Top Stories

Joint Venture Acquires 558-Unit Affordable Seniors Community in Brooklyn for $150M

by Kristin Harlow November 16, 2018

NEW YORK CITY — Jonathan Rose Cos., The NHP Foundation and Nuveen have acquired Shore Hill Housing, a two-building, 558-unit affordable seniors housing property in Brooklyn, for approximately $150 million. The seller was NYU Langone, a hospital system with many buildings located adjacent to the site. The property consists of two interconnected, 14-story towers in the Bay Ridge section of Brooklyn totaling 414,127 square feet. The property was built in 1977 and sits on 2.7 acres along Shore Road. The unit mix includes 325 studios and 233 one-bedrooms. The buyers financed the acquisition with a $102 million Freddie Mac loan arranged through PGIM Real Estate Finance. The Rose Affordable Housing Preservation Fund IV LP, along with joint-venture partner NHP and Nuveen, will invest $52 million of equity in the property. “We are making a long-term investment to preserve an important affordable housing property for seniors with a conventional debt and private equity execution,” says Joshua Plattner, who led the acquisition for Rose. The venture will invest in capital improvements to increase energy efficiency, reduce the carbon footprint and enhance the resident services at Shore Hill as part of Rose’s Communities of Opportunity programming. “We are excited about the opportunity to …

November 16, 2018

Acquisitions Hospitality Michigan Midwest Retail Top Stories

VICI Properties, Penn National Buy Downtown Detroit Casino for $1B

by Alex Tostado November 15, 2018

DETROIT — VICI Properties Inc. (NYSE: VICI) and Penn National Gaming Inc. (NASDAQ: Penn) have purchased the Greektown Casino-Hotel in downtown Detroit for $1 billion in an all-cash deal. VICI Properties will be the majority owner, contributing approximately $700 million for the land and real estate assets. Penn National will supply the remaining $300 million for the operating assets. VICI Properties, a New York-based REIT, simultaneously entered into a triple-net lease agreement with Penn National. The lease will have an initial rent of $55.6 million annually for 15 years with four five-year renewal options. Greektown opened in 2000 and features over 10,000 square feet of casino space, about 2,700 gaming machines, three restaurants and a 400-room hotel. Greektown employs about 1,800 people. “We are proud to expand our partnership with Penn National and add Greektown to our growing portfolio of market-leading gaming, hospitality and entertainment destinations,” says John Payne, president and chief operating officer of VICI Properties. “As the only casino located in Detroit’s historic Central Business District, Greektown, and its 30-story hotel tower, are ideally situated.” The Detroit Free Press reports Dan Gilbert, founder of Quicken Loans and owner of the Cleveland Cavaliers, is the seller. Gilbert is expected …

November 15, 2018

Hospitality Loans New York Northeast Top Stories

MCR, BLT Secure $647.5M Refinancing for 53-Property Hotel Portfolio

by David Cohen November 14, 2018

NEW YORK CITY — A joint venture between hotel owner-operator MCR and real estate developer and manager Building and Land Technology has secured a $647.5M refinancing for a 53-property hotel portfolio spanning 15 states and 31 markets. The 5,958-room portfolio includes 33 Marriot-branded properties and 20 Hilton-branded properties. The assets are 12 years old on average. Bank of America led the financing, which also included Wells Fargo and two mezzanine lenders. The proceeds will go towards repaying current loans as well as returning capital to the joint venture. Terms of the financing were not disclosed. MCR has offices in New York City and Dallas and is the sixth-largest hotel owner-operator in the United States. MCR’s hotels are operated under 11 different brands. Stamford, Connecticut-based BLT was founded in 1982 and has invested in more than 25 million square feet of commercial, hotel and residential properties across 26 states. — David Cohen

November 14, 2018

Company News Development New York Northeast Office Southeast Top Stories Virginia Washington Western

Amazon Selects New York City, Northern Virginia for $5B Second Headquarters, Nashville for Operations Hub

by John Nelson November 13, 2018

SEATTLE — Amazon (NASDAQ: AMZN) has officially selected New York City and Arlington, Va., as the homes for its second headquarters, confirming reports last week of the e-commerce giant’s decision to split HQ2. Amazon will invest $5 billion and create more than 50,000 jobs across the two new headquarters locations, with more than 25,000 employees in each new headquarters. Both campuses will feature 4 million square feet of new office space, which is expandable up to 8 million square feet at each location. New York City and Arlington will join Seattle as the company’s three headquarters in North America. “These two locations will allow us to attract world-class talent that will help us to continue inventing for customers for years to come,” says Jeff Bezos, founder and CEO of Amazon. “The team did a great job selecting these sites, and we look forward to becoming an even bigger part of these communities.” The New York location will be in Queens’ Long Island City neighborhood. The Arlington office will be in River Landing, a newly branded neighborhood encompassing parts of Pentagon City and Crystal City in Arlington and Potomac Yard in nearby Alexandria. Amazon estimates the incremental tax revenue to exceed $10 billion for the New York location …

November 13, 2018

Loans Multifamily Top Stories

Starlight Investments Receives $800.4M Refinancing for 23-Property Multifamily Portfolio

by Taylor Williams November 12, 2018

TORONTO — Starlight Investments, a Toronto-based investment and asset management firm, has received $800.4 million in refinancing for 23 of its multifamily properties in the United States. The portfolio of Class A assets totals 7,289 units across eight states. Specific markets in which the properties are located include Atlanta, Charlotte, Dallas, Denver, Houston, Las Vegas, Nashville, Orlando, Phoenix, Raleigh, San Antonio and Tampa. The average year of construction for the portfolio is 2012 and the average overall occupancy rate is 93 percent. The names of the properties were not disclosed. The financing package was originated as a Freddie Mac structured pool transaction, with five-, six- and seven-year loan terms and a mix of fixed and floating interest rates. Approximately half the units were financed under Freddie Mac’s Green Advantage program, which is available to borrowers that implement energy- and water-saving features to their multifamily properties. Matt Kafka, Campbell Roche and Matthew Williamson, Tolu Akindele and Wilson Bauer of HFF placed and serviced the financing on behalf of Starlight Investments and its closed-end fund, Starlight U.S. Multi-Family (No. 5) Core Fund. “Given the high-performing nature of the assets and diversity of the income stream, Freddie Mac’s Structured Solutions Group was able …

November 12, 2018

Development Georgia Industrial Southeast Top Stories

Chesterfield, Stonemont Financial Unveil Development Plans for 1,150-Acre Industrial Park in Savannah, Georgia

by Kristin Harlow November 9, 2018

SAVANNAH, GA. — Chesterfield and Stonemont Financial Group have unveiled development plans for Georgia International Trade Center (GITC), a 1,150-acre, Class A industrial park in Savannah. The rail-served park will be located within 10 miles of the Georgia Ports Authority’s Garden City Terminal, which is part of the Port of Savannah. At full buildout, the logistics campus will feature up to 7.2 million square feet of light industrial and manufacturing warehouse space. The first two speculative buildings, Buildings 1A and 1B, are slated for completion in late 2019. Building 1A will span 407,000 square feet and include clear heights of 36 feet, while the 155,000-square-foot Building 1B will feature 32-foot clear heights. “The Georgia ports continue to drive import, export and e-commerce traffic throughout the entire Southeast region,” says Zack Markwell, founder and CEO of Stonemont. “The Port [of Savannah] has seen tremendous growth in recent years, but it needs more distribution and warehouse capacity to support customers’ increasing needs.” Over the next 10 years, the Georgia Ports Authority will grow the Port of Savannah’s annual capacity to 8 million 20-foot equivalent container units, according to Griff Lynch, executive director for the organization. GITC will provide direct access to Interstates …

November 9, 2018

Indiana Midwest Multifamily Top Stories

Wilkinson, Torchlight Investors Purchase Five-Property Multifamily Portfolio in Indianapolis for $121.5M

by Katie Sloan November 8, 2018

INDIANAPOLIS — A joint venture between Wilkinson Corp. and Torchlight Investors has purchased a five-property multifamily portfolio in Indianapolis. Hampshire Properties Ltd. sold the portfolio for $121.5 million, according to the Indianapolis Business Journal. The portfolio consists of nearly 2,000 units. Berkadia’s Atlanta office originated the senior mortgage loan for the acquisition. Wilkinson’s affiliated property management company, Wilkinson Asset Management, has assumed management responsibilities of the communities. The joint venture plans to invest several million dollars to refresh the exterior designs, amenities and unit interiors. The properties will be rebranded with different names. The acquired communities include: Riverwood Apartments, a 120-unit community located at 5830 River Wood Drive on the north side of Indianapolis. The property will be rebranded The Preserve on Allisonville, and will receive a full renovation to the exterior and interiors. Woods Edge Apartments, a 190-unit community located at 6401 Woods Edge North Drive. The property will be rebranded Parkside at Castleton Square, and will receive interior renovations, as well as upgrades to the exterior and amenity spaces. Villa Nova Apartments, a 126-unit community located at 8760 LeMode Court. The community will be renamed The Elliott at College Park, and is set to undergo exterior and interior renovations, …

November 8, 2018

Company News North Carolina Retail Southeast Top Stories

Private Equity JV Agrees to Acquire Fast-Food Chain Bojangles’ for $593.7M

by David Cohen November 7, 2018

CHARLOTTE, N.C. — A joint venture between private equity firms Durational Capital Management LP and The Jordan Company LP has agreed to acquire chicken-and-biscuits chain Bojangles’ Inc. for $593.7 million in an all-cash transaction. Bojangles’ (NASDAQ: BOJA) stockholders will receive $16.10 in cash for each share held, representing a 15 percent premium to the closing share price of Sept. 27, a day prior to a published report by Reuters that the company was exploring alternatives including a sale. The deal is expected to close in the first quarter of 2019 and is subject to shareholder approval. Once the transaction closes, Bojangles’ will operate as an independent, privately held company based in Charlotte. “For the Bojangles’ family of employees, franchisees, and our customers, today’s announcement represents an exciting next phase for this great brand,” says Randy Kibler, Bojangles’ interim president and CEO. “The new ownership group is committed to maintaining the qualities of this brand that have sustained it for over four decades.” Jack Fulk and Richard Thomas founded Bojangles’ in Charlotte in 1977. As of July 1, 2018, the company had 766 locations, of which 325 were company operated and 441 were franchised. The locations are primarily located in the Southeastern United States. “Bojangles’ is …

November 7, 2018

Company News North Carolina Retail Southeast Top Stories

Lowe’s to Close 20 Underperforming Stores in U.S., 31 in Canada

by John Nelson November 6, 2018

MOORESVILLE, N.C. — Lowe’s Cos. Inc. (NYSE: LOW) has unveiled its plans to close 20 underperforming stores in the United States as part of its ongoing strategic reassessment. Additionally, the company will close 31 Canadian stores. The Mooresville-based home improvement retailer stated that most associates at these stores will be extended opportunities to transition to a similar role at a nearby Lowe’s store. The majority of affected stores are located within 10 miles of another Lowe’s store. Lowe’s expects to close the impacted stores by Feb. 1, 2019, which is the end of the company’s 2018 fiscal year. The list of the closed stores can be found here. The company intends to conduct store-closing sales for most of the impacted locations, with the exception of select stores in the U.S. that will close immediately. “The store closures are a necessary step in our strategic reassessment as we focus on building a stronger business,” says Marvin Ellison, president and CEO of Lowe’s. Previously the CEO of J.C. Penney, Ellison was appointed over the summer to lead Lowe’s, taking over for Robert Niblock. Shortly after the hire, Lowe’s announced plans to close all 99 Orchard Supply Hardware stores, as well as a …

November 6, 2018

California Development Retail Top Stories Western

Taubman Centers Completes $500M Redevelopment of Los Angeles Mall

by Taylor Williams November 5, 2018

LOS ANGELES — Michigan-based Taubman Centers Inc. (NYSE: TCO) has completed its $500 million redevelopment of Beverly Center, an 883,000-square-foot shopping mall in Los Angeles. Bloomingdale’s and Macy’s currently anchor the eight-story property, which is home to more than 100 tenants. In terms of design, the redevelopment delivered new and expanded floor openings that allow more natural light into the building, as well as an exterior LED lighting system. The property’s street-level landscaping was upgraded, and more open spaces for hosting events were incorporated into the new design. Italian firm Studio Fuksas designed the project. More than 30 new retail and restaurant tenants have been announced at Beverly Center. Included in the new lineup of retailers are Apple, Brooks Brothers, Kiehl’s, Michael Kors, Polo Ralph Lauren and Zara. Zara will occupy a 28,300-square-foot space, making this location Zara’s largest in Los Angeles. New dining concepts include sit-down, full-service restaurants like Farmhouse Los Angeles and Yardbird Southern Table & Bar, as well as fast casual eateries such as Eggslut, Coffee Commissary and Pitchoun! Bakery & Café. “Even before the renovation was complete, traffic and sales productivity materially improved, and the center continues to perform above our expectations,” said William Taubman, COO …

November 5, 2018

Newer Posts

Older Posts