DAILY READS: Dec. 5, 2019
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Thor Equities Lands $144M Construction Loan for New Tower
“Thor Equities began assembling properties for the 18-story office and retail tower in 2016, when it bought 800 W. Fulton Market for $36 million. Thor purchased the final parcel of land for the project in 2018.”
—Real Deal Chicago
Some 10-Year Mall Loans Find Refis a Challenge
“Performance for CMBS overall has been quite strong, with loan delinquencies inching toward record lows and loan defaults falling sharply year over year. Additionally, CMBS transactions with sizeable mall loan concentrations have been largely resilient at first glance. A closer look, however, reveals that some significant issues could arise longer term for some of these loans.”
—Commercial Observer
Landlords Must Display Energy Efficiency Grades Starting Next Year
“As part of legislation the City Council passed in April, roughly 50,000 buildings in the city that are 25,000 square feet or larger must display a letter grade near public entrances. The Environmental Protection Agency will provide an online tool generating the letter grade, The New York Times reported.”
—Crain’s New York Business
Video: LaSalle Launches Japan Property Fund; Says It’s Safe, Stable
Industrial Sales Driving Net Lease Investment To Record Levels This Year
Net lease transactions hit a record dollar figure in 2018 overall, but 2019 is well-positioned to beat that figure easily, CBRE reports. Will Pike, the managing director of the real estate services firm’s net lease division, estimates that the final figure could exceed $70B, National Real Estate Investor reports.
—Bisnow
Developers may soon be required to give back to Philly neighborhoods where they build
History And Housing Discrimination: Why Neighborhoods In The United States Are Still So Segregated
“The United States’ historical policy choices have created a society that accepts — and at some level expects — discriminatory behavior in the housing market. If federal policies had not sanctioned this kind of behavior with policies like redlining, American society may be less complacent with the same kinds of outcomes today. Although the Fair Housing Act and other legislation have tried to fix the mistakes of the past, norms and expectations of inequality continue to exist, perpetuating a system of racialized injustice.”
—Forbes
“The two-building Aman Miami project, which will include an Aman hotel and Aman-branded residences, will be built on the former site of the Versailles Hotel at 3425 Collins Ave. in Miami Beach. The size of the buildings, the number of rooms and condos and the architects who will design the project have not yet been determined. The financial terms of the project were not disclosed.”
–The Miami Herald
Outlook Remains Strong for Investment in Single-Family Rentals
“In high-growth markets including Texas or Florida, SFR yields after expenses now average in the 4- to 5-percent range, according to Douglas Bendt, president of Bendt Enterprises, a consulting firm based in Boulder, Colo. (Bendt does note that gross yields on investment have declined somewhat in markets that have been popular with investors, including Atlanta and Phoenix).”
–National Real Estate Investor
Downtown Dallas’ First Arts District Hotel
“The first hotel in Dallas’ Arts District, the 183-room luxury hotel is at Ross Avenue and Leonard Street and is surrounded by landmark performance halls. A project of Dallas-based Hall Group, the hotel is part of a $250 million development that includes a high-rise condo tower.”
–The Dallas Morning News
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