Belveron Partners closes $280M fund for affordable housing

first_imgFull Name* Message* Email Address* Belveron Partners founder Paul Odland with 2000 Valentine Avenue (left) and 1985 Webster Avenue in the Bronx (Photos via Google Maps; Twitter)Belveron Partners closed a $280 million fund to invest in affordable housing across the country as the sector gains interest from larger investors.The San Francisco-based firm exceeded its initial $225 million target for the fund. It is the sixth fund the company has closed since its inception. The fund will acquire and manage over 5,000 units of affordable and workforce housing in the next three years targeting urban and suburban areas in the Northeast, Mid-Atlantic and Southwest.Paul Odland, founder of Belveron Partners, said the fund’s investors are institutional along with family offices.Demand from institutional investors in affordable housing is growing, according to Odland.“It has less volatility in the long term than a lot of other asset classes,” said Odland.In January 2020, Belveron acquired 1,275 affordable housing units in the Bronx. The portfolio totals eight buildings that were constructed in the 1970s under the state’s Mitchell-Lama program.And in June, Belverron partnered with Camber Property Group and the New York City Department of Housing Preservation (HPD) to acquire a portfolio of 384 rent-stabilized and market-rate homes in Brooklyn.The company is still “a long-term believer in the five boroughs,” Odland said.Belveron also recently acquired 1,500 market-rate apartments in metro areas of Texas.Since its inception in 2006, Belveron has raised more than $930 million from institutional investors. It owns more than 30,000 units in the U.S.Contact the author Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink TagsAffordable HousingBronxlast_img read more

The money’s moving to South Florida. Will the office leases follow?

first_img Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Email Address* Share via Shortlink From left: JLL’s Tim Rivers, Levine Kellogg’s Jeffrey Schneider, Meland Budwick’s Mark Meland, Blanca Commercial Real Estate’s Tere Blanca, Savills’ Tom Capocefalo and Collier’s Jonathan KingsleyLaw firm Levine Kellogg Lehman Schneider + Grossman, now at downtown Miami’s Citigroup Center, plans to cut its space in half at its future office as many attorneys opt to work from home permanently. Across the street, at Southeast Financial Center, law firm Meland Budwick plans to expand by 18 percent. These contrasting approaches show the dichotomy of the South Florida office market. As some downsize or exit leases because they’ve found that employees can be productive at home, others eye expansion to accommodate growth and space out staff for health and safety. “It really depends industry by industry,” said Jonathan Kingsley of Colliers International. “Firms realize they can live with less space, and not everyone needs to be in the office at the same time. Other companies, in order to maximize efficiency and collaboration among people, they must have offices.” Add to the equation the region’s desire to be a magnet for financial and technology firms. Miami Mayor Francis Suarez has been actively courting firms in recent months, and even before that, Barry Sternlicht’s Starwood Property Trust moved its headquarters to Miami Beach, and Carl Icahn’s Icahn Enterprises set up a new base in Sunny Isles Beach. Blackstone is keeping its New York headquarters, but it’s set to open an office at downtown Miami’s 2 MiamiCentral. And Microsoft, Citadel and Elliott Management are all in talks to lease space in South Florida.These developments raise interesting questions about the future of South Florida’s office market. Will the existing tenant expansions and new-to-market influx be enough to offset vacancies?“That’s the crystal ball or Lucky 8 ball question that we all want to know,” said Tim Rivers of JLL. His answer is yes. “We are extremely optimistic on really the interest,” Rivers said. “We are going to start seeing true activity in the third and fourth quarter of this year, but 2022 is going to bring the real results. We really do see those companies coming in on a regular basis.”Yet not everyone agrees Tom Capocefalo of Savills said the landlord representatives touting a prosperous future mostly lease Class A offices in coveted locations. And they will do well, he added. On the whole, Capocefalo wouldn’t be surprised if the vacancy rate creeps up over the next year. “While all of this positive activity is unfolding, there are many existing tenants in the throes of either restructuring their leases to get smaller or putting their space on the market to get sublet,” Capocefalo said. “Over the next 12 months, I think the tri-county market in general is still going to suffer and see increased vacancy and decreased rental rates.”From panic to prosperityThe choir of excitement over financial and technology firms comes after a lull during most of last year. “We are really basically at the anniversary of the onset of the pandemic,” Kingsley said. “We have seen a swing from panic early in Covid, with tenants downsizing and not coming back to the office, all the negativity we lived through in the pandemic, to then slowly and gradually picking up momentum with tenants recognizing they need office space.” Last year, Miami-Dade County office leasing deals dropped by 25 percent, or 1.9 million square feet, from 2019, according to Blanca Commercial Real Estate. Broward County leases fell 32 percent, or by 956,000 square feet. Palm Beach County’s declined by 23 percent, or 1.2 million square feet. Office vacancies creeped up, with Miami-Dade’s reaching 11.3 percent in the fourth quarter of 2020, up from 9.6 percent in the fourth quarter of 2019, according to JLL. Broward vacancies rose to 12.1 percent in the fourth quarter, up from 9.7 percent in the same period of 2019. Palm Beach vacancies increased to 11.9 percent, up from 10.9 percent.Gordon Messinger, who just moved to CBRE from Cushman & Wakefield, said he is leading weekly leasing tours, but they are focused on Brickell Avenue, where he leases the Four Seasons Tower on behalf of the owner.“The suburban markets are a little slower,” Messinger said. “Coral Gables, suburban Airport West are still fueled by existing tenants in the market today looking to make moves and changes in their locations, because they are in an outdated space or the space doesn’t work for Covid issues.” Vacancies at buildings he leases have remained stagnant, he added.Tere Blanca, CEO of Blanca Commercial, however, expects a complete turnaround. “We are seeing existing companies in Miami growing, hiring talent, expanding footprint, especially if they are global companies and are looking to bring additional functions from out of state into Miami,” Blanca said. “They are relocating employees and executives, hiring talent locally and generally expanding their presence.”Blanca Commercial is tracking new-to-market tenants looking at 1.5 million square feet of space in Miami-Dade this year. Blanca conceded that not everything would come to fruition, but the out-of-towners include a “whale” of a company eyeing Miami. She declined to provide specifics.Investment sales Investment sales also took a hit last year, but they are now starting to rebound, brokers say.The dollar volume of South Florida office sales in the last half of 2020 plus January and February of this year — $1.3 billion — is the same as that of the second half of 2019 plus January and February of 2020, according to CBRE. But the number of transactions dropped to 80 from 181. CBRE said that although fewer deals closed from last July through this February, they were at a higher price. Related leads the packEarlier this year, the Related Companies bought the downtown West Palm Beach office towers Phillips Point for $282 million, marking the biggest office sale in South Florida in more than a year. Related, led by Miami Dolphins owner Stephen Ross, is also in talks to scoop up two nearby gems, Esperante Corporate Center and CityPlace Tower. It also is developing the 25-story One Flagler and the 20-story 360 Rosemary office towers.“You follow the money, and Related is making a $1 billion bet on downtown West Palm,” said Colliers’ Mark Rubin. “A lot of big players are taking notice.” First, it was the private, entrepreneurial capital, and now institutional investors have returned to the market. All have pent-up demand and dry powder, Rubin said. The activity might be stronger even than it was pre-pandemic. “All these investors have less to look at outside of South Florida. So many states are still on lockdown,” he added. Hermen Rodriguez of JLL is in tune with Rubin. He also pointed to Related’s hefty investment in West Palm Beach. “It shows the interest. It shows the bullishness on South Florida office,” he said. He said the value of an office was “not going to go away,” but conceded that remote work would likely increase, even post-pandemic. A tale of two marketsLevine Kellogg is taking a hard look at shrinking its 15,000-square-foot office as the lease expires next summer. Attorneys successfully collaborate and work remotely and their productivity is off the charts, according to founding partner Jeffrey Schneider. The firm has yet to find its new Miami office, but the space will have several offices that any attorney can use if he or she wants to work there for a day. “A number of our lawyers are working remotely now and couldn’t be happier,” Schneider said. “I never would have thought five years ago that we would be leaning towards a hybrid model in which attorneys can work from home and use the office when they need to.”On the other hand, Meland Budwick wants everyone back as soon as it’s safe, and the law firm wants to expand its 14,000-square-foot office to accommodate growth after hiring six attorneys over the past year. The best results come when people are under one roof most of the time, co-founding partner Mark Meland said. “When they are walking by the office and are bouncing ideas off each other,” he added, “that’s where the real magic happens.”Contact Lidia Dinkova Message*center_img 360 RosemaryBroward CountyCBRECitigroup CenterColliersJLLMiami-Dade CountyOne FlaglerPhillips PointSoutheast Financial Center Tags Full Name*last_img read more

Self-storage company buys dev site from Home Depot

first_img Email Address* Anthony Hu’s Eastern Star Development landed a $33 million construction loan for its 67,800-square-foot, mixed-use building at 300 West 30th Street in Chelsea. The lender is Cathay Bank. The development had nearly topped out in January, according to New York Yimby. It replaced the Riff Hotel, which Eastern Star purchased in 2018 for $27.5 million.Contact Orion Jones Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink Message* Hotel MarketInvestment SalesQueens Full Name* 135-25 Northern Boulevard and 300 West 30th Street (Google Maps, Studio C Architects)A self-storage company bought a Queens development site from Home Depot and landed a construction loan for a planned complex there.That purchase, along with a separate medical office building in Queens that a hotel firm bought, were the only mid-market investment sales recorded in the city last week. Mid-market deals are each between $10 million and $30 million.The total added up to $29.25 million, below the prior week’s $46 million, which was spread across three deals.Developers of a 16-story condo building in Chelsea also landed a $33 million construction loan last week.Here are more details for the week ending April 16.ADVERTISEMENTCalifornia-based self-storage firm InSite purchased a 31,500-square-foot parcel adjacent to 58-80 Borden Avenue in Maspeth for $18 million. The seller was Home Depot USA. Charles Brown signed for the buyer. InSite also secured a $25.8 million construction loan from Valley National Bank.An affiliate of the McSam Hotel Group, limited liability company Main & Northern Partners, purchased a 28,700-square-foot medical office building from 135-25 Northern Boulevard in Flushing for $11.25 million. The seller was DW Commercial Real Estate. Ken Huang signed for the buyer. It was significantly less than the property’s $19 million purchase price in 2017.Read moreBulk condo deal leads Manhattan’s mid-market i-sales Manhattan, Elmhurst notch $83M in mid-market sales Harlem and Park Slope apartment buildings lead mid-market sales Tagslast_img read more

The fine structure of an algal mat from a freshwater maritime antarctic lake

first_imgThe three-dimensional microstructure of Tolypothrix mats from the bottom of a maritime antarctic lake of Signy Island, South Orkneys, was examined. Samples from mats at two depths, 4 and 6 m, within the lake were taken by scuba divers and frozen (−80 °C) in March 1987. The samples were freeze-fractured and examined by ambient and low temperature scanning electron microscopy (LTSEM). The mats shared a similar structure consisting of a compact lower zone of prostrate filaments and an upper zone of loose vertical filaments. An outer layer of extremely loose spreading filaments was only found by LTSEM, leading to the conclusion that some collapse of the mat structure occurred during dehydration for ambient SEM. Fine detail of the mat matrix such as the attachment of epiphytes and associated microfauna to the filaments was often obscured by mucilage. Fast-particle etching was used to remove this mucilage and also the organic coat that covers uncleaned diatoms, thereby allowing the identification of attached cells in situ. A variety of attachment strategies were observed although sessile forms were most common. Further fast-particle etching of the epiphytic diatom assemblages revealed that many of the attached diatoms were devoid of cell contents. Together with the epiphytic diatoms a variety of microfauna were identified, both incorporated within the mat and on the mat surface. The implications of these observations are discussed.last_img read more

Lipids, trophic relationships, and biodiversity in Arctic and Antarctic krill

first_imgEnvironmental seasonality is a critical factor in structuring polar marine ecosystems. The extensive data now available on the lipids of Arctic and Antarctic euphausiids show that all species are characterised by a seasonally high lipid content. and neutral lipids. whether wax esters or triacylglycerols, are primarily accumulated for reproduction. The Arctic Thysanoessa inermis and the Antarctic Euphausia crystallorophias contain high levels of wax esters and higher concentrations of 18:4(n-3) and 20:5(n-3) and a lower ratio of 18:1(n-9)/(n-7) fatty acids in their neutral lipids than the Arctic Thysanoessa raschii and the Antarctic Thysanoessa macrura and Euphausia superba. Large amounts of phytol in the lipids of T. raschii and E. crystallorophias during winter suggest the ingestion of decaying algae originating in sedimenting material or in sea ice. Thysanoessa raschii, T. macrura, and E. superba have a high ratio of 18:1(n-9)/(n-7) fatty acids, indicating animal carnivory. We conclude that T. inermis and E. crystallorophias are true high polar herbivores. while T. raschii. T. macrura. and E. superba are omnivores with a more boreal distribution. The Arctic species Thysanoessa longicaudata and Meganyctiphanes norvegica are carnivores feeding on Calanus, as indicated by high amounts of 20:1(n-9) and 22:1(n-11) fatty acids.last_img read more

A Carboniferous necrophagous myodocopid ostracod from Derbyshire, England

first_imgA monospecific population of cypridinid ostracods (Myodocopida) has been recovered from an ammonoid-bearing concretion of Namurian (Kindescoutian, R1a-b) age in the Bowland Shale Formation of Central England. These deposits represent sedimentation on the northern margin of a Carboniferous marine basin, the WNW-ESE orientated Widmerpool Gulf, where water depth probably exceeded 100 m. The ostracods occur in close association with the cranium of a shark (Orodus), on which they had most likely been scavenging. The sark carcass apparently formed a refuge to which the ostracods were restricted: they do not occur elsewhere within the concretion or surrounding strata. Adults and possibly as many as six moult stages are present so that the assemblage represents the original conspecific ostracod biocoenosis. The carapace morphology of this myodocopid ostracod. Eocypridina carsingtonensis sp. nov., is described and compared with related taxa. It is the oldest known myodocope to provide firm evidence of traces of an integumental circulatory system, present in positive relief on internal moulds as a series of anastomosing sinuses radiating away from the adductor muscle scar area, and comparable with modern cypridinids such as Vargula.last_img read more

Asymmetry in the interhemispheric planetary wave-tide link between the two hemispheres

first_imgThis study assesses the relation between the year-to-year variability of the semidiurnal tides (SDT) observed at high latitudes of both hemispheres and the global stratospheric stationary planetary wave (SPW) with zonal wavenumber S=1 (SPW1) derived from the UKMO temperature data. No significant positive correlation can be identified between the interannual variability of the Northern Hemisphere (NH) SDT and the Southern Hemisphere (SH) SPW1 for austral late-winter months. In contrast, a good consistency is evident for the interannual variations between the SDT observed at Rothera (68°S, 68°W) and the Arctic SPW1 for NH mid-winter months. Since it has been observed that during austral summer the non-migrating SDT often plays a significant role at the latitude of Rothera, a physical link between the SH SDT and the NH SPW is suggested. This asymmetry in the interhemispheric link is also noted in a recent study.last_img read more

U–Pb ion-microprobe zircon geochronology from the basement inliers of eastern Graham Land, Antarctic Peninsula

first_imgNew geological mapping combined with U–Pb ion microprobe zircon geochronology on the isolated but locally extensive exposures of crystalline basement inliers of eastern Graham Land has greatly improved our understanding of the region’s early crustal evolution and has allowed a more thorough evaluation of Patagonia–Antarctic Peninsula connections prior to Gondwana break-up. At Eden Glacier, diorite gneisses yield Early Ordovician protolith ages of 487 ± 3 and 485 ± 3 Ma and represent the oldest in situ rocks recorded on the Antarctic Peninsula, and indicate a significant spatial extension of Famatinian-age magmatism of Patagonia. Zircon overgrowths in the Early Ordovician protoliths and granitic leucosomes developed within them record two phases of Permian metamorphism at c. 275 and c. 257 Ma, coincident in part with diorite plutonism of the area at 272 ± 2 Ma. At Adie Inlet, granitic leucosomes from paragneiss have been dated at 276 ± 3 Ma, and these are in turn cut by 257 ± 3 Ma xenolith-rich diorite gneiss. The diorite intruded during a second phase of deformation, which folded the paragneiss leucosomes into tight folds. This whole assembly is cut by intensely brecciated megacrystic granodiorite, which yielded a 259 ± 3 Ma age. South of Cabinet Inlet a very different sequence of events is evident, with Triassic magmatism at c. 236 Ma extensive along the Joerg Peninsula. Migmatitic leucosomes are dated at c. 224 Ma and magmatism and deformation events apparently continued to c. 209 Ma at Cape Casey. Our data indicate that the Devonian and Carboniferous magmatism at Target Hill, considered to represent the ‘classic’ basement complex of the Antarctic Peninsula, is not representative regionally. The Target Hill crustal block contains a major break along Cabinet Inlet; to the north, Ordovician and Permian protoliths were variably migmatized during two episodes of Permian deformation and metamorphism, whereas to the south, Triassic protoliths and Triassic metamorphism are encountered.last_img read more

Evaluation of non-native species policy development and implementation within the Antarctic Treaty area

first_imgAntarctic non-native species legislation is contained within the Protocol on Environmental Protection to the Antarctic Treaty, with 2016 marking the 25th anniversary of its adoption. We take this opportunity to evaluate the Antarctic Treaty signatory Parties’ collective development and implementation of non-native species policy. In general, scientific and policy outputs have increased in the past decade. However, data detailing Parties’ current implementation of biosecurity practices are not readily available. Little widespread, internationally coordinated or systematic monitoring of non-native species establishment has occurred, but available data suggest that establishment of non-native micro-invertebrates may be greatly underestimated. Several recent small-scale plant eradications have been successful, although larger-scale eradications present a greater challenge due to seed bank formation. Invertebrate establishment within research station buildings presents an increasing problem, with mixed eradication success to date. The opportunity now exists to build on earlier successes, such as the ‘CEP Non-native Species Manual’, towards the development of a comprehensive response strategy based upon the principles of prevention, monitoring and response, and applicable to all Antarctic environments. To help facilitate this we identify areas requiring further research and policy development, such as to reduce anthropogenic transfer of indigenous Antarctic species between distinct biogeographic regions, avoid microbial contamination of pristine areas and limit introduction of non-native marine species. A response protocol is proposed for use following the discovery of a potential non-native species within the Antarctica Treaty area, which includes recommendations concerning Parties’ initial response and any subsequent eradication or control measures.last_img read more

Salt-enrichment impact on biomass production in a natural population of peatland dwelling Arcellinida and Euglyphida (testate amoebae)

first_imgUnicellular free-living microbial eukaryotes of the order Arcellinida (Tubulinea; Amoebozoa) and Euglyphida (Cercozoa; SAR), commonly termed testate amoebae, colonise almost every freshwater ecosystem on Earth. Patterns in the distribution and productivity of these organisms are strongly linked to abiotic conditions—particularly moisture availability and temperature—however, the ecological impacts of changes in salinity remain poorly documented. Here, we examine how variable salt concentrations affect a natural community of Arcellinida and Euglyphida on a freshwater sub-Antarctic peatland. We principally report that deposition of wind-blown oceanic salt-spray aerosols onto the peatland surface corresponds to a strong reduction in biomass and to an alteration in the taxonomic composition of communities in favour of generalist taxa. Our results suggest novel applications of this response as a sensitive tool to monitor salinisation of coastal soils and to detect salinity changes within peatland palaeoclimate archives. Specifically, we suggest that these relationships could be used to reconstruct millennial scale variability in salt-spray deposition—a proxy for changes in wind-conditions—from sub-fossil communities of Arcellinida and Euglyphida preserved in exposed coastal peatlands.last_img read more