NEW YORK CITY — Ryan Severino, chief economist at JLL, has joined the adjunct faculty staff at Fordham Real Estate Institute in New York City. He will teach classes in real estate risk and portfolio management this fall. Prior to his role at JLL, Severino served as senior economist and director of research at Reis, as well as associate director of research at MetLife Real Estate Investments. Severino is a member of the CFA Institute, the American Economic Association, the National Association for Business Economics, Urban Land Institute and National Council of Real Estate Investment Fiduciaries. He earned a master’s degree from Columbia University in International Finance and Economics, a bachelor’s degree in Finance, Japanese and Economics from Georgetown University, and also has experience teaching real estate finance and economics at leading universities in New York City.
MALVERN, PA. — A joint venture between GMH Capital Partners LP and AEW Capital Management LP plans to develop The Pendleton at Malvern, a 225-unit multifamily property in Malvern, a northwestern suburb of Philadelphia. The community will offer studio, one- and two-bedroom units. Amenities will include a fitness studio, conference rooms and resident lounge. The property will offer convenient access to State Route 202, Interstate 76 and The Pennsylvania Turnpike. The community is slated to open in summer 2021.
NEW YORK CITY — Houlihan-Parnes has arranged a $29 million loan for the refinancing of a 222,637-square-foot office condominium in The Bronx. The condominium is in an office building located at 1775 Grand Concourse. A local bank provided the 10-year, nonrecourse loan at a fixed rate of 2.9 percent. Verizon Wireless is the anchor tenant of the building with two floors. The borrower has converted the remaining six floors into an ancillary indoor parking garage on the first floor, and retail and professional office space on floors four through eight. JJ Operating Inc. owns the building.
Western New York, Capital Region Expected to Reopen Additional Businesses This Week, Says Gov. Cuomo
ALBANY, N.Y. — As the COVID-19 pandemic gradually eases in the state of New York, Western New York and Capital Region are expected to reopen additional businesses this week, according to a statement from Gov. Andrew Cuomo on June 13. The regions will enter Phase III of Cuomo’s state reopening plan, which will include dine-in service at restaurants and the use of hotel amenities such as restaurants, spas and gyms. Phase III will also allow youth sports with limited spectators to resume. Western New York is expected to enter Phase III on June 16 while the Capital Region is expected to enter Phase III on June 17. As of June 14, the Centers for Disease Control and Prevention reported nearly 380,000 cases of COVID-19 in the state of New York and more than 30,500 deaths.
LUNENBURG, MASS. — Great Bridge Properties, a New Hampshire-based developer, has begun development of Baker Brook Apartments, a 70-unit seniors housing property in Lunenburg, approximately 25 miles north of Worcester. Located on nearly four acres, the community will feature 62 one-bedroom and eight two-bedroom units. The property will serve seniors ages 55 and older earning 80 percent or less of the Area Median Income (AMI) and 48 units will be reserved for seniors earning 60 percent or less of the AMI. Eight units will be reserved for seniors earning 30 percent or less of the AMI. Ten percent of the units will feature a preference toward homeless populations.
CONCORD, N.H. — Select retail businesses, including indoor seating at restaurants and recreational activities, are allowed to reopen in New Hampshire, according to a statement from Gov. Chris Sununu on June 15. Restaurants in the state were permitted to offer delivery and curbside service at the start of the COVID-19 outbreak, and outdoor seating resumed in mid-May. Both indoor and outdoor seating areas are required to position tables six feet apart, and restaurants are limited to 50 percent capacity. A number of recreational activities and other businesses have also reopened, including museums, art galleries, libraries, bowling alleys, billiards halls, gyms, pools, wedding venues, motor speedways and funeral homes. Performing arts centers and amusement parks are expected to reopen on June 29. As of June 14, the Centers for Disease Control and Prevention reported nearly 5,300 cases of COVID-19 in New Hampshire and more than 300 deaths.
NEW YORK — Greystone has provided a $43.9 million loan for the refinancing of a three-property seniors housing portfolio in Upstate New York. Centers for Care was the borrower. The three skilled nursing facilities total 323 beds and include Ontario Center for Nursing and Rehabilitation in Canandaigua; Steuben Center for Nursing and Rehabilitation in Bath; and Corning Center for Nursing and Rehabilitation in Corning. Fred Levine of Greystone originated the loan. Terms of the loan were undisclosed.
NEW YORK CITY — KZA Realty Group has negotiated a 1,730-square-foot medical office lease for Compassionate Medical Practice in The Bronx. Located at 1776 Boston Road, the space is on the ground floor of the eight-story, 72-unit High Hawk apartment building, which features a total of 6,800 square feet of retail space. The lease term is 10 years. The property is located within walking distance of Crotona Park and offers convenient access to interstates 95 and 278.
DOVER, DEL. — Lululemon (NASDAQ: LULU), a provider of athletic apparel that is based in Vancouver, British Columbia, but incorporated in Delaware, has now reopened 295 of its 489 stores, or roughly 60 percent of its worldwide locations. The company reported net revenue of $652 million in its fiscal first quarter, which ended May 3, compared with $785 million during the same period a year ago, a 17 percent decline. Lululemon closed all of its stores in mainland China following the outbreak of COVID-19 and subsequently shuttered its Europe and North America stores in March. The company noted that although it was forced to close all stores at some point, strong sales from its e-commerce platform helped to mitigate the decrease in revenue. Lululemon said in the filing that it would not provide financial projections for future quarters, but that it ended the first period with $823 million in cash, compared to $576 million in cash at the end of the first quarter of 2019. Lululemon’s stock price opened at $302.84 per share on Friday, June 12, up from $170.89 per share a year ago.
LOWELL, MASS. — WinnCompanies will develop a 125-unit multifamily project in Lowell, a city 30 miles northwest of Boston, a project that is valued at $38.3 million. The company will construct two adjacent five-story buildings in the Hamilton Canal Innovation District that will be linked by an enclosed sky bridge and located near a new 900-space parking garage. The community will feature a mix of market-rate and affordable units, as well as 5,000 square feet of commercial space. Floor plans consist of 15 studio apartments, 63 one-bedroom units and 47 two-bedroom apartments. Bank of America provided a senior construction loan for the project. Construction is underway and is expected to be complete in the first quarter of 2022.