Property Type

Wells Fargo Provides $150M Permanent Loan for Hoboken Multifamily Project

by Taylor Williams May 3, 2023

HOBOKEN, N.J. — Wells Fargo has provided a $150 million permanent loan for 7 Seventy House, a market-rate apartment community in Hoboken. According to Apartments.com, the property was built in 2019 and totals 382 units that feature studio, one-, two- and three-bedroom floor plans. The community also houses 24,667 square feet of ground-floor commercial space and amenities such as a pool, fitness center, leasing office, game room, rooftop terrace, children’s play area and a dog run. Ten percent of the units are reserved for households earning 80 percent or less of the area median income. Shane Hogan and Andrew Cohen of Wells Fargo originated the loan, which was structured with a five-year term and fixed interest rate, on behalf of the borrower, Boston-based Intercontinental Real Estate Corp. Wells Fargo also provided the original construction debt for the project, which this loan retires.

May 3, 2023

Development Massachusetts Multifamily Northeast

FoxRock Properties Begins Leasing 465-Unit Ashlar Park Apartments in Quincy, Massachusetts

by Taylor Williams May 3, 2023

QUINCY, MASS. — Locally based developer FoxRock Properties has begun leasing Ashlar Park, a four-building, 465-unit multifamily project located at the site of the former Quincy Medical Center on the southern outskirts of Boston. Ashlar Park features studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a pool, outdoor terrace, fitness center with outdoor yoga space, resident lounge, coworking space, library and a conference room. Citizens Bank provided $128.7 million in construction financing for the project. Rents start at $1,925 per month for a studio apartment.

May 3, 2023

Market Reports Multifamily Utah Western Western Market Reports

Salt Lake City’s Multifamily Market Remains Resilient Among Uncertainty

by Jeff Shaw May 3, 2023

— By Rawley Nielsen, President of Investment Sales, Colliers — Salt Lake City’s multifamily market will continue to stand out and impress in 2023…even with so much uncertainty, ongoing readjustments within the market and many investors at a stay. That’s because Utah continues to receive outsized investor interest that will maintain stability in pricing. Investors recognize overall performance at property levels remains healthy as the state continues to be a leader in population growth. Utah is also one of the top states for outstanding job creation, increased demand for housing and exponential rent growth. While multifamily investment sales volume was record-setting during the first half of 2022, we have seen volume taper dramatically in recent months. This is due to rising interest rates and a lack of clarity in the debt and equity markets that have impacted pricing. Much of this slowing can be attributed to the rising cost of capital and low leverage caused by debt service coverage ratio (DSCR) requirements. (See Tables 1-3) Overall, 2022 saw an average cap rate of 3.75 percent, decompressing over 20 basis points compared to the first half of the year. Cap rates are expected to expand further through 2023 as uncertainty in …

May 3, 2023

Development Leasing Activity Northeast Retail Vermont

Heidenberg Completes Redevelopment of Vermont Mall, Signs New Tenants

by Taylor Williams May 3, 2023

BERLIN, VT. — Heidenberg Properties has completed the redevelopment of Berlin Mall, located just south of the Vermont state capital, into a mixed-use development and signed two new tenants to leases totaling roughly 60,000 square feet. The redevelopment began last year with the opening of Chestnut Place, a 98-unit seniors housing complex. Five Below opened a store at the property in February, and Hobby Lobby backfilled the former J.C. Penney anchor space in April. Heidenberg has also obtained approval for the addition of 30 residential units as well as a standalone, drive-thru Starbucks, and rebranded the property as Central Vermont Marketplace.

May 3, 2023

Acquisitions New Jersey Northeast Retail

Astoria Realty Corp. Sells Northern New Jersey Retail Strip Center for $6.2M

by Taylor Williams May 3, 2023

TEANECK, N.J. — Astoria Realty Corp. has sold a 20,413-square-foot retail strip center located in the Northern New Jersey community of Teaneck for $6.2 million. The property at 1374-1400 Queen Anne Road was originally built in 1930 and renovated earlier this year. Glatt’s Express Supermarket serves as the anchor of the center, which was 93 percent leased at the time of sale. Karly Iacono of CBRE represented Astoria Realty Corp. in the transaction. The buyer was not disclosed.

May 3, 2023

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Negotiates $4.7M Sale of Brooklyn Multifamily Building

by Taylor Williams May 3, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $4.7 million sale of a nine-unit multifamily building in Brooklyn’s Heights neighborhood. The building houses eight one-bedroom units and one two-bedroom unit. Sean Kelly, Stephen Vorvolakos, Nicole Daniggelis and Julian Montilus of Ariel represented the undisclosed seller in the transaction. The buyer, which was also undisclosed, acquired the property vacant and plans to convert it into for-sale condominiums.

May 3, 2023

Retail Texas Top Stories

Tuesday Morning Going Out of Business, Closing All Stores

by Kristin Harlow May 3, 2023

DALLAS — Dallas-based discount home goods retailer Tuesday Morning is going out of business and closing all of its stores. The company’s website lists a going-out-of-business sale where consumers can save up to 30 percent off all items. The retailer has about 200 stores remaining in 25 states. The news comes just one week after Bed Bath & Beyond’s announcement of its closure. Tuesday Morning struggled throughout the pandemic, filing for Chapter 11 bankruptcy protection in May 2020. At that time, the retailer shuttered about 230 of its 687 stores. Notably, the company does not have an e-commerce platform. Earlier this year, Tuesday Morning attempted to reorganize its finances and secured $12.5 million debtor-in-possession financing from Gordon Brothers. The financing was intended to reduce outstanding liabilities and continue transforming operations through the bankruptcy process. In late December 2022, the retailer voluntarily delisted from the Nasdaq capital market. At that time, the company’s stock price had plummeted to $1.54 per share. Tuesday Morning opened its first store in 1974. The retailer sells home textiles, home furnishings, housewares, food, toys and seasonal decor at prices generally below those found in boutique, specialty stores, department stores, catalogs and online retailers. — Kristin Harlow

May 3, 2023

Development Industrial Texas

Koontz Corp. to Develop 188-Acre Industrial Project in San Antonio

by Taylor Williams May 2, 2023

SAN ANTONIO — Locally based developer Koontz Corp. will build Frontera Logistics Supersite, a 188-acre industrial project that will be located on the south side of San Antonio. Plans currently call for up to 2.8 million square feet of manufacturing and warehouse space across eight buildings with parking for 3,350 cars and 812 trailers. Carl Olson of Olson Properties represented the undisclosed sellers in the disposition of the land, which is an assemblage of 11 parcels. Koontz Corp. was self-represented in that transaction. Beaty Palmer Architects is designing the project, and Partners Real Estate has been appointed as the marketing and leasing agent. A construction timeline has not yet been finalized.

May 2, 2023

Castlewinds-Apartments-North-Richland-Hills

Loans Multifamily Texas

Colliers Mortgage Provides Fannie Mae Acquisition Loan for Metro Fort Worth Apartments

by Taylor Williams May 2, 2023

NORTH RICHLAND HILLS, TEXAS — Colliers Mortgage has provided a Fannie Mae acquisition loan of an undisclosed amount for Castlewinds Apartments, a 156-unit multifamily complex located in the Fort Worth suburb of North Richland Hills. The property offers amenities such as a pool, fitness center and onsite laundry facilities. Fritz Waldvogel of Colliers Mortgage originated the five-year loan on behalf of the borrower, an entity doing business as Haven NRH Inc.

May 2, 2023

Acquisitions Industrial Texas

Partners Real Estate Arranges Sale of 60,680 SF Industrial Property in Pasadena, Texas

by Taylor Williams May 2, 2023

PASADENA, TEXAS — Locally based brokerage firm Partners Real Estate has arranged the sale of a 60,680-square-foot industrial property in the eastern Houston suburb of Pasadena. The multi-tenant facility sits on a 10.6-acre site at 3321-3411 Westside Drive. According to LoopNet Inc., the building rises two stories, was constructed in 1973 and has four drive-in doors. Clay Pritchett and Zane Carman of Partners represented the buyer, Grace Heritage Properties, in the transaction. The seller was also not disclosed.

May 2, 2023

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