Latest news with #CrossHarborCapital
Yahoo
10-05-2025
- Business
- Yahoo
Here are 3 projects East Valley residents should know
Two industrial projects and one townhome community are underway in the East Valley, all of which are expected to be completed in 2026. LG Energy Solutions is building a battery manufacturing facility in Queen Creek, with the goal of producing cylindrical batteries for electric vehicles. The company predicted the facility will bring thousands of jobs to the area. A 15-acre plot near Warner Road and Hardy Drive in Tempe will be home to a 144,885-square-foot industrial park. The spot was previously used for an office building, a commercial garage, outdoor storage and RV parking. A luxury townhome community in Scottsdale is being built a few hundred yards west of the Indian Bend Wash Greenbelt. The developer said the community is focused on sustainability with less costly energy bills. Here's what East Valley residents should know about the projects. A 144,885-square-foot industrial park is being built on a 15-acre plot near Warner Road and Hardy Drive in Tempe. It is being developed by Phoenix- based Creation and Boston-based CrossHarbor Capital Partners. The development will include 6 acres of yard space for storage or vehicles. One structure in the park will be built before a business has signed on to lease the space. Construction is expected to be completed in mid-2026. Construction is underway on an electric vehicle battery manufacturing facility near Ironwood and Pecos roads in Queen Creek. LG Energy Solutions is expected to hire 2,800 employees. The company commenced training its launch team members at a new workforce training center, which was established under Arizona's Future48 Workforce Accelerator program, in partnership with the Arizona Commerce Authority, Pinal County, and Central Arizona College, it stated in a news release. The company said the project was halfway completed in April. The plant is expected to begin production in mid-2026. The southeast corner of 78th Street and San Miguel Avenue will be home to the Paloma, a 6-unit luxury and custom townhome community that focuses on sustainability. The homes are 3,000 square feet each, with two-car garages, 3 bedrooms and 3.5 bathrooms. The backyards will have pools, hot tubs and cabanas. Developer Ed Gorman said it will be "the first net-zero energy ready luxury home community in Scottsdale." Monthly energy bills are expected to be 50% to 70% lower, he said. Construction is anticipated to finish in August 2026, and residents are expected to start moving in fall 2026. Like this story? Get more East Valley news straight into your email inbox by signing up for our free weekly East Valley Newsletter, which comes out on Wednesdays. Is there something under construction you'd like to tell us about or find out more about? Contact reporter Lauren De Young, who covers Tempe, Chandler, Maricopa County and transportation. Reach her at This article originally appeared on Arizona Republic: 3 East Valley projects to know: Tempe, Queen Creek, Scottsdale
Yahoo
06-03-2025
- Business
- Yahoo
BXP Forms Joint Venture with Albanese Organization and CrossHarbor Capital to Develop 290 Coles Street in Jersey City, New Jersey
National developer reveals plans for a residential development along the downtown waterfront NEW YORK, March 06, 2025--(BUSINESS WIRE)--BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, today announced that on March 5, 2025, it completed the formation of a joint venture to develop 290 Coles Street, a full-block, 1.75 acre site between Coles Street, Jersey Avenue, and 16th and 17th Streets in Jersey City, New Jersey. The property will be developed into a 670-unit market-rate residential project offering panoramic views of the Hudson River and Manhattan skyline. BXP and its partners will execute the approximately $400M development through a newly formed joint venture with CrossHarbor Capital ("CrossHarbor") and Albanese Organization and its partner (collectively, "Albanese"). BXP owns a 19% common equity interest in the venture, Albanese owns a 14% common equity interest, and CrossHarbor Capital owns the remaining 67% common equity interest. BXP will also provide $65M in preferred equity as additional project funding. BNY, as Administrative Agent and Arranger, led the financing of a $225M senior secured construction loan in a three-bank deal that includes U.S. Bank National Association and Banco Bilbao Vizcaya Argentaria as Co-Syndication Agents. "We're excited to partner with Albanese Organization and CrossHarbor Capital to expand our residential portfolio to include 290 Coles," said Hilary Spann, EVP, New York Region at BXP. "The project will add highly desirable housing with standout amenities in a vibrant neighborhood. Located minutes from Manhattan, 290 Coles underscores our commitment to intelligent design, great location, and the seamless integration of living and working." "Albanese is thrilled to unveil its partnership with BXP and CrossHarbor as we prepare to break ground on 290 Coles next month," said Chris Albanese, President of Albanese. "Albanese previously partnered with CrossHarbor to purchase the land, and we are excited to further strengthen the partnership with BXP. We look forward to building a luxury rental building that we believe will be uniquely positioned within the exciting SoHo West neighborhood in Jersey City, which has seen significant demand and investment." "We are proud to collaborate with BXP and the Albanese Organization on this exciting opportunity," said Tom Stevens, Partner and Co-Portfolio Manager at CrossHarbor Capital. "As a firm that invests in high-quality projects nationwide, we have strong confidence in the continued growth and strength of the Jersey City market. With BXP's and Albanese's development expertise, we look forward to leveraging our combined strengths to create a well-located, top-tier property that will enhance the neighborhood and help meet the rising demand for Class A multifamily housing." Co-Developers BXP and Albanese will oversee development of the site into a 670-unit residential development. Located along the downtown Jersey City waterfront in the SoHo West neighborhood, the market-rate development will include an 8-story podium and two towers at 14- and 22-stories, more than 350 parking spaces, and 13,000 square feet of ground-level retail. 290 Coles Street is a prime location in an exciting new residential neighborhood, SoHo West. SoHo West benefits from numerous recent improvements, including the development of a brand-new park adjacent to the 290 Coles Street development. The development offers easy access to Hoboken Terminal, which offers multi-modal transit access via PATH, NJ Transit, NY Waterway and Hudson-Bergen Light Rail, is just two blocks from a Citi Bike station, and is proximate to the primary downtowns of both Jersey City and Hoboken. Once complete, residents of the development will have access to over 70,000 square feet of indoor and outdoor amenities, including co-working spaces, a fitness center, courtyard and terraces, outdoor pool, indoor-outdoor rooftop sky lounge with views of Manhattan, a pet spa, chef's kitchen, and children's playroom. 290 Coles Street was designed by Marchetto Higgins Stieve Architecture. Construction, which is being managed by K L Masters Construction Company, is expected to be completed in early 2028. Additional members of the design team include ICOR Consulting Engineers, DeSimone Consulting Engineering, Dresdner Robin, Meshberg Group, and The Marketing Directors. Legal representation associated with the new venture included Fried, Frank, Harris, Shriver & Jacobson, Goulston & Storrs, Adler & Stachenfeld, and Troutman Pepper Locke. About BXP BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of December 31, 2024, BXP's portfolio, including properties owned by unconsolidated joint ventures, totaled 53.3 million square feet and 185 properties, including seven properties under construction or redevelopment. For more information, visit or follow us on LinkedIn or Instagram. About Albanese Organization, Inc. Albanese Organization, Inc. ("Albanese") is a 75+ year, privately held, full-service real estate firm dedicated to creating commercial and residential buildings of distinction, quality and architectural merit that optimize value, are environmentally responsible, and enhance the communities in which they are located. 290 Coles is Albanese's second development in the Downtown Jersey City waterfront market, following its success with the 482-unit development, The Hendrix. For more information, visit About CrossHarbor Capital CrossHarbor Capital Partners is a leading real estate investment manager offering a multi-strategy investment platform providing investors with broad access to opportunities across property types, geographies, and the capital structure. With an investment track record of over $34 billion since it was founded in 1993, the firm currently has $10.2 billion in assets under management in several investment programs along the risk-return spectrum. Through its nation-wide, relationship-driven origination platform, disciplined investment approach, and highly experienced team of professionals, CrossHarbor seeks to generate consistent, risk-adjusted outperformance while focusing on capital preservation. In 2009, CrossHarbor acquired the Yellowstone Club in Big Sky, Montana out of bankruptcy proceedings, turning it into one of the world's premier destinations. Its subsequent Big Sky investments are managed through its subsidiary, the Lone Mountain Land Company. CrossHarbor is based in Boston with offices in Chicago, Los Angeles, and Big Sky. For more information, please visit This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words "future," "will," "would," "expects," "intends" and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond BXP's control. Should one or more of these known or unknown risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, the joint venture's ability to complete the redevelopment project within budget, on schedule or at all, the uncertainties of real estate development activity, the joint venture's ability to lease any of the space in completed building on favorable terms, on schedule, or at all, other difficulties or delays related to the leasing of the building, the risks associated with our investments in joint ventures, and other risks and uncertainties detailed from time to time in BXP's filings with the SEC. BXP does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. View source version on Contacts BXP Heather Betzhbetz@ BerlinRosen bxp@ Sign in to access your portfolio
Yahoo
21-02-2025
- Automotive
- Yahoo
Fun's Over: Private Equity Firm To Buy Willow Springs Raceway
Private equity, the harbinger of all bad things, is getting its greasy little hands on Willow Springs Raceway in Rosamond, California. A firm, called CrossHarbor Capital Partners, tells The Drive that the sale isn't quite finalized yet, but it is "pending." Here's what the Boston-based firm told the outlet: "While CrossHarbor Capital can not provide details on acquisitions before they are complete, we can confirm that a deal is pending and the team is excited to preserve the legacy and enthusiast access to one of America's most iconic racing facilities while also setting up the property for growth and success in the future. More details will be released soon," read the statement provided to The Drive. The Drive received a tip that alleged CrossHarbor was involved in a deal to buy the track, which the company confirmed when we reached out. Right now, it's pretty much impossible to know what CrossHarbor Capital has planned for the iconic track, which opened in 1953. Hopefully, they'll buck the trend of PE firms squeezing every last ounce of money out of their properties before selling them off for scraps – something Jalponik knows a thing or two about. If their words are to be believed, good things are coming in the future, but I suppose only time will tell, and we'll certainly learn more once the deal is finalized. Maybe it'll become a similar venture to the Thermal Club with its multi-million condos, on-site garages and other country club-esque features. I don't know how I feel about that. It seems like it would mess with what Willow Springs was always supposed to be: cheap fun. Read more: F1's Mario Kart-Inspired Saudi Track Proves It Has More Money Than Sense Back in June of 2024, we reported that Willow Springs – located about 90 miles outside Los Angeles – was listed for sale after 62 years of ownership by the Huth Family. When the family's patriarch, Bill Huth, bought the track in 1962 with the intention of turning it into a drag strip. When he discovered the strip would be too short, he decided to turn it into a track. Now, a few years after Bill's death, the family has decided to sell the track for an unknown price. However, the property itself has been assessed at a value of around $2.25 million. Here's a little more on the history of the track, from The Drive: Huth passed away in 2015, at which point the family continued running the track the way he always did: cheap, no frills, frozen in time, and perhaps more relevant to this moment, against all financial sense. The iconic track transported its many fans to a time when American road racing was producing legendary drivers who took on Europe's finest; a time when names like Ken Miles were permanent fixtures at Willow. [...] Willow Springs was cheap to rent. Despite being featured in blockbuster movies like Ford vs. Ferrari, constantly being booked by racing clubs—and media publications and automakers alike for video productions, photo shoots, or the occasional media drive—prices always remained low. You can rent Big Willow for a full day for under $5,000, which is a bargain compared to just about any other comparable track nationwide. According to the Boston-based firm's website, it "manages multiple fund strategies that invest across the risk/return spectrum on behalf of a diversified and highly regarded group of endowments, foundations, public and corporate pension plans, financial institutions, family offices, and sovereign entities." You gotta love private equity jibber jabber. This isn't the first time a racetrack has come up for sale or been sold. Just last month, we told you about Palm Beach International Raceway, a 174-acre complex in Florida, that has been listed for an unknown price. It comes with all sorts of cool stuff like a drag strip, a road course, a kart track and a clubhouse. We also found this $35 million oceanside Go Kart track that comes with its own mansion, castle and replica of Stonehenge all on the Long Island Sound. It's a deal that sounds too good to be true. If drag racing is more your speed, you could have always laid out $3 million for a 30-acre lot with a drag strip in the middle of it. Sure, Twin River Raceway needed some TLC, but it could really be something, man. Read the original article on Jalopnik.
