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Equity Office Daily Brief: June 24, 2016

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Daily Brief

June 24, 2016

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Financing CRE in Low Cap Rate California Markets

National Real Estate Investor

 

Financing the purchase of commercial and multifamily investment properties in top California markets typically requires some creativity to make some of those transactions possible. With many top markets including San Diego, Orange County, Los Angeles and the San Francisco Bay Area...

 


Chinese developer teams up on big North Hollywood mixed-use project

Los Angeles Times

 

A joint venture that includes a prominent Chinese developer is looking to redevelop nearly 16 acres surrounding the North Hollywood Red Linestation, an ambitious plan that could include retail shops, offices and more than 1,000 residential units. The project, a public-private partnership with...

 


Conejo Valley 'perfect place' to relocate Rams, says Kevin Demoff

Ventura County Star

 

Kevin Demoff hasn't just helped bring the NFL back to Los Angeles. He's brought his business and its employees to the Conejo Valley. Thanking the community for the "terrific welcome" the organization has received in Ventura County, the Los Angeles Rams chief operating...

 


New Marriott hotels eyed for Hawthorne could spur downtown development

The Daily Breeze

 

Hawthorne leaders kicked off negotiations this week to erect the biggest commercial development in the city’s ramshackle downtown in about a decade. A two-hotel complex on an L-shaped parcel next to City Hall could be opened at Hawthorne Boulevard and 126th Street...

 



BLOG & ONLINE NEWS

 

Steel Framework Rises for the Wilshire Grand's Crown

Urbanize.LA

 

More than 800 feet above the streets of Downtown Los Angeles, work has commenced on the steel skeleton of the Wilshire Grand's sailboat-inspired crown. Images captured by architectural photographer Hunter Kerhart and crane operator Josh Wiggins showcase progress on the latticework structure, which will eventually anchor...

 


Rick Caruso receives approval for Pacific Palisades town center project

The Real Deal

 

Los Angeles City Council granted final approval for Rick Caruso’s Palisades Village redevelopment project, the L.A. Times reported. The real estate magnate behind the Grove and Americana at Brand can now proceed with his planned makeover, spanning 116,000 square feet of downtown Pacific Palisades...

 


5 Projects on the Horizon in Long Beach

Bisnow

 

Long Beach is on the move with new developments underway and existing ones being renovated. You can find out more about the latest happenings in Long Beach next week at Bisnow's Future of Long Beach event June 28 at Catalina LandingThe Current The...

 

FULL TEXT


Financing CRE in Low Cap Rate California Markets

National Real Estate Investor

 

Financing the purchase of commercial and multifamily investment properties in top California markets typically requires some creativity to make some of those transactions possible. With many top markets including San Diego, Orange County, Los Angeles and the San Francisco Bay Area experiencing lower cap rate environments, investors commonly aren’t able to achieve the maximum loan amounts they would prefer on new investments. There are, however, a few solutions to help mitigate the issue.

Investment properties in California can attract some of the best rates and lending terms compared to other locations. California properties historically have maintained their values through recession periods better than most markets. For commercial real estate investors looking for safer options, properties in this coastal area are a top selection. They are also a more favorable pick for banks and other lenders, who base their lending decisions primarily on the risk involved in the transaction. Rates and terms can get more aggressive for well-located properties. It’s common for many top markets in the state to have lower cap rates to compensate for the minimized risk.

A cap rate is the most common method for valuing investment properties and potential return on investment. Lower capitalization rates are derived by either lower net operating income (NOI) or increased property value. Generally speaking, investors purchasing these properties are willing to take a lower NOI or pay a higher price, in return for the reduced risk of the investment. That higher purchase price means a higher loan request, and the lower NOI translates into less income available to service that debt. This is the point of due diligence when many investors realize that cap rates have a direct correlation with loan qualification.

If an investor doesn’t have the required funds to purchase the property, there are a few financing options worth evaluating that can provide a viable solution: working with a specialized lender that can provide aggressive underwriting, taking on an equity partner or securing a bridge loan.

Specialized lenders: There are a variety of lenders in the capital markets that are either not available directly or that go untapped by commercial real estate investors. Each of those lenders has a different specialization and can get aggressive on underwriting if the request fits their box. Rate reductions, minimizing the required Debt Service Coverage Ratio (DSCR) and breaks on the underwritten NOI can many times squeeze out enough loan dollars to do the trick.

Equity partners: Arranging to bring on an equity partner into the transaction can provide outside capital to fill the gap between what an investor is able to deploy and what’s needed. If the partner is a strong sponsor, this can also lead to improved rates and terms. Partnerships can also help spread investor risk while preserving liquidity. If structured correctly with a like-minded investor, this strategy can open many doors.

Bridge capital providers: Bridge loans are short-term loans used to provide capital during an interim period until an investor can stabilize the property and qualify for permanent financing. For our purposes, a well-negotiated bridge loan with the right lender can provide the full requested loan amount even if the current income is not sufficient to service the underwritten debt by conventional lenders. If current rents are under market, a good management plan and exit strategy can help secure financing to lock down the investment property.

-Colin Dubel is a commercial mortgage broker and associate director with Charter Capital Group based in Orange County, Calif. He can be reached at colin@chartercapital.com.

Chinese developer teams up on big North Hollywood mixed-use project

Los Angeles Times

 

A joint venture that includes a prominent Chinese developer is looking to redevelop nearly 16 acres surrounding the North Hollywood Red Linestation, an ambitious plan that could include retail shops, offices and more than 1,000 residential units.

The project, a public-private partnership with the Los Angeles County Metropolitan Transportation Authority, took a step forward Thursday when the agency’s board voted to enter into negotiations with Trammell Crow Co. and Greenland USA – a subsidiary of a Shanghai company constructing the massive Metropolis in downtown Los Angeles.

The sprawling property, which now includes a surface parking lot and bus station, is the largest piece of Metro-owned land anywhere in the county that the agency wants to redevelop in a bid to add more housing near transit lines.

Backers of the mixed-use project at Lankershim and Chandler boulevards say it would further revitalize the surrounding area, which in the past 20 years has left behind its rundown reputation as transit stations have been built and an arts district blossomed with more than 20 live theaters.

“NoHo has had a resurgence because of the Red Line and the Orange Line,” said Stuart Waldman, president of the Valley Industry & Commerce Assn., a San Fernando Valley business advocacy group. “Just imagine what is going to happen with that kind of development.”

Metro and the two developers will now work toward crafting a final project proposal with the hopes of bringing one before the board by the end of 2018, said Wells Lawson, a director in the agency’s joint development program. Construction could start in 2019.

Though plans for the NoHo arts district project are far from finalized, the possibilities are laid out in two options the team of Trammell and Greenland presented to the board. 

A larger plan – at 2.5 million square feet – includes 1,500 housing units, 150,000 square-feet of retail, 450,000 square feet of office space and 5,400 parking spaces. Another smaller proposal would total 1.4 million square feet and include 750 housing units, 40,500 square feet of retail, 200,000 square feet of office space and 3,600 parking spaces. 

In both options, 35% of the housing units would be reserved for lower-income households, and there would be retail shops and restaurants around a public square, the historic Lankershim train depot and the Red and Orange line stations.

“It becomes a spot that you go to on the weekends and evenings with your family and kids," said Brad Cox, senior managing director of Trammell Crow, a Dallas developer that is now a subsidiary of Los Angeles real estate services giant CBRE Group Inc.

The project – estimated to cost in the "hundreds of millions of dollars,” according to Cox – would be one of the largest redevelopments in North Hollywood, where the now-defunct Los Angeles Community Redevelopment Agency invested in and subsidized real estate projects and theater renovations along Lankershim.

Among those projects was NoHo Commons near the Red Line station, a $250-million complex by Los Angeles developer J.H. Snyder & Co. It includes a multiplex, nearly 700 residential units, a 180,000-square-foot office building and 60,000 square feet of retail and restaurant space.

A previous plan to redevelop the acreage surrounding the North Hollywood Red Line stop fell apart amid the recession. But with the commercial real estate market on the upswing, Metro is moving forward once again.

The project would represent another big bet on U.S. real estate for Greenland, which is constructing the $1-billion Metropolis hotel and condo development near Staples Center, as well as a massive redevelopment project in downtown Brooklyn.

With North Hollywood, the Shanghai builder is looking outside the most highly sought after development sites, a growing trend for Chinese companies as they become more comfortable with building in the United States.

The company, in a statement, said it looks forward to transforming Metro’s “underused North Hollywood property into a social and economic driver for the community.”

For its part, Trammell Crow developed 2000 Avenue of the Stars in Century City and plans to break ground soon on a roughly 350-unit residential complex near Union Station.

Lawson of Metro said the 15.6-acre North Hollywood project will be privately financed, though the agency may use public funding to rebuild its bus station on the site.

Metro would retain ownership of the land and Trammell and Greenland would enter into a long-term lease for the property assuming the the deal is finalized. 

Councilman and Metro board member Paul Krekorian, who represents the area, said he wants to ensure that the final approved project includes adequate parking and features top-of-the-line retail and entertainment options.

"We have a rare opportunity to improve this already exciting area by bringing life to 15 acres of underutilized land and creating more economic activity in the heart of the NoHo Arts District,”  he said, in a prepared statement.

Lawson stressed that the proposals put forward by the developers are a starting point and community meetings will be held to hear input from neighbors and business owners.

“We are really looking to see how people are responding” to the plans, he said.

Diann Corral, president of the nearby Laurel Grove Neighborhood Assn., said the project looks “beautiful” but she’s worried not enough people will take the Metro and the developers won’t do enough to make sure traffic doesn’t slow to a crawl.

“It’s already a congested area,” she said.

-Andrew Khouri

Conejo Valley 'perfect place' to relocate Rams, says Kevin Demoff

Ventura County Star

 

Kevin Demoff hasn't just helped bring the NFL back to Los Angeles.

He's brought his business and its employees to the Conejo Valley.

Thanking the community for the "terrific welcome" the organization has received in Ventura County, the Los Angeles Rams chief operating officer on Thursday morning called the Conejo Valley "the perfect place to relocate a team."

"We are thrilled to become part of this community," Demoff said.

As the keynote speaker at the Greater Conejo Valley Chamber of Commerce's regional economic forecast at the Hyatt Regency Westlake, Demoff recalled a meeting in New York in which he explained to the NFL why the Rams wanted to set up their football operations in the Conejo Valley.

"We went through the litany of reasons... why I thought this was the perfect place to relocate a team," Demoff said. "Terrific housing, terrific schools, wonderful community and a really great environment for our franchise to come patch into."

While so many Southern California professional athletes have made their homes in the South Bay, Demoff focused north of Los Angeles.

"One of the things I very much wanted for our team was a sense of community," Demoff said. "That people could go and get together and go to dinner, and really bring out that home that this area has really provided for us as our group has settled in. We could not be more excited to become part of this every day."

The Rams' move from St. Louis was approved by the 32 NFL owners on Jan. 12. They completed their offseason training camp at Oxnard's River Ridge fields last week. They will hold training camp later this summer at UC Irvine.

"This has really been a labor of love over the past five months to get this team up and running in every facet," Demoff said. "Our group has been working tirelessly. I must say, the warm reception we have received from everybody in this community has been unbelievable."

The team will play home games in the Coliseum during the construction of its $2.2 billion stadium in Inglewood.

The Rams have already sold 63,000 season tickets, just 7,000 short of their planned cap, according to Demoff. The plan is for a capacity of 80,000 at the Coliseum, extended to 90,000 "for a few special games."

But just because the team plays its games in Inglewood doesn't mean the team has to have headquarters there.

"One of the things that's sort of different about the NFL is we play 10 games a year in that stadium," Demoff said. "The other 355 days a year, we are in our office space elsewhere, working. Really, when you talk about a practice facility and a headquarters for your team, that is where you hub is, that is where your every day is."

The organization is committed to the community and enjoys giving back, Demoff said.

"It's part of what we do... We will see you at all kinds of events locally," he said. "We bring our cheerleaders, mascots, players."

While 120 employees moved with the team, the Rams plan to hire "aggressively" as the team settles in.

"It's going to run the range from marketing, (public relations), community, down to individuals who work on game day," Demoff said. "Anything across team operations will be on our purview of what we're seeking to hire."

Construction on the Rams' football headquarters at California Lutheran University and business headquarters in Agoura Hills are scheduled to be completed in August.

"We have to have a place to practice and a place to work, so hopefully both of those, which we are building from scratch, will be ready in August," said Demoff, who thanked both cities for their work on the projects.

Demoff said the team will then turn its attention to finding a site for its permanent headquarters, looking for "50 to 60 acres" locally for a "mini-Inglewood" development.

"That search is starting out here," Demoff said. "We're looking to see if we can make this our home permanently."

The Thousand Oaks City Council has already announced that finding the Rams a permanent home locally is a priority.

"It's become abundantly clear that this is where they want to live," Mayor Joel Price said. "It bodes well for the greater Conejo Valley. Whether or not the city of Thousand Oaks has the type of real estate that they are looking for, that remains to be seen.

"On a grander scale, it comforts me still that they will end up somewhere in the greater Conejo Valley. Ventura County will be their home for years to come."

-Joe Curley

New Marriott hotels eyed for Hawthorne could spur downtown development

The Daily Breeze

 

Hawthorne leaders kicked off negotiations this week to erect the biggest commercial development in the city’s ramshackle downtown in about a decade.

A two-hotel complex on an L-shaped parcel next to City Hall could be opened at Hawthorne Boulevard and 126th Street in mid-2018 if the deal wins final approval.

The City Council gave the go-ahead to begin talks with developers Mogul Capital and Marriott, which already presented financing and rough design plans for the project. Council members voted 4-0 on Wednesday night in support. Councilman Nilo Michelin, who previously objected to commercializing the area around City Hall, did not cast a vote.

“We are excited that Marriott has chosen to pursue a hotel development of such high caliber in Hawthorne,” Mayor Alex Vargas said. “There is no question that great synergy is growing in our city from this and upcoming projects. The economic benefit that this promises will help bring our city back on track.”

Hawthorne has a debilitating $6 million structural budget deficit that has City Hall operating under deep financial cuts, including salary reductions. City leaders have been working to attract new high-end business to town to increase the tax base.

Mogul Capital partner Brad Wagstaff said the city’s growing business community, and plans to replace the vacant Hawthorne Plaza mall with a new shopping center, prompted interest from the national hotel chain and financiers.

“One of our top-10 clients drives right past this site every single day on the way to Tesla and SpaceX,” located near Hawthorne’s airport, Wagstaff said. “That’s been a big driver in us pursuing this location.”

The site, fronted by a small Hawthorne Boulevard retail strip, is now occupied by vacant parcels and the empty, 1950s-era former police station that is mainly used as rental space for film companies. It was replaced by a police station built in 2004.

The city has tried to sell the old station lot for years but received only promising proposals from dense housing developers. Hotels are lucrative investments for cities because they provide a direct stream of revenue to the city’s operating budget from transient-occupancy taxes. Hawthorne’s hotel tax rate is 12 percent.

Wagstaff said Marriott supports a plan to build a 200-room Courtyard Marriott and a 100-room TownePlace Suites extended-stay franchise at the site, along with a restaurant, bar, pool, fitness area, conference and event rooms, lounge and office area.

“This significant investment into an area becomes a catalyst for additional development,” Wagstaff said. “We believe that bringing in a new project like this will only raise the bar of everything around it. We’re very excited about the redevelopment of the (Hawthorne Plaza) mall area. We believe this project will help it go forward.”

-Sandy Mazza

Steel Framework Rises for the Wilshire Grand's Crown

Urbanize.LA

 

More than 800 feet above the streets of Downtown Los Angeles, work has commenced on the steel skeleton of the Wilshire Grand's sailboat-inspired crown.

Images captured by architectural photographer Hunter Kerhart and crane operator Josh Wiggins showcase progress on the latticework structure, which will eventually anchor a stainless steel spire.

The 1,100-foot tall tower, designed by Los Angeles-based architecture firm A.C. Martin, will feature approximately 360,000 square feet of office space, more than 45,000 square feet of shops and restaurants, and a 900-key InterContinental Hotel.

The $1.2-billlion project is expected to open in March 2017.

-Steven Sharp

Rick Caruso receives approval for Pacific Palisades town center project

The Real Deal

 

Los Angeles City Council granted final approval for Rick Caruso’s Palisades Village redevelopment project, the L.A. Times reported.

The real estate magnate behind the Grove and Americana at Brand can now proceed with his planned makeover, spanning 116,000 square feet of downtown Pacific Palisades on Swarthmore Avenue. The goal is to revive the walkable, old-timey Main Street of the area.

Demolition is set to begin in August and construction is slated for completion in 2018.

Caruso’s plan for Palisades Village includes a series of one- and two-story buildings for retail, restaurants, a supermarket, a movie theater and a park along Monument Street that would serve as the centerpiece of the project.

-Cathaleen Chan

5 Projects on the Horizon in Long Beach

Bisnow

 

Long Beach is on the move with new developments underway and existing ones being renovated. You can find out more about the latest happenings in Long Beach next week at Bisnow's Future of Long Beach event June 28 at Catalina LandingThe Current

The Current A new, 17-story apartment tower called the Current just opened in downtown Long Beach at 707 East Ocean Blvd. AndersonPacific, Ledcor Properties and Qualico Developments are developing the property, which has studio, one- and two-bedroom units and is being built in two phases. Eventually there will be two towers connected by a 10k SF plaza. San Francisco's BAR Architects is designing the project. I

t's the first high-rise, luxury apartment project to be built in Long Beach since the 1960s.

New Hotel On Ocean Boulevard

City of Long Beach/American Life A new hotel will soon be built on a vacant site at 100 Ocean Blvd. Long Beach City Council just approved a 25-story hotel from Seattle’s American Life. The 427-key hotel will feature meeting rooms and 8k SF of restaurant space. American Life bought the property for $7M from the City of Long Beach.

Aquarium of the Pacific

EHDD It's expansion time at Long Beach's Aquarium of the Pacific. There will be a new wing, "Pacific Visions," added; it will include a two-story theater with a 32-foot-tall, curving screen. The entrance will be renovated, and there will reportedly be a new plaza with a bigger area for ticketing and new animal exhibits. The new addition, designed by EHDD Architecture, will cost $53M . Work should begin next year with a projected opening date of late 2018.

Long Beach City College

Long Beach City College Long Beach City College broke ground in the spring on a $20M project to renovate one building and build a new one. An electrical program will be housed in both buildings and upgraded. The buildings will be known as QQ and RR with the former also housing the college's Lifetime Learning Center geared toward seniors. Measure E bonds are expected to pay for the project.

Queen Mary

Queen Mary Urban Commons, which recently took over the lease agreement for the Queen Mary, plans to renovate the ship and redevelop the property around it. The first phase of the project will include upgrades to the Queen Mary, including the ship's restaurants and guest rooms. The second phase will include dining and retail on 45 acres near the Queen Mary. The upgrades are scheduled to be completed by next year, but the ship will remain open during the renovations. 

-Karen Jordan

Daily Brief June 24, 2016 unsubscribe

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