Property Type

Brookfield Residential Acquires Developer OliverMcMillan, Including ‘Certain Assets’

by John Nelson February 8, 2018

CALGARY, ALBERTA AND SAN DIEGO — Brookfield Residential Properties Inc., the residential development arm of private equity firm Brookfield Asset Management, has closed on its acquisition of OliverMcMillan, a San Diego-based developer of large-scale mixed-use properties. Details of the acquisition were not disclosed, but on a conference call Wednesday (Feb. 7), Brookfield Residential chairman and CEO Alan Norris stated that the acquisition encompasses “certain assets” of OliverMcMillan. According to a release from Brookfield Residential, OliverMcMillan will continue to design and build mixed-use developments and will also continue to manage its existing real estate assets. “We simply could not have found a better long-term home,” says Dene Oliver, CEO of OliverMcMillan, in a prepared statement about the merger with Brookfield Residential. OliverMcMillan has several mixed-use projects under development across the country, including the second phases of River Oaks District in Houston and Buckhead Atlanta in Atlanta’s Buckhead district. As part of the merger, Brookfield Residential is acquiring the future pipeline of these two projects but not the operations of the existing assets, according to a source familiar with the acquisition. The second phase of Buckhead Atlanta includes 315,000 square feet of office space, according to the OliverMcMillan website. The project’s first …

February 8, 2018

Hospitality Illinois Market Reports Midwest Midwest Market Reports

Chicago Hotel Supply Growth Is in Line With Other Markets

by Kristin Harlow February 8, 2018

Back in mid-2017, in a piece that was published right here in Heartland Real Estate Business, I talked about what might be in store for the remainder of the year. Specifically, I wrote that while “concerns about oversupply will likely persist in many [Midwestern] markets,” the outlook was not as grim as some industry analysts had been forecasting — a “second wind in the hotel sector” was “helping to calm the waters.” The general sense was that we would continue to see moderate growth. Happily for hoteliers across the Midwest, the market has played out fairly close to those predictions. A generally better-than-expected second half of the year didn’t allay everyone’s concerns, of course. I participated in an investor call recently with some of our lenders and their local analysts, and they were still talking about the threat of oversupply. They expressed some concerns about the prospect of the hotel boom in my home market of Chicago turning into a bust. Oversupply is a valid concern. From where I stand, however, the pattern over the past six to 12 months is not showing any real sign of changing. While the rate of growth has slowed slightly, the demand side of …

February 8, 2018

California Loans Multifamily Western

G.H. Palmer Receives $233.6M Refinancing for Two LA Multifamily Assets

by Nellie Day February 7, 2018

LOS ANGELES — G.H. Palmer has received $233.6 million in cash-out refinancing for two Los Angeles multifamily assets. Those assets include The Medici at 725 S. Bixel St. and Orsini I at 505 N. Figueroa St. The Medici features studio to three-bedroom floor plans with a 24-hour doorman, complimentary tanning salon, private one-acre park, jogging track, two tennis courts, a putting green, golf driving cages, and several pools and spas. Orsini I features studio to two-bedroom apartments with complimentary yoga classes, a regulation-size indoor basketball court, a movie theatre, karaoke lounge, virtual bowling and golf, a heated swimming pool and spa, private dry saunas and steam rooms, and a rooftop pool and spa overlooking skyline views. The 10-year, non-recourse loan closed at 4.02 percent and was sized at 60 percent of value. Gary M. Tenzer of George Smith Partners was able to arrange the loan with interest-only payments for the entire 10-year term.

February 7, 2018

California Loans Retail Western

HFF Arranges $83.5 Million Loan for 141,420 SF Retail Center in Bay Area

by Nellie Day February 7, 2018

EMERYVILLE, CALIF. — HFF has arranged an $83.5 million loan for Emeryville Public Market, a 141,420-square-foot shopping center in the San Francisco Bay Area community of Emeryville. Peter Smyslowski of HFF arranged the five-year, floating-rate loan through ACORE Capital on behalf of the borrower, a partnership between City Center Realty Partners LLC and Angelo, Gordon & Co. Proceeds of the loan will be used to retire an existing Bank of America loan, complete construction of an additional 26,350 square feet of retail space, add a 300-stall parking structure and expand an on-site public park. Emeryville Public Market is home to tenants including Guitar Center, Urban Outfitters and a food hall. The property was originally constructed in 1920, but underwent expansions and renovations in 1988 and 2017.

February 7, 2018

California Loans Multifamily Western

Ready Capital Closes $8.8M Acquisition Loan for Apartment Building in Hollywood

by Nellie Day February 7, 2018

LOS ANGELES — Ready Capital has closed an $8.8 million loan for the purchase of a 43-unit multifamily property in Hollywood. The community is situated in the Larchmont/East Hollywood neighborhood. The non-recourse, senior, floating-rate bridge loan will be used to acquire, renovate and stabilize the asset.

February 7, 2018

Montana Multifamily Seniors Housing Western

ESI Negotiates $5.7M Sale of 98-Bed Skilled Nursing Facility in Montana

by Nellie Day February 7, 2018

BUTTE, MONT. — Evans Senior Investments (ESI) has arranged the sale of Copper Ridge Health & Rehab Center, a 98-bed skilled nursing facility in Butte, for $5.7 million. Built in 1975, the facility underwent a significant renovation in 2008. The facility operates with 98 functional beds but is licensed for 186 beds. ESI represented the seller, an independent owner-operator. The buyer was a publicly traded healthcare REIT. Eduro Healthcare, a regional operator in the Wisconsin, Colorado and Utah area, will operate the property. Copper Ridge Health & Rehab Center will be Eduro’s first Montana community.

February 7, 2018

California Office Western

The Anti-Recidivism Coalition Leases 12,633 SF of Creative Office Space in Los Angeles

by Nellie Day February 7, 2018

LOS ANGELES — The Anti-Recidivism Coalition (ARC) has leased 12,633 square feet of creative office space at ROW DTLA. The space is located at 1320 E. 7th St. The support network for formerly incarcerated young men and women and advocate for fairer criminal justice policies will relocate from the nearby Perch Building. The lease is for 66 months. The landlord is Alameda Square Owner LLC.

February 7, 2018

Industrial Northeast Office Pennsylvania

Colliers Brokers $36M Sale of Five-Property Portfolio in Philadelphia

by Amy Works February 7, 2018

PHILADELPHIA — Colliers International/Philadelphia has arranged the sale of a five-property portfolio of office and industrial buildings located in the East Callowhill section of Philadelphia. Arts & Crafts Holdings purchased the portfolio for $36 million. Totaling more than 195,000 square feet, the portfolio includes 444 N. Third and 309-15 Callowhill Streets; 437-461 N. Third Street; 827 Spring Garden Street; 854-56 N. Third Street and 302-308 Poplar Street; and 600 Spring Garden Street. Michael Barmash and Michael Kahan of Colliers International/Philadelphia arranged the transaction. The properties were part of the Willow Management Corp.’s family-owned portfolio of industrial and office buildings.

February 7, 2018

Loans Mixed-Use Multifamily New York Northeast Retail

Madison Realty Capital Provides $45.5M in Financing for Condo Development in Manhattan

by Amy Works February 7, 2018

NEW YORK CITY — Madison Realty Capital has provided $45.5 million in financing to a New York-based developer to complete the construction of 22 Bond Street, a mixed-use condominium development in the Noho neighborhood of Manhattan. The 11-story, 34,035-square-foot development features a 4,245-square-foot commercial condominium on the cellar and grade levels and six residential condominiums on the upper floors. The residential condominiums are three-bedroom, 3.5-bath duplex units with private elevator access and terraces. On-site amenities include an outdoor garden, storage and a resident lounge. Completion is slated for spring 2018.

February 7, 2018

Mixed-Use Multifamily New York Northeast

The Vorea Group Acquires Development Site in Queens for $21.6M

by Amy Works February 7, 2018

NEW YORK CITY — The Vorea Group has purchased a development site, located at 45-57 Davis St. in the Long Island City neighborhood of Queens, for $21.6 million. Stephen Preuss of Cushman & Wakefield represented the seller, 45-57 Realty Corp., in the transaction. The site comprises three contiguous tax lots and offers 108,000 buildable square feet within multiple zoning districts, allowing for mixed-use, residential and commercial development.

February 7, 2018

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