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.
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.
Procore Technologies, | November 14, 2022
Procore Technologies, Inc. (NYSE: PCOR), a leading global provider of construction management software, today announced the winners of the 2022 Groundbreaker Awards at Procore’s annual industry event in New Orleans, Groundbreak. The Groundbreaker Awards celebrate the companies, projects and individuals that drive excellence across the construction industry.
“Behind every great project, there are outstanding people. The Groundbreaker Awards honor our customers who are leading and positively influencing the construction industry on a daily basis, Congratulations to all of the winners of the Groundbreaker Awards.”
-Tooey Courtemanche, President, Founder and CEO of Procore.
Procore selected 27 companies, projects and individuals as finalists for groundbreaking achievements. Kassy Morris, Head of Procore Construction Learning, presented the nine awards to the winners of the 2022 Groundbreaker Awards:
Excellence in Sustainability: Hathaway Dinwiddie Construction Company
Excellence in Workforce Development: Roebbelen Contracting, Inc
Excellence in Innovation: Truebeck Construction
Excellence in Safety: McCarthy Building Companies, Inc
Excellence in Community: Blue Door - Construct
Groundbreaker of the Year: Atul Paralkar, Executive Director of Business Intelligence | Operational Excellence, Holt Construction Corp.
General Contractor Project Excellence: Skanska USA
Specialty Contractor Project Excellence: Willmar Electric Service
Owner Project Excellence: Duke Energy in partnership with Ameresco & D3Energy.
Procore is a leading global provider of construction management software. Over 1 million projects and more than $1 trillion USD in construction volume have run on Procore's platform. Our platform connects every project stakeholder to solutions we've built specifically for the construction industry—for the owner, the general contractor, and the specialty contractor. Procore's App Marketplace has a multitude of partner solutions that integrate seamlessly with our platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices in the United States, Canada, and around the globe.
PulteGroup | November 21, 2022
PulteGroup, Inc. (NYSE: PHM) today announced the unveiling of its subsidiary Innovative Construction Group’s second off-site solutions manufacturing operations in Florence, South Carolina. Focused on single-family and multi-family wood framed construction, this facility will expand ICG’s production and distribution capabilities to meet growing demand in the Southeast.
“Part of the Company’s ongoing expansion of the ICG platform, we are excited to open our newest off-site production facility, This facility increases the scope of ICG’s manufactured framing solutions to serve new home construction in South Carolina, including PulteGroup’s communities in Myrtle Beach, Charleston, Hilton Head, Rock Hill and Columbia.”
-Ryan Marshall President and CEO, PulteGroup.
The Florence operation integrates cutting-edge technology, automation and intellectual property exclusive to ICG to deliver a comprehensive range of framing solutions. Designed to enhance production efficiency and build quality, ICG provides design services, wall panels, roof trusses and floor systems, and on-site installation to provide a fully integrated shell construction process.
“Opening a facility in South Carolina was a natural next step to expanding the ICG platform as it allows for collaboration with our operations in Florida, while extending our offerings and services to several new housing markets, With this expansion completed, we are excited to shift focus towards further vertically integrating our operations.”
-Ryan Melin, Co-Founder and President of ICG.
PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of America’s largest homebuilding companies with operations in more than 40 markets throughout the country. Through its brand portfolio that includes Centex, Pulte Homes, Del Webb, DiVosta Homes, American West and John Wieland Homes and Neighborhoods, the company is one of the industry’s most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup’s purpose is building incredible places where people can live their dreams.