want to invest in 3 wtc?moweekly.commercialobserver.com/01302015.pdf · property with freddie mac 7...
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1 | january 30, 2015
A 640-unit senior housing community in Quincy, Mass., received $66 million in tax-exempt short-term bonds to preserve the af-
fordability of most of its units for a minimum of 30 years and allow for upgrades on the prop-erty, Mortgage Observer Weekly
has learned.MassHousing, a not-for-profit public
agency, worked with the owners of Quincy Point Apartments to accommodate a pre-ferred financing structure, which involved a $52.5 million Fannie Mae-backed permanent
See MassHousing... continued on page 5
MassHousing and Greystone Finance Affordable Senior Housing
Funding the construction of Manhattan’s skyline has usually fallen to huge banks or pension, sovereign wealth and private equity funds. But as crowdfunding spreads, the little guy has had an increasing number of opportu-nities to get in on the game.
Now, Fundrise, a crowdfunding platform for real estate, is offering an opportunity for accredited individual investors to provide as little as $5,000 toward the construction of 3 World Trade Center, Silverstein Properties’ long-stalled would-be of-fice tower in the Financial District, the firm announced this week.
Investors “are projected to receive a 5 percent, tax-free gross annual re-turn on their projected five-year in-vestment,” a statement from Fundrise said. Up to $5 million for individuals can be sourced through the platform.
“Our goal has always been to expand access to quality real estate, and we think the 3 World Trade Center investment offering is proof of the power of crowdfunding at work,” said Dan
Miller, co-founder and president of Fundrise, in a prepared statement. “We are proud to be able to give more people a chance to invest in this important, iconic asset.”
The $2 billion skyscraper development at 175 Greenwich Street in Lower Manhattan is on track to reach 80 stories, following a $1.6 billion liberty bond package finalized late last year.
But not everyone is unequivocally bullish on the tower. Moody’s Investors Service Vice President and Senior Credit Officer Bill Fitzpatrick noted potential complications for the World Trade Center tower last November, including a lack of stabilized income with 73 more floors to build and 80
percent more office space to lease. “While we expect that 3 WTC will benefit
from its position in the dynamic Downtown New York office market, ultimately its success will be a function of the market’s capacity to
The LEAD MOW
EXCLUSIVE
See 3 WTC... continued on page 3
Want to Invest in 3 WTC?
“Ugait, cor in henim dit eum ent euguer in verate.
Ugait, cor in henim vullam nulput prat, sis
dit eum ent” —Name Here
From Name of article on page X
In This Issue
1 Want to Invest in 3 WTC?
1 MassHousing and Greystone Finance affordable Senior Housing
3 Barclays Lends $73M on 15 West 55th Street
3 Hunt refis Philadelphia Multifamily Property With Freddie Mac
7 Multifamily Buy Shows nashville Metro’s Growing appeal
7 Pink Stone Takes $52M Gap Loan on Downtown Brooklyn Project
9 We’re Heading to MBa CrEF 2015
“We have just hired more brokers for both
origination and placement for clients throughout the
country and are looking for grow the firm. ”
—Richard Horowitz From Q&A on page 12
The Insider’s Weekly Guide to the Commercial Mortgage Industry
2 | january 30, 2015
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3 | january 30, 2015
absorb high levels of new supply in the WTC towers,” Mr. Fitzpatrick told Mortgage Observer Weekly by email.
“A key risk factor is the feasibility of com-pleting construction and lease up within the timeframe contemplated in sizing reserves and funding backstops,” he said. “Pre-leasing of approximately 20 percent of the building is a mitigant, but major New York office build-ings may in some cases take longer than two years to achieve stabilized income, even in healthy markets.”
The unfinished structure is about 20 per-cent leased to its first and so far only ten-ant, advertising agency GroupM. The New York-based ad giant signed a 20-year lease for 516,000 square feet on nine floors of the build-ing in December 2013.—Damian Ghigliotty and Guelda Voien
3 WTC...continued from page 1
Barclays provided a $73 mil-lion senior loan to New York-based Assa Properties to refinance ex-isting debt and fund upgrades on a nine-story apartment building at 15 West 55th Street, a source with knowledge of the deal confirmed. The loan closed in mid-January.
Assa acquired the 56,000-square-foot Midtown Manhattan property, known as The Branson at Fifth, for $36 million, along with an ad-jacent rental property at 19 West 55th Street for $24 million, in November 2013. The former owner
of the two buildings is listed in city records as the New York-based real estate investment firm Ark Partners.
A portion of the Barclays loan has gone to replacing a $55 million dol-lar mortgage from Arbor Realty Trust, provided at the time of the acquisition, the person in the know told Mortgage Observer Weekly.
The remainder of the loan covers recent renovations. Assa upgrad-ed The Branson’s lobby, apartment units, amenities and facade, per-mits filed last year with the New
York City Department of Buildings show.
The 15 West 55th Street prop-erty, which was built in 1915, con-tains 36 rental apartment units and two ground-floor commer-cial units, according to data from PropertyShark. The prewar build-ing has a fitness studio, 24-hour doorman and on-site laundry.
A representative from Barclays de-clined to comment, while a represen-tative for Assa did not respond to a request for comment.—Damian Ghigliotty
Barclays Lends $73M on 15 West 55th Street
15 West 55th Street
Hunt Mortgage Group provided a $46 million Freddie Mac loan facility to refi-nance a multifamily property in Voorhees
Township, N.J., Mortgage Observer Weekly has learned.
The 10-year loan has a 30-year amortization schedule,
according to a representative for Hunt.Village at Voorhees Apartments, an
856-unit garden-style apartment complex, is located at 10 Lucas Drive just outside of Philadelphia. The property features tennis courts, fitness centers and swimming pools.
The property is owned by First Montgomery Group, which is based in
Marlton, N.J.“The borrower was able to take advan-
tage of improved property performance to achieve an increase in loan proceeds to the maximum LTV of 70 percent,” said Steven Cox, a managing director at Hunt. “At the same time, apartment demand in the Philadelphia area has been strong over the past year and is expected to re-main that way for the foreseeable future. These factors made this an attractive deal for Hunt.”
Mr. Cox and Michael Powell, an origina-tor, handled the transaction for Hunt.—Guelda Voien
Hunt Refis Philadelphia Multifamily Property With Freddie Mac
MOW EXCLUSIVE
4 | january 30, 2015
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TCAPITAL PARTNERS LLC.
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Delivering on the Assignment
5 | january 30, 2015
loan provided and serviced by Greystone, ac-cording to the lenders.
“This financing structure allows the owner to achieve their goals of preserving quali-ty affordable housing units for the tenants while maintaining the ongoing affordabil-ity of the project,” Jeff Englund, head of Greystone’s affordable housing lending group, told MOW.
The original owners of the property, Quincy Point Congregational Church Homes, formed a partnership with the National Foundation for Affordable Housing Solutions in December 2014 to oversee ren-ovations of the property and continue opera-tions there.
The Quincy Point property, located at 1000 Southern Artery, houses 497 stu-dio apartments and 143 one-bedroom apart-ments throughout three eight-story buildings constructed between 1966 and 1973.
The renovations planned for the property include exterior improvements, the installa-tion of Energy Star-rated windows and sliding doors, and improved LED lighting, as well as a new fire alarm control panel, high-efficiency boilers and chillers and upgrades to common areas and resident amenities. Unit upgrades will include new kitchens, high-efficiency baseboard heaters and bathrooms with low-flow toilets and electrical upgrades.
The MassHousing and Greystone financ-ing and the use of Low-Income Housing Tax Credits should will keep at least 90 percent of the apartments affordable for residents earning 60 percent or less of the area median income—$56,460 per household—for the al-lotted time.
“This is a financing structure that has be-come the preferred means of financing the acquisition and rehabilitation of afford-able properties throughout the country,” MassHousing Executive Director Thomas Gleason said in a prepared statement. “We were pleased to work with the borrower to make this transaction happen and extend the affordability for the seniors at Quincy Point for at least 30 years.”—Damian Ghigliotty
Quincy Point Apartments
MassHousing...continued from page 1
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6 | january 30, 2015
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7 | january 30, 2015
JLL’s capital markets team negotiat-ed the sale and financing of a 334-unit multifamily property in a growing sub-
urb of Nashville, Tenn.Atlanta-based Centen-
nial Holding Company purchased the garden-
style apartment community, Aventura at Providence, from Tribridge Residential for $47.8 million, as previ-ously reported. To fund the purchase, the buyers secured a $35 million fixed-rate loan from Freddie Mac, which carries a seven-year term, Mortgage Observer Weekly has learned.
JLL Managing Directors Derrick Bloom and David Gutting and Senior
Vice President Vincent Lefler led the sales team, while International Director Faron Thompson and Managing Director John Bray led the financing negotiations as part of the brokerage’s seller/servicer partnership with Freddie Mac Program Plus.
“The resident base in Mt. Juliet has grown more than 130 percent since 2000,” Mr. Lefler said in a prepared re-mark. “Occupancy rates are high and with the recent addition of Amazon’s new fulfillment center, which is bring-ing 900 new jobs to the area, this posi-tive trajectory will only continue.”
The apartment community is locat-ed at 2500 Aventura Drive in Mount
Juliet, 10 miles east of downtown Nashville.
The property attracts the city’s grow-ing base of young professionals and fam-ilies due to its proximity to Nashville’s main job hubs, schools and shopping and entertainment outlets, according to the brokers on the deal. Mt. Juliet has seen “exponential population and busi-ness growth over the last decade, with over 25,000 residents,” according to a local government website.
“The strong upside potential on rental rates gave lenders plenty of confidence in the asset, which is poised to deliver solid yields,” Mr. Thompson of JLL said.
—Damian Ghigliotty
Multifamily Buy Shows Nashville Metro’s Growing Appeal
Pink Stone Capital received a $52 mil-lion gap loan backed by Brooklyn’s 180 Nassau Street from Investors Bank, ac-cording to records filed with the city.
The 10-story multifamily building in Downtown Brooklyn began renting apartments last September, according to StreetEasy. The 104-unit building offers residents a gym, rooftop deck and a bike room.
Pink Stone bought a $9.2 million note in foreclosure on the property in July 2011 from New York Community Bank,
according to previous reports, and closed on the $11.3 million purchase of the build-ing in February 2012, according to city records.
The address, between Bridge and Duffield Streets, was previously occupied by Mayfair Ship Supplies.
Pink Stone, a New York-based devel-oper, owner and manager, was founded in 2010.
A Pink Stone representative declined to comment.—Guelda Voien
Pink Stone Takes $52M Gap Loan on Downtown Brooklyn Project
Aventura at Providence
MOW EXCLUSIVE
180 Nassau Street
8 | january 30, 2015
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These programs are hosted by Michael Stoler, President of New York Real Estate TV, LLC, Managing Director of Madison Realty Capital, real estate commentator for 1010 WINS AM.
9 | january 30, 2015
Astoria Bank’s head of commer-cial real estate lending, Matthew Gutauskas, has parted ways with
the bank, sources told Mortgage Observer Weekly. The circumstanc-es surrounding his depar-
ture are unclear. Mr. Gutauskas, who took over as man-
aging director of Astoria’s multifamily and commer-cial real estate services group in January 2014, is “no longer with the com-pany,” a bank employee confirmed without com-menting further.
Despite the executive vice president’s recent departure, the New York-based bank’s real estate lending volume has
grown in recent years. Astoria’s multifamily and commer-
cial loan portfolio totaled $4.8 billion as of Dec. 31, 2014, up $677.4 million from Dec. 31, 2013, according to the bank’s 2014 year-end earnings statement. Those loans now represent 40 percent of the bank’s total debt portfolio, up from 33 percent in the same period last year.
Mr. Gutauskas joined Astoria Bank, formerly known as Astoria Federal Savings, in February 2011 as vice presi-dent and director of origination and pro-duction in the bank’s multifamily and commercial real estate division.
His departure will be announced in
the company’s next earnings report, a person in the know said on the condition of anonymity. That person said other local lenders in the New York market are looking to poach some of Astoria’s top real estate bankers.
Another person with knowledge of the situation described the exit of Mr. Gutauskas as part of a “manage-ment shakeup” in the bank’s real estate division.
Astoria ranks among the ten most active real estate lenders in the five boroughs, city data aggregated by the commercial real estate data firm Actovia shows.
A spokesperson for the bank declined to comment. Mr. Gutauskas could not be reached for comment before MOW went to press.
Workforce
MOW EXCLUSIVE
Matthew Gutauskas
The Mortgage Bankers Association’s CREF/Multifamily Housing Convention & Expo 2015 kicks off this weekend in San Diego and Mortgage Observer Weekly will be there to scoop the latest market trends and deals.
The conference, which runs from Feb. 1 to Feb. 4 at the Manchester Grand Hyatt, will touch on the growing U.S. multifamily market and FHA transformations, the cur-rent CMBS landscape, global impacts on commercial real estate finance, and bank and life insurance lending in 2015, among other topics.
“As the largest national gathering of CMF debt professionals, I expect we will see a lot of deals getting done in San Diego as borrowers are looking at a wide array of capital sourc-es and lenders look to deploy their capital,” MBA President and CEO David Stevens told MOW about the upcoming event.
This year’s conference is expected to draw more than 2,500 attendees, according to MBA’s website, down slightly from last year’s conference in Orlando, Fla., which pulled in close to 2,800 people.
Among this year’s attendees are rep-resentatives from nearly all of the major commercial real estate lending and broker-age firms, as well as Oakland Athletics’ General Manager Billy Beane, who is scheduled to deliver an opening keynote speech on Monday morning. Unfortunately, that panel is closed to the media, but we’ll see what we overhear.
Follow us on Twitter at @mortgage_nyo for highlights of this year’s event and check our website and next week’s MOW for our reporting on the conference.
For anyone who would like to chat with us about news—including trends, deals and big people moves—please email Damian Ghigliotty at [email protected].
We’re Heading to MBA CREF 2015
San Diego, Calif.
10 | january 30, 2015
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From the recent flurry of leasing activity at 1 New York Plaza and 199 Water Street to the sale of 180 Maiden Lane from SL Green to Clarion Partners / MHP Real Estate Services
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11 | january 30, 2015
The Takeaway“New York City CMBS delinquency in January remits came in at 5.04 percent, down 7 basis points from December thanks mostly to new is-suance being added to the denominator,” said Joe McBride, an analyst with Trepp. “One small loan joined 60+ days delinquent list while another paid off. One loan to look out for in the coming months is the $98.8 million 390 Park Avenue note that was transferred to special ser-vicing this month due to imminent maturity default. The loan is due to mature in March and may join the delinquent rolls if it fails to refi-nance in the next two months.”
Source:
Balance Property Prop Type Delinquency Status FCL Start Date REO Date Origination
Date Maturity Date
3,000,000,000 Peter Cooper Village & Stuyvesant Town Pool
MF REO 20140603 20140603 20061117 20161208
225,000,000 Riverton Apartments MF REO 20090202 20100311 20061221 20120101
33,677,035 The Shoreham Hotel LO Foreclosure 20061101 20161111
31,000,000 1865 Burnett Street MF REO 20090227 20120629 20070215 20120301
30,000,000 300-318 East Fordham Road - A note
RT 90+ Days 20070301 20170311
25,699,964 1604 Broadway RT REO 20070329 20120401
24,249,142 Cross Island Plaza OF 90+ Days 20060810 20160811
16,638,195 Clarion LaGuardia Airport Hotel
LO REO 20121221 20070124 20100201
14,692,093 110 West 32nd Street MU Non-Performing Beyond Maturity
20040818 20140901
9,732,779 4234 Bronx Boulevard OF 90+ Days 20070515 20170601
6,666,844 75 Spring Street OF Non-Performing Beyond Maturity
20140714 20040123 20140201
5,507,843 770 & 780 Garden Street MF REO 20091203 20121106 20070901 20170901
5,455,308 1500 Astor Avenue OF Foreclosure 20040714 20140811
4,594,186 47-30 29th Street SS Non-Performing Beyond Maturity
20041025 20141111
3,998,499 Prince and Bleecker Portfolio
MU 90+ Days 20110218 20210306
2,779,427 642, 646, 650, 652 Coney Island Avenue
MU Foreclosure 20140523 20061129 20131201
2,621,852 509 212th Street MF REO 20120702 20071101 20171101
2,582,076 47-16 Austell Place IN Foreclosure 20050127 20150201
1,917,201 1735 Lafayette Avenue MF Foreclosure 20090422 20061121 20131201
1,882,225 3126 Coney Island Avenue MF Foreclosure 20130130 20050913 20121001
1,525,071 166-33 Jamaica Avenue RT Non-Performing Beyond Maturity
20041115 20141201
1,412,829 4878 Arthur Kill Road RT Foreclosure 20060310 20160311
1,085,356 229 Merrick Blvd. RT Non-Performing Beyond Maturity
20041230 20150101
12 | january 30, 2015
Q+A
Mortgage Observer Weekly: How did you get your start in the mortgage ad-visory and brokerage business?
Richard Horowitz: Cooper-Horowitz, Inc. is a 50-year-old mortgage adviso-ry and brokerage firm that was started in 1963 by Howard Cooper and my father Barry Horowitz. After completing col-lege, I worked for a real estate develop-er and syndicator for two years based in Boston and learned the ownership side of the business. I traveled throughout the country providing due diligence and mar-ket research for the firm. In May 1986, I moved back to New York, as I wanted the opportunity to work with both borrow-ers and lenders throughout the country. I joined my father and Cooper-Horowitz, along with 20 other brokers who worked at the firm. We were located in about 4,000 square feet at 342 Madison Avenue.
What is the biggest deal you’ve ever closed?
A $525 million first mortgage that closed in the summer of 2001 on The Citigroup Center located at 153 East 53rd Street, the slant-roofed 59-story tower that cuts a dis-tinctive silhouette on the Midtown skyline. This property was being marketed for sale by Woody Heller of Jones Lang LaSalle. I reached out to Woody and asked if we could schedule a meeting to visit the property with Eric Hadar of Allied Partners. Within two days after that call, we met at the prop-erty with Eric Hadar and Eric Schwartz of Deutsche Bank. A venture was formed between Allied Partners and Boston Properties prior to the loan closing.
What’s the biggest or most inter-esting deal you’ve closed in the past 12 months?
This would have to be on The Ark at JFK located at JFK Airport’s Cargo Building 78 being developed by John Cuticelli of Racebrook Capital. The partnership, ARK Development LLC, signed a 30-year lease with the Port Authority of New York and New Jersey to develop a $50 million ani-mal handling facility, which will provide medical services and temporary accom-modations for thoroughbred racehorses, livestock, exotic and common pets that are traveling through the airport. This 178,000-square-foot property will be the world’s first only privately owned airport animal handling facility. Racebrook hired Cooper-Horowitz to obtain construction
and equity financing to bring this long awaited project to fruition, bringing in The Union Labor Life Insurance Company for the construction loan and Westport Capital Partners LLC as the equity partner with Racebrook. This transac-tion took over 12 months to put together but all parties believed in the deal and we ultimately closed right before the Christmas holidays.
Who are some of the borrowers and lenders you most often work with?
Borrowers include Synapse Development, The RPW Group, BZ Investments, RFR Holdings, Bizzi & Partners, Sorgente Group of America, The RAL Companies, Essex Capital, Scannapieco Development, Bhatia Development, The Amirian Group, Cross Properties, and Crescent Heights of America. Lenders include CIT Real Estate, Dime Savings Bank, NYCB, Blackstone, Natixis, AIG, Bank of the Ozarks, Apollo Real Estate, UBS, Annaly Capital Management, Principal Life, and Ullico.
You and your father recently moved Cooper-Horowitz to a new office in Midtown. What are your other plans for the firm going forward?
We just moved this past summer after 25 years having offices at 51 East 42nd Street. We signed a long-term lease for 10,000 feet at 622 Third Avenue and have state-of-the-art space on the 35th floor. It’s not just my father and I, rather 28 brokers, including my three broth-ers, Jeff, Rob and David, and support staff that has been with us for over 20 years. We have just hired more brokers for both origination and placement for clients throughout the coun-try and are looking for grow the firm. Anyone who has an interest in considering a career with us should contact me anytime via email at [email protected].
Richard Horowitz Principal at Cooper-Horowitz
Richard Horowitz
321 West 44th Street, new york, ny 10036
212.755.2400
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