Neutral, a leading real estate development company, has successfully obtained $133.3 million in construction financing for its ambitious project, The Edison, located in Milwaukee, Wisconsin. This luxury apartment complex, set to be the tallest mass timber building in North America, will offer 378 units and approximately 7,200 square feet of retail space. The funding comes from Bank OZK as the senior lender and Pearlmark providing mezzanine financing. JLL Capital Markets played a pivotal role in facilitating this transaction. With an emphasis on sustainability and resident well-being, The Edison is poised to redefine urban living with state-of-the-art amenities and eco-friendly construction methods.
The Edison, situated at 1005 North Edison Street, aims to become a landmark in Milwaukee's skyline. Spanning 31 stories, it will feature cutting-edge facilities designed to enhance residents' quality of life, including a fitness center, spa, pool, sauna, café, demo kitchen, dog park, movie room, community garden, entertainment deck, and a top-floor sky lounge. The project's innovative use of mass timber construction not only sets it apart but also aligns with Neutral's commitment to sustainable practices. The development team, led by co-founder and CEO Nate Helbach, co-founder Matt Frazer, and CPO Daniel Glaessl, emphasizes the project's environmental performance and lower operating costs, making it an attractive investment opportunity in today's challenging financial climate.
The Edison has already secured over 62% of the required equity funding, with construction slated to begin in spring 2025 through an equity bridge loan from a Neutral affiliate. Accredited investors can participate via Charles Schwab using the registered SSID/CUSIP number or through Neutral’s online investor portal. The remaining 38% of equity is expected to be finalized soon, ensuring the project stays on track for tenant occupancy by Q3 2027.
Helbach expressed gratitude for the partnership with Bank OZK and Pearlmark, highlighting the strength of the project's fundamentals and the exceptional project team. He noted that securing funding in today's market underscores the project's quality and potential. Glaessl emphasized The Edison's pursuit of Passive House and Living Building Challenge certifications, positioning it for premium valuations in the future. Frazer drew parallels between his entrepreneurial journey with Tribute Technology and Neutral, inviting accredited investors to join in transforming urban multifamily living through innovation and sustainability.
Founded in 2020, Neutral crafts financially responsible, sustainable living spaces. Besides The Edison, the company is developing two mass-timber mixed-use projects in downtown Madison, WI. Headquartered in Madison and San Jose, Neutral focuses on creating environmentally friendly communities that promote healthy lifestyles and well-being. The Edison represents a significant step towards revolutionizing urban living with its unique blend of advanced construction techniques and sustainability certifications.
The construction of the second phase of the 17 North Corporate Center in Phoenix, Arizona, has officially begun. This ambitious project will add two Class A industrial buildings, totaling over 186,000 square feet, to the city's thriving Deer Valley submarket. The development is strategically located near Interstate 17 and offers convenient access to major highways, residential areas, and prominent corporate neighbors. The project is expected to be completed by the end of 2025 and aims to attract advanced technology and manufacturing companies to the area.
This collaborative effort between Ryan Companies US and Standard Real Estate Investments, backed by Bankers Trust's financing, highlights the growing demand for top-tier industrial spaces in Phoenix. The center will feature modern amenities such as secure truck courts, ample parking, and retail options nearby. With its prime location and robust infrastructure, the 17 North Corporate Center is set to become a hub for innovation and business growth in the region.
Strategic Location Fuels Business Growth
The new industrial complex is situated in an area that is rapidly becoming a focal point for high-tech and manufacturing enterprises. Located in north Phoenix, the development benefits from proximity to key transportation routes and residential communities. This strategic positioning not only enhances logistics but also provides tenants with easy access to a skilled workforce and networking opportunities with other major corporations in the vicinity.
The Deer Valley submarket has seen a surge in interest from companies looking to capitalize on the region's advantages. The presence of notable firms like Taiwan Semiconductor Manufacturing Company (TSMC), Amazon, FedEx, and Shock Therapy underscores the area's appeal. Tenants at the 17 North Corporate Center will enjoy unmatched convenience, including secure concrete truck courts, 32-inch clear heights, and ample parking space. These features are designed to support efficient operations and provide a competitive edge in the market. Additionally, the center's close proximity to popular shopping centers offers tenants convenient retail and dining options, enhancing the overall quality of life for employees.
Innovative Design Meets Modern Needs
The design of the 17 North Corporate Center prioritizes flexibility and functionality, catering to the evolving needs of today's businesses. Each building will boast state-of-the-art facilities that cater to the demands of advanced manufacturing and technology sectors. The project's developers have ensured that every aspect of the design promotes operational efficiency and tenant satisfaction.
Upon completion, the complex will offer secure concrete truck courts, 32-inch clear heights, and abundant parking, ensuring smooth logistics and day-to-day operations. The buildings' design also emphasizes sustainability and safety, incorporating modern materials and innovative construction techniques. Furthermore, the project's first phase, which included a 111,000-square-foot Class A industrial building, has already set a benchmark for excellence in the area. The Greater Phoenix Economic Council's president, Chris Camacho, praised the development for its potential to attract top-tier companies and support their growth plans in the region. The 17 North Corporate Center is poised to become a cornerstone of industrial innovation in Phoenix, offering businesses a prime location and world-class amenities.
The construction of the ArtawiGas25 gas processing facility in Iraq's Basra region, led by TotalEnergies and its partners, marks a significant step in reducing environmental impact and enhancing energy supply. With an investment of approximately $250 million, this facility aims to process previously flared gas from the Ratawi field. The project is part of a larger $10 billion initiative called the Gas Growth Integrated Project (GGIP), which seeks to improve Iraq's natural resource development and electricity generation. Once operational by year-end, ArtawiGas25 will supply local power plants, benefiting around 200,000 households in Basra.
Advancing Sustainable Energy Solutions
The new gas processing plant represents a major advancement in sustainable energy practices within Iraq. Designed to handle 50 million cubic feet per day of associated gas that was once flared, the facility significantly reduces harmful emissions. This not only addresses environmental concerns but also maximizes the utilization of available resources. By supplying processed gas to local power plants, the plant will meet the energy demands of a substantial number of households, contributing to improved quality of life for residents.
The ArtawiGas25 facility is part of a broader strategy to enhance Iraq's energy infrastructure. It exemplifies how modern technology can be harnessed to address both environmental and economic challenges. The modular design of the plant allows for scalability, opening up possibilities for similar applications across other oilfields in Iraq. Moreover, the project is expected to create up to 160 jobs during construction and 30 permanent positions, providing economic benefits to the local community. Julien Pouget, senior vice president at TotalEnergies, highlighted the importance of this project in demonstrating the company's commitment to delivering rapid and effective solutions that align with Iraq's energy needs.
Pioneering Projects Under GGIP Initiative
Beyond ArtawiGas25, the Gas Growth Integrated Project (GGIP) encompasses several key initiatives aimed at transforming Iraq's energy landscape. One of the main goals is to recover and utilize flared gas, which has been a significant source of waste and pollution. Additionally, the redevelopment of the Ratawi oil field and the establishment of a large solar farm are set to bolster renewable energy production. These projects collectively aim to provide more reliable and cleaner energy sources while reducing carbon emissions.
The first phase of GGIP includes the development of a large-scale gas processing plant capable of handling 300 million cubic feet per day of gas currently flared at three oilfields. This plant will support 1.5 gigawatts of electricity generation capacity, significantly enhancing Iraq's power supply. Furthermore, the upcoming construction of a 1-gigawatt solar project underscores the commitment to diversifying energy sources. TotalEnergies' involvement in these pioneering projects highlights its role in driving sustainable development and meeting the growing energy demands of Iraq. The successful implementation of GGIP promises to deliver tangible benefits to the Iraqi people, setting a benchmark for future energy initiatives in the region.