NEW YORK, NY – Harbor Group International (HGI), a privately-owned international real estate investment and management firm, announced the buy of a newly built, Class A multifamily property in Brooklyn from Heritage Equity Partners developers Toby Moskovits and Michael Lichtenstein for $117 million. Labeled “The Frederick,” the property consists of 193 luxury apartments and is located in the Crown Heights submarket. 

Image Capital, LLC partnered in the deal and Westwood Realty Associates brokered the transaction. Sheldon Chanalesof Herrick, Feinstein LLP provided legal counsel to HGI and Ilan Lerman of Jeffrey Zwick and Associates represented Heritage Equity Partners. 

“The buy of The Frederick in the growing Crown Heights neighborhood underscores Harbor Group International’s commitment to investing in high-quality assets within well-located areas,” said Jordan Slone, CEO of HGI. “With this property, we continue our key objective of acquiring multifamily properties in top-tier markets, especially in areas with strong development and growth potential.” 

Built in 2017, The Frederick offers an attractive amenity set including a rooftop deck with views of Downtown Brooklynand Manhattan, a fitness facility and tenant lounge, a part-time doorman and onsite parking and storage. Interior units feature high-end finishes such as 9-foot ceilings and solid maple hardwood floors. The kitchens are equipped with stainless steel appliances, granite counters and marble mosaic backsplashes. All units include washers and dryers and several units have balconies. 

Crown Heights has experienced substantial development and an influx of new rental and condo developments, as well as a flourishing retail market in recent years. The property is situated near Prospect Park, the second largest public park in Brooklyn, and is in proximity to public transportation, including the 2, 3, 4 and 5 subway lines and the Franklin Avenue Shuttle, providing convenient access to the east and west sides of Manhattan. The Frederick is located within blocks of several restaurants, grocery stores, pharmacies and banks.

Powered by WPeMatico

AUSTIN, TX – CIM Group announced that construction of The Independent, a 58-tale, 363-unit condominium tower located in Downtown Austin is complete. At 685 feet, The Independent is the tallest building in Austin and with its glass-clad, stacked design it is an architecturally distinctive addition to the city skyline. CIM co-developed The Independent with Aspen Heights.

The Independent’s first residents have begun to go-in, occupying their sleek and modern homes. Floor-to-ceiling windows provide abundant light as well as sweeping, protected views to the State Capitol, Lady Bird Lake, Shoal Creek Greenbelt, Texas Hill Country, and downtown. The residences offer a diverse mix of floor plans ranging from one- to four-bedrooms and penthouses, all featuring premier interior finishes and 10-foot ceilings, and patios or balconies. The Independent provides home owners with more than 20,000 square feet of onsite amenities including a dog park/lounge, children’s playroom/playground, pool, fitness/yoga, club room, sky lounge, spa area, guest suites, theatre, business center with conference rooms, as well as immediate connectivity to Shoal Creek and the trail system.

“CIM Group utilized its expertise in owning and operating projects in developing The Independent and further enhanced the dynamic Seaholm neighborhood as well as elevating the residential options for Austin home owners,” said Avi Shemesh, Co-Founder and Principal of CIM Group.

Set on approximately 1.7 acres at the corner of West 3rd Street and West Avenue, The Independent has an exceptional position at the center of an expanding, walkable downtown Austin district. It is surrounded by premier shopping, dining and entertainment destinations and also is directly across the street from the Seaholm Power Plant redevelopment, another CIM Group project, which consisted of transforming the historic 1950-era decommissioned power plant and its surrounding five acres into a mix of office, a new residential condominium tower, retail space as well as 1.5 acres of green space and community plazas.

For more than 10 years, CIM has been an owner and operator of real assets in Austin with properties including the Seaholm Power Plant mixed-use redevelopment; Penn Field office campus where CIM recently commenced construction of a new 44,000-square foot creative office building; District at SoCo apartment community; Hartland Plaza office complex; and Eastside Village office building.

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 its June 2019 US CMBS Delinquency Report. 

The Trepp CMBS Delinquency Rate saw a rare increase in June, although the number comes with a footnote. The June reading increased 18 basis points to 2.84%. The spike represents only the fourth monthly increase over the last two years. The delinquency rate is down 111 basis points year over year.

“The Innkeepers portfolio loan behind the $754 million single-borrower CLNS 2017-IKPR deal showed up as a non-performing loan that was past its maturity,” said Trepp Senior Managing Director, Manus Clancy. “But, the loan has three embedded one-year extension options that servicer watchlist notes indicate that the borrower is exercising and we expect the loan to appear as current again next month. If the Innkeepers loan had been reported as current, the June delinquency rate would have been 2.68% – a two basis point increase month over month.”

The retail delinquency rate climbed 15 basis points to 4.44% and remains the worst performing major property type. The lodging delinquency reading jumped 99 basis points, as a result of the Innkeepers loan, to 2.41%. Multifamily delinquency rate declined five basis points to 2.11%, while office inched up four basis points to 3.02%.

The CMBS 2.0+ delinquency rate climbed 22 basis points to 0.96% in June, with the percentage of 2.0+ loans that are seriously delinquent up 20 basis points from May to 0.84%. CMBS 1.0 delinquency rate was 44.60% in May, an increase of 23 basis points. The percentage of 1.0 debt that is seriously delinquent was also 44.60%, as there were no legacy loans marked as exactly 30 days delinquent. 

The full report can be accessed at Trepp.com

Powered by WPeMatico