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C-III Capital Partners buys West Palm Beach’s Northbridge Tower

New York-based C-III Capital Partners and Chicago-based Vanderbilt Office properties teamed up in purchasing the Northbridge Tower, located in West Palm Beach, Florida for $98 million. The Northbridge tower, referred to by locals as the “Darth Vader” tower due to its dark windows, is a 294,000-square-foot building full of Class A office space that is currently inhabited by tenants such as Wells Fargo and Qwest.

The building was previously purchased in 2016 through a joint venture by Boca-Raton based Crocker Partners and Westport, Connecticut-based Greenfield Partners in 2018 for $68 million. An additional $15 million was put into property renovations to upgrade existing features and to add a barista bar, cafe, and conference center.

Brett Reese of Crocker Partners comments that since the renovations, rent per square foot has increased by a total of $22, from $20 when the building was purchased in 2016 to the current price of $42. Along with this increase in value per square foot, Reese says that West Palm Beach is becoming a destination for tenants in investment management and private equity, noting that there is a demand from investors for class A office space.

“Since we renovated, we brought in over ten new family offices and private equity [firms] to the building,” Reese said. “Historically it has been a building where lawyers have gravitated to given its proximity to the courthouse. It’s now changed. We are seeing more financial services.”

At the acquisition of the Northbridge Tower by C-III Capital Partners and Vanderbilt Office Properties, the building was 60% leased, according to Reese, leaving office space for more financial services companies and other potential employers to inhabit in the future.

C-III Capital Partners is one of the largest firms specializing in CMBS in the United States. Andrew Farkas is the CEO and Chairman of the investment management and commercial real estate services company, an affiliate of Island Capital Group LLC.

Resource Apartment REIT III, Inc. Purchases Apartment Community

On June 26th, Resource Apartment REIT III, Inc., sponsored by Resource Real Estate, LLC (“Resource”), purchased The Summit, a high-rise apartment community located just outside of the nation’s capital in Alexandria, Virginia.

The Summit is located in an area that will see immense growth in the near future due to Amazon’s HQ2 headquarters situated a 15-minute drive away in Crystal City. The property also offers desired amenities such as spacious floor plans, an outdoor pool with seating and lounge areas, and a fitness center.

REIT’s CEO, Alan Feldman, comments that The Summit’s location, and millennial appeal, will be crucial to its success.

“The Summit is ideally positioned where America works and plays – a fact that should become even more apparent with the future impact of Amazon on the Washington, D.C. metropolitan area,” said Alan Feldman. “The community also sits in a walkable setting with direct highway access, a positive for the influx of well-educated Millennials looking to make Alexandria home.”

With the median home value in The Summit’s metro area sitting at 127 percent above Washington, DC’s median, many buyers cannot afford to buy a home, and can find many of the same luxuries in an apartment, with added benefits such as close proximity to major employers such as the Pentagon and Fort Belvoir/Quantico.

Resource Real Estate, LLC (“Resource”), the sponsor of REIT, is a wholly-owned subsidiary of C-III Capital Partners LLC, a fully integrated asset management and commercial real estate services company led by CEO Andrew Farkas.

Exantas Capital Corp. Acquires Loans from C-III Capital Partners LLC

Exantas Capital Corp., a real-estate investment trust, recently acquired a portfolio of floating-rate commercial real estate mortgage loans worth $196.8 million from an affiliate of the company’s external manager, C-III Capital Partners LLC. With this acquisition, Exantas Capital Corp. can continue investing and originating in commercial real estate debt to meet their goal of full deployment by late 2019.

The acquired portfolio of 28 loans has an average loan size of $7 million, which will improve company diversification in asset class and geography. Following the deal, Exantas holds a commercial real estate loan portfolio size of $1.9 billion.

CEO of Exantas, Robert C. Lieber, stated, “This acquisition furthers Exantas’s efforts to strategically and effectively deploy liquidity into high-quality loans that offer attractive risk-adjusted returns. The transaction illustrates one advantage provided by our sponsor C-III Capital Partners, whose sourcing and underwriting platform continues to generate accretive origination opportunities that advance our deployment strategy and ultimately drive shareholder value.”

C-III Capital Partners LLC is an investment management and commercial real estate services company of which Andrew Farkas is the CEO and Chairman. Since its foundation in 2010, Capital Partners has become a leading firm in its industry through a broad range of business acquisitions and other activities. C-III is an affiliate of Island Capital Group LLC, a leading international merchant bank.

Andrew Farkas’ Exantas Capital Reports Quarterly Results

Exantas Capital Corporation (NYSE: XAN) recently reported their results for the three months and year ended December 31, 2018. Exantas Capital is an indirect wholly-owned subsidiary of C-III Capital Partners LLC, which was founded by Mr. Andrew L. Farkas. C-III and its subsidiaries work in commercial real estate investment management, and Exantas specifically specializes in originating, holding, and managing commercial mortgage loans.

In this fourth quarter report, Exantas reported $1.1 billion of new commercial real estate loans and commercial mortgage-back securities during the fiscal year, with $274.9 million originated in the fourth quarter alone. The book value dropped slightly at $14.02 per common share in the fourth quarter, compared to $14.23 per common share at the end of the third quarter. The GAAP net income allocable to common shares was $0.23 per common share. This is significantly better than the loss of -$0.28 per share at the end of the fourth quarter of 2017.

Exantas’ consolidated balance sheets show an increase from year-end 2017 to year-end 2018 in total assets and total liabilities and stockholders’ equity. This reflects an increase in CRE loans, company borrowings, and distributions payable, among other things.

Exantas Capital Corporation is a leader in CRE credit investments, and effectively leverages C-III Capital Partners’ capabilities to better serve its clients. By using C-III’s asset management platform, Exantas is able to provide clients with unique insights into real estate markets. Mr. Farkas has served as Chairman and CEO of C-III Capital Partners since its founding in 2010, and his extensive real estate experience has led C-III and its subsidiaries to success in the real estate investment industry.

NAI Global Lists Iconic Building for Sale

NAI Global, the global commercial real estate firm owned by Andrew Farkas, recently listed a unique property for sale. The building was formerly the headquarters of the Longaberger Company and is modeled as a 180,0000 square foot picnic basket. It is located in Newark, Ohio and cost $32 million when it was initially built in 1997.

The building has been called one of the most unusual and bizarre buildings in the United States. It has even been listed as one of the 120 greatest human constructions in the world in the Lonely Planets book “Amazing Architecture: A Spotter’s Guide.” In addition to its unique structure, it is also an ideal spot for offices or even a hotel. The seven-story building contains offices, conference rooms, a café, a theater, and a fitness center.

The building will be marketed by NAI Ohio River Corridor. NAI Global is an established leader in the commercial real estate industry, with more than 400 offices throughout North America, Latin America, the Caribbean, Europe, Africa and Asia. The company leverages both its extensive network and its local connections in order to provide solutions for clients’ real estate needs. NAI Global boasts an impressive history of serving leading corporations such as Citibank, Dow Chemical, and Coca-Cola Enterprises.

NAI Global exists as a wholly owned subsidiary of C-III Capital Partners. C-III, founded by Andrew Farkas, is a commercial real estate company that offers investment management, asset management, and commercial mortgages. With decades of real estate service experience, Mr. Farkas provides valuable insight to the leadership team at C-III and has successfully propelled the company to be a leader in the industry.

IGY’s Yacht Haven Grande Hosts the USVI Charter Yacht Show

Over 60 yachts lined the docks of IGY’s Yacht Haven Grande on St. Thomas for the 2018 USVI Charter Yacht Show in November. Over 100 brokers from around the world attended the show, viewing yachts ranging from 45-111 feet in length. The 2018 show marked the largest in over two decades in attendance, number of yachts, and average yacht size.

The size of the show this year demonstrates how much marine tourism is on the rise in the U.S. Virgin Islands. Both private and public sector investments have been supporting the infrastructure projects to bolster the marine tourism industry in the USVI. The U.S. Virgin Islands are becoming a sought after destination for yachts because of the facilities and amenities offered. Other benefits to charter crews in the USVI as opposed to other destinations are that it is easy to fly into St. Thomas, and the island offers many places to provision, obtain parts, and make repairs. The USVI has become a full-service destination, while still offering the secluded, uncrowded nature that many people are looking for.

The USVI Charter Show is now one of the biggest in the Caribbean, partially because of the infrastructure that has been developed in recent years to accommodate the size of these yachts. “The infrastructure and facilities at IGY’s Yacht Haven Grande are world class,” says Dare Blankenhorn, co-founder and director of St. Thomas, USVI-based Charter Caribe.

IGY’s Yacht Haven Grande is part of of the larger IGY Marinas company, founded by Andrew Farkas. The 2019 USVI Charter Yacht Show will take place from November 9-13, 2019.

NAI Global Announces Office and Employee Community Service Award Winners

NAI Global has announced the winners of their Of the Community Awards during their annual Global Convention which took place in Austin, Texas last month.

NAI Cressy won the Of the Community Award for Office Recognition for its engagement and support of multiple organizations across Indiana and Michigan. This year, NAI Cressy celebrated their 70th year of business, and honored this milestone with a 70 Days of Giving Campaign, involving the entire company.

As part of the campaign, NAI Cressy gave back to many organizations they sit on the board for including: Downtown South Bend, Young Professionals Network, Combined Sewer Overflow Long Term Control Plan, Women’s Care Foundation, Fischoff National Chamber Music, Hospice Foundation, Marian High School, Leadership South Bend/Mishawaka, Big Brothers Big Sisters of St. Joseph County, The Music Village, Indiana Commercial Board of Realtors, Goodwill Industries of Michiana, South Bend Heritage Foundation, St. Margaret’s House, Woodlawn Association, Southwestern Michigan Economic Growth Alliance Inc., Indiana University South Bend and Business Development Corporation.

The individual employee award winner was Gretchen Miller of NAI Sioux Falls in South Dakota. Ms. Miller earned the recognition for her long-term commitment to the Lutheran Social Services of South Dakota Everyday Heroes Mentoring Program. She is in her eighth year of mentoring female students.

NAI Global honors employees and offices every year to encourage community evolvement and service. NAI Global is a subsidiary of C-III Capital Partners under the larger Island Capital Group.

NAI Global Adds Commercial Real Estate Service in Slovenia and Croatia

NAI Global has added commercial real estate services to their global portfolio through the addition of NAI Significa. NAI Significa is based in Slovenia’s capital, Ljubljana, and is one of the leading real estate offices in the country specializing in office, retail, industrial, and multifamily properties, as well as investment land and business valuation.

NAI Significa, which previously operated as Cenilna Druzba, will also serve neighboring Croatia from the Ljubljana office, until it plans to open an office in Croatia in 2019.

In the past year, NAI Global has continued to expand their portfolio both nationally, and internationally, with eight new U.S. offices and six new internal Offices in Austria, Brazil, Cypress, Puerto Rico and Saudi Arabia.

NAI Global is excited to expand their presence in Europe, specifically Slovenia. “While Slovenia is known for its mountains, ski resorts and lakes, it also has a thriving economy with strong demand for the types of commercial property, investors and occupiers we serve. We’re excited to have an expanded presence in Europe and particularly Eastern Europe,” said Jay Olshonsky, President of NAI Global.

NAI Global is a subsidiary of C-III Capital Partners and Island Capital, under Chairman and CEO Andrew Farkas.

NAI Global Adds New Partner in Des Moines

NAI Global, a leading commercial real estate brokerage firm, recently partnered with Iowa Realty Commercial. Iowa Realty will now operate as NAI Iowa Realty Commercial as it joins NAI’s network of more than 400 offices around the world, including several other brokerages in the greater Des Moines area.

“Iowa Realty Commercial is thrilled to have the opportunity to deepen our roots in this global organization,” said Kevin Crowley, who serves as general manager and COO of Iowa Realty Commercial.

Iowa Realty was a leader in the local real estate market prior to partnering with NAI Global, but the new alliance will allow it to grow even further. As a multinational firm, NAI Global provides its partners with best-in-class tools and unparalleled access to services and markets while still feeling local. It prides itself on providing clients with exceptional solutions from local leaders in their area. NAI services include buying, selling, leasing, financing, or managing commercial property in four different continents. With more than 7,000 employees across the world, NAI has successfully built a platform that is based on local leaders taking advantage of a global network, and it has resulted in nearly $20 billion of transactions annually.

NAI Global is a subsidiary of C-III Capital Partners, of which Mr. Farkas serves as Chairman and CEO. C-III’s principal activities are investment management, asset management, and commercial mortgages, but under Mr. Farkas’ leadership they have grown substantially. Subsidiaries such as NAI Global allow C-III to expand their capabilities and further secure their spot as a leader in the real estate industry.

Exantas Capital Corp. Declares Dividend

Exantas Capital Corporation, listed on the NYSE as XAN, recently declared a dividend of $0.10 per share. The dividend will be paid out on July 7th to shareholders of record on June 29th. The real estate finance service was founded in 2005 by Mr. Andrew Farkas, who currently holds the position of Chairman of the company. Exantas is also a subsidiary of Mr. Farkas’ company C-III Capital Partners, of which he is currently Chairman and Chief Executive Officer.

Exantas Capital currently has a debt-to-equity ratio of 2.22, and both its quick ratio and current ratio are 130.99. The market capitalization as of the end of June 2018 was $324.73 million. In the past year, the stock price has reached a high of $11.38 per share, and a low of $8.51 per share.

Exantas reported its quarterly earnings results in May 2018 for the quarter ending March 31, 2018. Earnings per share were $0.28, and the company had a net margin of 57.71%. Revenue for the quarter totaled $11.57 million. The last dividend that the company declared was $0.05 per share, declared on March 20th, 2018 and paid on April 27th, 2018.

Exantas Capital Corp. has been investing in commercial real estate loans for several years. As a subsidiary of C-III, they are able to utilize the parent company’s capabilities, expertise and information to make smarter investments. Under Mr. Farkas’ leadership, the company has grown significantly. C-III now has over $8 billion of assets under management, and Exantas’ investment portfolio is valued at just under $2 million.

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