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General Motors to Invest $918M Across Four U.S. Manufacturing Plants

by Taylor Williams January 23, 2023

DETROIT — General Motors Co. (NYSE: GM) has announced plans to invest $918 million in capital improvements at four of its U.S. manufacturing plants. The initiative is designed to elevate the company’s production capacity for full-size trucks and sport utility vehicles while also establishing facilities that support the growth of GM’s electric vehicle (EV) divisions. The Detroit-based automotive giant is committing a total of $795 million to two of its Michigan facilities that will support the production of small-block V-8 engines. The company is investing $579 million at its plant in Flint, and the remaining $216 million will be allocated to GM’s facility in Bay City, where parts such as camshafts and connecting rods that support these engines will be assembled. GM is also investing $55 million in its manufacturing operations in Defiance, Ohio. Of this sum, $47 million will be used to prepare the facility for the manufacture of block castings to support future V-8 engine programs. In addition, GM will construct an $8 million casting development cell for future EV initiatives. Lastly, the company has earmarked $68 million for upgrades to its manufacturing facility in Rochester, New York. At this location, GM plans to invest $12 million to …

January 23, 2023

Loans Multifamily Top Stories

NexPoint Receives $807.5M Refinancing for 19-Property Multifamily Portfolio

by Jeff Shaw January 20, 2023

DALLAS — KeyBank Real Estate Capital has provided NexPoint Residential Trust (NYSE: NXRT) with an $807.5 million Freddie Mac loan to refinance debt on 19 garden-style, market-rate multifamily properties across Texas, Florida, Nevada, Georgia, Arizona and North Carolina. NexPoint is a publicly traded real estate investment trust based in Dallas. Various properties in the portfolio are equipped with smart home technology, as well as a variety of individual and community amenities. Creekside at Matthews, for instance, is a 240-unit complex located in the Matthews suburb of Charlotte, North Carolina. The property offers one-, two- and three-bedroom floor plans with features such as slate or stainless steel appliances, washers and dryers, patios and garden-style bathtubs. Community amenities at Creekside include a playground, business center, clubhouse, courtyard, nature trail, a swimming pool and Wi-Fi in common areas. Meanwhile, Silverbrook Apartments in Grand Prairie, Texas, comprises 642 one-, two- and three-bedroom units and includes community amenities such as a business center, fitness center, dog park, volleyball court, tennis court, picnic area and three swimming pools. Individual units feature washers and dryers, ceiling fans, fireplaces and private patios. Christopher Black, Brendan O’Keefe and Christopher Neil of KeyBank’s Commercial Mortgage Group originated and structured the …

January 20, 2023

New Jersey Northeast Retail Top Stories

Party City Files for Chapter 11 Bankruptcy

by Kristin Harlow January 18, 2023

WOODCLIFF LAKE, N.J. — Party City Holdco Inc. (NYSE: PRTY) has filed for Chapter 11 bankruptcy. The restructuring process is expected to substantially reduce the company’s debt and optimize its capital structure and liquidity. The company expects to complete the restructuring process in the second quarter of this year. Party City’s more than 800 stores will remain open during the bankruptcy process. The company says it will continue to advance its key initiatives underway, such as converting stores to next-generation prototypes, evolving Halloween City pop-up stores, building out its online shopping experience, establishing localized marketplaces and delivering more compelling assortments and innovation for customers. Party City and some of its domestic subsidiaries filed voluntary Chapter 11 petitions for relief in the U.S. Bankruptcy Court for the Southern District of Texas. The company’s subsidiaries outside of the U.S., its franchise stores and its Anagram foil balloon business are not part of the Chapter 11 proceedings. The Woodcliff Lake-based party-goods retailer has entered into an agreement with a group holding more than 70 percent of the company’s senior secured first lien notes to support an expedited restructuring. Party City has secured a $150 million commitment from the group in debtor-in-possession financing. Party …

January 18, 2023

Acquisitions Illinois Loans Midwest Multifamily

Bayshore Properties Acquires 586-Unit Multifamily Property in Arlington Heights, Illinois

by Kristin Harlow January 16, 2023

ARLINGTON HEIGHTS, ILL. — Bayshore Properties has acquired Stonebridge of Arlington Heights, a 586-unit multifamily property in the Chicago suburb of Arlington Heights. The Conor Group sold the asset for $131 million. Built in 1973, Stonebridge of Arlington Heights features a mix of one- and two-bedroom floor plans averaging 1,075 square feet. Amenities include a pool, fitness center, dog park, basketball courts and bike storage rooms. Steve LaMotte Jr., John Jaeger, Dane Wilson, Justin Puppi and Ross Wettersten of CBRE represented the seller. Dan Sacks and Eric Rosenstock of Greystone originated a $94.4 million Fannie Mae loan for the acquisition. The fixed-rate loan features a 10-year term and amortization schedule.

January 16, 2023

Acquisitions Arbor Realty Trust Build-to-Rent Content Partner Features Midwest Multifamily Northeast Single-Family Rental Southeast Texas Western

Investors Drawn to Single-Family Rentals During Tough Economic Times

by Sarah Daniels January 5, 2023

By John Tarantino, Arbor Realty Trust The ongoing expansion of the single-family rental (SFR) market is capturing investors’ interest like never before. Construction starts in the sector topped a record 69,000 units over the past year, while the rate of rent growth remained positive for new leases and accelerated in renewals. That’s according to the third-quarter Single-Family Investment Trends Report Q3 2022, which Arbor Realty Trust recently published in partnership with Chandan Economics. SFR investors want to know what this latest market data reveals about how the sector is weathering economic changes and what it suggests about how their properties are likely to perform in the months ahead. In December, I was privileged to weigh in on these weighty questions as a panelist at Information Management Network’s 10th Annual Single-Family Rental Forum (West) in Scottsdale, Ariz. One of the messages I sought to convey to the audience that day is that single-family rentals have maintained their momentum as well as any corner of the housing market, as our third-quarter report bears out. And while rising interest rates and elevated risk have placed the housing market on shaky ground, SFR is on a secure foundation moving into 2023. With the average age …

January 5, 2023

Acquisitions Industrial Retail Top Stories

Realty Income Agrees to Acquire 185-Property Retail Portfolio from CIM for $894M

by Jeff Shaw January 3, 2023

SAN DIEGO — Realty Income Corp. (NYSE: O), a publicly traded REIT, has agreed to acquire up to 185 single-tenant retail and industrial properties from subsidiaries of CIM Real Estate Finance Trust Inc. for approximately $894 million. The exact composition of the portfolio depends on completion of due diligence and the potential exercise of rights of first refusal related to certain properties. If the entire 185 properties are included, the transaction will represent a 7.1 percent capitalization rate. “We believe the deployment of net sales proceeds will continue to advance our program to generate sustainable and increasing dividends for our shareholders through earnings growth,” says Richard Ressler, president, CEO and chairman of CIM Real Estate Finance Trust. “Additionally, this transaction increases our flexibility as we seek to capitalize on investment opportunities resulting from the current market environment.” The properties feature a weighted average remaining lease term of approximately 9.2 years with approximately 48 percent of the portfolio’s annualized contractual rent derived from investment-grade rated clients. The properties total 4.6 million square feet, with 55 retail clients representing 95 percent of the total portfolio rent. The remaining 5 percent comes from four industrial clients. The top two renters in the portfolio …

January 3, 2023

Peninsula-Life-Science-Center-Gemini-Rosemont

Acquisitions California Life Sciences Office Western

Gemini Rosemont Buys Peninsula Life Science Center in Burlingame, California for $59.3M

by Amy Works December 23, 2022

BURLINGAME, CALIF. — Gemini Rosemont Commercial Real Estate has acquired Peninsula Life Science Center in Burlingame from Sansome Street Advisors and Gordon Brothers for $59.3 million in an all-cash transaction. The acquisition was fully funded in partnership with Gemini Investments, an investment company listed on the Hong Kong Stock Exchange. Located at 1828 El Camino Real, the eight-story building features 65,804 square feet of office space. At the time of sale, the property was 98 percent leased and anchored by three life sciences tenants. Built in 1974 and most recently renovated in 2022, the property features floor-to-ceiling windows, an above-market parking ratio and a nearby BART train stop. Seth Siegel, Steve Hermann and Ryan Venezia of Cushman & Wakefield represented the sellers, while Gemini Rosemont was self-represented in the transaction. David Wilson, a property manager with Gemini Rosemont, will manage the asset.

December 23, 2022

Acquisitions Multifamily New York Northeast Top Stories

Empire State Realty Trust Acquires Multifamily Community in Lower Manhattan for $115M

by Katie Sloan December 22, 2022

NEW YORK CITY — Empire State Realty Trust (NYSE: ESRT) has acquired 298 Mulberry Street, a 96-unit multifamily community located in Manhattan’s NoHo neighborhood, for $115 million. Located at the corner of East Houston and Mulberry streets, the community features ground-floor retail space occupied by CVS/pharmacy. Shared amenities include a 24-hour doorman, fitness center, rooftop terrace and laundry room. All of the building’s units are market-rate rentals and feature walk-in closets and stainless steel kitchen appliances. The seller was a joint venture between Broad Street Development and an affiliate of Crow Holdings Capital. Andrew Scandalios, Rob Hinckley, Jeffrey Julien, Steven Rutman and Jonathan Faxon of JLL represented the seller in the all-cash, 1031 exchange transaction. Empire State Realty is a self-managed REIT that operates a portfolio of office, retail and multifamily properties within Manhattan and the greater New York City area. The company’s stock price closed at $6.90 per share on Wednesday, Dec. 21, down slightly from $8.65 one year ago. New York City-based Broad Street Development is a privately held real estate developer, investor and operator with a focus on office and residential properties. Dallas-based Crow Holdings is a privately owned real estate investment and development firm with $30 billion …

December 22, 2022

Affordable Housing Market Reports Multifamily Washington Western Western Market Reports

Multifamily Deals, Development Slow in Seattle After Breakneck Run

by Jeff Shaw December 16, 2022

It’s been quite the run for Seattle. Like many secondary markets out West, the Emerald City was a pandemic darling, racking up loads of new residents and workers over the past few years. Seattle-area employers added more than 102,600 workers in 2021 alone, according to Marcus & Millichap’s second-quarter market report, which predicts the area will add another 85,000 workers by year’s end. The report also forecasts Seattle’s population will increase by more than 220,000 residents over the next five years. All this activity has led to a bull run for multifamily owners, investors and developers. Net absorption in Seattle’s central business district surpassed the 5,000-unit mark for the first time on record last year, while rents have risen by 14 percent year over year. Demand was so fierce that all 20 of the metro’s submarkets recorded vacancy compression over the past four quarters, resulting in an average 2.8 percent vacancy rate, according to Marcus & Millichap. This is the lowest rate in two decades. Nearly 9,000 units — representing 1.9 percent of the supply — were added over the 12-month period that ended in March, with another 25,000 units still under construction at the end of the second quarter. …

December 16, 2022

Loans Mixed-Use Southeast Virginia

Berkadia Arranges $77.5M Refinancing for Loudoun Station Mixed-Use Development in Ashburn, Virginia

by John Nelson December 8, 2022

ASHBURN, VA. — Berkadia Commercial Mortgage LLC has arranged a $77.5 million loan for the refinancing of the second phase of Loudoun Station, a 1 million-square-foot mixed-use development in Ashburn. Patrick McGlohn, Miles Drinkwalter and Joyce Connolly of Berkadia arranged the 10-year, fixed-rate loan on behalf of the borrower, an affiliate of Comstock Holding Cos. Inc. Phase II of Loudoun Station comprises the BLVD Gramercy East and BLVD Flats apartment buildings, as well as ground-floor retail space and structured parking. Comstock is planning another 1.5 million square feet of real estate at Loudoun Station in future phases.

December 8, 2022

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