REAL ESTATE INVESTMENT
City Office REIT | January 03, 2022
City Office REIT, Inc. (NYSE: CIO) ("City Office" or the "Company") announced today that it has closed the acquisition of Bloc 83, a premier two-building office complex located in Raleigh, North Carolina, for a gross purchase price of $330.0 million exclusive of closing costs.
The 494,000 square foot, newly built Class A complex possesses a prime location, market-leading features and strong tenancy. Bloc 83 is situated in the Glenwood South submarket, a preeminent live-work-play district of downtown Raleigh. Glenwood South has attracted a population of young professionals relocating from larger metro areas and is the epicenter of Raleigh's dining, shopping and entertainment district.
Bloc 83 features best-in-class, modern tenant buildouts, common areas and amenities. Highlights of the property include state-of-the-art fitness centers, a rooftop sky lounge, a yoga studio, various retail amenities and expansive lounges. The first building was delivered in 2019 and is currently 93% leased with a weighted average lease term remaining of approximately 10.3 years. The second building was delivered in 2021 and is in its initial lease-up phase at approximately 67% leased as of closing.
Adding Raleigh to our footprint of high growth markets in the south and west strategically enhances our portfolio, Raleigh's highly educated workforce has been a driver for growth in the STEM and life science industries. The region's tier one research universities, high quality of life and diverse economy positions it favorably over the long term."
James Farrar, the Company's Chief Executive Officer.
About City Office REIT, Inc.
City Office REIT is an internally-managed real estate company focused on acquiring, owning and operating high-quality office properties located in leading 18-hour cities in the Southern and Western United States. City Office currently owns or has a controlling interest in 6.2 million square feet of office properties. The Company has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes.
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REAL ESTATE INVESTMENT
Walker & Dunlop, Inc. | March 08, 2022
Walker & Dunlop, Inc. announced that it structured $302,241,000 in Freddie Mac financing for a portfolio of ten multifamily properties in central Connecticut. The portfolio comprises 2,286 units in total, over 75% of which qualify as mission-driven, affordable housing under Federal Housing Finance Agency (FHFA) guidelines.
Taylor Williams, Managing Director in Walker & Dunlop's Capital Markets group, structured the financing on behalf of Beachwold Residential, a repeat client and family-owned real estate company headquartered in New York City. The team provided support to the client throughout the entire deal process, working to ensure the latest rental rate increases were captured in the appraisal and underwriting processes. The new loan effectively provided the borrower with an attractive fixed rate and additional proceeds.
Taylor Williams and his team are experts. They provided clear and prescient guidance throughout the process, and their reaction time to any queries we had was exceptional. They are truly professionals when it comes to dealing with this type of transaction."
Gideon Friedman, CEO of Beachwold Residential
"It was an honor to be chosen for this transaction by Gideon Friedman and the Beachwold team," Mr. Williams added. "We were able to effectively execute the deal with an excellent rate, thanks to our skilled team and solid partnership with Freddie Mac."
The ten-property portfolio is comprised of a diverse and unique set of communities with construction dates ranging from 1926 to 2008. The oldest property, 278 Main, was originally a schoolhouse, which was converted to apartments. Another distinctive property is Lofts at the Mills, a former mill that was recently converted to loft apartments. Most of the properties within the portfolio are situated in irreplaceable infill locations throughout Connecticut.
Walker & Dunlop was the top provider of capital to the U.S. multifamily market in 2020, and in 2021 the firm originated $49 billion in debt financing volume, including lending over $42 billion for multifamily properties.
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 1,000 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.
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REAL ESTATE ADVICE
Harold Clarke Advisors | March 09, 2022
Mana'olana Partners, the ownership entity of Mandarin Oriental Hotel and Residences, Honolulu established by Los Angeles-based Salem Partners, has resumed sales of The Residences at Mandarin Oriental, Honolulu after placing its efforts on hold during the COVID-19 pandemic. A new residence gallery is now open and welcoming guests by appointment.
As restrictions continue to ease and we see the return of international travel, we believe it is the perfect time to resume sales. We've been pleased with the interest ahead of our official relaunch and look forward to continuing to build momentum."
James Ratkovich, Co-Managing Partner of Mana'olana Partners
The Residences features 99 private homes that offer an unprecedented lifestyle made possible by the Mandarin Oriental's legendary service coupled with Hawai'i's boundless natural beauty. The property, located at the nexus of Ala Moana and Waikīkī, will be Mandarin Oriental's first residential concept on O'ahu and the brand's only hotel operated on the island.
"There is nothing else like The Residences available in Hawai'i," added Ratkovich. "The return of The Mandarin Oriental brand to Honolulu will offer luxury and hospitality unmatched in the world."
Residents will enjoy the advantages of bespoke hotel living, including personalized five-star service, exclusive amenities available only to owners and an attentive concierge team dedicated to delivering authentic experiences of Hawai'i. Michelin-level dining, Mandarin Oriental's world-renowned spa treatments, and world-class shopping, dining, and entertainment make every imaginable convenience within steps of The Residences.
The Residences at Mandarin Oriental, Honolulu is designed by a premier team, including [au]workshop architects+urbanists, Honolulu-based AHL, Meyer Davis, Dianna Wong, Hart Howerton, Fluidity Design and Molteni&C Dada. Harold Clarke Advisors, foremost ultra-prime real estate industry experts in Hawai'i, is leading sales and marketing for the project.
About Mana'olana Partners
Mana'olana Partners is the ownership entity of the Mandarin Oriental Hotel and Residences, Honolulu established by real estate development firm Salem Partners. Founded in 1997, Salem Partners comprises three platforms: investment banking, real estate development, and wealth management. Salem's investment bankers have completed billions of dollars of transactions in the media and entertainment, healthcare and life sciences, aerospace and defense, and real estate industries. Real estate development is headed by industry veterans experienced in all segments of the built environment.
About Mandarin Oriental Hotel Group
Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the world's most luxurious hotels, resorts, and residences. Having grown from its Asian roots into a global brand, the Group now operates 36 hotels and seven residences in 24 countries and territories, with each property reflecting the Group's oriental heritage and unique sense of place. Mandarin Oriental has a strong pipeline of hotels and residences under development and is a member of the Jardine Matheson Group.
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REAL ESTATE INVESTMENT
Walker & Dunlop, Inc. | April 12, 2022
Walker & Dunlop, Inc. announced that it has arranged $70,000,000 in permanent financing for 21 West Street in New York, New York. The 33-story tower includes 293 carefully designed studio, one-, two-, and three-bedroom apartments. Located in the Financial District of Manhattan, the property is proximate to the offices of major financial firms, including Goldman Sachs and American Express.
Jonathan Schwartz, Adam Schwartz, Aaron Appel, Keith Kurland, Michael Ianno, and Triston Stegall led the Walker & Dunlop team in arranging the financing for Rose Associates, a repeat client. Based in New York, Rose Associates is a leading multifamily and mixed-use real estate developer and operator that has overseen the successful residential and retail leasing at the property for nearly 30 years. The 12-year loan, provided by MetLife features an attractive fixed rate and interest-only payments for the entire term, which will ensure continued operating performance for years to come. The Rose Associates team was led by Marc Ehrlich, Chief Investment Officer and Michele Bengelsdorf, Head of Asset Management.
Though the New York City rental market experienced headwinds during the COVID-19 pandemic, the market has successfully absorbed more than 60,000 new units that were delivered over the past four years. With vacancies at near record lows, this lending opportunity was very attractive to the capital markets."
Walker & Dunlop's Jonathan Schwartz
21 West Street blends modern convenience and a classic landmark style with luxurious residences. The property's amenity offerings include a roof deck, fitness center, resident lounge, and children's playroom. With excellent transit access, residents enjoy convenient access to the rest of Manhattan as well as to Brooklyn, Queens, and New Jersey. New retail offerings, including West of Broadway, Brookfield Place, and Westfield's World Trade Center mall dramatically increase area residents' shopping and dining options.
Walker & Dunlop is 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. With one of the strongest networks in the industry, the firm's 2021 brokered loan originations totaled $30 billion, a 170% increase over 2020.
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.
About Rose Associates, Inc.
Established in 1925, Rose Associates is a premier real estate firm specializing in multifamily rental properties in New York City and the tristate area. Focused on the development, acquisition and management of the highest quality assets, the firm is currently developing six properties in the New York City metropolitan area. Rose's management platform incorporates state-of-the-art services to maximize revenue and enhance asset value, ensuring that Rose properties consistently outperform the market. Under the leadership of CEO and President Amy Rose, the firm is a certified Women's Business Enterprise that is currently pursuing a diverse and aggressive growth strategy.
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