www.omegare.com
Thursday, April 4, 2019
ReNew REIT Gets $159M From KeyBank to Acquire Senior Housing, Including 3 in PA
by Steve Lubetkin Globest.com
KeyBank Real Estate Capital’s Healthcare Lending platform provided ReNew Investors and affiliated entities more than $159 million in acquisition financing comprised of $85 million in Fannie Mae loans, $16 million in Freddie Mac loans and a $58 million bridge loan, to acquire eight seniors housing communities in a series of four separate transactions.
The acquired properties total 813 units including independent living, assisted living and memory care in Michigan, Pennsylvania and Virginia.
Toledo, OH-based ReNew is a privately held company investing in independent living, assisted living and memory care communities.
KeyBank did not disclose the names and locations of the facilities involved in the transactions, but according to Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions, ReNew acquired three properties in Pennsylvania in February 2019 using Fannie Mae financing of at least $55 million, the 137-unit Keystone Villa at Ephrata, 100 N State St Ephrata, PA; 125 units at Keystone Village at Fleetwood, 501 Hoch Rd., Blandon, PA; and 247 units of senior housing at Keystone Villa at Douglasville, 1152 Benjamin Franklin Hwy., Douglassville, PA. The three properties were acquired from Capital Health Group, Media, PA.
The Real Capital Analytics database did not list transactions in Michigan and Virginia that could be connected to the KeyBank financing.
KeyBank established a corporate lending relationship with ReNew in 2018 acting as lead arranger and administrative agent for the company’s inaugural $100 million corporate credit facility, which was subsequently increased to $150 million in December 2018. The recent financings are consistent with Key’s approach of tailoring capital solutions to client’s needs and includes balance sheet lending (corporate financing, bridge lending) and permanent commercial mortgage solutions (Fannie Mae, Freddie Mac, Life. Co, FHA). The recent financings were comprised of a mix of attractive fixed- and floating-rate debt all with extended interest-only payments, which allows ReNew to maintain a low cost of capital.
Laura Conway and Brandon Taseff of Key’s Institutional Real Estate Healthcare Group led the financing of the balance sheet lending products and teamed with Charlie Shoop of Key’s Healthcare Banking Commercial Mortgage Group who arranged the permanent financing with Fannie Mae and Freddie Mac.
www.omegare.com
KeyBank Real Estate Capital’s Healthcare Lending platform provided ReNew Investors and affiliated entities more than $159 million in acquisition financing comprised of $85 million in Fannie Mae loans, $16 million in Freddie Mac loans and a $58 million bridge loan, to acquire eight seniors housing communities in a series of four separate transactions.
The acquired properties total 813 units including independent living, assisted living and memory care in Michigan, Pennsylvania and Virginia.
Toledo, OH-based ReNew is a privately held company investing in independent living, assisted living and memory care communities.
KeyBank did not disclose the names and locations of the facilities involved in the transactions, but according to Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions, ReNew acquired three properties in Pennsylvania in February 2019 using Fannie Mae financing of at least $55 million, the 137-unit Keystone Villa at Ephrata, 100 N State St Ephrata, PA; 125 units at Keystone Village at Fleetwood, 501 Hoch Rd., Blandon, PA; and 247 units of senior housing at Keystone Villa at Douglasville, 1152 Benjamin Franklin Hwy., Douglassville, PA. The three properties were acquired from Capital Health Group, Media, PA.
The Real Capital Analytics database did not list transactions in Michigan and Virginia that could be connected to the KeyBank financing.
KeyBank established a corporate lending relationship with ReNew in 2018 acting as lead arranger and administrative agent for the company’s inaugural $100 million corporate credit facility, which was subsequently increased to $150 million in December 2018. The recent financings are consistent with Key’s approach of tailoring capital solutions to client’s needs and includes balance sheet lending (corporate financing, bridge lending) and permanent commercial mortgage solutions (Fannie Mae, Freddie Mac, Life. Co, FHA). The recent financings were comprised of a mix of attractive fixed- and floating-rate debt all with extended interest-only payments, which allows ReNew to maintain a low cost of capital.
Laura Conway and Brandon Taseff of Key’s Institutional Real Estate Healthcare Group led the financing of the balance sheet lending products and teamed with Charlie Shoop of Key’s Healthcare Banking Commercial Mortgage Group who arranged the permanent financing with Fannie Mae and Freddie Mac.
www.omegare.com
Wednesday, April 3, 2019
Tuesday, April 2, 2019
Philadelphia's Lehigh Valley Retail Submarket Maintains Growth and Momentum
Close to 20,000 square feet of retail space in Trexlertown was filled this week, after signing three tenants to move into vacant spaces in the suburban Philadelphia suburb.
The new tenants include the Pittsburgh-based Steel City Gyro, Mavis Tire and Supply and Active Learning Center.
The uptick in leasing interest is partly due to the nearby Hamilton Crossing, a fully occupied shopping center leased to major tenants including Dick’s Sporting Goods, Target and Whole Foods. The center has spurred additional retail interest across the area.
Hamilton Crossing’s success and Trexlertown’s growth are positive signs for the Lehigh Valley market, which continues to maintain growth and momentum. The market’s retail vacancy rate is under 4 percent, and unlike nearby central and northeast Pennsylvania markets, developers haven’t shied away from bringing new space to the market.
Nearly 2 million square feet of new developments has been added to the market since 2010, during a period when new growth was slowed across the country. Further bolstering the region’s forecast are strong economic and population growth tailwinds. The Lehigh Valley market has a high concentration of wealthy suburbs with average annual incomes over $100,000 and strong buying power. The region has added close to 40,000 jobs since 2010, while the nearby Scranton and Reading markets have only added about 30,000 jobs combined.
New residents have flocked to the area due to the increase in jobs, and Lehigh’s population climbed to nearly 20,000 since 2010. Downtown Allentown’s revitalization has attracted national attention, and the area is also building up trendy, modern multifamily communities.
www.omegare.com
The new tenants include the Pittsburgh-based Steel City Gyro, Mavis Tire and Supply and Active Learning Center.
The uptick in leasing interest is partly due to the nearby Hamilton Crossing, a fully occupied shopping center leased to major tenants including Dick’s Sporting Goods, Target and Whole Foods. The center has spurred additional retail interest across the area.
Hamilton Crossing’s success and Trexlertown’s growth are positive signs for the Lehigh Valley market, which continues to maintain growth and momentum. The market’s retail vacancy rate is under 4 percent, and unlike nearby central and northeast Pennsylvania markets, developers haven’t shied away from bringing new space to the market.
Nearly 2 million square feet of new developments has been added to the market since 2010, during a period when new growth was slowed across the country. Further bolstering the region’s forecast are strong economic and population growth tailwinds. The Lehigh Valley market has a high concentration of wealthy suburbs with average annual incomes over $100,000 and strong buying power. The region has added close to 40,000 jobs since 2010, while the nearby Scranton and Reading markets have only added about 30,000 jobs combined.
New residents have flocked to the area due to the increase in jobs, and Lehigh’s population climbed to nearly 20,000 since 2010. Downtown Allentown’s revitalization has attracted national attention, and the area is also building up trendy, modern multifamily communities.
www.omegare.com
Monday, April 1, 2019
Colony Capital Acquires LogistiCenter at Midway for $79.5 Million in Bethel PA
Global real estate and investment management firm Colony Capital purchased a 4-Star warehouse in Bethel, Pennsylvania, from Dermody Properties. LogistiCenter at Midway sold for $79.58 million, or about $74 per square foot.
The 1.08 million-square-foot facility at 270 Midway Road comprises 222 loading docks and levelators, four drive-in bays, 54- by 50-foot column spacing and a 36-foot clear ceiling height. Developed by the seller in 2018, the single-story structure spans nearly 74 acres adjacent to I-78.
Headquartered in Los Angeles, Colony Capital (NYSE: CLNY) currently has more than $43 billion in assets under management, according to its website.
www.omegare.com
The 1.08 million-square-foot facility at 270 Midway Road comprises 222 loading docks and levelators, four drive-in bays, 54- by 50-foot column spacing and a 36-foot clear ceiling height. Developed by the seller in 2018, the single-story structure spans nearly 74 acres adjacent to I-78.
Headquartered in Los Angeles, Colony Capital (NYSE: CLNY) currently has more than $43 billion in assets under management, according to its website.
www.omegare.com
AutoLenders is Launching First PA Dealership in Exton
by Steve Lubetkin Globest.com
AutoLenders will move into Pennsylvania with its first dealership, following the acquisition of 305 W. Lincoln Highway in Exton, PA.
The 33,000 square foot modern auto dealership facility occupies 7.3 acres at a highly trafficked and newly signalized intersection in the growing Exton market of Chester County in Philadelphia’s Western Suburbs. The site was formerly Otto’s BMW and then MINI of Exton, and will continue to operate as an automobile sales and service facility.
AutoLenders opened in 1990 and has grown into New Jersey’s number one volume pre-owned car dealership chain, with 6 locations and a 75,000 square-foot reconditioning and certification center in Central and Southern New Jersey. AutoLenders uses its direct relationships with regional banks to cherry pick the best pre-owned, one-owner vehicles.
Additional sites in the tri-state region are being sought for the firm’s expansion plan.
www.omegare.com
AutoLenders will move into Pennsylvania with its first dealership, following the acquisition of 305 W. Lincoln Highway in Exton, PA.
The 33,000 square foot modern auto dealership facility occupies 7.3 acres at a highly trafficked and newly signalized intersection in the growing Exton market of Chester County in Philadelphia’s Western Suburbs. The site was formerly Otto’s BMW and then MINI of Exton, and will continue to operate as an automobile sales and service facility.
AutoLenders opened in 1990 and has grown into New Jersey’s number one volume pre-owned car dealership chain, with 6 locations and a 75,000 square-foot reconditioning and certification center in Central and Southern New Jersey. AutoLenders uses its direct relationships with regional banks to cherry pick the best pre-owned, one-owner vehicles.
Additional sites in the tri-state region are being sought for the firm’s expansion plan.
www.omegare.com
Subscribe to:
Posts (Atom)
