WICHITA, KAN. — Arbor Realty Trust Inc. has provided three Fannie Mae loans totaling $13.7 million for the acquisition of three multifamily properties in Wichita. Arbor provided an $8.9 million loan for the acquisition of Kingston Cove Apartments. The 252-unit complex includes a fitness center, pool, volleyball court, clubhouse and boat dock. The 12-year, fixed-rate loan features a 30-year amortization. Arbor also provided $2.1 million for the purchase of Danish Village Apartments, a 78-unit property located near the McConnell Air Force Base. Lastly, the company provided $2.7 million for the acquisition of 68-unit Pine Creek Apartments. Eugene Yanovskiy of Arbor’s New York City office originated the loans.
WASHINGTON, D.C. — As a result of the COVID-19 pandemic, 56 percent of apartment developers reported construction delays, according to a survey by the National Multifamily Housing Council (NMHC). Of those reporting delays, 70 percent said they were experiencing delays in construction starts, an 11 percent increase from a NMHC survey conducted the end of March. NMHC’s construction survey gauges the magnitude of the disruption caused by the COVID-19 outbreak on multifamily construction. The survey found that 77 percent of respondents are experiencing issues with permitting; 28 percent suffer a lack of materials that is impacting construction operations; and 44 percent indicate that labor restraints related to the virus outbreak are affecting construction operations. To further illustrate that point, construction starts across all sectors plunged 20 percent by project value year over year in March, according to ConstructConnect, a provider of preconstruction software for general contractors, subcontractors and manufacturers. All types of residential starts were down 9.7 percent. From February to March of this year, housing construction starts plummeted 22 percent, according to the U.S. Census Bureau. Multifamily starts were down 32 percent. As more multifamily projects are delayed, there is potential for the COVID-19 pandemic to further exacerbate the …
DETROIT — Henry Ford Health System reported a net loss of $234.5 million in the first quarter due to the widespread COVID-19 pandemic. The Detroit-based company says it will furlough 2,800 employees across its six hospitals. In explaining the losses, the health system cited temporary closures, an increased need for caring for COVID-19 patients, and the postponement or cancellation of services and procedures. Additionally, the company expects losses in April and May to surpass the March total. The furloughed employees are those not directly involved in patient care and those from areas where workloads have been drastically reduced or operations have been temporarily closed. Henry Ford Health System employs more than 30,000 people. Executives at Henry Ford Health System will donate between 10 and 25 percent of their salaries to two funds meant to help furloughed employees. The two funds are the newly created COVID-19 Emergency Needs Fund and the Bob and Sandy Riney Helping Hands Fund, which was created in 2012 to help support employees experiencing unexpected hardships. The health system lost $43 million in net operating income (NOI) in March, and net operating loss for the first three months of 2020 was $36.2 million. The company had a …
Over the past few decades, Omaha has grown in both size and reputation as a Midwest gem that offers affordable housing, a solid job market, excellent schools and a central location that makes both business and leisure travel a relative breeze. As our city has grown, our lifestyle has adapted, which has had an interesting impact on commercial real estate. While some developments are flourishing, others have been struggling. Overall, retail growth in Omaha is slow, but occupancy is robust in Class A-located centers. The main corridors in west Omaha (Center, Dodge and Maple streets) have strong occupancy and rents now pushing $40 per square foot NNN for new construction. Restaurants, medical/retail (or “medtail”) and fitness have become the main drivers of recent retail space use. “Treasure hunt” discount concepts such as Ross, Marshalls, TJ Maxx, Burlington and Five Below have all opened multiple locations in the past 24 months in a wide range of demographic areas of Omaha. Mall activity Nationally, the traditional shopping mall concept has been plagued by big-name store closures as consumers continue to turn to online shopping. Locally, some traditional malls are faring better than others. Westroads, which opened in 1968, remains strong in both …
NEWTON, MASS. — A joint venture between Austin Street Partners, Dinosaur Capital Partners and Oaktree Development has completed construction of 28 Austin Street, a 68-unit multifamily building in Newton, a western suburb of Boston. The property features 33 one- and 35 two-bedroom apartments, including 23 workforce housing units that are reserved for renters earning less than 80 percent of the area median income. Leasing has begun and many tenants have already moved in. Eastern Bank provided $25.7 million in construction and permanent financing for the project. Stantec and GreenStaxx designed the project. NEI General Contracting constructed the building.
YONKERS, N.Y. — CBRE has brokered the $39.5 million sale of Stratus on Hudson, a 74-unit luxury apartment building in Yonkers, a northern suburb of New York City. Located at 1077 Warburton Ave., the Class A multifamily community was completed in 2019 and features one- and two-bedroom floor plans. Amenities include a fitness center, resident lounge and a rooftop terrace overlooking the Hudson River, as well as convenient access to the Greystone Metro North Station. Jeffrey Dunne and Gene Pride led a CBRE team that represented the seller, RMS Cos., in the transaction. Ginsburg Development Cos. was the buyer.
NEWARK, DEL. — Greystone has provided a $26.6 million Fannie Mae refinancing loan for Liberty Square, a 297-unit multifamily property in Newark, Delaware,, located approximately 45 miles southwest of Philadelphia. The loan carries a 10-year term with a 30-year amortization schedule, as well as interest-only payments for the first three years. Liberty Square is a garden-style apartment community with amenities including a pool, playground, tennis court and laundry facilities. Dan Sacks of Greystone originated the debt.
NEW YORK CITY — Temporary and virtual office space provider FirmVO has signed an 11,000-square-foot lease in the Tribeca neighborhood of Manhattan. The space spans the entire seventh floor of 305 Broadway, a 14-story office building, and includes large common areas, five conference rooms, a coworking area and 30 private offices. The lease term is five years with an additional five-year renewal option. FirmVO offers office solutions to law firms and practitioners. Reade Broadway & Associates is the landlord. Both companies were represented internally.
WEBSTER, MASS. — Gas station and convenience store operator Verc Enterprises Inc. has opened a 3,825-square-foot store in Webster, located approximately 15 miles south of Worcester. Located at 137 E. Main St., the site offers Gulf gasoline and a car wash and also houses a Dunkin’ on the premises. Verc now owns and operates 34 gas stations and convenient stores with location across central Massachusetts and New Hampshire.
TAMPA, FLA. — Skanska USA will construct a three-story, 120,000-square-foot office and research lab for the University of South Florida (USF) in Tampa. The $42 million project is situated within USF’s Research Park, which is located at 3802 Spectrum Blvd. on the southern end of campus and 10 miles north of downtown Tampa. The building will also offer ground-floor retail and restaurant options. Completion is slated for fall 2021. Gensler designed the building, which will expand the park’s capacity by 30 percent.