DALLAS — Minneapolis-based Dougherty Mortgage has arranged an undisclosed amount of acquisition financing for Sedona Ranch, a 253-unit multifamily asset in Dallas. The property features one-, two- and three-bedroom units and amenities such as a two pools, a picnic area and onsite laundry facilities. Dougherty arranged the loan, which carried a 12-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending on behalf of the borrower, 2749 Sedona Ranch LLC.
HAMMOND, IND. — Marcus & Millichap has arranged the sale of a 9,327-square-foot retail strip center in Hammond for $4.7 million. Located at 7905 Indianapolis Blvd., the property is anchored by AT&T. All tenants operate under 10-year leases. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the undisclosed seller. An Illinois-based buyer completing a 1031 tax-deferred exchange purchased the asset.
HOUSTON — Developer Todd Interests has completed a project in at 1314 Texas Ave. in Houston that converted the historic Great Southwest Building, a property that was built in 1926, into a 226-room Cambria Hotel. Amenities at the new property, which also houses ground-floor retail and restaurant space, include a fitness center, ballroom and meeting and event space. Merriman Anderson Architects handled design of the project, and Andres Construction served as the general contractor. Cambria is part of the Choice family of hotels, which includes Comfort Inn, Sleep Inn and Econo Lodge.
DALLAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 33-unit memory care community in the Turtle Creek neighborhood of Dallas. A publicly traded REIT sold the property, the name of which was not disclosed, to local owner-operator Iris Senior Living. Blueprint’s Ben Firestone and Joshua Salzman handled the transaction.
NEW YORK CITY — WeWork’s parent company, The We Co., has filed for its initial public offering. The coworking giant has not yet provided details on the number of shares it will offer or the expected pricing. We’s public filing would enable the company to debut as early as September. We has been valued as high as $47 billion in the private markets, according to The Wall Street Journal. We’s total revenue increased $771.6 million in the first six months of 2019 to $1.5 billion, primarily driven by an increase in membership and service revenue, according to the company’s filing with the Securities and Exchange Commission. On the flip side, We posted a net loss of $689.7 million for the first six months of the year. Total revenue in 2018 was $1.8 billion, but total losses were $1.6 billion. In the filing, We stated that average revenue per WeWork membership has experienced a decline, citing continued expansion into new global markets with different pricing structures and discounts to encourage longer contract terms. In 2010, WeWork opened its first location at 154 Grand St. in New York City. In the early years, WeWork members consisted of mostly freelancers, start-ups and small …
On June 14th, the New York State legislature passed a series of stringent rent regulation reforms. The laws damaged property owners’ means of making money by strengthening tenant protections, capping rent increases and keeping units permanently stabilized. A quick Google search will explain the specifics regarding IAIs, J51s, eviction, buyouts, vacancy bonus and decontrol. In short, landlords will face rising taxes, higher water and sewer bills and elevated construction costs with no mechanism to raise rents to outpace or even match these expenses. Gloom was in the air until an auspicious turn of events occurred on June 21st, just one week after the new rent laws passed. A Pennsylvania woman won a momentous victory in the U.S. Supreme Court that opened the doors for property owners to go directly to federal court without going to state court first. The timing was nothing short of incredible. Essentially, the decision paves the way for New York City landlords to get a fast-track hearing by the Supreme Court, which may view the these new rent laws as going too far and violating owners’ constitutional rights. In weeks to follow, property owners spoke with each other and with major law firms to get a …
PHILADELPHIA — Liberty Property Trust, a publicly-traded real estate investment trust (NYSE: LPT), has opened Four Seasons Philadelphia, a 219-room hotel located within the Comcast Technology Center in Philadelphia. The hotel rises 1,121 feet, making it the tallest building in the city. Amenities at the hotel include a spa and wellness center with a 30,000-gallon swimming pool, restaurant concept Jean-Georges Philadelphia, oyster and cocktail bar Vernick Fish, a 42-seat café called Vernick Coffee Bar and 15,000 square feet of flexible meeting and event space. Foster + Partners designed the property.
OAK BROOK, ILL. — Fairbridge Properties has acquired Oak Brook Gateway in suburban Chicago for $42.8 million. The eight-story, 233,166-square-foot office building is located at 1111 W. 22nd St. The Class A property is 93 percent occupied. Tenants include Lewis University, U.S. Census Bureau, Oxford Bank and Aerotek. Designed by Holabird & Root and developed by New York Life Insurance Co. in 1984, Oak Brook Gateway includes a conference center, fitness center, full-service café, outdoor patio and covered parking. Brent Jacob of Colliers International handles leasing for the property.
TALLMADGE, OHIO — KeyBank Real Estate Capital has provided a $14.5 million Freddie Mac loan for the refinancing of a 101-unit seniors housing property in Tallmadge, just east of Akron. Built in 2016, Danbury Tallmadge offers independent living, assisted living and memory care. Lee Delaveris of KeyBank originated the loan. Danbury Senior Living was the borrower.
ALSIP, ILL. — Entre Commercial Realty LLC has brokered the sale of a 9,586-square-foot industrial building in Alsip, a southern suburb of Chicago. The sales price was not disclosed. The property is located at 5901 W. 115th St. AA Restoration, a masonry restoration services company, purchased the facility and will relocate from a smaller building in Alsip. Jeffrey Locascio of Entre represented both the buyer and the seller, Granite Place.
