JLL worked on behalf of the borrower, a joint venture between Criterion Group and Columbia Pacific Advisors, to secure the five-year, floating-rate loan through Axos Bank.

The sites average approximately 10.5 acres each and are located in prime Northeast, Southeast, and Texas distribution markets. Industrial outdoor storage sites are characterized as low coverage industrial sites that can be used for a range of industrial purposes, including fleet parking, heavy machinery/construction equipment storage, shipping container storage, and more.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Christopher Peck, Managing Director Peter Rotchford, and Vice President Christopher Pratt

“With the growing necessity of last-mile logistics due to the continued growth of e-commerce, leasing for industrial outdoor storage assets has started to shift from typically non-credit, local tenants to national credit tenants, thus attracting a more institutional investor-set as well,” Rotchford said.

“The broad geographic scope of this portfolio positions it to increase in value as last-mile logistics drive increased demand for parking and outdoor storage space,” said Shibber Khan of the Criterion Group. “The portfolio offers the opportunity for powerful near- and long-term rent growth.”

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JLL’s Capital Markets group announced today that it has secured $220 million in financing and advised on the procurement and structuring of the equity for the conversion of 55 Broad St., a 30-story office tower located in New York City’s Financial District. The property will undergo a phased conversion into a best-in-class, 571-unit luxury apartment building.

 JLL worked on behalf of the borrower, MetroLoft Developers, LLC and Silverstein Properties, to secure the four-year, floating rate loan through Banco Inbursa. In addition, JLL also advised on the procurement and structuring of the equity.

 55 Broad St. will feature studios, one-, two- and three-bedroom units and approximately 17,000 square feet of amenity space, including one of only three rooftop pools in a rental property south of Chambers Street, co-working facilities, fitness center and sport simulators. Units will include condominium-level finishes, custom-built kitchens with stainless steel appliances, Italian designer cabinetry and fixtures and in-unit washers and dryers. The property will be one of the first fully electric residential buildings in Manhattan and Local Law 97 compliant, leveraging self-contained heating and cooling systems (HPAC Units). The mechanical renovations will not only bring the building to 100% carbon neutral, but it will allow for the creation of additional residential rentable floor area and amenities.

 55 Broad Street is located less than two blocks from the Bowling Green subway station, allowing for quick connectivity to destinations across New York City and the tri-state area. The property is also ideally positioned just a short walk from the Oculus Transportation Hub, providing access to 12 different subway lines and a PATH station. The Connecticut and New York suburbs are easily accessible via connection at Grand Central Station, which is just a 14-minute subway ride from the Wall Street subway station. In addition to convenient transit, the property is centrally located in a true “live-work-play” community. Today’s Financial District offers a commercial office core, as well as a host of fine restaurants, retail boutiques, luxury residential developments, fashionable hotels, parks, and popular cultural attractions. Additionally, residents at 55 Broad Street will benefit from a new Whole Foods supermarket opening only a three-minute walk from the property.

 JLL’s Capital Markets Advisory team was led by Senior Managing Director Christopher Peck, Directors Eliott Zeitoune and Alex Staikos. Drew Isaacson, who joined JLL’s Investment Sales Advisory team last week after 2.5 years at Eastdil, was also an integral part in capitalizing the equity in the transaction.

 “Post-pandemic demand has shifted the dynamics of the office market and the conversion of 55 Broad St. to a best-in-class residential property reflects this trend,” said Peck. “MetroLoft is a pioneer in the conversion space, having successfully completed 16 conversions spanning over 3M-square-feet and 3,000 units in the Financial District alone. Their partnership with developer Silverstein creates a powerful team to guide this unique project to success.”

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JLL worked on behalf of the borrower, a joint venture of Lonicera Partners and Rabina, to secure a floating-rate loan through Santander Bank and City National Bank, as well as a JV equity investment by The Davis Companies (Davis).

With foundations already in the ground, 55 Willoughby qualified for the city’s now expired 421a tax abatement, which will allow the developer to bring 89 affordable units to the development along with 206 market rate units. The unit mix will be comprised of studio, junior-one, one-, junior-two and two-bedroom units. This unit mix reflects demand from predominantly younger renters and students from higher education institutions in the immediate area seeking accommodations in the heart of Downtown Brooklyn.

The property will be highly amenitized with approximately 12,000 square feet dedicated to social and recreational offerings including a state-of-the-art gym, yoga studio, lounge, media room, co-working space, rooftop terrace, deck, sky lounge and bike room.

Ranked among the most affluent markets in the city, Downtown Brooklyn offers residents a dynamic 24/7 environment surrounded by popular enclaves like Boerum Hill, Cobble Hill, Brooklyn Heights and Fort Greene. Subway options provide connectivity to anywhere in New York City, with Downtown Manhattan just 15 minutes away.

Experienced, locally based developer, Lonicera Partners originally purchased 55 Willoughby and the additional air rights from 57 Willoughby in December 2021. The partnership retained Colberg Architecture to design a modern, glass and porcelain curtain wall tower providing panoramic views of the entire borough.  The joint venture marks Davis’ continued investment in New York as the firm continues to expand its portfolio in the region.

The JLL debt and equity advisory team representing the sponsor was led by Jeffrey Julien, Chris Peck, Nicco Lupo, Rob Hinckley, Geoff Goldstein, Marko Kazanjian and Alex Staikos.

“55 Willoughby will be one of the last beneficiaries of the 421a tax abatement program in New York City,” said Julien. “The supply pipeline in Brooklyn is projected to significantly taper off, and there will be very limited competing product once this new luxury tower delivers.”

“This transaction aligns two best-in-class sponsors with astute capital providers who recognize an opportunity to invest in a rare development in a high barrier to entry market. We’re thrilled with the results,” added Peck.

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The property is the largest privately-owned industrial site in New York City, offering rare tri-modal access with a railroad track connection to the CSX/NS National Rail System served by Conrail, a 650-foot waterfront steel bulkhead dock and direct interstate access to route 440. The site is situated near Goethals Bridge, Verrazzano-Narrows Bridge and the largest port on the East Coast – The Port of New York & New Jersey.

DHPH acquired 1900 South in December 2020, and acquired additional adjacent parcels in 2021. The 53-acre property has attracted a diverse tenant roster with flexible zoning for warehouse, industrial and distribution space. City Asphalt and Insurance Auto Auctions currently lease more than 80% of the site. An additional 10 acres remain available at the property.

Walker & Dunlop’s Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Michael Ianno arranged the transaction.

“The property provides enormous flexibility and future opportunity, which enabled us to secure competitive financing at a time where capital is harder to come by,” said DH Property Holdings Founder and President Dov Hertz. “We have seen continued momentum for Industrial Outdoor Storage in the market.”

DHPH is a leading developer of urban distribution warehouses with 6.5 million square feet of Class-A facilities under management throughout the Northeast, including in New York City, Boston, New Jersey and Philadelphia.

Founded in 2016 by Dov Hertz, DHPH is a Manhattan-based industrial real estate development, investment and management firm that has been at the forefront of the industrial logistics trend, developing best-in-class distribution warehouses in complex and challenging urban environments. The company developed 640 Columbia Street, the first
multi-story logistics center in New York City.

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JLL represented Innovo Development Group in arranging $10 million of JV equity utilizing the Realty Mogul platform to recapitalize the venture. The equity raise follows an $80 million financing package JLL also arranged in June 2021 on behalf of the sponsor.

Gateway Industrial Center is located at 12601 Southfield Freeway, which provides immediate access to both Interstate 96, the area’s main east-west artery, and the Southfield Freeway, which serves as the area’s primary north-south transportation route connecting tenants to Interstate 94 and 75. Additionally, the property has on-site access to regional railway via the Central Pacific – Oak Terminal, while offering tenants access to a skilled local workforce in the heart of Metro Detroit.

 Last month, Detroit-based Innovo completed an expansion of the property totalling 421,000 square-feet of speculative development. The new, state-of-the-art manufacturing, warehouse and logistics facility features over 60 dock positions, 36-foot clear heights, 50-by-50-foot column spacing, heavy power suitable for electric vehicle battery requirements, LED lighting, and ESFR fire suppression. Additionally, the property provides parking for 317 vehicles and 100 trailers.

 The JLL Debt and Equity Advisory team representing the sponsor was led by Senior Director Stephen Van Leer, Managing Director Ed Halaburt, Managing Director Trent Niederberger and Director Ross Bratcher.  Senior Vice President Sean Cavanaugh is handling leasing for the property.

 “We are proud to partner with an institutional capital provider who recognizes the significant growth opportunity in the Detroit industrial market,” said Brian Mullally, Principal and Co-Founder of Innovo. “Realty Mogul offers us the kind of expansive partnership that will help our team continue to take on exciting new projects in Detroit and other great markets.”

 “The newly constructed property is arriving at an exciting time for the Detroit market, which continues to exhibit unprecedented rent growth while maintaining one of the lowest vacancy rates in the Midwest,” Van Leer added.

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College Point Logistics Center is a ground-up, modern Class A warehouse and structured parking facility that will feature 81,000 rentable square feet of industrial space, 160,000 square feet of enclosed parking spanning two floors accessible via a ramp, and 68,000 square feet of surface parking and loading space. Wildflower purposefully designed a ground-floor warehouse and multi-story parking structure to maximize the project’s efficiency in the densest industrial and parking markets in the country and meet the needs of modern industrial and logistics tenants. The project will be completed in Q2 2024 and will stand out as the premier industrial and parking facility in the Northeast Queens submarket. 

“The industrial and logistics market is in desperate need of a modern warehouse and distribution facility, especially in such a prominent location along the Whitestone Expressway that provides immediate access to all major NYC highways,” said Adam Gordon, managing partner of Wildflower. “We are thrilled to close another deal with Walker & Dunlop’s NY Capital Markets team. This represents Wildflower’s eighth industrial project in Queens, and we are excited to watch College Point flourish in the years to come,” said Matthew Dicker, partner and chief financial officer of Wildflower. 

College Point Logistics Center is strategically located alongside the Whitestone Expressway, providing direct access to both LaGuardia International Airport, John F. Kennedy International Airport, New York and Atlantic Railways, and the Red Hook Container Terminal, and will stand out as the premier industrial facility in the Northeast Queens submarket. 

Walker & Dunlop’s Capital Markets team was led by Jonathan Schwartz, Aaron Appel, Mo Beler, Ari Hirt, and Triston Stegall. 

“We are pleased to announce the successful capitalization of this exceptional project,” said Schwartz, senior managing director and co-head of NY Capital Markets at Walker & Dunlop. “The senior lender recognized the outstanding investment characteristics of this development and the strength of the sponsorship in today’s disrupted capital markets.” 

In 2022, the Walker & Dunlop Capital Markets segment sourced capital for transactions totaling nearly $26 billion from non-Agency capital providers. This vast experience has made them a top adviser on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s diverse financing options, visit our website. 

The post <strong>WALKER & DUNLOP ARRANGES DEBT AND EQUITY FOR $146 MILLION STATE-OF-THE-ART LOGISTICS FACILITY IN QUEENS, NY</strong>  appeared first on Real Estate Weekly.

JLL exclusively represented joint venture partners Acadia Realty Trust and DLC Management to secure a five-year, non-recourse, fixed-rate loan from Berkshire Bank.

The Shoppes at South Hills is currently leased to 17 retail tenants with a remaining weighted-average lease term (WALT) of 5.0 years. The tenant mix includes At Home (84,180 SF), ShopRite (76,880 SF), Ashley Furniture Home Store Outlet (55,808 SF), Hobby Lobby (49,838 SF) and Christmas Tree Shops (37,526 SF), with national tenants generating approximately 92.5% of the property’s current income.

As part of the sponsor’s multi-phased redevelopment plan, 80,275 square feet of existing space will be repositioned as a 60,000-square-foot self-storage facility with 600 units that will be third-party managed by a national operator. The JV also has an LOI with a national homebuilder to purchase 14.45 acres of excess land to build approximately 200 residential units, further complimenting the borrower’s repositioning plan.

Located at the intersection of U.S. Highway 9 and Route 9D the property is passed by approximately 54,400 daily commuters. The Shoppes at South Hills is adjacent to the Poughkeepsie Galleria, which allows visitors a cross-shopping experience between grocery, apparel and furniture retailers. It is one of only two grocery-anchored shopping centers in the area, serving an average population of 70,546 within a five-mile radius.

The JLL Capital Markets Debt Advisory team was led by Executive Managing Director Mike Tepedino and Senior Director Stephen Van Leer.

“As lenders increasingly look to diversify their real estate portfolios outside industrial and multi-housing, The Shoppes at South Hills is a highly attractive investment,” said Tepedino. “Both the property’s prime location in the economic center of Dutchess County and the institutional sponsorship’s ambitious value-add strategy fulfilled all prerequisites for the lender, who delivered an extremely competitive financing package that meets all the borrower requirements.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm&#39;s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos, and research resources on JLL, please visit our newsroom.

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“Andy and I are proud to join the group of New York real estate industry leaders who have been recognized by the Israel Bonds Real Estate & Allied Industries Division, and grateful for the support of our Avison Young colleagues,” said Scott Singer. “It was truly special to be recognized together, in person in the heart of New York City, and to be surrounded by a robust group of New York’s premier real estate talent.”

The event brought together more than 400 real estate industry professionals and raised $57 million worth of bond investments and indications of interest that will benefit the continued development of the nation of Israel. “We are extremely proud that Andy and Scott were recognized for their dedication and commitment to Bonds. Since joining our team last year, they have made a significant impact on our business, generating more than $1.5 billion in transactions for their clients — raising AY’s stature in New York, as expected,” said Dorothy Alpert, Principal, and Tri-State President, Avison Young.

Israel Bonds ranks among Israel’s most valued economic and strategic resources and has helped build every sector of Israel’s economy. Since the first bonds were issued in 1951, worldwide sales have exceeded $48 billion.

“Israel Bonds NY Real Estate division was truly privileged to have father and son team, Andy & Scott Singer, be honored at this 2022 Gala,” said Steven Mark, Executive Director, Israel Bonds. “The Singer family is truly part of the Israel Bond family through their commitment, support, and love of Israel and Israel Bonds.”

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Designed by architect Karl Fischer and built in 2014, The Nathaniel is a nine-story property with 85 market-rate luxury apartments and an 18,000-square-foot Westside Market, occupying the ground floor. The popular family-owned grocery is one of eight operated by the Zoitas Family across Manhattan that have built a loyal following of customers.

Comprised of 33 studios, 44 one-bedroom, two two-bedroom, and six three-bedroom units, totaling 49,741 rentable square feet, The Nathaniel is a doorman building that sits on the corner of Third Avenue and East 12th Street as a stand-out in a neighborhood dominated by walk-up tenement apartments. Its sophisticated design is complimented by a host of resident amenities that include a private gym, bike storage, a social and gaming lounge, rooftop reflecting pool and a fully landscaped sunset deck.

Located at the convergence of the East Village, Chelsea and transit-oriented Union Square, the property sits in a neighborhood with a resident population boosted by approximately 75,000 students from six nearby schools and colleges, which primarily lack purpose-built student housing.

The JLL Capital Markets Debt Advisory team that arranged the financing was led by Senior Managing Directors Steven Klein and Jamie Leachman, Vice President Christopher Pratt and Analyst Sean O’Brien.

 Klein commented, “The Nathaniel is a Class A asset in a highly desirable location with excellent access to transportation generators and amenities. As a long-term generational holder, Westover will benefit from these attributes and the asset will continue to perform well for many years to come.”

The post <strong>PA-based investor secures $27M loan for first Manhattan apartment buy</strong> appeared first on Real Estate Weekly.

JLL worked on behalf of the borrower, a partnership of Domain Companies, the Urban Investment Group within Goldman Sachs Asset Management, Vorea Group and Mega Development, to secure the loan through U.S. Bank. The project team includes Handel Architects with landscaping by FutureGeeen. The total capitalization of the project is $230 million.

Scheduled for completion in 2025, the 12-story, mid-rise building will allocate 25 percent of the apartments as affordable.  Domain is targeting a LEED Platinum certification for the property and is working on a partnership with Arts Gowanus to provide dedicated studio space for local artists.

Positioned as Brooklyn’s premier mixed-use property, Majestic will rise on the highest profile inland site situated directly adjacent to Thomas Greene Park, the only large public park and community pool in the area. Under an Administrative Settlement with the EPA, National Grid is remediating the western two thirds of Thomas Greene Park, and additional park enhancements will include an expanded pool and pool house, a playground, green space and sports facilities.

Located in a Qualified Opportunity Zone near highly ranked schools and the Smith Street retail corridor, the development will be among the first to rise since 82 blocks of Gowanus were rezoned last year to accommodate demand for permanent affordable housing in a neighborhood with strong transit access.

The site is six blocks from the Carroll Street subway station, served by the F and G lines, and four stops from Manhattan via the F line. It is also four blocks from the Union Street Station, served by the D and R lines, and one stop from Atlantic Terminal. By car, it is easily accessible to Manhattan via the Brooklyn Bridge or Battery Tunnel.

The JLL debt and equity advisory team representing the borrower was led by Senior Managing Director Christopher Peck, Director Nicco Lupo, Senior Managing Directors Jeff Julien and Rob Hinckley, and Associate Jonathan Faxon. The deal is the second arranged in recent weeks by JLL for Domain with the first being 420 Carroll St., a 350-unit multi-housing property also in Gowanus.

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