MOUNT VERNON, N.Y. — NorthMarq has arranged a $7.5 million loan for the refinancing of Lohman Village, a 31-unit seniors housing community in Mount Vernon, a northern suburb of New York City. The loan features a fixed interest rate with a seven-year term on a 30-year amortization schedule. Robert Ranieri of NorthMarq arranged the loan through PCSB Bank. The borrower was New York-based seniors housing owner Wartburg.
NEW YORK CITY — A partnership between two New York-based developers, Related Cos. and The Hudson Cos., has topped out Riverwalk Park, 340-unit affordable housing project on Roosevelt Island. Designed by Handel Architects, Riverwalk Park will house a mix of studio, one-, two-, and three-bedroom apartments in a single building. Sixty percent of Riverwalk Park’s units will be permanently affordable, with the remaining 40 percent affordable for 40 years. Construction is slated for completion in 2021.
NEW YORK CITY — A partnership between two New York-based developers, Delshah Capital and OTL Enterprises, has broken ground on a 166,976-square-foot mixed-use project in Brooklyn. The property will offer 180 units of multifamily housing, 25 percent of which will be affordable housing. Healthcare and drug treatment provider START Treatment & Recovery Centers will occupy 15,000 square feet of office space within the tower, which will also house 2,000 square feet of retail space. Construction is slated for completion in 2021.
ROCHESTER, N.Y. — Money360, a California-based direct lender, has provided a $13.2 million bridge loan to refinance a multifamily property in Rochester, a city located about 70 miles east of Buffalo. The property includes ground-floor retail space. The non-recourse, three-year loan features a fixed interest rate with an interest-only amortization schedule. Ken Wood of Money360 originated the loan.
NEW YORK CITY — WeWork’s parent company, The We Co., has filed for its initial public offering. The coworking giant has not yet provided details on the number of shares it will offer or the expected pricing. We’s public filing would enable the company to debut as early as September. We has been valued as high as $47 billion in the private markets, according to The Wall Street Journal. We’s total revenue increased $771.6 million in the first six months of 2019 to $1.5 billion, primarily driven by an increase in membership and service revenue, according to the company’s filing with the Securities and Exchange Commission. On the flip side, We posted a net loss of $689.7 million for the first six months of the year. Total revenue in 2018 was $1.8 billion, but total losses were $1.6 billion. In the filing, We stated that average revenue per WeWork membership has experienced a decline, citing continued expansion into new global markets with different pricing structures and discounts to encourage longer contract terms. In 2010, WeWork opened its first location at 154 Grand St. in New York City. In the early years, WeWork members consisted of mostly freelancers, start-ups and small …
On June 14th, the New York State legislature passed a series of stringent rent regulation reforms. The laws damaged property owners’ means of making money by strengthening tenant protections, capping rent increases and keeping units permanently stabilized. A quick Google search will explain the specifics regarding IAIs, J51s, eviction, buyouts, vacancy bonus and decontrol. In short, landlords will face rising taxes, higher water and sewer bills and elevated construction costs with no mechanism to raise rents to outpace or even match these expenses. Gloom was in the air until an auspicious turn of events occurred on June 21st, just one week after the new rent laws passed. A Pennsylvania woman won a momentous victory in the U.S. Supreme Court that opened the doors for property owners to go directly to federal court without going to state court first. The timing was nothing short of incredible. Essentially, the decision paves the way for New York City landlords to get a fast-track hearing by the Supreme Court, which may view the these new rent laws as going too far and violating owners’ constitutional rights. In weeks to follow, property owners spoke with each other and with major law firms to get a …
ROCHESTER, N.Y. — Money360, a California-based direct lender, has provided a $13.2 million bridge loan to refinance a multifamily property in Rochester, a city located about 70 miles east of Buffalo. The property includes ground-floor retail space. The non-recourse, three-year loan features a fixed interest rate with an interest-only amortization schedule. Ken Wood of Money360 originated the loan.
DENVER AND NEW YORK CITY — UDR Inc. (NYSE: UDR), a multifamily REIT based in Denver, has struck an agreement with its joint venture partner MetLife Investment Management to swap their interests in a national multifamily portfolio in a deal valued at nearly $1.8 billion. As part of the agreement, UDR will buy out MetLife’s stake in 10 apartment communities, one property under construction and four development land sites that are collectively valued at $1.1 billion. The 10 properties total 3,321 units and include Strata in San Diego; Crescent Falls Church in Falls Church, Va.; Charles River Landing, Lodge at Ames Pond and Lenox Farms in metro Boston; Towson Promenade in Towson, Md.; and the 1,513-unit, four-property Vitruvian Park campus in Addison, Texas. The assets have an average age of eight years and 95.7 percent occupancy at the time of this announcement. “The acquired communities are primarily located in markets targeted for expansion, are immediately accretive to our earnings, have operational upside and improve the diversification of our portfolio,” says Tom Toomey, chairman and CEO of UDR. Also as part of the agreement, MetLife Investment Management will purchase UDR’s stake in five apartment communities valued at a combined $645 million. …
Cushman & Wakefield Places $94 Million in Acquisition Financing for Flex Industrial Park in New York
ORANGETOWN AND CLARKSTOWN, N.Y. — Cushman & Wakefield has placed $94 million in acquisition financing for Bradley Corporate Park, a 17-building industrial and flex complex in Orangetown and Clarkstown, about 25 miles north of New York City. The property totals approximately 1.2 million square feet. John Alascio, Gideon Gil, Steve Kohn, Sridhar Vankayala, Zachary Kraft and Emily Johansen of Cushman & Wakefield represented the borrower, New Jersey-based investor Angelo Gordon & Onyx Equities, in the transaction. Bank of America provided the loan. Specific loan terms, including the interest rate and amortizations schedule were not disclosed.
LONG ISLAND CITY, N.Y. — Planet Fitness has signed an 18,000-square-foot retail lease in Long Island City. The gym, which will be situated on the lower levels of the newly constructed 22-29 Northern Boulevard rental tower, is the company’s first property in Long Island City. Steven Baker and Thomas Galo of Winick Realty represented the landlord, Simon Baron Development, in the lease negotiations. Richard Chera of Crown Acquisitions represented Planet Fitness.