Property Type

PMG Receives $106M Refinancing for 464-Unit X Miami Apartment Tower

by David Cohen September 20, 2018

MIAMI — Property Markets Group has received a $106 million refinancing for X Miami, a 464-unit multifamily community in downtown Miami. Pacific Western Bank provided the financing, which will pay off an existing $80 million construction loan from Centennial Bank. The 31-story tower that recently opened features units with floor-to-ceiling windows, large balconies, built-in closets, Nest thermostats and Alexa smart controls. X Miami also offers a Rent-By-Bedroom program for a private bedroom and bathroom with roommates starting at $1,300. X Miami, which is located at 230 NE 4th St., is the first South Florida project to launch under PMG’s new multifamily housing division called X Social Communities. The division aims to bring community-driven, tech savvy projects to market with attainable rents. X Social Communities specializes in shared spaces designed to connect residents and promote a community environment. PMG is planning more than 10,000 units for the X Social Communities portfolio across the United States over the next five years. X Chicago, X Las Olas (Fort Lauderdale) and X Denver were all recently announced. Luis Flores, Rebecca Abrams Sarelson and Louis P. Archambault of Saul Ewing Arnstein & Lehr Attorneys represented PMG in the transaction. “X Miami is the second project we have closed for PMG …

September 20, 2018

Conference Coverage Features Multifamily Western Feature Archive

It’s All About Job Growth for Phoenix Multifamily, Say InterFace Panelists

by Amy Works September 20, 2018

With moderator John Lotardo, senior vice president of Commonwealth Land Title Co., at the helm, owners and developers dove into a discussion about Phoenix’s multifamily market — current trends, future activity and more — at the InterFace Phoenix Multifamily Conference on Sept. 11 in Scottsdale. And the main consensus for the Phoenix market? It’s all about the job growth, absorption is steady and the current activity should continue for the next few years. Decrease in Homeownership, Increase in Jobs Overall the marketplace has experienced an increase in job growth, particularly throughout the workforce sector, resulting in a steady need for multifamily housing options across the area. “Homeownership has gone down approximately 12 percent overall and jobs are increasing,” noted John Rials, executive vice president of Western Wealth Capital. This trend is creating a more complex demand for housing throughout the market. While there is an increase in jobs, it’s important to note that the majority of those jobs are workforce-level. Developers and owners need to be cognizant of rent ceilings for residents, explained Nicole Wray, senior director with Greystar. New Audiences, New Exposure Along with meeting the needs of the continuing influx of renters, owners and developers are navigating the …

September 20, 2018

Market Reports Midwest Midwest Market Reports Minnesota Multifamily

Influx of Supply Begins to Impact Minneapolis Multifamily Market

by Kristin Harlow September 20, 2018

Like several other markets across the country, the Twin Cities is experiencing the peak of the post-recession construction cycle. However, the traditionally tight multifamily market is in one of the best positions to absorb new units. In fact, Minneapolis-St. Paul has consistently reported one of the lowest vacancy rates in the nation due to a strong economic base and pent up demand for new units. Metro Minneapolis is the second-largest economic center in the Midwest and the local economy has grown at an average of 3 percent over the past five years, a healthy rate in the Midwest. The 18 Fortune 500 companies headquartered in the area are a significant driver of job growth and rental demand, along with the hundreds of support firms. As a result, the unemployment rate is below 3 percent and among the lowest in the nation. Despite a lack of available talent, employers managed to create 30,600 jobs in the year-long period ending in the second quarter. Overall, payrolls expanded by 1.5 percent during that time. Employment growth is encouraging development across several sectors in the market. In South Minneapolis, construction along the Blue Line is taking shape as $300 million in projects are coming …

September 20, 2018

Development Mixed-Use New York Northeast

Ackman-Ziff Arranges $97M Loan for Site Acquisition, Development of Mixed-Use Project in Manhattan

by Jeff Shaw September 19, 2018

NEW YORK CITY — Ackman-Ziff Real Estate Group LLC has arranged a $97 million loan for the site acquisition and development of 540 Sixth Avenue in Manhattan’s Flatiron district. The site is located on the northeast corner of 14th Street and 6th Avenue at the nexus of three downtown submarkets: Flatiron, Chelsea and Greenwich Village.The borrowers, Landsea Homes and DNA Development LLC, acquired the property from Extell Development and plan to build a mixed-use building with residential and retail space at the site. An affiliate of Mack Real Estate Credit Strategies provided the loan, which was arranged by Patrick Hanlon, Sean Meehan and Ross Cumming of Ackman-Ziff Real Estate Group LLC. A timeline for the project was not disclosed.

September 19, 2018

Acquisitions Healthcare Northeast Office Rhode Island

Montecito Purchases 68,500 SF Medical Office Building in East Providence, Rhode Island

by Jeff Shaw September 19, 2018

EAST PROVIDENCE, R.I. — Montecito Medical Real Estate has acquired the University Medicine Medical Office Building in East Providence. The sales price was undisclosed. The four-story, 68,500 square-foot property was built in 2016 and is occupied by anchor tenant University Medicine as well as Brown Dermatology, Performance Physical Therapy and Asthma & Allergy Physicians of Rhode Island. University Medicine is one of the largest primary care providers in Rhode Island. The seller was undisclosed.

September 19, 2018

28 Austin Street Apartments, a mixed-use development in Newton, Mass.

Development Loans Massachusetts Mixed-Use Northeast

HFF Secures $30.1M Construction Loan for Mixed-Use Development Near Boston

by Jeff Shaw September 19, 2018

NEWTON, MASS. — HFF has secured a $30.1 million construction loan for the 28 Austin Street Apartments, a mixed-use development in Newton. The property will consist of 68 one- and two-bedroom apartment homes, 5,000 square feet of ground-floor retail space, a new public plaza and a 124-space municipal parking lot. Amenities will include a common roof terrace and garden as well as a private 90-car underground parking garage. HFF worked on behalf of the borrower, a joint venture between Dinosaur Capital Partners and Oaktree Development, to secure financing through Eastern Bank. The project is scheduled for completion in spring 2019.

September 19, 2018

Acquisitions Industrial New Jersey Northeast

Goodman Group Acquires 616,992 SF Logistics Center in Northern New Jersey

by Jeff Shaw September 19, 2018

TETERBORO, N.J. — Goodman Group has acquired a 616,992-square-foot logistics center in Teterboro. The sales price was undisclosed. The property is fully leased to a major e-commerce provider and is located approximately seven miles from Manhattan. It is one of only two Class A logistics centers larger than 400,000 square feet in Northern New Jersey. The seller was undisclosed.

September 19, 2018

Healthcare Illinois Loans Midwest

CBRE Arranges $96M Non-Recourse Acquisition Financing for Medical Office Portfolio in Suburban Chicago

by Kristin Harlow September 19, 2018

CHICAGO — CBRE U.S. Healthcare Capital Markets has arranged a $96 million permanent loan to finance the acquisition of an eight-building medical office portfolio in the Chicago suburbs. The Class A buildings total 490,000 square feet. The 10-year loan features a fixed rate of 1.15 percent over 10-year Treasury. Shane Seitz, James Millon and Thomas Traynor of CBRE served as advisors for the loan transaction. A commercial bank provided the loan. The borrower was not disclosed.

September 19, 2018

Development Hospitality Midwest Minnesota

Noble, Simon Open Homewood Suites by Hilton Hotel in Edina, Minnesota

by Kristin Harlow September 19, 2018

EDINA, MINN. — Noble Investment Group and Simon Property Group have opened a Homewood Suites by Hilton hotel in Edina. The 146-room hotel is located within the Southdale Center mixed-use project. The property features a business center, fitness center, pool, lobby bar and outdoor courtyard. Southdale Center is also home to a luxury apartment development. Shake Shack is slated to open this fall followed by home furnishing retailer RH next year.

September 19, 2018

Acquisitions Illinois Midwest Multifamily

TGM Acquires 347-Unit Apartment Community in Northbrook, Illinois

by Kristin Harlow September 19, 2018

NORTHBROOK, ILL. — TGM has acquired TGM NorthShore, a 347-unit, mid-rise apartment community in suburban Chicago. The purchase price was not disclosed. Constructed in 2016, the property features a mix of one- and two-bedroom units. Luxury amenities include a doorman and concierge service, golf simulator, landscaped courtyards, community room, catering kitchen, dog park and media center. John Jaeger and Dan Cohen of CBRE brokered the sale. The seller was not disclosed.

September 19, 2018

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