#turnbridge equities

[internationalrealestatenews]

[ad_1] Turnbridge Equities’ plan to remodel a North Austin assemblage close to Q2 Stadium into a whole lot of residences is one step nearer.  Austin Metropolis Council will contemplate Turnbridge’s request to rezone practically 13 acres alongside Donley Drive and Kramer Lane, which might permit numerous industrial buildings within the North Burnett neighborhood to be redeveloped into 825 residences, the Austin Enterprise Journal reported.  If metropolis council grants approval throughout its Thursday assembly, the zoning change would authorize mixed-use residential development as much as 491 toes excessive, or about 45 tales, with a floor-to-area ratio of 12:1. The event proposal is split into two segments. The primary is slated for 375 multifamily models at 2111-2115 Kramer Lane, whereas the second may have 450 models at 2101-2201 Donley Drive, the outlet reported. It’s unclear what the New York-based agency has in thoughts concerning the allocation of reasonably priced housing. The event website, dubbed the Q2 Stadium Assemblage on Turnbridge’s web site, homes 4 workplace buildings spanning 175,000 sq. toes. It additionally encompasses an 8.5-acre tract to the south, comprising 4 industrial buildings.  The properties have a mixed worth of practically $43 million, in response to the Travis Central Appraisal District. Turnbridge has spearheaded a number of notable initiatives within the metropolis, together with the lately accomplished CitizenM downtown lodge and the $55 million Music Lane improvement on South Congress Avenue. The agency’s portfolio contains 14 million sq. toes, with property throughout the nation. Elsewhere in Austin, Turnbridge owns the 55,000-square-foot mixed-use constructing at 1007 South Congress, the 244-unit Lola condominium advanced at 1221 South Congress and an assemblage of multifamily, workplace, and retail properties at 127-211 East Riverside Drive. —Quinn Donoghue  [ad_2] Supply hyperlink

[kammartinez]

Bunny was more educated now, but she still struggled to understand how the industry worked, what Turnbridge did, what anyone did. She had tried to break it down into the basics. There was upstream, that was exploration and production, that was Turnbridge Oil Company, for example. They needed oilfield services, Halliburton and Baker Hughes and so on. She had learned that Sofie was of course right, that everyone basically did business with Halliburton, although there were a thousand others of varying size. Then there was midstream, pipelines and storage and transportation; that was like Enbridge and Kinder Morgan. Then there was the downstream, refining, like Warren at Motiva, or Valero or Marathon, and then the petrochemical companies that made plastics and face lotion and basically everything you might ever buy in a supermarket or Target or Neiman Marcus or Walmart, everything they would stick in your arm in a hospital or use to listen to your heart. What made it confusing—one thing that made it confusing, anyway—was that many companies were integrated, meaning they had upstream, midstream, and downstream divisions. The national oil companies—like Aramco and Statoil—and the supermajors—like ExxonMobil or Chevron or BP—of course they had a hand in every single piece of it. But then Valero, who was downstream, also had some arm that was midstream; it was just called something else. And the oil field services, Halliburton, Schlumberger, it seemed to Bunny, provided service in every single direction, to every part of the stream. Then there was the legal, Baker Botts, or the accounting, Baker Tilly. Names and names and names. There were endless permutations. And this was before even approaching the financialization, the market side, the trading and private-equity part. Half these companies seemed to have trading wings that made financial bets on what the other divisions did, or hedged in case the main revenue stream was obstructed by something else. And then there were the companies that seemed to do a little bit of everything that violently moved the earth. KBR was like this, employer of the blonde-haired Meghan at the networking happy hour. Lockheed Martin had an energy services division, alongside its missiles, planes, and rockets. And there were the engineering companies that seemed to have taken the broadest-possible view of what engineering was. These were the mega companies—Bechtel, Fluor, AECOM—who built everything, including pipelines and oil platforms, and sometimes staffed them too, but were themselves not oil companies or staffing companies and could not slip neatly into one place in the stream. Every time Bunny learned one thing, the map she had constructed in her mind shifted.

from Mobility, by Lydia Kiesling

[kamreadsandrecs]

Bunny was more educated now, but she still struggled to understand how the industry worked, what Turnbridge did, what anyone did. She had tried to break it down into the basics. There was upstream, that was exploration and production, that was Turnbridge Oil Company, for example. They needed oilfield services, Halliburton and Baker Hughes and so on. She had learned that Sofie was of course right, that everyone basically did business with Halliburton, although there were a thousand others of varying size. Then there was midstream, pipelines and storage and transportation; that was like Enbridge and Kinder Morgan. Then there was the downstream, refining, like Warren at Motiva, or Valero or Marathon, and then the petrochemical companies that made plastics and face lotion and basically everything you might ever buy in a supermarket or Target or Neiman Marcus or Walmart, everything they would stick in your arm in a hospital or use to listen to your heart. What made it confusing—one thing that made it confusing, anyway—was that many companies were integrated, meaning they had upstream, midstream, and downstream divisions. The national oil companies—like Aramco and Statoil—and the supermajors—like ExxonMobil or Chevron or BP—of course they had a hand in every single piece of it. But then Valero, who was downstream, also had some arm that was midstream; it was just called something else. And the oil field services, Halliburton, Schlumberger, it seemed to Bunny, provided service in every single direction, to every part of the stream. Then there was the legal, Baker Botts, or the accounting, Baker Tilly. Names and names and names. There were endless permutations. And this was before even approaching the financialization, the market side, the trading and private-equity part. Half these companies seemed to have trading wings that made financial bets on what the other divisions did, or hedged in case the main revenue stream was obstructed by something else. And then there were the companies that seemed to do a little bit of everything that violently moved the earth. KBR was like this, employer of the blonde-haired Meghan at the networking happy hour. Lockheed Martin had an energy services division, alongside its missiles, planes, and rockets. And there were the engineering companies that seemed to have taken the broadest-possible view of what engineering was. These were the mega companies—Bechtel, Fluor, AECOM—who built everything, including pipelines and oil platforms, and sometimes staffed them too, but were themselves not oil companies or staffing companies and could not slip neatly into one place in the stream. Every time Bunny learned one thing, the map she had constructed in her mind shifted.

from Mobility, by Lydia Kiesling

[elmundotech]

Epic Games compra el Cary Towne Center para su nueva sede

#EpicGames compra el #CaryTowneCenter para su nueva sede - #videojuegos #elmundotech

Epic Games ha comprado el Cary Towne Center en Carolina del Norte para convertirlo en la nueva sede de la empresa. Con la transferencia de propiedad de Denali Properties y Turnbridge Equities a Epic Games, el trabajo en la ubicación de 980,000 pies cuadrados y 87 acres comenzará en este año. La nueva ubicación incluirá edificios de oficinas y espacios recreativos. La empresa ha sido parte de la…

[iksathrob]

Turnbridge Equities and Waterford Property Company Acquire City Place Long Beach in Southern California  PRNewswire from "property investment" - Google News https://ift.tt/3eHtock

http://realestateiksa.blogspot.com/2021/03/turnbridge-equities-and-waterford.html

[voluntaryinputpodcast]

Epic Games is set to turn a 980,000 square-foot mall in North Carolina into its global headquarters by 2024. First reported by bizjournals, the publisher has reportedly spent $95 million on the deal with Turnbridge Equities and Denali Properties. The mall itself ...

[kazvent]

Breve: Epic Games compra un centro comercial para transformarlo en su nuevo campus

https://ift.tt/2iefP43

Epic Games ha anunciado haber llegado a un acuerdo con Turnbridge Equities y Denali Properties para comprar Cary Towne Center, un centro comercial de 91.044 metros cuadrados y 35 hectáreas que transformará en su nuevo campus. Las obras de reforma empezarán este año y el objetivo es que los trabajadores de la compañía se puedan mudar a la nueva sede en 2024. Se desconoce cuánto a pagado Epic Games por el Cary Towne Center, pero el plan de sus propietarios era demoler el centro comercial una vez concluida la temporada de compras navideñas de 2020. Cuando las obras hayan concluido, los… Leer noticia completa y comentarios » from ElOtroLado.net https://ift.tt/3b2zRwJ via IFTTT

[elmundotech]

Epic Games buys Cary Towne Center for its new headquarters

#EpicGames buys #CaryTowneCenter for its new headquarters - #videogames #elmundotech

Epic Games has purchased the Cary Towne Center in North Carolina to turn it into its new company headquarters. With the transfer of ownership from Denali Properties and Turnbridge Equities to Epic Games, the work on the 980,000 square-foot and 87-acre location will start sometime this year. The new location will include office buildings and recreational spaces. The company has been a part of the…

[raleigh-in-the-garden]

On Friday, New York developer Turnbridge Equities paid $8.5 million for Seaboard Station — home to the Logan Garden Shop at 707 Semart Drive.

The shop has been a Raleigh institution for more than five decades and has operated at that location since Robert Logan, Jr. and his wife Julie moved the family business there in 1991. Since then, their children, Joshua and Leslie Logan, have taken the reins at the business. They’re the third generation to lead it and have no plans to stop now.

"We have sold the Seaboard Station property to explore how to best adapt our business model to adjust for the growth that we’ve experienced, improve the customer experience, and create a sustainable business model for future generations to come. We are working on several exciting opportunities for Logan’s to grow and continue serving the community, through our existing garden center business, as well as through other new ventures," Joshua Logan said.

"Meanwhile, we are partnering with the purchaser, Turnbridge Equities, for both Logan’s and the Seaboard Café to remain at our current location for several more years. During that time, we will continue to serve our loyal customers with the same genuineness and one-of-a-kind shopping experience that our family has always and will always provide for them in the future.”

The property is situated on 2.9 acres right next to Washington, D.C., developer Hoffmans and Associates' Seaboard Station mixed-use development. The land is adjacent to William Peace University.

[tissipropaganda]

Turnbridge Equities scores $105M loan, new partner for Bronx logistics site

New York developers are continuing to flock to industrial even as the pace of other commercial deals has slowed. Turnbridge Equities has entered into a joint venture with Dune Real Estate Partners to develop a last-mile distribution center on a 14-acre site at 980 East 149th Street in Hunts Point, the companies announced. The partners also secured $105 million in pre-development financing from J.P. Morgan for the project, dubbed the Bronx Logistics Center. Turnbridge —

Source: https://therealdeal.com/2020/09/11/turnbridge-equities-scores-105m-loan-new-partner-for-bronx-logistics-site/

[hobbylandlord]

via Real Estate Weekly, HobbyLandlord.com

[cprokansascity]

Mixed-use project coming to South Congress

Turnbridge Equities is hoping to take a stretch of South Congress to a new level with a mixed-use project.

The 102,475-square-foot development will be four stories; three floors of office space perched above street-level retail and restaurant, according to the Austin American-Statesman. The project, which will reportedly be called 1221 Congress, is set to take over one of the 12 buildings that comprise the State House apartment complex, a 287-unit development bought by Turnbridge Equities in 2017.

Construction…

[bronxnewsroundup-blog]

Turnbridge Recapitalizes <b>Bronx</b> Logistics Center Development

Turnbridge Equities recapitalized the Bronx Logistics Center, a Class-A industrial development site situated on 14.2 acres in the Bronx's Hunts Point ... from Google Alert - Bronx https://ift.tt/3k4gODh via https://ift.tt/2G9ANlB

[alfredrserrano]

Inside the failed crypto auction of a WeWork-leased office tower

Photo illustration of Pat O’Meara in front of the Security Building, with former WeWork CEO Adam Neumann (Credit: Google Maps, Getty Images, iStock)

UPDATED, Feb. 28, 2020, 11:34 a.m.: Pat O’Meara found success structuring deals for the Catholic Church, but early last year he found a new calling: Raising millions of dollars from cryptocurrency investors for real estate and infrastructure acquisitions.

O’Meara, CEO and founder of finance and tech firm Inveniam Capital Partners, targeted $260 million of property acquisitions throughout the U.S. A centerpiece of the project would be the $65 million purchase of a historic downtown Miami building fully leased to WeWork.

Inveniam would acquire the nearly 100,000-square-foot Security Building at 117 Northeast First Avenue in part with money raised in an auction from cryptocurrency investors, with a minimum investment of $500,000. Those investors would have a stake in the property and could collect rent from WeWork using cryptocurrency — allowing the volatile currency to be pegged to a hard asset.

The sale was set to close last May. But two days before, O’Meara claimed his senior lender changed the language of the agreed-upon loan and O’Meara was forced to walk away from the deal. Unable to secure another senior lender with reasonable terms, the sale never went through and the planned auction was canceled.

What exactly happened and why has become a parlor game among real estate pros in Miami. Some have speculated it was linked to WeWork’s volatility — though the co-working giant’s implosion happened months later. Others maintain the deal itself was too ambitious for O’Meara, and should serve as a cautionary tale for future real estate investors who want to use cryptocurrency.

O’Meara firmly believes the co-working giant gave his lender pause.

The senior lender changed the language of the Security Building loan “because they could see what was happening inside the WeWork deal,” O’Meara said in an interview with The Real Deal. “They had more exposure to WeWork.” But O’Meara refused to identify the lender and TRD could not verify the claim.

While O’Meara’s WeWork theory is a convenient one, the co-working company has experienced a massive unraveling, spooking investors. In late September, WeWork scrapped its planned IPO after disclosing mounting losses that were twice revenue, along with information about questionable loans and transactions with its founder and ex-CEO Adam Neumann. The company’s valuation plummeted from $47 billion to $8 billion, and it received a huge bailout from its chief investor Softbank. Experts say the company’s sharp drop has sliced into property values on WeWork-leased buildings.

The WeWork effect In the 15-story Security Building, O’Meara targeted a property in a part of downtown that has remained largely neglected but appears poised for redevelopment. Designed for the Dade-County Security Company in 1926, the striking building is made of granite, brick and terracotta and was designated on the list of National Register of Historic Places in 1989.

In 2015, a group of investors led by Daniel Gohari, Rory Greenberg, Turnbridge Equities founder Andrew Joblon, paid $23.5 million for the property. The group converted the building — at the time residential condos — back to office space. It then secured WeWork as the main tenant, locking in the co-working firm to a 15-year lease.

Neumann even flew to Miami, claiming he “fell in love” with the building, according to a report at the time. Under the group’s ownership, the building went through some renovations in typical WeWork fashion, which included transforming the historic bank vault into a “quiet room.”

Greenberg previously told TRD that he was comfortable with signing WeWork in part because it would make its own tenant improvements and space buildouts.

There was another element to the WeWork lease deal.

The co-working company inked the Security Building lease about two months after Daniel Gohari’s brother, Arash, joined as a real estate executive at WeWork. Daniel and Arash are also partners at the real estate investment firm Xerxes Group.

The brothers did not return requests for comment.

Their arrangement was not entirely uncommon at WeWork. Adam Neumann had also personally owned or held stakes in several buildings that WeWork leased. Last year, WeWork reportedly said it would buy a handful of those properties, and Neumann in August listed another Manhattan building he owned, which the co-working firm nearly fully leases.

A spokesperson for WeWork declined to comment.

Catholic Church to cryptocurrency In WeWork, O’Meara initially saw an innovative company that was on the rise. And like WeWork, O’Meara was seeking to be a disruptor in real estate.

A charismatic personality with a salesman’s charm, O’Meara spent time at investment banks Raymond James and Bear Stearns, but also has a background in theology. He went on to start his consulting firm O’Meara, Ferguson, Whelan & Conway where he led “the structuring and execution of transactions of 42 Catholic dioceses,” according to his Inveniam bio page.

At the New York-based Inveniam, O’Meara sought to create a software platform that tracks financial and operational information such as rent payments and the monthly and weekly pricing of real estate. The goal was to allow investors, including cryptocurrency investors, to possess real-time data on specific properties to help them make more informed decisions. The software is operational, according to O’Meara.

“We are making sure that the data about the asset that you are relying on is true,” O’Meara said.

O’Meara was so confident in the technology that he wanted to take ownership in three property deals and an infrastructure project, and use the firm’s software to do so.

One of the deals involved student housing for North Dakota State University, which is now under contract, he said. Another was a partnership developing multifamily housing projects in Southwest Florida, which O’Meara said has closed. A third was an infrastructure project to invest in a North Dakota water pipeline, which has encountered problems, he added.

And then there is the Security Building deal. For the acquisition, Inveniam would put up part of the money, and would get another portion from the shares auctioned off to crypto investors. Those investors would retain a minority stake as limited partners. O’Meara would finance the rest with a mix of senior and mezzanine loans.

“Blessing in disguise” Despite the questions swirling around WeWork, the Security Building’s main tenant has been a reliable one, according to Rory Greenberg. Following the failed crypto auction, he said the ownership team is no longer listing the property for sale.

“Unfortunately they [Inveniam] couldn’t get it done,” he said. “From our perspective, it’s a blessing in disguise to have a Softbank-run company as a tenant.”

But Jaime Sturgis of Fort Lauderdale-based Native Realty said investors are growing wary of WeWork.

“The assets where WeWork is a tenant will certainly depress the perceived value of what people are willing to pay,” he said.

O’Meara agreed, saying he would have an even tougher time closing the same deal today. And he has tried.

“We have gone to Ackman-Ziff and asked them, and no one will lend a senior loan with WeWork as the occupant,” he said. “No one will. To buy it, we would have to use equity and bridge financing, which people will do but that will slowly eat your equity up.”

Simon Ziff, president of the New York-based commercial debt brokerage, said in an e-mailed statement: “we are engaged by Inveniam to evaluate financing and have been asked to provide no further comment.”

While WeWork has slammed the brakes on much of its new lease deals — and is seeking to exit from others — not all lenders have backed away. Justin Ehrlich of New York-based Churchill Real Estate Holdings, owns a WeWork-leased building, and is also a lender.

“We would lend to a building 100-percent leased to WeWork,” Ehrlich said. But, he added, “we would need a letter of credit.”

Meanwhile, nine months after the failed Security Building deal, O’Meara has moved on but is keeping his options open.

“We would love to take a look at it in the same deal,” he said. But, he added, “my businesses moved forward. We are probably not going to make another run at it, probably.”

Correction: A previous version of the story incorrectly identified Turnbridge Equities as part of the Security Building’s ownership group

The post Inside the failed crypto auction of a WeWork-leased office tower appeared first on The Real Deal Miami.

from The Real Deal Miami https://therealdeal.com/miami/2020/02/28/inside-the-failed-crypto-auction-of-a-wework-leased-office-tower-2/ via IFTTT

[juditmiltz]

Downtown Miami WeWork building expected to sell in massive cryptocurrency auction

Miami’s downtown WeWork building

A downtown Miami office building leased to WeWork is expected to sell for $65.5 million, signaling one of the largest known cryptocurrency real estate auctions of its kind.

Andrew Joblon, founder and managing principal of Turnbridge Equities, and his partners, Daniel Gohari, Rory Greenberg and Ricky Weisfisch, are selling the nearly 93,000-square-foot building at 117 Northeast First Avenue. The buy is Inveniam Capital Partners, a New York-based financial and advisory services firm that focuses on raising capital for small and medium-sized businesses.

The Miami building, also known as the Capital Lofts building, was built in 1926 and designated historic by the U.S. National Register of Historic Places in 1989. Joblon and his partners bought a majority interest in the former condo building in 2015 for $25.5 million and converted it to office space. Joblon’s Turnbridge, an investment and development firm, also owns property in Miami Beach.

WeWork has 12 years remaining on the triple-net lease in downtown Miami, according to a press release.

Inveniam made a deposit on the building using an undisclosed amount of Bitcoin in January, according to CoinGeek, a cryptocurrency news site.

The sale will happen through a “dutch auction” — expected to close this month — in which investors make bids in cryptocurrency based on what they think the asset is worth. Essentially, they are buying shares in the property. To participate, investors must have at least $10 million in cryptocurrency. Bids for shares the property start at $500,000. The auction will only accept the top 50 cryptocurrencies, which include Bitcoin, Etherium and XRP.

If it closes at the expected price, the sale would mark the largest cryptocurrency deal of its kind in South Florida.

Investors will also be able to bid on three other real estate partnerships at the auction, including a 500-unit apartment complex in southwest Florida, three student housing developments at North Dakota State University and a North Dakota water pipeline project.

Together, all of the properties including the Downtown Miami building, are expected to to sell at auction for a total of $260 million.

Digital currency remains highly volatile, and while smaller real estate deals have used it, it has yet to become an industry-accepted form of payment. Bitcoin investor Michael Komaransky sold his Miami home nearly entirely in cryptocurrency last year, for about $6 million. At the time, each coin was worth around $13,000. The value of the currency has since plummeted, with each coin now worth around $3,800. At the time, it marked the most expensive Bitcoin-to-Bitcoin real estate sale to close.

The proceeds of the WeWork-leased building auction would be converted back into dollars for Inveniam to close on the building. If less than the purchase price is raised at auction, the buyer plans to secure financing to fund the rest, said Pat O’Meara, Inveniam’s chairman and CEO.

Investors would receive returns, either in cryptocurrency or cash, from the income that the property generates, O’Meara said. If the investor decides on cash, the payout would essentially work like stock dividends.

Manuel L. Crespo and Frank Whitaker of the law firm Greenspoon Marder are representing Inveniam in the deal; and Jay Koenigsberg of Carlton Fields is representing the seller.

from The Real Deal Miami https://therealdeal.com/miami/2019/03/08/downtown-miami-wework-building-expected-to-sell-in-massive-cryptocurrency-auction/ via IFTTT

[oliverlcaines]

Warehouse buyer acquires large South Bronx site

Turnbridge Equities has purchased a large industrial development site in the South Bronx, the latest deal in the recent rush to build and own warehouse space. The Manhattan-based real estate... To view the full story, click the title link. from Section Page News - Crain's New York Business https://www.crainsnewyork.com/real-estate/warehouse-buyer-acquires-large-south-bronx-site