REAL ESTATE FINANCE ASSOCIATION OF CONNECTICUT summer newsletter 2016.pdf · Mike Riccio, Susan...

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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

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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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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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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 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 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

[email protected]

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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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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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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]

mailto:[email protected]

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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

[email protected].

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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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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 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:

http://www.refact.org/sponsor.html

REAL ESTATE FINANCE ASSOCIATION OF CONNECTICUT summer newsletter 2016.pdf · Mike Riccio, Susan...

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