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Friday, May 15, 2020

Plans Approved to Open Former Ames Hotel as Dorm

May 15, 2020

The Boston Planning and Development Agency (BPDA) board has approved a plan for Suffolk University to convert the former Ames Hotel into a 300-bed student dormitory.

In September, the university acquired the former luxury hotel for $63.5 million with plans to convert it into a dorm in time for the 2020-2021 school year. The property was built in the early 1890s as an office building.

At its first ever remote public hearing, the BPDA board approved the conversion of the 114-room hotel building into student housing.

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Tags: Student Housing

Dolben Co. Starts Construction on 331-Unit Apartment Project in Lynn

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May 15, 2020

Massachusetts-based developer Dolben Co. Inc. has started construction on Breakwater, a 331-unit apartment complex in Lynn.

The 481,201-square-foot project is being built at 254 Lynnway and overlooks Lynn Harbor. Prior to the project, the site was vacant for 35 years. The property will feature studio, one, two and three-bedroom floor plans ranging from 560 to 1,300 square feet. Amenities will include a fitness center, outdoor lounge, game room and harbor walk.

Construction is expected to be completed in March of 2022.

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Tags: Apartments & Multifamily, Development

13 Ways to Ramp up Your Savings While Quarantined

After the COVID-19 stuff happened, it seems like many people just took all of their goals and threw them away. “Oh, no! There’s adversity?! I quit.” Adversity will always exist in some form. Here’s how I recommend handling your goals in the face of disruptions.

If you received a stimulus check and are lucky enough to not have an urgent need for it, there are several productive ways to use your newfound extra funds. Choose from investment options including stocks and physical assets—or consider investing in yourself.

One-third of tenants reportedly missed April’s rent payment deadlines. In these stressful times, how widespread are payment issues and how should landlords handle late payments?

In a recent BiggerPockets Podcast, a listener wrote in and asked, “An investor I follow online said that the multifamily market has been overpriced for some time and will experience a crash. What do you think about that?” Here’s my take.

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Mill Creek Breaks Ground on Orlando Community

Modera Creative Village. Image courtesy of Mill Creek Residential

The momentum for a major redevelopment of an Orlando neighborhood into a mixed-use district continues with Mill Creek Residential breaking ground on its eight-story community, Modera Creative Village.

Located at 505 Chatham Ave., Modera Creative Village will offer 292 units through studio, one-, two- and three-bedroom floorplans. The apartments come equipped with 42-inch cabinetry, washer/dryer, and lighted mirrors at the bathroom vanities with some units including movable kitchen islands. The property’s amenities include a pool with outdoor spaces, a fitness center with a yoga area and programming, a clubroom, an outdoor kitchen and dining area, private seating areas, outdoor courtyards and digital package lockers. Mill Creek is anticipating its first move-ins for Creative Village in early 2022.

It’s not Mill Creek’s first time in Orlando as it previously completed the 350-unit Modera Central and began leasing the property in 2018. Outside Orlando, Mill Creek also broke ground on the 350-unit Modera Flagler Village in Fort Lauderdale, Fla., in March.

PART OF A CREATIVE VILLAGE

Modera Creative Village is a residential component in an ongoing master project to redevelop the former Amway Arena into a “live, work, learn and play” environment in downtown Orlando. Also named Creative Village, the master plan details a 68-acre transit oriented urban infill neighborhood that combines public schools and universities, student and mixed-income housing, offices, retail space, hotels and public parks and open spaces. Mill Creek’s latest project will also be bordered by the 2.5-acre Central Park that’s part of the master plan that will connect the community to nearby academic, employment and retail locations.

Creative Village is still in its first phase of development that includes $690 million in investments and spans several years. The Phase I projects include more than 350,000 square feet of higher education space, 175,940 square feet of office space, 965 residential units and 640 student housing beds. Creative Village’s full build out is expected to take 15 to 20 years.

Eran Landry, Mill Creek’s vice president of development, said in prepared remarks that Creative Village presents a prime opportunity for immediate growth and will quickly become one of the most desirable places in the downtown Orlando market.

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MCR Breaks Ground on 292-Unit Orlando MXU Project

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May 15, 2020

Mill Creek Residential has broken ground on Modera Creative Village, a mixed-use apartment community in the Creative Village district of Downtown Orlando.

The eight-story midrise building will feature 292 apartment homes and 10,000 feet of ground floor retail space. Community amenities will include a resort-style pool, 24-hour fitness center with yoga area and fitness programming, clubroom, outdoor kitchen, private seating areas and outdoor courtyards. The project is part of a master development plan to transform the former Amway Arena area into a live-work-play community. First move-ins are scheduled for early 2022.

Modera Creative Village is Mill Creek’s second development community in Orlando after Modera Central in the South Eola neighborhood of Orlando, which began leasing in 2018.

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Tags: Development, Mixed-Use

Triarch Capital Secures $35M Refinance for Miami Office Tower

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May 15, 2020

Triarch Capital Group has secured a $35 million loan to refinance One Turnberry Place, a 137,000-square-foot office building in Miami’s Aventura submarket.

Located at 19495 Biscayne Blvd., the property was built in 1989 and has had a number of capital improvements in recent years. Tenants at the office tower include Bank Leumi, Merrill Lynch, Entertainment Benefits Group and CV Advisors. Amenities include a Chase Bank branch, café and a beauty salon on the ground floor.

Paul Ahmed and Mackenzie Fry of CBRE represented Triarch Capital in the transaction. The lender was a correspondent life insurance company.

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Tags: Financing, Office

Nearly 88 Percent of Renters Have Paid Rent This Month

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Across the U.S., 87.7 percent of renters have paid full or partial rent by May 13, according to just-released figures from the National Multifamily Housing Council’s rent payment tracker.

The report comes one day after the latest job figures showed 36.5 million Americans have filed for unemployment.

By comparison, during the same time period last year, 89.8 percent of renters paid full or partial rent payments by May 13, 2019. Last week’s report from NMHC, which gave the first look at May’s numbers, showed that 80.2 percent of renters had paid by May 6.

The data was pulled from 11.4 million professionally managed rental units across the country that vary widely by size, type and average rental price. This week’s report is the latest in the series from the NMHC Rent Payment Tracker, an initiative that partners with industry firms Entrata, MRI Software, RealPage, ResMan and Yardi.

While the numbers are encouraging, NMHC President Doug Bibby cautioned that the data does not necessarily reflect conditions for all landlords across the country.

“It’s important to understand that our metric does not capture rent payments for smaller landlords or for affordable and subsidized properties,” said Bibby in prepared remarks.

“These excluded properties are the ones more likely to house residents experiencing financial stress. In addition, as current federal support programs begin to reach their limit, it will be even more critical for Congress to enact a meaningful renter assistance program. It’s the only way to avoid adding a housing crisis to our health and economic crisis.”

Earlier this week, a report from data and analytics firm Amherst found that more than 60 percent of households in the U.S. have not received any housing relief from the government. Leaders in the multifamily industry have continued to call for more federal relief for renters, the need of which has been estimated to be between $76 billion and $100 billion.

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