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People and Property: Real Estate and Construction News Roundup

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Shown from left at the opening of NBT Bank’s new Concord retail banking office at 118 N. Main St. in Concord are: Greater Concord Chamber of Commerce Ambassador Rebecca Bunyard; Concord Mayor Jim Bouley; New England NBT President Stephen Lubelczyk; Concord Branch Manager Karen Waters; Relationship banker Kim Gray; Senior Business Banking Officer Marilyn Charbonneau, Retail Market Manager Amanda Bruno; Chamber President Tim Sink; and Ambassador to Chamber Warren Jurovaty.

Dartmouth-Hitchcock Health Cock A topping-out ceremony was held on June 18 to celebrate the installation of one of the final beams in the construction of its 5-story, 5-story patient pavilion at Dartmouth-Hitchcock Medical Center, Lebanon. Construction started in July 2020, the expected completion date in early 2023.

The HL Turner Group has added three new professionals to its team of architects and engineers: Wafaa Aly, who specializes in complex projects and three-dimensional design, joins the company as lead project architect; Michael Anderson, joins the structural engineering team as a project engineer; David Vaccaro has been hired as a project designer.

Construction of the north branch, Concord, has completed the renovation of six buildings and the construction of a new community building in the Village at Crafts Hill in western Lebanon. The project involved the refurbishment of six buildings with a total area of ​​85,000 square meters, including the public areas and the majority of the individual apartments. The renovations included the improvement of the building envelope, the replacement of windows and doors, the energy-related modernization, the modernization of the heating and ventilation systems as well as the electrical modernization. Work with Studio Nexus Architects, North Branch also designed a 950 square foot community building.

Construction company based in Maine Cianbro Corp. delivered one of the first large pieces of a new contract – after floating the 5,000 ton concrete structure 80 miles along the Maine coast. The company is working on a $ 158 million dry dock modernization project at the Portsmouth Naval Shipyard in Kittery. The contract awarded in November 2019 provides for Cianbro to build a “super flood basin” and a new gantry crane system in dry dock No. 1 of the shipyard.

The White Mountain Rotary recently welcomed Julie Cooney, Property Manager at Hallkeen Management, the newest member.

Blooming blinds, a window treatment franchisor, has opened its first New Hampshire franchise in Dover as part of its expansion efforts across the East Coast. The company, which offers the sale, installation, and repair of window treatments, plans to bring at least five new franchisees into the state over the next three to five years.

Roche Realty Group and Brook Hill Holdings announced that work has begun on the Brook Hill property in Meredith, a 70-unit townhouse community on Route 3 Meredith. The new homes will have over 2,200 square feet of living space and several luxury features including granite countertops, hardwood floors, stainless steel appliances, high-end lighting, and sunrooms.

Upper Connecticut Valley Hospital will be holding his summer retreat in 2021 in July The Balsams Resorts historic Hale house. Earlier this year, The Balsams announced that it would be making its property available for weddings and private parties for the first time in a decade. While the resort is currently not open to the public, Hale House, Captains Cottage, and the renovated Tillotson House are available for private rentals for special events.

Camille Madden, President of Manchester HarborOne Mortgage, was named one of the “Powerful Women of Mortgage Banking” in 2021 by Mortgage Banker. Madden, who has more than two decades of residential real estate lending experience, has overseen the company’s growing portfolio and has been instrumental in driving mortgage lending revenues to $ 31.9 million in 2020 Mortgage Bankers and Brokers Association of New Hampshire, YMCA Downtown Manchester, Palace Theater and the Algonquin Tennis Center.

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The Vatican revealed its real estate portfolio for the first time—and it includes over 5,000 properties around the world

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VATICAN CITY (CNS) – On the eve of a lawsuit for financial misconduct related to the Vatican’s purchase of a property in London, the office that manages most of the Vatican’s investment portfolio, including real estate, has published a summary of its annual budget for the first time.

The Holy See Heritage Administration, known by the Italian initials APSA, published its budget summary on July 24th, and its President, Bishop Nunzio Galantino, described it as “a step forward towards transparency and sharing”.

APSA directly manages 4,051 properties in Italy and hires outside companies to manage around 1,200 properties in London, Paris, Geneva and Lausanne, Switzerland, the report says.

However, the office was not involved in the London real estate deal that led to the indictment of 10 people, including Cardinal Angelo Becciu, former Prefect of the Congregation for the Cause of Saints, for embezzlement, money laundering and abuse of office.

The trial, which was scheduled to begin on July 27, revolves around a Vatican investigation into which the foreign secretariat used $ 200 million to fund a real estate development project in London’s posh Chelsea neighborhood and incurred millions of dollars in debt.

According to the indictment, the failed real estate deal resulted in significant losses to the Vatican’s finances, including from funds earmarked for the Holy Father’s personal charitable works, particularly funds from the Peter’s Pence Collection.

The budget summary gave an insight into the Vatican’s investments and real estate holdings, often shrouded in mystery and the subject of much speculation.

Towards the end of the investigation, Pope Francis ordered the State Secretariat to transfer control of its financial assets to the APSA.

“The State Secretariat, which most closely and directly supports the activity of the Supreme Pope in his mission and represents an essential point of reference for the activity of the Roman Curia, should not perform the functions already assigned by competence in other dicasteries in economic and financial matters”, wrote the Pope in December.

The APSA budget synthesis has highlighted the challenges of the COVID-19 pandemic. In fiscal 2020, APSA posted a profit of nearly 22 million euros ($ 25.8 million), a significant decrease from its profit of 73.21 million euros ($ 86.3 million) in 2019.

Bishop Galantino, who was elected by the Pope to lead the office in 2018, told Vatican News that despite heavy losses due to lockdowns during the year, “immediate and concrete attention” has been given to the people, and especially commercial companies, occupying buildings or managed by APSA.

“In documented cases, we have given them the opportunity to benefit from a rent reduction and to defer part of the rent themselves,” he said.

While the cut or postponement of rent payments contributed to the loss of income for the year, the Italian bishop said the decision was “a positive outcome in the sense that it expressed a will to be and remain and yourself as the Church to behave. ‘even in a moment of severe crisis for everyone. “

“I have a secret hope: I hope that publishing and reading the numbers will lead to more correct and complete information.”

The APSA’s budget summary also provided insight into the Vatican’s investments and real estate holdings, often shrouded in mystery and the subject of much speculation.

“I have a secret hope: I hope that the publication and reading of the numbers and the important accompanying notes will help to provide more correct and complete information,” said Bishop Galantino.

More importantly, it tells how real estate income is used or allocated.

For example, the budget summary states that market rents collected from “prestigious properties” in Paris and London enabled the APSA to offer the papal almsgiver’s office rent-free use of Palazzo Migliori, a four-story building that is only one A stone’s throw from St. away. St. Peter’s Basilica.

Once the residence of Roman nobles, the 19th century building has been converted into a lodging, day center and soup kitchen for the poor, managed by the Community of Sant’Edigio, a Rome-based lay movement that already has soup kitchens and a variety of Programs for the poor in the city.

In addition, Bishop Galantino told Vatican News that the purchase of a property near the famous Arc de Triomphe in Paris in 2017 for an estimated 14.4 million euros was made by the Vatican “to increase revenue for the Holy See and at the same time resources to invest in the construction of a church and a Catholic school in a poor Parisian neighborhood.

For Bishop Galantino, the purpose of releasing the budget is to promote “a new culture” of financial responsibility.

However, not all properties owned by the Vatican are sprawling buildings in swanky neighborhoods.

The APSA stocks include arable land that almost exclusively grows grain and wheat, which the animals are fed on the papal farm in Castel Gandolfo, the bishop said.

The agricultural company that oversees the arable land also participates in agricultural conservation programs “aimed at limiting and reducing soil erosion”.

APSA, he said, will complete a census of their land wealth by the end of summer 2021, followed by analysis and policy proposals “to improve their relative income performance”.

Nevertheless, for Bishop Galantino, the release of the budget and the continuation of financial reforms are about more than the order of the Vatican’s finances; The main aim is to “promote a new culture” of fiscal responsibility.

“This requires the definition of new procedures that ensure increasingly correct and transparent management models (which are) easily comprehensible and open to any oversight,” he said. “We’re still working on that. But we are on the right track. “

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Slate Asset Management Announces Final Close of Slate Real Estate Capital I to Complete US$2.33 Billion Portfolio and Platform Acquisition from Annaly Capital Management, Inc.

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CHICAGO–(BUSINESS WIRE) – Slate Asset Management (“Slate”), a global real estate alternative investment platform, today announced the final closing of Slate Real Estate Capital I (“SREC I”). SREC I also today closed the first closing on the previously announced $ 2.33 billion acquisition of the commercial real estate business of Annaly Capital Management, Inc. (“the Acquisition” or “the Transaction”). The portion of the portfolio acquired from Slate Grocery REIT (TSX: SGR.UN / SGR.U) is still pending and is expected to close in the third quarter of 2021.

SREC I is Slate’s first debt-focused investment vehicle. The fund was oversubscribed with debt commitments from a global group of new and existing institutional investors, including a preferred equity investment from Goldman Sachs Asset Management’s Vintage and Vintage Real Estate Partners Funds. This investment builds on Slate’s existing partnership with Goldman Sachs Asset Management.

“Our primary focus at Slate is creating long-term value for our investors and we are excited to deepen and expand our relationships with valued partners such as Goldman Sachs Asset Management and other global institutional investors,” said Blair Welch, co-founding partner by Slate. “With the initial completion of this transaction, our platform and our team are now geared to exploiting convincing and creative investment opportunities across the entire capital stock.”

“By leveraging size and deep underwriting skills, Slate and the Vintage Funds have been able to structure a multi-faceted investment and acquire a high quality portfolio of real estate credit positions that combines downside protection and attractive return potential,” said Sean Brenan, Managing Director, Goldman Sachs Asset Management.

The acquisition will further expand Slate’s investment capacity and enable the company to offer bridging and transition loans, acquisitions of existing loans, investments in debt and flexible liquidity solutions for strong sponsors and assets.

Slate welcomes a group of new team members as part of the transaction and has hired additional professionals to ensure a seamless transition of the portfolio. Team members will join Slate’s offices in Chicago, New York, Dallas and Los Angeles.

BMO Capital Markets acted as financial advisor and Goodwin Procter LLP and McCarthy Tétrault LLP acted as legal advisor to Slate during the transaction.

About Slate Asset Management

Slate Asset Management is a global alternative investment platform with a focus on real estate. We focus on fundamentals with the aim of creating long-term value for our investors and partners. Slate’s platform offers a range of investment strategies including opportunistic, value-adding, core plus and leverage investments. We are supported by exceptional people and flexible capital that enable us to create and implement a wide range of compelling investment opportunities. Visit slateam.com to learn more.

About Goldman Sachs Asset Management Vintage Funds

By bringing together traditional and alternative investments, Goldman Sachs Asset Management offers clients around the world a committed partnership and focus on long-term performance. As the primary investment division within Goldman Sachs (NYSE: GS), we provide investment and advisory services to the world’s leading institutions, financial advisors and individuals, drawing on our deeply connected global network and tailored expert insights in all regions and markets over 2 trillion US dollars in assets regulated worldwide as of March 31, 2021. Driven by the passion for our customers’ performance, we strive to build long-term relationships based on conviction, sustainable results and mutual success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate and infrastructure. Founded in 1998, the Vintage Funds within Goldman Sachs Asset Management have been innovators in the secondary market and have invested over $ 40 billion since their inception. The Vintage Funds offer private market investors and managers worldwide liquidity, capital and partner solutions through private equity strategies. Follow us on LinkedIn.

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hot for sellers, tough for buyers

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CINCINNATI – The housing market is hot in the United States. And Cincinnati is no different.

It’s great for those looking to sell their home. But a challenge for anyone trying to buy one.

What you need to know

  • The real estate market in the greater Cincinnati area is one of the hottest in the country.
  • In June, listed houses were only on the market for nine days. The average sales prices have increased by 18.4% compared to the previous year.
  • Real estate agent Bob Dorger says it is a seller’s market.
  • Some sellers are willing to take the risk to take advantage of prices at the high end of the market.

“It’s definitely a sellers market. It can be a little frustrating to be a buyer due to limited inventory,” said Bob Dorger, owner of The Dorger Difference, a Cincinnati-based real estate agency affiliated with Comey & Shepherd Realtors.

Data released Thursday by Ohio Realtors shows sales in Cincinnati are up 10.9% year over year.

Cincinnati home sales for June 2021 (provided by Comey & Shepherd Realtors)

“We’re seeing entry level, moving and luxury properties all selling very quickly in the greater Cincinnati area, especially when a home is turnkey and ready to move in,” said Dorger.

According to Comey & Shepherd, listed homes in the greater Cincinnati area were on the market for an average of nine days last month. Compared to 23 days at that time last year.

Some sell before they’re even listed.

“In a typical market, houses sell in 30 to 60 days, so nine days gives you a barometer of how competitive the situation is. That’s why people have to be so strong with their offers,” Dorger said.

Comey & Shepherd said the average retail price for Greater Cincinnati was $ 301,969 in June. The average retail price last year was $ 254,152.

Sales prices for the year are up 18.4%, according to Ohio Realtors.

“This is a crazy market,” said Dorger. “We have never seen anything like it. There are many different factors – the pandemic, low interest rates, limited inventory. The perfect storm, so to speak, if you will. “

Selling a house

Mark Slaughter said he and his wife were already considering selling their Maineville, Ohio home. The prospect of a substantial return on their home investment provided the added incentive they needed.

“We knew what the market was like so we decided to sell the house,” he said. “Two people on my street made a profit of $ 100,000 and I wanted to do the same.”

It wasn’t long before they cashed in.

“Our house went to market at 3pm on Wednesday and at 3:30 pm people asked if we could go because they wanted to come over to see it,” Slaughter said.

The couple had seven or eight potential buyers the next day.

“By Thursday night we had four offers, two of which were cash and we accepted one of the cash offers,” Slaughter said.

Curtis Bailey, financial advisor at Quiet Wealth Management, said financial considerations shouldn’t be the only motivating factor behind a sale.

“I wouldn’t encourage people to sell just because the market is hot,” he said. “They have to live somewhere, and to take advantage of it they may have to live in an area they’d rather not want. However, I wouldn’t be surprised if property prices are higher in the next five to ten years.”

Buy a house

The interest rates are below 3%, which makes it an attractive time to buy. But a lack of available homes and condos can make it difficult for a buyer to find what they want.

Mark Slaughter tours a house with his wife (Image credit: Mark Slaughter)

Mark Slaughter tours a house with his wife (Image credit: Mark Slaughter)

One number that real estate agents like to look at is the months of the listing. That is the time it would take to sell all of the homes in the market at the current price if there was no new inventory.

Dorger said during a “normal, even market”, supply would take about six months. Right now it’s less than a month.

That’s part of what is driving the price hike. It has also led to bidding wars.

The Slaughters are in their fifth week of housing hunting. You’ve looked around Anderson Township, Liberty Township, West Chester, and a few other Greater Cincinnati suburbs.

So far, they have made offers for three properties, each of which is above the asking price. They were outbid every time.

Their most recent disappointment came on Friday when they deposited the check on their home sale.

“I woke up and went to three houses with my wife. We found one we fell in love with, “Slaughter said.” We made an offer, went to the broker to close our house and then put the check on the bank. Around 2 p.m. we were told: ‘No, you didn’t get the other house.’ “

Slaughter said they turned down two separate offers for a home.

“We offered and didn’t get $ 30,000,” he recalls. “That sale failed after the inspection. We told them that if they did a few repairs we would make them the same offer. But they refused that too.”

Bailey said people who want to buy need to take into account that prices are near the top of the market. So if you’re not planning on living in the house for five to ten years, maybe now is the time to consider holding back.

Slaughter said he was a little nervous about the overpayment. But he’s more concerned with finding the house that best suits his family’s needs.

At 51, he doesn’t want to move and “go through this over and over again,” he said.

“Buyer fatigue”

Slaughter said his agent Debra Ayers at Coldwell Banker Realty was great. They have been working together for more than a decade.

But he feels like he’s “bumping into a wall a bit”.

Bob Dorger, The Dorger Difference (provided)

Bob Dorger, The Dorger Difference (provided)

“I was free eight of the last 10 days, getting up at 7:00 a.m. each day to see the houses until 2 or 3 p.m. It was worse than work, “said Slaughter.

He and his wife will be visiting more homes this weekend. But planning ahead can be tricky as things change quickly.

Slaughter jokingly compared it to trying to find toilet paper last year.

“Every day we get a list of about eight houses that we will see the next day with our agent, but by the time we wake up this list will be reduced to five because three have closed overnight or are pending. It happens every day, ”he said.

The closure of the former Slaughters’ home took place on Friday. You have to move out by August 23rd. The couple knew that finding a home could be challenging and that they might need to find a short term rental.

They’ll do that if they can’t find anything in the next few weeks.

“We’re seeing a little buyer fatigue right now. We have buyers who tried to buy four, five, six houses and lost,” said Dorger. “Making the mental decision to buy a house is not an easy one.

Dorger said some buyers will “pause” their searches until fall or perhaps early next year when more inventory is expected.

A return to more traditional sales patterns is a “good thing,” he said.

“The current market is unsustainable, but I think we’re starting to see patterns that show we’re moving towards 2019 and pre-pandemic numbers,” Dorger said. “But I think it will be a strong second half of the year and we see 2022 strong as well. We don’t see it cooling off much anytime soon.”

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