Thursday, May 6, 2021

Real Estate Capital Institute Sees Favorable Financing Reemerging Even as Fewer New Projects Come Online

John Oharenko
 

 Chicago, IL - The nation reaches a milestone of one-third of the population vaccinated while financial markets hit new high records.  

  • Rising interest rates accompanied by tightened pricing and profit expectations prevail.  

  • Fewer new real estate projects come online due to pandemic uncertainty and increasing construction costs.  

Other key real estate capital trends include:

 Favorable Financing Reemerges:  Lenders see limited losses from the pandemic, readjusting expectations of improving economic conditions.  As a result, even as interest rates rise, mortgage spreads drop.  Borrowers still capture desirable debt terms, staying within the 3.5%-range for longer-term debt based on 65% or less debt.  Proven cash flow performance drives leverage and pricing terms.

Prices Stubbornly High:Due to limited inventory, cap rates drift downward.  Investors refuse to sell highly performing assets. 


 Buyers simultaneously chase down yields for the few investments listed on the market.   As prime multifamily and industrial cap rates declined by as much as fifty basis points from last year, the feeding frenzy continues.  

Furthermore, lodging assets recapture pricing with improving economic conditions. 

 Lastly, retail and office properties remain highly speculative as consumer shopping and workplace habits evolve.

Longer Holding Periods:  With fewer investment opportunities available, owners recalibrate holding term expectations to include longer cycles.  For instance, shorter-term holds spanning three to five years expand by two years or more.

 John Oharenko of the Real Estate Capital Institute® notes, "Quick-flip profits based on shorter-term cycles rarely exist today, as more sophisticated investors scour markets for deal flow."

The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  

 CONTACT:

John Oharenko, Executive Director

john.oharenko@reci.com

director@reci.com / www.reci.com

The   Real Estate Capital Institute®

Chicago, Illinois USA 60622

 

 

Family-Owned Builder Supply Firm Already Expands New Leesburg, FL Operation by another 10,000 Square Feet

 LEESBURG, FL -- Blackton, Inc., the family-owned homebuilding materials supplier that opened a 15,000 square foot Leesburg location just one year ago, has already added another 10,000 square feet to the facility at 105 Park Center St.

 Michael “Micky” Blackton, chairman and CEO of the Orlando-based firm that is one of Florida’s largest and most active suppliers of roofing and flooring to homebuilders, said he established the third location in the heart of Leesburg to better serve new and longtime clients, who build in Alachua, Lake, Marion, and Sumter counties, with a better turnaround time.

 Supply chain issues, prompting more inventory and need for more spacious warehouse and staging area were the principal reasons for the expansion of the relatively new facility.

Upon opening last year, Blackton moved roofing and flooring supply operations for The Villages and other loyal customers to Leesburg.

The location alone, which is supported by a staff of 20, has allowed for Blackton’s reach into the Gainesville area as well as west into Citrus County .

“It not only has led to more contracts on new construction with strong, long-time clients like D.R. Horton and Maronda, but also opened doors to new relationships with re-roofing firms in and around the area,” Blackton said, adding “Our Leesburg team has done a phenomenal job,” Blackton said.

The company is headquartered just north of downtown Orlando with a retail location in southwest Orlando. The family-owned business has been supplying the home building industry from Jacksonville to Tampa since it was founded more than six decades ago.

CONTACTS:

Michael “Micky” Blackton, Chairman, Blackton Inc.

407-898-2661 Micky@Blacktoninc.com

 

Beth Payan, Larry Vershel Communications

407-644-4142 or 407-461-3781 Beth@LarryVershel.com

 

 

Always an Icon, Now an Oasis -- The Shops at Sportsmen's Lodge Set for Rolling Opening This Summer

Renderings above and below
of 
The Shops at Sportsmen’s Lodge
in Studio City
, CA

 STUDIO CITY, CA – Hollywood loves a good sequel, a reinvention of the original that’s even more compelling.  Which is exactly what makes the much-anticipated opening of The Shops at Sportsmen’s Lodge in Studio City so exciting. 

  The rolling opening begins this summer and kicks off with true star power – the debut of anchor tenant Erewhon, the L.A.-based, celebrity-favorite market and cafĂ© known for its extensive selection of organic, healthy, pure, nutrient-rich foods. 

 John Usdan

This will be Erewhon’s seventh area location and its first in the San Fernando Valley.  

Other notable “above the title” tenants set to open at The Shops at Sportsmen’s Lodge this summer include Civil Coffee, Free People Movement, Madison Reed, Myodetox, Roberta’s Pizza, SALT Optics, Tocaya, Tuesday’s Sweet Shoppe, Ushi Ushi, Van Leeuwen, and Vuori. 

  More than a dozen additional tenants (to be announced) plan to open at the center by year’s end.

Rob Jernigan

To attract top retailers in the shopping, dining and wellness categories to The Shops at Sportsmen’s Lodge, an all-star cast of developers and designers transformed an iconic site steeped in silver screen lore, rewriting it for a new, modern audience. 

 Located where Ventura Boulevard and Coldwater Canyon meet in the heart of the Valley, they’ve created a welcoming oasis of low-key luxury that will draw studio executives and foodies, wellness-seekers and community-builders, and fashionistas and families, alike.


 “Dating back as early as the 1800s and rising to prominence in the 1940s during Hollywood’s Golden Era, Sportsmen’s Lodge was the social center of the Valley,” said John Usdan, Chief Executive Officer of property owner Midwood Investment & Development. 

 “With upscale dining and shopping, Mid-century modern architecture and California-friendly landscaping that honor the site, and bespoke amenities and programming, The Shops at Sportsmen’s Lodge will breathe new life into this beloved site.”

 Midwood tapped renowned architectural firm Gensler and design studio OLIN for the 95,000 square-foot, The Shops at Sportsmen’s Lodge redevelopment project, which replaces the former meeting and convention space formerly on the property. 



The team worked closely with the city’s Cultural Heritage Commission, maintaining the rustic spirit of the Lodge, the existing natural foliage and tree canopy, and ensuring the design to provide views of the pond, pool and nearby river from throughout the project.

 "The goal was to create a charming and intimate park-like village of shops, eateries and wellness offerings buffered from the bustle of Ventura Boulevard,” said architect Rob Jernigan, co-managing principal of Gensler's Los Angeles office. 

 “While we know the Shops at Sportsmen’s Lodge will attract guests from throughout the region, we intentionally designed the project to appeal to, and fit seamlessly within the fabric of the neighborhood.”

 Creating opportunities for community, connection and convenience also were paramount in the redevelopment plan. 

 Thoughtful tenant curation by Midwood’s leasing team has focused on tenants known for building community through store-level activations, programming, and collaboration with other tenants.

 Celebrating its provenance as a gathering place for generations, the center also will include abundant open-air communal spaces throughout – including the large waterfront “Redwood Deck” – that will encourage guests to relax and reconnect over coffee, food, and conversation. 

Hot Retail Spot: Ventura Boulevard and Coldwater Canyon Avenue
                                                Studio City, CA

These spaces also will provide venues for tenant and center events.

 For convenience, The Shops at Sportsmen’s Lodge will offer abundant parking with available valet services.  Situated at the heart of Studio City, guests also can easily access the center on foot or by bike, including from the LA River trail which connects to the property.

 “At Midwood, we are committed to restoring and revitalizing the fabric of the communities in which we build, and to improving the way people live, work and play through our industry-leading design, planning and execution,” said Usdan. 

Typical Erewhon market

“Developed thoughtfully and intentionally with the needs and desires of the community and our neighbors top-of-mind, The Shops at Sportsmen’s Lodge is a powerful example of our approach.”

   About Midwood Investment & Development

Samuel Lemberg, 84
Passed July 15, 1981
(Photo courtesy Brooklyn Eagle
archives)


Founded in Midwood, Brooklyn by Samuel Lemberg, Midwood Investment & Development has grown and evolved with New York City for over ninety years.

 Today, the company is a sophisticated vertically-integrated investment, development and management platform that owns over 130 properties across the US, and has several million square feet in its development pipeline. 

  At the intersection of architecture, urbanism, technology, and data, Midwood’s mission is to acquire, develop, and manage best-in-class mixed-use commercial and residential properties that improve neighborhoods and enrich lives.

CONTACTS:

Miki Akil / Carrie Freitas

Kitchen Table PR

832.260.4414

miki@kitchentablepr.com

 

 

Beachfront Allegria Hotel in Long Beach, NY purchased by Linchris Capital Partners

156-Key Beachfront Allegria Hotel80 West Broadway,
 
Sold in Long Beach, NY
 

NEW YORK, NY, May 6, 2021 – JLL Hotels & Hospitality announced today that it has closed the sale and an acquisition financing for the Allegria Hotel, a 156-key luxury, beachfront hotel located in Long Beach, New York.

Martha Nay

JLL represented the seller, Stabilis Capital Management, LP, to complete the sale to the buyer, Linchris Capital Partners, LLC. 

JLL also represented Linchris Capital Partners, LLC to arrange the fixed-rate acquisition loan through the lender. 

KC Patel

 The hotel was offered fully unencumbered of brand and management and, in addition to being the only beachfront hotel between New York City and The Hamptons, boasts one of the only beachfront food and beverage operations in Long Beach.

 Converted to a hotel from a senior-living facility in 2009, the Allegria Hotel features a rooftop pool, fitness center and multiple lounge and food and beverage outlets, including Jack’s on the Rocks Lounge, the 8,800-square-foot Atlantica Restaurant and the L’Onda Bar.

The hotel also serves as one of Long Island’s pre-eminent wedding venues, featuring a 3,182-square-foot grand ballroom with complimentary pre-event space.

Nikhil Chuchra 
 

Located at 80 W. Broadway, the Allegria Hotel is proximate to downtown New York City and is touted as a beach getaway destination.

 Located on Long Island’s south shore, the hotel is situated directly on the Long Beach boardwalk, within walking distance of 3.5 miles of beautiful white sand.

 Amidst the pandemic, there has been increased travel to drive-to leisure destinations, according to JLL’s 2021 Hotel Investment Outlook.

 Greg Labine 


The Allegria Hotel was the beneficiary of a secular shift where New Yorkers who were unwilling to travel by air, due to the COVID-19 pandemic, frequented Long Beach and other beach destinations.

The JLL Hotels & Hospitality team representing the seller was led by Senior Managing Director Jeffrey Davis, Executive Vice President KC Patel, Associate Nikhil Chuchra and Analyst Desmund Delaney.

Financing was led by Managing Director Greg Labine and Senior Director Martha Nay.


 “Investor demand for drive-to destinations in high-density markets continues to grow as evidenced by the sale of the Allegria Hotel,” said Patel.

Desmund Delaney




“Located within a 50-mile radius of more than 18 million people, the asset is positioned for growth in a post-pandemic environment.”

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide.

 The group’s 350-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments.

Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.

Jeffrey Davis


JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm'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.




Contact:

Natalie Passarelli
PR, Americas

JLL

M +1 224 477 7307

JLL.com


 

Alliant National Announces the Promotion of Donna More as Vice President and Senior Underwriting Counsel - Florida

 Donna More
 

 

Longmont, CO, May 6, 2021 – Alliant National Title Insurance Company, a unique title insurance underwriter that partners with independent agents to improve their competitive position, announces the promotion of Donna More, Senior Underwriting Counsel, to the position of Vice President - Florida.

More is a highly skilled and knowledgeable attorney who has been practicing law since 1985 and is licensed in the states of Florida, New Jersey and Pennsylvania. During her career, she has worked on the agency side of the industry, as well as in private practice.

More is certified in real estate by the Florida Bar, and is active in several committees in the Florida Bar Real Property and Probate Law Section.She is also a Leadership in Energy and Environmental Design (LEED)-accredited professional, having received the certification from the U.S. Green Building Council.


Margaret Cook

In her new role with Alliant National, More will continue providing leadership within Alliant National’s Florida underwriting department and supporting the organization’s overall operations within the region.

 

“Donna is an incredibly knowledgeable, deeply experienced and exceptionally responsive underwriter,” said Margaret Cook, EVP, General Counsel and Chief Legal Officer of Alliant National. 


“She is wickedly smart, conscientious, humble and kind. Donna is a valuable part of our legal team and our Florida operations, and she has earned this well-deserved recognition for her contributions to our agents’ and the company’s success.”

 

Contact:


Cathie Beck
303.241.0805
cathie@capitalcitypr.com

alliantnational.com