Real Estate Journal — March 24 - April 13, 2017 — The Best of 2016 — 37C
M id A tlantic
The Best New categories of 2016
East Orange Property Owners Association Industry Association
The Henley Group, Inc. CMBS Retail Shopping Center Restructure
Castle Lanterra Properties Out of State Multifamily Project
The Henley Group, Inc. restruc- tures a $24.35 MM CMBS loan for retail giant, WS Develop- ment, prior to the loan going into default.
The Property, a 160,000 sf. distressed grocery-an- chored shopping center, had over 90,000 SF. avail- able for rent representing over 50% of the total NRA. The Property was located in a weak tenant market and needed $3MM of Tenant Improvements. Working in lockstep, The Henley Group Inc. and the Borrower were able to convince the securitized pool’s Special Servicer to reduce the A note by $10,000,000. Post loan restructure, the Ownership has signed leases with two national, big box stores increasing occupan- cy by 39,000 SF. The center’s overall occupancy has stabilized and debt service is comfortably over 1.00x.
Established in late 2015, EOPOA is a consortium of pri- vate CRE investors, developers, lenders and professionals. The group is committed to partnering with East Orange of- ficials to advance the city’s revitalization efforts, which are focused on embracing and capitalizing on urbanism. City- wide, newly constructed and completed renovated apart- ment buildings have replaced formerly abandoned buildings and paved the way for further redevelopment initiatives. The group is credited with piloting three integral quality- of-life city ordinance amendments in 2016 – including one pertaining to vacancy decontrol – while its individual mem- bers have contributed toward a 300% increase in citywide private investment during the past three years. Second Annual Meeting (Shown from left): Peter M. Shapiro, EOPOA president and managing member of Shapco Property Management; Richard Spengler, chief lending officer of Investors Bank; Mayor Lester Taylor III; Isaac Frankel, EOPOA vice president and managing partner of Creative Capital Group, LLC; and Calvin W. Souder, Esq., an EOPOA legal advisor.
Acquired in December 2016, Regatta Sloan’s Lake marked Castle Lanterra Properties’ (CLP) entry into the Denver market. The property is unique in the multifamily investor’s portfolio: not only does it include over 8,800 square feet of retail space, but the newly-built luxury asset represents a departure for a firm long associated with repositioning old- er vintage properties. Part of a mixed-use redevelopment of a 19-acre former hospital campus, the community boasts an unrivaled location and direct access to retail, dining, enter- tainment and mass transit to downtown Denver. The acqui- sition is emblematic of CLP’s ability to also identify and invest in specific submarkets that exhibit strong underlying fundamentals but are still in the early stages of growth.
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