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Television-City
CaliforniaDevelopmentMixed-UseOfficeRetailTop StoriesWestern

Report: Los Angeles City Council Approves $1B Redevelopment of Television City Studios 

by Katie Sloan

LOS ANGELES — The Los Angeles City Council approved plans for the $1 billion redevelopment of Television City studios at 7800 Beverly Blvd. on Tuesday, according to reports by the Los Angeles Times.  The landmark property was designed by architect William Pereira and developed in 1952. The studios have since been home to TV programs including “The Carol Burnett Show,” “The Ed Sullivan Show,” “Wheel of Fortune,” “Good Times” and “All in the Family.”  The redevelopment project is headed by Hackman Capital Partners, which acquired the property from CBS in 2018 for $750 million. Multiple plans for the site have been submitted over the course of the past two years due to pushback from the local community, according to the LA Times. Owners of nearby establishments including A.F. Gilmore Co. of the Original Farmers Market and Grove LLC — which owns The Grove shopping center developed by Rick Caruso — have sided with neighborhood groups against the project claiming it was too big and would make local traffic significantly worse, according to the newspaper.  In response to these requests, Hackman worked with the city council to produce the recently approved plans for the project, which include the removal of 15-story, 150,000-square-foot office tower …

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Capital-Markets-Panel_Philadelphia-Seniors-Housing-Conference
FeaturesMultifamilySeniors Housing

Why Are So Many Seniors Housing Lenders Still on the Sidelines? Capital Markets Panel Weighs in

by Taylor Williams

By Matt Valley PHILADELPHIA — Despite industry-wide improvement in operating performance, many senior living providers are still finding it difficult to secure bank financing. Kathleen Shields, founder and president of Health Financing Consultants, said there are three root causes of the problem, starting with insufficient cash flow. “Operators have done a good job of pushing through [rental] rate increases in order to keep up with inflation and higher interest rates. So, the margins are normalizing and getting a little bit better. But banks are looking for historical cash flow of at least six months, if not 12, at coverage levels that they’re comfortable with. And I’m not hearing 1.25 anymore [for the debt-service coverage ratio]. I’m hearing more like 1.4,” explained Shields, a panelist at the InterFace Seniors Housing Northeast conference, which took place Dec. 4-5 in Philadelphia. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. “It depends on the lender, but you do need to have a track record of historical cash flow that supports your request, and that’s not easy,” emphasized Shields.  The other two main …

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HospitalityLoansTexas

CIM Group Funds $90M Loan for Refinancing of Downright Austin Hotel

by Taylor Williams

AUSTIN, TEXAS — Los Angeles-based CIM Group has funded a $90 million loan for the refinancing of the 367-room Downright Austin hotel, located at 701 E. 11th St. in the state capital’s downtown area. The 16-story hotel, which was recently renovated, is operated under the Renaissance by Marriott brand and offers amenities such as a fitness center, outdoor pool, café, multiple onsite food-and-beverage options and approximately 30,000 square feet indoor/outdoor meeting and event space. Suites are also available as part of the accommodations package. The borrower is Brookfield Asset Management.

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Waterstone-at-Cinco-Ranch
LoansMultifamilyNorthmarqTexas

Northmarq Provides $25.2M Agency Loan for Refinancing of Metro Houston Apartment Complex

by Taylor Williams

KATY, TEXAS — Northmarq has provided a $25.2 million Freddie Mac loan for the refinancing of Waterstone at Cinco Ranch, an apartment complex located in the western Houston suburb of Katy. According to Apartments.com, the property was built in 2013 and totals 206 units. Residences come in one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, outdoor grilling and dining stations, game room and a car care center. Greg Duvall led the Northmarq team that originated the seven-year, fixed-rate loan. The borrower was not disclosed.

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The-Monarch-Allen
LoansMultifamilyTexas

JLL Arranges Construction Financing for 325-Unit Multifamily Project in Allen, Texas

by Taylor Williams

ALLEN, TEXAS — JLL has arranged an undisclosed amount of construction financing for The Monarch, a 325-unit multifamily project in the northeastern Dallas suburb of Allen. The Monarch will be situated on 4.7 acres and will offer one-, two- and three-bedroom units with an average size of 931 square feet. Amenities will include a pool, fitness center and outdoor grilling and dining stations. John Brownlee, Bo Beidleman, Chad Lisbeth and Jordan Buck of JLL arranged the four-year, floating-rate loan through Kennedy Wilson on behalf of the developer, Zale Properties. Completion is slated for the first quarter of 2027.

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AcquisitionsRetailTexas

Woodmont Co. Negotiates Sale of 85,421 SF Retail Property in Grapevine, Texas

by Taylor Williams

GRAPEVINE, TEXAS — Locally based brokerage firm The Woodmont Co. has negotiated the sale of Grapevine Centre, an 85,421-square-foot retail property located in the northern-central part of the metroplex. The center was fully leased at the time of sale to tenants such as Petco, Harbor Freight Tools, Joann Fabrics, Dollar Tree and Angel’s Attic. Russel Wehsener and Bryan Dyer of Woodmont represented the seller in the transaction. Roger Smeltzer of Vision Commercial represented the undisclosed buyer.

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AcquisitionsIndustrialTexas

IOV Buys 3.6-Acre Industrial Outdoor Storage Facility in Garland, Texas

by Taylor Williams

GARLAND, TEXAS — Illinois-based Industrial Outdoor Ventures (IOV) has purchased a 3.6-acre industrial outdoor storage (IOS) facility in Garland, a northeastern suburb of Dallas. The property at 2210 Hightower Drive houses an 18,564-square-foot building with 20-foot clear heights and six drive-in doors. Caleb McCoy and Paul Davis of JLL represented the undisclosed seller in the transaction and are marketing the facility for lease.

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Faropoint-Greenwich-New-Jersey
DevelopmentIndustrialNew JerseyNortheast

Faropoint to Develop 73,800 SF Industrial Project in Greenwich, New Jersey

by Taylor Williams

GREENWICH, N.J. ­— New Jersey-based Faropoint will develop a 73,800-square-foot industrial project in Greenwich, located on the Delaware Bay in Southern New Jersey. The site spans 9.2 acres along Swedesboro Road, and the facility will feature a clear height of 32 feet, two drive-in doors and an ESFR sprinkler system. Wendy Banscher of Fox & Roach represented the undisclosed sellers in the land deal, while Faropoint was self-represented. A construction timeline was not disclosed.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Negotiates $5.6M Sale of Two Brooklyn Apartment Buildings

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has negotiated the $5.6 million sale of two apartment buildings totaling six units in the Carroll Gardens area of Brooklyn. The buildings at 431-433 Court St. were originally built in 1920 and house two-bedroom units, as well as a ground-floor retail space occupied by Citizens Bank. Matt Fotis of Marcus & Millichap represented the seller in the transaction and procured the buyer, both of which were local private investors that requested anonymity.

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AcquisitionsDevelopmentDistrict of ColumbiaLeasing ActivityOfficeSoutheast

BXP Purchases 12-Story Office Building in DC, Plans Major Redevelopment

by John Nelson

WASHINGTON, D.C. — BXP, a publicly traded office REIT that was previously known as Boston Properties Inc., has closed on its purchase of 725 12th Street, a 12-story office building in Washington, D.C.’s East End. The Boston-based firm acquired the 300,000-square-foot property for $34 million. The seller was not disclosed. BXP plans to demolish the office building and redevelop the site to make way for a new 320,000-square-foot, Class A office property. The REIT recently signed law firm McDermott Will & Emery to occupy approximately 150,000 square feet across the top five levels of the new office development. Lou Christopher, Jordan Brainard, Rob Copito and Clay Hammerstein of CBRE represented McDermott Will & Emery in the lease negotiations. Evan Behr of JLL represented the landlord. BXP expects to deliver the new office building in late 2028.

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