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NYC property lands $212.5M financing; Md. casinos post record revenue, again

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Real Estate News & Analysis: May Edition


NYC property lands $212.5M financing; Md. casinos post record revenue, again

Commercial real estate

* Property Markets Group, the Hakim Organization and New Valley bagged a $212.5 million refinancing for the newly developed 44-story rental tower 1 QPS in the Long Island City neighborhood of Queens, N.Y., The Real Deal reported, citing confirmation from the developers.

The senior loan was provided by Deutsche Bank, while SL Green Realty Corp. and Apollo Global Management served as the mezzanine lenders.

* GEO Group Inc. completed its $360 million acquisition of rehabilitative services provider Community Education Centers.

* Chinese conglomerate HNA Property Group is backing Tishman Speyer's two Hudson Yards projects as well as its creative office project atop a Macy's store in downtown Brooklyn, N.Y., according to a release. Tishman Speyer revealed plans for the 10-story creative office campus dubbed "The Wheeler" in Brooklyn that will yield 620,000 square feet of modern office space.

HNA and an unnamed partner are reportedly buying an office tower at 245 Park Ave. in Manhattan from Brookfield Property Partners LP and the New York State Teachers' Retirement System.

* Bloomberg News featured a report on plans by Ziel Feldman's HFZ Capital Group to convert the Belnord landmarked property on Manhattan's Upper West Side into condominiums with an estimated full-building sellout of $1.35 billion. The complex, completed around 1908, houses 213 rental apartments, including 95 empty units.

Feldman paid $555 million for the property in 2015, the news outlet noted.

* The Chetrit Group landed a $101 million refinancing from South Korean fund manager KTB Asset Management and N.Y.-based Rexmark, The Real Deal reported, citing unnamed sources. The financing is for the fully leased 90 and 100 Trinity Place properties that are connected by a sky bridge, according to the report.

* Japanese retail-store operator Seven & i Holdings Co., which owns the 7-Eleven chain, agreed to buy 1,108 gas stations and convenience stores in the U.S. from Sunoco LP for $3.3 billion, The Wall Street Journal reported. The acquisition is part of the Japanese company's plans to establish 10,000 stores in the U.S. by 2019. It had 8,707 stores in North America as of February, the newspaper noted.

* Retail mogul Rick Caruso is investing more than $200 million to develop a luxury resort on the site of the old Miramar By The Sea Hotel on California's coast, located about an hour north of Los Angeles, WSJ reported. The five-star Rosewood Miramar Beach Montecito will have 161 guest rooms and family bungalows on 16 acres, among other things, according to the publication.

* Reebok International Ltd. and parent Adidas Group are placing Reebok's 65-acre headquarter campus in Canton, Mass., up for sale as the company begins moving to its new 220,000-square-foot headquarters at the Innovation & Design Building in Boston's Seaport District in September, the Boston Business Journal reported.

The Canton campus spans 680,000 square feet across four buildings, and includes outdoor amenities, according to the report.

* Aerospace giant Boeing has chosen the $3 billion Legacy West development in Plano, Texas, as the headquarters of its newly formed global services division, The Dallas Morning News reported. Boeing joins Toyota, JPMorgan Chase, Liberty Mutual Insurance and FedEx in the new development, the publication noted.

After the bell

* Canadian department store chain Hudson's Bay Co. should be moving "as quick as possible" to take its U.S. and Canadian real estate portfolios public, the company's chairman said.

* Federal Realty Investment Trust acquired Riverpoint Center in Chicago's Lincoln Park neighborhood through an off-market transaction for $107 million in cash.

* H&R Real Estate Investment Trust upsized its bought-deal senior unsecured debenture offering to C$150 million from C$100 million, citing strong investor demand.

Gaming

* Maryland's six casinos raked in $141.2 million in March, reflecting the highest ever monthly total with a year-over-year jump of 44.3%, The Baltimore Sun reported, citing figures released by the Maryland Lottery and Gaming Control Agency. The previous all-time record was set in December 2016, when MGM National Harbor made its debut.

Excluding the MGM Resorts International casino's winnings, the state's other five casinos logged an 8.1% revenue decline, the report noted.

* Hard Rock International revealed its plans for a $375 million renovation of the recently acquired former Trump Taj Mahal casino and hotel in Atlantic City, N.J., according to a report form NJBiz.com. The property is slated to reopen in summer 2018 as the Hard Rock Hotel & Casino Atlantic City.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng fell 0.52% to 24,273.72, and the Nikkei 225 was down 1.40% to 18,597.06.

In Europe, as of midday, the FTSE 100 was down 0.32% to 7,308.14, and the Euronext 100 fell 0.07% to 981.40.

On the macro front

The jobless claims report, the EIA natural gas report, the Treasury STRIPS report, the Fed balance sheet and the money supply report are due out today.

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Data Dispatch: US REIT Q4'16 ATM share sales up nearly 80% YOY: U.S. equity REITs sold $1.48 billion of common stock through at-the-market offerings in the fourth quarter of 2016.

Data Dispatch: US real estate ETFs log $587.3M of net inflows in March: BlackRock Inc.'s iShares U.S. Real Estate ETF had roughly $502.4 million of net inflows in March, the largest among U.S. real estate exchange-traded funds.

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