Property Type

Margaret Wylde’s Message to Seniors Housing: Do a Better Job of Understanding Customers

by Jeff Shaw June 15, 2018

CHICAGO — There is one surefire way to make sales hum in seniors housing, says Margaret Wylde, an industry consultant who has conducted research in this niche property sector for 34 years. Know who your customer is, the product they want and how much they will pay to get what they want. “If you deliver what they actually want, they actually pay more and feel there is value for the dollar spent,” says Wylde, CEO of Oxford, Miss.-based ProMatura Group. The problem is the industry’s knowledge of customers is “not good,” Wylde is quick to add. “We know them in a generic manner. We know their age, we know how many of them there are, and we know how much money [they have]. But we don’t know who they are. And once they get to that golden age, we think they want seniors housing, and that everybody who wants seniors housing is exactly the same because we are giving them a list of stuff.” What’s worse, she believes, is that the industry is by and large chasing the luxury market, which is less than 10 percent of the potential market. “The middle market is 320 percent larger than the market …

June 15, 2018

Redevelopment Defines CBL’s Strategy, Says CEO

by Kristin Harlow June 14, 2018

LAS VEGAS — Over the past five years, CBL Properties (NYSE: CBL) has been disposing of “lower-productivity properties” and redeveloping several others. These moves reflect efforts to boost performance and upgrade the overall portfolio, which is largely concentrated in the Southeast and Midwest. Since 2013, the Chattanooga, Tenn.-based REIT has disposed of 21 mall assets and a number of other non-mall properties. In 2017 alone, CBL sold an outlet center, three malls, two office buildings and outparcel locations for a total of more than $180 million in proceeds. During the first quarter of 2018, $40 million in disposition activity was either completed or in process, including a binding contract for the sale of Janesville Mall, a tier-three shopping center located in Janesville, Wisconsin. Due to a combination of factors — including the threat of e-commerce and slipping occupancy for a period of time — the company’s stock price has taken a tumble during the past few years. Shares of CBL, which traded at $14.20 per share on Aug. 26, 2016, had fallen to $5.43 per share by the close of business on Wednesday, June 13. The key to righting the ship lies in redeveloping existing properties rather than conducting a …

June 14, 2018

Hospitality Loans New York Northeast

Meridian Capital Arranges $88M in Pre-Development Financing for Hotel Project in Hudson Yards

by David Cohen June 14, 2018

NEW YORK CITY — Meridian Capital Group has arranged $88 million in pre-development financing for a Marriott-branded hotel to be located at 450 Eleventh Ave. in the Hudson Yards neighborhood of Manhattan. Meridian secured financing on behalf of the borrower, Marx Development Group, through lender Mack Real Estate Credit Strategies. The two-year loan will serve to recapitalize the project and cover pre-development costs for the hotel. MDG is also raising $66 million in EB-5 funds through the Manhattan Regional Center for the hotel’s construction. Once completed, the 42-story hotel will span 235,000 square feet and contain 441 rooms. The property will also include a business center, lounge, restaurant and outdoor meeting space. The hotel is slated for completion in late 2019. Hudson Yards is a $20 billion large-scale redevelopment program on Manhattan’s far west side that will include a 28-acre mixed-use development.

June 14, 2018

Loans Multifamily Northeast Pennsylvania

G.S. Wilcox & Co. Secures $25.5M Financing for Multifamily Community in Suburban Philadelphia

by David Cohen June 14, 2018

WARMINSTER, PA. — G.S. Wilcox & Co. has secured $25.5 million in permanent financing for the Jacksonville Station Community, a recently constructed 151-unit, eight-building apartment community in Warminster. The financing was secured with a 10-year term and a 30-year amortization through lender Allianz. The undisclosed borrower was a repeat client of G.S. Wilcox. The community features 12 types of units with a clubhouse and in-ground pool and is located across the street from the Septa Rail Station, which provides direct connectivity to Philadelphia.

June 14, 2018

Loans Multifamily New Jersey Northeast Seniors Housing

Contemporary Healthcare Capital Closes $13.3M Refinancing for Skilled Nursing Facility in New Jersey

by David Cohen June 14, 2018

NEWTON, N.J. — Contemporary Healthcare Capital has closed $13.3 million in senior and mezzanine loans to refinance a 128-bed skilled nursing facility in Newton. The mezzanine loan was $1.9 million and the senior loan was a $10 million secured buy with $1.4 million cash secured. The borrower was an owner-operator that serves New York and New Jersey. Newton is located in the northwest portion of the state, approximately 60 miles west of New York City. Contemporary’s senior lending partner on the transaction was Commercial Bank of Harrogate, Tenn.

June 14, 2018

Acquisitions Industrial Massachusetts Northeast

Kelleher & Sadowsky Negotiates $5.1M Sale of Industrial Facility in Massachusetts

by David Cohen June 14, 2018

STERLING, MASS. — Kelleher & Sadowsky has negotiated the sale of 16 Chocksett Road, an industrial facility in Sterling. The asset traded for $5.1 million. Donald Mancini and Jim Egan of Kelleher & Sadowsky represented the seller, The Cycles 2003 Realty Trust, in the transaction. The Stubblebine Company/CORFAC International represented the buyer, Biomedical Polymers, a global manufacturer of plastic products for research and medical diagnostic laboratories. The property includes four loading docks and 7,000 square feet of office space on 7.7 acres.

June 14, 2018

Acquisitions Healthcare New York Northeast

Cushman & Wakefield Brokers Sale of 8,307 SF Medical Office Building in Queens

by David Cohen June 14, 2018

NEW YORK CITY — Cushman & Wakefield has brokered an 8,307-square-foot medical building in the Far Rockaway neighborhood of Queens. The property, 29-15 Far Rockaway Blvd., sold for $1.4 million, or $168.50 per square foot. Dan Abbondandolo of Cushman & Wakefield represented the seller, The Jobel LLC, in the transaction. The buyer was Rockaway Partners. The building sits on a half-acre lot and includes a 27-car parking lot. It is currently occupied on a triple-net lease basis by Rockaway Medical Officewith a lease that runs through December 2018.

June 14, 2018

Acquisitions Georgia Office Southeast

PCCP Acquires 17-Story Office Building in Atlanta’s Cumberland/Galleria Submarket for $68M

by Camren Skelton June 14, 2018

ATLANTA — PCCP LLC has acquired Cumberland Center II, a 419,000-square-foot office building located at 3100 Cumberland Blvd. in Atlanta’s Cumberland/Galleria submarket. The Atlanta Business Chronicle reports the 17-story tower sold for $68 million. The name of the seller was not disclosed. Constructed in 1989, the building is currently 94 percent leased but 67 percent occupied following the departure of HD Supply to a new build-to-suit office building within the submarket. The seller has invested more than $5.4 million in capital improvements since 2007, including a renovated conference center and café. Cumberland Center II is situated adjacent to a Courtyard Marriott hotel and the 1.4 million-square-foot Cumberland Mall, and less than a mile from Cobb Galleria. In addition, the property is located less than two miles from SunTrust Park, home ballpark of the Atlanta Braves.

June 14, 2018

Acquisitions Florida Multifamily Southeast

Lantower Residential Purchases Newly Constructed Apartment Community in Tampa Bay Area for $57.7M

by Camren Skelton June 14, 2018

ODESSA, FLA. — Lantower Residential has acquired Lantower Asturia, a 322-unit apartment community located at 15175 Integra Junction in the Tampa Bay community of Odessa, for $57.7 million. Constructed in 2017, the property was originally known as Integra Junction and was rebranded upon acquisition. Lantower Asturia is located within Asturia, Hines’ 300-acre, master-planned mixed-use community. The apartment community offers a mix of one- to three-bedroom units and features granite countertops, stainless steel appliances, crown molding, USB outlets, wood-style floors, tile backsplash, and screened balconies or patios. Community amenities include a saltwater pool, outdoor lounge area with fire pits and grills, package lockers, fitness center with a CrossFit box and spin bikes and a virtual PGA golf simulator. Patrick Dufour of ARA Newmark arranged the transaction on behalf of the seller, Panther Residential. The acquisition brings Lantower Residential’s portfolio to 19 multifamily properties totaling 6,260 units.

June 14, 2018

Loans Multifamily Southeast Virginia

Walker & Dunlop Arranges $40.4M Financing for Multifamily Conversion in Metro D.C.

by Camren Skelton June 14, 2018

ALEXANDRIA, VA. — Walker & Dunlop has arranged $40.4 million in financing for the recapitalization of The Mark Apartments, a 227-unit apartment community in Alexandria, roughly eight miles south of Washington, D.C. Jamie Butler of Walker & Dunlop arranged fixed-rate senior debt through Freddie Mac and joint venture equity through RSE Capital Partners on behalf of the borrowers, Northpoint Realty Partners and Persimmon Capital Partners. The financing replaced the existing construction debt. Northpoint and Persimmon recently completed a redevelopment program, transforming the property from an outdated hotel to a multifamily community. The Mark Apartments includes a mix of studio to three-bedroom units and features a pool, outdoor grilling and dining terrace, fitness center, resident’s lounge, dedicated work spaces and laundry facilities.

June 14, 2018

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