real estate finance association of connecticut summer newsletter 2016.pdf · mike riccio, susan...
TRANSCRIPT
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REFA-CT • One Regency Drive • Bloomfield, CT • 06002 • 860-243-3977 • www.refact.org
R E A L E S T A T E F I N A N C E
A S S O C I A T I O N
O F C O N N E C T I C U T
I n s i d e th i s i s su e :
Mayor Luke Bronin,
Capital Markets
Update, Shark Tank
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Hartford Chapter
Brokers Panel
Fairfield/ Westchester
Chapter Evolving
Strategies
REFA-CT Golf
Tournament
3
Young Professionals 4-
5
Looking forward to the
REFA-CT 2016 Gala
6
Fall Programs 7
Transactions and
Member Notes
8-9
Sponsors 10–
11
Membership Benefits 12
There have been so many amazing programs and events
during the first half of 2016:
January: Hartford Chapter’s guest speaker Program with Mayor Luke Bronin;
Fairfield/Westchester’s Holiday Social
February: Hartford Chapter’s Capital Markets Update;
Fairfield/ Westchester Chapter’s Roundtable discussion between REFA and students
from UCONN’s Center for Real Estate and Urban Economic Studies
March: Fairfield/ Westchester Chapter’s Shark Tank: Real Estate Edition;
Fairfield/ Westchester Chapter’s guest speaker Spencer Levy, Head of Research at
CBRE; Fairfield/Westchester’s Breakfast Program with Toby Cobb of Grass River
Property;
Hartford Chapter’s Brokers Panel
April: Fairfield/ Westchester Chapter’s Breakfast Roundtable featuring Gene Gorab of
Greenfield Partners; Fairfield/Westchester’s Luncheon Program on “What’s the
Use?”;
Hartford Chapter’s Town Hall Meeting
May: Hartford and Fairfield/ Westchester Chapters Annual Sponsors Dinners
June: Annual Golf Outing at Race Brook Country Club;
Fairfield/ Westchester Chapter’s Evolving Strategies for Retail Investing Program;
Hartford Chapter’s Raising and Investing Capital Program
We’ve got some great upcoming events:
September: REFA-CT’s Annual Gala-Sept 8th;
Fairfield/Westchester Chapter’s Annual State of the Market - Sept 15th
November: Fairfield/Westchester Chapter’s Luncheon Program with Tony Malkin of
Empire State Realty Trust on November 7th; Hartford Chapter’s Breakfast Program
with Dr. Edison Liu of Jackson Labs on November 16th
Young Professionals have been busy, too!
January: Fairfield/Westchester Chapter’s YPNs discussion with Randy Salvatore
April: Fairfield/Westchester Chapter’s YPNs tour of NBC Studio and Chelsea Piers;
Hartford Chapter’s YPNs Breakfast Roundtable with Jim Clayton of Cornerstone Ad-
visers
June: Hartford Chapter YPNs Habitat for Humanity Build-June 14th
July: Fairfield/ Westchester Chapter’s YPNs Habitat for Humanity Build - July 21st
Upcoming Events for the YPNs
August: Fairfield/Westchester Chapter’s YPNs will host an event on the balcony of
Robinson & Cole’s office in Stamford to take in ‘Alive at 5’;
Hartford Chapter’s YPNs will host their summer social, a wine tasting, at Pullman &
Comley in Hartford.
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REFA-CT • One Regency Drive • Bloomfield, CT • 06002 • 860-243-3977 • www.refact.org
H A RT F O R D C H AP T E R ’ S D I S C U S S IO N W I T H M AYO R LU K E B RO N I N
MAYOR BRONIN SPEAKING ABOUT HIS
V IS ION FOR HARTFORD
FAIRFIELD/ WESTCHESTER CHAPTER’S SHARK TANK: REAL ESTATE EDITION
SHARKS: JON GOLD, PAT MARONEY, ERNIE
DESROCHERS, ALEK ROOMET
HARTFORD CHAPTER’S CAPITAL MARKETS UPDATE
SPEAKER PANEL (L TO R) JAMIE HENDERSON, GERRY YATES,
PATRICK MORAN, MARJAN MURRAY, AND MIKE RICCIO
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REFA-CT • One Regency Drive • Bloomfield, CT • 06002 • 860-243-3977 • www.refact.org
H A R T F O R D C H A P T E R ’ S
B R O K E R S P A N E L
( L TO R) JOHN CLARK, MIKE PUZZO,
N ICK MORIZ IO, AND VI CTOR
NOLLETT I
FAIRFIELD/ WESTCHESTER CHAPTER’S
EVOLVING STRATEGIES FOR RETAIL
INVESTING
(L TO R) PENNY WICKEY, ALISON LIES, AMI ZIFF, AND
HERB EILBERG
THE 17TH ANNUAL REAL ESTATE FINANCE ASSOCIATION MEMBERS ONLY
GOLF TOURNAMENT
JUNE 20TH AT RACEBROOK COUNTRY CLUB
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REFA-CT • One Regency Drive • Bloomfield, CT • 06002 • 860-243-3977 • www.refact.org
REFA YOUNG PROFESSIONALS HARTFORD CHAPTER
HABITAT FOR HUMANITY BUILD ON JUNE 14, 2016
FOR MORE INFORMATION OR TO JOIN THE HARTFORD CHAPTER
YPN CONTACT KELSEY RATH AT [email protected] OR
AUDREY SUTTON AT [email protected]
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REFA-CT • One Regency Drive • Bloomfield, CT • 06002 • 860-243-3977 • www.refact.org
REFA YOUNG PROFESSIONALS FAIRFIELD/WESTCHESTER CHAPTER
HABITAT FOR HUMANITY BUILD ON JULY 21, 2016
REFA-CT has formed a Young Professionals Net-work (YPN) with the objective of assisting indi-viduals that are new to, or lightly experienced in, the commercial real estate industry and who desire to better establish themselves within the professional commercial real estate community. If you wish to join the Young Professionals Net-work, please contact Audrey Sutton at [email protected]
FOR MORE INFORMATION OR TO JOIN THE FAIRFIELD/WESTCHESTER
CHAPTER YPN CONTACT KATE SCHWARTZ AT
[email protected] OR AUDREY SUTTON AT
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REFA-CT • One Regency Drive • Bloomfield, CT • 06002 • 860-243-3977 • www.refact.org
LOOK ING FORWARD TO THE S EPTEMBER 8 , 2016
REFA-CT GALA !
WITH ENTERTAINMENT BY DENNIS WATKINS, AN AWARD-WINNING, THIRD-GENERATION
MAGICIAN AND ENTERTAINER
2015 REFA-CT GALA PHOTOS
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REFA-CT • One Regency Drive • Bloomfield, CT • 06002 • 860-243-3977 • www.refact.org
HARTFORD CHAPTER ’ S U PCOMING EVENT
ANNUAL STATE OF THE MARKET BREAKFAST
AT WEE BURN BEACH CLUB - SEPTEMBER
MONTHLY LUNCHEON AT THE
STAMFORD MARRIOTT WITH
TONY MALKIN, CHAIRMAN AND CHIEF EXECUTIVE
OFFICER AT ESRT -
NOVEMBER 7TH
FAIRFIELD/ WESTCHESTER CHAPTER’S UPCOMING EVENTS
MONTHLY BREAKFAST AT THE SOCIETY ROOM WITH
DR. EDISON LIU,
C EO OF JACKSON LABS -
NOVEMBER 16TH
Our program committees for both Chapters, as
well as Young Professionals, are working hard to
develop informative and educational events for
2016.
If you have a program suggestion, please con-
tact Sharon Moran at the Executive Office at
[email protected] and your idea will be for-
warded to the committee chairs.
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REFA-CT • One Regency Drive • Bloomfield, CT • 06002 • 860-243-3977 • www.refact.org
Jeff Dunne of CBRE’s Institutional Properties
Represented Winthrop Realty Trust in the sale of Highgrove in Stamford, a 93-unit Robert A.M. Stern designed apartment community to a private investment group for $87.5 million.
Robert Ranieri of NorthMarq Capital
Arranged supplemental financing of $1.5 million for Lakeshore Apartments in Lowell, MA, two multifamily properties of 146 units.
Arranged the 10-year, $15 million refinance of One Theall Road in Rye, New York, a 65,000 s/f Class A medical office building that is leased to WESTMED Medical Group.
Ernie DesRochers of NorthMarq Capital
Secured the $11 million refinance of Turnpike Shopping Center, a 110,000 s/f retail property in Fairfield, CT.
Tim Breda & Kristen Zuckerman of Goedecke & Co.
Arranged $10.25 million in first mortgage financing for the refinance of 19 Old Kings Highway South, a 43,500 s/f suburban office building in Darien, CT.
Arranged $16.3 million in first mortgage financing for the acquisition of Mattatuck Commons, a 147,241 s/f neighborhood shopping center located on Wolcott Street in Waterbury, CT.
Tim Breda of Goedecke & Co.
Arranged $13.25 million mortgage financing for Cook’s Corner Shopping Mall, a 302,003 s/f retail property in Brunswick, ME.
M E M B E R N O T E S
David Adam Realty has sold 87 Post Road East to LJG 87 Post Road Westport LLC, a New York City based investor, for $16.635 million. Colliers International has arranged a long-term 6,000 s/f lease for Cottages & Gardens Publications at 40 Richards Ave in Norwalk, CT, a 145,500 s/f building owned by The Davis Companies. The Davis Companies was represented by David Allen. Baywater Properties and an affiliate of True North Management Group of White Plains have acquired 2777 Summer Street in Stamford, CT., a 110,000 s/f office building. Penny Wickey of Saugatuck Commercial Real Estate received national certification as a Women’s Business Enterprise by the Women President’s Educational Organization, a regional certifying partner of the Women’s
F A I R F I E L D / W E S T C H E S T E R
T R A N S A C T I O N S
Building and Land Technology
Has begun leasing at One Glover Apartments, a 132 apartment residential community located adjacent to the Merritt Seven Metro North Station in Norwalk, CT. The building is a mix of studios, one and two-bedroom apartments.
260-292 Long Ridge Road in Stamford, CT will be rebranded as Long Ridge Health & Science. A 52,141 s/f lease at 260 Long Ridge Road has been signed with Greenwich Hospital. Stamford Hospital has leased the entire building at 292 Long Ridge Road.
Newmark Grubb Knight Frank has secured a lease with the high-end retail brand, COS, for its first Connecticut location at 283 Greenwich Avenue in Greenwich, CT. COS is owned by H&M.
Antinozzi Associates has completed the new Roosevelt Elementary School in Bridgeport, CT. This $44.7 million project was awarded to Antinozzi Associates in 2010.
H A R T F O R D T R A N S A C T I O N S
Mike Riccio, Susan Larkin and Anna Pfau of CBRE’s Capital Market Team
Arranged $51.4 million in debt and equity for the development of Flanagan’s Landing, a 250-unit, Class A multifamily complex in Glastonbury, CT. It was placed on behalf of the joint venture of Marty Kenny of Lexington Partners and a private equity firm.
Nick Morizio of Colliers International
Represented both the buyer and the seller in the sale of 51 Belamose Avenue in Hartford, CT. The buyer, MF Discala, purchased the 35,000 s/f industrial facility from Fifty One Belamose LLC for $2.39 million.
Pat Mulready, John McCormick and Mike Puzzo of CBRE-NE
Represented the buyer and procured the seller in the $12.2 million sale of I-91 Tech Center, a five-building office park situated directly along 1-91 in Rocky Hill, CT. The 110,000 s/f property was acquired by Capstone Properties. CBRE was immediately engaged by Capstone to provide property management services.
M E M B E R N O T E S
Avison Young has opened a new office at CityPlace II, 185 Asylum Street, 15th Floor in Hartford, CT, their second office in CT and 48th in the U.S. Andrew Filler has been named a principal and will oversee the Hartford office’s day-to-day operations. Andy can be reached at 860.327.8302 or [email protected]
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REFA-CT • One Regency Drive • Bloomfield, CT • 06002 • 860-243-3977 • www.refact.org
H A R T F O R D T R A N S A C T I O N S
James M. Czapiga, Esq. has been appointed President and Chief Executive Officer of CATIC. Jim holds a B.S. in Business Administration (Finance) from the University of Connecticut and a J.D. from Western New England University School of Law. He has more than 20 years experience in the title insurance industry, having worked in several positions in management, sales, and operations. Amenta Emma
Has received the Honor Award in the Under 50 Employees category of this year’s AIA CT Business Architecture Awards for The Burgess Group. This award honors architects for solving business problems for Connecticut clients, thereby demonstrating the power of architecture to shape business performance, to improve peoples’ lives, and to provide a value added service.
Opened its fourth office in Manhattan, NY. The office is located on the lower West Side at 333 Hudson Street, and joins the other offices in Hartford, Stamford, and Boston.
Three projects received top awards at the 9th Annual IIDA New England Design Awards ceremony in Boston in February: Best in State, Connecticut for CREC Discovery Academy; Best Office Design for Xylem; and Best in Healthcare for Reproductive Medicine Associates.
Recognized by the AIA Design for Aging Review for their Memory Care project at The Grove at Pineview-Covenant Village in Cromwell. The renovation of the 9,000 s/f assisted living wing converted 16 resident apartments into an 18 resident wing with new common areas. The project received an Award of Merit for its advanced design concepts, research, and solutions sensitive to the needs of an aging population.
R E F A - C T
REFA-CT has made a $1,000 donation to the UConn Foundation. The Foundation operates exclusively to promote the educational, scientific, cultural, research and recreational objectives of the University of Connecticut. As the primary fundraising vehicle to solicit and administer private gifts and grants to enhance the University’s mission, the Foundation supports the University’s pursuit of excellence in teaching, research, and public service. REFA-CT has made donations of $2,500 each to Habitat for Humanity of Coastal Fairfield County and Hartford Habitat for Humanity. The donations, proceeds of the June Golf Outing, will assist each organization toward their mission of providing homes to those in need.
Are Commercial Real Estate Prices Too High?
by Elliott Pollack, Esq. of Pullman & Comley
Late last month, the Federal Reserve suggested that commercial real estate prices “may have run up too far, too fast” according to a Bloomberg online posting. The concern expressed by the Fed is that prices being paid for commercial real estate are rising more quickly than rental income. External risks, such as the recent Brexit development, create increased exposure according to the Fed’s semiannual Monetary Policy Report to Congress. On the lending side, the Fed’s June 2016 report notes that “there have been some signs of tightening” of financing conditions in the commercial real estate sector although the growth of commercial real estate loans at banks has remained strong.
Consistent with this observation, the Fed pointed out
that “leverage in the (commercial real estate) sector does not
appear excessive and some evidence points to a recent
reduction in risk appetite among . . . investors.”
All in all, a mixed bag but one suggesting caution in
the pricing of commercial property going forward.
If you have transactions, job or contact changes, etc. that
you would like announced in the Winter Edition of the REFA
newsletter, please forward them on to Sharon Moran at
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REFA-CT • One Regency Drive • Bloomfield, CT • 06002 • 860-243-3977 • www.refact.org
FOUNDING SPONSORS
Carlton Fields Jorden Burt
Cigna Realty Investors
Day Pitney LLP
Fidelity Family of Title Insurers
First American Title Insurance Company
Hart Realty Advisers, Inc.
McElroy, Deutsch, Mulvaney & Carpenter, LLP
People’s United Bank
REFA-WIDE SPONSORS
Amenta/Emma Architects
AvalonBay Communities
Bank of America
CATIC
CBRE
CohnReznick LLP
First Niagara
GZA GeoEnvironmental, Inc.
H.B. Nitkin Group
HRP Associates
Murtha Cullina LLP
Perkins Eastman
Pullman & Comley
Robinson & Cole, LLP
Shipman & Goodwin, LLP
TD Bank N.A.
United Bank
FAIRFIELD/WESTCHESTER CHAPTER SPONSORS
Antinozzi Associates
Building & Land Technology
Cacace Tusch & Santagata
Carmody Torrance Sandak Hennessey LLP
Celestial Capital Group, LLC
Citizens Bank
Citrin Cooperman
Cohen & Wolf, P.C.
Collins Enterprises, LLC
Cushman & Wakefield
Empire State Realty Trust
F.D. Rich
First American Title NCS
Forstone Capital, LLC
Fuller Development
Goedecke & Co., LLC
2 0 1 6 A N N U A L S P O N S O R S
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REFA-CT • One Regency Drive • Bloomfield, CT • 06002 • 860-243-3977 • www.refact.org
FAIRFIELD/WESTCHESTER CHAPTER SPONSORS (cont’d)
Jones Lang LaSalle
JP McHale
Lincoln Property Company
M&T Bank
Marcus Partners
McCarthy Fingar LLP
Merritt 7 Corporate Park
Mountain Development Group
Newmark Grubb Knight Frank
NorthMarq Capital LLC
Nova Consulting Group
OFI
Reckson, a Division of SL Green
RFR Realty
RiverOak Investment Corp., LLC
RMS Construction, LLC
Spinnaker Real Estate Partners
Summer Street Advisors
The Ashforth Company
The Davis Companies
Union Savings Bank
Urstadt Biddle Properties
Webster Bank
WFL Real Estate Services
HARTFORD CHAPTER SPONSORS
BlumShapiro
Brown Rudnick
Center For Real Estate (UConn)
Cornerstone Real Estate Advisers LLC
Farmington Bank
Ford & Paulekas
GHD Services
Hinckley Allen
Lexington Partners LLC
M.J. Fish Insurance
MetroHartford Alliance
Sentry Commercial
STV|DPM
The Guilford Savings Bank
The Simon Konover Company
Tomasso Brothers
UBS Realty Investors, LLC
Updike, Kelly & Spellacy, P.C.
Whittlesey & Hadley
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REFA-CT • One Regency Drive • Bloomfield, CT • 06002 • 860-243-3977 • www.refact.org
REFA Sponsorship
REFA-CT Sponsors serve a leadership role in supporting the organization financially as well as fostering the exchange of real estate finance information through program and networking opportunities. As a Sponsor, organizations not only gain the benefit of REFA’s membership opportunities, but they bene-fit from special Sponsor networking events and increased visibility within the industry. Sponsors are rec-
ognized as leaders by their peers.
Free membership and free passes to regular programs
Sponsor-only dinners and special events
Company name visibility on REFA-CT website and printed materials
Direct company links from REFA-CT website
Automatic Gala Sponsorship
For more information, visit: www.refact.org/sponsor
More than 50 specialized breakfast and lunch programs, such as The State of the Market and Capital Markets. Programs are led by popular guest speakers, including high-level economists from Fairfield University, Webster Financial Group, Moody’s Analytics, Torto-Wheaton, and the Center for Real Estate at UConn
Special networking events, including seasonal cocktail receptions, sponsor receptions, and the annual Golf Outing
The REFA-CT Gala - considered the networking “event of the year” for Connecticut commercial real estate professionals
An online membership directory, including an updated website list of all association members - A Who’s Who of Commercial Real Estate Professionals
As THE information resource for the Connecticut real estate community, REFA-CT hosts an impressive calendar of educational seminars and networking events that include a who’s who of the industry.
For more information, visit: www.refact.org
Member Benefits
Through its efforts to foster the exchange of real estate finance information, REFA has earned a reputation for delivering quality programming at a more than competitive price.
Member Benefits Include:
Our Vision: To be the Premier Association of
Real Estate Finance Professionals
Sponsor Benefits Include: