LCR Further Strengthens its Real Estate and Finance Expertise with the Appointment of Louis Frost as Senior Advisor

prnewswire | October 07, 2020

LCR Capital Partners is excited to announce that Louis Frost has agreed to join LCR as a Senior Advisor focused on real estate developers, real estate transactions, and related elements of LCR's business. Lou brings a wealth of real estate and finance experience to LCR having closed over $30 billion in real estate and finance transactions over almost twenty years.  Prior to joining LCR, Lou served as KPMG's National Real Estate Advisory Leader, a Senior Vice President with Macquarie Capital's Real Estate Private Equity Team, a Vice President with Goldman Sachs' Real Estate Investment Banking Team, and as an investment banking associate at Deutsche Bank.

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REAL ESTATE TECHNOLOGY

EMPIRE STATE REALTY TRUST SIGNS THREE NEW RETAIL TENANTS AT TWO NYC PROPERTIES

EMPIRE STATE REALTY TRUST | February 02, 2022

Empire State Realty Trust, Inc. (NYSE: ESRT) announced today three new retail leases signed with AT&T Mobility, Subway, and Le Café Coffee at two of its New York City properties. 10 Union Square East AT&T Mobility signed its third lease with ESRT for a 3,077 square foot retail space in January 2022. Steve E. Baker of Winick Realty Group, LLC. represented AT&T Mobility in the lease negotiations. Property owner representation was provided by Fred C. Posniak of ESRT and Gene Spiegelman, Andrew Mandell, Richard Skulnik, and Beth Rosen of RIPCO. Subway signed its second lease with ESRT for a 600 square foot retail space in January 2022. Neil Seth of C&W represented Subway in the lease negotiations. Property owner representation was provided by Fred C. Posniak of ESRT and Gene Spiegelman, Andrew Mandell, Richard Skulnik, and Beth Rosen of RIPCO. 501 Seventh Avenue Le Café Coffee signed its second lease with ESRT for a 731 square foot retail space in December 2021. Yoel Gorjian represented Le Café in the lease negotiations. Property owner representation was provided by Fred C. Posniak of ESRT. Quality retail service tenants continue to be attracted to our retail stores located in bustling neighborhoods with high volume foot traffic where their businesses thrive, We are pleased to nurture established retail relationships as we continue to build our roster of high-quality retailers who also provide great amenities for our office tenants." Fred C. Posniak, SVP, leasing at Empire State Realty Trust. About Empire State Realty Trust Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and manages a well-positioned property portfolio of office, retail and multifamily assets in Manhattan and the greater New York metropolitan area. Owner of the Empire State Building, the World's Most Famous Building, ESRT also owns and operates its iconic, newly reimagined Observatory Experience. The company is a leader in healthy buildings, energy efficiency, and indoor environmental quality, and has the lowest greenhouse gas emissions per square foot of any publicly traded REIT portfolio in New York City. As of Dec. 31, 2021, ESRT's portfolio is comprised of approximately 9.4 million rentable square feet of office space, 700,000 rentable square feet of retail space and 625 units across two multifamily properties.

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REAL ESTATE INVESTMENT

ECI Group Acquires Channel District Site in Tampa for Development of 351-Unit Apartment Community

ECI Group | December 16, 2021

ECI Group and K.D. Keller Development have closed on a two-acre site in Tampa's vibrant Channel District in Tampa, FL, with plans to start construction in January 2022 on Parc Madison, a 351-unit, eight-story Class A apartment community with 6,571 square feet of ground floor retail. The project equity was funded through a joint venture of ECI, Tampa-based K.D. Keller Development, and Scottsdale, AZ-based Kandle Investments, with construction financing provided by Wells Fargo Bank, N.A. Construction is expected to be completed in the third quarter of 2023. Parc Madison will be located at the east end of the downtown Tampa block bounded by E. Twiggs Street, E. Madison Street, and Channelside Drive, adjacent to the new City of Tampa Madison Street Park. Constructed using efficient tunnel form concrete technology, the building will have a parking deck, skyline views from upper floors, an expansive rooftop pool and gym. The 6,571 square feet of ground floor retail is targeted towards a restaurant and/or coffee shop user. "The ECI team is excited to be underway with the Parc Madison, destined to be a signature property in downtown Tampa, featuring sleek, modern architecture and sunlit, spacious apartments, We are proud to continue to contribute to the rapid growth of the Channel District, bringing in more residents to enjoy the new retailers, grocery stores, restaurants and gathering places." -James Baugnon, President and CIO at ECI. Chip Sykes and Drew Jennewein of Jones Lang LaSalle Capital Markets assisted in the formation of the project joint venture. About ECI Group For more than 50 years, ECI Group has been one of the most highly regarded, privately owned real estate organizations in the United States. The firm is fully integrated, with development, construction, and management groups that have garnered national recognition for innovation and performance in the multifamily industry. With a portfolio of more than 7,900 units either existing or under construction located throughout the Southeast, ECI is strategically positioned to continue to be a leader in the multifamily industry. For more information, visit www.ecigroups.com. About K.D. Keller K.D. Keller's mission is to help landowners realize the full income potential of their properties while retaining full ownership. We transform obsolete or underutilized structures into the highest and best use for the property, for now and for the future.

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REAL ESTATE INVESTMENT

Toorak Capital Partners Closes $285M Residential Bridge and $363M DSCR Securitizations

Toorak Capital Partners | March 15, 2022

Toorak Capital Partners, Inc., a leading capital provider to the residential real estate lending industry, announced the successful closing of TRK 2022-1, a $285 million securitization of residential bridge loans, following the closing of TRK 2022-INV1, a $363 million securitization of DSCR loans last month. Toorak’s securitizations received investor demand despite a volatile and oversupplied market. To date, the company has issued $2.7+ billion in securitizations across nine deals, including six revolving transactions backed by bridge loans and three rated transactions backed by long-term investor loans on rental properties. We are focused and proud of the social impact Toorak has had. In addition to aiding in the delivery and availability of units to the market, many of which are affordable, Toorak’s funding brings jobs and opportunities to areas that are often neglected by large investors. Our bridge loan borrowers are entrepreneurs who invest the funds we provide to hire and employ local workers, many with untraditional backgrounds and in low-income neighborhoods.” John Beacham, Toorak CEO The initial collateral underlying the TRK 2022-1 securitization consisted of 583 residential bridge loans that financed approximately 1,300 housing units, 78% of which are expected to be affordable upon rehabilitation and/or stabilization in their respective zip codes, where the median household income was close to $55,900. The TRK 2022-INV1 securitization consisted of 1,254 rental mortgages that financed around 2,300 units, with an average underwritten rent of approximately $1,600 per unit, compared to a median household income of $55,700 in their respective zip codes. With capital commitments from entities managed by KKR, a leading global investment firm, Toorak has revolutionized the way business purpose residential real estate lenders access capital. The firm was the first to link small-balance commercial and residential originators with institutional capital and has perfected this approach in the single-family residential bridge and 30-year single family rental lending space. About Toorak Capital Partners Toorak Capital Partners is an integrated correspondent lending platform based in Summit, NJ. Toorak acquires small-balance, business-purpose loans backed by residential, multifamily, and mixed-use properties throughout the U.S. and the U.K. Toorak acquires loans directly from lenders that originate high credit quality loans. Toorak’s principals have a deep understanding of mortgage credit in the residential and commercial space with backgrounds in real estate lending, capital markets, securitization, asset-liability management, asset management and credit. Since inception, Toorak has provided more than $7.5 billion in capital and funded over 20,000 business-purpose loans. Toorak-funded projects have renovated, stabilized or provided rental housing for close to 40,000 families to date – an average of approximately 1,000 families per month in 2021.

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REAL ESTATE INVESTMENT

Mill Creek Announces Start of Preleasing at Modera River Trail

Mill Creek Residential | December 18, 2021

Mill Creek Residential, a leading developer and operator specializing in premier rental communities across the U.S., today announced the start of preleasing at Modera River Trail, a contemporary mixed-use apartment community located in the thriving Seattle suburb of Redmond. The community, which features 233 apartment homes and 4,700 square feet of ground-floor retail, sits approximately 15 miles northeast of Downtown Seattle and will provide residents with prime access to popular Marymoor Park and Lake Sammamish. Built with a modern industrial architectural theme, Modera River Trail will also offer high-quality home finishes, a unique array of common-area attractions and panoramic views of the Puget Sound region. Move-ins will begin in late January. Redmond has fast become one of the most desirable areas in the Seattle metro, and we are excited to commence preleasing for Modera River Trail, We believe the community will be a unique offering in the area and will serve as the perfect destination for residents to enjoy a work-life balance with a variety of neighborhood attractions within reach. We look forward to offering a best-in-class living experience for our residents." Steve Yoon, managing director of development in Seattle for Mill Creek Residential Situated at 15881 NE 85th Street and a short drive north of Redmond Town Center and Marymoor Park, the community is located in a vibrant, emerging downtown area possessing a superb Walk Score of 88 and Bike Score of 91. An abundance of retail, dining and entertainment options are contained within the Redmond Town Center, which is also home to three hotels, several healthcare outlets and a variety of fitness centers. Residents are also within a short walk of the Redmond Transit Center and within close proximity of State Route 520, which connects with Interstates 495 and 5, the gateways to the greater Seattle area and its thriving tech and healthcare employment centers. Modera River Trail offers studio, one- and two-bedroom homes with loft and den layouts available. Community amenities include a courtyard with barbecue areas, a sixth-floor clubroom with full kitchen, sky lounge with conference room and an expansive rooftop deck. Additionally, a hotel-inspired, two-story lobby includes a self-playing piano, gas fireplace, coffee bar and grand staircase. Residents will also have access to a HIIT-inspired fitness center with yoga room, pet wash and pet spa, karaoke/movie room, game room with poker and a large-screen TV, rentable storage spaces and Amazon HUB lockers with a large package overflow room. Apartment interiors at the keyless-access community are equipped with large windows for an abundance of natural light, wood-plank vinyl flooring, Energy Star stainless-steel appliances, gas ranges, quartz countertops, tile backsplashes, two-tone custom cabinetry, in-home washers and dryers, tile shower surrounds and edge-lit bathroom mirrors. Select homes include moveable kitchen islands, custom closets, breakfast bars and green-space views. Residents will also have controlled-access parking and guest technology, electric vehicle charging stations and dedicated bike storage. About Mill Creek Residential Mill Creek Residential Trust LLC is a national rental housing company focused on the development, acquisition and operation of rental communities in targeted markets nationwide. The national company, headquartered in Boca Raton, Florida proactively develops, acquires, constructs and operates communities through its seasoned team of real estate professionals in offices across the United States. Mill Creek is building its portfolio in many of the nation's most desirable markets in Seattle, Portland, the San Francisco Bay area, Southern California, Phoenix, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Nashville, Charlotte, Raleigh, Washington, D.C., New Jersey, New York, and Boston. As of September 30, 2021, the company's portfolio is comprised of 111 communities representing over 30,500 rental homes that are operating and/or under construction.

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Are you looking to raise your production? These 8 Amazing Real Estate Apps will help you be more efficient and productive. These are undoubtably the best iPad apps for real estate agents!

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