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Articles in the Finance & Accounting Category

Finance & Accounting, Green Building »

[28 Jan 2015 | No Comment | ]

Ned H. Cohen, founder and president of NHCohen Partners LLC, has been elected to serve on the Board of Advisors of 5 Stone Green Capital, a real estate investment fund focused on sustainability and the use of clean energy.
“Ned’s proven skills in building new businesses and understanding the concerns of investors as a fiduciary will make a valuable contribution to the growth of 5 Stone Green Capital,” said Doug Lawrence, founder and co-managing principal of the real estate fund.
“We look forward to his business acumen and capital markets expertise, as …

Finance & Accounting »

[22 Jan 2015 | No Comment | ]

Eastern Union started off the year right answering the demanded created in the form of the construction cranes dotting the New York City skyline.
The firm’s latest loan product services a proposed six-story, 57-unit multifamily building in Ocean Hill, illustrating New York City’s construction boom’s loud pronunciation in Brooklyn.
Estimated costs for the project, located at 75-83 Ralph Avenue, are in the $21 million neighborhood. Cushioning these costs was a loan designed by Eastern Union president Ira Zlotowitz and two of his leading senior managing directors, Meir Kessner and Shaya Sonnenschein.
The brokerage …

Finance & Accounting, Headline »

[22 Jan 2015 | No Comment | ]
ECB stimulus could be a boon for New York real estate

By Konrad Putzier
The European Central Bank’s monetary stimulus program may be too late and too small to turn around Europe’s economy, but it could give real estate a boost.
“If the QE program is successful, the impact on property markets in general could be substantial as even more demand will now be diverted into the market,” David Hutchings, Head of EMEA Investment Strategy at Cushman & Wakefield, said in a press release.
ECB president Mario Draghi unveiled a bond-buying program (or quantitative easing) worth 60 billion Euros a month today (Thursday). The …

Deals & Dealmakers, Finance & Accounting »

[20 Jan 2015 | One Comment | ]

Commercial property owners can take their leasing to the next level — specifically, the rooftop — by capitalizing on rising demand for solar power arrays, according to Roy M. Palk, senior energy adviser for national law firm LeClairRyan.
“Across the country, the rise of cheaper and more efficient solar technology is driving demand for commercial and other rooftop space among utilities,” said the Richmond, Va.-based attorney.
For property owners, then, this raises the prospect of having multiple parties competing to lease your rooftop
“The trend is particularly pronounced in the 30 states with …

Finance & Accounting, Retail »

[20 Jan 2015 | No Comment | ]

Lending secured by retail properties surged through the first three quarters of 2014 — up more than 50 percent from the same period a year ago — according to the latest research from CBRE.
Origination volume for retail loan closings saw a sizeable increase during Q2 and Q3 2014.

Part of the increase reflects stronger refinancing activity, while it is also increasingly apparent that investors are looking for more opportunistic, higher-yielding opportunities in the sector.
Commercial real estate finance markets continued to improve during Q3 2014, with lending activity becoming increasingly broad-based across …

Finance & Accounting »

[14 Jan 2015 | No Comment | ]

By Stuart Eisenberg, Real Estate practice leader and partner at BDO USA
As we settle into the New Year, now is the time to look at what 2015 holds for commercial real estate.
Thanks to 2014 giving way to stronger market fundamentals, including better availability of equity and financing, the industry is expected to continue to flourish and sustain recent growth.
With a bright outlook forecasted for the commercial real estate industry as a whole, what are those specific REIT trends worth paying attention to in 2015? The following are five to put …

Finance & Accounting »

[14 Jan 2015 | No Comment | ]

Cushman & Wakefield announced that it acted as exclusive advisor on three transactions totaling approximately $37 million in senior mortgage financing.
The firm’s Equity, Debt & Structured Finance team of Gideon Gil, Sridhar Vankayala and Alex Lapidus advised in the financings for the following transactions:
• The Simpson Organization in arranging approximately $14.4 million of senior financing for the acquisition of Westerre I & II. The property is a 163,290 s/f, class-A office portfolio, located in Innsbrook, Richmond, Virginia’s largest suburban office submarket.
The property is currently 92.1 percent occupied and has a …

Finance & Accounting »

[14 Jan 2015 | No Comment | ]

Capping off a break-out year with one of its largest retail deals in Q4, Eastern Union Funding’s Eli Breiner negotiated an acquisition loan for Cheltenham Square Mall in Cheltenham, PA.
Breiner structured a two year bridge loan with a floating rate without recourse, a unique loan product in which stabilized retail meets rehab and all costs are serviced by the same debt. The loan was provided by a national balance sheet lender.
The 85-unit, 634,000 s/f mall is anchored by big-box tenants, including Burlington Coat Factory, The Home Depot and Shop Rite.
It …

Featured, Finance & Accounting »

[14 Jan 2015 | No Comment | ]
Meridian arranges $180M loan for APF’s Club Row Building

Meridian Capital Group arranged $180 million in financing for the Club Row Building in Midtown on behalf of APF Properties.

Last month, APF Properties took 100 percent ownership of the building at 28 West 44th Street, buying out the 80 percent equity stake held by Prudential Real Estate Investors (PREI) and valuing the property at $235 million.

At the time, Kenneth Aschendorf, principal of APF Properties, called the move “part two” of the firm’s strategy to capitalize on a $9 million capital improvement program as the market for Class ‘B’ office buildings in Midtown flourishes.

Finance & Accounting, Legal »

[14 Jan 2015 | No Comment | ]

By Carol J. Patterson
& Alana Sliwinski,
Zetlin & De Chiara LLP
With the advent of 2015, the 114th Congress began its legislative session faced with an immense pressure from the real estate, construction and insurance industries to reauthorize the Terrorism Risk Insurance Act (TRIA).
The legislation creates a public-private collaboration guaranteeing federal assistance to the private sector for certain insurance losses caused by acts of terrorism.
Congress allowed TRIA to expire on December 31, 2014 but reauthorized it on January 8 with a 93-4 vote in the Senate.
Before then, however, current and anticipated …

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