By Michael Prifti Technology is moving quickly across many different industries. Architects are now using emerging technology like virtual reality (VR) to improve experience for clients, tenants and the general public. An architecture firm can use VR to accomplish many different goals. VR can be used as both a design tool and a marketing tool. As a design tool, one can create impressive virtual mockups with the technology. To be used as a marketing tool, it is important to figure out the overall goals of the project, such as how interactive and immersive the VR models need to be. For example, higher quality VR models require higher computer processing power. In general, VR sets have become much more affordable, and jumping into this emerging technology doesn’t necessarily require a large investment. Today, VR headsets can be found for under $500, and the software has become so intuitive that nearly anyone can be taught how to produce very basic VR ready models in about 15 minutes. While two-dimensional renderings will likely never disappear, the use of virtual reality is becoming more widespread throughout the industry. 2D drawings or 3D models can give you a general idea of a building’s scale, but VR …
Northeast
MassHousing Provides $45.7M Acquisition Loan for Affordable Housing Portfolio in Metro Boston
by David Cohen
BOSTON — MassHousing has provided $45.7 million in acquisition and rehabilitation financing for a 201-unit affordable housing portfolio in Roxbury and Dorchester. The housing portfolio, formerly owned by the late Lorenzo Pitts, includes the Lawrenceville Apartments, Infill I, Infill II, Crawford House, Thane Street Apartments and the Gardner Apartments. MassHousing provided the borrower, Jamaica Plain Neighborhood Development Corporation (JPNDC), with a $26 million construction and permanent loan, an $18 million tax credit equity bridge loan and a $1.7 million Section 13A preservation loan. JPNDC will make extensive capital improvements as part of the transaction including masonry repairs, kitchen upgrades and bathroom upgrades, as well as updates to the electrical and plumbing systems. Of the 201 units in the portfolio, 175 are affordable to households earning at or below 60 percent of the area median income (AMI) and 26 apartments are affordable to households earning at or below 80 percent of AMI. The AMI for Boston is $107,800 for a family of four.
NEW YORK CITY — Ariel Property Advisors has brokered the $4.5 million sale of a four-story mixed-use building in Brooklyn Heights. Located at 77 Atlantic Ave., the 7,895-square-foot property comprises two commercial units and six apartments. Victor Sozio, Sean Kelly and Matthew Lev of Ariel Property Advisors represented the seller, Silvershore Properties, in the transaction. The buyer was 77 ATL AVE LLC. The property is located near Brooklyn Bridge Park as well as retailers Urban Outfitters and Trader Joe’s.
Harvey Hanna Begins Redevelopment of Former General Motors Plant in Wilmington, Delaware
by David Cohen
WILMINGTON, DEL. — Harvey Hanna & Associates and partner Boxwood Industrial Park LLC have begun the redevelopment of a former General Motors plant in Wilmington. The demolition of the 3 million-square-foot property is the first step of the redevelopment into a business and distribution campus. The project will include 3 million square feet of commercial space spread across four buildings. The demolition of the former plant is expected to take 10 to 12 months, with a significant amount of materials to be reclaimed and recycled. The new campus is expected to create more than 2,100 permanent jobs in logistics, distribution, engineering and transportation. The plant was one of dozens of properties surrendered by General Motors Co. as part of its 2009 bankruptcy.
SRS Real Estate Negotiates $1.9M Sale of Retail Property in South Deerfield, Massachusetts
by David Cohen
SOUTH DEERFIELD, MASS. — SRS Real Estate Partners has negotiated the $1.9 million sale of a retail property in South Deerfield. Located at 31 Elm St., the 4,786-square-foot property is triple-net leased to convenience store chain Cumberland Farms. Britt Raymond, Matthew Mousavi and Patrick Luther and Kyle Fant of SRS represented the seller, a local developer, in the transaction. The buyer was a private investor.
NORTH PLAINFIELD, N.J. — Marcus & Millichap has arranged the $1.6 million sale of a retail property net-leased to Dunkin’ Donuts in North Plainfield. The 1,800-square-foot property is located at 885 US Highway 22. Alan Cafiero, Ben Sgambati, Brent Hyldahl, David Cafiero and John Moroz of Marcus & Millichap’s New Jersey office represented the undisclosed seller in the transaction. The buyer was a personal trust.
PHILADELPHIA — Standalone memory care facilities were the darling of seniors housing three to five years ago, but more recently this property segment has been tagged as the dog of the industry amid overbuilding concerns and lease-up challenges. “They get bashed at every conference,” says J.P. LoMonaco, president of Valuation & Information Group headquartered in Culver City, California. The conventional wisdom is that many investors and lenders have soured on the product. Not so fast, says Wendy Nowokunski, president of Northbridge Cos., who cautions against making blanket statements about this specialized niche within seniors housing. “Actually, standalone memory care is our darling.” The private company based in Burlington, Massachusetts, operates 17 seniors housing communities serving over 2,000 residents across New England. Five properties in Northbridge’s portfolio are standalone memory care communities, including three in Maine and two in Massachusetts, each ranging in size from 60 to 70 units. “Those communities run at 100 percent occupancy all the time. We have waiting lists,” says Nowokunski, who adds that Northbridge has established partnerships with local hospitals to meet the needs of seniors with memory issues. “It all comes down to programming and knowing the disease process, and having the right people in the …
NEW YORK CITY — Ariel Property Advisors has arranged a $41 million loan to refinance a 23-property medical office portfolio across 15 states. Matt Dzbanek and Matt Swerdlow of Ariel Property Advisors’ capital services division in New York City secured the financing on behalf of the undisclosed borrower. The non-recourse, fixed-rate loan included a 10-year term with four years of interest-only payments. A national lender provided the financing.
NEW YORK CITY — Cushman & Wakefield has arranged the $3 million sale of a 5,736-square-foot retail strip in the Far Rockaway neighborhood of Queens. Located at 1326-1342 Beach Channel Drive, the seven-unit property includes approximately 115 feet of frontage on Beach Channel Drive. The tenant roster includes a Little Caesars pizzeria, a restaurant, deli and grocery store, hair salons and a barbershop. Stephen Preuss of Cushman & Wakefield represented the seller, Beach Channel 12 LLC / 1326 Beach Channel Realty Corp., in the transaction. The buyer was Deer Grow Developments.
BRIDGEPORT, CONN. — Marcus & Millichap has secured a $3.4 million loan for the refinancing of a three-property apartment portfolio in Bridgeport. The 62-unit portfolio includes the properties Park Avenue Apartments, Marble Edge Apartments and Main & Federal Apartments. Robert Noeldechen of Marcus & Millichap’s New Haven office represented the undisclosed borrower in the transaction. The lender was also undisclosed.