Friday, May 22, 2020

Home Prices Continue Rising in Two-Third of Opportunity Zones in First Quarter 2020




IRVINE, CA — ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), released its first-quarter 2020 special report analyzing qualified Opportunity Zones established by Congress in the Tax Cuts and Jobs act of 2017.

ATTOM looked at about 3,000 zones with sufficient sales data to analyze, meaning they had at least five home sales in each quarter from 2005 through the first quarter of 2020.

 The report found that 45 percent of the zones saw median home prices rise by more than the national increase of 11.3 percent from the first quarter of 2019 to the first quarter of 2020, where sufficient data was available.

That was down slightly from the 47 percent of zones that bested the 9.4 percent annual change from the fourth quarter of 2018 to the same period in 2019.

The report also shows that 78 percent of the zones had median home prices in the first quarter of 2020 that were less than the national median of $265,900.

 Data in the report forms the last snapshot of Opportunity Zone home prices before the major economic impact of the worldwide Coronavirus pandemic.

Todd Teta
 “Home prices in designated Opportunity Zones around the country keep showing strong gains, tracking the housing market boom now in its ninth year,"  said Todd Teta, chief product officer with ATTOM Data Solutions.

"Nearly half did even better in the first quarter of 2020 than the nation as a whole – a notable trend in some of the country’s most distressed neighborhoods.

"As with other recent ATTOM reports, this one needs to be taken in the context of the looming impact of the Coronavirus pandemic, which could cut the legs out from under the housing market.

 "For now, though, home prices are going strong in Opportunity Zones, which offers significant hope to current and potential homeowners and investors.”


 CONTACTS:

Christine Stricker
949.748.8428

Data and Report Licensing:
949.502.8313

ATTOM Data Solutions Reports Dollar Volume of Residential Refinance Originations Doubles Annually in First Quarter of 2020; Total Loan Origination Dollar Volume Up 54 Percent from Last Year



Todd Teta

IRVINE, CA — ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), released its first-quarter 2020 U.S. Residential Property Mortgage Origination Report, which shows that 1.07 million refinance mortgages secured by residential property (1 to 4 units) were originated in the first quarter of 2020 in the United States.

That figure was down 16 percent from the fourth quarter of 2019 but up 87 percent from the first quarter of 2019.

With interest rates continuing near all-time lows, refinance mortgages originated in the first quarter of 2020 represented an estimated $328.5 billion in total dollar volume, down 16 percent from the previous quarter but up 105 percent from a year ago.

Refinance loans accounted for 55.7 percent of all 1.92 million home loans in the first quarter of 2020, virtually the same as the 55.9 percent of loans in the fourth quarter of 2019, but up from 41.3 percent in the first quarter of 2019.
  
“Home-loan data was way up again in the first quarter of the year, with refinancing activity again accounting for more than half the total volume of mortgages," said Todd Teta, chief product officer at ATTOM Data Solutions.

Rob Barber 
"The number and dollar value of home loans marked yet another sign of the how charged up the U.S. housing market continued to be in the early months of the year when everything was still pointing in the right direction.

“Unfortunately, that is all uncertain now due to the economic fallout from the virus pandemic that could throw the market into a downturn. But at least the market heads that uncertainty with some of the strongest home loans – and by extension, overall market – numbers since the aftermath of the last recession.”

ATTOM also reports CEO Rob Barber has been named a 2020 Maverick of the Year by the American Business Awards®.

This award recognizes individual executives who have affected the most positive change on his or her company and/or industry since the beginning of 2019.

CONTACTS:

Christine Stricker
949.748.8428

Data and Report Licensing:
949.502.8313


JLL secures $20 million refinancing for cold storage facility near Port Newark-Elizabeth, NJ



Michael Klein 
MORRISTOWN, NJ – JLL Capital Markets announced it has arranged a $20 million refinancing for 735 Dowd Ave., a 175,000-square-foot cold-storage facility near Port Newark-Elizabeth in the suburban New York City community of Elizabeth, New Jersey.

JLL worked on behalf of the borrower, Elberon Development Group, to place the 20-year, fixed-rate loan with a life insurance company. Loan proceeds were used to refinance the existing debt on the property.

Completed in 2013, the property was a build-to-suit cold storage facility for Seafrigo, a France-based food distributor specializing in handling chilled, frozen and ambient products.

The cold storage building features 40-foot clear heights, 16,000 square feet of two-story office space, 25 tailboards and temperature-controlled rooms ranging from -10 degrees up to 55 degrees.

The property is strategically located within one mile off Exit 13A on Interstate 95 (The New Jersey Turnpike), less than one mile from Route 9 and just south of North Avenue.

Jon Mikula 
735 Dowd Ave. is within two miles from Newark Liberty International Airport and five miles from Port Newark-Elizabeth, one of the largest container ports in the country.

 The facility is located within the Elizabeth Northern NJ industrial submarket, which had a vacancy rate of 3.4 percent at the end of Q1 2020, and cold storage product in the submarket is fully leased.

The submarket has continued to demonstrate excellent fundamentals over the years as vacancy rates have remained below five percent since Q4 2015, and triple-net direct rents have grown 2.2 percent quarter-over-quarter in the same timeframe.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Michael Klein and Jon Mikula and Analyst Carlos Silva.

“JLL is pleased to have worked on Elberon Development’s behalf to secure very attractive long-term debt on the property,” Klein said.

Carlos Silva
“Demand for high-quality, state-of-the-art refrigerated warehouse properties continues to increase, and the property’s location with immediate access to the port, airport and highway infrastructure made this a highly sought-after loan for the lender.”

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Contact:

 Kimberly Steele, JLL Senior Associate, Public Relations
Phone: +1 713 852 3420



Ackerman & Co. and MDH Partners Unveil Master Plans for Next Phases of Development at Lee + White Mixed-Use Project in Atlanta, GA


Kelly Wilson

Atlanta, GA, May 22, 2020 – Moving forward with their $85-million redevelopment and expansion of Lee + White in Atlanta’s West End, Ackerman & Co. and MDH Partners have released new master plans that include creative loft offices, a food hall, public spaces, additional retail options and multifamily units, all featuring direct and enhanced Atlanta BeltLine access.

Leo Wiener
 “This new phase of development will add a dynamic mix of uses that will heighten activity during the daytime hours while greatly improving the walkability and overall visitor experience throughout the 23-acre site,” said Leo Wiener, President of Ackerman Retail.

“These plans are part of our effort to complement the proven tenant mix of breweries, restaurants, food manufacturers, creative loft-office tenants and retailers that have made Lee + White a go-to live/work/play entertainment destination while we retain the authentic character of this historic West End property.”

Sonia Winfield
 Ackerman & Co. and MDH Partners acquired the 11-building, 433,204-square-foot Lee + White property in September 2019 from Stream Realty Partners.

The initial phase of the redevelopment of the mid-20th century industrial buildings included the addition of tenants such as Monday Night Brewing, Wild Heaven Beer, Best End Brewing, ASW Distillery and Hop City Craft Beer & Wine, each of which has developed a unique following and enjoyed tremendous success.

Jeff Small

 As Georgia slowly reopens for business, Lee + White retailers and food & beverage tenants have followed suit by reopening with the health and safety of their customers and the community in mind, many offering takeout and outdoor service prior to being able to operate at full-service.

Kris Miller
 “Businesses and property owners are facing new challenges in these times, but we are in the unique position of being able to adapt the design of Lee + White’s further redevelopment to newly evolving social distancing and operational guidelines.


Porter Henritze 
"We plan to take advantage of the existing warehouse volumes, high ceilings and wide-open floor spaces along with direct connectivity to many outdoor spaces, including patios, greenspaces and the Atlanta BeltLine,” said Jeff Small, CEO of MDH Partners.

“We look forward to our current Lee + White tenants being able to safely ramp up their operations as we emerge from the pandemic and move ahead in step with new perspective on our transformative redevelopment plans.”

Rendering of planned $85-million redevelopment and expansion of Lee + White in Atlanta’s West End

Atlanta-based Smith Dalia Architects is the creator of the new master plans. Further capitalizing on the project’s half mile of frontage along the Westside BeltLine, the master plans propose new and enhanced access to the BeltLine, a variety of public spaces overlooking the trail and a path connecting the project’s numerous outdoor spaces.

Construction is slated to begin in the third quarter of 2020 with delivery of the first phase of office space in Building 1050 by the end of 2020, followed by the opening of the new ground-up collective building and second phase of office space in Building 929 expected in mid-2021.


New master plans include creative loft offices, a food hall, public spaces, additional retail options and multifamily units, all featuring direct and enhanced Atlanta BeltLine access.

“We’re excited about the new master plans showcasing distinctive design elements that will improve the appeal of the property while retaining its authentic industrial feel and strong sense of place in the neighborhood,” said Kris Miller, President of Ackerman & Co.

“We look forward to Lee + White becoming an even more vital part of the West End community with the upcoming redevelopment.”  

Ackerman Retail Senior Vice President Kelly Wilson and Leo Wiener are leading the restaurant and retail leasing efforts at the property.


Ackerman & Co. and MDH Partners acquired the 11-building, 433,204-square-foot Lee + White property in September 2019 from Stream Realty Partners

Porter Henritze and Sonia Winfield, Directors at Cushman & Wakefield, are managing office leasing. Pre-leasing has begun for the new and re-developed components of the project with exciting announcements expected soon.

 Lee + White is located directly adjacent to the Atlanta Westside BeltLine, 0.4 miles from the West End MARTA station and is convenient to all of metro Atlanta’s major interstates, I-20, I-75, I-85 and I-285.



 Inaugural tenants at Lee + White include the highly successful and acclaimed mix of Monday Night Brewing, Wild Heaven Beer, Best End Brewing Co., ASW Distillery, Hop City Craft Beer & Wine, Plywood People, Honeysuckle Gelato, Cultured South Fermentation Co., Doux South Pickles, Boxcar restaurant, Overlook Boulder + Fitness and MacStadium.


CONTACT:

 Steve Webb 
swebb@ACKERMANCO.NET


Thursday, May 21, 2020

Arbor Funds $28 Million Fannie Mae DUS® Loan in Houston, TX


                              
Casa Verde Apartments were built in 1973 and renovated in 2010.

 UNIONDALE, NY, May 21, 2020 – Arbor Realty Trust, Inc. (NYSE:ABR) a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae DUS® loan in Houston, TX. The Casa Verde Apartments received $28M in refinance funding through the program.

 Brian Scharf of Arbor’s Uniondale office originated the loan.

 “This transaction highlights our ongoing ability to provide liquidity to our borrowers in the current environment,” Scharf said. “At Arbor, we take pride in finding customized financial solutions that result in successful outcomes for our clients.” 

 Brian Scharf 
  
 Casa Verde Apartments were built in 1973 and renovated in 2010. The 384-unit complex includes one-, two-, three- and four-bedroom floor plans with central air conditioning, walk-in closets and hardwood flooring.

The gated property features a clubhouse, swimming pool and playground.  Shopping, dining and entertainment are nearby.

Contact:

 Bina Handa
Tel: 516.506.4229

The Habitat Company and McHugh Construction Top Off Phase One of Ogden Commons Opportunity Zone Project on Chicago’s West Side



The Habitat Company, McHugh Construction and Bowa Construction recently announced the topping off of the first building in phase one at Ogden Commons, Chicago’s largest mixed-use Opportunity Zone project. Upon completion, the project will include 120,000 square feet of commercial and retail space and more than 350 mixed-income housing units.

CHICAGO, IL, May 21, 2020 – Chicago-based firms The Habitat CompanyJames McHugh Construction Co. and Bowa Construction have announced the recent topping off of a commercial and retail building that marks phase one of the $200 million Ogden Commons mixed-use project in Chicago’s North Lawndale neighborhood.

Habitat formed a public-private partnership with Sinai Health SystemCinespace Chicago Film Studios, the Chicago Housing Authority and the city of Chicago to develop the 10 acres along the 2600 block of Ogden Avenue on Chicago’s West Side.

 Upon completion, the project will include 120,000 square feet of commercial and retail space and more than 350 mixed-income housing units.

“While COVID-19 kept us from celebrating with a traditional topping-off ceremony when the last piece of steel was placed in late April, we wanted to acknowledge how proud we are of the construction workers and subs for hitting this milestone on time and on budget,” said Matt Fiascone, president of The Habitat Company.

 Matt Fiascone
 “The construction of new medical facilities and affordable housing is more vital than ever for neighborhoods like North Lawndale that have been overlooked for too long. 

"This building is just the first step to bringing new jobs, retail and housing to the community.”

Located at 2652 W. Ogden Ave., the commercial building offers 50,000 square feet spread across three floors. 

Unlike a standard rectangular building, the steel structure includes several angles with the upper floors suspended above a small courtyard at the building’s entrance, noted Ray Cisco, project executive with McHugh Construction.

“With the steel frame of Ogden Common’s first building now in place, the site is definitely coming to life and the surrounding community can feel the development’s momentum, which is important given this new time when so much of life feels like it’s on pause,” said Cisco.

 Ray Cisco
 “It’s good for the area to see our team working on the building, and of course we’re trying to give back by using local crews through union sub-contractors.”

Scheduled for completion in January 2021, the SCB-designed building will provide active retail frontage and create a memorable gateway to a revitalized Ogden Avenue commercial corridor from the east.

The building’s ground floor will be occupied by Steak n’ Shake, Ja’ Grill and Wintrust Bank. The second and third floors will include medical office space leased to Sinai Health System for outpatient services. 

Cinespace Chicago Film Studios will also lease office space on the upper floors for its two nonprofit affiliates: Cinecares, which offers a job-training program in film production for disadvantaged youth; and Stage 18, a film industry incubator designed to expand Chicago’s talent pool in movie and TV production.


 The Habitat Company, McHugh Construction and Bowa Construction recently announced the topping off a 50,000-square-foot office and retail building at Ogden Commons, a $200 million mixed-use project in Chicago’s North Lawndale neighborhood.

Located on land formerly occupied by the Chicago Housing Authority’s Ogden Courts and Lawndale public housing developments, Ogden Commons is being financed through a combination of debt and Opportunity Zone equity. PNC Bank funded $15 million of the $22 million development cost for phase one at Ogden Commons.

The residential component of Ogden Commons will take place across multiple phases, with an anticipated start in 2021. Plans for the first residential phase call for a 92-unit multifamily building and three six-flat buildings.


CONTACTS:

 Paula Widholm, pwidholm@taylorjohnson.com, (312) 267-4520
Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527



Kinzie Builders Completes Two Luxury Rental Developments in Chicago Suburbs – 444 Social and Marq on Main



Chicago-based Kinzie Builders recently completed construction on Marq on Main, a 202-unit luxury rental community in downtown Lisle, IL

CHICAGO, IL, May 21, 2020 – Kinzie Builders announced it has completed construction on two suburban Chicago luxury rentals projects – 444 Social, a new 302-unit development in Lincolnshire, Ill., and Marq on Main, a new 202-unit community in Lisle, Ill.

 In addition, as the firm marks its 9th anniversary this month, Kinzie Builders is launching a new website to better showcase its projects, capabilities and growth.

 Steve Spinell
“Over the past nine years since we started Kinzie Builders, there has been an uptick in luxury rental construction in the Chicago suburbs, and we’ve found a niche as a reliable contractor and strategic partner for developers who are delivering Class A properties with unsurpassed amenities in prime locations,” said Steve Spinell, principal of Chicago-based Kinzie Builders.

 “In fact, right now, we have four additional suburban luxury projects in the works, and we are happy to report the COVID-19 pandemic has not slowed down construction on any of them.

"Even with the many extra safety measures we have put in place, our projects remain on schedule and we expect to continue to deliver the results our partners expect.”

444 Social is a new luxury rental community at 444 Parkway Drive (between Routes 45 and 83) in Lincolnshire, owned by Smash Residential and designed by HKM Architects + Planners.

The community recently won an award for Best Community Amenities by Chicago Apartment Association. It is comprised of two four-story buildings, each with multiple courtyards. 

“This is not your average suburban apartment community by any stretch of the imagination, as it is designed to blend residential living with the luxuries of a boutique hotel in a lush setting,” said Spinell.


444 Social Pool: Kinzie Builders has completed construction on 444 Social, a new 302-unit luxury apartment building in the Chicago suburb of Lincolnshire, IL

“444 Social breaks all the norms of typical suburban rentals, starting with its high-end design, which is carried throughout the building – from its colorful exterior to the fun pops of color and interesting details used in common areas, especially in its art and furnishings.”

Another completed Kinzie Builders construction project is Marq on Main, owned by a joint venture between Marquette Companies and Principal Real Estate Investors.

 Located at 4755 Main St. in downtown Lisle, the five-story complex has more than 13,000 square feet of ground-floor retail space along with a host of on-site amenities. Humphrey & Partners Architects was the architect for the project.

“This community answers the strong demand for high-end multifamily in this area, as more renters enter the Naperville market and seek a walkable lifestyle similar to city living where transit, dining, shopping and entertainment options are right outside their doorstep,” said Spinell.


CONTACTS: 

Kathryn Kjarsgaard, kkjarsgaard@taylorjohnson.com, (312) 267-4514
Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527