REAL ESTATE TECHNOLOGY
Thompson Thrift | May 25, 2022
Thompson Thrift Residential, a wholly-owned affiliate of Indianapolis-based Thompson Thrift and one of the nation's leading multifamily developers, announced today the development of Drift, a luxury multifamily community in Daytona Beach. Thompson Thrift plans to welcome new residents beginning in the summer of 2023.
Drift's central location provides residents with easy access to Daytona Beach and other large cities along Florida's eastern coast. The Daytona market has witnessed high demand for multifamily communities over the past 10 years and we are pleased to be bringing one of our distinctive luxury communities to this growing community."
Josh Purvis, managing partner for Thompson Thrift Residential
Located off Williamson Boulevard near the southwest corner of Interstate 95 and Granada Boulevard, the 29.5-acre site will offer 300 one-, two-, and three-bedroom apartment homes averaging 1,000 square feet. Residents will be able to choose from a variety of layouts in three-story garden style buildings with a host of in-demand finishes including stainless steel appliances, quartz countertops, tile backsplashes, walk-in closets, and full-size washers and dryers.
The luxury living experience will extend throughout the community with a clubhouse featuring stylish entertainment spaces, a 24-hour fitness center, resort-style swimming pool, dog park, community gardens, community-wide WiFi, and more.
Residents will be conveniently close to a wide variety of retailers, restaurants and day-to-day services, and just a few miles from Daytona's Main Street Pier and the Daytona International Speedway. The 327-bed Advent Health Daytona is located directly across the street.
Daytona Beach is known as the "World's Most Famous Beach", earning its name back in the 1920s as the sandy beaches once used for racing gave way to development of the famous Daytona International Speedway, which now brings over 100,000 people to the Daytona 500 each year. In recent years, the healthcare sector has driven much of the economic growth with approximately 40,000 people working in the healthcare and education sectors.
Thompson Thrift has made a name for itself by being one of the few developers to build Class A residential communities in markets across the country with a range of conventional, luxury leased villa and townhome-style communities. Throughout its history, the company has invested more than $3.7 billion and has become known as a trusted partner committed to developing high-quality, attractive communities. The company recently earned the distinction of being named one of GlobeSt. Real Estate Forum's Influencers of Multifamily Real Estate for 2021.
About Thompson Thrift Real Estate Company
Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Indiana, Houston and Phoenix. Three business units drive Thompson Thrift's success—Thompson Thrift Residential which is focused on upscale Class A multifamily communities and luxury leased homes, Thompson Thrift Commercial which is focused on ground-up commercial development, and Thompson Thrift Construction, a full-service construction company. Through these business units, Thompson Thrift is engaged in all aspects of acquisition, development, construction, leasing, and management of quality multifamily, mixed-use, retail, industrial and commercial projects across the country. We are passionate about our customer's success and strive to ensure our projects not only meet the needs of our customers but also the communities we serve.
Walker & Dunlop | June 30, 2022
Walker & Dunlop, Inc. announced that it facilitated the sale of East Bank at Richwood Village, a 200-unit luxury apartment complex located in Richwood, Texas. The property represented a rare opportunity to invest in a high-quality asset within the greater Lake Jackson submarket, a fast-growing area with limited multifamily stock.
Ryan Epstein and Jennifer Ray led the Walker & Dunlop team in facilitating the disposition from the seller, Pensam Capital, LLC to the buyer's representative, BR Premier Properties. The team assisted the client throughout the entire transaction, ensuring a favorable sale price.
Demographic and employment trends within the Lake Jackson area have been extremely positive over the past several months. Occupancy and rent growth in the immediate area have both been increasing significantly, making East Bank an excellent investment opportunity."
Ryan Epstein,Managing Director
With premium garden-style multifamily residences, East Bank at Richwood Village caters to the Alvin, Angleton, and Lake Jackson submarkets. The community's amenities include a cybercafé, fitness center, clubhouse, outdoor firepit, and dog park. In addition, Dow Chemical, the largest employer in the Lake Jackson area with nearly 4,000 employees, is located less than five miles west of East Bank at Richwood Village. The broader Brazoria County area also offers employment in many different industries, with oil, gas, and chemical companies at the top of the list of employers.
Walker & Dunlop is a leader in multifamily property sales, having completed $19.3 billion in property sales volume in 2021 alone, up 214% from 2020. Visit our website for information about multifamily properties available for sale via Walker & Dunlop's property sales platform.
About Walker & Dunlop
Walker & Dunlop is one of the largest providers of capital to the commercial real estate industry, enabling real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology makes us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With more than 1,400 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.
REAL ESTATE INVESTMENT
Lument | May 27, 2022
Lument announced that it closed a $13.5 million proprietary bridge loan to facilitate the refinance of two multifamily communities consisting of 118 total units in Detroit, Michigan. James Kelly, director with Lument in Atlanta, led the transaction. The sponsor is Greatwater Opportunity Capital, a real estate private equity investment manager and development firm focused on Detroit and other emerging urban markets. Greatwater has deployed over $150 million of equity into Detroit neighborhoods, many of which are designated opportunity zones.
We are always proud to work with organizations like Greatwater Opportunity Capital, which excels at producing positive local outcomes and superior returns by investing in opportunistic cities such as Detroit. This marks our tenth fruitful collaboration, and we look forward to more success in the future and continuing to help Greatwater accomplish its strategy of acquiring, significantly renovating, and leasing up high-quality multifamily housing across the country."
James Kelly, director with Lument
Both properties were originally constructed in 1924. Greatwater acquired the properties in early 2020, at a time when the properties were in disrepair and had almost no occupants. The company promptly undertook $7.5 million in extensive renovations, which equates to $64,000 per unit, to dramatically overhaul the properties and turn them into first-rate multifamily housing.
The bridge loan has a two-year term and a variable interest rate. In addition to refinancing an existing construction loan of $10.6 million and lowering debt service costs, the closing provides cash-out proceeds to investors, funds immediate repairs required to complete substantial rehabilitation, and provides $625,000 for future renovations.
Located approximately half a mile apart, the communities are called Selden Manor, which features 48 units within a four-story building, and Heather Hall, which consists of 70 units within a ten-story building.
ORIX Real Estate Capital Holdings, LLC, d/b/a Lument, is a subsidiary of ORIX Corporation USA. Lument is a national leader in commercial real estate finance. As the combined organization of legacy industry experts Hunt Real Estate Capital, Lancaster Pollard, and RED Capital Group, Lument delivers a comprehensive set of capital solutions customized for investors in multifamily, affordable housing, and seniors housing and healthcare real estate. Lument is a Fannie Mae DUS, Freddie Mac Optigo, FHA, and USDA lender. In addition, Lument offers a suite of proprietary commercial lending, investment sales, investment banking, and investment management solutions. Securities, investment banking, and advisory services are provided through OREC Securities, LLC, d/b/a Lument Securities, Member FINRA/SIPC. Investment advisory services are provided by OREC Investment Management, LLC, d/b/a Lument Investment Management. OREC Investment Management is registered as an investment adviser with the U.S. Securities and Exchange Commission.
REAL ESTATE TECHNOLOGY
Walker & Dunlop, Inc. | June 15, 2022
Walker & Dunlop, Inc. announced that it arranged $162,400,000 in construction financing for Mandarin Oriental Residences, Fifth Avenue, New York City's first turn-key branded residences available for sale. Located directly on Fifth Avenue at the intersection of East 54th Street in the heart of Manhattan's Plaza District, the property will be managed and operated by Mandarin Oriental, providing owners with access to luxury, five-star hotel services, without the hotel guests. Manhattan-based Northwind Group provided the whole loan solution through its discretionary debt fund. Northwind Group has originated in the last year $840 million of loans secured by 76 properties in NYC, Houston, Miami, and Chicago.
Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Sean Bastian and Michael Ianno, led Walker & Dunlop's team in arranging the financing. The team served as exclusive advisor to their client, SHVO, the culture-defining real estate development and investment firm headquartered in New York City. Proceeds from the loan allowed SHVO to refinance the existing debt and capitalize for remaining construction costs to complete the conversion of the former Gucci NYC headquarters.
This transaction highlights the current demand – among both lenders and consumers – for uniquely-branded, turn-key condominium product located in one of Manhattan's most iconic neighborhoods. This financing will reinforce the project's swift completion, with closings anticipated later this year for this world-class, luxury product that is unavailable to buyers in today's market"
Aaron Appel, Senior Managing Director and Co-Head of New York Capital Markets for Walker & Dunlop
Ran Eliasaf, Founder and Managing Partner of Northwind Group said "We were able to curate a flexible financing solution for this once in a lifetime asset, that will assist our Borrower to achieve its goals, and complete the transformation of this property into one of Manhattan's most beautiful residential buildings. This financing fits well in our strategy and marks another step in our growth as a company. Northwind intends to deploy this year close to $1 billion in debt transactions in NYC and other major gateway cities."
SHVO has developed a forward-thinking best-in-class offering with residents having access to hotel-inspired living, encompassing the legendary service of Mandarin Oriental with the added security and privacy of a residential-only building. The Mandarin Oriental Residences feature 69 fully-furnished and accessorized homes ranging from junior suites to two-bedroom residences appointed with Molteni kitchens and fitted closets, Miele appliances, chevron oak floors, Juliet balconies, custom upholstery, and comprehensive wall coverings as well as Frette sheets, Georg Jensen silver, and custom champagne fixtures by Dornbracht gilded in 22 karat galvanized gold. In addition to white-glove Mandarin Oriental service, the suite of unparalleled amenities includes a state-of-the-art fitness center with steam, sauna, and treatment rooms; a private rooftop pool, with a lounge and bar, featuring views of Central Park; and a private restaurant by Michelin-Starred chef Daniel Boulud – Boulud Privé.
About Northwind Group
Northwind Group is a real estate private equity firm with offices in Manhattan and Cleveland that has transacted on $3.0+ billion worth of debt and equity investments covering a portfolio of over 100 properties and nearly 6M square feet. Northwind currently manages three discretionary debt funds providing acquisition, bridge, condo-inventory, construction, predevelopment and land loans secured by real estate and healthcare properties.
About Walker & Dunlop
Walker & Dunlop is one of the largest providers of capital to the commercial real estate industry, enabling real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology makes us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.
Walker & Dunlop is the third largest provider of capital to the U.S. multifamily market, originating $49 billion in transactions in 2021. With one of the strongest networks in the industry, the firm's 2021 brokered loan originations totaled $30 billion, a 170% increase over 2020.