Property Type

Milwaukee Looks to Boost Retail Market Through Tax-Increment Financing

by Kristin Harlow November 9, 2017

Milwaukee-area communities have woken up and embraced tax-increment financing (TIF) as a way to stimulate retail and commercial development. Unlike our neighboring state of Illinois, Wisconsin is not afforded the same luxury of allowing retail sales taxes to flow to municipalities, which allows for greater financial flexibility and helps offset the cost of infrastructure and municipal services as a result of retail development. Wisconsin municipalities do not impose local sales or use taxes on purchases of goods and services. Based on a 5.6 percent tax rate for average Wisconsin communities, 5 percent flows to the state, 0.5 percent flows to the county and 0.1 percent would flow to a specially created district, such as a stadium or entertainment venue. TIF allows cities or villages to finance commercial development in a designated area, called a tax incremental district (TID), to promote a tax base expansion and economic development. The property taxes within the TID are placed in a special fund and are used to pay for improvements within the district. When the property values rise within the TID, the taxes paid on the increased value can be used to pay back public project costs, which otherwise can’t occur. Developers eye mixed-use …

November 9, 2017

Features Industrial Net Lease Office Retail Top Stories

Report: Net Lease Investment Market Heats Up During Third Quarter

by Taylor Williams November 9, 2017

TULSA, OKLA. — Sales of net leased properties settled in at nearly $11.4 billion during the third quarter of 2017, up 15 percent over the average for the past five third quarters ($10 billion), according to a recent report from Stan Johnson Company, a national brokerage and advisory firm specializing in net leased assets. The report tracks net leased properties across the office, industrial and retail real estate sectors. “This was the largest third-quarter move in six years and represents resilience in the net lease sector,” says John Zimmerman, director of Tulsa-based Stan Johnson Company. “We may be on our way to another record sales year.” The total is the highest quarterly sales volume in the past 12 months and follows a lackluster second quarter that saw investment sales volume drop more than 20 percent below the average for the past five second quarters. Growth occurred across all net lease sectors, with office, industrial and retail increasing 35 percent, 43 percent and 55 percent, respectively. The results were overwhelmingly driven by growth in the sheer number of transactions — more than 750 — as opposed to the amount of the assets traded. “In recent years, a lot of the growth …

November 9, 2017

Loans Multifamily New York Northeast

Greystone Bassuk Arranges $103M Construction Loan for 164-Unit Apartment Project in Manhattan

by Amy Works November 8, 2017

NEW YORK CITY — Greystone Bassuk has secured a $103 million construction loan with Bank of China for an affiliate of The Moinian Group. The borrower will use the loan to construct 572 11th Avenue, a 13-story apartment building located in Manhattan. Designed by CetraRuddy, the 185,000-square-foot building will feature 164 apartment units over 25,000 square feet of street-level and below-grade retail space. Additionally, 46 of the apartments will be set aside for low- and moderate-income households pursuant to the new 421-a Program and the New York City Department of Housing Preservation and Development’s Inclusionary Housing Program.

November 8, 2017

Multifamily New York Northeast

Clipper Realty Acquires 82-Unit Apartment Building in Manhattan for $79M

by Amy Works November 8, 2017

NEW YORK CITY — Clipper Realty has purchased an apartment building located at 10 W. 65th St. on Manhattan’s Upper West Side. Touro sold the property for $79 million, or $585 per square foot. The 82,230-square-foot building features 82 apartments and 53,000 square feet of air rights. New York Community Bank provided Clipper Realty with a $34.5 million, 10-year loan for the acquisition of the property. Aaron Jungreis and Devin Cohen of Rosewood Realty Group represented the buyer and the seller in the transaction.

November 8, 2017

Multifamily New Jersey Northeast

AvalonBay Communities Completes Sale of 312-Unit Apartment Community in Lawrenceville, New Jersey

by Amy Works November 8, 2017

LAWRENCEVILLE, N.J. — AvalonBay Communities has completed the disposition of Avalon Run East, a garden-style apartment community located at 100 Avalon Bay Drive in Lawrenceville. A joint venture between Rockpoint Group and The Brooksville Co. acquired the property free and clear of existing debt for an undisclosed price. Situated on 69 acres, Avalon Run East features 312 apartments in a mix of one-, two- and three-bedroom units averaging 1,094 square feet. Residences feature gas fireplaces, direct access to personal garages, patios/balconies, in-unit washer and dryers, individual alarm systems and walk-in closets. On-site community amenities include a heated outdoor pool, tennis courts, a playground, picnic and grilling areas, a fully equipped fitness center, an indoor basketball court and a resident lounge. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller in the deal.

November 8, 2017

Loans Multifamily New York Northeast

Silverback Development Secures $43.1M in Construction Financing for Condo Conversion in Brooklyn

by Amy Works November 8, 2017

NEW YORK CITY — Silverback Development has secured a $43.1 million loan to facilitate construction for 67 Livingston Street, a condominium development in the heart of Brooklyn Heights. Melody Business Finance provided the financing for the project, which includes the conversion of a former student housing dormitory into a residential condo building. Situated on a 3,404-square-foot lot on Livingston Street, the 29-story building will feature full-floor residences with outdoor spaces and panoramic views of the Manhattan skyline, the Brooklyn and Manhattan bridges and the Statue of Liberty.

November 8, 2017

California Loans Multifamily Western

G.H. Palmer Receives $266.7M Refinancing for LA Multifamily Portfolio

by Nellie Day November 8, 2017

LOS ANGELES — G.H. Palmer has obtained a $266.7 million refinancing for a four-property multifamily portfolio in Los Angeles. The portfolio contains a total of 1,359 units. Properties featured in the portfolio include Skyline Terrace Apartments at 930 Figueroa Terrace and Pasadena Park Place at 101 Bridewell St., along with River Ranch Townhomes and Apartments at 18005 Anne’s Circle and The Terrace at 21311 Alder Drive in Santa Clarita. The refinancing was completed as seven-year, fixed-rate, interest-only, non-recourse loans at 3.54 percent interest with a 65 percent loan-to-value ratio. Gary M. Tenzer of George Smith Partners arranged the financing.

November 8, 2017

Multifamily New Hampshire Northeast Seniors Housing

Dartmouth-Hitchcock Opens 30,000 SF Skilled Nursing Facility in New Hampshire

by Amy Works November 8, 2017

LEBANON, N.H. — Dartmouth-Hitchcock and E4H Environments for Health Architecture have opened the new Jack Byrne Center for Palliative & Hospice Care, a 30,000-square-foot skilled nursing and hospice facility. The property is located within the Dartmouth-Hitchcock Medical Center campus in Lebanon, located near the Vermont border. The new facility features 12 single-occupancy patient rooms that offer a home-like setting. The Jack Byrne Center will also serve as an educational and training center for end-of-life caregivers throughout New England. The resource program was developed and will be administered by Dartmouth-Hitchcock’s Palliative Care Program in collaboration with hospice and community partners. Construction of the facility by PC Construction began in June 2016. Led by a $10 million commitment from the Jack and Dorothy Byrne Foundation in 2014, philanthropic support covered 75 percent of the center’s construction cost.

November 8, 2017

Colorado Multifamily Western

Hamilton Zanze Buys 238-Unit Apartment Complex in Colorado for $60M

by Nellie Day November 8, 2017

ENGLEWOOD, COLO. — Hamilton Zanze has purchased the 238-unit Oxford Station apartment complex in Englewood for $60 million. The community is located at 4101 S. Navajo St. The asset features two five-story buildings that offer a mix of studio to two-bedroom units. Oxford Station was 96 percent occupied at the time of sale. Community amenities include a fitness center with virtual workout classes, skylevel entertainment lounge, social lounge, zen lounge, pet washing station and dog park, on-site secure storage, enclosed bicycle parking, pool with hot tub and barbeque area, outdoor gaming area, bike, ski and board repair station, and structured parking. CBRE’s David Potarf represented Hamilton Zanze.

November 8, 2017

California Retail Western

NewMark Merrill Acquires 116,832 SF Retail Center in Southern California

by Nellie Day November 8, 2017

PLACENTIA, CALIF. — NewMark Merrill Cos. LLC has acquired Placentia Town Center, a 116,832-square-foot shopping center in Placentia, a city in Southern California. The sales price was not disclosed. Marshall’s, Ross Dress for Less and CVS/pharmacy anchor Placentia Town Center, which was 96 percent leased at the time of sale to tenants including Bank of America, Massage Envy, Baskin Robbins, The Whole Enchilada, Avalon Bagels & Burgers, Philly’s Best and Craftsman Pizza. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison of NewMark Merrill represented the company internally in the transaction, with support from Alex Kozakov of CBRE. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark Knight Frank represented the seller, Retail Properties of America Inc.

November 8, 2017

Newer Posts

Older Posts