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Rockpoint Group and Affiliates Complete $375M in Hotel Sales
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 | The Boston Park Plaza Hotel & Towers sold for $250 million.
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BOSTON -- Rockpoint Group LLC and its affiliates have sold two hotels during the last three weeks, generating $375 million in proceeds. The most recent transaction was the sale of the 1,053-room Boston Park Plaza Hotel & Towers to a public lodging REIT for $250 million, or $237,400 per key. Boston-based Rockpoint owned the hotel for two years and added 112 guestrooms and ground-floor retail. The firm also sold its interest in the Courtyard by Marriott Waikiki Beach to Highgate Hotels Inc., which was managing the hotel, in a $125 million transaction. Lodging Capital Partners LLC was Rockpoint's partner when the hotel was acquired in June 2011 for $85 million. The Courtyard by Marriott Waikiki Beach is a 401-room hotel located in the Waikiki submarket of Oahu in Hawaii.
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�Suffolk Breaks Ground on $280M Research Facility in Boston
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 | The Brigham Building for the Future project will be located in Boston.
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BOSTON -- Suffolk Construction has celebrated the groundbreaking of the Brigham Building for the Future project, a $280 million research lab and clinical facility in Boston. Located on the Brigham and Women's Hospital campus, the 620,000-square-foot, 11-story building will include a 460-car parking garage, lab and outpatient clinical space, imaging facilities and a conference center. A pedestrian bridge will be constructed to connect the Brigham Building for the Future to the existing Carl J. and Ruth Shapiro Cardiovascular Center, which was also built by Suffolk.
Designed to achieve LEED Gold certification, the building will feature a roof garden to reduce storm water runoff; a system that cleans and reuses storm water for mechanical equipment; and a co-generation plant to supply the building with electricity, steam and hot water. Suffolk is partnering with architecture firm NBBJ. Construction is slated for completion in fall 2016.
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Meridian Arranges $27.5M Loan
for Bronx Multifamily Building
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 | This multifamily property is located at 1749 Grand Concourse in the Bronx section of New York City.
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NEW YORK CITY -- Meridian Capital Group LLC has arranged $27.5 million in financing for the purchase of a multifamily property, located in the Bronx, on behalf of Azure Partners LLC. The seven-year loan carries an interest rate of 3.1 percent and two years of interest-only payments. A national balance sheet lender provided the loan. The 13-story mixed-use property includes 273 apartments and is located at 1749 Grand Concourse. Moshe Majeski, managing director at Meridian Capital Group, originated the transaction. Abe Hirsch, managing director, and Zev Karlpe, senior vice president at Meridian, negotiated the financing.
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Capital Advisors Secures $4.7M Loan for Medical Office Building
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 | This medical office building is located at 33 Research Way in Setauket, about 15 miles east of Queens.
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SETAUKET, N.Y. -- Capital Advisors has arranged $4.7 million in refinancing for 33 Research Way, a 37,297-square-foot medical office building located in Setauket, about 15 miles east of Queens. Stony Brook University Hospital fully occupies the property. Cooper Willis of Capital Advisors' Charlotte, N.C. office secured the 25-year, nonrecourse loan, which includes a 25-year amortization schedule, for Algil Holding Co. LLC. StanCorp Mortgage Investors LLC provided the financing.
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A June Boon, Not Swoon,
for U.S. Job Market
By Matt Valley
Any fears of a slowdown in the U.S. labor market in the wake of sequestration and higher payroll taxes were put to rest last Friday -- at least temporarily -- when the Bureau of Labor Statistics reported 195,000 net new payroll jobs in June. In addition, the totals for April and May were revised higher by a combined 70,000, raising the average monthly increase through the first half of the year above the 200,000 threshold. The private sector added 202,000 jobs in June, offset by a loss of 7,000 government jobs. The unemployment rate held steady at 7.6 percent. Sectors posting healthy job gains included leisure and hospitality (+75,000), professional and business services (+53,000), retail trade (+37,100), and healthcare and social assistance (+23,500). Besides government, some key sectors shedding jobs included educational services (-10,600), manufacturing (-6,000), transportation and warehousing (-5,100), and information (-5,000).
REBusinessOnline spoke with Bob Bach, national director of market analytics for Newmark Grubb Knight Frank, and Ryan Severino, senior economist at Reis, to gain a clearer perspective on the state of the employment market.
REBO: The leisure and hospitality sector led all employment categories in June with 75,000 net new jobs. Why is the hotel sector, which has been adding jobs at a healthy clip for months, experiencing such robust growth?
Bach: Hotels are doing well thanks to growing consumer and business spending. The bigger story in that sector is food services and drinking places, which sustained a mild blow during the recession and are now setting new highs -- up 4 percent during the past 12 months versus 1.4 percent for accommodations (hotels) and 1.7 percent for total nonfarm payroll employment. Consumer spending has been resilient despite higher payroll taxes at the beginning of the year.
To read Matt Valley's full story, click here.
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Neal Ratto Joins Parsons Commercial Group Inc. as Leasing, Sales Associate
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 | | Neal Ratto |
FRAMINGHAM, MASS. -- Neal Ratto has joined Parsons Commercial Group Inc. as a leasing and sales associate. Ratto recently graduated from Boston College - College of Arts and Sciences with a degree in communication. Prior to joining the firm, Ratto interned at Parsons Commercial Group and assisted the team with real estate transactions throughout the Boston submarkets. In his new role, he will support the commercial real estate goals of tenant and landlord clients. He will also represent clients in investment sales, leasing and development. Ratto's focus is the suburban markets throughout Greater Boston's metro region.
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CBRE Hires Gualberto Medina
as Executive Vice President
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 | | Gualberto Medina |
SADDLE BROOK, N.J. -- CBRE Group Inc. in New Jersey has hired Gualberto Medina as an executive vice president in brokerage services. Medina will focus on providing and coordinating real estate solutions on behalf of corporate, governmental and academic research organizations. Prior to joining CBRE, Medina served as executive managing director for Cushman & Wakefield's New Jersey offices. He also served as the secretary of commerce for New Jersey under Governor Christine Todd Whitman and was responsible for planning and implementing business climate and organizational reforms. Medina holds a Bachelor degree from Rutgers University and a law degree from Temple University.
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InterFace Healthcare Real Estate
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Overview: The fifth annual InterFace Healthcare Real Estate conference brings together hospitals and healthcare systems, owners/investors/developers, lenders and financial intermediaries and leasing, management and operations specialists from across the country.
When: Tuesday, August 27, 5:30 p.m.- 7:15 p.m. and Wednesday, August 28, 7:30 a.m. - 4 p.m.
Where: Intercontinental Dallas, 15201 Dallas Parkway in Dallas
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InterFace Multifamily Texas
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Overview: The second annual InterFace Multifamily Texas conference is an information and networking opportunity focused on who is buying, building and financing apartment properties in Dallas, Houston, San Antonio and Austin. The event will also look at macro economic and demographic trends influencing and impacting the apartment market in Texas.
When: Wednesday, August 28, 5:30 p.m.- 7:15 p.m. and Thursday, August 29, 7:30 a.m. - 4 p.m.
Where: Intercontinental Dallas, 15201 Dallas Parkway in Dallas
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InterFace Net Lease
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Overview: The fourth annual InterFace Net Lease conference will bring together leading players in the net lease, 1031 tax-deferred exchange and sale leaseback markets.The InterFace Net Lease agenda will cover investment and financing trends and discuss market conditions in the triple-net lease and sale leaseback space.
When: Wednesday, Sept. 11, 5:30 p.m.- 7:15 p.m. and Thursday, Sept. 12, 7:30 a.m. - 4 p.m.
Where: New York Bar Association, 42 W 44th St. in New York City
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MBAofNY Annual Golf Outing
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Overview: Mortgage Bankers Association of NY (MBAofNY) Annual Golf Outing will include a full day of golf and networking, brunch, dinner and prizes.
When: Monday, July 15, 9:30 a.m. - 7:30 p.m.
Where: Knollwood Country Club in Elmsford, N.Y.
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Contact us
Rachel Goff, Associate Editor Northeast Real Estate Business France Media, Inc. 404-832-8262 404-832-8260 [email protected] www.northeastrebusiness.com |
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