Property Type

Walker & Dunlop Arranges $140M Refinancing for Soho Beach House Club, Hotel in Miami Beach

by John Nelson May 22, 2023

MIAMI BEACH, FLA. — Walker & Dunlop Inc. has arranged a $140 million loan for the refinancing of Soho Beach House, a private members club and hotel in Miami Beach. Located along Collins Avenue, the property includes a seven-story main building with 35 suites and amenities and a 16-story beachfront tower comprising 15 full-floor suites. JPMorgan Chase Bank NA and Citi Real Estate Funding Inc. provided the 10-year, fixed-rate, interest-only loan. The borrower, an affiliate of global private members social club Soho House & Co. (SHCO), is using the proceeds to repay existing debt, repatriate equity and cover financing and closing costs. Jonathan Schwartz, Aaron Appel, Adam Schwartz, Keith Kurland, Ari Hirt, Triston Stegall and David Kasten of Walker & Dunlop arranged the loan. The team brought in numerous financing options for the borrower, an entity doing business as Beach House Owner LLC, which ultimately chose the loan package from JPMorgan Chase and Citi. “We were able to differentiate Soho Beach House as a marquee asset given the sustainability of its highly recurring membership revenue model and the impressive profitability of the asset through the cycle,” says Hirt, managing director at Walker & Dunlop. “In this challenging capital markets environment, …

May 22, 2023

Features Office

Six Ways in Which Office Users Can Increase Efficiency of Space Usage

by Taylor Williams May 22, 2023

By Wes Snow, co-founder and CEO, Ascendix Technologies For the first time since the COVID-19 pandemic began, offices are 50 percent occupied nationally as companies push harder for returns to their buildings — which is good news. Still, amid this encouraging development, inflation, interest rate hikes and general fears of recession might impede businesses planning to align their office rent expenses with the pre-pandemic rates. Can businesses optimize the space they’re already utilizing without renting more? At Ascendix Technologies, a company that has been specializing in custom real estate software development for two decades, we’ve seen a variety of space extension practices applied by office owners and managers. Here are some methods that users can employ too maximize efficiency within their existing footprints. Implement Open Floor Plans Not only do wall-less spaces encourage collaboration among teams and reduce the need for spacious individual offices, they also increase flexibility in terms of how space is utilized. Reconfiguring spaces is easy with movable walls and modular furniture and represents an option that helps growing businesses align their changing needs with the spaces they’ve got. Upgrading open-floor space management with automation is another viable option. With a technology like floor management software or …

May 22, 2023

Affordable Housing Build-to-Rent Georgia Market Reports Multifamily Single-Family Rental Southeast Southeast Market Reports

Why Investors Should Love Atlanta’s Multifamily Market

by John Nelson May 22, 2023

Like most of the country, the metro Atlanta multifamily market has experienced a dramatic storyline over the past three years. While the continuing plot twists are difficult to predict, important cues suggest Atlanta’s multifamily market will reestablish a solid upward path quicker than many other cities in the country. Economic strength Atlanta’s economic fundamentals make it a favored market for investors, lenders, new residents, and business relocations. Today, metro Atlanta’s population stands at approximately 6 million, growing by 64,940 in 2022. Atlanta also added 126,400 new jobs in 2022. Georgia’s unemployment rate of 3.1 percent is below the national average of 3.6 percent. These figures are a key part of Atlanta’s desirability as an investment market and an indicator of the region’s ability to rebound quickly from cyclical economic disruptions. Record volume Atlanta is a top 10 U.S. market for multifamily inventory and investment. As the nation experienced an 11-year economic expansion after the Global Financial Crisis (GFC), Atlanta’s multifamily sales volume averaged between $7 billion and $9 billion annually. When the pandemic hit in March 2020, most industry participants expected a major transaction pullback. The reality proved different. Sales volume dropped initially but rebounded sharply for a full-year 2020 …

May 22, 2023

Acquisitions Industrial Self-Storage Texas

Versal Negotiates Sale of 790-Unit Self-Storage Portfolio in Galveston, Baytown, Texas

by Taylor Williams May 19, 2023

GALVESTON AND BAYTOWN, TEXAS — Self-storage brokerage firm Versal has negotiated the sale of a portfolio of two self-storage facilities totaling 790 units in Galveston and Baytown. The facilities, which are together known as the Watson & Taylor Portfolio, total 104,830 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the Texas-based seller in the transaction. The team also procured the buyer, New York-based owner-operator Andover Properties, which is perhaps best known for its Storage King USA brand.

May 19, 2023

Development Industrial Texas

GTIS Partners to Develop 484,000 SF Industrial Project in Southeast Houston

by Taylor Williams May 19, 2023

HOUSTON — New York-based global investment firm GTIS Partners will develop an approximately 484,000-square-foot industrial project in southeast Houston. The development will consist of a 355,071-square-foot, cross-dock building and a 128,999-square-foot, rear-load building on a 26-acre site. Building features will include 36- and 32-foot clear heights, respectively, and combined parking for 382 cars and 93 trailers. Construction is scheduled to begin in the fourth quarter and to be complete in summer 2024. Other project partners include Powers Brown Architecture and Langan Engineering.

May 19, 2023

Development Industrial Texas

AP Construction to Renovate 236,000 SF Industrial Building Leased to Raytheon in Plano

by Taylor Williams May 19, 2023

PLANO, TEXAS — Adolfson & Peterson (AP) Construction has been awarded the contract to renovate a 236,000-square-foot industrial building in Plano that is leased to defense and aerospace contractor Raytheon. The project will feature a complete finish-out of the existing four-story building, which includes office space and labs. Additionally, the Plano campus project will include site improvements, security fencing, additional guard shacks and paving modifications. Completion is scheduled for the end of the year. The name of the building owner was not disclosed.

May 19, 2023

Development Industrial Texas

Love’s Truck Solutions to Open 252,500 SF Distribution Center in Natalia, Texas

by Taylor Williams May 19, 2023

NATALIA, TEXAS — Love’s Truck Solutions, which operates truck stops across the country, will open a 252,500-square-foot distribution center in Natalia, about 30 miles southwest of San Antonio. HDA Architects designed the $23 million facility, the site of which is situated adjacent to an existing Love’s Travel Stop. The facility will house a tire warehouse, temperature-controlled storage space and 5,500 square feet of office space. Building features will include two drive-up doors, 24 full docks and four overhead doors. Construction is underway and expected to be complete this fall.

May 19, 2023

Acquisitions Industrial Texas

Lee & Associates Brokers Sale of Industrial Development Site in Mesquite, Texas

by Taylor Williams May 19, 2023

MESQUITE, TEXAS — Lee & Associates has brokered the sale of a 14-acre industrial development site located at 19205 Lyndon B. Johnson Freeway in Mesquite, an eastern suburb of Dallas. Alex Wilson, Nathan Denton and Reid Bassinger of Lee & Associates represented the buyer, Houston-based developer Lovett Industrial, in the transaction. The seller and sales price were not disclosed. Specific plans for the site were also not disclosed.

May 19, 2023

Development Multifamily New Jersey Northeast

J&L Cos. Begins Leasing 403-Unit Apartment Community in Newark

by Taylor Williams May 19, 2023

NEWARK, N.J. — Locally based developer J&L Cos. has begun leasing Fifty-Five Union, a 403-unit apartment community in Newark’s historic Ironbound neighborhood. Designed by Minno & Wasko Architects & Planners, the property offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a fitness center, business center, clubroom, coffee bar, private dining room, a rooftop garden and outdoor grilling and dining stations. Rents start at $1,900 per month for a studio apartment. Move-ins will begin later this month.

May 19, 2023

Development Hospitality New York Northeast

Lightstone Group Completes 303-Room Moxy Hotel on Manhattan’s Lower East Side

by Taylor Williams May 19, 2023

NEW YORK CITY — New York City-based development and investment firm Lightstone Group has completed the 303-room Moxy Hotel at 145 Bowery St. on Manhattan’s Lower East Side. Moxy is part of the Marriott family of brands. Designed by Stonehill Taylor and AMA Group, the boutique establishment houses a Japanese restaurant, rooftop bar, piano lounge, subterranean nightclub and a lobby café and bar. Other amenities include coworking spaces and meeting and event rooms.

May 19, 2023

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