STOCKTON, CALIF. — BridgeCore Capital has closed a $5.1 million loan for a multifamily property in Stockton. The undisclosed borrower required a non-recourse bridge loan to refinance the recently renovated apartment complex. Existing loans with the senior and multiple junior lien holders had matured and required a swift pay-off, as well as a new second trust deed loan to satisfy outstanding debt. The loan features a 12-month term, including one six-month extension option, which will allow the borrower to either execute an exit strategy through a sale or to refinance through a conventional lender for long-term financing.
STOCKBRIDGE, GA. — Viking Capital has acquired Marbella Place, a 368-unit apartment community in the south Atlanta suburb of Stockbridge. The Tysons, Va.-based multifamily investment firm purchased the property from the undisclosed seller for $52.7 million. Marbella Place, built in 1999 and fully renovated in 2017, is a 351,640-square-foot complex. The property features a pool, two playgrounds, a newly redesigned clubhouse and detached garages. The apartment complex is situated at 3470 Mountain Zion Road, 13 miles south of Hartsfield-Jackson Atlanta International Airport. The property has one-, two- and three- bedroom apartment homes with oversized closets and kitchens with both a microwave and icemaker.
COLUMBUS, OHIO — Washington Prime Group Inc. (NYSE: WPG) has completed its previously announced 1-for-9 reverse stock split of its common stock. Every nine issued and outstanding shares of common stock have been converted into one share of common stock, effective Dec. 22. A company performs a reverse stock split to boost its stock price by decreasing the number of shares outstanding, according to Investopedia. Reverse stock splits are usually pursued in an effort to prevent a stock from being delisted or to improve a company’s image and visibility. Washington Prime Group’s current share is 85 cents per share, as of Friday, Dec. 18. Columbus-based Washington Prime Group is a retail REIT that owns, manages, acquires and develops shopping centers nationwide.
SAN FRANCISCO — DoorDash, a technology-based food delivery company, debuted on the New York Stock Exchange on Wednesday, Dec. 9 offering its initial public offering at $102 per share, which was above its previous range of $90 to $95. The company closed its first day of trading with an 86 percent increase in pricing to $189.51, for a total valuation of $60.2 billion, or 17 times revenue. The San Francisco-based door-to-door delivery service focuses primarily on restaurant deliveries, which resulted in a 268 percent revenue growth in the third quarter, up to $879 million, from the previous year. Additionally, during the first nine months of 2020, DoorDash’s order volume soared to $16.5 billion, from $5.5 billion last year. According to the company’s prospectus, it has 390,000 merchants on its platform, ranging from fast-food chains like Chick-fil-A, Chipotle and McDonald’s to upscale restaurants that have been forced to rely on delivery services during the COVID-19 pandemic. The company has rapidly expanded its business and services to meet the needs of customers during the pandemic and has implemented practices and strategies that reduced its losses, resulting in profits on every order.
BOSTON — Wayfair Inc. (NYSE: W), a Boston-based e-commerce firm specializing in home furniture, reported an increase of 66.5 percent in total net revenue during its third-quarter earnings call on Tuesday, Nov. 3. The company’s impressive year-over-year revenue growth from $1.5 billion to $3.8 billion caused its stock price to shoot up about 13 percent in early-hours trading before closing at $274.11 per share on Tuesday, up from $87.43 per share a year ago. Wayfair reported similar levels of revenue growth in both its domestic and international markets, noting that the size of its customer base had also grown by about 50 percent year-over-year. Wayfair now lists the number of active customers in its direct retail business as 28.8 million. Lastly, the company said that it completed about 15.8 million deliveries during the third quarter, a 72.8 percent increase from that period in 2019.
FORT WORTH, TEXAS — Marriott International Inc. will open a 200-room Hotel Drover, one of its Autograph Collection brands, at the historic Fort Worth Stockyards in early 2021. Rooms will feature oversized tubs and wet bars, and guests can enjoy two acres of outdoor space that house a pool, water features, fire pits and a music stage. The hotel will also offer 12,000 square feet of meeting and event space.
WOONSOCKET, R.I. — CVS Health Corp. (NYSE: CVS) reported total revenue of $634 billion in the second quarter, a year-over-year increase of 35.2 percent. The company’s net income also rose by 48 percent to roughly $5 billion during the period, suggesting that revenues are rising while costs are remaining relatively flat. The Woonsocket, Rhode Island-based pharmacy and convenience store chain, which acquired insurance giant AETNA in late 2018, saw its stock price open at $65.53 per share on Wednesday, Aug. 5, giving it a year-to-date increase of nearly 20 percent. CVS announced plans to close 22 underperforming stores during the first quarter, but has kept all its U.S. locations open throughout the COVID-19 pandemic as an essential retailer. As of 2019, CVS operated just shy of 10,000 stores across the United States.
FORT WORTH, TEXAS — KRS Realty Advisors has completed a redevelopment project at the historic Fort Worth Stockyards that adds 12,000 square feet of office and retail space to the local supply. Austin-based apparel company Tecovas has signed a retail lease for 3,474 square feet at the property. KRS purchased the property in February and began renovating shortly thereafter. Stream Realty Partners is handling leasing.
KANSAS CITY, MO. — The Yards, a $41 million luxury apartment development, is scheduled to open in Kansas City’s Stockyards District this month. Located at 1660 Genessee St. in downtown Kansas City, the project features 232 apartment units and 3,150 square feet of retail space. The amenities, spread over approximately 9,500 square feet, includes a saltwater pool, outdoor area, community kitchen, activity lounge, fitness center and dog park. Residents can also use kayaks to access the Kansas River. Plans also call for a partnership with Amigoni Winery to create the first vineyard within an apartment community in Kansas City. Prospective residents can now schedule virtual tours and take advantage of two months of free rent and reduced fees. Monthly rental rates range from $825 to $1,650. Flaherty & Collins is the developer and KEM Studio is the architect.
HOUSTON — Weatherford International, a Houston-based oilfield services firm, will cut its global workforce by 25 percent as part of a larger move to reduce capital expenditures by 50 percent in 2020 relative to 2019, the company announced on Wednesday. The company also plans to reduce its geographic footprint and reduce the headcount of its operations in North America by 38 percent. As of 2016, Weatherford, which also plans to delist itself from the New York Stock Exchange, had about 30,000 employees worldwide. Despite recent agreements by major-producing nations to undertake supply cuts, the impact of COVID-19 has drastically reduced energy demand. The price of West Texas Intermediate crude opened at $20.39 per barrel on Thursday, down from about $64 per barrel a year ago, an approximately 68 percent decrease.