SAN DIEGO, CA – Capstone Development Partners, a national student housing real estate developer specializing in on-campus public-private partnerships ( P3 ), announced it has closed on a traditional debt and equity financing for a new on-campus student housing community at San Diego State University.
Plotting for the development started in 2018. Despite the COVID-19 pandemic that impacted many municipalities, businesses and financial institutions, the development team is proud to have achieved this milestone in light of the many hurdles it overcame.
Bruce McKee, Principal at Capstone, stated, I want to thank all of our teammates for their hard work and steadfast dedication to get this project closed and under construction despite all of the challenges we have faced over the past several months. I m excited to see the Project address the ongoing need for more cost effective housing options for students at SDSU.
Capstone, along with its architect JWDA Architects and builder Cannon Constructors, Inc, collaborated with the San Diego State University Research Foundation s ( Foundation ) project stakeholders on the plotting, programming and design of the new apartment community to ensure the Project s program meets the University s goals and objectives relative to upper-division and graduate student housing options at and around San Diego State University.
The Project, named VIVA 5750, will be located on land ground leased to Capstone by the Foundation and will serve as a cornerstone to the University s southern gateway entrance at Montezuma Road and Campanile Drive. The 4-tale, 80,000 SF community will house approximately 182 students in a mixture of apartment-style units and will include a mix of indoor and outdoor amenities.
This is Capstone s second P3 partnership with the Foundation, having developed the M @ College student housing facility in 2018. While the ‘M primarily serves as housing for sophomore students, this project will provide a much needed new housing option for upper-division and graduate students as they matriculate through their studies at SDSU.
The Project will have a total development cost of approximately $23.5 Million.
Construction of the Project commenced in May 2020 and is scheduled to open for the Fall 2021 semester.

Powered by WPeMatico

NEW YORK, NY – Trepp, a leading provider of information, analytics, and technology to the structured finance, commercial real estate, and banking markets, has released the May 2020 U.S. CMBS Delinquency Report.
The report revealed that the delinquency rate saw the largest increase since Trepp started tracking this metric in 2009.
The surge in CMBS delinquencies that most industry watchers were anticipating came through in May – but the size of the jump surprised to the downside.
In April 2020, Trepp s CMBS Delinquency Rate registered at 2.29%. About 8% of loans by balance missed their April loan payments as we noted in last month s delinquency report. If all of those loans became 30 days delinquent in May, the rate would have topped 10% which would have threatened the all-time high recorded in 2012.
Many of the loans that were in the grace or beyond-grace period either stayed in that category or reverted to current, keeping the jump in the delinquency rate from being worse.
“Nearly 5% of May’s delinquency rate is represented by loans in the 30-day delinquent bucket,” said Trepp Senior Managing Director, Manus Clancy. “Given that about 8% of loans had missed payments for the April remittance cycle, the fact that delinquencies went up less than 5% has to be viewed as a small win. ‘
The numbers could head higher in June considering that about 7.6% of loans by balance missed the May payment but remained less than 30 days delinquent.
For additional details, such as historical comparisons, analysis on all major property types, an overview of loans newly specially serviced, and the status of loans in grace period or beyond, download Trepp s May 2020 CMBS Delinquency Report.

Powered by WPeMatico

AUSTIN, TX – Rastegar Property Company, a technology-enabled private real estate investment firm focused on value-add and development in all asset classes throughout Austin and the Southwest United States, announced the acquisition of the 70-unit Oakview Terrace Apartments. Settled in rapidly growing North Austin, the property is the Company s second acquisition in the Mueller neighborhood in as many weeks. Surrounded by new construction, the Oakview Terrace Apartment Complex is within minutes of shopping centers, vibrant restaurants and endless entertainment options.
North Austin s Mueller neighborhood is one of the fastest growing in the city, and the Oakview Terrace Apartment complex is another ideal property for Rastegar – a vintage multi-family community in an unbeatable location that is in need of a complete transformation, said Ari Rastegar, CEO and Founder of Rastegar Property Company. There is a current undersupply of housing in North Austin due to the influx of tech companies like Google, Apple and Amazon moving into the neighborhood, and Rastegar is well-positioned to provide dynamic living spaces for those moving into the expanding section of the city.
The Oakview Terrace Apartments, which sits at 1712 and 1800 Patton Lane, offers more than 48,000 net rentable square feet. In developing the building, which Rastegar expects to be completed within one year, renovations will include ripping each unit down to the studs, providing a full kitchen and bathroom renovation, new floors, counters, electrical and safety, and the implementation of smart technology including locks, heating/cooling, maintenance and safety monitoring among other features. In order to address safety and health concerns in light of COVID-19, Rastegar will also be sourcing antimicrobial materials like copper when appropriate.
Rastegar executed flawlessly despite the turbulence in the capital markets due to COVID-19, said Forrest Bass, Managing Director of Investment Sales at Walker & Dunlop said. They went under contract well before the COVID-19 pandemic took shape and were able to honor their contractual obligations despite most other transactions that either completely terminated or experienced renegotiated pricing.

Powered by WPeMatico