CAPRE’s Commercial Real Estate Headlines for December 5, 2019

Check out the latest deals and developments in commercial real estate for December 5, 2019:

  • FCP Provides Preferred Equity To Fairfield Properties For Acquisition Of Multifamily Community In Farmingdale, NY: FCP announces that it recently closed on a preferred equity investment to facilitate Fairfield Properties’ acquisition of a residential and retail property currently known as Jefferson at Farmingdale Plaza located in the village of Farmingdale, New York in Nassau County. Fairfield Properties, a Melville-based owner and developer of commercial real estate, is the largest multifamily owner and operator on Long Island with over 45 years of experience. The luxury mid-rise property will be rebranded as Fairfield Plaza at Farmingdale Village and consists of a residential and retail property containing 154 residential units and 19,500 square feet of retail space. The transit-oriented property is located at the Farmingdale Station on the Ronkonkoma Branch of the Long Island Railroad, which carried more than 9.8 million passengers in 2018 and features a 49-minute trip between Farmingdale and New York City. The property is conveniently located one block from Farmingdale’s popular Main Street that offers residents an abundance of retail, dining and nightlife options.
  • Blue Onyx Companies Launches New Website Showcasing Innovative Approach to Commercial Real Estate: Blue Onyx Companies, an innovator in the commercial real estate industry based in New Jersey, has launched a new website. Blue Onyx is a fully integrated commercial real estate development, construction, leasing, and management company headquartered in Clifton, NJ. It has projects, holdings, and clients in key markets throughout the United States. The company’s growth trajectory has uniquely positioned it to take advantage of a rapidly changing marketplace, evolving consumer demand, and emerging market opportunities.The new website, which can be found at https://blueonyxcompanies.com, provides a comprehensive view on its projects and services, and will serve as a resource to existing and potential clients and partners who want to learn more about the firm and its unique approach to commercial real estate investment and development.
  • Urban Catalyst Closes on Historic Knox-Goodrich Building in Downtown San Jose: Urban Catalyst, a multi-asset opportunity zone fund based in San Jose, announced they have closed on the Knox-Goodrich building located at 36 S. First Street in downtown San Jose. The building is slated to become part of a planned project that includes a new office and restaurant development featuring an expansive rooftop bar. Urban Catalyst now owns three adjacent parcels at this location. Purchased from real estate development company SWENSON, construction on the site is expected to begin in the first quarter of 2021. With a diverse set of projects in the downtown core and a team of skilled professionals, Urban Catalyst is successfully implementing its development strategy as it raises $250 Million USD from investors.
  • Sonnenblick-Eichner Company Secures $17.5 Million USD Loan to Refinance Brentwood Town Center: Sonnenblick-Eichner Company has secured $17.5 Million USD of 10-year, fixed rate, non-recourse financing for the Brentwood Town Center, a 12,845-square-foot boutique, High Street retail shopping center located on San Vincente Boulevard in Los Angeles’ Brentwood neighborhood.  The interest-only loan was placed with a Wall Street investment bank. It was priced at 3.25% and equates to a loan of more than $1,350 USD per square foot.  Brentwood Town Center is located at the intersection of San Vicente Boulevard and 26th Street, in Brentwood, one of west Los Angeles’ most affluent communities.  Brentwood boasts a median household income of more than $120,000 USD.  The San Vicente Boulevard corridor is widely recognized as having some of Los Angeles’ finest restaurants and retail stores.
  • Redfin Unveils the Most Bikeable U.S. Cities of 2020: Minneapolis, Portland and Chicago are the most bikeable cities in the U.S. for the second year in a row, according to a new ranking from Redfin, the technology-powered real estate brokerage. The ranking is based on data from Bike Score , a tool by Redfin company Walk Score that rates the bikeability of neighborhoods, cities and addresses. Scores are based on several factors including access to bike lanes and hilliness. Cities where daily errands can be accomplished by bike score 90 points and above, cities where biking is convenient for most trips score 70 to 89 points and cities with some bike infrastructure score 50-69 points. In Minneapolis and Portland, local government has committed to creating new bike infrastructure for environmental, health, affordability and safety reasons. Minneapolis has hundreds of miles of both on-street and off-street bike lanes. The Portland bike plan, with a goal of full implementation by 2030, includes hundreds of miles of bikeways.

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