Bronx Low Income Housing for LGBT Seniors Underway

MultiHousing News | May 24, 2018

Services and Advocacy for GLBT Elders (SAGE) and HELP USA have broken ground on the $41.4 million Crotona Senior Residences, an 84-unit, LGBT-friendly, low-income senior housing in the Bronx, N.Y. “SAGE is thrilled to break ground on this development with our partners, HELP USA, and all of our supporters,” Michael Adams, SAGE’s CEO, said. “Finding welcoming housing is one of the most difficult challenges faced by our LGBT elders. Thanks to this development, many of our pioneers who fought for our rights at Stonewall will now have a place to live and thrive. This development will be more than a building—it will be a community of trailblazers.”.

Spotlight

On 3 January 2017, the 115th Congress was sworn in, which capped a surprising sweep by Republicans of the House, Senate and White House. Before, during and following the campaigns, President Trump, House Speaker Ryan and Senate Majority Leader McConnell each signaled that comprehensive tax reform was a high priority. This unanimity of purpose among Republicans coupled, now, with their ability to drive the legislative agenda dramatically elevates the prospects for broad-based tax reform. At this point, the overall process for tax reform in 2017 has not taken shape nor has any detailed legislative proposal been made public


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REAL ESTATE TECHNOLOGY

Houston Multifamily Community with Significant Value-Add Potential Trades Hands via Walker & Dunlop

Walker & Dunlop, Inc. | June 02, 2022

Walker & Dunlop, Inc. announced that it completed the sale of Parc at Champion Forest, a 232-unit, garden-style apartment property located in Houston, Texas. Built in 2000, the community provides the buyer with an excellent opportunity to implement a greater value-add program by renovating units, in addition to the 95 recently upgraded by the seller. Ryan Epstein and Jennifer Ray of Walker & Dunlop Investment Sales represented the seller, Commerce Capital Partners, while Paul House and Larry Perez of Walker & Dunlop's Capital Markets group secured the financing for the buyer, Lone Star Capital Group. The teams worked to coordinate with several parties on behalf of their clients, including agencies and local government entities, to ensure compliance with the property's existing Land Use Restrictive Agreement (LURA), which is set to expire in May 2023. With steady population growth and employment growth, Lone Star Capital remains bullish on Houston multifamily, particularly workforce housing such as Parc at Champion Forest. We are excited to build from the seller's successful renovations at Parc at Champion Forest, which is well-poised to benefit from strong demand and limited new supply in the submarket. Parc's suburban setting coupled with its convenience to jobs and retail make it a dynamic investment for either short term value-add or longer-term yield." Rob Beardsley,Lone Star Capital's "With the extreme demand for affordable housing, Parc at Champions Forest will continue to service the community it is has for years as upgrades are completed," commented Mr. Epstein. "The community is also an excellent investment opportunity, given its high-visibility location in Houston, strong value-add potential, and LURA expiring in less than two years. Walker & Dunlop's Houston Multifamily Investment Sales Team exclusively listed the property for our client and helped to find the perfect buyer looking for long-term stability, future rent growth, and value appreciation." Parc at Champion Forest is a three-story multifamily community, comprised of 112 one-bedroom units, 108 two-bedroom units, and 12 three-bedroom units, situated along Bammel North Houston Road in the Champions area. Bammel North Houston Road, which experiences traffic of nearly 50,000 cars per day, allows residents to easily locate nearby retail, including Willowbrook Mall, Willow Center, North Oaks Shopping Center, and Kroger. 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. The firm was also the third largest provider of capital to the U.S. multifamily market, originating $49 billion in transactions and lending over $42 billion for multifamily properties in 2021. For information about multifamily properties available for sale via Walker & Dunlop's investment sales platform, visit our website. About Walker & Dunlop Walker & Dunlop is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables 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 make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 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.

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REAL ESTATE ADVICE

Vietnam's Flamingo Group Wins Big in Prestigious International Real Estate Awards

Flamingo Group | June 24, 2022

The Flamingo Holding Group (Flamingo Group), a key player in the real estate arena both in Vietnam and around the world, has emerged as the winners of two vital categories at the prestigious International Property Awards (IPA) 2022. The Flamingo Group is also the only Vietnamese enterprise to be awarded a pair of wins at the BCI Asia Awards 2022. At the IPA 2022 June 23 event in London, the Flamingo Group surpassed hundreds of prestigious real estate developers worldwide. It came out on top as the project with the best landscape architecture in the Asia Pacific and the best complex architecture in the Asia Pacific for the Flamingo Hai Tien located in Thanh Hoa, an investment hotspot in Vietnam. Tasked with innovating on the luxury resort real estate model, Flamingo Group received high praise from the professional judges for its green architecture and unique "Forest in the Sky" style. In addition, the Flamingo Hai Tien project was developed according to the model of Ibiza - the largest party island in the world - with the result of a paradise of villas and plenty of entertainment and food options stretching for kilometers. Established in the UK with nearly 30 years of operation, the IPA is considered one of the most prestigious annual real estate awards on the planet and is often indicative of a guarantee of excellent quality in global real estate. The Flamingo Group was also awarded double honors at BCI Asia Awards 2022 to be held on June 30, they have won 2 awards categories: Top 10 Developer 2022 and IDA Interior Design Award 2022 for the Flamingo Cat Ba project, the first Vietnamese enterprise to do so. In addition to the sustainable profit factor and towards the highest standard of a 5-star resort, Flamingo's design is also associated with the everlasting philosophy with nature. We apply this philosophy in architectural design, green space renovation, and application of green technology in operation, bringing the difference and portraying the "Flamingo identity" in our customer's and partners' hearts." Mr. Truong Xuan Quy, General Director of Flamingo Land Business JSC, a subsidiary of Flamingo Group "Projects in Dai Lai - Vinh Phuc, Cat Ba - Hai Phong, Hai Tien - Thanh Hoa will all have the fastest access to the rigorous standards of world-renowned 5-star resorts," he added. The BCI Asia Awards have been held annually since 2005, where the BCI Media Group and its judges help provide an overview of the architecture and construction industry in the region by recognizing the various architects & developers. They have had a significant impact on the Vietnamese market. About Flamingo Group Established in 1996, Flamingo Group has constantly been developing with exponential growth in many industries: leisure, real estate, tourism, hospitality services, construction, architecture, etc. Motivated by an ambitious desire for Vietnamese brands to achieve international reach with world-class products and services, Flamingo Group is now recognized as a leading leisure realty and hospitality developer in Vietnam and the surrounding region, with a series of renowned projects and a hall of fame including 65 prestigious national and global awards.

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REAL ESTATE INVESTMENT

StratCap Acquires Cleveland Data Center

StratCap | June 07, 2022

StratCap’s institutional data center real estate investment platform, Strategic Datasphere, LLC, has completed the acquisition of a 187,000 square foot facility with a high-density data center, banking operations center and flex/R&D space in Cleveland, OH. Serving as a central connectivity point between Chicago and New York, Cleveland has seen an influx of interest due to local and regional companies looking to outsource their data center presence. And because Cleveland is an NFL city, it has seen an increase of cloud and edge customer activity from AWS, Google, Microsoft, and Facebook who are looking to establish nodes and local zones in these markets. Located 5 minutes from the Cleveland Hopkins International Airport and 15 minutes from downtown Cleveland, this facility benefits from robust fiber connectivity from over seven providers. Originally built in 1988 as National City Bank’s operations and data center facility, it was expanded in 2008 when a major financial institution acquired the property to create a modern technology campus. This financial institution (an investment grade tenant) leases about 26% of the facility and has approximately 14 years of lease term remaining on their current lease. As a value-add investment opportunity, the property has approximately 138,500 square feet of space available to lease. There is an 8,000 square foot turn-key data hall that can supply 3 MW of critical power at N+1. The data center has a 48” raised floor with liquid cooled racks capable of supporting over 300 watts per square foot. The building also has about 59,000 square feet of flex/R&D space can likely be repositioned to accommodate additional data center space as well. We believe the existing 3 MW data center is unique in the local market and will be appealing to technology and financial services firms that run high-density compute applications. The ability to convert underutilized space into operational data halls also creates an attractive value-add opportunity for this asset. In addition, the current lease structure provides us with what we believe are long-term, predictable rental revenues.” Bryan Marsh, CEO of StratCap’s data center platform The Seller, Legacy Investing, LLC, a Virginia-based company focused on mission-critical real estate, was represented by Jones, Lang, LaSalle, Inc. Datasphere purchased the property on an all-cash basis. About StratCap StratCap is a privately held, global alternative investment management platform committed to providing access to dynamic asset classes and highly experienced investment professionals in order to provide clients with attractive risk-adjusted returns. The company is focused on a wide range of digital economy investments with an emphasis on digital infrastructure, sustainability, and technology-centric sectors. About Strategic Datasphere Datasphere is a data center real estate and infrastructure investment platform. Datasphere is focused on the acquisition, development and management of fully and partially stabilized data center facilities across North America and Europe. Datasphere has access to significant committed equity capital that is expected to support more than $1.5 billion in potential investments alongside debt financing. Datasphere is led by data center industry veteran, Bryan Marsh, and supported by a seasoned management team with several decades of collective experience in the data center industry. About Legacy Investing, LLC Headquartered in Northern Virginia and founded by seasoned technology company executives, Legacy Investing focuses on mission critical real estate impacted by new technologies: digital and physical supply chains, future workplaces, and life sciences. Legacy’s principals have leveraged this platform and their public company C-level experience across the past two decades to complete more than $2.75 billion in transactions across 19 million square feet of data centers, e-commerce distribution centers, modern office buildings, and life sciences facilities on behalf of select family office and institutional investors. Legacy leverages its expertise on technology’s impact on tenant demand, site selection, and leasing to target and position properties to meet those needs and create long-term real estate value.

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REAL ESTATE TECHNOLOGY

Walker & Dunlop Features HASTA Capital CEO Mark Hafner in Latest Installment of its "What Drives You" Campaign

Walker & Dunlop | June 23, 2022

Walker & Dunlop, Inc. announced the fourth installment of its "What Drives You" campaign. Launched on November 12, 2019, the campaign features some of Walker & Dunlop's inspiring clients through spotlights that highlight the passion, perseverance, and inner drive that fuels each of them in their pursuit of greatness. This latest installment of the campaign features Mark Hafner, founder and CEO of the $1 billion commercial real estate firm HASTA Capital. HASTA Capital focuses on investing, developing, and managing residential multifamily assets that are "purpose built," or designed to be inclusive communities of all renters. Founded in 2017, HASTA now has developments and properties in four countries. Hafner attributes the company's rapid growth to an attention to detail, a willingness to try new things, and a commitment to continuously improving the customer experience. For example, Hafner and his family try to spend a week living at each property to see what's missing that residents might need and appreciate, like a bench at a dog park. Hafner also cites the company's partnership with Walker & Dunlop, which financed HASTA's very first deal and nearly 100% of its deals since then and has been with HASTA every step of the way. "I want people to love where they live, and Walker & Dunlop is always coming up with great ideas on how they can help, thinking proactively and outside of the box for ways we can do things better, both for the short-term and the long-term," commented Hafner. "They're an extension of the HASTA team and a true partner." Mark built a $1 billion, 15-property portfolio in just five years. It's been a story of extreme growth differentiated by a standout customer experience, and it's a story of extreme vision and opportunity. We're looking forward to seeing what Mark and his team at HASTA do next." Willy Walker, Chairman & CEO of Walker & Dunlop 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.

Read More

Spotlight

On 3 January 2017, the 115th Congress was sworn in, which capped a surprising sweep by Republicans of the House, Senate and White House. Before, during and following the campaigns, President Trump, House Speaker Ryan and Senate Majority Leader McConnell each signaled that comprehensive tax reform was a high priority. This unanimity of purpose among Republicans coupled, now, with their ability to drive the legislative agenda dramatically elevates the prospects for broad-based tax reform. At this point, the overall process for tax reform in 2017 has not taken shape nor has any detailed legislative proposal been made public

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