CMB Infrastructure Investment Group 91, LP (Group 91) will raise up to $79,200,000 of EB-5 investment capital to provide a loan to an affiliate of Hillwood Development Company (Hillwood), a top ten U.S. real estate developer. The Group 91 project will consist of the development and construction of a 302,600 square foot air cargo facility for a major air cargo operator at the Detroit Wayne County Metropolitan Airport.
Hillwood DTW Air Cargo
Hillwood, working in conjunction with joint venture partner Sterling Group, will work in conjunction with a major Fortune 500 tenant to complete the relocation/consolidation of existing air cargo and related operations in and around the Detroit Wayne County Metropolitan Airport (“DTW”). Per the terms of the joint venture, Hillwood will provide full development services and Sterling Group, with years of expertise in the Detroit market, will advise on entitlement and local construction matters.
The project will consist of the development and construction of an approximately 302,600 square foot air cargo facility as well as various support facilities. In total, the project’s construction plan consists of five (5) new facilities, with the additional associated facilities to include the construction of a vehicle maintenance and wash building, an aircraft maintenance and storage building, covered storage space, and a de-icing pump house and generator building. These facilities have been designed and will be constructed specifically to meet the needs of the tenant’s onsite air operations. In addition to these facilities, the project entity will be responsible for the completion of all apron and aircraft taxiway improvements associated to the project. The facilities will be required to complete the consolidation of the tenant’s on and off airport properties near the airport including two existing on airport facilities.
The project will be constructed on approximately 63 acres of land located within the southeast boundary of the DTW property. The land will remained owned by Wayne County Airport Authority (“WCAA”). The Hillwood and Sterling Group joint venture has entered into a 30-year ground lease agreement with WCAA as well as a 30-year lease agreement with the air cargo tenant. Per the terms of the lease agreement, the parent company of the tenant will guarantee the payment of rent for the facilities.