimble Construction Cloud features one centralized, common data environment that connects the office with site operations tools, enabling Trimble and non-Trimble solutions to automatically integrate into one usable data set. This provides enhanced data visibility and unites stakeholders across jobs, teams and departments with the right information at the right time to make the right decisions.
Configured and Custom Workflows: Despite the number of repetitive tasks inherent to construction, most contractors still run their businesses manually, which is time-consuming and error prone. Trimble Construction Cloud solves this challenge with configured and customizable workflows that help project teams automate different aspects of their business with commonly used workflows, as well as by building and deploying their own around critical job roles and specific business objectives. The cloud's three configured workflows include a model-to-procurement built for Mechanical, Engineering and Plumbing (MEP); a model-to-fabrication for structures; and a civil bid-to-build for site management.
Live Data/Model Sharing: Collaborating across projects in real-time has always been difficult for project teams. Trimble Construction Cloud provides customers with the ability to subscribe to unique capabilities across Trimble and non-Trimble solutions such as Microsoft Teams that serve to enhance and facilitate collaboration across project teams. The Live Sharing capability allows for real-time model collaboration for both Trimble and non-Trimble solutions. With Live Sharing, multiple users can be in several Trimble solutions—such as Quadri, Trimble Connect and Tekla—and view model changes as they happen. Users with non-Trimble solutions can also collaborate in the same modeling process as well.
Trimble Developer Portal: Instead of reaching out to various organizations within a business to gain access to a report or specific type of data, Trimble Construction Cloud centralizes the discovery, learning, provisioning, support and successful application of APIs through the Trimble Developer Portal. An easily accessible, centralized portal is designed to facilitate faster onboarding and integration leading to more productive developer experiences.
"Cloud-based solutions are designed to take industries to the next level to compete in today's marketplace, Trimble Construction Cloud connects disparate systems and provides new workflows, so stakeholders have the visibility and fluidity they need to further enhance digital transformation."
-Casey McGee, vice president of Global ISV Sales, Microsoft.
Trimble is an industrial technology company transforming the way the world works by delivering solutions that enable our customers to thrive. Core technologies in positioning, modeling, connectivity and data analytics connect the digital and physical worlds to improve productivity, quality, safety, transparency and sustainability. From purpose-built products to enterprise lifecycle solutions, Trimble is transforming industries such as agriculture, construction, geospatial and transportation.