CAPRE’s Commercial Real Estate Headlines for November 1, 2019
Check out the latest deals and developments in commercial real estate for November 1, 2019:
- Texas Multifamily Real Estate Investment Firms Complete Merger: The PPA Group, a multifamily-focused commercial real estate firm, announced today its merger with Casoro Capital, a family office and real estate investment firm that partners with other family offices, high net worth individuals, and institutional investors through real estate investment funds, separately managed accounts, and direct transactions. The new company, named Casoro Group, will combine the expertise of both companies to bring a stronger investment presence to the multifamily real estate market, which is in the midst of a boom thanks to increasing demand for rental housing. Named one of the fastest-growing real estate companies by Inc. Magazine, Casoro Group employs more than 100 team members made up of industry experts with decades of multifamily real estate investment and operational experience. Casoro prides itself on its company culture, which is unique in the real estate investment industry.
- Sabal Capital Partners Closes $70 Million Portfolio Through CMBS S-CRE Loan Program: Sabal Capital Partners, LLC, a diversified financial services firm specializing in commercial real estate, lending and investing, today announced the close of a $70 million portfolio encompassing the refinance of 17 multifamily assets located in the Bronx borough of New York. The portfolio represents five loans secured by a total of 477 rental units and was completed by Sabal’s New York-based CMBS team through the lender’s S-CRE program. Sabal’s S-CRE program is designed to enable speed to close, efficient processing and competitive fees. The program provides fixed-rate, non-recourse debt with interest-only options and offers loans up to $20 million for core commercial real estate properties in most major asset categories nationwide. S-CRE is one in a suite of Sabal’s debt programs aimed at providing robust small balance finance solutions for commercial real estate nationally. Fifteen of the 17 assets included in the portfolio were originally funded by Sabal through Freddie Mac’s Small Balance Loan (SBL) program, as well as serviced by the lender.
- ROSS Companies Acquires The Hamptons Apartments in Virginia Beach, VA: ROSS Companies has announced the acquisition of The Hamptons Apartments, a 212-unit community in Virginia Beach, V. in partnership with Realty Mogul. ROSS Management Services will manage the community, and will oversee a renovation program to include common-area and interior improvements, such as a new fitness center; gas grills and outdoor living spaces; hallway makeovers; interior renovations including the addition of washer/dryer in select apartments; and clubhouse renovations. ROSS will implement a more consumer-friendly operational strategy and revamp the community’s digital marketing efforts to better position The Hamptons to meet the demand for quality housing in Virginia Beach. The Hamptons features one, two, and three-bedroom apartments and townhomes, ranging in size from 850 to 1300 square feet.
- Service Properties Trust Completes the Sale of a Las Vegas Office Building for $57 Million USD: Service Properties Trust has completed the sale of a 138,558 square foot office property located at 1505 South Pavilion Center in Las Vegas, Nevada for $57.0 Million USD, or approximately $411 per square foot. The sale is part of SVC’s previously announced disposition plan to sell up to $500 Million USD of assets in connection with the acquisition of a net lease service retail portfolio from Spirit MTA REIT. Service Properties Trust is a real estate investment trust, or REIT, which owns a diverse portfolio of hotels and net lease service and necessity-based retail properties located in 45 states, Washington, DC, Puerto Rico and Canada. SVC’s properties are operated under long term management or lease agreements. SVC is managed by the operating subsidiary of The RMR Group Inc., an alternative asset management company that is headquartered in Newton, Massachusetts.
- SL Green Signs Renewal With BMW at 555 West 57th Street: SL Green Realty Corp., New York City’s largest office landlord, today announced that BMW of Manhattan has signed an approximately 227,000-square-foot, 10-year lease renewal at 555 West 57th Street. BMW of Manhattan occupies the entire second, third, and fourth floors together with portions of the ground and concourse levels. Originally known as the Ford Motors Building, 555 West 57th Street offers Class A office space with panoramic views of the Hudson River and the Manhattan skyline. The 20-story building has been fully modernized with newly-completed entrances, an outdoor plaza, hallways, and bathrooms. Other notable tenants in the building include CBS Broadcasting, Inc., City University of New York, Greater New York Hospital Association, and Mt. Sinai/Beth Israel. Close to Columbus Circle, Lincoln Center, and major transportation hubs, 555 West 57th Street sits in a prime area of the west side office market.
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