Property Type

RADCO Acquires 1,426-Unit Multifamily Portfolio in Suburban Indianapolis for $64M

by Kristin Harlow June 5, 2018

MERIDIAN HILLS, IND. — The RADCO Companies has acquired a portfolio of multifamily properties totaling 1,426 units near Meridian Hills, a northwest suburb of Indianapolis, for $64 million. The Class B and C properties have been reorganized into three properties known as Ashford Georgetown, Ashford Meridian Hills and Creekside at Meridian Hills. RADCO plans to spend over $27 million in capital improvements at the properties, which were built from 1968 to 1972. Units average 944 square feet. Community amenities include swimming pools, clubhouses, playgrounds, laundry centers and sport courts. RADCO Residential will manage the properties. The seller was not disclosed.

June 5, 2018

Loans Michigan Midwest Multifamily

Bernard Arranges $14.5M Refinancing for Multifamily Property in Oak Park, Michigan

by Kristin Harlow June 5, 2018

OAK PARK, MICH. — Bernard Financial Group has arranged a $14.5 million loan for the refinancing of Village Green Townhomes in Oak Park, a northern suburb of Detroit. The property features 374 units. Dennis Bernard arranged the loan on behalf of the borrower, Village Green/Huntington LLC. Securian Life Insurance Co. provided the loan.

June 5, 2018

Market Reports Nevada Office Western Western Market Reports

Reno’s Office Market Successfully Rebounds From The Great Recession

by Taylor Williams June 5, 2018

I have had the pleasure of selling commercial office space in Northern Nevada for nearly 15 years. During this time, I saw the peak of the market from 2003 to 2008 wherein construction was at an all-time high, lease rates were reaching unseen heights and absorption was setting records. Then we all got to experience the Great Recession from 2008 through 2012. This saw nearly half of the buildings that were constructed during the previous peak become empty. Vacancy rates hit 20 percent, lease rates dropped to levels well below where they were in 2003, and construction came to a screeching halt. Then, magically, at the beginning of 2013 the economy took a turn and the Northern Nevada office market began its recovery. This was expedited in 2014 with Tesla making its announcement of the Gigafactory in the Tahoe Reno Industrial Center and the Tesla Effect created a national buzz that hasn’t slowed. Unfortunately, this has created a new problem. The Reno office market sits at 10.1 percent vacancy, down from 20.7 percent during the recession, as net absorption has been positive year over year since 2012. The absorption has been primarily in second-generation space as there has been relatively …

June 5, 2018

Development Mixed-Use Property Type Texas Top Stories

McNair Interests to Develop $500M Mixed-Use Project in Houston’s Uptown District

by John Nelson June 5, 2018

HOUSTON – McNair Interests, a private investment and management company founded by Houston Texans owner Bob McNair, has revealed plans to transform a vacant six-acre site in Houston’s Uptown District. The price tag for the 1.2 million-square-foot mixed-use development was not disclosed, but the Houston Business Journal reports the project is estimated to cost upwards of $500 million to complete. Located at 3200 Post Oak Blvd. near the intersection of Post Oak Boulevard and Richmond Avenue, the project will feature a Rosewood Hotel with luxury residences, multifamily tower, Class A office tower, chef-driven dining concepts, high-end retailers, green space and structured parking. “This is a defining development for McNair Interests and the city of Houston,” says Cary McNair, chairman and CEO of McNair Interests. “Our vision redefines the southernmost entrance of Post Oak Boulevard and the Uptown District, fusing a distinctive, sophisticated design with Houston’s future. We are excited for what this project will bring to our city and to visitors from around the world.” Rosewood Hotels & Resorts will manage the new hotel that will offer 150 hotel rooms and 80 upscale residences. The property will also feature multiple food and beverage options, ballroom and banquet facilities, meeting and …

June 5, 2018

Acquisitions Hospitality New York Northeast

MGM Resorts, MGM Growth Properties to Acquire Empire City Casino in Yonkers for $850M

by David Cohen June 4, 2018

YONKERS, N.Y. — MGM Resorts International and MGM Growth Properties LLC have announced plans to acquire the property and operations associated with the Empire City Casino’s race track and casino for $850 million. MGM Resorts will buy the property, then transfer it to its real estate subsidiary, MGM Growth Properties, and execute a sale-leaseback transaction to make MGM Resorts the tenant on the 97-acre site. The transactions are expected to close in the first quarter. MGM Resorts will pay $850 million, including the refinancing of Empire City’s outstanding debt, which is expected to be $245 million. MGM Resorts has also agreed to pay an additional $50 million if Empire City is awarded a license for live table games on or prior to Dec. 31, 2022 and MGM Resorts accepts such license by Dec. 31, 2024. Empire City serves approximately 16 million eligible gaming customers in southern New York and is located only 15 miles from Times Square in Manhattan. The casino offers gaming, dining, and entertainment as well as slots, electronic table games and live horse racing.

June 4, 2018

Loans Multifamily Northeast Pennsylvania Student Housing

Grandbridge Secures $35.8M Refinancing Through Freddie Mac for Student Housing Property in Philadelphia

by David Cohen June 4, 2018

PHILADELPHIA — Grandbridge Real Estate Capital has secured a $35.8 million refinancing for The Edge, a 602-unit, purpose-built student housing property near Temple University in Philadelphia. Gill Dolan and Blake Willeford of Grandbridge arranged the floating-rate, first mortgage loan for the undisclosed borrower through Freddie Mac. The financing was structured with an initial period of interest-only payments, followed by a 10-year term and 30-year amortization. The borrower requested a floating-rate loan to facilitate the refinancing of the existing CMBS mortgage, according to Grandbridge Vice President Gill Dolan. Built in 2006, the property is situated on a 1.7-acre site just south of Temple University’s main campus. The 12-story student housing community contains 1,067 beds across 602 units. Amenities include a two-story fitness center, study rooms, grilling stations and on-site laundry facilities.

June 4, 2018

Acquisitions New Jersey Northeast Office

Colliers Negotiates $10M Sale of Office Building in New Jersey

by David Cohen June 4, 2018

PISCATAWAY, N.J. — Colliers International has negotiated the $10 million partial sale-leaseback of 1 Corporate Place South, a multi-tenant office building in Piscataway that spans 88,780 rentable square feet. Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale of Colliers represented the seller, Princeton Equities LLC, in the transaction. The buyer was a private New Jersey-based investor. The property, which is situated on a 5.5-acre site, was built in 1981 and upgraded in 1997. Additional lobby and façade renovations were completed in 2009. The building is fully occupied by four tenants including Marlabs, a technology firm that is the properties’ anchor tenant.

June 4, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $5.2M Sale of Apartment Community in Harlem

by David Cohen June 4, 2018

NEW YORK CITY — Marcus & Millichap has brokered the sale of 1975 Adam Clayton Powell Jr. Blvd, a 20-unit apartment community located in Harlem. The property sold for $5.2 million at a cap rate of 3.7 percent. Peter Von Der Ahe, Joe Koicim, Seth Glasser and Jacob Kahn of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was Le Vian Properties. The 13,943-square-foot building features 37 feet of frontage on Adam Clayton Powell Jr. Blvd.

June 4, 2018

Loans Multifamily New York Northeast

Meridian Capital Arranges $4.5M Refinancing for Multifamily Property in Queens

by David Cohen June 4, 2018

NEW YORK CITY — Meridian Capital Group has arranged a $4.5 million refinancing for a 40-unit multifamily property in the Jackson Heights neighborhood of Queens. The 10-year loan, which was provided by a balance sheet lender, features a 4 percent interest rate with two years of interest-only payments followed by a 30-year amortization schedule. The borrower was undisclosed. Michael Homapour of Meridian arranged the financing. The four-story property is located on 88th Street in northwestern Queens.

June 4, 2018

Development Office Texas

Charles Schwab Opens 50-Acre Office Campus in North Austin

by Taylor Williams June 4, 2018

AUSTIN, TEXAS — San Francisco-based financial services firm Charles Schwab Corp. has opened a new 50-acre campus within the Gracy Farms community in north Austin. According to the Austin Business Journal, the campus is valued at approximately $200 million. The property spans 469,000 square feet and feature two five-story office buildings. Amenities include walking trails, on-site yoga classes, a cafeteria, 275-seat auditorium and a Schwab bank branch for employees. The campus will house about 1,900 of the firm’s Austin employees. Construction of an additional office building and second parking garage is slated to begin this summer. Charles Schwab first came to Austin in 2000.

June 4, 2018

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