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NYC luxury project lands $850M loan; first-time homeownership may be on the rise

Commercial real estate

* JPMorgan Chase & Co. is providing an $850 million construction loan for the One Wall Street luxury condominium project in Manhattan, N.Y., Bloomberg News reported, citing people with knowledge of the matter. The news outlet said the deal comes as a "coup" for developer Harry Macklowe at a time when lenders have become wary of funding projects in Manhattan.

Macklowe plans a residential conversion of the landmarked 50-story office tower, including a retail portion. The project has an estimated total construction cost of $1.5 billion.

* Developer Trammell Crow Co. is in talks with GGP Inc. to develop the Nexus project site in Atlanta's Dunwoody suburb and has the 4-acre property under contract, the Atlanta Business Chronicle reported, citing multiple sources familiar with the plans. The site is between the Dunwoody MARTA train station and GGP's Perimeter Mall.

Transwestern had previously sought a similar development deal with GGP, the report noted.

* Amazon.com Inc. has leased 91 acres at Miami-Opa Locka Executive Airport in Miami-Dade County for a fulfillment center, the South Florida Business Journal reported, citing county officials. The online retail giant struck the deal with the Carrie Meek Foundation and private developers.

The $92 million, 885,000-square-foot facility is slated to open by 2018-end and will be Amazon's largest facility in Miami-Dade County.

* Newly signed apartment leases in Manhattan increased 17% year over year in May to 5,969, marking the highest total for the month since Miller Samuel Inc. and Douglas Elliman Real Estate started keeping track nine years ago, Bloomberg News reported. New contracts in Brooklyn jumped 23% year over year to 1,460, also reflecting the highest total since 2008.

The vacancy rate in Manhattan shrank to 1.72%, the lowest in two years, and 25% of all new leases signed in the borough during May involved concessions from landlords. The share of concessions has almost doubled since May 2016, the news outlet noted.

* New York's City Planning Commission has unanimously approved a proposal to rezone 78 blocks in Manhattan's Midtown East neighborhood, which is expected to result in 6.5 million square feet of new office space in the area over the next two decades, The Real Deal reported. The proposal is now up for consideration by the City Council.

* Marijuana startups are likely to further drive up industrial rents in cities like Los Angeles and Boston that are already pricey, according to Bloomberg News. Citing a study by CoStar Group Inc., the report said the legalization of marijuana has also led to a decline in industrial vacancy rates.

The report also noted that recreational marijuana commerce is also expected to come online in states where it is legal in the next six months, which could have a further impact on rents and property values in those markets.

After the bell

* Toll Brothers Inc. priced an underwritten tack-on offering of an additional $150 million of its 4.875% senior notes due March 15, 2027.

* A Blackstone Group LP fund that will target commercial real estate properties in Europe closed at €7.8 billion, Reuters reported, citing a source with knowledge of the matter.

* UDR Inc. priced a $300 million debt offering, with net proceeds earmarked for general corporate purposes.

Housing

* Citing a study by Genworth Mortgage Insurance, The Wall Street Journal reported that the number of first-time homebuyers in the U.S. averaged 1.5 million per year in the past decade, compared to a historical average of 1.8 million per year. The publication said weaker homeownership demand from younger people "has been one of the main factors holding back the economy."

However, Genworth chief economist Tian Liu pointed out the "very strong surge" that indicates that the trend may be shifting. Roughly two million first-timers bought homes in 2016, representing 37% of the market. This compares with the historical average of 35%, the report noted.

Gaming

* Maryland's six casinos raked in roughly $136.5 million in revenue in May, marking a 30.8% jump from the May 2016 figure of $104.4 million, Southern Maryland News Net reported, citing Maryland Lottery and Gaming.

Excluding the roughly $50.6 million generated by MGM Resorts International's MGM National Harbor casino, which opened in December 2016, the state's casino revenue declined 17.7% year over year in May.

The day ahead

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

In Asia, the Hang Seng rose 0.34% to 26,063.06, while the Nikkei 225 was down 0.38% to 19,909.26.

In Europe, around midday, the FTSE 100 was down 0.07% to 7,473.06, and the Euronext 100 rose 0.23% to 1,021.94.

On the macro front

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

Now featured on S&P Global Market Intelligence

Conference Chatter: Bulk of 2017 retailer bankruptcies behind us, Kimco CEO says: At REITWeek, shopping center landlords combated the negative sentiment around retail on the Street by pointing to certain retailers' growth trajectories and the general lack of rent concessions in play.

Data Dispatch: US REITs capital raising up 23% YTD through May: Chart Watch: Senior debt offerings amounted to $19.34 billion of the amount raised, followed by $15.98 billion raised through common stock offerings and $2.18 billion through preferred stock issuances.

The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription. Articles and links are correct as of publication time.