Mixed-use
$28M Financing Deal Paves Way for NJ Mixed-Use Waterfront Project
Aug 7, 2008
By: Barbra Murray, Contributing Editor

Plans to erect an upscale 564,000-square-foot mixed-use project on a 2.7-acre coastal brownfield site in Jersey City, N.J., move forward with the closing of a $27.5 million loan to fund the acquisition and the environmental cleanup of the property. EnviroFinance Group L.L.C. provided the financing for developer Statue of Liberty Harbor North Redevelopment Urban Renewal L.L.C.

Known as Liberty Harbor North, the downtown parcel is the former home of Flinktote Co.'s manufacturing plant. Flinkote's production of shingles that were tainted with asbestos left the property contaminated. However, Statue of Liberty Harbor saw the blighted spot as an opportunity to convert an unusable parcel into a coveted waterfront destination. With funds in hand, the developer plans to execute a remediation process that will leave the land free of asbestos-contaminated soil and debris within a one-year period.

Once Liberty Harbor North is cleaned up, Statue of Liberty Harbor will move forward with the development of the mixed-use project (pictured), which will yield 470 condominium units that will be marketed both for rent and for sale, and a 313-room Conrad Hilton hotel, the first luxury lodging facility in Jersey City. The project is pivotal for the city, as it is expected to spur additional projects that will help facilitate the officials' plan for a downtown renaissance.

The hotel and residential project is on target to reach completion in 2012.

Headquartered in Sacramento, EnviroFinance is well known in the real estate industry as a leading provider of financing for brownfield projects. The company is the first commercial lender to specialize in financing the acquisition, remediation and redevelopment of contaminated property.

 
Recent Mixed-Use Headlines
Madison Capital Takes NYC Retail Condo for $86M
Oct. 09, 2008
O’Conner Capital Partners has announced the closing of the sale of the retail condominium portion of the Manhattan House to Madison Partners for $86 million. Eastdil Secured represented O’Conner in the deal. Manhattan House, at 200 East 66th St., is in New York City’s Upper East Side Manhattan neighborhood. Designed by Skidmore, Owings and Merrill and originally built in 1952, the property is currently undergoing a $1.1 billion condominium conversion.
Colonial Properties Sells M-F Asset for $58M
Oct. 03, 2008
Colonial Properties Trust has announced that it has completed the sale of Colonial Grand at Hunter’s Creek, a 496-unit apartment community located in Orlando, Fla. The asset went for $57.7 million in net proceeds, which represents a capitalization rate of 6.3 percent.
Bozzuto Finds $75M for Baltimore Mixed-Use Project
Oct. 02, 2008
The Bozzuto Group has secured a $75 million construction-financing package and begun work on The Fitzgerald at UB Midtown, a mixed-use community going up on 4.6 acres owned by the University of Baltimore in the heart of Baltimore’s cultural district.
Shanghai Mixed-Use Tower Breaks Ground
Sept. 29, 2008
Skidmore, Owings & Merill L.L.P. have announced the groundbreaking for the White Magnolia Plaza in Shanghai. Skidmore, Owings & Merrill and their partner in the project, Shanghai Jinjang North Bund Realty Co. began construction on Sept. 26, having just recently received authorization for the plans from the Shanghai City Planning Administrative Bureau.
Newly Created Hill Entity Buys 2.2 MSF Philly Mixed-Use Project
Sept. 26, 2008
Marlton, N.J.-based construction manager Hill International has created Hill International Real Estate Partners L.P., a real estate development services firm that will serve the commercial and hospitality industries across the Mid-Atlantic and Northeast. The newly formed entity has already made a grand move--the firm just acquired developer Walnut Street Capital's interests in the 2.2 million-square-foot American Commerce Center project in Philadelphia.
 

 

Financial Market Update: After the Bell -Friday, Oct. 10
October 10, 2008
By Dees Stribling, Contributing Editor -- Investors usually pay lip service to long-term investing, but in times of crisis the reality is sell - everything - now! Panic was the order of the day on Wall Street, which saw the...

Federal Capital Partners Closes $230M Fund, Will Seek Debt Investments
October 10, 2008
By Gail Kalinoski, Contributing Editor -- Armed with a $230 million private equity fund that could allow up to $900 million in investments, Federal Capital Partners said it would continue to seek deals on value-added assets, but would also move...

HFF Arranges $97M Refi for Industrial Portfolio
October 10, 2008
By Coreen Bailor, Research Editor -- The Dallas office of Holliday Fenoglio Fowler L.P. has secured $97.5 million in refinancing for a seven-property industrial portfolio comprising 2.2 million square feet in Florida, New Jersey, Oregon and Texas. The cluster of...

D.C. Office Market Flat Despite Financial Chaos: Report
October 10, 2008
By Elena Gontar, Staff Writer -- The modest second quarter growth rates experienced in Washington, D.C., and Northern Virginia evaporated in the third quarter, according to a CB Richard Ellis Inc. report. The entire region saw an essentially flat market...

Fed, Central Banks Cut Rates
October 08, 2008
By Tom Dworetzky, News Editor -- The Federal Reserve has cut its key rate from 2 percent to 1.5 percent. The response, an effort to stem mounting losses in the markets around the world, is part of a move that...

Management Matters with Mike Myatt: Are Recruiters Effective?
October 10, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Sourcing tier one talent is an issue for all businesses. I was recently asked if recruiters are effective, or if they're worth the investment. Since my firm has a talent management practice which...

Management Matters with Mike Myatt: Partisan Politics Not Always Bad
October 03, 2008
The truth about partisan politics is that contrary to public opinion, it's not always a bad thing. Likewise, bipartisan efforts don't always reflect altruistic behavior and selfless acts. From my perspective, it isn't necessarily the stance you take, but rather...

Management Matters with Mike Myatt: Facing Up to Rogue CEOs
September 26, 2008
By: Mike Myatt, Chief Strategy Officer, N2growth --Rogue CEOs. Given the recent failures of banks and financial institutions previously thought to be untouchable, there has been a tremendous amount of justifiable venom being spewed at the CEOs of these firms....

When to Consider Corporate Restructuring
September 19, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Times are tough, and they're likely to get tougher, so my question is this; Should you, or should you not, consider a move toward corporate re-engineering? Whether directly or indirectly, your business will...

Expectation Alignment Key to 'Promise Management'
September 05, 2008
by Mike Myatt, Chief Strategy Officer, N2growth --The art and science behind making commitments and managing expectations has always been a critical skill set for senior executives and entrepreneurs to master. In fact, understanding how to come out on the...