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Q3 2022 – Remain Active When Others Are Greedy…And Active When Others Are Fearful…

By Brandon Polakoff It feels like yesterday that COVID-19 struck our nation, sending the real estate markets into a frenzy. What would the next week, 6 months, year, or even multiple years look like? While very few investors decided to double down, most remained on the sidelines because they were... The post Q3 2022 – Remain Active When Others Are Greedy…And Active When Others Are Fearful… appeared first on Real Estate Weekly. By Brandon Polakoff It feels like yesterday that COVID-19 struck our nation, sending the real estate markets into a frenzy. What would the next week, 6 months, year, or even multiple years look like? While very few investors decided to double down, most remained on the sidelines because they were certain more cracks would lead to better opportunities. Of note, these “better” opportunities never came to fruition. We hit a perceived bottom, and the investment sales market effectively came to a halt. By last summer, effectively a year after the initial COVID-19 scare, we battled back with rallying cries of “don’t bet against NYC!” ringing across the market (most coming from buyers who sat on their hands for 12 months). As buyer sentiment grew strong, investors started competing in masses, pushing pricing and sales velocity back to normalized levels. As conveyed in Avison Young’s Fourth Quarter 2021 Property Sales Report, for the first time in two years, the Manhattan investment sales market recorded quarterly sales activity at pre-pandemic levels. More specifically, in the fourth quarter of 2021, Manhattan had 100 transactions for just over $6.2 billion in total dollar volume. This represented increases over the trailing 4-quarter average of 117% and 307%, respectively. Furthermore, this was the highest quarterly dollar volume since Q3 2018 and largest for total transaction count since Q4 2018. Well, here we go again…thanks inflation! The inflation rate is currently ~8.3%, running around its highest level in 40+ years. To reduce inflation down to a benchmark target rate of 2%, the Federal Reserve is committed to fighting back with endless “jumbo” fed rate hikes. While different from the “fed” rate, which is the cost banks charge each other to borrow money, real estate investors are experiencing a trickle-down effect in the way of higher “mortgage” rates. This higher cost of borrowing is diminishing cash flow after debt service as well as predictions about exit cap rates (which I would argue becomes an overly inflated assumption tied to negative sentiment). And herein lies the opportunity. While Warren Buffet is a brilliant investor, far above any level of sophistication I will achieve in my lifetime, I happen to find his famous quote “befearful when others are greedy, and greedy when others are fearful” to be misleading. In fact, Warren Buffet is a longtime advocate of dollar-cost averaging in volatile markets marked by price discovery. “The concept of dollar-cost averaging is simple: Pick some stocks, figure out how much you can afford to invest, and then commit to buying shares at preset intervals. The idea behind dollar-cost averaging is that while you might overpay for shares some weeks, you’ll also underpay other weeks. All told, things should all work out in your favor so that you’re ultimately paying a lower price per share all in.” (Maurie Backman, USA Today) I fully recognize that the stock market is different than the real estate market, but I do believe there are basic investment principles that apply to both. It is incredibly difficult to time the bottom of the market. Things can flip almost immediately, and then you’re too late. The cracks are here, but they won’t necessarily last as long as you think. Just like we saw in the summer of 2021 as we started emerging from COVID-19, things turn as soon as sentiment improves. Rent rolls were still very low (with extensive vacancy) when contracts began to get signed in rapid clips. However, assumptions about the future were optimistic again, pushing pricing levels higher and higher. Over the next 3-6 months (at least) I expect sales volume to dip to very low levels. The reason being investors are both greedy and fearful. A good opportunity needs to be great (typically in the form of an expected call back from a seller that never surfaces…deeper pain is coming…). This is a flawed strategy. I have seen it time and time again. These investors do not buy anything until the market recovers and it is too late. Why not undercut the greedy and fearful, and smile when they eventually buy a similar asset at a much higher basis due to an improved exit assumption? Sure, your cash flows will be negatively impacted today by higher interest rates and the hold period may be longer. However, when the market turns, which it will, your ultimate profit (via sale) should far exceed the diminished monthly income. Some examples include a property we sold to a buyer in May of 2020 in Greenwich Village. Prior to Covid-19, we had contracts out in the mid $30M range. In the blink of an eye, buyers smelled blood in the water and began offering $15-20M. There was a single buyer that recognized an opportunity and moved lighting speed to simultaneously sign a contract and close all cash at $22M. While money was spent to renovate the asset, the current value has eclipsed $50M. Buyers who backed off now wish they could go back in time. The same could be said about a client that purchased an almost entirely vacant portfolio in Hell’s Kitchen for $26M in May 2020. Zero renovations were completed across the portfolioafter the acquisition. After selling one of the four assets for $16.3M after the market quickly improved, their basis in the three remaining assets dropped to ~$10M. The current value for these properties exceeds $20M, in a high interest rate environment. Once again, an investor saw a good opportunity and acted on this intuition. While it is easy to look back on these acquisitions and forget the boldness required, when everything transpired it felt like the world was going to end. Of course, today, buyers tell me why this time is different, and the better opportunities will come. Everyone has very short memories when fear strikes. With that being said, it certainly goes both ways. Over the last 5-6 months a lot of my clients have chased the market down. When very strong offers came in, greed took over and we did not issue contracts (…things will get better). Months later we are scratching and clawing to bring those offers back to the table. However, blood is already in the water and the ship has sailed. My advice? If you are 100% selling, do not ask a price that is far too difficult to achieve. Do not expect to hang around and pick off a unicorn over time. As mentioned above, most buyers are on the sideline waiting for the great opportunity that never surfaces. Be quick to catch the attention of buyers that are smart enough to acton the very good opportunities, create real competition to maintain leverage, and strike. If you are not 100% selling, now is probably not the best time to list or quietly shop your property. You only have one chance to make a first impression, and word travels quickly. Additionally, it is imperative that investment sales brokers become extremely educated and not promise owners they can achieve pricing that is not achievable. You are hurting the client by delivering a stale product, not to mention elongating the price discovery process across the market. Another thing for sellers to consider is that they do not need to hit a home run on every sale. The best strategy may be redeploying capital into properties with more long-term upside versus trying to time the market with your current, maxed out investment (whether repositioned or idle without the wherewithal to execute a business plan). If someone is paying you a price that is above market, but not where you penciled your exit, that does not mean you cannot take advantage of an even better 1031 opportunity in a down market. It’s very important to weigh the trade, and not just the sale price. The post Q3 2022 – Remain Active When Others Are Greedy…And Active When Others Are Fearful… appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLY3 hr. 25 min. ago Related News

Tristan Harper of Douglas Elliman Closes a $50 Million Sale of 854 Fifth Avenue Mansion in New York City

Douglas Elliman Realty, one of the largest independent residential real estate brokerages in the United States, is pleased to announce that Tristan Harper, Associate Broker and one of its consistently top producing agents, has sold and closed a 20,000SF historic mansion located at 854 Fifth Avenue in Manhattan, NY, in... The post Tristan Harper of Douglas Elliman Closes a $50 Million Sale of 854 Fifth Avenue Mansion in New York City appeared first on Real Estate Weekly. Douglas Elliman Realty, one of the largest independent residential real estate brokerages in the United States, is pleased to announce that Tristan Harper, Associate Broker and one of its consistently top producing agents, has sold and closed a 20,000SF historic mansion located at 854 Fifth Avenue in Manhattan, NY, in an all cash, off-the-market transaction, for a full asking price of $50 Million, net to seller.  Additionally, the purchaser paid all closing cost, some of which are typically paid by the seller (transfer taxes, broker fees etc.) which added over 11% to the out-of-pocket expense for the buyer.   The Seller — Successor States to Former Socialist Federal Republic of Yugoslavia (namely: Bosnia and Herzegovina, Croatia, North Macedonia, Serbia and Slovenia) and the Purchaser – a Limited Liability Company with an address in New York City, signed the contract on 3/9/22 and finalized the closing on 9/27/22.  “The sale of 854 Fifth Avenue, for the first time in over 75 years, opens the next chapter in the glorious history of this property, which was once owned by the granddaughter of scion Cornelius Vanderbilt, and later by the communist leader Josip Broz Tito of Yugoslavia.  The new owner of the trophy building has just purchased a significant piece of New York City’s history,” says Tristan Harper. 854 Fifth Avenue is a 30.5-foot-wide limestone mansion designed in 1903 by architects Warren and Wetmore of Manhattan’s Grand Central Station fame. In1969, it was designated an Individual Landmark of New York City, for its “impressive purity of style which was executed with such finesse and authority.” A Beaux Arts-style residence features 32 oversized rooms and 12 bathrooms spread on nine levels directly opposite Central Park.  Spectacular views from 10 rooms facing the Park include some of Midtown and West Side’s most iconic buildings, both old and new. Most of the home’s original details remain intact to this day, including two stunning 18th Century French tapestries presiding over the grand winding staircase, 17 fireplaces, hand-carved balustrades made of single pieces of rare Italian marble, gold-leafed boiserie, hand-painted ceilings reminiscent of the Old Europe, paneling from an antique French Chateau retrofitted to this space, and two elevators. There is also an ornate skylight over a two-story high main hall with ceilings 34 feet tall.  The house was built for R. Livingston Beekman who soon after became the Governor of Rhode Island and sold the building to George Grant. The next owners became Henry White and his heiress-wife Emily Thorn Vanderbilt Sloane White, the granddaughter of scion Cornelius Vanderbilt. In 1946, Josip Broz Tito, the late head of Yugoslavia purchased the house for his country’s Permanent Mission to the United Nations.  In 1961, Tito and the presidents of Egypt, Ghana, India and Indonesia drafted a plan for the creation of the Non-Aligned Movement in one of the main rooms of the mansion. The Movement will grow to become an alliance of almost one third of the world’s nations, during the Cold War. After Yugoslavia disintegrated in the civil war of the 1990s, the property was “inherited” by the governments of the five Successor States.  Following an UN-sponsored treaty, signed in the early 2000s, the property first hit the market in 2017.  Two initial offers were not agreed upon due to the complexity of negotiations and internal procedural technicalities among the owners. In December of 2018, an electric fire almost destroyed the residence and the property was withdrawn from the market.  It remained unavailable for showings thru Covid-19 pandemic and beyond. Current purchaser’s full price offer was presented sight-unseen, in 2021.  The contract was signed almost nine months later and the closing, which took place in three parts, was finalized on 9/27/2022. “This was a challenging and truly one-of-a-kind deal which necessitated my multiple trips to the Balkan countries to meet with high government officials, including one of their presidents.  The deal would have never happened without the commitment and determination of everyone involved,” remarks Tristan Harper. The post Tristan Harper of Douglas Elliman Closes a $50 Million Sale of 854 Fifth Avenue Mansion in New York City appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 29th, 2022Related News

Standard Communities Leads Public-Private Partnership in Ground UpDevelopment of Senior Affordable Community in San Ramon, CA

Standard Communities, a major national affordable housing developer and investor, has led a public-private partnership in the ground up development of a $55 million senior 100% affordable housing community in San Ramon, CA. Aspen Wood will provide 123 units of affordable housing for seniors with incomes between 30% and 60%... The post Standard Communities Leads Public-Private Partnership in Ground UpDevelopment of Senior Affordable Community in San Ramon, CA appeared first on Real Estate Weekly. Standard Communities, a major national affordable housing developer and investor, has led a public-private partnership in the ground up development of a $55 million senior 100% affordable housing community in San Ramon, CA. Aspen Wood will provide 123 units of affordable housing for seniors with incomes between 30% and 60% of the Area Median Income. “Standard has long been focused on the need for quality affordable housing for seniorpopulations,” said Jeffrey Jaeger, Co-Founder and Principal of Standard Communities. “Theability to produce this kind of affordable housing today relies on Standard’s coreattributes—quality, speed and flexibility—as well as using innovative financing methods and public-private partnerships in the most effective ways possible to make the greatest impact.” Aspen Wood will be built on a currently vacant site of 1.4 acres at 9000 Alcosta Blvd. in SanRamon, about 30 miles southeast of Oakland. Amenities at the 130,000 square foot community will include a community room, recreation deck/courtyard, fitness center, business center and pet spa. “This is the first affordable development in San Ramon in more than 20 years. The site wasoriginally intended for a luxury development, but we worked closely with the City to turn the site into affordable housing for seniors,” said Sean Carpenter, Director of Development at Standard Communities. “With the cost of living rising across the region and nation, adding more affordable housing in Contra Costa County and the City of San Ramon—one of the wealthiest communities in the Bay Area—is more important than ever,” added Carpenter. The seller of the parcel is Black Mountain Development. The General Contractor is Deacon and the design team is led by LCA Architects. Financing for Aspen Wood was provided by the City of San Ramon, the California MunicipalFinance Authority (CMFA), the California Debt Limit Allocation Committee (CDLAC), theCalifornia Tax Credit Allocation Committee (CTCAC) with Low Income Housing Tax Credits(LIHTC) arranged in partnership with Boston Financial and Candeur Group. Construction and long-term financing were provided by East West Bank, which has invested and financed more than $1 billion to build, preserve, or rehabilitate over 15,000 affordable units since 1996. This public-private partnership also includes the nonprofit Housing on Merit. “For decades, East West Bank has collaborated with public and private sector partners to bridge the affordable housing gap in the communities we serve,” said Robert Lo, Executive Vice President and Head of Commercial Real Estate Banking at East West Bank. “It is why we’re so proud to be a part of one of the few LIHTC projects in the City of San Ramon. This project is yet another proof point of what we can accomplish when we work together on a shared goal.” Based in Los Angeles and New York, Standard Communities has a national portfolio of over14,100 apartment units and has completed more than $3.8 billion of affordable housingacquisitions and rehabilitations nationwide. Standard Communities strives to cultivate long-term public and private partnerships to produce and preserve high-quality, affordable, andenvironmentally sustainable housing. The post Standard Communities Leads Public-Private Partnership in Ground UpDevelopment of Senior Affordable Community in San Ramon, CA appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 29th, 2022Related News

Northern New Jersey self-storage asset refinanced with $12M loan

JLL Capital Markets announced today that it has arranged a $12 million refinancing for 10 Van Buren Avenue, an 830-unit, climate-controlled, self-storage facility in the Northern New Jersey community of Westwood.  JLL worked exclusively on behalf of the borrower, Maxim Realty Trust, to place the 10-year, fixed-rate loan with Lakeland Bank. The self-storage... The post Northern New Jersey self-storage asset refinanced with $12M loan appeared first on Real Estate Weekly. JLL Capital Markets announced today that it has arranged a $12 million refinancing for 10 Van Buren Avenue, an 830-unit, climate-controlled, self-storage facility in the Northern New Jersey community of Westwood.  JLL worked exclusively on behalf of the borrower, Maxim Realty Trust, to place the 10-year, fixed-rate loan with Lakeland Bank. The self-storage facility was constructed in 2017 and features 783 climate-controlled units and 47 drive-up units. The 113,800-square-foot facility is 100% leased and managed by Extra Space Self Storage.  The asset is located just off Old Hook Rd., a four-lane, well-traveled throughfare densely populated with residential and commercial uses, including Hackensack Meridian Health Pascack Valley Medical Center less than a quarter mile away. The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Gregory Nalbandian. The Maxim Realty Trust team was led by Gerry A Puccio, CEO and developer of 10 Van Buren Avenue. “Lakeland Bank, recognizing the strength of the asset and the sponsor, provided a competitive 10-year, fixed-rate permanent mortgage to take out the initial construction loan as the property reached stabilization,” stated Nalbandian. JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries. The post Northern New Jersey self-storage asset refinanced with $12M loan appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 29th, 2022Related News

Kriss Capital Delivers $100 Million Loan for El-Ad’s Alina Condos in Boca Raton

Kriss Capital provided a $100 million construction loan to finance the second phase of El-Ad National Properties’ luxury 300+unit Alina Residences condominium project in Boca Raton.  The pair of condo buildings, already under construction, comprise the final portion of the project, which spans nine acres between Southeast Mizner Boulevard and The... The post Kriss Capital Delivers $100 Million Loan for El-Ad’s Alina Condos in Boca Raton appeared first on Real Estate Weekly. Kriss Capital provided a $100 million construction loan to finance the second phase of El-Ad National Properties’ luxury 300+unit Alina Residences condominium project in Boca Raton.  The pair of condo buildings, already under construction, comprise the final portion of the project, which spans nine acres between Southeast Mizner Boulevard and The Boca Raton Golf Club.  The first phase, a nine-story 121-unit building at 200 Southeast Mizner Boulevard known as Alina 200, was finished last year and has reached a $300 million sellout, according to an August news release from El-Ad.  Noam Ziv’s El-Ad National, a division of Isaac Tshuva’s New York-based Elad Group, is now focused on the buildings at 210 and 220 Southeast Mizner Boulevard, which will combine for 182 condos. Completion is expected by late 2024, according to El-Ad.  The Alina 210 building will offer 30 condos with prices starting at $4 million. Each will have three or four bedrooms with a den, ranging in size from 3,300 to 5,400 square feet. Alina 220 will offer one- to four-bedroom condos with dens, ranging from 1,400 square feet to 5,400 square feet. Prices in that building start at $2 million and go up to $8 million.  Together, the two buildings are roughly 50 percent sold, El-Ad said last month.  The completed Alina 200 consists of 102 fully finished units, 12 penthouses and seven villas. Architect Peter Stromberg of West Palm Beach-based Garcia Stromberg/GS4 Studios designed the project with an emphasis on health and wellness amenities. The modern design breaks from the Spanish-Mediterranean architecture typical to Boca Raton. Alina Phase II had achieved over $250 million of pre-sales prior to the start of construction. “Just like the condo buyers who saw how beautiful Alina I turned out, Kriss Capital was able to recognize the brand value Elad has created in this superb location,” said Kriss Capital’s founder Jody Kriss. We’re also very pleased Elad had the confidence to transact with us yet again and happy we could execute in a challenging market.” The post Kriss Capital Delivers $100 Million Loan for El-Ad’s Alina Condos in Boca Raton appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 29th, 2022Related News

Lingua Franca Signs 3,437-SF Lease at 307 West 36th Street

GFP Real Estate, LLC is pleased to announce that New York City-based Lingua Franca NYC Inc., creator of sustainably sourced, fair-trade luxury hand-embroidered cashmere sweaters, clothing and accessories, has signed a short-term lease for 3,437 square feet on the fifth floor of 307 W. 36th Street in Manhattan’s Garment District. Lingua Franca creates pieces... The post Lingua Franca Signs 3,437-SF Lease at 307 West 36th Street appeared first on Real Estate Weekly. GFP Real Estate, LLC is pleased to announce that New York City-based Lingua Franca NYC Inc., creator of sustainably sourced, fair-trade luxury hand-embroidered cashmere sweaters, clothing and accessories, has signed a short-term lease for 3,437 square feet on the fifth floor of 307 W. 36th Street in Manhattan’s Garment District. Lingua Franca creates pieces that are meant to spark conversation.  Its well-known embroidery esthetic and playful use of familiar sayings has gained a loyal following since the brand’s inception in 2016.  The company’s “love of traditional craft, irreverent point of view, and commitment to sustainable and ethical production,” all inform its evolving line of hand-embroidered cashmere goods (all hand-stitched by women in NYC) that are ethically sourced ready to wear.   Barbara Yagoda, Senior Managing Director of GFP Real Estate, represented the landlord in this lease transaction; Jamie Jacobs of Newmark and Richard Sexton of Office Concierge represented the tenant.  GFP will white-box the space and polish the concrete floors for the tenant, install a new HVAC system and furnish and install new lighting.  The space was previously occupied by Paper Outlet, Inc., a New York City-based wholesale paper distributor. “Lingua Franca is a wonderful example of a business that has thrived through the pandemic, creating an entirely new trend in the luxury sector with its creative, hand-stitched cashmere sweaters and accessories,” said Yagoda.  “After experiencing such incredible success, the company needed additional office space to accommodate its growing team—and wanted an inspirational, loft-like space for its headquarters anchored in the Garment District.” Lingua Franca has been featured in the likes of Vogue, T Magazine, W magazine, Glamour, ELLE, Allure and Fast Company, among others.  The company has three retail locations—two in New York City and one in Palm Beach—as well as its Lingua Franca Café, a vintage food truck in Rock Center serving coffee and pastries.  The company also creates handmade paper flowers, pet garments and custom charm necklaces—and offers DIY workshops and home embroidery kits for clients to create their own masterpieces at home. Built in 1926 and known initially as Garment Wear Arcade, 307 West 36th Street is an 18-story, 220,000-square-foot classic pre-war high-rise building designed by Emery Roth.  Renovated in 2012, the building features a white-marble lobby with entrances on both 36th and 37th Streets, respectively. The building has become home to a wide range of tenants, from notable fashion brand Rebecca Taylor to civic design firm, Urbahn Architects, as well as many non-profits such as GOOD+ Foundation and the Neighborhood Housing Services of New York City.  The post Lingua Franca Signs 3,437-SF Lease at 307 West 36th Street appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 29th, 2022Related News

CBRE Arranges $29.13 Million Sale of 192-Unit Garden Style Apartment Community in Dover, NH to Brady Sullivan Properties

CBRE announced today that it has arranged the $29.13 million sale of White Cliffs at Dover, a 192-unit garden style apartment community located at 510 Marthas Way in Dover, NH.  CBRE Capital Markets’ multi-housing experts Simon Butler, Biria St. John and John McLaughlin exclusively represented the seller and procured the... The post CBRE Arranges $29.13 Million Sale of 192-Unit Garden Style Apartment Community in Dover, NH to Brady Sullivan Properties appeared first on Real Estate Weekly. CBRE announced today that it has arranged the $29.13 million sale of White Cliffs at Dover, a 192-unit garden style apartment community located at 510 Marthas Way in Dover, NH.  CBRE Capital Markets’ multi-housing experts Simon Butler, Biria St. John and John McLaughlin exclusively represented the seller and procured the buyer, an affiliate of Brady Sullivan Properties.  White Cliffs at Dover was built between 1983 and 1985 and is comprised of eight, 24-unit, three-story garden-style buildings. The prior ownership had acquired the property in the early 1990’s and made some improvements, including newer roofs and windows. Most of the kitchens and baths are original with select replacements and upgrades as needed. In addition, one building was offline due to significant damage from a recent fire. Brady Sullivan plans to make significant improvements to the property including bringing the fire-damaged building back online and upgrading apartments as the apartments turn over.“We are pleased to have represented our client in the sale of White Cliffs at Dover. New Hampshire has been the top performing rental market in New England over the past four years and MSM was able to capitalize on that performance,” stated St. John. “Additionally, the White Cliffs at Dover offers Brady Sullivan Properties the ability to execute their value-add strategy and make much needed improvements to the property. This will also grow their New Hampshire footprint and expand into the Seacoast market.” The post CBRE Arranges $29.13 Million Sale of 192-Unit Garden Style Apartment Community in Dover, NH to Brady Sullivan Properties appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 29th, 2022Related News

National Real Estate Advisors, Cathexis and The HYM Investment Group Secure $150M Construction Loan for Suffolk Downs Redevelopment

National Real Estate Advisors (“National”), Cathexis and The HYM Investment Group (“HYM”) announced today that they have secured a $150 million construction loan for Amaya, a 475-unit, 415,000 square foot multi-family residential building, the first of many set to be delivered at Suffolk Downs. The funding was secured by JLL... The post National Real Estate Advisors, Cathexis and The HYM Investment Group Secure $150M Construction Loan for Suffolk Downs Redevelopment appeared first on Real Estate Weekly. National Real Estate Advisors (“National”), Cathexis and The HYM Investment Group (“HYM”) announced today that they have secured a $150 million construction loan for Amaya, a 475-unit, 415,000 square foot multi-family residential building, the first of many set to be delivered at Suffolk Downs. The funding was secured by JLL and provided by Ullico, a labor-owned insurance company that invests in high-quality construction and commercial real estate projects across the country. Situated just steps from the MBTA Blue Line Beachmont Station, Amaya was designed by ICON Architecture and will feature a range of apartment styles from micro studios to two-bedrooms. The property will also feature 34,000 square feet of amenity space and 24,000 square feet of ground-floor activated retail space. The building’s outdoor amenities will feature two landscaped courtyards with a pool, fire pits, and outdoor kitchen with grilling stations. Indoor amenities will feature a fully-equipped fitness center and yoga room, as well as a game room and arcade. Amaya is set to be delivered in Q2 2024. John Moriarty and Associates, National, Cathexis and HYM broke ground on Amaya in May2022 along with 100 Salt Street, a 280,000 square foot life science facility that will also becompleted in 2024. The groundbreaking ceremony served as the official kick-off for SuffolkDowns, one the largest real estate projects in Massachusetts’s history and began thetransformation of the 161-acre underutilized site into a thriving new urban district that will serve the communities of East Boston, Revere and beyond. The redevelopment of Suffolk Downs will ultimately deliver over 10 million square feet ofresidential development (approximately 10,000 units) which will be the largest single delivery of housing in Greater Boston’s history. These residential buildings will include a mix of apartments, condominiums, senior housing and affordable housing. “National is proud to partner with The HYM Investment Group and Cathexis on Amaya as we continue to expand our residential portfolio throughout the Greater Boston region. Ullico’s financial commitment to Amaya is a critical step for this transformative redevelopment project and allows us to continue working towards generating good returns, creating good jobs and delivering high-quality real estate projects for our investors across the country,” said Jeff Kanne, President and CEO of National Real Estate Advisors, on behalf of its clients. “Access to high-quality, transit-oriented housing options is critical to greater Boston residents now more than ever,” said Thomas N. O’Brien, Managing Partner and Chief Executive Officer at The HYM Investment Group. “We are grateful to our partners at Ullico and JLL who are helping us meet this need for critical housing infrastructure through the delivery of Amaya and we look forward to offering many exciting residential options at Suffolk Downs that will serve the surrounding Revere and East Boston communities.” “We are honored to have had the opportunity to arrange construction financing for Amaya, the first of many developments within Suffolk Downs.  Ullico immediately recognized the strong attributes of this proposed development including its design, quality and strength of the sponsorship team.  We at JLL have been associated with the redevelopment of Suffolk Downs from the very beginning and appreciate our longstanding relationship with National, HYM and Cathexis and look forward to seeing this exciting project come to fruition,” said Riaz Cassum, Executive Managing Director at JLL. “This project is a win for a great Boston neighborhood, for the creation of family-sustaining,career-building union construction jobs, and for investors who will benefit from the highly-skilled and trained crafts-workers required for a successful Suffolk Downs,” said Edward M. Smith, President and CEO of Ullico Inc. The post National Real Estate Advisors, Cathexis and The HYM Investment Group Secure $150M Construction Loan for Suffolk Downs Redevelopment appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 29th, 2022Related News

Samanea Signs Deal with Beyond Van Gogh

Lesso Mall Development (Long Island), Inc., dba Samanea New York, the new retail, entertainment and dining destination located at 1500 Old Country Road in Westbury, New York, signed a lease with Beyond Van Gogh: The Immersive Experience. Produced by Paquin Entertainment Group, Beyond Van Gogh has sold over 4 million tickets globally making... The post Samanea Signs Deal with Beyond Van Gogh appeared first on Real Estate Weekly. Lesso Mall Development (Long Island), Inc., dba Samanea New York, the new retail, entertainment and dining destination located at 1500 Old Country Road in Westbury, New York, signed a lease with Beyond Van Gogh: The Immersive Experience. Produced by Paquin Entertainment Group, Beyond Van Gogh has sold over 4 million tickets globally making it one of the most popular current traveling exhibitions. With offices operating in Winnipeg, Toronto, Vancouver and Nashville, Paquin Entertainment Group is one of North America’s leading arts and entertainment companies. Beyond Van Gogh will open to the public on November 18, 2022 and run through January 8, 2023.  Tickets go on sale this Thursday, September 29, 2022 at www.vangoghlongisland.com. “We are thrilled to welcome the highly acclaimed Beyond Van Gogh: The Immersive Experience to Samanea New York and Long Island,” said Dominic Coluccio, Director of Real Estate at Samanea New York. “This impressive and celebrated exhibit will have a significant impact on the region, and which perfectly aligns with our mission to redevelop this iconic property into a premier lifestyle destination.” Beyond Van Gogh will occupy approximately 28,000 s/f on the property’s second floor located on the corner of Old Country Road and Merchant’s Concourse. Matthew Kucker, Jordan Baruch, and Herbert Agin at Colliers International represented the landlord in the deal. Samanea New York, formerly Mall at the Source and Fortunoff, is owned by Lesso Mall Development (Long Island), Inc. The redeveloped property boasts one-of-a-kind tenants and a restaurant row that includes Bloomingdale’s Furniture Outlet, 99 Ranch Market, Empire Adventure Park, Beyond Van Gogh: The Immersive Experience, The Gravity Vault, X-Golf, and Ryco’s Escape Room, in addition to The Cheesecake Factory, Dave & Busters, K-Pot & BBQ, Szechuan Restaurant, Nan Xiang Xiao Long Bao, Ichiddo Ramen, MoCA Asian Bistro, Leonardo Furniture, MyPlanet Living Center, Arteco Cabinetry, Kawai Piano Gallery, Leon Banilivi Rugs, and Let’s Craft. For more information on Samanea New York, visit the website at www.exploresamanea.com. The post Samanea Signs Deal with Beyond Van Gogh appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 29th, 2022Related News

Lifestyle and Fitness Leader, Life Time to Reveal New Luxury Residences in Green Valley with Exclusive Concierge Team Focused on Resident Wellness

 Life Time (NYSE:LTH), the nation’s premier healthy lifestyle brand, is debuting its first luxury leased residences, Life Time Living, in Henderson, Nevada’s upscale Green Valley neighborhood. Located at 2460 E. Serene Ave. just north of I-215 off Green Valley Parkway, the striking new residential midrise tower shares a campus with Life Time... The post Lifestyle and Fitness Leader, Life Time to Reveal New Luxury Residences in Green Valley with Exclusive Concierge Team Focused on Resident Wellness appeared first on Real Estate Weekly.  Life Time (NYSE:LTH), the nation’s premier healthy lifestyle brand, is debuting its first luxury leased residences, Life Time Living, in Henderson, Nevada’s upscale Green Valley neighborhood. Located at 2460 E. Serene Ave. just north of I-215 off Green Valley Parkway, the striking new residential midrise tower shares a campus with Life Time Athletic Resort and Spa, creating a 16.5-acre village for residents and members. “Life Time Living was envisioned to foster a healthy, socially connected and environmentally conscious lifestyle with our new luxury residences and our athletic resorts and spas as part of one vibrant campus,” said Eric Padget, vice president, Property Development. “This lifestyle is made possible through what is now one Life Time community; a village that embraces the ethos of our brand to inspire a holistically healthy lifestyle.” The stunning seven-story residential midrise provides impeccably designed community spaces and residences, including 105 one-bedroom and 44 two-bedroom units ranging from 914 to 1,727 square feet. Prices start at $2,980 and residences come with full-access Signature memberships to the adjacent Life Time Green Valley – and all of Life Time’s more than 160 destinations across North America. Unique to Life Time Living is the innovative Resident Concierge programming, which connects residents’ at-home and in-club lifestyles to make healthy living easy and fun. The Concierge team assists residents with: Weekly meal prep from the LifeCafe, including meal deliveries to residences or Life Time Living’s refrigerated package room. Meals can even be tailored to meet individual Healthy Way of Life goals.Personal training session and group fitness or studio class bookings, as well as personal wake-up calls and reminders when requested.Securing appointments with Life Time’s nutrition coaches for grocery shopping with residents, plus Life Time’s chefs are available to cook for parties or for intimate dinners at home.Recommending and scheduling treatments with LifeSpa estheticians and massage therapists for personalized treatments and at-home consultations. Designed from top to bottom with the modern resident in mind, Life Time Living offers inspired community spaces for everything from working from home to hosting special events and lounging by the pool. In addition to the Resident Concierge programming, building highlights include: A grand staircase inside Life Time Living’s main entrance leads to 8,000-square feet of amenities and entertainment on the second floor.An enhanced work lounge featuring a coffee bar to offer the ultimate comforts.Reservable private dining room with a full catering kitchen and indoor and outdoor bar areas.Entertainment area furnished with leathercraft sofas and seating areas, along with games and entertainment including a pool table, oversized Scrabble game and shuffleboard. Inside the residences, full-length windows offer views of Green Valley’s rolling hills and welcome an abundance of natural light into every residence. Open floor plans offer spacious kitchens equipped with stainless steel appliances and custom soft-touch cabinetry and living rooms designed for optimal comfort. Bedrooms offer floor-to-ceiling windows with walk-in closets constructed with custom storage systems. State-of-the-art sound proofing and black-out shades ensure a comfortable environment for sleeping. Stunning bathrooms are designed with custom floating vanities with under-cabinet lighting, granite countertops, LED mirrors and seamless floor-to-ceiling porcelain tiles. And, dogs are treated like royalty with their own stylish spa for grooming and an outdoor obstacle course for playing.  Life Time Living residents will have full access to the adjacent 171,000-square-foot Life Time athletic country club experience complete with a pool deck, lap pools, waterslides, bistro, and tennis and pickleball courts outside and an entire wellness experience inside with studios for any type of class imaginable, indoor pools, tennis court, full-service spa and salon, fast-casual restaurant, Kids Academy, regulation-size basketball courts and more. Additional information, pricing and availability are available at Life Time Living’s website or by calling (702) 805-2208.  The post Lifestyle and Fitness Leader, Life Time to Reveal New Luxury Residences in Green Valley with Exclusive Concierge Team Focused on Resident Wellness appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 29th, 2022Related News

CBRE Arranges $113 Million Sale of 260-Unit Windsor at The Gramercy

Today, representatives of CBRE, led by Jeff Dunne, Eric Apfel, Jeremy Neuer, Stuart MacKenzie, and Zach McHale, announced the $113 million sale of Windsor at The Gramercy, a 260-unit multifamily community in White Plains, NY. CBRE represented the seller, GID, an institutional investment manager with over $28.5 billion in assets... The post CBRE Arranges $113 Million Sale of 260-Unit Windsor at The Gramercy appeared first on Real Estate Weekly. Today, representatives of CBRE, led by Jeff Dunne, Eric Apfel, Jeremy Neuer, Stuart MacKenzie, and Zach McHale, announced the $113 million sale of Windsor at The Gramercy, a 260-unit multifamily community in White Plains, NY. CBRE represented the seller, GID, an institutional investment manager with over $28.5 billion in assets under management, while also procuring the buyer, Friedkin Property Group, a privately held real estate investment group based in San Francisco, CA with a national portfolio spanning 13 states. Built in 2003, Windsor at The Gramercy is an eight-story Class-A multifamily community located adjacent to the White Plains CBD, next to J Harvey Turnure Memorial Park. The property offers residents first-class amenities including a sophisticated resident lounge with a fireplace, heated outdoor pool, fitness center, private dog park, billiards room and theatreroom. The property is walking distance to dozens of restaurants (including Serafina, BLT Steak, and Mulino’s), premier shopping including The Westchester Mall (anchored by Neiman Marcus and Nordstrom), Whole Foods and Stop & Shop, and is less than one mile from the White Plains Metro North Train Station and Transportation Center with a 47-minute commute toGrand Central Terminal. CBRE’s Jeff Dunne said, “We are delighted to represent GID in the sale of this institutional grade asset. There was significant interest in the offering due to its central location in White Plains and the opportunity to add value by renovating apartments and upgrading amenities to contemporary resident tastes. While southern markets are seeing a significant slowdown in rental growth and transaction activity, the New York City metro still offers compelling value to investors in terms of yield, durability of incomes, and constrained supply growth.” CBRE’s Eric Apfel added, “White Plains sits at the center of Westchester’s dense wealth corridor, surrounded by 10 of the wealthiest towns in the county. It’s both the closest northern suburb of the largest economic hub in the United States and has extraordinary access to Westchester-based Fortune-500 employers like Regeneron, IBM, PepsiCo, Mastercard, Morgan Stanley, Siemens, Danone and more.” CBRE Institutional Properties is currently marketing for sale: Halstead Milford, a 246-unit garden style community in Milford, CT; Pond View Land, a 204-unit development site in Farmington, CT; Reserve41, a 164-unit garden-style community in Norwalk, CT; Six Points at Bloomfield Station, a 176-unit apartment community in Bloomfield, NJ; The Essex, a 158-unit property in Bellville, NJ; Canter Green, a 153-unit Class A apartment community in Union, NJ; and Lofts22, a 70-unit community in Bayonne, NJ. The post CBRE Arranges $113 Million Sale of 260-Unit Windsor at The Gramercy appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 29th, 2022Related News

M2G Ventures Sells The Foundry District Mixed-Use Development to Asana Partners

Asana Partners acquired The Foundry District, a well-known mixed-use development in Fort Worth’s Cultural District, from M2G Ventures, a North Texas-based real estate investment and development company. Named the Foundry for its industrial roots, this six-acre adaptive reuse district features 98,000 square feet of redeveloped mid-century warehouses and is anchored by Inspiration Alley, Texas’ largest outdoor... The post M2G Ventures Sells The Foundry District Mixed-Use Development to Asana Partners appeared first on Real Estate Weekly. Asana Partners acquired The Foundry District, a well-known mixed-use development in Fort Worth’s Cultural District, from M2G Ventures, a North Texas-based real estate investment and development company. Named the Foundry for its industrial roots, this six-acre adaptive reuse district features 98,000 square feet of redeveloped mid-century warehouses and is anchored by Inspiration Alley, Texas’ largest outdoor art gallery. Between 2015 and 2019, M2G Ventures acquired the property at 200 Carroll St. and redeveloped the space into showrooms, creative offices, curated amenities and food and beverage spaces over the five-year timespan. “The Foundry District is a wonderful strategic fit for our portfolio of neighborhood mixed-use properties in dynamic locations. This project has a reputation for bringing the best that Fort Worth has to offer into one central location, including art, amenities and a compelling mix of local tenants,” said Brad Kantrowitz, director at Asana Partners. The Foundry District is the latest North Texas acquisition for Asana Partners. The company also owns 43 buildings in Deep Ellum, over 400,000 square feet of commercial space in Victory Park and The Hill shopping center in Dallas. “Asana Partners’ track record of investing in experiential destinations like The Foundry District makes them the ideal ownership group for this property. They share the vision we have for what had been an underutilized industrial pocket that is now a part of Fort Worth’s foundational culture,” said Susan Gruppi, co-founder of M2G Ventures. “We look forward to watching them continue to invest in and build on the inspiring momentum of the district.” The team at M2G Ventures has always prioritized the community’s experience and the unique offerings of its diverse lineup of entrepreneurs and businesses beyond solely the development of buildings, Gruppi added. “It has always been about inspiring evolution through impact and innovation,” she noted. From its early stages, the Foundry became a beacon for innovative businesses and patrons seeking something new. The Foundry District is 95% leased, including two new tenant announcements. An undisclosed iconic Dallas-based Tex-Mex concept known for its great drinks and even better food signed a lease to open its first Fort Worth location in 4,008 square feet at 2700 Weisenberger St. at a later date.Bumble Bee Yoga, a not-for-profit yoga studio with a cause committed to transforming suffering into power, is anticipating a December opening in 2,400 square feet at 2712 Weisenberger St. The recently signed leases join innovative, well-respected tenants such as Blackland Distillery, Maple Branch Craft Brewery, GL Seaman & Company, Thirty Eight & Vine and Doc’s Records & Vintage. Cushman & Wakefield’s Chris Harden and Kris Von Hohn brokered the transaction. The post M2G Ventures Sells The Foundry District Mixed-Use Development to Asana Partners appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 28th, 2022Related News

Enterprise Community Development Closes on Skyland Apartments

 Enterprise Community Development, Inc. (ECD), an affiliate of Enterprise Community Partners, closed on the $25.7 million purchase of Skyland Apartments in the Randle Heights neighborhood of Southeast Washington, D.C. from WC Smith. Enterprise Community Development’s acquisition of the Skyland Apartments was executed through the District of Columbia’s Tenant Opportunity to... The post Enterprise Community Development Closes on Skyland Apartments appeared first on Real Estate Weekly.  Enterprise Community Development, Inc. (ECD), an affiliate of Enterprise Community Partners, closed on the $25.7 million purchase of Skyland Apartments in the Randle Heights neighborhood of Southeast Washington, D.C. from WC Smith. Enterprise Community Development’s acquisition of the Skyland Apartments was executed through the District of Columbia’s Tenant Opportunity to Purchase Act (TOPA). Pursuant to TOPA, Skyland Apartment residents were offered the opportunity to match a third-party contract of sale in late 2019. At that time, the tenant association exercised the right to pursue acquisition of the property and launched a process to select a development partner. Enterprise Community Development first met with residents in February 2020 to discuss its approach to partnering with them to continue providing quality, affordable housing at Skyland Apartments. The COVID-19 pandemic’s outbreak in March 2020 led to the suspension of TOPA timelines. The District resumed TOPA timelines in August 2021, and the tenant association restarted its competitive process to select a partner, culminating in the selection of Enterprise Community Development. Enterprise Community Development will focus on the property’s redevelopment and rehabilitation efforts in collaboration with residents to create a cohesive platform for coordinated redevelopment planning. ECD secured interim acquisition funding from EagleBank and Capital Impact Partners (CIP). “The Skyland Tenants Association are thrilled to partner with Enterprise Community Development,” said Nicole Spence, president of the Skyland Tenants Association. “As a community, we are grateful for policies like TOPA in the District of Columbia which helped the residents of Skyland Apartments keep our homes and rents affordable. We look forward to working with Enterprise Community Development in developing a livable community that Skyland residents are proud of.” “The acquisition of Skyland Apartments was a true team effort that reflects the tenacity of our collective talent and commitment to expanding our resident-focused impact in the nation’s capital,” said Senior Vice President of Community Development Rob Fossi. “We look forward to working with residents and community stakeholders to plan and execute an even more promising next phase in the Skyland Apartments story.” “We thank the residents and tenant association for selecting Enterprise Community Development. We look forward to working collaboratively with them in creating a vibrant future for Skyland Apartments, one that supports the long-term future of quality, attainable housing in this important and evolving neighborhood within the District of Columbia. As with all our residential properties, we aim to ensure that residents have access to resources and pathways to achieve life goals and foster upward mobility,” said Brian McLaughlin, president of Enterprise Community Development. Built in 1939, Skyland Apartments is a Naturally Occurring Affordable Housing (NOAH) project east of the Anacostia River in Ward 8. The property’s 224 units, consisting of one- and two-bedroom duplexes and one-bedroom flats, occupy 24 two-story garden-style and duplex apartment buildings. These buildings represent more than 10,000 square feet of ground-level commercial space spread over a 9-acre site. Skyland Apartments are conveniently located close to several bus lines, accessible to three Metro stations and close to employment hubs in the District, Maryland and Virginia. Winn Management is currently serving as property manager for Skyland Apartments. The post Enterprise Community Development Closes on Skyland Apartments appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 28th, 2022Related News

Jack Resnick & Sons Announces Nine Leasing Transactions at Plaza District Tower

Jack Resnick & Sons today announced the completion of nine lease deals at 133 East 58th Street, its 15-story building located in Manhattan’s prestigious Plaza District.  The transactions, which total nearly 30,000 square feet, encompass six new leases, one expansion and two extensions. All of the nine leases have been completed over the... The post Jack Resnick & Sons Announces Nine Leasing Transactions at Plaza District Tower appeared first on Real Estate Weekly. Jack Resnick & Sons today announced the completion of nine lease deals at 133 East 58th Street, its 15-story building located in Manhattan’s prestigious Plaza District.  The transactions, which total nearly 30,000 square feet, encompass six new leases, one expansion and two extensions. All of the nine leases have been completed over the past 12 months, including seven leases executed thus far in 2022.  Jack Resnick & Sons was represented in-house by Managing Director Fran Delgorio and Executive Managing Director Brett Greenberg on all nine transactions. “Our 133 East 58th Street tower continues to attract medical practitioners and other providers serving the Plaza District’s large population of residents and office workers,” said Jonathan Resnick, President of Jack Resnick & Sons. “This building’s location and our dedication to customer service have helped maintained an occupancy rate over 95 percent for more than 15 years.” Below is a summary of each of the six new leases, all of which are for a term of 10 years: In the largest lease, Bjune Physical Therapy, PLLC committed to 4,049-square-feet on the 12th floor. The practice was represented by Eric Kahn of First New York Realty Brokers, LLC. Avenue Medical Associates, P.C. signed a lease for a 3,052-square-foot suite on the 14th floor.  Josh Najjar of Manhattan Realty of represented the practice, which specializes in internal and travel medicine. Bolon Realty LLC signed a 2,879-square-foot lease on the 14th floor.  The cardiology and internal medicine practice led by David Bolon MD was represented by Paul Wexler, Josef Yadgarov and Elliot Dennis of NRT New York, LLC. NY Laser Vision Optical Inc. signed a 2,735-square-foot lease on the 11th floor. The ophthalmology office was represented by John N. Kourtis of Ink Real Estate Partners. Shah Medical Associates PLLC, signed a lease for a 7th floor suite encompassing 1,807 square feet.  Don Schmidt of RI Manhattan Realty represented the internal medicine practice. Omid Nikrouz, M.D., P.C., committed to 1,305 square feet on the fifth floor. Max Vizgalin of OfficeNYC.com represented the medical practice. Resnick also completed deals for the following companies to remain at 133 East 58th Street: Personal training facility Transform Fitness, Inc. extended their existing 1,785-square-foot space for another five years while adding 1,083 square feet of expansion space in an adjacent 9th floor suite on a seven-year term. East Side Pediatric Dental relocated to a 1,122 square-foot suite on the 5th floor as part of a 10-year lease extension. Vault Health, Inc. extended its 1,171-square-foot, 5th floor lease for another two years. Built in 1930 and acquired by Jack Resnick & Sons in 1968, 133 East 58th Street is conveniently situated at the corner of Lexington Avenue, just steps from the Lexington Avenue/59th Street subway station, Park Avenue and numerous bus lines.  The building features a refreshed stone lobby, 24/7 concierge service and a modernized elevator system with new cabs. The post Jack Resnick & Sons Announces Nine Leasing Transactions at Plaza District Tower appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 28th, 2022Related News

South Bank in Turks and Caicos Launches Sales for Arc, the Newest Iconic Neighborhood of the Beachfront Luxury Development

South Bank in Turks and Caicos Launches Sales for Arc, the Newest Iconic Neighborhood of the Beachfront Luxury Development.....»»

Category: realestateSource: REALESTATEWEEKLYSep 28th, 2022Related News

Capital One Provides $94 Million in Debt, Equity and Forward Agency Financing for Washington, DC, Affordable Housing Community

Capital One announced that it has supplied a comprehensive funding package to Foulger-Pratt, a Maryland based real estate investment and development firm, for construction of Paxton, a 148-unit affordable housing community being built in the Kingman Park neighborhood of Washington, DC, NE. The deal was led by Ed Delany, senior... The post Capital One Provides $94 Million in Debt, Equity and Forward Agency Financing for Washington, DC, Affordable Housing Community appeared first on Real Estate Weekly. Capital One announced that it has supplied a comprehensive funding package to Foulger-Pratt, a Maryland based real estate investment and development firm, for construction of Paxton, a 148-unit affordable housing community being built in the Kingman Park neighborhood of Washington, DC, NE. The deal was led by Ed Delany, senior director and senior capital officer of Community Finance for the Mid Atlantic at Capital One and Rossana Bouchaya, senior vice president of Agency Finance at Capital One. “There is a nationwide gap in affordable housing, and it is especially acute in the DC region,” said Delany. “Addressing the affordable housing crisis requires both new construction and housing preservation, and innovative financing is essential to help bring these developments to life.” The funding included a $39.2 million construction loan, a 36-month forward commitment for a $21.1 million Freddie Mac fixed-rate loan, and a $34.2 million investment in Low Income Housing Tax Credits (LIHTC), which will preserve the long-term affordability of the property. Upon successful conversion, the tax-exempt permanent loan will have a 17-year term and a 40-year amortization schedule.  “Capital One’s expertise in funding affordable housing enabled us to provide a full suite of financing solutions to Foulger-Pratt, including construction and permanent financing as well as an equity investment,” said Bouchaya. “We were able to navigate the many requirements across funding types to both simplify and accelerate the deal’s closing, which was critical in today’s interest rate environment.” Fifteen of Paxton’s apartments will be reserved for residents with incomes at or below area median income (AMI) and are set aside as permanent supportive housing (PSH) units. The remainder will be rented to residents with incomes at or below 50 percent AMI. The Community of Hope will be providing ongoing support for families residing in the units set aside for PSH. “Foulger-Pratt is grateful for the shared vision of being part of the solution for affordable housing in the Washington, DC area,” said Brigg Bunker, managing partner and chief operating officer for Foulger-Pratt. “We are pleased to bring our extensive experience in building affordable apartment homes with the same full set of features and amenities found in our market-rate projects.” Foulger-Pratt is one of the largest real estate investment and development firms headquartered in the Washington, DC area. Paxton, a 160,000 square-foot asset, will be Foulger-Pratt’s third affordable housing community, and is currently under construction near the H Street Corridor. Paxton will feature 5,300 square feet of amenity and programmatic space to support resident needs. Common spaces will include a game room, community room, gym, computer lab and bike storage.  Capital One offers a comprehensive array of financing solutions for property owners and developers nationwide, including balance sheet and agency lending. As a top-10 agency lender*, Capital One provides financing for multifamily investors nationwide through Fannie Mae, Freddie Mac and FHA programs. Additional information can be found at capital.one/multifamily. *Fannie Mae reported 2021 Multifamily DUS(R) Lender Awards and Freddie Mac reported 2021 Top Optigo(R) Lenders by Volume. The post Capital One Provides $94 Million in Debt, Equity and Forward Agency Financing for Washington, DC, Affordable Housing Community appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 28th, 2022Related News

JLL expands workplace design platform in New York

JLL announced that Danilo Lucii has joined their New York office as design director in its Project & Development Services division. Lucii is relocating from JLL’s Singapore office where he has served as the design director within the Workplace Dynamics division since 2019, providing design services and creative direction for... The post JLL expands workplace design platform in New York appeared first on Real Estate Weekly. JLL announced that Danilo Lucii has joined their New York office as design director in its Project & Development Services division. Lucii is relocating from JLL’s Singapore office where he has served as the design director within the Workplace Dynamics division since 2019, providing design services and creative direction for clients including Marsh McLennan, HP Hewlett Packard, Maersk, Chanel and Ferrari.“We’re thrilled to have Danilo join our Americas JLL Design team as a design director and expand our market presence in the New York and Tri-State region,” said Jaymie Gelino, JLL managing director, PDS. “Danilo brings a beautiful, creative and elite portfolio and will be an inspirational addition to our talented workplace design teams.” An award-winning design leader with a background in architecture and design institutions, Lucii spent the early part of his career working in his native Italy. A graduate of the Università degli Studi di Genova with a Masters in Architecture and Construction Engineering, he was an architect in Genova before moving to Beijing, China, to work with Florence-headquartered Area-17 Architecture & Interiors. Following a stint as associate creative director with office and commercial interior design company DB&B in Singapore, Lucii joined JLL in 2019 and honed his skills working on an extensive range and scale of projects, spanning master-planning to workplace, hospitality, retail and residential interiors in Southeast Asia. In New York, Lucii will be responsible for leading design services, providing strategic thinking, creative directions and solutions while acting as a leader, advisor and mentor to the design team. “JLL’s Project and Development Services division helps clients through all stages of realizing challenging capital projects and I am excited to bring my experience to the Americas market as employers continue to look for ways to engage today’s workforce while maximizing their budget,” said Lucii. JLL Project and Development Services is a leader in the development, design, construction and branding of commercial real estate projects for the world’s most prominent corporations, educational institutions, public jurisdictions, healthcare organizations, industrial facilities, retailers, hotels, sports facilities and real estate owners. Ranked No. 2 in Building Design + Construction’s 2018 Construction Management Giants survey and No. 6 on Engineering News-Record’s 2018 list of Top 100 Construction Management-for-Fee Firms, JLL’s project management team comprises 6,000 project managers across 56 countries and is actively managing $45 billion under construction. The post JLL expands workplace design platform in New York appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 28th, 2022Related News

Lifestyle Development Firm Acquires 9 Sites, $2B in Residential Development Underway

Houston-based Vero Sade is seeking to enhance the way people live by creating experiential, design and wellness-focused environments that simultaneously foster individuality and community. Founded in 2021 by forward-thinking private equity and real estate investment veterans Daniel Bassichis and Yoni Sade, the vertically integrated lifestyle development firm is leveraging a successful, decades-rich background that... The post Lifestyle Development Firm Acquires 9 Sites, $2B in Residential Development Underway appeared first on Real Estate Weekly. Houston-based Vero Sade is seeking to enhance the way people live by creating experiential, design and wellness-focused environments that simultaneously foster individuality and community. Founded in 2021 by forward-thinking private equity and real estate investment veterans Daniel Bassichis and Yoni Sade, the vertically integrated lifestyle development firm is leveraging a successful, decades-rich background that spans commercial real estate and private clubs to hospitality and retail to deliver unique experiences for customers and efficiencies for its investors.  “The events of recent years have left our society severely fragmented and disconnected, reinforcing the value of human connection,” said Sade. “We see Vero Sade as an innovative, lifestyle-driven platform that reimagines and fosters interpersonal interactions and connections. Our long-term vision is to thoughtfully and efficiently introduce an array of one-of-a-kind concepts, ranging from hospitality and residential to retail, that utilizes placemaking, design, technology, personalization and programming to bring people together.”  “Vero Sade’s vertically-integrated model bypasses the fragility of the supply chain and will enable us to deliver a more curated and higher-caliber product in a shorter timeframe, and without compromising on quality or aesthetics,” adds Bassichis.   To fuel concepts that it will design, develop, build, and in some cases operate, Vero Sade has been quietly acquiring prime sites and properties nationwide for its various brands, which will span member clubs, gyms, retail, custom homes and hospitality. Initial efforts, however, will focus on assets in the multifamily sector. To date, the Vero Sade pipeline includes $2 billion in residential development and approximately 4,500 units planned across the Dallas, Houston, San Antonio and Orlando metros.  In addition to co-founding Vero Sade, Yoni Sade is the chairman of Sade Capital, specializing in acquisition, development and management of multifamily and single assets, which provides full-service investment options for core, core-plus, value-add and special situation real estate opportunities. Daniel Bassichis is a Goldman Sachs alum who is also the co-founder of New York and Texas-based Vero (formerly Admiral Capital Group), a 15-year-old investment firm that seeks not only to create value, but also make a positive social impact. His business partner is noted philanthropist, Olympian and Basketball Hall of Famer David Robinson.  The post Lifestyle Development Firm Acquires 9 Sites, $2B in Residential Development Underway appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 27th, 2022Related News

Avison Young arranges lease extension for Dotcom Distribution at 100-400 Nixon Lane in Edison

 Avison Young announced today that it has represented Dotcom Distribution (Dotcom) in its lease extension for more than 400,000-square-feet (sf) of 36-foot clear distribution space at 100-400 Nixon Lane in Edison, New Jersey. The four-building, 850,000-sf complex is owned by Prologis, a global leader in logistics real estate, and is... The post Avison Young arranges lease extension for Dotcom Distribution at 100-400 Nixon Lane in Edison appeared first on Real Estate Weekly.  Avison Young announced today that it has represented Dotcom Distribution (Dotcom) in its lease extension for more than 400,000-square-feet (sf) of 36-foot clear distribution space at 100-400 Nixon Lane in Edison, New Jersey. The four-building, 850,000-sf complex is owned by Prologis, a global leader in logistics real estate, and is strategically located between the New Jersey Turnpike’s exits 9 and 10, just minutes from the state’s ports, which are among the busiest on the East Coast. Avison Young’s New Jersey-based Industrial Occupier Solutions team, comprised of Ed English, Principal, Paul Errigo, Senior Associate, and Ron Ganter, Principal, provided tenant representation services for Dotcom that also included a conversion from a traditional triple net lease to Prologis’ trademark Clear Lease. This is the fourth time that the team has represented a large tenant (100,000-sf plus) in this type of conversion, and they worked to craft lease terms that were fair to both landlord and tenant. Prologis was represented in-house by Sarah Rutherford, Director, Leasing, and supported by Marc Petrella of KBC Advisors. “Asking rents in the area for quality distribution real estate have more than tripled in recent years and demand for large blocks of space is particularly strong,” said English. “Dotcom has been creating jobs and contributing to the local economy for more than 20 years, and it was incredibly rewarding to come to an agreement with Prologis that helps to keep their employees, customers, and operations in place.” The complex transaction, which took more than nine months to complete, helps Dotcom avoid disruption and relocation costs and allows them to seamlessly continue providing the critical storage, e-commerce, and multichannel fulfillment services their customers require. The tenant will maintain its current facility footprint, layout, and infrastructure. In recent years, Prologis has upgraded the premises, including the installation of rooftop solar panels on the buildings occupied by Dotcom. “From an e-commerce standpoint, there are clear advantages to operating a warehouse close to major East Coast ports, highways, and dense populations of online consumers, but this real estate market is challenging,” said Robert Coon, Chief Commercial Officer, Dotcom Distribution. “We negotiated hard for nine months and did everything we could to keep costs as low as possible given the two adjoining realities: commercial space in this area is unprecedentedly expensive, and it’s worth it for us and for our partner e-commerce brands to be in this strategic location. Avison Young’s Occupier Solutions team supported us throughout the process, Prologis has been very amicable to work with, and we’re happy to have reached a win-win result and continue our tenancy.” The post Avison Young arranges lease extension for Dotcom Distribution at 100-400 Nixon Lane in Edison appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 27th, 2022Related News

Landmark Properties Announces Construction Start for Company’s First Build-to-Rent Neighborhood 

 Landmark Properties, a fully-integrated real estate firm specializing in development, construction, investment management, and operation of high-quality residential communities, announces the first groundbreaking from its new “build-to-rent” division focused on single-family rental home neighborhoods. Construction began in September at The Everstead at Madison in Madison, Ala., and the company’s build-to-rent... The post Landmark Properties Announces Construction Start for Company’s First Build-to-Rent Neighborhood  appeared first on Real Estate Weekly.  Landmark Properties, a fully-integrated real estate firm specializing in development, construction, investment management, and operation of high-quality residential communities, announces the first groundbreaking from its new “build-to-rent” division focused on single-family rental home neighborhoods. Construction began in September at The Everstead at Madison in Madison, Ala., and the company’s build-to-rent division will bring more single-family homes on the market to meet current demand across the country.   “With our new Everstead developments, Landmark is putting its time-tested, integrated and scalable platform to work helping a new generation of renters find the right high-quality solution for their next housing decision,” said Landmark President and CEO Wes Rogers. “Single-family homes for rent have become an important way for many to enjoy the benefits of a neighborhood without the long-term financial commitment to home ownership.”  Located at 225 Mill Road, The Everstead at Madison in Madison, Ala. will feature 231 townhouses, single-family homes, and cottage-style homes. Amenities for the build-to-rent property include quartz countertops, stainless-steel appliances, large pantries, hardwood-style floors, full-size washers and dryers, ceiling fans, a walk-in closet for the main bedroom and backyards with private patios. Some units will also feature an attached garage.   The gated community will provide residents access to several high-quality, shared amenities, including a resort-style swimming pool, fitness center, playground, fire pit, grilling area, and dog park, among other offerings. On-site parking with several spaces dedicated for guests will complete the community. Just west of Huntsville, Alabama’s largest city according to 2020 Census data, The Everstead at Madison provides residents proximity to business and employment centers, schools, retail, and entertainment areas, including Cumming Research Park, Bridge Street Town Center, Toyota Field, and the Huntsville Amphitheater in the Mid-City District. Landmark anticipates the first homes to be delivered in 2023, with full completion of the neighborhood in 2024.  “We are thrilled to break ground on our first build-to-rent project that will be the first of many more communities thoughtfully designed and purpose-built specifically for those who want to live in a neighborhood setting without the burden of a mortgage.” said Blair Sweeney, Landmark’s Managing Director of Build-to-Rent. “We seek to increase the rental housing supply to meet demand and take pressure off the for-sale market.”   TSB Capital Advisors arranged financing for the project. To learn more about Landmark’s build-to-rent division, visit landmarkproperties.com.   The post Landmark Properties Announces Construction Start for Company’s First Build-to-Rent Neighborhood  appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 27th, 2022Related News