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.
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.
REAL ESTATE TECHNOLOGY
The Menkiti Group | May 21, 2022
MG Residential, an arm of Brookland's The Menkiti Group, was joined by Whitecrest Real Estate, to celebrate the launch of The Heritage, a newly developed collection of modern condominiums starting in the mid $300's. The new development offers 1–2-bedroom units that range from 570 – 1050 square feet. The completion of this project marks a major milestone in the new development and momentum in Ward 5.
"The project was started late 2018 and took over 3 years to complete. Even through the chaos of COVID-19, we trooped through as we believed in the project," said the company's Director of Design, Maryam Kazmi. "We chose this project as we believed in the neighborhood and wanted to add value to this area and offer new modern living. This is an emerging neighborhood and we wanted to be part of its story."
The Heritage lies in the heart of Woodridge, a residential neighborhood located just north of the National Arboretum. The dynamic team of Whitecrest Real Estate always believed in the Woodridge neighborhood, but it was not until they began working in the area, that they realized its true potential.
We were one of the first very few developers who started to invest in the neighborhood, about a decade ago in 2013 with a boutique style building. While working in Woodridge, we realized that it is not only a conveniently located and easily accessible neighborhood to various hot spots of Washington DC, but also amongst one of the safest and most affordable areas in the city."
Reza Damani, Real Estate Investor and Chief of Operations for Whitecrest
The Heritage is conveniently located near a variety of the District's parks and amenities. Barnard Hill Park lies in the northwest corner of the neighborhood, providing 22 acres of open green space for walking or picnics. Also, near the neighborhood, the Dwight A. Mosley Playground and Taft Recreation Center have a large playground, several sports fields, a tennis court, and a basketball court. Although Woodridge lies in a residential area, its proximity to the city's main attractions is what gives this neighborhood its unique flexibility and advantage.
Whitecrest and MG Residential were joined by many Ward 5 residents and local businesses, resulting in a successful community event. Joe Dawson of Mission Mortgage and Lawrence Elliot of Prime Title sponsored the event and were also in attendance.
"We appreciate everyone who attended the official Grand Opening for The Heritage," says MG Residential's VP of Sales and top 1% of realtors nationwide, Lashika Mason. "We are truly overwhelmed by the constant outpouring of support from the community and look forward to seeing The Heritage's impact in Ward 5."
The Heritage is on one of the main arteries of the neighborhood, that runs into Washington, DC. The luxurious finishes combined with the extra effort that was taken to preserve the 100-year-old bank façade makes this beautiful building stand out. The Heritage is a well-built, high-end, and eco-friendly mixed-use condo building in a calm and inviting neighborhood that's a rare find in Washington, DC. The units are well-designed, efficiently built, and are offered at the most competitive prices available in the marketplace for brand-new condominiums.
"This is an exciting partnership with MG Residential and Whitecrest Development," says top producing realtor and Managing Director at MG Residential, Anthony Mason. "We are proud to be a part of this project and are looking forward to seeing the impact on the community as we strive to continue to fulfill our mission of transforming lives, careers, and communities through real estate."
About Whitecrest Real estate
Whitecrest is a dynamic team of real estate investors composed of four key players:
Farid Khan serves as the President for Whitecrest Real Estate Company. His primary role is developing a vision for White crest real estate. He also Analyzes budgets and financial reports regularly, reviews and advises on contracts, and leads the company towards success.
Reza Damani serves as the Chief of Operation for Whitecrest Real Estate, providing executive management and overseeing all areas of a project from acquisition of raw land to design and development of all the company's construction projects. Mr. Damani is a licensed Class A builder in the Washington DC area with 20 plus years and over 150,000 total developed square feet in the Washington DC metro area. From site selection, through acquisition and construction, to occupancy, he offers comprehensive ground-up and build-to-suit development services for the region.
Syed Ali serves as the Chief financial Officer for Whitecrest Real estate and is responsible for tracking cash flow, financial planning, analyzing the company's financial strengths and weaknesses and proposing strategic direction. He is also responsible for maintaining relationships with bankers and investors.
Maryam Kazmi serves as the Director of Design for Whitecrest Real Estate. She oversees all design decisions and aesthetics of the project from the floor plans to the finishes. Her responsibilities include making all indoor and outdoor spaces functional, safe, and beautiful by determining space requirements and selecting essential and decorative items, such as colors, lighting, and materials to ensure a well-designed and cohesive look to the whole project.
About MG Residential
MG Residential is a premier sales team based in Washington, DC, with expertise providing residential and commercial real estate services to buyers, sellers, investors, and developers across Washington DC, Maryland, and Virginia. Over the past 15+ years, MG Residential has had the privilege of serving over 3,000 families in the greater DMV region and has consistently been ranked within the top 100 teams nationally for Keller Williams.
Founded with the mission of transforming lives, careers, and communities through real estate, MG Residential is anchored by Bo and Kymber Menkiti and Anthony and Lashika Mason. Their goal is to close the gap on homeownership and create intergenerational wealth in the District of Columbia and throughout the greater DMV region.
REAL ESTATE TECHNOLOGY
Dalfen Industrial | July 18, 2022
Dalfen Industrial has acquired Belvedere Logistics Center, a Sacramento industrial property at 8301 Belvedere Ave. The 348,000 square foot property is 100% occupied by River City Storage and American Furniture Warehouse.
The industrial property is located in the Power Inn submarket of Sacramento. The location is near US 50 which bisects I-5 and I-80. The access to these interchanges provides both east-west and north-south connectivity throughout the west coast, making Sacramento an excellent distribution hub. The tremendous infill location provides the ability to reach 67% of the population within 30 minutes and over 3.8 million people within 50 minutes. Other tenants in the area include Siemens, Ross Stores, Ferguson and Proctor & Gamble.
"Acquiring Belvedere Logistics Center provides access to another key west coast market that demonstrates both limited vacancy and new construction, Sacramento's relative affordability and sustained population growth combine to make infill opportunities like this very attractive."
Rich Weiss, Market Officer for Dalfen's west region
This acquisition is the 9th California property acquired by Dalfen Industrial since last June.
Dalfen Industrial LLC, headquartered in Dallas, is one of the largest buyers of industrial real estate in the United States and is a leader in the last-mile property sector. Their investment focus is on strategically located urban infill warehouses and distribution buildings. Dalfen currently owns and operates millions of square feet of premier industrial properties throughout the United States.