Taylor Morrison Names Blackton to Supply High-End Flooring for 220 New Homes at its Planned Community in Haines City, FL

Michael (Micky) Blackton

 HAINES CITY, FL  -–  Blackton, Inc., the Orlando-based supplier for the home building industry was selected by Taylor Morrison to provide all flooring materials for 220 homes they plan to build at Marion Creek, near the U.S. 27 and I-4 corridor in Haines City.

 

Micky Blackton, chief executive officer, said Marion Creek is the second community this summer that the Scottsdale, Az-based homebuilder selected Blackton to provide all the flooring materials for new homes.

The Orlando-based supplier will also be providing 423 new homes at the homebuilder’s Big Sky community off U.S. 192 in Kissimmee.

 

“We’re excited to be part of these two new developments and to offer Taylor Morrison a variety of upscale flooring materials for the new homes,” Blackton said.

 

Work will get underway on models at Marion Creek as soon as permits are received. Work has already started with flooring installations at Big Sky.  

Prospective homebuyers can join both the Marion Creek and Big Sky VIP Interest Lists to keep abreast of progress, floor plans and see selections of flooring products.

To connect, please visit:

https://www.taylormorrison.com/fl/orlando/haines-city/marion-creek or

 https://www.taylormorrison.com/fl/orlando/kissimmee/big-sky.

Blackton Inc., – with headquarters just north of downtown Orlando – has locations in Leesburg, Holly Hill and South Orlando.  Blackton Inc. has been a supplier for Florida homebuilders from Jacksonville to Tampa since 1954

Contacts:

Michael “Micky” Blackton,

CEO, Blackton Inc.

 407-898-2661 

Micky@Blacktoninc.com.

Beth Payan,

Larry Vershel Communications Inc.

 407-461-3781 

 Beth@larryvershel.com.

 

 

Portland, OR Airport terminal expansion prepares for take-off upon completion of phase one setting of roof sections

PORTLAND, OR --Portland International Airport, commonly referred to as “PDX” and one of America’s best airports, anticipates substantial growth over the next two decades.

 

PDX is scaling up in preparation to better serve 35 million passengers annually by undergoing a main terminal expansion project – nearly doubling its size.

 

A key component of this expansion is the construction of a new, seismically isolated roof structure over the central area of the airport. Mammoet was contracted to jack up, transport, and install 20 panels of five distinct types at the airport in Portland, Oregon, USA - all while avoiding passenger disruption.

The roof, crafted mainly from regionally and sustainably sourced wood, was fully prefabricated between the active runways of the airport over the course of a year.

 

 Prior to being moved, the roof panels were disconnected into approximately football field sized pieces to be transported to the new terminal expansion. This allowed the airport to carry-on as usual while minimizing disruption to airport operations.

Depending on the type of panel, each was launched, rolled into place, set directly with self-propelled modular transporters (SPMTs), or lifted with a crane into its final position.
                                                                  
The panels vary in weight between 40t and 632t, with dimensions up to 72m x 50m x 6m. Mammoet used four towers of Mega Jack 800 to jack up the roof panels to approximately 17m to allow SPMTs with falsework to be driven underneath each roof section.

Portland, OR International Airport

At midnight on the day of each move, the runways were closed for the one-mile transport of the panel from laydown yard to terminal. The roof sections were moved with care at a speed of about 1.6 kilometers, or one mile, per hour.

 
Most panels needed to be installed over the top of populated areas of the existing terminal building. With safety at the forefront of the entire project, work was done during strict overnight closures when the public could be kept clear of the work area.

 

Once the area was verified to be clear of all pedestrians, the installation of the roof panels could begin. Each panel, referred to as a super cassette, was installed using stationary skidding propelled by strand jacks and lowered with the skidding jacks onto column isolators.

Portland Airport runway

The next set of panels were then rolled into position down the bottom flanges of the previously set panels.

 

The panels were safely secured with consideration for potential elevated wind and project specific seismic requirements before the public was allowed to reoccupy the area below.
 
A major complexity of the project was the wood material used in the roof panels’ construction.

 

Deflection of the roof panels was a major concern of the client and the roof designers, so at each point in the jacking, transport, and installation process deflection of the roof was monitored and kept within stringent criteria.

 

Only the super cassette pieces had steel girders in the longitudinal direction to support the 25m wooden arches and to allow the panels to be “launched” using stationary skidding equipment.

 

Also, the supports for the launching jacks were temporary towers supported by wooden piles which were installed in the 1950s.

 

To mitigate any issues, Mammoet performed extensive friction testing in its Rosharon, Texas yard prior to execution to ensure no structural damage occurred to a mockup roof panel, and that the design values presented to the client for strand jack anchoring were realistic. When executing the job on site, Mammoet closely monitored the loads and deflections to ensure that they were in line with the tested values.
 
To date, Mammoet has successfully placed sixteen panels to wrap up phase one of the project. Four additional panels will be installed in 2024 during phase two - once the interior of the new terminal expansion has been built out by the client for general occupancy.

Mammoet Rosharon, TX testing yard

Mammoet’s airport-related expertise includes examples such as Seattle-Tacoma International Airport's elevated pedestrian walkway, the world's longest airside bridge in Hong Kong, and the transport of airport buildings in Texas.

 

 

CONTACT:

Amanda Lunsford
Marketing, Communications & Events Manager
Mammoet Americas         

Phone   +1 281 650 1286
amanda.lunsford@mammoet.com

www.mammoet.com

 

Dream Finders Homes to Offer Larger Floor Plans on Spacious Lots at The Palms at Windermere – The Last New Construction in the Windermere, FL area

 

Gerry Boeneman

WINDERMERE, FL -- Dream Finders Homes will begin pre-construction sales this summer for some of its larger new homes at The Palms at Windermere.

The upscale single-family home community will offer expansive 60- and 65-foot-wide homesites to accommodate some of Dream Finders Homes’ top floorplans, according to Gerry Boeneman, president of the company’s Central Florida Division.

Prices are expected to begin in the $800,000s.

Disney World’s Magic Kingdom, Bay Lake, FL

Dream Finders purchased the 305-acre property in Horizon West last year with plans to create an intimate single-family home community only minutes from Disney World’s Magic Kingdom.

The Tidewater model

“We are only building 57 homes here,” Boeneman said. “Most of the property is considered wetlands and classified as a conservation area, so only 15 of the 305 acres can be developed.”

Lakeside at Hamlin community, Winter Garden, FL

Boeneman said the floor plans – from three to seven bedrooms and from 2,500 to 5,000 square feet – will be similar to those at the company’s Lakeside at Hamlin community. The property, part of a 1,200-acre conservation area around Lake Reams, will be the last new construction in the area.

“This community, on the east side of the intersection of Reams and Fiquette Roads, will offer large open spaces, sports courts and a tot lot.  Our floorplans for this community were designed with upscale finishes and features,” Boeneman said.

 CONTACTS:

Gerry Boeneman,

 division president

 Dream Finders Homes,

888-214-1164 or 

Gerry.Boeneman@dreamfindershomes.com

Beth Payan,

Larry Vershel Communications,

  407-461-3781 or 

beth@larryvershel.com

 Photos courtesy of Dream Finders Homes – Aerial of the Land and The Tidewater model

Mezzanine financing remains popular with funding sources as banks continue to shy away from offering loans in most categories of real estate development

 John Oharenko

Chicago, IL, July 1, 2023 – The Federal government averted last month's financial shutdown while wrestling with strong labor market conditions.  After 10 unprecedented rate hikes spanning two years, the Fed decided to keep benchmark rates unchanged.  

But facing a 4% inflation rate, policymakers warn that interest rates will be raised twice during the remainder of the year to tame inflation, according to Chicago-based  Real Estate Capital Institute® .

Bond investors react accordingly by widening the inverted yield curve by more than thirty basis points, portending recessionary conditions.

 With real estate capital markets in a state of flux at the half-year mark,  the following funding conditions exist:

 

Higher Rates and Spreads:  In the past month, the 5-year treasury climbed by about 30 basis points, while the benchmark 10-year note rose at about 15 basis points.  In addition, key permanent lenders, including the agencies, increased spreads by 15 to 20 basis points for fixed and hybrid loans.

Restrictive Construction Lending:  Construction loans for nearly all commercial real estate projects, including multifamily, are extremely difficult to obtain.  Regulators require banks to maintain strong liquidity ratios to provide ample cushions against additional rate hikes and potential CRE principal repayment issues upon completion.  Select smaller regional banks and institutional investors offer construction debt under extremely conservative parameters, with pricing often starting above 8%.

 Debt vs. Equity:  Mezzanine financing remains popular with funding sources.  Mezz debt is priced better than equity, yielding lower-to-mid teens or more.  Five-year term loans garner the most attention as borrowers shy away from longer-term debt, often priced over 7%.  Alternatively, extremely prime fixed-rate debt based on LTVs below 50% starts in the 5% range, with 6% or more is much more common.

 

Loan Maturities:  Given the massive volume of debt originations during 2013 and 2014, many ten-year loan maturities are due over the next few years.  And with declining property values (particularly office), lenders and borrowers alike brace for tough refinancing conditions and possible defaults.

Valuation Disconnect:  The public markets (REITs) show substantial property value deviation (discounts) from private markets.  Often, public pricing historically overstates actual market impacts during high volatility cycles, as seen today.  However, given the lack of private market transactions, numerous investors believe actual values are probably about 15% to 20% discounted from peak levels, as current debt pricing and availability remain problematic.

John Oharenko, Director of the Real Estate Capital Institute®, advises, "Record low unemployment and inflation above the Fed's targeted 2%-range keep investors on edge for more rate hikes, even as CRE markets remain stagnant."

 

The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates, including treasuries and bank prime.  

 

^CONTACT:

 John Oharenko, Executive Director

director@reci.com / www.reci.com

^The   Real Estate Capital Institute^®

Chicago, Illinois USA 60622

 

Levin Johnston brokers six multifamily deals totaling nearly $19 million in California Bay Area

 

Adam Levin

Palo Alto, CA -- Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has successfully closed six multifamily transactions in the Bay Area totaling more than $19 million.

“Our team’s extensive knowledge of the local market trends and demographics was instrumental in closing all six deals,” says Adam Levin, Executive Managing Director of Levin Johnston. 

“Despite a slow start to 2023, the Bay Area’s multifamily market shows positive headway as investor demand has ignited through Q2. With competition on the rise, investors look to our expertise to identify and secure lucrative properties for their portfolios.”

Representing the sellers and sourcing the buyers, private investor clients, in each of the six transactions, the Levin Johnston Group demonstrates their aptitude for success in the highly specialized market.

Robert Johnston

The assets, located in the Bay Area region, range in size and value, further demonstrating the firm’s ability to efficiently bring to market a variety of properties and leverage their significant local relationships to swiftly meet specified investor demands.

“Investors understand the value of Bay Area multifamily assets and recognize the long-term economic stability attributed to the region,” says Robert Johnston, Senior Managing Director of Levin Johnston.

 “By applying our regional expertise and strong local connections, our team is able to break through the competition to strategically market a variety of properties and identify and secure assets that will offer our clients steady renter demand and stable returns for years to come.”

The closed transactions include:

 

454 Paula Ct., Santa Clara, California - $4.1 Million

This 9-unit apartment asset is ideally located in the prime employment hub of Santa Clara. Many of the largest technology companies have operations in or near Santa Clara including Google, Apple, LinkedIn, Microsoft, Intel, Yahoo and others, attracting high-caliber tenants with longstanding value. The key location and desirable unit mix consisting of partially renovated studio, one-, two-, and three-bedroom floor plans provided an exceptional acquisition prospect and drew significant buyer activity. Despite the high interest rate environment, Levin Johnston was able to achieve a competitive market price resulting in a win for both their clients.

360 Chiquita Ave., Mountain View, California - $3.9 Million

Situated within walking distance to Downtown Mountain View and San Antonio Shopping Center, this 12-unit apartment community afforded the buyer a unique opportunity to capitalize on location and increase value through deferred maintenance initiatives. Select units have recently undergone capital improvements including vinyl plank flooring and updated bathroom features.

1150 Greenwood Ave., San Carlos, California - $3.51 Million

This 13-unit asset is located in thriving Downtown San Carlos. The buyer was seeking an investment opportunity in a prime location, with solid returns and long-term value potential. Nurturing a strong relationship with both the buyer and seller, Levin Johnston was able to negotiate a favorable 5.52% cap rate on the deal.

317 Elm St., San Mateo, California – $2.75 Million

This well maintained, 7-unit property is located near Downtown San Mateo and Burlingame. With the seller completing recent capital improvements including a new roof and new exterior lighting, the asset provided the buyer an opportunity to acheive immediate returns on their investment. 

903 Adams St., Redwood City, California – Nearly $2.6 Million

Located within walking distance to the lively downtown area, this exclusive 5-unit asset offers tenants beautifully designed one- and two-bedroom floor plans featuring modern unit amenities, individual water heaters, private garages, and private enclosed patios in select units.

3719 Emerson St., Oakland, California - $2 Million 

Located in Oakland’s Glenview District, this 9-unit apartment community is centrally positioned within walking distance to local dining, retail, and community parks. With recent capital improvements completed by the seller, this asset offered the buyer significant opportunity to increase future cash flow, securing strong tenants as many households relocate to Oakland.

Bordered by the City of San Francisco to the north and Santa Clara County to the south, the Bay Area is one of the most highly desirable submarkets for the multifamily sector. 

Connected to Silicon Valley, the highly skilled technology pool that comes with the region has contributed to a significant uptick in growth and prosperity for the region. 

 

CONTACTS:

 

Hanna Kokuashvili / Kiera Moran

The Smart Agency, Inc.

(949) 520 - 6717

hkokuashvili@thesmartagency.com

www.levinjohnston.com.