Aurora, CO

AURORA, COLO. — KeyBank has provided a total of $36.3 million in financing for the construction of Elevate at Aurora, an affordable apartment community in Aurora. Columbia Ventures is the sponsor, with the Housing Authority of the City of Aurora serving as special limited partner.

KeyBank Community Development Lending and Investment (CDLI) provided $30 million in Low Income Housing Tax Credit (LIHTC) equity, including $5.5 million of Colorado State tax credit equity and $292,744 of solar tax credit equity. KeyBank CDLI also provided a $6.3 million equity bridge loan. KeyBank Commercial Mortgage Group placed $31.2 million in private activity bonds through one of its capital markets investors, structured as a construction-to-permanent, tax-exempt loan.

Elevate at Aurora will feature 137 apartments in a mix of one-, two- and three-bedroom units for households earning between 30 percent and 70 percent of area median income. The project will also include construction of a new community service facility that will primarily serve as the Aurora location for CrossPurpose, a nonprofit provider of workforce development services, and Living Hope Community Church, a bilingual church that provides before- and after-school programming.

Kortney Brown and Sara Geis of KeyBank CDLI structured the balance sheet financing. Hector Zuniga of KeyBank’s Commercial Mortgage Group arranged the tax-exempt loan.

SICKLERVILLE, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Gloucester Town Center, a 102,660-square-foot shopping center located roughly 25 miles outside Philadelphia in Sicklerville, N.J. A 57,560-square-foot ACME Markets grocery store anchors the property, which was built in 2003. Other tenants include Dollar Tree, Supercuts, AT&T, Pizza Hut and Mavis Discount Tires. Brad Nathanson of IPA represented the seller, KPR Centers, in the transaction and procured an undisclosed, New York-based partnership as the buyer. Jeremy Nussbaum and Andrew Eisen of Walker & Dunlop arranged $8.1 million in acquisition financing for the deal through Citigroup.

SCOTTSDALE, ARIZ. — Driftwood Capital has obtained $115 million in refinancing for Scottsdale McCormick Ranch, a conference center resort in Scottsdale. MetLife Investment Management, the institutional asset management business of MetLife, provided the loan.

Driftwood’s $40 million renovation of Scottsdale McCormick Ranch Resort includes a complete redesign of all guest rooms, expanded food and beverage offerings, and the addition of 12 five-bedroom villas and a full-service luxury spa. Upon completion, the resort will be part of the Curio brand within the Hilton Worldwide portfolio.

Built in 1976 and claiming to be “the country’s first true conference center resort,” the property is adjacent to two 18-hole golf courses. The resort features 90,000 square feet of indoor-outdoor meeting and event space, two outdoor swimming pools, a spa and fitness center, several food and beverage outlets, a speakeasy, and interactive venue space with a golf simulator and pool table. The property is located within the planned community of McCormick Ranch.

Driftwood Hospitality Management, an affiliate of Driftwood Capital, will assume management responsibilities.

GLASTONBURY AND SOUTH WINDSOR, CONN. — Amazon has launched two delivery centers totaling 285,000 square feet in Connecticut. The facilities in Glastonbury and South Windsor total 105,000 and 180,000 square feet, respectively, and will ultimately employ more than 250 people on full- and part-time bases over the next few months. Amazon delivery stations offer entrepreneurs opportunities to build their own businesses delivering packages and independent contractors the flexibility to create their own distribution schedules.

ArizonaLoansMultifamilyStudent HousingWestern

October 18, 2023

TEMPE, ARIZ. — Coastal Ridge has received a $130 million recapitalization for Nine20, a 775-bed student housing community located near the Arizona State University campus in Tempe. Through the transaction, Coastal Ridge will remain as owner of the property alongside Virtus Real Estate Capital.

Constructed in 2018, the community offers a mix of studio through five-bedroom units. Shared amenities include a resort-style swimming pool, two-story fitness center, poolside cabanas with hammocks, a grilling area, “muscle beach,” outdoor green space and a private parking garage.

TSB Capital Advisors acted as the exclusive financial advisor to Coastal Ridge on the transaction.

DevelopmentLife SciencesMassachusettsNortheast

October 18, 2023

BEDFORD, MASS. — A partnership between Redgate, Optimum Asset Management and AEW Capital Management has delivered Bedford Labs, a 288,000-square-foot life sciences project located about 20 miles northwest of Boston. The partnership delivered the project fully preleased to biotechnology firm Sarepta Therapeutics, and with the building shell and core completed, the development team is now underway on the interior build-out. Bedford Labs sits on a 52-acre site and includes a 28,000-square-foot amenity space.

NEW YORK CITY — SCALE Lending, the debt financing arm of locally based development and investment firm Slate Property Group, has provided a $142 million construction loan for a 521-unit multifamily project in the Jamaica area of Queens. The building at 147-35 95th Ave. will rise 24 stories and offer studio, one- and two-bedroom units. The property will also house 363 parking spaces and 1,231 square feet of retail space. Residential amenities will include a gym with a yoga room, children’s playroom, business center and conference rooms, rooftop lounge, game room, theater room and a TikTok room. The sponsor, Sutphin Boulevard Equities, will use the proceeds to fund the final stages of construction, as well as lease-up and stabilization of the property. Steve Hersko of SHB Group arranged the 30-month, floating-rate loan. Completion is slated for next summer. Other project partners include Heartfelt Townhouse Builders, structural engineer Thorton Tomassetti and J Frankl Architects.

EUGENE, OREGON | First came the darkening skies, then the crescent-shaped shadows on the ground, and finally an eruption of cheers by crowds that gathered Saturday along the narrow path of a rare “ring of fire” eclipse of the sun.

“It’s very exciting to be here and have the convergence of our love of flying with something very natural like an eclipse,” said Allan Hahn of Aurora, whose hot air balloon named Heaven Bound Too was one of 72 selected for a special “glow” performance as skies darkened.

Aurora spectators got a double treat, with hot air balloons lifting off during a mass ascension shortly after dawn and then the eclipse just hours later. Some pilots used their propane burners to shoot flames upward in unison as the spectacle unfolded.

The eclipse was a spectacular show for millions of people across the Americas as the moon moved into place and the ring formed.

There were hoots, hollers and yelps for those with an unfettered view in Albuquerque, where the celestial event coincided with an international balloon fiesta that typically draws tens of thousands of spectators and hundreds of hot air balloon pilots from around the world.

Unlike a total solar eclipse, the moon doesn’t completely cover the sun during a ring of fire eclipse. When the moon lines up between Earth and the sun, it leaves a bright, blazing border.

Saturday’s path: Oregon, Nevada, Utah, New Mexico and Texas in the U.S., with a sliver of California, Arizona and Colorado. Next: Mexico’s Yucatan Peninsula, Belize, Honduras, Nicaragua, Costa Rica, Panama, Colombia and Brazil. Much of the rest of the Western Hemisphere gets a partial eclipse.

Viewing all depends on clear skies — part of the U.S. path could see clouds. NASA and other groups livestreamed it.

In Mexico, hundreds of people filed into the planetarium in the Caribbean resort city of Cancun to watch the eclipse. Some people peered through box projectors, while others looked through telescopes and special glasses.

Excited children whistled, as some adults raised their arms towards the sky as if to welcome the eclipse.

“It is the third one that I have seen, but I come because of the energy it gives you. It is something that nature brings us and that we must watch,” said Pilar Cáceres, 77, a retired elementary school teacher who watched the eclipse through a piece of cardboard that reflected the shadow on the ground.

Cáceres wondered how the Maya civilization would observe the celestial event, because they were fearful of the phenomenon despite being great astronomers. “We were told now that some Maya people thought that eclipses were a curse because they burned their eyes and made them blind,” she said.

The Maya — who called eclipses “broken sun” — may have used dark volcanic glass to protect their eyes, said archeologist Arturo Montero of Tepeyac University in Mexico City.

In the U.S., the event brought eclipse watchers to remote corners of the country to try to get the best view possible. At Bryce Canyon National Park in southern Utah, enthusiasts hit the trails before sunrise to stake out their preferred spots among the red rock hoodoos.

With the ring of fire in full form, cheers echoed through the canyons of the park.

“I just think it’s one of those things that unites us all,” said John Edwards, a cancer drug developer who traveled alone across the country to try to watch the eclipse from Bryce Canyon.

Kirby James and Caroline McGuire from Toronto didn’t realize they would be in a prime spot to watch the eclipse when they planned their trip to southern Utah. Their luck led to what McGuire called an “epic, epic” at the national park.

“Nothing that you can read could prepare you for how it feels,” said Kirby James, 63, a co-founder of a software company. “It’s the moment, especially when the ring of fire came on, you realized you were having a lifetime experience.”

For the small towns and cities along the path, there was a mix of excitement, worries about the weather and concerns they’d be overwhelmed by visitors flocking to see the annular solar eclipse.

In Eugene, Oregon, oohs and ahs combined with groans of disappointment as the eclipse was intermittently visible, the sun’s light poking through the cloud cover from behind the moon only at times.

Koren Marsh and her parents drove five hours from Seattle to be within the path of the eclipse. Making the trip to see the ring of fire was part of the celebrations for her 16th birthday, and she still appreciated getting glimpses between the clouds.

“It was worth it to me because I like science,” she said.

Viewers on the East Coast saw much less of the event, if anything. Much of the northeastern part of the region was socked in by clouds and rain.

In southern Colombia, the Tatacoa desert played host to astronomers helping a group of visually impaired people experience the eclipse through raised maps and temperature changes as the moon blots out the sun.

The dance between the sun and moon made for a perfect golden ring while the sky went dark over the desert.

Colombia Science Minister Yesenia Olaya said moments like this should inspire people to promote science among children, so they see it as “a life project.”

Juan Pablo Esguerra, 13, had been waiting months to make the trip to the desert with his father to witness the eclipse.

“I like the astronomy because it’s a spectacular experience,” he said. “This is the best that I’ve seen in my life.”

Brazil’s Pedra da Boca state park, known for its rocky outcrops for climbing and rappelling, also was expecting crowds.

The entire eclipse — from the moment the moon starts to obscure the sun until it’s back to normal — is 2 1/2 to three hours at any given spot. The ring of fire portion lasts from three to five minutes, depending on location.

Next April, a total solar eclipse will crisscross the U.S. in the opposite direction. That one will begin in Mexico and go from Texas to New England before ending in eastern Canada.

The next ring of fire eclipse is in October next year at the southernmost tip of South America. Antarctica gets one in 2026. It will be 2039 before another ring of fire is visible in the U.S., and Alaska will be the only state in its direct path.

____

Rush reported from Eugene, Oregon. AP reporters Patrick Whittle in Portland, Maine; Susan Montoya Bryan in Albuquerque, New Mexico; Brady McCombs in Garfield County, Utah; Astrid Suarez in Bogota, Colombia; María Verza in Cancun, Mexico; Iván Valencia from Tatacoa Desert, Colombia; and Mauricio Savarese in Sao Paulo, Brazil, contributed to this report.

DENVER — One of the most famous automobiles ever made is back in the Centennial State.

The iconic Oscar Mayer Wienermobile will be making stops in Colorado this weekend, hot dog officials announced.

Driven by brand ambassadors called Hotdoggers, the 27-foot-long hot dog on wheels will be making appearances in Aurora and Littleton to share its mission of getting hot dogs in every hand.

RELATED: 9Things to do across Colorado this Oct. 13-15 weekend

The vehicle was first created by Carl Mayer in 1936 and has been delighting the nation ever since. The Wienermobile coming to Colorado is one of six Wienermobiles touring the United States.

> Above video: Wienermobile visits 9NEWS in 2019.

> Spot the Oscar Mayer Wienermobile? Share with 'Near Me' on the 9NEWS app.

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Groundbreaking Ceremony at Peoria Crossings II

Groundbreaking of Peoria Crossing II, photo courtesy of J. Amado Photography

Thank you for your interest in developing/and or preserving affordable housing in Aurora. Much of the information outlined below is detailed in the Resource Guide for Developers on Affordable Housing.

The Aurora City Council approved the Aurora Housing Strategy in December 2020 to help guide policymakers, city staff, housing developers and community members in achieving a city for all Aurorans. Developers are encouraged to get familiar with the policies and strategies outlined at AuroraGov.org/HousingStrategy to understand Aurora’s vision for housing.

Like any development project in Aurora, please start with the city of Aurora Development Process.

The Community Investment Financing (CIF) program provides gap financing through loans for developers interested in creating and/or preserving affordable housing in the city of Aurora. The city provides two funding opportunities per calendar year (spring and summer). CIF applications are evaluated based on alignment with the policies and goals of the Housing Strategy.

The summer Community Investment Financing round application is now closed. Stay tuned for the spring application round in 2024.

CIF Resources

Various funding sources listed below provide the funding for this program including (click on the tabs below to learn more):

Community Development Block Grant (CDBG)

HOME Investment Partnerships Program (HOME)

Private Activity Bonds (PAB)

The General Fund

Frequently Asked Questions about CIF Program

When does the CIF application open?

How is the application announced?

Where is the application posted and how are applications evaluated?

How are funding recommendations reviewed?

Do funded projects require an Environmental Assessment?

What type of legal documents are required for the approved project?

Click the button below to see a map of projects funded through the Community Investment Financing Program.

Project Map: Community Investment Financing

Section 3 Regulations

The Davis-Bacon Act (DBA) Regulations

Minority- and Women-owned Business Enterprises Regulations

Environmental Assessments

Build America Buy America Act

Aurora Housing Tool

Reimbursement Draws

The U.S. Department of Housing and Urban Development (HUD) requires the city to set aside 15% of HOME funds each year for non-profit organization(s) to serve as the city’s community housing development organization (CHDO). This organization(s) must apply for the role and meet strict requirements set by HUD. The CHDO Certification and Recertification Manual includes instructions, requirements and the application for the program.

Download the CHDO Certification and Recertification Manual (PDF)

Image Credits: Aurora Innovation

Aurora Innovation, the self-driving technology company that aims to launch an autonomous trucking business in 2024, has completed a capital raise of $820 million from a public and concurrent private offering of its stock. The company expects the deal to close Friday.

The stock sale will help fund Aurora through commercial launch at the end of next year and “well into 2025,” according to the company. Aurora said in November 2022 that it had enough money to get to mid-2024. The pre-revenue company has repeatedly said it would need to raise again to make it to launch and beyond.

In September 2022, a leaked memo showed that Aurora’s CEO, Chris Urmson, had been weighing a range of options to preserve the company’s cash position, including spinouts, layoffs, acquisitions and, of course, raises. In the memo, Urmson said there was value in finding “a path to raise $300 million in the next year to add around six months to our runway.”

In April, Aurora filed for a proposed mixed shelf offering to raise $350 million.

“We’ve always been transparent and said that we’d need to raise more money before our commercial launch and profitability,” Rachel Chibidakis, a spokesperson for Aurora, told TechCrunch. “This sizable capital raise is expected to get us through the launch of our autonomous trucking business, which is targeted for next year, and well into 2025.”

Aurora, which has prioritized commercializing self-driving trucks, has pilot partnerships with FedEx, Paccar, Schneider, Werner and Xpress. The commercial launch will involve operating a fleet of about 20 trucks between Dallas and Houston, hauling freight for customers without a driver, a spokesperson told TechCrunch.

Aurora did not say specifically what it hopes to do with the funds. The company’s prospectus is vague, stating that Aurora will use the money for “working capital and other general corporate purposes.” Some of the money will be invested in short- and intermediate-term investment grade instruments. It’s also possible a portion of the proceeds will go toward acquiring or investing in additional businesses, technologies, products or assets, the company wrote in a filing.

The raise is broken into two parts. Aurora is selling 73,333,333 shares of Class A common stock at the public offering price of $3 per share, or a value of $220 million. The company is also selling 222,222,216 shares privately at a price per share of $2.70, or a value of $600 million, per a prospectus that was filed Tuesday.

Shares were trading at $3.22 Tuesday at close before dropping sharply in after-hours trading to $2.87. Aurora’s stock price closed Thursday at $2.92.

Aurora has not yet stated when it will report second-quarter earnings, at which time they will hopefully outline its plans for the cash. The company said in a filing that it expects to report $785 million in cash, cash equivalents and short-term investments as of June 30, 2023. That number does not include the $820 million from selling stock.

The names of the investors will come to light once the deal has closed Friday. Aurora only said that a number of existing institutional and strategic investors participated in the raise.