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Bellwether Enterprise Arranges $185M Refinancing for Multifamily Portfolio in California, Maryland

Bellwether Enterprise Arranges $185M Refinancing for Multifamily Portfolio in California, Maryland

LOS ANGELES, WOODLAND HILLS, CALIF. AND LAUREL, MD. — Bellwether Enterprise Real Estate Capital LLC has arranged three loans totaling $185.1 million for the refinancing of a multifamily portfolio located in California and Maryland. The portfolio consists of three properties totaling 1,384 units. The assets include: Avalon Russet in Laurel, Md.; eaves Woodland Hills in Woodland Hills, Calif.; and eaves Los Feliz in Los Angeles. Kip Kimble of Bellwether Enterprise arranged the 10-year loans for the borrower, AvalonBay Communities (NYSE: AVB). New York Life was the lender. AvalonBay Communities is a real estate investment trust that owns and manages apartment properties concentrated in the Northeast and Western..

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Durst Organization Secures $1B Financing Package for Manhattan Office Portfolio

Durst Organization Secures $1B Financing Package for Manhattan Office Portfolio

NEW YORK CITY — The Durst Organization, a New York-based owner and operator of Manhattan office and residential assets, has closed a financing package totaling $1 billion from multiple lenders for several of its office assets. The financing included a $600 million loan for five office buildings and a $400 million credit line. The five assets involved in the debt include 655 Third Ave., 675 Third Ave., 825 Third Ave., 114 West 47th St. and 205 E. 42nd St. Citi Private Bank was the lead lender for the financing, contributing $650 million. As part of the package, JPMorgan Chase, TD Bank, and Bank of New York Mellon each provided $100 million, and City National Bank provided $50 million. Durst will use the loan to refinance its..

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Self-Storage Demand Remains Strong as Supply Grows

Self-Storage Demand Remains Strong as Supply Grows

Halfway through a year of transition, the self-storage sector continues to undergo changing investor dynamics while feeling the effects of political uncertainty in Washington. Yet opportunities abound, particularly in the Midwest, where a moderate development pipeline has kept supply in check with demand. We’re currently witnessing a pool of buyers rethink their approach amid rising interest rates and a lack of tax and policy guidance. As a result, large self-storage real estate investment trusts have tempered growth expectations as development activity puts upward pressure on vacancy, and rent growth moderates. This may present an opening for small to midsize buyers to enter the market or expand their existing portfolios. [caption..

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Sudberry Properties, Ayres Hotels Break Ground on Retail Center, Hotel Near San Diego

Sudberry Properties, Ayres Hotels Break Ground on Retail Center, Hotel Near San Diego

CHULA VISTA, CALIF. — Sudberry Properties and Ayres Hotels have broken ground on Millenia Commons, a 131,800-square-foot “lifestyle destination center” and a 135-room Ayres Hotel in the San Diego suburb of Chula Vista. The center and hotel will be part of the 210-acre, multi-billion-dollar Millenia master-planned community, which is currently being developed in South San Diego County. Millenia Commons will include tenants like HomeGoods, Cost Plus World Market, Ross Dress for Less, buybuy Baby, Mattress Firm, Hurricane Grill & Wings, Papagayos Grill & Cantina, Menchie’s Frozen Yogurt, Great Clips, Jamba Juice, McDonald’s and Pacific Dental Services. Flocke & Avoyer is handling the project’s retail leasing..

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