CIM Group Taps $556M in Muni Bonds for $4.2B Atlanta Megaproject

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Good morning. A $4.2 billion transformation of Atlanta's Gulch area into a vibrant mixed-use development is gaining momentum as CIM Group taps into the municipal bond market for financing.

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Market Snapshot

municipal-bond market

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• Renters reign: According to Realtor.com, renting is now financially more advantageous than buying in all 50 major US metros, with a 61.3% premium on average.

• Rent reductions: So far in 2024, all apartment unit sizes are seeing their first annual decline in asking rent since 2020, with the national median at $1,647.

• Industry evolution: Brokerages are facing industry-altering changes as NAR is set to introduce its new rules on August 17th, impacting buyer agreements and commission structures nationwide.

• Profitable healthcare: UCHealth purchased 11 Colorado healthcare facilities from Medical Properties Trust (MPW) for $86M, initially funded at $64M.

• Listing rivalries: Homes.com now claims the No. 2 spot among major US listing platforms, with 148M monthly visitors, trailing Zillow's (ZW) 230M monthly users.

• Driving decisions: The NYC City Council approved a bold Bronx rezoning plan, aiming for 7K units, including 1.7K affordable ones, with parking mandates cutting out 582 planned units.

• Unlocking Class A: In a recent webinar, Ashcroft Capital’s Travis Watts broke down a multifamily value-add investment that avoids a major renovation scope but still captures premium rents. 

• Teacher struggle: Miami is the toughest city in the country for teachers to afford housing. On average, they can only afford 0.2% of apartments nearby.

• Multifamily moves: Reap Capital takes Dallas by storm with a trio of foreclosure acquisitions direct from lenders and grows their DFW portfolio to 1,616 units. (sponsored)

• Oceanfront luxury: Multiplan's Ocean House in Surfside, FL, will have 25 units starting at $5M, penthouses ranging from $50M–$60M, and a total sellout estimate of $300M+.

• Affordable mandate: Costa Mesa is mandating 4–10% affordable housing units in developments of 50+ apartments, or developers can pay an in-lieu fee of $10 PSF.

• Taller redwoods: R&M Properties is planning a 310-foot, 28-story senior highrise in Redwood City, which will be the second tallest in San Mateo County.

• Innovation sold: In a $81.5M deal, the Silicon Valley Innovation Hub in San Jose was fully leased to Merck (MRK) and sold to Klein Investments.

• Industrial innovation: MDH Partners acquired a 249 KSF industrial property in Buckeye, AZ, for $51M, with tenants including the City of Buckeye.

• Major expansion: EQT Exeter spent $151M in cash on 822.4 KSF of industrial properties in Phoenix, averaging $184 PSF.

• Delightful data: JK Land Holdings bought a Virginia site for $60M and plans to build a 360 KSF data center with office and industrial space.

• Retail reinvention: Lincoln Property Co. has invested in Centennial, a national retail real estate owner, to accelerate national expansion.

• Maxxed out: The T.J. Maxx-anchored 1 North State Street shopping center in Chicago has lost 80% of its value and is heading to foreclosure auction.

• Scientific seaport: Eli Lilly opened the Lilly Seaport Innovation Center in Boston with 346 KSF for RNA/DNA therapies and diabetes research.

• Lending joint venture: Deutsche Bank (DB) and Wells Fargo (WFC) provided a $75M fixed-rate loan with 6.62% interest for a Culver City office-retail center.

• Boston bungle: Boston-based landlord Beacon Capital Partners may default on a $370M loan for Chicago's 330 North Wabash skyscraper.

• Discount Hollywood: MetLife (MET) and Loews (L) listed the Loews Hollywood Hotel for sale at $125M, $40M lower than its 2012 purchase price.

📈 CHART OF THE DAY