CLEVELAND, OH – BGL Real Estate Advisors announced the successful completion of development financing for Weston Inc.  The multi-faceted capital structure will support the historical conversion of the Standard Building in downtown Cleveland, Ohio. 

The $81.0 million financing consisted of: Senior construction debt, subordinated bridge debt, municipal city and state agency debt, Federal and State Historic Tax Credit Equity, and Weston Inc. GP equity.

Financial institutions including The Huntington National Bank, Fifth Third Bank, First Commonwealth Bank, Peoples Bank, and Cleveland Development Advisors, as well as multiple city and state agencies including the Ohio Water Development Authority, and Ohio Development Services Agency were represented in the transaction.  Piper Jaffray, Port of Cleveland, RSM US LLP, and Stonehenge Capital were involved with the capital lease and historic tax credit equity structuring and syndication. 

The Standard Building was originally built for Standard Bank in the 1920s.  It is being converted from its present use as Class B office space into market rate luxury apartments and first floor retail.  Weston is a commercial real estate company with offices in Cleveland, Ohio and Louisville, Kentucky.  

“We are excited about this opportunity, and the role BGL has played has enabled Weston to get this project off the ground. The addition of apartments to Cleveland’s critical mass is vital for the development of the city, and this transaction has allowed us to successfully contribute to it,” said TJ Asher, Chairman of the Board for Weston Inc.

Weston plans to fill the office space with 287 apartments. The company might maintain the second through fifth floors as offices, which would reduce the number of apartments to roughly 240.

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ROSWELL, GA – Federal Capital Partners (FCP) announced the acquisition of the River Trace Apartments in the Atlanta, GA city of Roswell for $29.5 million. Residents of the garden and townhome style apartments delight in a silent, lakefront setting on 34 acres in a highly desirable North Atlanta location. This transaction marks FCP’s fourth investment in Atlanta this year.

“River Trace Apartments offers very well-located workforce housing in a market with few similar options,” said FCP Sr. Vice President, Bryan Kane. “This location in Roswell is particularly appealing due to the strong Fulton County schools, simple access to GA-400 and the Perimeter, and its proximity to a number of job centers.” River Trace will be rebranded as River Crossing at Roswell as part of plotted renovations to the community.

River Trace is located adjacent to neighborhood shopping centers anchored by a Publix and a Lifetime Fitness. Walking distance to the Chattahoochee River, River Trace has a full array of amenities that includes a clubhouse with a fitness center overlooking the property’s lake, a pool, a playground, a picnic area and a laundry center. The one, two, three and four bedroom apartments are characterized by exceptionally large floor plans, full size washer and dryer connections, and private balconies and patios.

FCP extends its appreciation to Shea Campbell and CBRE for their representation of the seller.

Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $4.0 billion in assets since its founding in 1999. FCP invests in all asset classes and provides equity, preferred equity and structured debt investments for commercial and residential real estate. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets.

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NEW YORK, NY – S&P Dow Jones Indices released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for June 2016 shows that home prices continued their rise across the country over the last 12 months.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.1% annual gain in June, unchanged from last month. The 10-City Composite posted a 4.3% annual increase, down from 4.4% the previous month. The 20-City Composite reported a year-over-year gain of 5.1%, down from 5.3% in May.

Portland, Seattle, and Denver reported the highest year-over-year gains among the 20 cities over each of the last five months. In June, Portland led the way with a 12.6% year-over-year price increase, followed by Seattle at 11.0%, and Denver with a 9.2% increase. Six cities reported greater price increases in the year ending June 2016 versus the year ending May 2016.

Before seasonal adjustment, the National Index posted a month-over-month gain of 1.0% while both the 10-City Composite and the 20-City Composite posted a 0.8% increase in June. After seasonal adjustment, the National Index recorded a 0.2% month-over-month increase, and both the 10-City Composite and 20-City Composite posted 0.1% month-over-month decreases. After seasonal adjustment, nine cities saw prices rise, two cities were unchanged, and nine cities experienced negative monthly prices changes.

“Home prices continued to rise across the country led by the west and the south,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “In the strongest region, the Pacific Northwest, prices are rising at more than 10%; in the slower Northeast, prices are climbing a bit quicker than inflation. Nationally, home prices have risen at a consistent 4.8% annual pace over the last two years without showing any signs of slowing.

“Overall, residential real estate and housing is in excellent shape. Sales of existing homes are at running at about 5.5 million units annually with inventory levels under five months, indicating a honestly tight market. Sales of new single family homes were at a 654,000 seasonally adjusted annual rate in July, the highest rate since November 2007. Housing starts in July topped an annual rate of 1.2 million units. While the real estate sector and consumer spending are contributing to economic growth, business capital spending continues to show weakness.”

More than 27 years of history for these data series is available, and can be accessed in full by going to www.homeprice.spdji.com. Additional content on the housing market can also be found on S&P Dow Jones Indices’ housing blog: www.housingviews.com.

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