Ancora raises over $280 million for innovation district development during pandemic
DURHAM, N.C., Feb. 4, 2021 /PRNewswire/ -- Ancora Partners, LLC ("Ancora") announced today it successfully closed on $286 million in financing for its 700,000 square foot Electric Works development, one of the Midwest's largest public-private real estate projects. Ancora is the lead developer behind RTM Ventures, the entity responsible for Electric Works. Ancora plans to raise additional equity capital this year to pursue its pipeline of life science/lab, research and technology-oriented real estate located in high growth cities across the United States.
"Raising a significant amount of capital in a turbulent economy amidst a global pandemic is a testament to this team's ability to execute complicated real estate projects in any market, at any time," said Josh Parker, CEO of Ancora. The project's highly complex capital stack was comprised of construction debt, federal and state tax credits, a public bond issuance and family office equity capital.
Based in Durham, North Carolina, Ancora operates and develops real estate in partnership with and proximate to leading universities, medical systems and research institutions ("anchor institutions"). The knowledge developed by anchor institutions and the talent they attract create a nexus of research, innovation and entrepreneurship. "Never before have we seen such acceleration in scientific discovery and commercialization like we're seeing today," said John Philipchuck, CIO of Ancora. "This unprecedented growth in research and start-up activity is stimulating demand for labs, R&D facilities and corporate headquarters on or near anchor institution campuses," he added. Ancora's investment thesis is based upon its conviction that real estate submarkets underpinned by elite anchor institutions are positioned to significantly outperform over time.
About Ancora
Ancora is a premier developer and operator of life sciences/labs, R&D office, institutional and mixed-use real estate that supports the research, discovery and economic development mission of their anchor institution partners in the U.S. Ancora collaborates with leading universities, medical systems and other innovators to create inclusive environments where people and businesses can thrive. Visit www.ancora.re.
About Electric Works
Electric Works is a mixed-use innovation district development located in Fort Wayne, Indiana. An adaptive reuse of a former GE campus, the first phase of Electric Works exceeds 700,000 sqft. of creative office, research, healthcare, education and food hall spaces. The project is over 60% pre-leased and anchored by Do it Best Corp., one of Indiana's largest companies. For more information, visit www.fortwayneelectricworks.com.
SOURCE Ancora
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