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  • Richard Wallgren, the legendary sales director at 432 Park and 15 CPW, dies at 68

    The Real Deal New York 18 Oct 2018 | 12:30 pm

    Richard Wallgren — whose fabled Rolodex and deep market knowledge allowed him to become one of the most successful condominium sales directors in New York City history — has died. Wallgren died in his home in Washington, Connecticut last month, following a battle with ALS. He was 68. Before becoming a broker and sales director, Wallgren had a successful career as an investment banker. In the 1990s, he transitioned to residential real estate at Stribling, […]

  • Beverly Hills mansion with ties to Hollywood legends seeks $125M

    The Real Deal New York 18 Oct 2018 | 12:00 pm

    A newly built, modernist mansion in the Beverly Hills Flats with ties to Frank Sinatra and several other Hollywood heavyweights, has hit the market asking $125 million. Casey Wasserman, grandson of legendary agent and studio executive Lew Wasserman, is selling the 18,500-square-foot mansion, dubbed the Foothill Estate, the Wall Street Journal reported. The new residence sits on three former lots, two of which belonged to his late grandparents, Lew and Edie Wasserman. After they died, […]

  • William Blair leaving 666 Fifth for Edward Minskoff tower on Sixth Ave

    The Real Deal New York 18 Oct 2018 | 11:40 am

    Financial services firm William Blair & Company is leaving 666 Fifth Avenue for Edward Minskoff’s newly renovated office tower on Sixth Avenue. William Blair signed a lease for slightly more than 40,000 square feet at Minskoff’s 1166 Sixth Avenue, the property’s leasing agents told The Real Deal. The Chicago-based company is relocating from 666 Fifth Avenue, which Brookfield Office Properties took control of in August when it signed a long-term lease covering the office portion […]

  • Liberal Upper West Siders Get Their Revenge: Trump Place Sign Comes Down

    NYT > Real Estate 18 Oct 2018 | 7:59 am

    Tenants at 200 Riverside Boulevard voted to remove the Trump brand from their building’s signage. A judge sided with their decision.

  • Calculator: New York’s Worst Bedbug Neighborhoods

    NYT > Real Estate 18 Oct 2018 | 6:30 am

    A decline in bedbug violations in recent years doesn’t mean that there are fewer bedbugs in the city.

  • On the Market: Homes for Sale in Brooklyn, Queens and Manhattan

    NYT > Real Estate 18 Oct 2018 | 6:00 am

    This week’s properties are on the Upper West Side, in Rego Park, Queens, and Prospect Heights, Brooklyn.

  • Flexible Fred makes sense for affordable housing investors

    Real Estate Weekly 17 Oct 2018 | 1:06 pm

    Non-profit affordable housing finance company, Community Preservation Corporation (CPC), has closed $11 million in permanent mortgages deals to refinance a trio of Brooklyn apartment buildings.

    The loans Freddie Mac Small Balance Loans (SBL), a program for the acquisition and refinancing of properties with five or more units that have tax abatements and Section 8 housing choice vouchers, senior, low-income and other types of affordable properties.

    CPC delivered a $6.6 million permanent loan for the refinancing of the 56-unit residential building at 371-391 Etna Street in the Cyprus Hills neighborhood of Brooklyn, New York.

    371 Etna Street

    The company provided a $2.4 million permanent loan for the refinancing of the four-story, eight-unit building at 786 St. John’s Place in the Crown Heights neighborhood of Brooklyn, New York.

    And it delivered a $1.8 million permanent loan to refinance a total of eight units at 104 Fort Greene Place in the Fort Greene neighborhood of Brooklyn, New York.

    Richard Conley, senior vice president and originations director at CPC, said. “Over the past year we’ve been seeing a lot of volume with Freddie Mac’s SBL because it offers the flexibility and terms that make sense for the small multifamily building market.”

    The post Flexible Fred makes sense for affordable housing investors appeared first on Real Estate Weekly.

  • TRANSACTIONS; Cronheim arranges $15M in hotel acquisition loans; Emerald Creek bridges in Park Slope

    Real Estate Weekly 17 Oct 2018 | 1:02 pm

    Cronheim Hotel Capital (CHC) announced the following transactions:
    • Acquisition financing of $9,240,000 for the Holiday Inn Express in downtown Baltimore, MD. The loan was placed with a national lender and offered a 10-year term and 30-year amortization. David Turley, principal of CHC, announced the deal.
    • Acquisition financing of $6,240,000 for the Holiday Inn Express located in Waldorf, MD. The loan was placed with a national lender and offered a 10-year term and 30-year amortization. Jeffrey Pacailler, director , announced the loan.
    •••
    Emerald Creek Capital provided a $6,000,000 bridge loan for the acquisition of a 5,559 s/f retail building in the Park Slope neighborhood of Brooklyn, NY. Financing was originated by managing director Mike Cleaver.
    •••
    Marcus & Millichap Capital Corporation announced the following transactions:
    • A $1,000,000 refinance was arranged for an 8-unit, mixed-use property located on East 73rd Street in the Lenox Hill neighborhood of the Upper East Side. The financing was arranged by Andy Weiss and Andrew Dansker.
    •••
    MLK Real Estate Capital arranged a $6.326 million permanent financing on behalf of its client, Keystone Equities for the acquisition of Villa Trace Apartments, a 114-unit, 162,000 s/f garden-style apartment community in Hattiesburg, Mississippi. The financing was originated by Ryan Goldstein and execution led by Ryan Carlson.
    •••
    Uber Capital Group president and founder Joel J. Gorjian sourced a $9.2 million debt refinancing of the acquisition loan for the purchase of the Wenatchee Valley Mall in Douglas County, Washington. The client was a private national commercial real estate investment group based in New York. Uber sourced the financing from a regional bank based in Washington State at a fixed rate of 4.85%.
    •••
    G.S. Wilcox & Co. secured $2.5 million in financing for a 23,749 s/f mixed-use building in Morristown, NJ. The financing was arranged by Wesley Wilcox and Albert Raymond on a 20-year self-liquidating basis through a correspondent lender of the firm. The historic property is located steps away from the heart of Morristown, known as The Green.
    •••
    Eastern Union Funding announced the following transactions:
    • A $13,586,000 first lien mortgage for the refinance of a 110-unit mixed-use property on S Penn St in Hatboro, PA. This transaction was arranged by David Metzger and Nate Hyman.
    • A $10,255,954 first lien mortgage for the acquisition of a 206-unit multifamily property on Colony Way in Bartlesville, OK. This transaction was arranged by David Eisen.
    • $9,700,000 in first lien mortgages for the refinance of two multifamily properties totaling 60 units in Bronx, NY. This transaction was arranged by David Metzger, Nate Hyman, and Jonathan Singer.
    • $9,600,000 in first lien mortgages for the refinance of three multifamily properties totaling 101 units in Philadelphia, PA. These transactions were arranged by Nate Hyman and David Metzger.
    • A $9,596,000 first lien mortgage for the refinance of a 59-unit mixed-use building on Park Ave in East Orange, NJ. This transaction was arranged by Nate Hyman and David Metzger.
    • A $7,500,000 first lien mortgage for the construction of a 65-unit mixed-use property on E Mt Royal Ave in Baltimore, MD. This transaction was arranged by Marc Tropp.
    • A $5,100,000 first lien mortgage for the construction of a 20-unit multifamily property on Bruckner Blvd in Bronx, NY. This transaction was arranged by Adelle Ross and Isaac Weiss.
    • A $3,400,000 first lien mortgage for the refinance of a 3-unit multifamily property on Dominick St in New York, NY. This transaction was arranged by Marc Tropp and David Merkin.
    •A $2,975,000 first lien mortgage for the refinance of a mixed-use property on Wilson Ave in Brooklyn, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.
    • A $2,350,000 first lien mortgage for the refinance of a 3-unit multifamily property on Stanhope St in Ridgewood, NY. This transaction was arranged by Josh Horowitz.
    • A $2,240,000 first lien mortgage for the acquisition of a 12-unit multifamily property on Hobart Pl NW in Washington, DC. This transaction was arranged by David Merkin and Marc Tropp.
    • A $2,200,000 first lien mortgage for the refinance of a 6-unit multifamily property on 60th St in Brooklyn, NY. This transaction was arranged by Jonathan Singer.
    • A $1,950,000 first lien mortgage for the refinance of a 13-unit multifamily property on Fountain Ave in Brooklyn, NY. This transaction was arranged by Motti Blau and Mendy Pfeifer.
    • A $1,810,000 first lien mortgage for the refinance of a 16-unit multifamily property on 70th St in Brooklyn, NY. This transaction was arranged by Moshe Lipschitz.
    • A $1,000,000 first lien mortgage for the refinance of a 4-unit multifamily property on Onderdonk Ave in Ridgewood, NY. This transaction was arranged by Mendy Pfeifer and Motti Blau.
    •••
    Holliday Fenoglio Fowler announced the $8.8 million refinancing of 4 Industrial Way West, a 79,258 s/f office building in Eatontown, NJ, on behalf of The Donato Group. The seven-year, fixed-rate loan was secured through First Bank. The debt placement team included managing director Michael Klein. First Bank was represented by Terrance R. Howard, senior vice president. The three-story property is 98 percent leased to nine tenants in a variety of industries ranging from technology to medical practice.
    •••
    Leviathan Capital announced the following transactions:
    • The $1,799,200 refinance of two condominium units in a fractured condo building in Williamsburg. The 75% LTV deal features a rate of 4.01% and is fixed for 7 years interest only. Joe Hach negotiated the transaction.
    • $7,500,000 refinance of a three-asset office portfolio. The buildings are largely occupied by a growing adult daycare tenant. Leviathan secured a 4.76% rate, fixed for 5 years. Noele Kleemola and Joe Hach negotiated the transaction.
    •••
    Meridian Capital announced the following transactions:
    • A new mortgage of $6,350,000 on a 27-unit multifamily property located on Eastern Parkway in Brooklyn. The loan features a rate of 4.10% and a five-year term. Mark Brachfeld and Morris Diamant negotiated this transaction.
    • A $3,535,000 mortgage was placed on a multifamily property totaling 25 units located on East 181st Street in the Bron. The loan features a rate of 4.125% and a five-year term. This transaction was negotiated by David Bollag and Drew Anderman.
    • A new mortgage in the amount of $3,100,000 on a nine-unit multifamily property located on Grove Street in New York. The loan features a rate of 4.10% and a five-year term. Jacob Nefoussi negotiated this transaction.
    • $2,500,000 was placed on a multifamily property totaling 21 units located on West 179th Street in New York, NY. The loan features a rate of 4.05% and a five-year term. This transaction was negotiated by David Ganz and Eric Chapek.
    • A $1,700,000 mortgage was placed on a 66-unit cooperative property located on 46th Street in Sunnyside. The loan features a rate of 4.125% and a five-year term. Charles Grussgott and Joseph Koschitzki negotiated this transaction.
    • A new $1,300,000 mortgage was placed on a multifamily property totaling 10 units located on Willoughby Avenue in Brooklyn. The loan features a rate of 4.125% and a five-year term. This transaction was negotiated by Chaim Tessler and Asher Urbach.
    •••
    Progress Capital announced that Kathy Anderson secured a $4,430,000 permanent mortgage to refinance the medical office properties at 40 and 50 Union Avenue, Irvington, NJ, as well as acquire the land upon which 50 Union Avenue resides (currently the building is subject to a ground-lease). The borrower will use $1,500,000 of the proceeds of the loan to acquire the land at 50 Union Ave and own the property outright. Anderson negotiated 65% LTV, accompanied by a 5-year fixed-rate at 4.5%. The term of the loan is 10-years with a 25-year amortization. The proceeds of the loan will be used to retire the existing debt, acquire the land and fund tenant improvements.

    The post TRANSACTIONS; Cronheim arranges $15M in hotel acquisition loans; Emerald Creek bridges in Park Slope appeared first on Real Estate Weekly.

  • SELLING POINTS: Riese selling Union Square development site; Cushman shopping 135-unit NJ apartment portfolio

    Real Estate Weekly 17 Oct 2018 | 12:55 pm

    ● AVISON YOUNG
    Union Square development site offered at $32M

    The Riese Organization is selling its former TGIF restaurant building in Union Square
    The site at 34 Union Square (pictured top) is being offered for sale by Avison Young for $32 million.
    A corner space offering up to 26,000 buildable square feet, 34 Union Square East has been priced at $32 million.
    Avison Young principals James Nelson and Todd Korren secured the assignment. Nelson along with Charles Kingsley and Toku Saito, will market the site.
    “Given its potential for development and prime location in the Union Square area, we are expecting high interest from a variety of investors,” said Nelson.
    Featuring 26 feet of frontage on Union Square East and over 125 feet of frontage on East 16th Street, 34 Union Square East currently holds a 6,500 s/f building that was formerly a TGIF restaurant.
    The property is directly across from Union Square Park, which attracts a mix of users including students and professionals. The neighborhood is home to more than 75,000 residents, 140,000 employees and 60,000 students, and attracts over 344,000 pedestrians daily.
    Nearby, the city plans to create the Union Square Tech Training Center, a 240,000 s/f new development, on t

    ● HIGHCAP GROUP
    Medical center pitched as alternative asset

    The Hellenic Medical Center in Astoria is being offered for sale for the first time since it was built.
    Josh Goldflam, co-founder and principal of Highcap Group, is listing the property at 30-70 31st Street in Astoria for $12,500,000.
    Built in 2010, the medical center consists of over 15,800 s/f of space fully leased to a roster of medical tenants that includes the North Shore / LIJ.
    Located on the corner of 31st Street and 30th Drive, it is one block from the 30th Avenue subway station, and three blocks from Mount Sinai Hospital. T
    The elevator building has a modern office design with roof deck and a leased cellar space. According to Goldflam, nearly half of the building is being leased at below market rate rents for the area.
    “There is very a limited supply of modern medical office buildings in Astoria and, a prime location between the subway and hospital, makes this a rare and very intriguing opportunity for any type of investor. The market in Astoria is very safe and insulated like many of the better neighborhoods in Manhattan, making it a great alternative for most investors who want to park their money on the island of Manhattan.”

    ● K&R preservation
    Developer planning upstate overhaul

    K&R Preservation, a Manhattan-based affordable housing development firm owned and operated by Francine Kellman and Brian Raddock, announced the acquisition and planned rehabilitation of two senior apartment complexes in upstate New York.
    The 92-unit Governor Clinton Apartments located at 1 Albany Avenue, and the 104-unit Senior Housing Alexander Yosman Apartments located at 295 Broadway, both in Kingston, as well as the 56-unit Mountain View Apartments, at 7974 Main Street, and 84, 86 Maple Avenue in Hunter, NY, were acquired for $23,000,000.
    K&R plans to invest $44,000 per unit — or $11 million total — in the restoration program.
    All sites currently receive Section 8 subsidies. With the acquisition, the buildings will continue to remain affordable and receive the subsidy for the next 40 years.
    Kellman commented, “The purchase and rehabilitation of the Landmark Apartments using a Wells Fargo Fannie Mae Insured Mortgage, a State Subsidy Loan provided by the New York State Housing Finance Agency and the benefit of project-based Section 8 will eliminate the risk of 252 affordable housing units in Ulster and Greene Counties from converting to market rate units.
    “With a limited supply of affordable housing in Ulster and Greene Counties and very high demand for senior and multifamily housing in general in the region, this project will preserve affordability and thus provide a long-term benefit to the community,” she added.
    The renovations will take place in multiple phases which will allow tenants to remain in their units and avoid any relocation costs.
    According to Raddock, “Upon completion of the scheduled rehabilitation work, the project will provide comparable or better-quality housing than other housing in the market area.”

    ● CUSHMAN & WAKEFIELD
    Jersey owner looking for offers on 135-unit portfolio

    A 135-unit multifamily portfolio in one of New Jersey’s tightest rental markets is being offered for sale.
    Located in Iselin, Avenel, Rahway and Colonia, the properties – all developed within the past five years – are 98 percent occupied, according to Cushman & Wakefield, which is representing the seller.
    Andy Schwartz, who is heading the assignment with Brian Whitmer, Mark Phillips and members of the firm’s New Jersey capital markets practice, said, “The Woodbridge submarket has a multifamily vacancy rate of just six percent, with projected rent growth of more than 13 percent in the next five years.
    “In short, this is a highly attractive opportunity for any investor looking to gain or grow a foothold in a thriving multifamily market.”
    The properties feature contemporary designs and high-end materials and finishes, and are located within a five- or 10-minute drive of one another.
    Portfolio addresses include at 444 Lincoln Hwy. in Iselin; 1400 St. George Ave., 475 Avenel St., 345 Edgerton Blvd. and 151 Piper Ave. in Avenel; 1299 St. George Ave. in Colonia; and 195 W. Scott Ave. in Rahway.
    The offering includes a fully approved, 39-unit development site located adjacent to the Edgerton Blvd. property.

    ● SILVERBACK DEVELOPMENT
    Silverback adds to Stamford portfolio

    Silverback Development has paid $12.4 million for a two-building, 128,000 s/f office complex in Stamford, CT.
    Comprising two six-story office towers, the property is located at 1111-1117 Summer Street,.
    “We believe Stamford is one of the most promising resurgent real estate markets in the Tri-State Area right now, as evidenced by the influx of millennials, real estate, healthcare and tech companies flocking to the area,” said Alan Glick, vice president of development at Silverback.
    Silverback now owns five buildings in downtown Stamford, including 777 and 733 Summer Street and 612 Bedford Street.
    The developer aims to bring the 50 percent occupied office complex to full occupancy over the next year.

    ● HFF
    Princeton neighbor scooped up

    Holliday Fenoglio Fowler announced the sale of Steward’s Crossing, a 240-unit multi-housing community in Lawrenceville, Mercer County, New Jersey.
    The HFF team marketed the property on behalf of Merion Realty Partners and a joint venture partner. Berkshire Group was the buyer.
    Located at 1000 Stewards Crossing Way, the property is located near both Princeton and the state capital of Trenton. Totaling 240 homes spread throughout 12 buildings and 24 acres, it has a wooded, park-like atmosphere and amenities that include a clubhouse, 24-hour fitness center, tennis court, swimming pool and walking path.
    It has a mix of one-, two- and three-bedroom floor plans, which feature renovated kitchens and bathrooms, washers and dryers and walk-in closets.
    The HFF team representing the seller included Michael Oliver, Jose Cruz, Kevin O’Hearn and Steven Simonelli, all working with HFF’s Philadelphia multi-housing team, including Mark Thomson, Carl Fiebig and Fran Coyne.
    “The greater Princeton area has incredible fundamentals and is one of the New Jersey’s strongest multi-housing submarkets,” Oliver said.

    The post SELLING POINTS: Riese selling Union Square development site; Cushman shopping 135-unit NJ apartment portfolio appeared first on Real Estate Weekly.

  • Property management company removes social media accounts after firing employee

    BrokerPulse 17 Oct 2018 | 12:31 pm

    Sunrise reflection of the St Louis skyline along the Mississippi River

    (AROUND THE WEB, ST. LOUIS, MO) — Social media serves a great deal of justice to those who go on rants rooted in anger and hate.

    We saw earlier this month a taste of justice from the digital world, when Hillary Brooke Mueller, a former property manager at Tribeca-STL, refused to let a man into his apartment complex. Her actions have been deemed racially charged. The outrage that poured out over social media forced this woman to take responsibility for her actions.

    It wasn’t just the employee who had to deal with the consequences of her actions, Tribeca-STL did as well.

    This case serves as a warning to other companies in the industry. Who you hire represents your company, in and out of the office.

    Tribeca-STL, a St. Louis property management company, reported a website crash due to high volumes of people looking them up, according to Inman.

    This past weekend, the video of Mueller received millions upon millions of views. Tribeca-STL has removed itself from social media platforms such as Facebook, Twitter, and LinkedIn.

    The backlash the company has received because of the actions of their former employee can be detrimental to business.

    One tweet online reads, “Have to check n see if I live in a Tribeca-STL building, so I can terminate my lease.”

    And, while it is important to recognize that there are bad seeds everywhere and it would impossible for companies to avoid them all, Tribeca-STL is gaining respect from many for its zero-tolerance stance on the incident and rapid response, releasing the following statement:

    “The Tribeca-STL family is a minority-owned company that consists of employees and residents from many racial backgrounds. We are proud of this fact and do not and never will stand for racism or racial profiling at our company.”

    Screenshot from Tribeca STL website

    Mueller was fired following the incident.

    “I am so happy Tribeca-STL held her accountable for her actions and fired her, her behavior is terrible and inexcusable, ” wrote a Twitter user.

  • NYC bus shelters closed for emergency inspections

    BrokerPulse 16 Oct 2018 | 5:53 am

    A closed bus shelter in Manhattan. Via NY Post

    (NEW YORK, NY) — Around 1,400 bus shelters are closed in the city today and all we can say is, at least it isn’t raining!

    Earlier this month, a weak bolt resulted in the partial collapse of a bus shelter roof in Staten Island. As a result, JCDecaux, the company that manages the shelters, has closed hundreds throughout the city pending inspection.

    The company told the New York Post that around 2,500 bus shelters need emergency inspections. An estimated 1,000 have already been examined and of those, approximately 30 were found to need repairs.

    Inspections are expected to be completed by the end of the week. However, necessary repairs are projected to be completed by the end of this month.

    “Bus riders deserve the best level of service whether it be on the bus or when waiting in a bus shelter. DOT expects JCDecaux to keep the city’s bus shelters safe and well maintained. We will hold the contractor accountable for making these fixes expeditiously,” reads a statement released by the Department of Transportation.

    Thankfully, no one was injured at the bus shelter in Staten Island. Though the emergency inspections will create minor inconveniences, commuter safety will be ensured.

  • Central Park Tower is officially on the market

    BrokerPulse 15 Oct 2018 | 9:43 am

    Rising to over 1,550 feet above Manhattan, Central Park Tower will be New York’s tallest residential tower. (Credit: Extell / AS+GG)

    (NEW YORK, NY) – Central Park Tower, the tallest residential tower in the city, has officially launched sales.

    The 1,550-foot tall skyscraper is promising its residents luxury in the clouds, with 179 units starting on the 32nd floor and 50,000 square feet of amenities. We’re talking a 60-foot pool, a screening room, a 15,000-square-foot outdoor terrace, basketball court, squash court, gym, and more. The development is designed by Adrian Smith + Gordon Gill Architecture, the same firm designing Jeddah Tower in Saudi Arabia.

    Extell Development announced that it will be marketing units at Central Park Tower in-house, and expects to start closing deals in 2019.

     

    View this post on Instagram

     

    Today @extell launches @centralparktower — the tallest residential building in the world. — On October 15th, 2018, Extell Development Company launches sales for the most anticipated building in New York City, Central Park Tower. A beacon of glass and steel rising 1,550 feet above New York City will offer the most sought after 360 degree views in the world. — “Over a decade of planning and collaboration with the world’s most talented architects, engineers and designers has resulted in Manhattan’s newest iconic structure,”” said Gary Barnett, Founder and President of Extell Development Company. “Central Park Tower introduces a level of design, quality and service that hasn’t been seen before. This building will stand out in New York City history as the singular residential offering that redefined luxury living.”

    A post shared by EXTELL (@extell) on

    For sale apartments are ranging from two-bedrooms to eight-bedrooms,1,435 square feet to 17,500 square feet.

    In order to receive $1.14 billion in financing, Extell has agreed to sell $500 million worth of apartments in three years.

    According to sources, though it hasn’t been confirmed, apartments at the tower will start above $1 million and some will go for as much as $600 million.

  • Anna Faris Has Sold the Hollywood Hills Retreat She Shared With Chris Pratt

    Real Estate – Observer 14 Aug 2018 | 4:01 pm

    But the home didn't bring in quite the haul she was hoping for.

  • Joe Jonas Doesn’t Want Cake by His Sherman Oaks House

    Real Estate – Observer 14 Aug 2018 | 9:14 am

    He's listing the home for $4.25 million.

  • Summer Aboard a Boat: The Cheaper Version of a Vacation Home With Way Better Views

    Real Estate – Observer 10 Aug 2018 | 3:30 am

    Tired of your current location? With a boat as a summer home you can pick up and sail to Martha's Vineyard, Montauk or Maine.

  • Mannequin maker shifts to new showroom space

    Real Estate Deal Watch - Crain's New York Business 1 Feb 2016 | 9:00 pm

    Midtown / Park Ave. South - A company that manufactures and provides mannequins to retailers across the city is moving its midtown south showroom a few blocks away. Mondo Mannequins leased 4,500...

    To view the full story, click the title link.

  • Deal Preserves Apartments’ Affordability for 55 Years

    Multi-Housing News Online 30 Oct 2015 | 5:11 am

    Photo credit: www.forrent.com

    Photo credit: www.forrent.com

    By Dees Stribling, Contributing Editor

    Pacifica, Calif.—Ocean View Senior Apartments has traded hands, with National Church Residences selling the property to Bridge Housing for an unspecified price. The transaction will preserve Ocean View as an affordable housing property for seniors in Pacifica and pave the way for new capital improvements.

    In 2000, National Church Residences acquired the 100-unit Ocean View at the request of the City of Pacifica, with the goal of sustaining the property’s affordability. Since then, the nonprofit provided property management at Ocean View and raised funds for roof replacement and other improvements. Most recently, National Church Residences had been pursuing a refinancing of Ocean View to repay two maturing loans and address capital needs.

    Bridge will start renovations next month with new financing in place. That includes tax-exempt bonds, additional funding through California Housing Finance Agency, restructuring of existing debt with the San Mateo County and the Housing Endowment and Regional Trust, and the addition of low-income housing tax-credit equity.

    The planned renovations will replace aging building elements with more efficient and higher-performing alternatives; restore and enhance the physical condition of the building; and, according to Bridge, enhance residents’ quality of life. The recapitalization also provides funding to enhance on-site services. Residents will have access to programs such as wellness and nutrition classes and referral services, without charge.

    All current residents will be able to remain in their units for the long term, and new deed restrictions have been placed on the property to ensure rent restrictions will continue for 55 years. Ocean View is affordable to seniors whose annual incomes range from about $14,928 to $84,500 (minimum income standard to 80 percent of area median income, depending on household size), though 31 apartments will have additional subsidy provided by the Housing Authority of the County of San Mateo.

  • Suburban Dallas Apartments Up for Sale

    Multi-Housing News Online 30 Oct 2015 | 4:55 am

    By Adriana Pop, Associate Editor

    Dallas—Greysteel has been retained as exclusive advisor and agent for the sale of The Lakeshore, a 140-unit garden-style multifamily community in the Northwest Dallas suburb of Lake Dallas, Texas.

    The Lakeshore in Lake Dallas, Texas

    The Lakeshore in Lake Dallas, Texas

    Completed in 2015, the property offers 40 one-bedroom/one-bathroom units at 763 square feet, 36 two-bedroom/two-bathroom units at 1,080 square feet, 40 two-bedroom/two-bathroom units at 1,091 square feet, and 24 three-bedroom/two-bathroom units at 1,311 square feet.

    The community is conveniently located along Swisher Road, a high traffic thoroughfare which provides ideal accessibility to Interstate 35E, Dallas-Fort-Worth’s main north and south artery. Residents at The Lakeshore also benefit from the property’s proximity to the University of North Texas in Denton, which is educating over 36,000 undergraduate, graduate, and doctoral level students. Another attraction is the nearby Lewisville Lake, which features 183 miles of shoreline along with over 29,600 acres of navigable waters that offer a multitude of activities.

    Unit interiors feature wood-look vinyl flooring, ceiling fans, brushed nickel fixtures, walk-in closets, a desk nook with cabinetry, private balconies and patios with storage, washer and dryer connections, and black appliance packages with microwaves. Exterior amenities include a resort-style swimming pool, fitness center, business center, clubhouse, theater, BBQ grilling area, and garages.

    Greysteel’s multifamily investment sales team in charge with the assignment is led by Boyan Radic, Doug Banerjee, Andrew Mueller, and Ryan Hill.

    “The Lakeshore is one of only two Class A developments in the City of Lake Dallas in the past 10 years and the design was done by award winning BGO Architects along with the landscaping designed by Meeks Design Group (MDG),” Doug Banerjee, Greysteel director, said. “This property will allow a new buyer to come in and acquire a brand new asset on the highly trafficked Swisher Road extremely close to Lewisville Lake, which makes it a very desirable location for years to come.”

  • C&W Finds Buyer for Villas at Pine Hills

    Multi-Housing News Online 30 Oct 2015 | 3:21 am

    By Balazs Szekely, Associate Editor

    Villas at Pine Hills

    Villas at Pine Hills

    The Villas at Pine Hills multifamily community was recently sold. SCR Properties 3 LLC closed on the acquisition of the 96-unit property in a transaction valued at $5.85 million. Executive Director Jay Ballard and Senior Director Ken Delvillar with Cushman & Wakefield represented the seller, Villas at Pine Hills Partnership.

    Located on a 16.5-acre site at 5249 Champagne Circle in Orlando, Villas at Pine Hills is surrounded by a densely populated garden suburb northwest of the city’s core. Ridgewood Park Elementary and the Maynard Evans High School are both within walking distance from the community, which also offers easy access to a number of shopping and dining destinations. Completed in 1984, the community comprises two-bedroom, two-bathroom duplexes measuring 980 square feet. Each unit features a private driveway, direct access garage, a fenced patio and washer and dryer connections.

    Photo credit: Cushman & Wakefield

  • Ad firm takes a second floor in midtown south building

    Real Estate Deal Watch - Crain's New York Business 28 Sep 2015 | 10:00 pm

    Midtown / Park Ave. South - Lowe & Partners Worldwide is doubling its space at 386 Park Ave. South a year and half after signing a deal to move into the building. The advertising firm is taking the...

    To view the full story, click the title link.

  • Upper West Side goes upscale with new caviar bar

    Real Estate Deal Watch - Crain's New York Business 22 Sep 2015 | 10:00 pm

    Upper West Side - A 14-year-old caviar purveyor is expanding. Olma Caviar Boutique & Bar, which operates a location at Todd English’s Plaza Hotel Food Hall, has signed on for its first freestanding...

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