Property Type

Talonvest Arranges $48.8M Bridge Loan for Refinancing of NYC Self-Storage Properties

by Taylor Williams June 18, 2019

NEW YORK CITY, NEW ROCHELLE AND MOUNT VERNON, N.Y. — Talonvest Capital Inc., a California-based mortgage broker, has arranged a $48.8 million bridge loan for the refinancing of three self-storage properties located throughout the New York City metropolitan area. The properties total 175,531 net rentable square feet across 2,012 units and are located in The Bronx, New Rochelle and Mount Vernon. An undisclosed lender provided the three-year, nonrecourse loan to a partnership between Kansas-based Clark Investment Group and self-storage developer GoodFriend Management. A full service commercial real estate lender provided the loan, which included an interest/operating reserve, individual release provisions and prepayment flexibility.

June 18, 2019

Loans Multifamily New York Northeast

Arbor Provides $15M Bridge Loan for Refinancing of Brooklyn Apartment Complex

by Taylor Williams June 18, 2019

NEW YORK CITY — Arbor Realty Trust Inc. has provided a $15 million bridge loan for the refinancing of a 43-unit apartment complex located at 2417 Albemarle Road in Brooklyn. The property was built in 2018 and features an oversized common deck, bike storage area and an underground parking garage. Eugene Yanovskiy of Arbor originated the loan, which carries a two-year term with interest-only payments. The borrower was not disclosed.

June 18, 2019

Acquisitions Hospitality Northeast Pennsylvania

HREC Brokers Sale of 110-Room Hampton Inn & Suites in Hershey, Pennsylvania

by Taylor Williams June 18, 2019

HERSHEY, PA. — HREC Investment Advisors has brokered the sale of a 110-room Hampton Inn & Suites located in Hershey, an eastern suburb of Harrisburg. Kenan Patel and Kevin Hanley of HREC handled the sale on behalf of the buyer and seller, both of which requested anonymity. Greg Porter of HREC arranged an acquisition loan for the transaction that carried a 10-year term, a 72.6 percent loan-to-cost ratio and a fixed interest rate of 4.35 percent.

June 18, 2019

California Development Office Top Stories Western

Kaiser Permanente Unveils Plans for $900M Corporate Headquarters in Downtown Oakland

by John Nelson June 18, 2019

OAKLAND, CALIF. — Healthcare behemoth Kaiser Permanente has unveiled plans to build a new headquarters dubbed The Kaiser Permanente Thrive Center in downtown Oakland. Local developer Lane Partners will break ground on the project in 2020 with a planned opening slated for 2023. The San Francisco Chronicle reports that the $900 million office tower will rise 29 stories. The new campus will consolidate 7,200 Kaiser Permanente employees who are currently working in seven different locations around Northern California. Situated at 2100 Telegraph Ave., the new building will span 1.6 million square feet of office space and will reduce the company’s operational costs by more than $60 million annually, according to Bernard Tyson, chairman and CEO of Kaiser Permanente. The building’s design is set to include dedicated space for a health clinic and health education, healthy food options and 20,000 square feet of public space for weekly farmers markets, exercise and cooking classes and a showplace for community-inspired art. Lane Partners is aiming to achieve LEED Platinum certification for Thrive Center. Kaiser Permanente is the largest private employer in Oakland, and Lane Partners estimates that the new building, which was formerly known as Eastline, will generate a one-time $23 million economic …

June 18, 2019

Brooks-Corner-Shopping-Center-San-Antonio

Market Reports Retail Texas Texas Market Reports

San Antonio Retail Market: We Want It All, and We Want It All Now

by Taylor Williams June 18, 2019

San Antonio has at times been characterized as “a big city with a small-town feel.” However, with an MSA surpassing 2 million people and a claim to being one of the country’s largest and fastest growing cities, the small-town feeling is fading quickly. With robust population growth, strong job numbers and a decade of prosperity to lean on, our retail business is more dynamic than ever. It should be of no surprise to this readership that like other areas of the country, San Antonio is facing continued pressure on traditional brick-and-mortar retail as e-commerce continues to grow and penetrate the market. Yet many local and regional retailers are adapting. One of the best examples of this adaptation is H-E-B, San Antonio’s dominant supermarket chain, which has taken on the e-commerce challenge by integrating an online grocery shopping experience with the option of home delivery or curbside pickup at select stores. Currently, H-E-B is under construction on its second fulfillment center next to its retail store at Bulverde Marketplace. As retailers evolve, retail developers and property owners are experiencing swift changes within their tenant lineups and are working diligently to ensure their marketplaces continue to attract customers. Entertainment, fitness and health …

June 18, 2019

Features Multifamily Seniors Housing

Seniors Housing Developers Embrace Intergenerational Living Trends

by Jeff Shaw June 18, 2019

As the industry eagerly anticipates the arrival of baby boomers, intergenerational housing models are emerging as an attractive alternative for a group that wants a different type of retirement experience. Developers, operators and owners are tweaking time-tested intergenerational arrangements and trying new approaches. Mixing different age groups has benefits for everyone involved, experts say. It’s natural, and the way families lived until we started to move so far apart. Many elders like being around young children or helping them, since their grandchildren may not live nearby. Adolescents bring energy to a retirement community, with the added benefit of being able to teach seniors how to use their smart phones. Young adults can serve as a labor pool for senior living properties. College-based or -affiliated life plan communities have been around for decades. But developers are fine-tuning the model at a number of new high-profile college projects now underway. Legacy Pointe at the University of Central Florida, Orlando, is currently under development by the nonprofit CCRC Development Corp. Greystone Communities will manage and market the property. Residents will be able to attend classes and participate in learning programs. Other types of developments with an intergenerational spin are being rolled out. There …

June 18, 2019

Affordable Housing Development Multifamily Southeast Virginia

AHC to Break Ground on $48.3M Affordable Housing Development in Alexandria

by Alex Tostado June 17, 2019

ALEXANDRIA, VA. — AHC Inc. will break ground on The Spire, a 113-unit affordable housing development situated on a two-acre plot in Alexandria owned by Episcopal Church of the Resurrection. The Spire will include one-, two- and three-bedroom apartments, including 12 fully accessible homes, that will serve households with incomes ranging from 40 percent to 60 percent of the area median income (AMI). The Spire will cost $48.3 million to develop and has received funds from a number of local state and national sources, including $23 million in tax credit equity from the Virginia Housing Development Authority (VHDA), a $9.9 million loan from the City of Alexandria, a $1.3 million loan from Virginia/National Housing Trust Funds, a $500,000 loan from the Federal Home Loan Bank of Atlanta, a $11.5 million first trust loan from Capital One/Freddie Mac and $500,000 funding from NeighborWorks America. The City of Alexandria also provided a $350,000 rental assistance grant to make 12 apartments deeply affordable, which targets households making 25 percent to 35 percent of the AMI. The ground breaking is slated to take place Tuesday, June 18 at 3:30 p.m.

June 17, 2019

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Negotiates Sale of 314-Unit Apartment Complex in Orlando

by Alex Tostado June 17, 2019

ORLANDO, FLA. — Cushman & Wakefield has arranged the sale of Alta Grande, a 314-unit apartment complex in Orlando that opened in May 2018. Lantower Residential acquired the property and will rebrand it as Lantower Grande Flats. The property was 98.4 percent occupied at the time of sale and offers one-, two- and three-bedroom floor plans spread across 10 three-story buildings. Community amenities include a fitness center with separate yoga studio, dog park, saltwater swimming pool, cabanas, media center/game room and an outdoor hammock garden. Jay Ballard, Ken Delvillar, Michael Mulkern and Robert Given of Cushman & Wakefield represented the seller and developer, Atlanta-based Wood Partners, in the transaction. The sales price was not disclosed.

June 17, 2019

Acquisitions Florida Retail Southeast

Forge Capital Sells Two Publix-Anchored Shopping Centers in Florida

by Alex Tostado June 17, 2019

ST. PETERSBURG AND WEST PALM BEACH, FLA. — Forge Capital Partners has sold Disston Plaza, a 129,150-square-foot shopping center in St. Petersburg, and Polo Grounds Mall, a 130,015-square-foot shopping center in West Palm Beach. New Market Properties LLC, a subsidiary of Atlanta-based Preferred Apartment Communities, acquired both properties, which are both anchored by Publix. Disston Plaza was built in 1954 and renovated in 2018. The property was 97 percent leased at the time of sale to tenants including Bealls Outlet, Dollar Tree, Suncoast Resale Shoppe, Anytime Fitness, Subway, Little Italy, Great Clips and Greenberg Dental. The property is situated at 3501 49th St. N., 20 miles southwest of downtown Tampa. Completed in 1966 and renovated in 2007, Polo Grounds Mall’s tenant roster includes Bealls Outlet, Rainbow, Medical Consultants of Florida, United States Postal Service, Chase Bank, Wing Stop and Papa Johns. Luis Castillo, Daniel Finkle and Eric Williams of HFF represented the seller in both sale transactions. Ed Coco, Matt Casey, Greg Gaughan, Libby Malloy and Maxx Carney of HFF arranged acquisition financing for each property through Thrivent Financial on behalf of the buyer. Both acquisition loans are structured with fixed interest rates and 15-year terms. The sales prices were not …

June 17, 2019

Acquisitions Georgia Multifamily Southeast

Beach Investment Acquires Multifamily Community in Metro Atlanta for $19M

by Alex Tostado June 17, 2019

AUSTELL, GA. — Beach Investment Management, an affiliate of The Beach Co., has acquired Reserve at Sweetwater Creek, a 156-unit multifamily community in Austell, for $19 million. Reserve at Sweetwater Creek is located 15 miles west of downtown Atlanta and was built in 1988. The property offers one- and two-bedroom floor plans ranging from 650 to 1,000 square feet. Communal amenities include a swimming pool, outdoor kitchen, fitness center, tennis court, laundry facility and a cyber lounge. Beach plans to upgrade unit interiors, including installing stainless steel appliances, granite countertops and modern fixtures. Community upgrades will include new roofs throughout the property, conversion of the tennis court into an outdoor fitness center and a new gazebo with a grilling area. Darby Parker of The Beach Co. represented the buyer internally in the transaction. Nate Swenson and Travis Presnell of Cushman & Wakefield represented the seller, Arcan Capital. Berkadia provided arranged acquisition financing on behalf of the buyer.

June 17, 2019

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