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Business Wire
an hour ago
- Business
- Business Wire
Pacific Development and PGIM Real Estate Land $97 Million Construction Loan for Landmark Mixed-Housing Project in Santa Rosa
SANTA ROSA, Calif.--(BUSINESS WIRE)--Today, Pacific Development – a prominent, west coast-focused real estate investment and development firm – and its institutional investment partner PGIM Real Estate, announced that they have secured a $97 million construction loan – from Comerica Bank, California Bank & Trust, and First Hawaiian Bank – to bring their latest multifamily and mixed-housing project to life in Santa Rosa, Calif. 'Santa Rosa is an exceptional, growing community that has so much to offer,' said Sean Murphy, Founding Partner at Pacific Development. 'We're proud to support that growth by delivering a community that serves as an extension of their existing success..." Share On-track to break ground later this week, the 396-unit apartment community, Madrone, will be the flagship of a three-phase master plan that will bring nearly 800 units – including for-sale single family homes, Class A for-rent apartments, and retail – to the community. The master plan, which was unanimously approved in November 2024 marks the largest mixed-housing project Santa Rosa has seen in more than 20 years, delivering much-needed housing in a historically undersupplied market. Proactive in its approach to address the community's housing needs, the City of Santa Rosa worked closely with Pacific Development to annex the former dairy farm – which was historically zoned as a county island within the city – into the city in late 2024. 'Santa Rosa is an exceptional, growing community that has so much to offer,' said Sean Murphy, Founding Partner at Pacific Development. 'We're proud to support that growth by delivering a community that serves as an extension of their existing success by enhancing the living experience for residents, while also fostering a greater sense of connection for the broader Santa Rosa community with features like a community garden, a city transit bus stop, a Class 1 bicycle / pedestrian pathway, and more.' 'The housing crisis in California is one of utmost urgency, and we're proud to be part of the solution by working closely with collaborative partners like Pacific Development, to address those needs in a meaningful way for our city, " said Gabe Osburn, Director of Planning and Economic Development at City of Santa Rosa. 'Obtaining entitlements in a mere eight months after submitting formal applications is a testament to the strong partnership between Pacific Development and City staff. Looking ahead, we're excited to continue that partnership by bringing this new, vibrant part into the cohesive community we've fostered here in Santa Rosa.' The new development will follow a similar blueprint that the same team – Pacific Development, PGIM Real Estate, Comerica, and CB&T – has delivered in partnership with Bill Poland of Bay West Group in the past. The team recently opened Launch, a 368-unit luxury apartment community in Alameda, Calif. Since opening in mid-2023 the award-winning apartment community – which led Phase I of the Alameda Master Plan – has already attracted strong leasing demand with plans to break ground on Phase II of the Master Plan later this year. The deal – which was led by JLL Capital Markets – is a particularly noteworthy vote of confidence given its successful close against today's historically challenging macroeconomic backdrop, where $500 billion in U.S. commercial real estate loans are set to mature in 2025, and an estimated 14 percent of such loans are underwater. 1 'Securing this loan in today's environment is a testament to the collective strength of our design, team, and collaborative relationship with Pacific Development and underscores these institutions' longstanding commitment to building futureproof housing solutions,' said Rob Mason, Managing Director, Transactions at PGIM Real Estate. "This transaction exemplifies the growing liquidity in the construction lending space to top tier sponsorship like Pacific Development and PGIM Real Estate,' said Charles Halladay, Executive Managing Director, JLL Capital Markets. For more information on Pacific Development, visit Pacific Development is a San Francisco Bay Area-based real estate investment and development firm specializing in multifamily, student housing, mixed-use, and master-planned communities. With an exclusive focus on the West Coast, the firm offers a deep understanding of market dynamics and a commitment to contributing to the vitality of the communities it serves. Guided by the principle of Positive Evolution – a commitment to creating healthier, more sustainable, and accessible neighborhoods – the Pacific Development team engages deeply with local communities, collaborates with municipalities, and partners with top-tier architects and builders to deliver projects that enhance the urban fabric and stand the test of time. Visit and connect with us on LinkedIn. ABOUT PGIM REAL ESTATE PGIM Real Estate is the world's third-largest real estate investment manager, with $210 billion in gross assets under management and administration, 2 and real estate professionals located in 30+ cities worldwide. Built on our belief that strong performance is fueled by dynamic expertise, our global network of on-the-ground specialists is dedicated to opportunity creation, optimization, and timely capital deployment amid shifting market conditions. Through our full suite of real estate equity and debt solutions, we aim to achieve exceptional outcomes on behalf of investors and borrowers. Our uncompromising commitment to building lasting relationships with our clients is founded on trust, transparency, and mutual respect. PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). For more information visit ABOUT COMERICA BANK Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank and Wealth Management. Comerica, one of the 25 largest commercial U.S. financial holding companies, focuses on building relationships and helping people and businesses be successful. Comerica provides banking centers across the country with locations in Arizona, California, Florida, Michigan and Texas. Founded on Aug. 17, 1849, in Detroit, Michigan, Comerica continues to expand into new regions, including its Southeast Market, based in North Carolina, and Mountain West Market in Colorado. Comerica has offices in 15 states and services 13 of the 15 largest U.S. metropolitan areas, as well as Canada and Mexico. Comerica reported total assets of $77.6 billion at March 31, 2025. Learn more about how Comerica is raising expectations of what a bank can be by visiting and follow us on Facebook, X, Instagram and LinkedIn. ABOUT CALIFORNIA BANK & TRUST Headquartered in San Diego, California Bank & Trust has been helping California families and businesses thrive for over 70 years. With local decision-making backed by regional strength, CB&T's knowledgeable bankers provide personalized solutions that go beyond what traditional banks offer. CB&T has earned consistent recognition, including being voted for: 'Best Bank' by San Diego Union-Tribune readers for 14 consecutive years 'Best Commercial Bank' for 11 years running 'Best Bank' in The Orange County Register and Sacramento Bee readership polls CB&T is a division of Zions Bancorporation, N.A. (NASDAQ: ZION) and has been recognized for its excellence in Middle-Market and Small Business banking by Coalition Greenwich Best Bank Awards. ABOUT FIRST HAWAIIAN BANK First Hawaiian bank has been headquartered in Honolulu since 1858 and has 48 branches throughout Hawaii, three in Guam, and one in Saipan. Its subsidiaries include First Hawaiian Leasing (commercial equipment and vehicle leasing) and Bishop Street Capital Management Inc. With over 2,100 employees, First Hawaiian Bank is one of the largest employers in the State of Hawaii. ABOUT JLL For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit 1 MSCI, Real Estate in Focus: 2025 Trends to Watch 2 As of March 31, 2025. Net AUM is $136 billion and AUA is $47 billion. PGIM Real Estate is the third-largest real estate investment manager (out of 72 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments' 'Largest Real Estate Investment Managers' list published October 2024.
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First Post
3 days ago
- Politics
- First Post
History Today: When we lost APJ Abdul Kalam, the 'Missile Man of India'
On July 27, 2015, India lost a visionary and leader in APJ Abdul Kalam, the 'Missile Man,'who collapsed while delivering a lecture at IIM Shillong. He passed away at 83; a moment that united an entire nation in grief and gratitude for his scientific legacy and inspirational life read more Indian President APJ Abdul Kalam arrives to caste his ballot at a polling station in New Delhi, May 10, 2004. File Image/Reuters As part of Firstpost's History Today series, July 27 has witnessed pivotal moments — from the passing of India's beloved 'Missile Man' APJ Abdul Kalam in 2015, to acts of terror and peacemaking on the world stage, and deep racial conflict in America. APJ Abdul Kalam passes away On July 27, 2015, India lost one of its most beloved and respected figures — Dr. Avul Pakir Jainulabdeen Abdul Kalam, the 11th President of India and a pioneering aerospace scientist. Kalam collapsed while delivering a lecture at the Indian Institute of Management (IIM) Shillong. He was 83. His sudden demise marked the end of an era that transcended science, education, public service and spiritual thought. STORY CONTINUES BELOW THIS AD Born on October 15, 1931, in Rameswaram, Tamil Nadu, Kalam came from modest beginnings. His father was a boat owner and imam of a local mosque, and young Kalam helped supplement the family income by selling newspapers. Despite financial constraints, he showed an early curiosity for learning and was especially drawn to mathematics and physics. After completing his schooling in Ramanathapuram, Kalam went on to study physics at St. Joseph's College, Tiruchirappalli, and then aerospace engineering at the Madras Institute of Technology. He narrowly missed becoming a fighter pilot in the Indian Air Force — he was ranked 9th while only 8 slots were available — but fate had bigger plans for him. Kalam joined the Defence Research and Development Organisation (DRDO) in 1958 and then the Indian Space Research Organisation (Isro) in 1969. At ISRO, he was project director of India's first indigenous Satellite Launch Vehicle (SLV-III), which successfully deployed the Rohini satellite in 1980 — a defining moment in India's space history. His contributions became even more prominent when he rejoined DRDO and spearheaded India's missile development programme under the Integrated Guided Missile Development Programme (IGMDP). This earned him the moniker 'Missile Man of India.' Notable missiles like Agni and Prithvi were developed under his leadership. Kalam played a pivotal role in India's 1998 nuclear tests at Pokhran-II. As the chief scientific adviser to the Prime Minister and the head of the DRDO at the time, he was instrumental in the coordination and execution of the tests. STORY CONTINUES BELOW THIS AD From left to right, Prime Minister Atal Bihari Vajpayee, Defence Minister George Fernandes, India's 'missile man' APJ Abdul Kalam and Atomic Energy chief R Chidambaram display the victory symbol during a visit to the Shakti 1 test site, where India tested nuclear device in Pokhran. File Image/AP The successful detonation marked India as a nuclear weapons state and significantly altered its global strategic posture. The Pokhran-II tests also cemented Kalam's status as a national hero. His ability to bridge scientific innovation with national policy was rare and essential at a time when India sought to assert itself globally. In 2002, Abdul Kalam was elected the 11th President of India with support across party lines. He was the first scientist and the first bachelor to occupy Rashtrapati Bhavan. During his tenure, Kalam brought a refreshing change to the ceremonial office, converting it into an active platform for outreach and youth engagement. He earned the sobriquet 'People's President' due to his simplicity, accessibility and dedication to citizens — especially students. Kalam made it a priority to meet with young people, listen to their aspirations, and encourage innovation and education. An Indian army officer (L) points towards the Line of Control (LoC) as Indian President APJ Abdul Kalam (2nd-L), Kashmir Chief Minister Mufti Mohammed Syed and V G. Patankar, chief of Indian army in Kashmir, look during their visit to the LoC in the Uri sector, 102 kms (63 miles) west of Srinagar, June 28, 2003. File Image/Reuters After his presidency, Kalam did not retire from public life. He became a visiting professor at multiple institutions including IIM Shillong, IIM Ahmedabad, and the Indian Institute of Science (IISc) Bangalore. STORY CONTINUES BELOW THIS AD He also authored several influential books such as Wings of Fire, India 2020, Ignited Minds, and My Journey — many of which became bestsellers and were translated into numerous languages. Kalam was a strong advocate for India's development through knowledge, science, and technological self-reliance. His vision of India as a developed nation by 2020, although not fully realised, continues to inspire developmental discourse. On July 27, 2015, while delivering a lecture titled 'Creating a Liveable Planet Earth' at IIM Shillong, Kalam collapsed at around 6:30 pm. He was rushed to Bethany Hospital, where he was pronounced dead from a sudden cardiac arrest. News of his death triggered an outpouring of grief across India and abroad. The Government of India declared a seven-day state mourning. His body was flown to his hometown of Rameswaram, where he was laid to rest with full state honours. Over 350,000 people attended his funeral, including political leaders, scientists and common citizens. Kalam's impact on India — and indeed, the world — transcended his technical achievements. He symbolised the power of education, the importance of hard work, and the potential of a visionary mind. STORY CONTINUES BELOW THIS AD Among his numerous accolades are the Bharat Ratna (India's highest civilian honour), the Padma Bhushan, and the Padma Vibhushan. He received honorary doctorates from more than 40 universities worldwide. His birthday, October 15, is now observed as World Students' Day in many institutions, and India's DRDO has named its missile complex in Hyderabad the 'Dr. APJ Abdul Kalam Missile Complex.' His house in Rameswaram was converted into the Dr. APJ Abdul Kalam National Memorial by the Defence Research and Development Organisation and inaugurated in 2017. Globally, he was remembered as a symbol of peace and development. Tibetan spiritual leader the Dalai Lama is felicitated by former Indian president APJ Abdul Kalam during celebration of his 74th birthday in New Delhi, July 6, 2009. File Image/Reuters Former UN Secretary-General Ban Ki-moon called him a 'great statesman and visionary,' while Nasa scientists lauded his commitment to science diplomacy. His quotes like — 'Dream, dream, dream. Dreams transform into thoughts and thoughts result in action' — are widely circulated in classrooms and textbooks. In an age of growing cynicism and division, Kalam remains a rare unifying figure. He was admired across the ideological spectrum — by conservatives, liberals, nationalists, and progressives alike. STORY CONTINUES BELOW THIS AD Kalam once said, 'If you want to shine like a sun, first burn like a sun.' Olympic terror: Centennial Park bombing On July 27, 1996, a pipe bomb exploded at Centennial Olympic Park in Atlanta during a free concert, killing 44-year-old Alice Hawthorne, causing the death of Turkish cameraman Melih Uzunyol (via heart attack), and injuring 111 others. Investigators inspecting the scene at Centennial Olympic Park in Atlanta, Georgia, where a pipe bomb exploded on July 27, 1996, disrupting the Summer Olympic Games. File Image/AP The bomber — Eric Robert Rudolph, a white supremacist extremist — later admitted responsibility, linking the act to opposition against abortion and globalism. He was captured in 2003 and sentenced to life imprisonment in 2005. Security guard Richard Jewell was initially hailed a hero, then wrongfully accused — a saga prompting FBI reforms and legal action by Jewell. The event shifted Olympic security, highlighting vulnerabilities in mass gatherings and civilian safety protocols. Armistice ends Korean War After nearly three years of intense conflict beginning June 25, 1950, the Korean War armistice was signed at Panmunjom on July 27, 1953. US, North Korean, and Chinese forces convened, reaching a ceasefire effective at 10:00 am (signing) and formal cessation by 10:00 pm that night. UN delegate Lieut. Gen. William K. Harrison, Jr. (seated left), and Korean People's Army and Chinese People's Volunteers delegate Gen. Nam Il (seated right) signing the Korean War armistice agreement at P'anmunjŏm, Korea, July 27, 1953. Image/US Department of Defense The accord established the Demilitarised Zone (DMZ) near the 38th parallel and highlighted prisoner repatriation via a Neutral Nations Commission. Although the armistice halted active conflict, no formal peace treaty was signed — leaving North and South Korea technically at war. The DMZ has remained one of the world's most fortified and enduring cold war legacies. STORY CONTINUES BELOW THIS AD Chicago race riot of 1919 ignites On July 27, 1919, racial tensions in Chicago erupted when 17-year-old Eugene Williams, an African-American, was struck and drowned after crossing an informal race line on Lake Michigan's South Side beach. White beach-goers had stoned him, triggering outrage. Over the following week, violence rocked Chicago — the dead included 38 (23 Black, 15 white), and more than 537 were injured. Image Credit: Chicago History Museum Property damage exceeded 1,000 homes, and Black residents retaliated following a lack of police protection. It became one of the bloodiest episodes of the Red Summer of 1919, illustrating systemic racism, segregation and the upheaval driven by the Great Migration — urban Black veterans resisting entrenched oppression. Also Watch: With inputs from agencies
United News of India
19-07-2025
- Business
- United News of India
MP CM holds meeting with Global textile machinery leaders in Barcelona
Bhopal, July 19 (UNI) Madhya Pradesh Chief Minister Mohan Yadav chaired a high-level round-table meeting in Barcelona with representatives of leading global textile machinery companies on the third day of his visit to Spain. The meeting was organised with the objective of establishing Madhya Pradesh as a hub for textile machinery manufacturing and promoting partnerships with European technology providers. The Chief Minister highlighted the investment-friendly environment and investor-centric policies in Madhya Pradesh's textile sector. He stated that Madhya Pradesh is a leading state in India in attracting textile investments. Yadav highlighted the state's leadership in attracting textile sector investments and outlined dedicated infrastructure such as textile parks, Special Economic Zones (SEZs), and targeted incentive schemes for investors. He stressed that the state government understands investor expectations and tailor policies and facilities accordingly to attract long-term partnerships, according to official sources. 'Madhya Pradesh is also ideal for textile machinery manufacturing. The state dispensation is committed to promoting technology transfer and sustainable production in partnership with global companies,' Yadav said. During the meeting, European textile machinery companies were encouraged and invited to set up their production units in Madhya Pradesh. Discussions centred on establishing a textile machinery manufacturing hub in Madhya Pradesh, fostering partnerships between Indian and European firms, and exploring avenues for technology transfer and knowledge exchange. This initiative was centred on boosting world-class textile machinery production under the Make in India and Make in MP campaigns and establishing special textile parks and SEZs. The meeting was attended by Arthur Emmanuel, founder of the US-based textile tech startup Launch; Enrique Silla, CEO and founder of Jeanologia; representatives from J Jaminter National, a premium Italian weaving and spinning machinery manufacturer; Graziano MacTech, an Italian specialist in fibre processing and yarn production; and Jose Maria Bronco, a textile engineering expert from Italy Prominent textile companies from Madhya Pradesh, including Best Corp, Pratibha Syntex, Shreeji Polymers, and the DB Group, also participated. UNI AC AAB
Indian Express
08-07-2025
- Indian Express
OnePlus Nord 5, Nord CE 5 launch live updates: Mid-ranger with new features arriving shortly
OnePlus is all set to launch the OnePlus Nord 5 series globally at its Summer Launch event on Tuesday, July 8. At the event, the company is expected to announce the OnePlus Nord 5 and the OnePlus Nord CE 5 alongside the OnePlus 4, its newest wireless earbuds. The OnePlus Summer Launch event will start at 2 PM IST and can be watched on OnePlus' official YouTube channel linked below. This year, the OnePlus Nord 5 and the OnePlus Nord CE 5 are getting a bunch of upgrades, including a new design that looks quite similar to the recently launched OnePlus 13s. Unlike its predecessor, which had a metal unibody design, the OnePlus Nord 5 will be getting a metal frame with a glass back and will be powered by the Snapdragon 8s Gen 3 chipset. On the back, we will get a dual camera setup that consists of a 50MP Sony LYT-700 primary sensor alongside an 8MP ultrawide shooter. The phone will also sport a 50MP Samsung JN5 selfie camera with auto-focus capability and support for 4K recording. © IE Online Media Services Pvt Ltd
The Star
26-06-2025
- Automotive
- The Star
JPJ, APAD told to step up monitoring of repeat offenders, says Loke
KUALA LUMPUR: The Road Transport Department (JPJ) and the Land Public Transport Agency (APAD) have been instructed to step up monitoring of repeat traffic offenders involving transport companies and commercial vehicle drivers. Transport Minister Anthony Loke said this is following claims of delays by authorities in taking action against repeat traffic offenders. "I have instructed JPJ and APAD to be more aggressive in their monitoring, particularly of repeat offenders, including companies or even drivers with multiple violations. "Proactive action needs to be taken, including audits. Audits will be carried out at transport companies regardless of whether an incident has occurred,' he told a media conference after the My50 Pass Digitalisation Briefing and Launch at KL Sentral LRT Station here on Thursday (June 26) On claims about lorry drivers concealing traffic summonses, resulting in a backlog of unpaid fines, Loke said that is an internal matter of the companies involved. "Firstly, a summons is still a summons. I feel that they need to work out a method together with their drivers because the permit is issued to the company, not the driver. So, when a vehicle is summoned, the vehicle owner or permit holder bears the responsibility. "So, to me, it is their internal affair, including how they deal with their drivers,' he said. On Wednesday (June 25), the Transport Ministry revealed a list of 11 goods vehicle operators and 17 express bus companies with a high number of outstanding traffic summonses. Meanwhile, asked if the My50 unlimited travel pass, which is currently used on rail and bus services operated by Prasarana Malaysia Bhd, would be expanded to all public transport operators, Loke said they are in talks with Express Rail Link Sdn Bhd (ERL), the private operator of the KLIA Ekspres service, to offer monthly passes at a lower rate to users. "So, this is what we are working on, it's just that I can't say the RM50 pass is for all types of transport modes. That will be very difficult to implement,' he said. Regarding the lack of parking space and damage to vehicles at public transport station areas, Loke said the government encourages the public to use the Rapid On-Demand (ROD) service to get to LRT stations. "The government cannot build park-and-ride facilities at every location. That's why we introduced ROD, the whole idea is that we want to encourage more people to use public transport,' he said. - Bernama
