Armada Hoffler Properties is providing $42 million in mezzanine financing to the developer of Annapolis Junction Town Center in Maryland. The REIT will serve as the general contractor for a 416-unit residential project within the 18-acre mixed-use development.
Apartment REIT Independence Realty Trust has set the terms for its initial public offering. The Philadelphia-based REIT hopes to raise $42 million via 4 million shares that are priced in a range of $10 to $11 per share.
Kimco Realty has acquired an 187,000-square-foot retail/office property in Stamford, Conn., for $42 million. The REIT acquired a the 97,000-square foot retail center located next to the mixed use development, called Wilton Executive Campus, six months ago for $39.7 million.
FlightSafety International, a manufacturer of flight simulators, broke ground on a $42 million plant in Broken Arrow, Okla. The company plans to expand hiring for the 350,000-square-foot plant to 1,000 workers. "Aviation is the top exporting industry in Oklahoma," said Rick Armstrong, vice president of simulation.