Commercial/Multifamily Briefs

Michael Tucker

November 16, 2017

Blackstone and Ivanhoe Cambridge Announce Largest Private Multifamily Rooftop Solar Project
Blackstone and Ivanhoe Cambridge announced plans to implement the largest private multifamily rooftop solar project in the United States. StuyTown Property Services--the property management company that oversees Stuyvesant Town and Peter Cooper Village on Manhattan's east side--will manage the project.

The 3.8-megawatt solar energy system will span the property's 22 acres of rooftops. When completed, StuyTown will triple Manhattan's solar power generating capacity.

Renewable energy firm Onyx Renewable Partners, New York, will manage the installation process, which it expects to begin this winter and completion in 2019.

The installation will include 9,671 high-efficiency solar panels and will generate enough energy to power over 1,000 New York apartments annually. The project should offset nearly 63,000 tons of carbon dioxide emissions, comparable to removing 12,000 cars from the road for a year.

StuyTown is the largest rental apartment complex in the U.S. with more than 11,000 multifamily units in 56 buildings across 80 acres in Manhattan's East Village. It houses more than 27,000 New Yorkers and represents 1.7 percent of Manhattan's population. Ivanhoe Cambridge and Blackstone acquired the property for $5.3 billion in 2015.

CBRE Group Completes Debt-Refinancing Activities
CBRE Group, Los Angeles, entered into a new senior unsecured credit agreement that provides for a five-year $2.8 billion revolving credit facility and a five-year $750 million delayed-draw term loan facility.

Loans under the new revolver bear interest at an initial rate equal to LIBOR plus 1.0 percent with a facility fee equal to 0.15 percent. Loans under the new term loan bear interest at an initial rate equal to LIBOR plus 1.15 percent. The prior revolver had a current interest rate of LIBOR plus 0.95 percent with a facility fee of 0.20 percent and the two existing term loans had a weighted average current interest rate of LIBOR plus 1.22 percent.

The company used the proceeds from initial drawings on the term loan and revolver, together with cash on hand, to pay off existing term loans, which had a total balance outstanding of $751.9 million, as of June 30, 2017. The undrawn portions of the new term loan and revolver are available for general corporate purposes.

WoodSpring Hotels on Track to Open 21 Hotels in 2017
Extended-stay hotel company WoodSpring Hotels, Wichita, Kan., announced it remains on track to open 21 hotels this year, including 14 franchised and seven corporate-owned and -operated hotels. This brings the company's full portfolio to 235 properties nationwide.

Additionally, WoodSpring announced the company plans to open an additional 45 hotels (35 franchised, 10 corporate- owned and -operated) in 2018.

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