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Affordable HousingMixed-UseMultifamilyNew YorkNortheastRetailTop Stories

Douglaston Development Breaks Ground on $320M Multifamily Project in Brooklyn

by Katie Sloan

NEW YORK CITY — Douglaston Development has started construction of a $320 million multifamily project in the New York City borough of Brooklyn. The 474,000-square-foot development is located at 1057 Atlantic Ave. in the Bedford-Stuyvesant neighborhood. Upon completion, the community will rise 17 stories and offer 456 units of mixed-income housing. The units, 137 of which will be affordable housing, will be offered in one-, two- and three-bedroom configurations.  A partnership between BEB Capital and Totem began assembling the site in 2019. Douglaston recently acquired the site for $66 million from the partnership, retaining both parties as co-developers for the project. TerraCRG brokered the transaction. Shared amenities will include a fitness center, lounge, golf simulator, game room, screening room, children’s playroom and a landscaped rooftop deck with views of Brooklyn and the Manhattan skyline. In addition to the residential portion of the community, the development will also feature 31,000 square feet of ground-floor retail space. Greystone Capital Advisors arranged funding for the project, which includes $185 million in construction financing placed through Wells Fargo Bank, M&T Bank and BankUnited. Funds managed by Ares Real Estate have also acquired preferred interest in the development, which is slated for completion in late 2025.  New …

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AcquisitionsLife SciencesMassachusettsNortheastTop Stories

Moderna Acquires 140,000 SF Biomanufacturing Facility Near Boston for $91M

by Kristin Harlow

MARLBOROUGH, MASS. — Pharmaceutical giant Moderna Inc. has acquired a newly constructed biomanufacturing facility totaling 140,000 square feet in the Boston suburb of Marlborough for $91 million. Oxford Properties Group sold the speculative property, which is located at 149 Hayes Memorial Drive. Oxford originally acquired the vacant, 24-acre site in 2021 and developed it into a two-story, purpose-built biomanufacturing facility. The development features a clear height of 36 feet, four loading docks and multiple freight elevators. The facility is scheduled to open in late 2024 after undergoing substantial build-out for Moderna, which plans to generate more than 200 new jobs in Marlborough by 2026. “While initially developed with a plan to lease the asset and hold for the long term, Moderna’s unsolicited offer to acquire the property allowed us to expedite our business plan execution,” says Chad Remis, Oxford’s North America executive vice president. Oxford’s biomanufacturing portfolio in North America totals 1.4 million square feet with an additional development pipeline of roughly 600,000 square feet. Its largest concentration of facilities is in the Boston region. The Boston metro area ended 2022 with $6.7 billion in life sciences venture capital funding, according to Oxford. “Boston continues to be an unparalleled market …

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CivicDevelopmentKansasLife SciencesMidwestTop Stories

McCarthy, Mortenson Complete $940M Animal Disease Research Facility in Manhattan, Kansas

by Jeff Shaw

MANHATTAN, Kan. — McCarthy Mortenson NBAF, a joint venture between builders McCarthy Building Cos. and Mortenson Construction, has completed the National Bio and Agro-Defense Facility (NBAF) in Manhattan, approximately 55 miles west of Topeka and 115 miles west of Kansas City. Development costs for the animal disease research facility were estimated at $940 million. Developed to ensure public health and the safety and security of the nation’s food supply, the 707,000-square-foot facility is located on a 48-acre site. It is designed with stringent containment, blast-resistant and anti-terrorism requirements, as well as the Nuclear Regulatory Commission (NRC) high-wind design criteria adopted by the Department of Homeland Security. NBAF features laboratories functioning at multiple biosafety levels, including the first facility in the United States with biosafety level 4 containment capable of housing large livestock. The lab portions total 574,000 square feet, while the freestanding, 87,000-square-foot Central Utility Plant houses boilers, chillers, emergency diesel generators and other support elements for the main laboratory facility. In addition to having multiple laboratories, NBAF will also have a biologics development module to explore the development and production of potential vaccines, diagnostic platforms and veterinary medical countermeasures. The property will functionally replace the aging Plum Island Animal …

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AcquisitionsCompany NewsRetailTop Stories

Global Net Lease to Acquire Necessity Retail REIT, Creating $9.6B Shopping Center Company

by Jeff Shaw

NEW YORK CITY — Global Net Lease (NYSE: GNL) and The Necessity Retail REIT (NASDAQ: RTL) have entered into a merger agreement under which GNL will acquire RTL in an all-stock transaction. The combined company is expected to own and manage over 1,350 properties with an aggregate real estate asset value of approximately $9.6 billion. Under terms of the merger agreement, GNL stockholders are expected to own approximately 45 percent of GNL post-closing, RTL stockholders are expected to own about 39 percent, and the owner of the former external manager is expected to own up to 17 percent.  The merger is projected to generate approximately $21 million in annual cash savings realized within 12 months of transaction close, according to the companies. The combined entity will be internally managed, with external asset and property management functions to be performed by AR Global. Internalizing management is expected to result in approximately $54 million in annual cash savings. Headquartered in New York City, Global Net Lease is a publicly traded REIT that focuses on commercial properties with an emphasis on sale-leaseback transactions involving single-tenant, mission-critical, income-producing net lease assets across the United States and in Europe. Its portfolio features 311 properties totaling 39.3 million square feet across 11 …

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700-North
AcquisitionsArizonaLoansMultifamilyTop StoriesWestern

IPA Arranges Sale of 234-Unit High-Rise Apartment Complex in Downtown Phoenix

by Katie Sloan

PHOENIX — Institutional Property Advisors (IPA) has arranged the sale of and acquisition financing for 700 N. 4th St., a multifamily high-rise in downtown Phoenix.  The 27-story property offers 234 luxury units in studio, one-, two- and three-bedroom configurations near the city’s Roosevelt Row Arts District. Units average around 643 square feet and include 9-foot, floor-to-ceiling windows; stackable washers and dryers; walk-in showers; and keyless smart lock entry. The community was built in 2021, according to Apartments.com. The community features an eighth-floor amenity deck, 27th-floor sky lounge and a rooftop deck. Shared amenities include a fitness center, resort-style swimming pool and spa, demonstration kitchen with bar seating, and collaborative and private work spaces.  Steve Gebing, Cliff David and Peter Katz of IPA represented the undisclosed seller and procured the buyer, Weidner Apartment Homes, in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA’s capital markets team arranged acquisition financing on behalf of the buyer. The price was not disclosed. A number of multifamily developments are currently underway in Phoenix, underscoring demand for this type of property within the market. Recent projects include a 403-unit community in Phoenix’s midtown neighborhood; a 19-building multifamily project that is nearing …

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LoansMultifamilyTexasTop Stories

ZOM Living Receives $109M Refinancing for Atelier Luxury Apartment Tower in Dallas

by Kristin Harlow

DALLAS — ZOM Living has received a $109 million loan for the refinancing of Atelier, a 41-story luxury apartment tower in the Dallas Arts District. The property consists of 417 units, including 53 lofts. Floor plans range from 500 to 2,300 square feet. Designed by Stantec, Atelier features a lobby meant to emulate an art gallery. Local organizations showcase rotating public art installations and host events on site. The property also features 15,000 square feet of ground-level retail space that is leased to dining, arts and entertainment concepts. Atelier is roughly 93 percent leased. Amenities include an infinity edge pool, yoga lawn, outdoor lounge, fitness center, coworking space, private wine lockers, an entertainment lounge, catering kitchen, resident market and pet spa. The building is within walking distance of the AT&T Performing Arts Center, the Dallas Museum of Art, the Crow Museum of Asian Art and the Nasher Sculpture Center. ZOM continues to expand its footprint in the Texas market, where it has had an active presence for the past 20 years and has completed over a dozen residential projects. “This refinancing underscores the strength of the Texas market, which is experiencing a surge in housing demand and leads the nation …

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H-2-New-Brunswick
DevelopmentLife SciencesNew JerseyNortheastTop Stories

SJP Properties Unveils Plans for Next Phases of $731M Life Sciences Development in New Brunswick, New Jersey

by Taylor Williams

NEW BRUNSWICK, N.J. — New York City-based SJP Properties has unveiled plans for the second and third phases of the HELIX Health + Life Science Exchange, a $731 million life sciences development in New Brunswick, about 45 miles south of Manhattan. Developed in partnership with New Brunswick Development Corp., Phase II of the project will be known as H-2 and will feature 600,000 square feet of build-to-suit lab and office space that can accommodate a range of users. The final phase of HELIX, H-3, will include a 42-story mixed-use building that will have traditional office space and 220 units of housing in addition to life sciences space. The first phase of HELIX, known as H-1, is currently under construction adjacent to Rutgers University’s campus in the downtown area. Totaling 574,000 square feet, H-1 will house the New Jersey Innovation HUB, the new home of Rutgers Robert Wood Johnson Medical School and a Rutgers translational research facility equipped with a variety of labs. The initial phase of the project will also have a 10,000-square-foot market hall with food options and a 3,000-square-foot restaurant that opens onto a 70-foot-wide plaza. The site of the four-acre innovation district is across the street from …

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FloridaHospitalityLoansSoutheastTop Stories

Walker & Dunlop Arranges $140M Refinancing for Soho Beach House Club, Hotel in Miami Beach

by John Nelson

MIAMI BEACH, FLA. — Walker & Dunlop Inc. has arranged a $140 million loan for the refinancing of Soho Beach House, a private members club and hotel in Miami Beach. Located along Collins Avenue, the property includes a seven-story main building with 35 suites and amenities and a 16-story beachfront tower comprising 15 full-floor suites. JPMorgan Chase Bank NA and Citi Real Estate Funding Inc. provided the 10-year, fixed-rate, interest-only loan. The borrower, an affiliate of global private members social club Soho House & Co. (SHCO), is using the proceeds to repay existing debt, repatriate equity and cover financing and closing costs. Jonathan Schwartz, Aaron Appel, Adam Schwartz, Keith Kurland, Ari Hirt, Triston Stegall and David Kasten of Walker & Dunlop arranged the loan. The team brought in numerous financing options for the borrower, an entity doing business as Beach House Owner LLC, which ultimately chose the loan package from JPMorgan Chase and Citi. “We were able to differentiate Soho Beach House as a marquee asset given the sustainability of its highly recurring membership revenue model and the impressive profitability of the asset through the cycle,” says Hirt, managing director at Walker & Dunlop. “In this challenging capital markets environment, …

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AcquisitionsCompany NewsConnecticutFloridaNortheastRetailSoutheastTop Stories

Regency Centers Agrees to Acquire Urstadt Biddle Properties in $1.4B Shopping Center REIT Merger

by Jeff Shaw

JACKSONVILLE, FLA., AND GREENWICH, CONN.— Jacksonville-based REIT Regency Centers (NASDAQ: REG) has agreed to acquire Urstadt Biddle Properties (NYSE: UBA) in a an all-stock transaction valued at $1.4 billion, including the assumption of debt and preferred stock. Urstadt Biddle Properties is a REIT based in Greenwich that primarily invests in shopping centers. The combined company will have a market capitalization of approximately $11 billion and total enterprise value of approximately $16 billion. The combined portfolio will comprise 56 million square feet of gross leasable area across 481 properties. Regency acquired the company to help expand its footprint in grocery-anchored shopping centers in suburban trade areas in the U.S. Under the terms of the agreement, Urstadt Biddle’s stockholders will receive 0.347 of a newly issued REG share for each UBA or UBP share they own. This represents a total consideration of $20.40 per share based on Regency’s closing share price on May 17, 2023. Upon closing, Regency shareholders will own 93 percent of the combined company, while Urstadt Biddle shareholders will own three percent. The respective boards of directors of both Regency and Urstadt Biddle have each approved the transaction. “The portfolio that Urstadt Biddle has carefully assembled over more than …

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FloridaLoansMultifamilySoutheastTop Stories

JLL Arranges $219.9M Recapitalization for Landmark South Apartment Community in Metro Miami

by Jeff Shaw

DORAL, FLA. — JLL Capital Markets has arranged the recapitalization of Landmark South, a multifamily community featuring 631 units in the Miami suburb of Doral. The financing comprises a five-year, $154.1 million senior loan through Freddie Mac Multifamily, which JLL Real Estate Capital LLC will service, as well as a $65.8 million preferred equity investment from Pensam.  Located at 6055 N.W. 105th Court, the property was built in two phases in 2017 and 2021. Apartments at the community average 1,017 square feet and feature terraces, courtyard views, stainless steel appliances, in-unit washers and dryers and walk-in closets. Amenities include grilling stations, outdoor courtyards and fitness centers. Rental prices begin at $2,194 per month, according to the community’s website.  Jesse Wright, Brian Gaswirth, Maurice Habif, Simon Banke and Ted Taylor of JLL secured the financing on behalf of the borrower, JSB Capital Group, a privately held investment firm with offices in Miami, New York City and Baltimore with a focus in multifamily assets.  Pensam is a Miami-based multifamily investment platform that has invested $7.5 billion across 50,000 apartments to date.  “This was not a transaction short on complexity or volatility,” says Jared Frydman, senior managing director of JSB. “Landmark South is …

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