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A Government looms going into the Holidays and New Year, multifamily permits rise sharply in November, Amazon’s return to office is hindered by a lack of office space, and the 76ers are getting a new arena in Philly

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Capital Markets

Headlines

• U.S. Gov Facing Shutdown

  As lawmakers dispute over raising the debt ceiling, government agencies including the TSA face the possibility of shutdown

• Multifamily Permit Issuance Up In November

  The Census Bureau reported national permits for multifamily properties with 5+ units were up 22.1% in November, and 11.1% over the trailing 12-month average.

• 76ers Get Green Light For $1.3BN Arena

  The Philadelphia 76ers got city council approval to build a new arena in Philadelphia. The NBA team’s current lease at Wells Fargo Center runs through 2031

• Amazon Eases Off Return To Office Due To Lack of Offices

  The e-commerce giant is pulling back on its mandate due to a lack of space for its office workers. This comes after strict guidelines were put in place in September

• Santa Tracker

Deals Deals Deals

Sales

• Senior Living: Morgan Stanley Investment Management acquires a 1,186-bed portfolio of 8 senior housing properties from Harrison Street

• Multifamily: Interstate Equities Corp acquires a 468-unit multifamily community in Santa Clara, CA for $203mm from DWS. The deal was financed with a 5-year, 5.39% fixed-rate, 35-year amort, $128mm loan with a 65% LTV. IPA arranged the seller, buyer, and financing

• Multifamily: Knightvest Capital acquired a 314-unit community in Fort Worth, TX from Magma Equities. The asset last traded in 2021 for $63mm

• Multifamily: An undisclosed buyer acquired a 95-unit, single-family rental community in Apache Junction, AZ from Paragon Development Group for $57mm. The deal was financed with a $35mm loan

• Retail: Stiles and FCA Partners acquire Shoppes of Wilton Manors, a 78K SF retail center in Wilton Manors, FL from Grass River Property. The asset previously traded for $21mm in 2018

• Office: An undisclosed buyer acquired 501 Gateway, a 102K SF suburban office asset in Phoenix, AZ from Irgens for $18mm. The asset was 82% leased

• Self Storage: SmartStop Self Storage REIT acquired a 740-unit facility in Aurora, CO for $15mm from Guardian Storage

Debt

• Multifamily: Genesis Companies and Lemor Development Group secure a $71mm acquisition loan for a $342mm project to renovate a 664-unit complex in Harlem, NY

• Multifamily: Goose Property Management secured a $132mm construction loan from Affinius Capital LLC to develop a 297-unit multifamily building in Brooklyn, NY. The project is slated to open in 2027

• Self Storage: Trojan Storage secures a $70mm refi for 4 self storage assets across Southern California

• Multifamily: Central Southwest Texas Development secures a 10-year, floating-rate construction loan through Poppy Bank to develop a 321-unit multifamily project in Austin, TX

• Self Storage: Websco Properties secures a 10-year, fixed rate $14mm permanent loan to refinance an 827-unit self storage facility in Tustin, CA

Developments

• Mixed-Use: Governor Kathy Hochul annouces BXP, BRP Companies, and Moinian Group and Ubrane Group will develop 418 11th Ave in New York’s Hudson Yards. The $1.4bn tower will include 1,349 residential units and a 455-key hotel in addition to other uses

• Industrial: Mapletree plans to develop a 250K SF asset in Westampton Township, NJ following acquisition of 23 acre site

Leasing

• Industrial: PrimeSource Building Products signs a lease with Brookfield’s 313K SF logistics facility in Montgomery, N.Y.

• Office: Ezee Fiber signs a 94K SF lease in Prescott Group’s 567K SF 5959 Corporate Drive in Houston, TX

Meme Summary

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