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NYC rental project to get $230M loan; offices proposed at $425M project in Miami

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NYC rental project to get $230M loan; offices proposed at $425M project in Miami

Commercial real estate

* All Year Management is set to obtain a $230 million loan before the end of January 2019 to refinance the second phase of its 1 million-square-foot rental development in Brooklyn, N.Y.'s Bushwick neighborhood, The Real Deal reported, citing documents filed on the Tel Aviv Stock Exchange.

The three-year financing, which comes with a two-year extension option, will replace a previous $165 million loan on the project and cover some financial costs. Dubbed Denizen Bshwk, the project is slated to deliver two eight-story buildings with 900 apartments, over 100,000 square feet of retail space, an 18,000-square-foot park and a parking structure.

* Brookfield Asset Management Inc. obtained a nearly $128.0 million mortgage to refinance its leasehold on One Pierrepont Plaza, a 19-story office tower in downtown Brooklyn that the asset manager took over as part of its $11.4 billion acquisition of Forest City Realty Trust Inc., The Real Deal reported, citing property records.

Barclays, Citibank and Bank of America provided the financing for the 744,000-square-foot property that Forest City developed in the late 1980s.

* Co-developers Urban X Group and H&R Real Estate Investment Trust plan to construct 135,000 square feet of office space on the top three floors of its $424.8 million River Landing Shops and Residences project in Miami, the South Florida Business Journal reported, citing Andrew Hellinger, a principal with Urban X Group.

The revised plan for the project features seven stories, instead of the initially planned five, with about 345,000 square feet of retail space, down from the previously planned 421,930 square feet. The partners broke ground on River Landing, which was also originally set to include 507 apartments, on an 8.1-acre site along the Miami River in 2017.

* CIM Group LP signed a lease with shared workspace provider WeWork Cos. Inc. for roughly 236,000 square feet of space at its office building on 1440 Broadway in Manhattan, N.Y.

Under the long-term lease, WeWork will occupy a new private entrance and lobby on the 41st St. and 14-21 floors inside the 25-story, 747,000-square-foot office building. CIM acquired the asset in December of 2017 and is upgrading the building, with completion scheduled for the first quarter of 2019.

* 601W Cos. received the Chicago Plan Commission's approval for a $185 million addition of a public observation deck and a 1,185-foot exterior glass elevator to the Aon Center in downtown Chicago, Curbed Chicago reported.

601W paid Piedmont Office Realty Trust Inc. $713 million for the 83-story, 3.6 million-square-foot skyscraper in 2015. Construction on the project could commence in the spring of 2019, subject to full approval from the Chicago City Council.

* Plans for a $102.9 million mixed-use project in Sunny Isles Beach, Fla., were pitched to the Sunny Isles Beach City Commission Dec. 20, the South Florida Business Journal reported.

Dubbed Infinity, the development would feature 330,875 square feet of space across 15 stories, including 120 condominiums, 220 hotel rooms, 22,560 square feet of retail space and 5,413 square feet of restaurants. It would also offer 738 parking spaces in a five-story garage. The project will be built on a 2.03-acre site at 16700 and 16750 Collins Ave. that is under contract to GPI Sunny Isles LLC. The site houses a service station owned by North Shore Realty Co. and a parking lot owned by TNG Holdings.

Housing

* A unit of Japanese homebuilder Misawa Homes Co. Ltd. agreed to acquire a 51% interest in Impression Homes LLC, with plans to purchase the rest of the North Texas-based homebuilder over time, The Dallas Morning News reported, citing Bruce Heikkinen, Impression Homes' president and co-founder.

Terms of the deal with Misawa's U.S. subsidiary, Misawa Homes America Inc., were not disclosed. Impression Homes aims to have closed about 580 house sales across over 24 U.S. communities in 2018, the publication added.

The day ahead

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

In Asia, the Hang Seng rose 51% to 25,753.42, while the Nikkei 225 was down 1.11% to 20,166.19.

In Europe, around midday, the FTSE 100 fell 0.27% to 6,693.58, and the Euronext 100 was down 0.52% to 905.98.

On the macro front

The Durable Goods Orders report, Gross Domestic Product report, Corporate Profits report, Personal Income and Outlays report, Consumer Sentiment report, Kansas City Fed Manufacturing Index and Baker-Hughes Rig Count report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

After the bell

* Griffin Capital Essential Asset REIT Inc., or GCEAR, and Griffin Capital Essential Asset REIT II Inc., or GCEAR II, are merging in an all-stock deal to give rise to a $4.75 billion, self-managed real estate investment trust.

* Alexander & Baldwin Inc. agreed to sell the former Hawaiian Commercial & Sugar Co. lands in Maui, Hawaii, to Mahi Pono LLC, a joint venture between California-based agricultural group Pomona Farming LLC and Canada's Public Sector Pension Investment Board for $262 million in a deal that closed Dec. 20.

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