1,100 new jobs and $54.7 million in capital investment Global Technical Systems to build 500,000 s/f green energy facility G reen B uildings M id A tlantic
Real Estate Journal — Green Buildings — December 22 - January 12, 2018 — 23B
www.marejournal.com
IRGINIABEACH, VA — Virginia Governor Terry McAuliffe an- nounced that Global Technical Systems (GTS), a provider of advanced engineering solutions for defense, homeland security and related U.S. Government and international customers, will invest $54.7 million on a new electro-mechanical en- ergy storage system (EMB) manufacturing operation in Virginia Beach. The company will construct a 500,000 s/f ad- vanced manufacturing center to produce and distribute 100% green energy storage systems using advanced composites and engineering technologies. “Global Technical Systems has called Virginia Beach home for 20 years, and an expan- sion of this magnitude that will create over 1,100 new jobs is transformational for the City and the region,” said Governor McAuliffe. “Creating well-paid, 21st-century jobs is fundamental to our mission to diversify and build the new Virginia economy, and today's major announcement is another V BETHESDA, MD — Walker & Dunlop, Inc. that it struc- tured a $15,509,300 loan for Manseau Flats, a 78-unit, class A multifamily development located along the western bank of the Fox River in Ashwaube- non, WI. Bedford Develop- ment (Bedford) will utilize cutting-edge construction techniques and the project will qualify for the National Green Building Standard (NGBS) designation. Senior vice president, Bran- don Strong , and managing director, Chris Rumul , led the Walker & Dunlop team in arranging the new construc- tion loan via the United States Department of Housing and Urban Development (HUD) 221(d)(4) program. The 40- year, fixed-rate loan includes a two-year construction term and provides both construction and
“This is the type of project that every community in Amer- ica wants,” said Virginia Beach Mayor William Sessoms, Jr. “A local, homegrown company de- velops a truly transformational new technology and makes the strategic decision to build it at home. With these new energy storage systems, that are 100% environmentally friendly, GTS has created the opportunity to change how the world manages our energy resources. This is an exciting day.” The process developed by Global Technical Systems to store energy uses advanced car- bon fiber technology to create a clean electro-mechanical device that stores energy without us- ing any hazardous chemicals. Energy can come from any source such as solar, power grid, wind or water and release upon demand when needed. This scalable technology can be extremely impactful around the world for developing countries in a variety of institutional, commercial and residential applications. “This green energy manufac- exciting project for both the Developer and Walker & Dun- lop because it takes advantage of the Green MIP reduction program, which provides con- siderable interest rate savings to the developer. To achieve the NGBS designation, Bed- ford will utilize the insulated concrete form wall system. Not only is this technique en- vironmentally-friendly, but it also provides natural disaster resistance and improves ease of construction.” Rumul added, “The Chicago and Minneapolis HUD offices were very help- ful in working with us on this complex transaction. We greatly value their hard work and efforts on this project and look forward to continuing our productive partnership.” The Riverfront/Broadway District surrounding the prop- erty has undergone a vast
turing center is a long standing dream we’ve had at GTS,” said CEO Terry Spitzer. “Having steadily grown our business since 1997, we’ve continu- ously expanded our technical engineering competencies to meet the dynamic needs of our commercial and government customers. We have recently developed game-changing tech- nologies that we believe will shape the future of renewable energy, grid modernization and other energy-dense stor- age applications. With this new facility, GTS anticipates rapidly expanding to capture an emerging trillion-plus dollar grid storage market that will reshape the way our utilities address modernization includ- ing offsetting the need for new electric generation.” The Virginia Economic Development Partnership workedwith the City of Virginia Beach to secure the project for Virginia. Governor McAuliffe approved a $1.8 million grant from the Commonwealth’s Op- portunity Fund to assist with the project. n revitalization in conjunction with the Titletown District redevelopment immediately west of Lambeau Field. Boast- ing several new restaurants, breweries, retail shops, ho- tels, and entertainment op- tions, including Lambeau Field, the home of the Green Bay Packers, both areas are now up-and-coming urban neighborhoods that appeal to young professionals and baby boomers alike. Despite this renewed interest in downtown Ashwaubenon, the most recent developments in the Green Bay area have been periph- eral, and the metropolitan area has experienced minimal newmultifamily construction. Manseau Flats will therefore enjoy little direct competition and fill a much-needed void of newly constructed units in an area with aging stock. n
Global Technical Systems rendering
step forward. GTS models how traditional defense-oriented businesses can step out of their comfort zones and create new technologies with commercial applications that can truly change the world. We are proud to have GTS on the Common- wealth's corporate roster.” The new facility will be locat- ed on 30 acres of land currently owned by the City of Virginia Beach, at the site of the former Owl’s Creek Golf Course. Virginia Beach successfully
competed against Florida, Mis- sissippi, Oklahoma and Wash- ington, DC for the project, which will create 1,100 new jobs with an average annual salary of $74,000. Construction will begin in the first quarter 2018, and the facility will be operational in 2019. As this is new technology, Global Tech- nical Systems will work with local and regional workforce partners to develop custom- ized training programs for new employees.
Class A multifamily project receives $15.5 million Green Construction Loan via Walker & Dunlop
Manseau Flats rendering
of professionals made the process much easier. Their vast knowledge and experi- ence in the HUD world made the complexities of our deal a non-issue.” He added, “On behalf of the ownership group at Manseau Flats, we are very pleased to have partnered with Walker & Dunlop to close our loan and begin construction.” Strong said, “This was an
permanent financing. The team was able to achieve favorable interest rates for the developer by implementing HUD’s Green Mortgage Insurance Premium (MIP) reduction program. Ryan Bedford , EVP of developments at Bedford De- velopment, commented, “No HUD 221(d)(4) loan is a walk in the park, but partnering with Walker & Dunlop’s team
Made with FlippingBook HTML5