Property Type

KeyBank Provides Acquisition Financing for 125-Unit Affordable Housing Property in Philadelphia

by Taylor Williams February 10, 2021

PHILADELPHIA — KeyBank has provided financing for the acquisition and renovation of Awbury View Apartments, a 125-unit affordable housing property in Philadelphia that was built between 1924 and 1958 and renovated in 2004. The property sits on 3.6 acres and also houses three commercial spaces. KeyBank Community Development Lending and Investment provided a $6.4 million 4 percent low-income housing tax credit construction loan, and KeyBank’s Commercial Mortgage Group secured a $21.8 million, fixed-rate Freddie Mac tax-exempt loan. Additionally, Key Community Development Corp. provided $10.6 million of equity. Jonathan Wittkopf, Robbie Lynn, Victoria O’Brien and John-Paul Vachon of KeyBank structured the financing on behalf of the borrower, a partnership between Virginia-based Community Preservation Partners East and Hampstead Development Partners, which will invest about $11 million in capital improvements.

February 10, 2021

Industrial Leasing Activity New York Northeast

Maquette Fine Art Services Grows Headquarters to 150,910 SF with Queens Industrial Lease Expansion

by Taylor Williams February 10, 2021

NEW YORK CITY — Art logistics company Maquette Fine Art Services has signed an industrial lease expansion at The Matsil Building in the Long Island City area of Queens. The company has committed to an additional 56,200 square feet to bring its total footprint to 150,910 square feet. Chris Pachios and Forrest Mas of North River Co., which owns the 282,350-square-foot property in a joint venture with North Colony Asset Management, negotiated the lease. The deal brings the building, which also houses tenants such as Ralph Lauren and Motorola, to full occupancy. Maquette also recently opened a new storage and operating facility in metro Boston.

February 10, 2021

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office

Berkeley Acquires 97,000 SF Historic Building in Metro Boston, Plans Life Sciences Conversion

by Taylor Williams February 10, 2021

WATERTOWN, MASS. — Boston-based Berkeley Investments has purchased the historic Chase Mills building in the western Boston suburb of Watertown with plans to modernize the property’s utility systems and add life sciences space. Over the years, the 97,000-square-foot building, which is located at 64 Pleasant St. and currently houses the headquarters of architecture firm Sasaki, has also served as a paper factory and garment manufacturing plant. Sasaki sold the building, which it has owned and occupied since the 1950s, to Berkeley Investments for an undisclosed price.

February 10, 2021

Acquisitions Massachusetts Northeast Office Retail

Gazit Horizons Buys 50,000 SF Retail, Office Building in Boston for $45M

by Taylor Williams February 10, 2021

BOSTON —Gazit Horizons, a subsidiary of global real estate firm Gazit-Globe, has purchased a 50,000-square-foot office and retail building located at 1430 Massachusetts Ave. in Boston. University Common Real Estate sold the property for $45 million in an off-market transaction. The historic building is located within the Harvard Square area and was originally constructed in the 1830s as a dormitory for the Ivy League university. Gazit Horizons will implement a value-add program that will renovate the lobby, common areas and building systems and will operate the building in a joint venture with private investment firm Hennick & Co.

February 10, 2021

Loans New York Northeast Office Top Stories Walker & Dunlop

Walker & Dunlop Arranges $205M Refinancing for Hudson Research Center in Manhattan

by Kristin Harlow February 10, 2021

NEW YORK CITY — Walker & Dunlop Inc. has arranged a $205 million loan for the refinancing of Hudson Research Center in Manhattan’s Midtown West neighborhood. Located along the Hudson River at 619 W. 54th St., the Class A life sciences and medical office property spans 320,000 rentable square feet. Originally built in 1930 as a film-editing house for Warner Brothers Pictures, the Art Deco property came to be known as The Movie Lab Building. Taconic Partners purchased the asset in October 2012 and undertook a capital improvement plan, including creating several floors of research space; updating the building’s façade, interior and crown; and adding tenant amenities such as bike storage and private showers. In 2017, Taconic recapitalized the asset with Silverstein Properties Inc. Since the end of 2013, the number of life sciences jobs nationally has increased by 70,000 per year, according to Walker & Dunlop. Demand for well-located, modernized life sciences and medical office space has soared nationally amid industry growth and lack of available product, adds the finance company. A Walker & Dunlop team led by Aaron Appel and Keith Kurland arranged the loan, with Square Mile providing the funds. The interest-only financing features a floating rate, …

February 10, 2021

Development Multifamily Texas

Provident Realty Advisors Underway on 331-Unit New Multifamily Project in Arlington

by Taylor Williams February 9, 2021

ARLINGTON, TEXAS — Provident Realty Advisors is underway on construction of Debbie Lane Flats, a 331-unit multifamily project that will be situated on 17 acres in Arlington. Amenities will include a fitness center, pool and a dog park. Construction officially began in June 2020 and is expected to be complete in the first quarter of 2022. Trez Capital recently provided $8.7 million in financing for the project.

February 9, 2021

Development Multifamily Texas

Allied Orion Breaks Ground on 324-Unit Granary Flats Apartments in Metro Houston

by Taylor Williams February 9, 2021

RICHMOND, TEXAS — Locally based developer Allied Orion Group has broken ground on Granary Flats, a 324-unit apartment community that will be located in the southwestern Houston suburb of Richmond. Designed by Sage Group, the property will be situated within Johnson Development’s 1,300-acre Harvest Green master-planned community and will feature one-, two- and three-bedroom floor plans. Units will be furnished with stainless steel appliances, granite countertops and wood-style flooring. Amenities will include a pool, fitness center, media room and a resident lounge with coworking spaces. Allied Orion expects to open the community in the fourth quarter.

February 9, 2021

District of Columbia Healthcare Hospitality Industrial Loans Multifamily Office Retail Southeast

MBA: Commercial, Multifamily Borrowing Falls 18 Percent in Fourth-Quarter 2020

by John Nelson February 9, 2021

WASHINGTON, D.C. — Commercial and multifamily mortgage loan originations were 18 percent lower in the fourth quarter of 2020 compared to a year ago, and increased 76 percent from the third quarter of 2020, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. A decrease in originations for hotel, retail, office and healthcare properties led the overall decline in lending volumes when compared to the fourth quarter of 2019. There was a 79 percent year-over-year decrease in the dollar volume of loans for hotel properties, 72 percent dip for retail properties, 6 percent decline for office properties and a 12 percent decrease for healthcare properties. Industrial property loan originations increased 15 percent, while multifamily property lending rose 14 percent. Jamie Woodwell, MBA’s vice president of commercial research, says that unsurprisingly the data shows that the property types most affected by the pandemic struggled to transact. “Borrowing and lending remain weakest for the property types most impacted by the pandemic — particularly hotel and retail buildings,” says Woodwell. “Multifamily, led by government-backed financing from FHA, Freddie Mac and Fannie Mae, continued to see the strongest commercial mortgage activity.” Among investor types, the dollar volume of loans …

February 9, 2021

Acquisitions Affordable Housing Multifamily Texas

Davis Cos., Hayden Glade Acquire 250-Unit Affordable Housing Property in Austin

by Taylor Williams February 9, 2021

AUSTIN, TEXAS — A joint venture between developer Davis Cos. and Hayden Glade, an investment fund focused on affordable housing, has acquired Rosemont at Hidden Creek, a 250-unit property in northeast Austin that was built in 2006. The new ownership will invest in capital improvements to the unit interiors and common areas and rebrand the community as Eryngo Hills, named after a flower that is indigenous to the region. The seller was not disclosed.

February 9, 2021

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates Two Industrial Leases Totaling 91,992 SF in Metro Dallas

by Taylor Williams February 9, 2021

MCKINNEY, TEXAS — Lee & Associates has negotiated two industrial leases totaling 91,992 square feet at McKinney Trade Center, an industrial development by ML Realty that is located on 24 acres in the northern Dallas suburb of McKinney. Blount Fine Foods Corp. preleased 28,212 square feet, and L&S Plumbing Partnership Ltd. preleased 63,780 square feet. Adam Graham and Ken Wesson of Lee & Associates represented ML Realty in both sets of lease negotiations. Brett Lewis of Lee & Associates represented Blount Fine Foods, and Kent Smith and Stephen Cooper of NAI Robert Lynn represented L&S Plumbing.

February 9, 2021

Newer Posts

Older Posts