JLL Capital Markets arranged Credit Tenant Lease (CTL) financing for the development of a 200,000-square-foot, purpose-built laboratory and training facility for the Massachusetts State Police in Marlborough, MA. Senior managing director Brett Paulsrud and managing directors Andrew Gray and Michael George worked on behalf of the borrower, Greatland Realty Partners and its investment partners, to place the CTL loan directly into the private placement bond market through the co-book running efforts of JLL Securities, LLC and Mesirow Financial.

Construction of the Crime Laboratory is scheduled to begin imminently, with the opening planned for the first quarter of 2028. The new four-story facility will consolidate the current Maynard and Sudbury crime labs into a single location and is fully leased to the Commonwealth of Massachusetts through a 20-year, NNN lease.

The project is located about 30 miles west of Boston at 100 Martinangelo Drive in Marlborough, near major highways, including Interstates 90, 290 and 495. The 24-acre site was selected for its capacity to support new jobs and additional economic development the facility will bring to both the city and surrounding areas.

BWE secured a $23.5 million loan to finance the acquisition and substantial improvement of The Edge, a 173-unit, 553-bed student housing community near Texas State University in San Marcos, TX. 

BWE’s Chris Carroll and Max Miller originated the financing on behalf of Campus Realty Advisors. Texas State has seen a surge in enrollment, which has increased by 5% over the last year to bring the entire student body above 40,000. 

The Edge features a mix of 1-, 2-, 3-, and 4-bedroom apartments and offers students a wide range of amenities, including a fitness center, clubhouse, and basketball court. The community is located less than a mile from the Texas State campus. 

As part of the acquisition, The Edge will receive numerous upgrades to improve the residents’ experiences. All units will receive new flooring, cabinets, and doors, upgraded bathroom fixtures, and improved lighting. The clubhouse, study areas, fitness center and other amenities will also receive major improvements to enhance the students’ sense of community. 

A joint venture of the Massachusetts Port Authority, the Massachusetts Department of Transportation and the Massachusetts Bay Transportation Authority is seeking expressions of interest in potential development at the Anderson Regional Transportation Center, located at 100 Atlantic Ave. in Woburn. The City of Woburn has advanced planning and economic development efforts in the surrounding area, setting the stage for a potential opportunity at the RTC.

“As the JV contemplates how to best accommodate the growth of transportation services at the Anderson
RTC, there may be potential for development to co-exist with, and even enhance, operations at the facility,” according to a statement from the three agencies. They’re seeking to better understand the site’s development potential, gauge market demand and evaluate the feasibility of balancing current and future transportation needs with new development.

Responses to the Request for Interest are due by April 30.

Photo credit: BMRR.

Walls are up and steel installation is underway, meaning that construction is progressing on track at Golden Triangle Logistics Center in Wallkill, NY, said Crow Holdings Development. Fully approved for 834,800 square feet, the Class A, two-building warehouse/distribution property sits on 92 acres in Orange County and marks the company’s first New York State industrial venture. 

“Orange County has come into its own,” said Crow Holdings Development VP Brad Vander Vliet. “The Hudson Valley is a natural extension of the Northern New Jersey market, while offering rents 30% lower, greater regional connectivity characteristics, and port proximity comparable to that of Exit 8A. A strong labor pool and reasonable taxes add to its appeal.” 

A summer 2025 delivery is anticipated for the property’s first, 535,600-square-foot building. Golden Triangle also includes plans for a second, 299,200-square-foot building. JLL’s James Panczykowski and Rob Kossar are marketing the campus for lease to tenants or turnkey sale to users.

Atrium Health Wake Forest Baptist has been greenlighted for a $262.8 million Greensboro Medical Center on Horse Pen Creek Road. It took a year and a half, but the N.C. Division of Health Service Regulation finally posted its approval of Atrium’s Health’s application last week. The hospital was originally slated to open in July 2026, but the opening date is now January 2029. The 36-bed hospital will be located at 2909 Horse Pen Creek Road.

The Charlotte Business Journal reports AHWFB’s Greensboro Medical Center will feature 20 emergency department bays, 12 observation beds, two operating rooms, two procedure rooms, two CT scanners, one fixed MRI scanner and other radiology and imaging equipment.

The Greensboro Medical Center will have 152 full-time-equivalent employees at full capacity.

AHWFB is also planning to build a $30 million ambulatory surgery center at the same Horse Pen Creek site.

Core Spaces and TPG Real Estate are co-developing the Hub Raleigh, a 665-unit, 2,195-bed student housing property in Raleigh, N.C. near the North Carolina State University (“NC State”) main campus. The nearly one million square foot project is currently under construction and slated to be completed by Summer 2026 ahead of the 2026-27 school year.

Located at 111 Cox Ave, the 12-story building will feature a mix of studios and four-bedroom floor plans, each fully furnished. The community will include an amenity package that includes 20,000 square feet of interior and 26,000 square feet of exterior space, including a pool and hot tub, fitness center, fire pit, outdoor kitchen and grilling area, communal clubhouse, coworking space and more.

TSB Capital Advisors acted as financial advisor to Core and TPG Real Estate on the venture and construction financing, provided by Pacific Life Insurance Company.

PC Treehouse Construction, a partnership between Power Construction and Core, is the general contractor and Antunovich Associates is leading the architecture.

Chicago-based Byline Bank’s Commercial Real Estate Group (BCREG) has closed on a $15.2 million loan with Campus Realty Advisors and T2 Capital. The transaction funds the acquisition, renovation and repositioning of The Junction San Marcos, a 152-unit, 488-bed student housing community in San Marcos, Texas, near Texas State University.

This loan marks the first commitment between Byline and Campus Realty Advisors, while T2 Capital is a long-time client of BCREG. The loan will assist in the acquisition and revitalization of the property located at 109 West Avenue. Campus Realty Advisors and T2 Capital plan to renovate all units and common areas.

“The upgraded property will be a welcome addition to the San Marcos rental market, which has seen strong growth and nearly full occupancy for several years in a row,” said Matt Robertson, Senior Vice President in Byline’s Commercial Real Estate Group. The law firm Smith Gambrell Russell represented Campus Realty Advisors and T2 Capital in this transaction, while Holland & Knight represented Byline Bank.

Mapletree Investments has sold The Cottages of Boone, an 894-bed student housing community two miles from Appalachian State, in Boone, N.C. Timberline Real Estate Ventures acquired the asset for $91 million and took out a $79.4 million loan originated by Walton Street Capital.

Commercial Edge reports Mapletree had acquired the asset in 2017 through its Global Student Accommodation Private Trust fund.

Completed in 2013, the Class A community features 93 one-, two- and three-story buildings spread across 70 acres. The unit mix consists of one-, three-, four- and five-bedroom layouts, ranging from 594 to 2,054 square feet. Select floorplans also include private balconies or patios.

Common-area amenities include a fitness center, swimming pool, hot tub, clubhouse, business center and spa. The property also has a dry sauna and steam room, outdoor fire pit lounge, study lounge, computer lab, private conference room, and game room.

The Metra board of directors approved a $33.4 million contract to rehabilitate and expand the 95th St./Chicago State University Station on the Metra Electric Line. The project will help improve the station’s accessibility and connection to the university.

“We are prioritizing improvement on the Metra Electric Line to make them accessible to persons with disabilities,” said Metra Executive Director/CEO Jim Derwinski. “At the same time, this is an opportunity to grow our relationship with Chicago State University and build a station that is a gateway between the school and our system.”

The contract, awarded to John Burns Construction, includes the replacement of the existing headhouse, platform and stairs, a new street-level entrance on 95th St. with a new storefront, an enclosed entrance area, and a new elevator. The project will also involve the construction of a new platform with a full-length canopy, a new CSU campus headhouse, and a walkway and bike lane to a new commuter parking lot. The work is expected to start later this summer and take about 40 months to complete.

Kripper Studio has been selected as one of the newest “House Doctors” for Fitchburg State University by the Designer Selection Board of the Commonwealth of Massachusetts’ Executive Office for Administration and Finance.  

This role involves providing architectural services for general building renovations, repairs, and upgrades on an on-call basis for the university’s campus buildings. Over the six-year engagement, Kripper Studio will document existing conditions, recommend repairs, advise on costs, and propose energy-efficient alternatives.  

“The variety of needs, building types and the potential to upgrade existing inventory is very appealing,” said Architect Amir Kripper, the founding principal of Kripper Studio.  “Supporting Fitchburg State University’s desire to be sustainable in their re-use of buildings, and their desire to enhance the campus experience is very much aligned with our overall approach and specifically to our work for higher education institutions.”