NEW YORK CITY — A partnership between locally based firm Quinlan Development Group and global investment group GTIS Partners will develop a 197-unit multifamily project in the Gowanus neighborhood of Brooklyn. The 17-story building will house parking and retail space and have an affordable housing component. Units will come in one- and two-bedroom formats, and amenities will include a fitness center, gaming lounge, coworking spaces and a rooftop terrace. Christopher Peck, Peter Rotchford, Nicco Lupo, Jeff Julien, Rob Hinckley, Jillian Mariutti, Phil Cadorette and Joy Ryoo of JLL arranged construction financing through Los Angeles-based CIT on behalf of the partnership.
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COATESVILLE, PA. — KeyBank has provided a $12.2 million construction loan for The Willows at Valley Run, a 60-unit affordable housing project in Coatesville, located west of Philadelphia in Chester County. The property will offer one-, two- and three-bedroom units across a trio of three-story buildings. The amenity package will consist of a fitness center, meeting room, basketball court, clubhouse, playground and a common kitchen. Eric Steinberg of KeyBank structured the financing on behalf of the developer, Ingerman Group. KeyBank also provided tax credit equity through its partnership with Enterprise Community Partners Inc. A tentative completion date was not disclosed.
Triangle Equities Begins Construction of $500M Mixed-Use Development in East Orange, New Jersey
by John Nelson
EAST ORANGE, N.J. — Real estate development firm Triangle Equities, along with investment partners Goldman Sachs, Basis Investment Group and co-developer Incline Capital, recently broke ground on The Crossings at Brick Church Station in East Orange, a suburb of Newark in Essex County. The $500 million mixed-use redevelopment project will be one of the largest real estate developments ever constructed in the city, according to East Orange Mayor Ted Green. Upon completion, The Crossings will comprise approximately 200,000 square feet of commercial and restaurant space, including a new ShopRite grocery store. The development will also include 820 mixed-income rental units, a 1,200-space parking garage and a public promenade and plaza. Located on 533 Main St., the transit-oriented project will be situated near NJ Transit’s Brick Church Train Station, which the City of East Orange is revamping. The Crossings will replace the former Brick Church Plaza and include a nine-story building, a five-story building and a seven-story parking garage. March Associates Construction, based out of Wayne, N.J., will serve as the construction manager and general contractor for the project. The Crossings will be built in two phases and is scheduled for completion in the fourth quarter of 2024. Over 85 percent …
By Jason Baker of Baker Katz It’s amazing how quickly things can change. Just a few short months ago, the commercial real estate outlook was generally positive. Both in Texas and nationally, retail sales were proving to be fairly resilient to the rising inflation and economic turbulence that have characterized most of 2022. Despite low consumer confidence, strong fundamentals and a retail sector riding the high of a post-pandemic boom provided plenty of reasons for optimism. That has all changed in the last 60 to 90 days. Prevailing positivity has recently given way to concern, and sentiment from within the industry has clearly shifted. High interest rates have made it virtually impossible to develop any type of commercial project, and persistent supply chain constraints and ongoing hikes in costs of construction materials have further exacerbated this challenge. With interest rate increases come higher cap rates, which complicates sellers’ efforts to move their assets while values are this fluid. To put the impact of rising rates into perspective, interest payments on commercial real estate have in some cases increased five-fold in just the last few months. The impact of this activity on retail real estate during the all-important holiday shopping season …
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The Evolution of Internet Setups: How Student Housing Internet Preferences Are Influencing Traditional Multifamily
Multifamily properties have witnessed a rapid expansion in Internet needs, a trend presaged by burgeoning Internet demands in student housing. Multifamily residents have increased their connection demands and are becoming increasingly sophisticated in their requirements for high-quality Internet. What can the lessons of student housing connectivity teach us about traditional multifamily trends, especially when it comes to bulk Internet? Bulk Internet approaches allow for more sophistication in multifamily properties, as demonstrated by student housing best practices. Student housing pioneered built-in networks to keep mobile devices from competing for Wi-Fi bandwidth, minimize downtime and use fiber connections to ensure speed and reliability. This style of network is becoming the gold standard for constant, heavy-duty Internet use in multi-dwelling units (MDUs). High-level connectivity is becoming an absolute necessity for multifamily properties, drawing in residents and improving their Internet-driven lifestyles. And as never-before-seen demand for bandwidth is graduating from dorm rooms to traditional apartments, well-planned multifamily Internet connections can help operators adapt gracefully. COVID’s Role in Internet Use Expansion COVID lockdowns accelerated already growing Internet requirements, which pushed Internet quality to the forefront as connectivity became increasingly important. “COVID put the spotlight on properties to make sure they had great infrastructure. The demand …
RINCON, GA. — TerraCap Management LLC has purchased Savannah Gateway Building 1H, a 790,000-square-foot industrial building located in the Savannah suburb of Rincon. The single-story property is located within Savannah Gateway Industrial Hub and was 75 percent occupied at the time of sale. Building 1H marks the completion of a two-building acquisition — TerraCap previously purchased Building 1F in August of this year. Broe Real Estate Group sold Building 1H for an undisclosed price. Britton Burdette of JLL represented the seller in the transaction, and Colliers has been appointed to manage the property. The seller and sales price were not disclosed.
NORFOLK, VA. — The Breeden Co., a Virginia Beach-based firm, has opened The Lofts at Front Street, a 258-unit multifamily community located in Norfolk. Amenities at the property, which sits on 4.5 acres on the banks of the Elizabeth River/Intracoastal Waterway, include a riverfront observation deck, kayak launch, fitness center and an infinity pool. Cox, Kliewer & Co. designed the project, and Breeden Construction served as the general contractor. Breeden Property Management will operate the community. Rental rates at The Lofts at Front Street range from $1,870 to $2,990, according to the property website.
MIAMI — Colliers has facilitated the sale of a multifamily portfolio comprising 42 units and seven buildings located at 10710, 10742 and 10752 S.W. 5th St. in Miami. An entity doing business as San Miguel Investments Ltd. sold the properties for $10.5 million to an undisclosed buyer. Mitash Kripalani of Colliers represented the seller in the transaction, and Virgilio Fernandez of Colliers represented the buyer. The buildings, constructed between 1970 and 1972, occupy a 1.3-acre site with a combined lot size of 57,950 square feet. Units at the properties include one- and two-bedroom layouts.
MMCC Arranges $8.3M Refinancing for Brookside Commerce Assisted Living Facility in Northeast Georgia
by John Nelson
COMMERCE, GA. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.3 million loan for the refinancing of Brookside Commerce, an assisted living facility located in Commerce, roughly 70 miles northeast of Atlanta. The 62-bed facility features 12 independent living units and is located approximately 3.5 miles away from Northridge Medical Center, a community hospital. Robert Bhat of MMCC secured the refinancing, which includes a 35-year fully amortizing loan and a 5.1 percent interest rate, on behalf of the undisclosed borrower.
TAMPA, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the sale of a 4,000-square-foot single-tenant property located at 12815 Bayou Branch Ave. in Tampa. Banfield Pet Hospital, which is engaged in a 10-year lease, occupies the property. Patrick Nutt, William Wamble and Daniel Becker of SRS arranged the transaction on behalf of the seller, locally based Soho Capital. A private, Florida-based investor purchased the property for $2.8 million in a 1031 exchange. The property is located across the street from North Bay Shopping Center, a 270,000-square-foot retail center anchored by Publix and Lowe’s Home Improvement.