Latest news with #TheRealDeal
Yahoo
20-05-2025
- Business
- Yahoo
'They're pushing the eject button': Related unloads monster rent-stabilized portfolio for $192M — another loss
If there are rent-stabilized deals you want off your books, who you gonna call? Peter Hungerford. The head of PH Realty Capital, and possibly the city's most prolific rent-regulated buyer of late, teamed with Rockledge CRE to close on another monster portfolio last week, Hungerford told The Real Deal. The deal, which comprises over 2,000 units spread across five neighborhoods in the Northern Bronx, is the latest sale by Related Fund Management, which has been grinding to cut its exposure to the troubled asset class. At $192.5 million, the purchase price represents a 24 percent discount to the $253 million Related paid in 2014, according to property records. The megalandlord was aiming to break when it started shopping the 34-building portfolio in 2023, GlobeSt. reported. Related's appetite for loss, particularly after spending $30 million on renovations, is just the latest indicator that owners and lenders are desperate to ditch their rent-regulated holdings after the 2019 rent law blocked any path to profit. The legislation effectively capped building revenues for nearly six years. Meanwhile, expenses have surged, arrears mounted and interest rates jumped, dragging more owners underwater. It's a nightmare many landlords just want to end — regardless of the loss. Until recently, Related Fund Management was quietly ditching rent-stabilized deals. As of January, the firm or its affiliates — Related Companies, for example — had shed about two dozen assets over the past few years, a Crain's analysis found. In April, it upped the ante, letting five go for $18 million, or 45 percent of what it paid in 2015. 'They're pushing the eject button,' Hungerford said. 'They don't want to deal with the asset class anymore.' A spokesperson for Related Fund Management did not comment. Hungerford, meanwhile, has been busy picking up those discards. Last year, his firm teamed with Rockledge, Alma Realty and an unnamed pension fund on a $180 million deal for 1,300 units. Sentinel Real Estate sold the portfolio for 40 percent of what it paid before the rent law passed. PH Realty has also been feasting on the sector's distressed debt. In another partnership with Rockledge, it paid PIMCO 45 cents on the dollar for a $61 million loan book backed by six rent-regulated buildings in the Bronx. And Hungerford is hungry for more. As values keep dropping and lenders scramble to offload bad loans, the principal said the rent-regulated market is increasingly swinging in buyers' favor. 'There are a lot more sellers with the same number or virtually no buyers,' Hungerford said. The lack of interest stems from the industry's thesis that rent-regulated assets will remain in decline: Unless Albany amends the law to let owners raise rents when a tenant vacates, for example, landlords won't be able to pull the revenue needed to keep buildings above water. Hugerford's proposition: at a low enough basis, the buildings have upside, particularly if they're in as good of shape as he describes the Related portfolio to be. 'I think we're pretty much the only folks making this bet right now,' he said. Related keeps offloading rent-stabilized properties at steep losses PH Realty takes Sentinel for all the rent-stabilized it's got Rent-stabilized portfolio in contract for $180M — a 40% discount This article originally appeared on The Real Deal. Click here to read the full story.
Yahoo
19-05-2025
- Entertainment
- Yahoo
George Strait Surprises Dairy Queen Worker in Viral Video
The King of Country needs sweet treats too — in a new viral video, a Dairy Queen worker named Becky Gonzalez posted a photo of herself with George Strait ordering at the drive-thru of her DQ in Boerne, Texas, which is a small city in the suburbs of San Antonio. The short video is captioned "The King George Strait stopped at DQ Today." Gonzalez set the video to Strait's hit "You Look So Good in Love" and she used the hashtags #thekingofcountry, #shookmyhand and #notwashingit. Fans took to the comments to express their delight that Strait hits the DQ drive-thru just like everybody else. "Imagine his voice coming over the speaker placing an order 😳 😍," wrote one fan. Another added, "Imagine his voice coming over the speaker placing an order 😳 😍." "Imagine his voice coming over the speaker placing an order 😳 😍," wrote a third fan. Another fan chimed in with a joke about having "the KING at the Dairy QUEEN," to which Gonzalez replied, "Yessss." In a follow-up video talking about how crazy it was for her video to go viral — it has over 400,000 views as of this writing — Gonzalez said Strait could not have been nicer. "He's a really cool guy. He was ready to talk, we asked him a few things, he smiled, we shook hands and he was ready to take that selfie as you can tell in that picture, look at that smile! He's all happy," said Gonzalez. According to KNUE 101.5, Strait owns The Less Ranch in Boerne, which is a 2200-acre property featuring lakes, fields and even a cave with a natural spring inside. Strait also used to have a 12-acre hilltop property with a 7300-square-foot mansion. The property is located inside the Dominion Country Club outside of San Antonio, but The Real Deal reported in 2022 that Strait sold the property for $7 million after being on the market since 2017. Strait has definitely earned his title of "The King of Country." He has sold over 120 million albums and has 60 No. 1 hits, according to Texas Monthly.
Miami Herald
15-05-2025
- Business
- Miami Herald
Chicago residential developer now negotiating to buy the entire Lincoln Yards site, which is still mostly empty
The Chicago developer that was negotiating to buy the northern swath of the stalled Lincoln Yards megadevelopment site is now in talks to purchase the entire 53-acre tract, according to sources familiar with the deal. JDL Development's move to acquire both the northern and southern parts of the site was first reported by The Real Deal. The pair of agreements would end Sterling Bay's decade-long effort to transform the former industrial land, now mostly vacant, into a glittering, $6 billion, 14.5 million square-foot mixed-use community. Early plans by the developer called for residential and office skyscrapers nearly 600 feet tall, thousands of apartments, riverfront parks, retail, entertainment and a high-tech science hub on the southern end near North Avenue and the Chicago River. JDL's potential takeover of the full site could kickstart development on land that was once partly occupied by A. Finkl & Sons Steel, a now-demolished steel plant that moved to the Far South Side in 2014. JDL isn't talking about the potential sales, or any future plans for the site. But the company, founded by CEO Jim Letchinger in 1993, is unlikely to pursue Sterling Bay's costly vision. Sterling Bay began buying up riverfront properties between North Avenue and Webster Avenue around 10 years ago. But to create a mixed-use dense community, it would have needed to spend nearly $500 million upfront reconstructing neighborhood bridges, roads and the riverfront. According to a 2019 redevelopment agreement the developer forged with Mayor Rahm Emanuel, it would then get reimbursed through a city tax increment financing district. But potential tenants for the site, wedged between Lincoln Park and Bucktown, were scarce after the pandemic, and most of the work never got underway. Company officials also complained that the administration of former Mayor Lori Lightfoot slowed down financing approval, a charge Lightfoot vehemently denies. Sterling Bay did complete one building, an eight-story structure dedicated to life sciences that stands alone at 1229 W. Concord Place, but its 300,000 square feet of lab space has been empty since construction wrapped up in 2023. It's not clear what changes JDL may need from Lincoln Yards' original redevelopment agreement, in addition to new zoning approvals. But the crash of the office market means it's probable the company will put more focus on residential development. The company developed the Gold Coast's No. 9 Walton luxury condominium building and more recently completed the 2.2 million square-foot One Chicago in River North. Its work continues nearby on the North Union development, which will have up to 12 buildings and 3.5 million square feet of space. Sterling Bay gave up control of Lincoln Yards' northern half earlier this year to its lender Bank OZK. The Little Rock-based bank confirmed in a statement that it entered into a contract to sell the land earlier this month, but did not confirm the buyer. JP Morgan Chase is the majority equity investor for Lincoln Yards southern half, according to a Sterling Bay spokesperson, and would handle any potential sale of that portion. Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Yahoo
15-05-2025
- Business
- Yahoo
Chicago residential developer now negotiating to buy the entire Lincoln Yards site, which is still mostly empty
The Chicago developer that was negotiating to buy the northern swath of the stalled Lincoln Yards megadevelopment site is now in talks to purchase the entire 53-acre tract, according to sources familiar with the deal. JDL Development's move to acquire both the northern and southern parts of the site was first reported by The Real Deal. The pair of agreements would end Sterling Bay's decade-long effort to transform the former industrial land, now mostly vacant, into a glittering, $6 billion, 14.5 million square-foot mixed-use community. Early plans by the developer called for residential and office skyscrapers nearly 600 feet tall, thousands of apartments, riverfront parks, retail, entertainment and a high-tech science hub on the southern end near North Avenue and the Chicago River. JDL's potential takeover of the full site could kickstart development on land that was once partly occupied by A. Finkl & Sons Steel, a now-demolished steel plant that moved to the Far South Side in 2014. JDL isn't talking about the potential sales, or any future plans for the site. But the company, founded by CEO Jim Letchinger in 1993, is unlikely to pursue Sterling Bay's costly vision. Sterling Bay began buying up riverfront properties between North Avenue and Webster Avenue around 10 years ago. But to create a mixed-use dense community, it would have needed to spend nearly $500 million upfront reconstructing neighborhood bridges, roads and the riverfront. According to a 2019 redevelopment agreement the developer forged with Mayor Rahm Emanuel, it would then get reimbursed through a city tax increment financing district. But potential tenants for the site, wedged between Lincoln Park and Bucktown, were scarce after the pandemic, and most of the work never got underway. Company officials also complained that the administration of former Mayor Lori Lightfoot slowed down financing approval, a charge Lightfoot vehemently denies. Sterling Bay did complete one building, an eight-story structure dedicated to life sciences that stands alone at 1229 W. Concord Place, but its 300,000 square feet of lab space has been empty since construction wrapped up in 2023. It's not clear what changes JDL may need from Lincoln Yards' original redevelopment agreement, in addition to new zoning approvals. But the crash of the office market means it's probable the company will put more focus on residential development. The company developed the Gold Coast's No. 9 Walton luxury condominium building and more recently completed the 2.2 million square-foot One Chicago in River North. Its work continues nearby on the North Union development, which will have up to 12 buildings and 3.5 million square feet of space. Sterling Bay gave up control of Lincoln Yards' northern half earlier this year to its lender Bank OZK. The Little Rock-based bank confirmed in a statement that it entered into a contract to sell the land earlier this month, but did not confirm the buyer. JP Morgan Chase is the majority equity investor for Lincoln Yards southern half, according to a Sterling Bay spokesperson, and would handle any potential sale of that portion.
Chicago Tribune
15-05-2025
- Business
- Chicago Tribune
Chicago residential developer now negotiating to buy the entire Lincoln Yards site, which is still mostly empty
The Chicago developer that was negotiating to buy the northern swath of the stalled Lincoln Yards megadevelopment site is now in talks to purchase the entire 53-acre tract, according to sources familiar with the deal. JDL Development's move to acquire both the northern and southern parts of the site was first reported by The Real Deal. The pair of agreements would end Sterling Bay's decade-long effort to transform the former industrial land, now mostly vacant, into a glittering, $6 billion, 14.5 million square-foot mixed-use community. Early plans by the developer called for residential and office skyscrapers nearly 600 feet tall, thousands of apartments, riverfront parks, retail, entertainment and a high-tech science hub on the southern end near North Avenue and the Chicago River. JDL's potential takeover of the full site could kickstart development on land that was once partly occupied by A. Finkl & Sons Steel, a now-demolished steel plant that moved to the Far South Side in 2014. JDL isn't talking about the potential sales, or any future plans for the site. But the company, founded by CEO Jim Letchinger in 1993, is unlikely to pursue Sterling Bay's costly vision. Sterling Bay began buying up riverfront properties between North Avenue and Webster Avenue around 10 years ago. But to create a mixed-use dense community, it would have needed to spend nearly $500 million upfront reconstructing neighborhood bridges, roads and the riverfront. According to a 2019 redevelopment agreement the developer forged with Mayor Rahm Emanuel, it would then get reimbursed through a city tax increment financing district. But potential tenants for the site, wedged between Lincoln Park and Bucktown, were scarce after the pandemic, and most of the work never got underway. Company officials also complained that the administration of former Mayor Lori Lightfoot slowed down financing approval, a charge Lightfoot vehemently denies. Sterling Bay did complete one building, an eight-story structure dedicated to life sciences that stands alone at 1229 W. Concord Place, but its 300,000 square feet of lab space has been empty since construction wrapped up in 2023. It's not clear what changes JDL may need from Lincoln Yards' original redevelopment agreement, in addition to new zoning approvals. But the crash of the office market means it's probable the company will put more focus on residential development. The company developed the Gold Coast's No. 9 Walton luxury condominium building and more recently completed the 2.2 million square-foot One Chicago in River North. Its work continues nearby on the North Union development, which will have up to 12 buildings and 3.5 million square feet of space. Sterling Bay gave up control of Lincoln Yards' northern half earlier this year to its lender Bank OZK. The Little Rock-based bank confirmed in a statement that it entered into a contract to sell the land earlier this month, but did not confirm the buyer. JP Morgan Chase is the majority equity investor for Lincoln Yards southern half, according to a Sterling Bay spokesperson, and would handle any potential sale of that portion.
