Bilfinger GVA’s competition shines a light on the city’s gems

Bilfinger GVA | August 11, 2016

The nine entries look at Manchester from different perspectives and all feature the hidden gems of Manchester’s architecture as the subject.

Spotlight

Real estate is the property, land, buildings, air rights above the land and underground rights below the land. The term real estate means real, or physical, property.  The U.S. Constitution initially restricted voting rights to only owners of real estate.


Other News
REAL ESTATE INVESTMENT

Taconic Capital Advisors Closes $500M Distressed and Opportunistic Real Estate Fund

Taconic Capital Advisors | May 23, 2022

Taconic Capital Advisors, a global institutional investment firm, announced that it has closed its third real estate fund, Taconic CRE Dislocation Onshore Fund lll (TCREDF III), with $500 million in capital commitments. The fund comprises investments from a diverse group of existing and new investors with flexibility to tap into an overflow vehicle for more concentrated transactions. One year into its investment period, TCREDF III has already committed or closed on $300 million of investments across 15 distinct transactions. Taconic believes the COVID pandemic accelerated pre-existing trends and distress in the CRE market. A combination of aggressive pre-COVID financing and transaction assumptions, oversupply in specific markets and COVID-related societal and demographic shifts should continue to apply significant pressure on the CRE market providing ample investment opportunities. Taconic anticipates that hotel and office assets will comprise the majority of the fund’s investments. We are pleased to build on the performance of Funds l and ll with the close of our third real estate fund, TCREDF III. Our team has a proven ability to identify inefficiencies and dislocated investment opportunities across a host of market sectors, positioning our funds to maximize value for new and existing investors." James Jordan, principal and portfolio manager of Taconic Capital Advisors’ CRE investments About Taconic Capital Advisors Taconic Capital Advisors is a global institutional investment firm that pursues an event-driven, multi-strategy investment approach designed to generate strong, risk-adjusted returns over multiple market cycles. Taconic was founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody. The company has roughly $8 billion of total assets under management with offices in New York, London, and Hong Kong, and more than 100 employees worldwide. Taconic’s full-service commercial real estate platform invests in all asset classes and across the capital structure in both public and private markets. The strategy’s broad mandate offers flexibility to capitalize on shifting market opportunities, creating uncorrelated risk-adjusted return profiles for investors. Rooted in distressed and opportunistic investing, the team applies high-touch asset management capabilities to drive strong asset-level performance and capital market executions. Well-established relationships drive Taconic’s unique and diverse transaction sourcing channels which including local operating partners, investor partners and a broad network of lenders, CMBS special servicers, trading desks and brokerage houses. Taconic’s series of closed-ended real estate funds are fully discretionary and have received over $1 billion in capital commitments. Investments to date across all Taconic funds total over $3 billion of gross asset value across roughly 165 distinct transactions.

Read More

REAL ESTATE ADVICE

Bowman Consulting Group Ltd. adds Gary VanAlstyne as Branch Manager, Principal of Leesburg, Virginia Office

Bowman | July 11, 2022

Bowman Consulting Group Ltd. (“Bowman”) announced that Gary VanAlstyne joined the company as branch manager and principal at its Leesburg, Virginia office. VanAlstyne has more than 30 years of experience in construction and development. As a Bowman branch manager/principal, VanAlstyne is responsible for providing consistent, effective leadership through stability, innovation, and common-sense solutions. Before joining Bowman, VanAlstyne served as vice president of Davis Utility Consulting, LLC, as director of design and construction services of the Loudoun County Public Schools, and as a member of the FSM Public Review Committee of the Loudoun County Government. He furthered his career working for Toll Brothers, Inc. as regional AVP and served as vice president of development for both Beazer Homes and Lennar. In addition, VanAlstyne owned and operated a development consulting firm in the residential, commercial, and recreational markets on the Eastern seaboard. He designed and built golf courses working with Arnold Palmer and Rees Jones as well as designing numerous master planned communities and various water parks around the country for Six Flags, Dollywood, and others. Before joining Bowman, he worked closely with the company as a client and had the opportunity to meet and collaborate with many individuals at the engineering services firm. “The industry has changed since I started working with Bowman in the early 2000s on residential subdivisions,” he said. VanAlstyne’s relationships with Bowman and the industry have allowed him to adapt and learn about different projects and clients and helping assure that Bowman is the “go-to” firm for engineering services in Loudoun County. “Thanks to his 22 years as a Bowman client, Gary VanAlstyne is a perfect addition to our team and we look forward to his continued contribution to Bowman’s success,” Bowman Chief Operating Officer Mike Bruen Bowman’s IPO and subsequent acquisitions compelled VanAlstyne to join the company and return to consulting. “I have come full circle,” he said. “I have been a Bowman client for over 20 years and having that experience as well as being a consultant and an owner’s representative helps me enhance the customer service experience,” he added. “What makes Bowman different from its competitors is its size and depth of specialized skills across the country, providing clients the ability to obtain all the services needed in one place and enhance my goal of bringing the customer experience to a new level.” VanAlstyne earned a Bachelor of Science in Civil Engineering (BSCE) and a geotechnical minor from Union College in Schenectady, NY, and is a registered professional engineer in NY, PA and VA. He is an active member of the Northern Virginia Builders Industry Association (NVBIA), the Loudoun County Chamber of Commerce and the National Association for Industrial and Office Parks (NAIOP). VanAlstyne is also a member of the Construction Owners Association of America (COAA) and the Urban Land Institute (ULI). About Bowman Consulting Group Ltd. (Bowman): Headquartered in Reston, Virginia, Bowman is an engineering services firm delivering infrastructure solutions to customers who own, develop and maintain the built environment. With over 1,400 employees and more than 60 offices throughout the United States, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on the Nasdaq under the symbol BWMN.

Read More

REAL ESTATE TECHNOLOGY

Choice Properties Real Estate Investment Trust Announces Issuance of $500 million of Series R Senior Unsecured Debentures

Choice Properties Real Estate Investment Trust | June 21, 2022

Choice Properties Real Estate Investment Trust announced that it has agreed to issue, on a private placement basis in certain provinces of Canada, $500 million aggregate principal amount of series R senior unsecured debentures of the Trust that will bear interest at a rate of 6.003% per annum and will mature on June 24, 2032 (Debentures). Offering of Debentures The Debentures are being offered on an agency basis by a syndicate of agents co-led by TD Securities, CIBC Capital Markets, RBC Capital Markets, BMO Capital Markets and Scotiabank. Subject to customary closing conditions, the Offering is expected to close on June 24, 2022. The Trust intends to use the net proceeds of the Offering (i) to pay for the previously announced early redemption of Choice Properties Limited Partnership’s $300 million principal amount of 3.60% series 10 senior unsecured debentures on June 26, 2022, (ii) to repay all or a portion of the balance drawn on the Trust’s credit facility, and (iii) for general business purposes. It is a condition of closing of the Offering that the Debentures be rated at least “BBB” (high) with a “stable” trend by DBRS Limited and at least “BBB” by Standard and Poor’s Ratings Services. The Debentures will rank equally with all other unsecured indebtedness of the Trust that has not been subordinated. The Debentures being offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful. About Choice Properties Real Estate Investment Trust Choice Properties is a leading Real Estate Investment Trust that creates enduring value through the ownership, operation and development of high-quality commercial and residential properties. We believe that value comes from creating spaces that improve how our tenants and communities come together to live, work, and connect. We strive to understand the needs of our tenants and manage our properties to the highest standard. We aspire to develop healthy, resilient communities through our dedication to social, economic, and environmental sustainability. In everything we do, we are guided by a shared set of values grounded in Care, Ownership, Respect and Excellence.

Read More

BUYING/SELLING

Bonaventure Sells Luxury Multifamily Community in Williamsburg, Virginia for $100 Million

Bonaventure | June 27, 2022

Bonaventure, an integrated alternative asset manager focused on the development, construction, and property management of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions, today announced the sale of a 289-unit garden-style multifamily property Williamsburg, Virginia, to Illinois-based The Inland Real Estate Group. We are very pleased with the outcome of this transaction. The price we were able to command reflects the asset’s high quality and the strong investor appetite for stabilized multifamily communities in markets with solid employment fundamentals. We take great pride in our proven ability to create meaningful value for our residents and investors.” Dwight Dunton, founder and CEO of Bonaventure The property is extremely well located at 401 Bulifants Blvd. and features a diverse collection of two- and three-bedroom floor plans with in-unit washers and dryers and private balconies or patios. The luxury community’s many amenities include a swimming pool, a fitness center, a business center, a clubhouse and a dog park. The property benefits from its proximity to Sentara Williamsburg Regional Medical Center and the shops and restaurants near Route 199 and Interstate 64. As one of the nation’s largest and most active developers and owners of multifamily communities, Bonaventure has established a track record of delivering exceptionally well-designed and highly amenitized properties that residents want to live in and investors want to own. This strategic disposition further demonstrates how Bonaventure’s vertically-integrated platform is capable of generating compelling risk-adjusted returns for its investors. Drew White, Senior Managing Director of Berkadia D.C. Metro, and Carter Wood, Senior Director of Berkadia Norfolk, facilitated the sale of the community on behalf of Bonaventure. About Bonaventure Headquartered in Alexandria, Virginia Bonaventure is an integrated alternative asset management firm specializing in multifamily design, development, construction, investment and property management. Bonaventure has over $1.5 billion of assets under management, is an expert at utilizing low-cost financing, and manages over 6,000 apartment units across 31 communities primarily in the Mid-Atlantic and Southeastern regions. Since its founding in 1999 by Dwight Dunton, with the intent to create best-in-class capabilities connecting capital to assets, the focus of the firm has been to generate excess returns on a risk adjusted basis while building enduring value through ingenuity.

Read More

Spotlight

Real estate is the property, land, buildings, air rights above the land and underground rights below the land. The term real estate means real, or physical, property.  The U.S. Constitution initially restricted voting rights to only owners of real estate.

Resources