Check out the latest deals and developments in commercial real estate for September 26, 2019:
- Urban Innovation Experts and Tech Luminaries Team Up to Launch New Opportunity Zones Marketplace: Lighthouse.one today announces its Opportunity Zones (OZ) investment platform led by urban innovation experts and former tech sector executives, Peter Hirshberg, CEO, and Marcia Kadanoff, President and COO. Peter and Marcia hail from Maker City, which has an extensive track record of working with cities, towns, and the private sector to create new forms of civic innovation, economic development, and transformation. Steve Glickman, one of the architects of the Opportunity Zones program, joins as a senior advisor. Lighthouse.one is the first investment platform of its kind which aims to uplift American communities by connecting qualified investors with OZ projects.
- Hutton Appoints Chief Development Officer: HUTTON, a Chattanooga-based commercial real estate, development and investment company, today announced the appointment of Douglas Kyle as Chief Development Officer. Kyle brings more than 35 years of real estate and development expertise to HUTTON which has completed over 1,100 projects for 100+ vendors across 40 states. As Chief Development Officer, Kyle will lead the real estate and development teams and assist with optimizing the company’s operating portfolio, which consists of an evolving mix of shopping center, single tenant, self-storage and multi-family as well as joint ventures. Kyle is the third executive that HUTTON has brought on over the past two years to round out its leadership team comprising Karen Hutton, President and Chief Executive Officer; Mike Deering, Chief Investment Officer; Matt Partridge, Chief Operating Officer/Chief Finance Officer; Ben Harper, General Counsel.
- Greystone Provides $23 Million Fannie Mae DUS Loan to Refinance a Multifamily Property in Oro Valley, AZ: Greystone, a leading national commercial real estate lending, investment, and advisory company, announced it has provided a $23,000,000 Fannie Mae Delegated Underwriting and Servicing loan to refinance a 240-unit multifamily property in Oro Valley, AZ. The transaction was originated by Daniel Wolins of Greystone’s New York office. The $23 million Fannie Mae loan carries a low, fixed interest rate with a 10-year term and 30-year amortization period, including interest-only payments for the first five years. The borrower, an affiliate of Tucson-based HSL Properties, is a long-time client of Greystone. Originally built in 1988, the recently renovated La Reserve Villas is comprised of market-rate one- and two-bedroom residences with modern appliances and finishes, in-unit washer/dryers, onsite parking and fireplaces in select units. Residents also enjoy access to the property’s clubhouse and fitness center, barbeque areas, two resort-style pools and a spa. Located in the Tucson metro area’s Oro Valley, the property is close to shopping, hotels, and Catalina State Park.
- Griffin Announces New Line of Credit for Acquisitions and Extension of Revolving Credit Line: Griffin Industrial Realty has entered into a new $15.0 million line of credit with Webster Bank to provide financing for real estate acquisitions. The Acquisition Credit Line is unsecured, expires on September 30, 2021, and may be used to fund up to 65% of the purchase price of real estate acquisitions. Interest on advances under the Acquisition Credit Line are at the one-month LIBOR rate plus 2.75%. Amounts borrowed under the Acquisition Credit Line are expected to be repaid from proceeds from long-term financing of the property acquired. If amounts borrowed under the Acquisition Credit Line are not repaid within 135 days of the acquisition, a first mortgage in favor of Webster Bank would be placed on the property acquired. Griffin also announced that it executed an amendment (the “Revolving Credit Line Amendment”) to its existing revolving credit line (the “Webster Credit Line”) with Webster Bank that extends the Webster Credit Line through September 30, 2021. The Revolving Credit Line Amendment increases the amount of the Webster Credit Line from $15.0 million to $19.5 million while adding an approximately 31,000 square foot industrial/warehouse building to the Webster Credit Line’s existing collateral of approximately 283,000 square feet.
- Wework’s CEO Steps Down After Unsuccessful IPO: Adam Neumann, CEO of Wework, has stepped down. The move comes amid pressure to resign after Wework’s unsuccessful attempted initial public offering a few weeks ago. The timing was interesting considering the CEOs of Juul and eBay also resigned within 24 hours of the decision. “The co-working company probably won’t publicly list its shares this year as originally planned,” reports Business Insider, while The Wall Street Journal writes that the two new Co-CEOs are considering “a few thousand” layoffs.
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