Property Type

NorthMarq Arranges $16M Construction Loan for Student Housing Complex Near Virginia Tech

by Alex Tostado August 20, 2019

BLACKSBURG, VA. — NorthMarq has arranged $16 million in construction financing for Park 37 Apartments, a 215-bed student housing community located near the Virginia Tech campus in Blacksburg. Mike Lowry of NorthMarq secured the loan through a regional bank on behalf of an undisclosed, Virginia-based developer. The financing features a three-year term and interest-only payments. The developer broke ground on Park 37 Apartments in April, with completion scheduled for July 2020. Shared amenities at the property will include a clubhouse, lounge, fitness center, swimming pool, fire pit, covered bike storage and onsite access to one of Blacksburg’s walking/biking trails.

August 20, 2019

Company News Florida Retail Southeast

Michelle Kidd Joins Crossman & Co. as Director of Client Services

by Alex Tostado August 20, 2019

ORLANDO, FLA. — Michelle Kidd has joined Crossman & Co. as its new director of client services. Kidd has lived and worked in Orlando since 1997, most recently as a partner at TSCG. Crossman specializes in commercial property management, leasing and investment sales. “I feel a responsibility to make our team stronger through hands-on training and support,” says Kidd. “My goal is to build a concierge service that’s extended to all of our clients as we continue to strengthen the relationships, by identifying individual goals and manage the asset with that objective in mind.” Kidd is on the Legislative Committee for the Orlando Building Owners and Managers Association (BOMA) and is seeking the organization’s Real Property Administrator (RPA) designation. Kidd is also an active member of Commercial Real Estate Women (CREW), serving on the Special Events Committee.

August 20, 2019

Features Mixed-Use Restaurant Retail

Food Halls Spice Up Mixed-Use Projects

by Jeff Shaw August 20, 2019

Developers turn to unique eateries as ammunition in the ‘amenities arms race.’ By David Cohen In an effort to inoculate their mixed-use office and multifamily projects against the threat of e-commerce competitors, developers are increasingly incorporating food halls into their properties to attract tenants. “Food halls are the latest and greatest in the amenities arms race,” says Aaron Jodka, research director at Colliers International in Boston. “While most buildings are able to find ways to add bike storage, a gym, conference spaces or game rooms, not everyone can accommodate a food hall. It’s a unique differentiating factor in the marketplace, and we are starting to see that really expand.” There isn’t a single accepted definition of a food hall, but most agree that it is a collection of local artisan restaurants and other boutique food-oriented retailers under one roof. Some are large and include 30 or more vendors, others are smaller or specialize in only one type of cuisine. Some food halls are more bar-centric and include a variety of drink offerings, others focus more on the dining aspect. Above all, a food hall can be differentiated from the traditional mall food court by the uniqueness of culinary offerings. A …

August 20, 2019

Acquisitions Arizona Multifamily Western

Acacia Capital Acquires 224-Unit Multifamily Community in Tempe for $58.5M

by Amy Works August 20, 2019

TEMPE, ARIZ. — Acacia Capital Corp. has purchased San Marquis, an apartment property located at 577 E Baseline Road in Tempe. A joint venture between Sequoia Equities and Mark-Taylor Residential sold the asset for $58.5 million. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the sellers in the transaction. The Class A multifamily community features a palm tree-lined, resort-style swimming pool with ramadas and an outdoor entertainment kitchen; a fitness center with stone and travertine finishes; and a resident clubhouse. The property features 224 units in a mix of one-, two- and three-bedroom layouts with nine-foot ceilings, decorative crown molding, recessed lighting, granite countertops in the kitchens and bathrooms, stainless steel appliances and full-size washers/dryers.

August 20, 2019

California Development Loans Multifamily Western

Dekel Capital Arranges More Than $80M in Financing for Development of Multifamily Complex in California

by Amy Works August 20, 2019

SOUTH GATE, CALIF. — Dekel Capital has secured more than $80 million in preferred equity and construction financing for the development of Jefferson on Imperial, a multifamily community located in South Gate. The borrower is JPI. Situated on 4.1 acres at 10920 Garfield Ave., the four-story Jefferson on Imperial will feature 244 apartments in a mix of one-, two- and three-bedroom layouts, as well as a multi-level parking garage with a total of 458 stalls. JPI broke ground on the development in March and expects initial delivery by October 2020. Southern California-based WHA designed the project, which is the first new multifamily development in the last 30 years in the Downey/South Gate area. Alliance Residential Co. will manage, market and lease up the property.

August 20, 2019

Hilton-San-Francisco-Financial-District-San-Fran-CA

California Hospitality Loans Western

PCCP Funds $20M Mezzanine Loan to Refinance Hilton Hotel in San Francisco’s Financial District

by Amy Works August 20, 2019

SAN FRANCISCO — PCCP has provided a $20 million, fixed-rate mezzanine loan for the refinancing of Hilton San Francisco Financial District. Justice Investors, an entity controlled by The InterGroup Corp., owns and operates the hotel. Located at 750 Kearny St. in downtown San Francisco, the 26-story hotel feature 544 guest rooms, with no hotel rooms below the fifth floor. Additionally, the property offers a restaurant and lobby bar, 21,936 square feet of meeting space, a fitness center, a business center and an executive lounge. The ownership has planned a full renovation of the corridors and guest rooms.

August 20, 2019

Loans Multifamily Nevada Western

Greystone Provides $7.9M in Green Financing for Las Vegas Multifamily Property

by Amy Works August 20, 2019

LAS VEGAS, NEV. — Greystone has provided a $7.9 million Freddie Mac Green Advantage loan for the refinancing of Nottingham Gardens, a multifamily property located at 2165 E. Rochelle Ave. in Las Vegas. The fixed-rate loan carries a 10-year term with three years of interest-only payments and a 30-year amortization. Ana Ramos of Greystone’s Los Angeles office originated the loan, with Andy Bratt of Newmark Realty Capital acting as correspondent. Built in 1974, the property features 92 garden- and townhome-style apartments. The borrower has invested in numerous interior and exterior capital improvements at the property since acquiring it in 2015.

August 20, 2019

Acquisitions California Retail Western

SRS Real Estate Partners Brokers $4.3M Sale of South Street Shops in Cerritos, California

by Amy Works August 20, 2019

CERRITOS, CALIF. — SRS Real Estate Partners has arranged the sale of South Street Shops, a value-add retail property located at 10745 South St. in Cerritos. A Los Angeles-based private investor sold the two-tenant asset to a Southern California-based private investor for $4.3 million, or $237 per square foot. Built in 1969 and situated on 1.6 acres, the 18,096-square-foot South Street Shops is part of a larger, 95,000-square-foot community shopping center. Current tenants include SJJ Fitness & Sports Performance and one vacant space of approximately 4,000 square feet. The property is also shadow anchored by Goodwill, which recently signed a 10-year lease renewal. Ara Rostamian and Patrick Luther of SRS Real Estate Partners, along with Eric Mandell of Apex Properties represented the seller, while Sperry CGA Beverly Hills represented the buyer in the deal.

August 20, 2019

Market Reports North Carolina Office Southeast Southeast Market Reports

Banking, Tech Employment Usher Charlotte’s Office Market Into the Future

by Taylor Williams August 20, 2019

The momentum of the Charlotte office market continued in the first quarter of 2019, as office rents rose for an eighth consecutive quarter and the city notched a major economic development win with the announcement that BB&T and SunTrust would merge, creating a new bank that will be headquartered in Charlotte. The news came on the heels of announcements late last year that Honeywell plans to relocate its corporate headquarters to the city and that LendingTree would expand its headquarters, creating 436 jobs over five years. The city’s economic strength has been fueled by a growing labor market that was led by the tech sector in 2018. Last fall, CompTIA’s 2018 Tech Town Index found that Charlotte is the No. 1 city for information technology workers when it comes to job opportunity and cost of living. At the time of the report, more than 44,000 IT jobs had been posted in Charlotte over the previous 12 months. That number is projected to grow by 11 percent over the next five years as Bank of America Corp., Wells Fargo & Co. and Ally Financial look to fill IT jobs at all levels. Office rental rates in Charlotte increased by 6.5 percent …

August 20, 2019

Features Multifamily Student Housing

Priced Out: Adding Affordable Units to Student Housing

by Jeff Shaw August 20, 2019

Student loan figures indicate a growing affordability problem in higher education. The Federal Reserve reports that student loan debt in the United States is almost $1.6 trillion today, with 42 percent of people who attended college — which represents 30 percent of all adults — incurring at least some debt from their education. With a focus on technology-based degree programs, the cost to attend college is rising. But it’s not just tuition that’s going up. According to College Board, the cost of housing exceeds the cost of tuition at four-year, public universities. For the 2017-2018 academic year, students paid an average of $9,970 for in-state tuition while room and board ran $10,800. “There’s a real need to get to the middle of the market and to build quality housing that students can afford,” says Joe Coyle, president of Michaels Student Living. Michaels Student Living is a specialized area of expertise within The Michaels Organization, a leading affordable housing developer in the United States. “Housing is a big part of what contributes to the high cost of attending college. We have to work together to find ways to mitigate this. It’s going to become more and more important.” While the student …

August 20, 2019

Newer Posts

Older Posts