REBusinessOnline

Margaritaville Holdings to Build $300M Hotel in Times Square

NEW YORK CITY — Margaritaville Holdings has unveiled its plans for a 29-story Margaritaville resort in the heart of Manhattan’s Times Square. Development costs are estimated at $300 million. Located at 560 Seventh Ave., the property will feature a 234-room hotel, several Margaritaville-branded food and beverage concepts, a rooftop bar, pool, spa/lounge and retail space. The project is slated for completion in late 2020. International Meal Company will operate the food and beverage …

Walker & Dunlop Provides $10M Construction Loan for Assisted Living Facility in Sonoma County

CLOVERDALE, Calif. — Walker & Dunlop Inc. has provided $10 million in HUD financing for the construction of Vine Ridge, a 51-unit assisted living community in the Sonoma County city of Cloverdale. The community will consist of a two-story, 42,000-square-foot building on a 2.5-acre site. Western Living Concepts is developing and will operate the property, the second seniors housing community in its portfolio. Vine Ridge is scheduled for completion in 2019. Walker & Dunlop's …

Assessors Should Weigh Myriad of Factors When Determining Fair Market Value of Green Buildings

A growing number of commercial properties incorporate efficient attributes that exceed basic code requirements. While conserving resources, these sustainable building strategies can also enhance the owner’s bottom line by reducing operating costs. As investors consider developing or buying green properties in certain markets, though, they should consider a less obvious source of savings — their property tax bills. No single set of attributes defines a green building. Instead, …

Continued Industry Growth, High Investor Interest Lift Student Housing Sector

AUSTIN, TEXAS — Sunny skies continue to be the forecast for the student housing sector, with investor interest in this property niche continuing to increase, more institutional capital flooding into the space and a continued demand seen for new development. Each of these points of growth was highlighted extensively during last week’s InterFace Student Housing conference in Austin. The conference’s first general session, titled “The Power Panel,” brought together a consortium of …

A Property’s Obsolescence Can Be a Big Factor in Tax Appeals

It’s critical for owners to identify both economic and functional obsolescence in order to fight unfair property tax assessments. New technologies, shifting markets and aging buildings can drive economic obsolescence across entire industries. Equally important for the taxpayer, these factors also affect individual property values from a functionality perspective. Understanding both economic and functional obsolescence is essential to properly evaluate tax assessments for …

U.S. Office Vacancy Rate Creeps Up In First Quarter Despite Strong Absorption

NEW YORK CITY — Despite a variety of tailwinds buoying the U.S. office sector, vacancy sill increased 10 basis points in the first quarter of 2018, according to New York-based commercial real estate data firm Reis. Across the 79 major metros tracked by Reis, office vacancy rose to 16.5 percent at the end of the quarter. That’s up from 16.4 percent at the end of the previous quarter and 16.3 percent one year earlier. The vacancy increase came about during a quarter that featured a …

Hudson Pacific, Macerich to Redevelop Westside Pavilion Mall in Los Angeles to Office Space for $450M

LOS ANGELES — Hudson Pacific Properties (NYSE: HPP) and Macerich (NYSE: MAC) have formed a joint venture to redevelop Westside Pavilion, a 600,000-square-foot shopping mall located in west Los Angeles, into creative office space. The project is expected to cost between $425 and $475 million. At completion, the development will be home to 500,000 square feet of state-of-the-art creative office space, while retaining 100,000 square feet of existing entertainment retail space. The …

Restrictive Bank Regulations Open Door for Alternative Lenders

Upon the introduction in 2015 of new banking regulations related to holding extra reserves for short-term or riskier commercial real estate loans, banks reined in lending. While the pullback affected property investors across the board, developers felt it most. Typical loan-to-cost ratios for construction financing dropped 20 percentage points to 55 percent, interest rates ballooned by some 150 basis points to around 350 basis points over 30-day LIBOR (London Interbank Offered Rate), and the …

Lancaster Pollard Survey: 87 Percent of Seniors Housing Professionals Rate Industry as Highly Competitive

COLUMBUS, OHIO — Increasing competition is becoming a larger and larger issue within seniors housing, as 87 percent of owners, operators developers and investors rate their local environment as either competitive or extremely competitive. That’s according to the 2018 Seniors Housing and Care Survey conducted by Lancaster Pollard. In December 2017, the Columbus-based real estate services firm sent an online survey to approximately 4,000 leaders at seniors housing and care …

Contemporary Healthcare Closes $1.2M Refinancing for 32-Unit Seniors Housing Community in Oregon

CORVALIS, ORE. — Contemporary Healthcare Capital (CHC) has arranged a $1.2 million mezzanine loan to refinance a 32-unit memory care community in Corvalis, approximately 80 miles south of Portland. The borrower is Benicia Senior Living. Millennium Bank of Chattanooga provided the capital. The combined loans totaling approximately $5.45 million will be used for a bridge-to-HUD loan for Conifer House. The 24,640-square-foot, single-story facility was originally constructed in …

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