WASHINGTON, D.C. — Freddie Mac and Fannie Mae have updated their multifamily forbearance programs for borrowers still being affected by the COVID-19 pandemic. In late March, Freddie Mac and Fannie Mae enacted 90-day relief plans for borrowers. With that period ending soon and several borrowers still struggling to fulfill their mortgage payments in the midst of the outbreak, the two government-sponsored enterprises (GSEs) have extended deadlines and terms of their respective forbearance programs. Under Fannie Mae’s guidelines, borrowers will have up to 24 months following its forbearance period to repay any missed payments. While in forbearance, a borrower may not evict any resident for missed payments. Borrowers with loans from both Freddie Mac and Fannie Mae with a forbearance agreement in place may not charge tenants late fees or penalties solely because of the nonpayment of rent during the forbearance period or the borrowers’ repayment period. The forbearance program also requires borrowers to provide flexibility to tenants, allowing the repayment of back rent over time and not in a lump sum. The borrower must also give tenants a 30-day notice to vacate prior to any evictions taking place.
VALDOSTA, GA. — Ambling has sold a 20-property affordable housing multifamily portfolio spanning Georgia, North Carolina and South Carolina for $106 million. The portfolio totals 1,763 units and sold to three separate buyers. Preservation Partners Development purchased 12 communities in Georgia. Six of the communities are currently undergoing substantial rehabilitation that will include updated interiors, as well as updated and improved community spaces. Infinity Real Estate Advisors LLC acquired two North Carolina properties and five South Carolina communities. Jonathan Rose Cos. acquired a property in Savannah, Ga. Doug Childers, Michael Fox and Ryan Clutter of JLL represented the Valdosta-based seller in the transaction.
ORLANDO, FLA. — Peachtree Hotel Group has opened The Element Orlando Universal Blvd., a 165-room extended-stay Marriott branded hotel in Orlando. The property is located at 8278 Universal Blvd., five miles south of Universal Studios theme park and 10 miles southwest of downtown Orlando. The hotel features studio and one-bedroom suites, which offer microwaves, toaster ovens, mini-fridges, complimentary Wi-Fi, 55-inch TVs and pet amenities such as dog beds and treats. Other amenities offered include a pool, fitness center and a Bikes to Borrow program. Peachtree Hotel Group developed, owns and operates the property.
ELLENWOOD, GA. — Black Creek Group has acquired Clayton Commerce Center, a 797,580-square-foot industrial building in Ellenwood. The property is situated 11 miles east of Hartsfield-Jackson Atlanta International Airport and 13 miles southeast of downtown Atlanta. The asset was fully leased at the time of sale to an undisclosed delivery operator. Chris Riley of CBRE represented the seller, American Realty Advisors, in the transaction. The Denver-based buyer acquired the building for an undisclosed price.
DOVER, DEL. — Lululemon Athletica Inc., a provider of athletic apparel that is based in Vancouver, British Columbia but incorporated in Delaware, has acquired digital exercise platform Mirror for $500 million. The startup fitness concept, which launched in 2018, sells a digital mirror with a camera, speakers and virtual metrics that allow users to participate in live fitness classes from home. Mirror will bolster Lululemon’s digital offerings and bring personalized in-home workouts to customer, according to Lululemon. Mirror instructors will also wear the company’s workout apparel. Lululemon reopened 60 percent of its stores and reported net revenue of $652 million in its fiscal first quarter, which ended May 3. That figure represents a 17 percent decline from $785 million during the same period a year ago. Lululemon’s stock price opened at $294.35 per share on Monday, June 29, up from $180.21 per share a year ago.
LYNDHURST, N.J. — CBRE has brokered the sale of a 180,000-square-foot industrial facility in Lyndhurst, a northwestern suburb of New York City. Located at 1201 Valley Brook Ave., the facility features 11 loading docks, parking for 162 cars and a clear height of 26 feet. The property is located less than 30 miles from Newark Liberty International, La Guardia and John F. Kennedy International Airports and 14 miles from the Port Newark Container Terminal. The building formerly served as a distribution center for apparel retailer Barney’s but was vacant at the time of sale. Thomas Monahan, Brian Fiumara and Steven D’Amato of CBRE represented the seller, a private investor, in the transaction. The team also procured the buyer, Sitex Group.
NEW YORK CITY — Commercial mortgage lender Greystone and developer Lappin Associates have formed a joint venture to deploy billions in capital for the financing, preservation and stabilization of affordable multifamily housing in New York City. The joint venture will originate long-term agency loans that will enable owners of affordable multifamily projects to complete renovations in order to prolong the lives of their properties. Lappin Associates is led by Michael Lappin, former CEO of the Community Preservation Corp. who has over 35 years of expertise in navigating federal, state and local regulatory and tax requirements.
NEW YORK CITY — Locally based investment firm Conway Capital has acquired a four-property multifamily portfolio in Brooklyn for $11.5 million. The portfolio consists of 14 residential units and two commercial spaces, one of which was vacant at closing. The portfolio includes 74 First Place, a 5,324-square-foot, four-story building with five units; 228 Livingston Street, a 4,904-square-foot, four-story building with two residential units and two retail spaces; 710 DeGraw Street, a 3,938-square-foot, four-story building with four residential units; and 302 East 5th Street, a 2,772-square-foot, three-story building with three residential units. Urban Standard Capital provided an $8.8 million acquisition loan for the transaction. The seller was undisclosed.
SALT LAKE CITY — A partnership between Lowe Property Group, BCG Holdings and Q Factor has broken ground on Post House. The mixed-use, pedestrian-friendly development will be located in Salt Lake City’s downtown Post District. MVE + Partners designed Post House, which will feature five buildings offering a total of 580 residential units, 22,405 square feet of retail space and 86,000 square feet of private and public outdoor space. Completion of the 488,765-square-foot project is scheduled for spring 2023, with the first residential and retail units slated to open in spring 2022. The current site holds features a variety of existing mixed-use industrial buildings, including the Newspaper Agency Corp. Building, that will be integrated into the community’s plan. The community’s walkable ground level will include 22,000 square feet of retail space, including Post House Market, a multi-tenant market hall. Comprising 461,921 square feet of rentable space, Post House Apartments will offer units ranging from 385 square feet to 2,030 square feet. Amenities will include lofts and private outdoor space, including four rooftop decks with firepits, bars, lounges, seating and barbecue grills. Additionally, the property will feature two private outdoor courtyards featuring a series of indoor/outdoor pools and a 5,604-square-foot fitness …
SAN JOSE, CALIF. — KBS has completed the disposition of two buildings at District 237, a Class A office/R&D complex located at 100 Headquarters Drive and 200-350 Holger Way in San Jose. EXAN Group, an independent real estate fund and asset management company, acquired the buildings from KBS Real Estate Investment Trust II for $95.2 million. Totaling 142,710 square feet, the properties are located at 100 Headquarters Drive and 200 Holger Way. Built in 1999 and 2001, District 237 features eight one-, two- and three-story buildings ranging from 20,009 square feet to 101,194 square feet. KBS recently repositioned and rebranded the complex, resulting in a combined total of 315,622 square feet in new leases. Joe Moriarty, Scott Prosser, Jack DePuy, Russell Ingrum, Bran Zampa and Mike Walker of CBRE Northern California Capital Markets team brokered the sale. Bruch Fischer, Howard Chu, Chrisdo Fan and Amanda Kennedy of Greenberg Traurig LLP’s Orange County, Calif., office represented KBS as legal counsel in the disposition. EXAN Group has been retained to manage District 237.