Resource Apartment REIT III, Inc. has purchased The Park at Kensington, an apartment community located in the prospering and growing market of Tampa, Florida. The 204-unit community features resort-style living with a multi-level pool, newly renovated clubhouse, lakeside BBQ area, and tennis court.
The prime location of The Park at Kensington offers residents access to restaurants, retailers, banks, and over 47 million square feet of office space. Being within 15-minutes of downtown Tampa, the property is surrounded by popular entertainment destinations such as Bass Pro Shops, Dave & Buster’s and Topgolf.
In 2017, the Tampa/ St. Petersburg Metropolitan Area saw an increase in opportunities for young professionals with the addition of over 35,000 jobs. The REIT strives to purchase quality apartments in high-demand areas, with surrounding amenities that renters are looking for. The Park at Kensington, with its suburban location, is in an area experiencing fast growth in infrastructure and employment opportunities.
The REIT is sponsored by Resource Real Estate, LLC, a subsidiary of C-III Capital Partners LLC. C-III Capital is a fully integrated asset management and commercial real estate services company led by Andrew Farkas.
IGY Marinas has announced that the landmark 360 building at Yacht Haven Grande has been leased to a private group including Kiran Akal, former creative consultant for Walt Disney and Warner Music writer and artist, as well as Dave Goodman, former vice president of Walt Disney Company, and Anheuser Busch Theme Park executive.
The group plans to transform the 360 building into a premier facility that is unique along the Caribbean cruise line route. The themed attraction will include elements from the rich history and culture of the US Virgin Islands, as well as some of the sought after natural resources of the area.
The project also has the support of the U.S.V.I. Department of Tourism, the Florida-Caribbean Cruise Association and IGY Marinas, founded by Andrew Farkas. The new attraction will not only contribute to the local economy, but will provide jobs in the hospitality, retail and technical sectors, and further diversify the area’s tourism offering.
The group looks forward to collaborating with essential government agencies as they make this project a highly visible symbol in the future of the region, supporting IGY’s fourteen-year commitment to economic development of the USVI.
IGY Marinas, a global marina network owned by Mr. Andrew Farkas, recently announced plans to expand to another marina in the northeast region of the United States. IGY acquired Fore Points Marina in Portland, Maine and will be opening it in 2019. When it is completed, it will have over 8,000 linear feet of dockage, with space for over 140 vessels and up to 10 mega yachts.
Tom Mukamal, CEO of IGY, commented on the expansion: “The addition of Fore Points Marina represents continued growth for the IGY network and we’re looking forward to the 2019 season with the opportunity to offer this new destination to current and future guests.”
IGY Marinas locations are known for their superior service and amenities, and the Fore Points location will be no different. It is expected to offer high-speed fueling, waste management, and a captain & crew lounge, among other amenities. The marina is also surrounded by entertainment options for boaters when they dock, including restaurants and landmarks. Downtown Portland is close by, with bars and shops for tourists to visit.
IGY Marinas is based in Fort Lauderdale, Florida, but its portfolio includes locations in over a dozen beautiful destinations around the world such as Colombia, Turks and Caicos, and Panama. For many years now, Mr. Farkas has dedicated time and resources to various philanthropic causes, and IGY Marinas has followed his lead with its “Inspire Giving Through You” campaign. The program has taken marina employees off of the docks and placed them in local communities to support charities and nonprofit organizations.
Mr. Farkas and the IGY Marinas team have created an unparalleled network of luxury marinas around the world, and the addition of Fore Points Marina will provide even more growth for the company.
IGY Marinas recently completed its annual “Giving Day”, and one of the organizations it donated its time to was The Sanctuary on 8th Street in Jacksonville, FL. IGY owns the Marina at Ortega Landing, and when the management team was looking for a cause to support, a slip holder at the marina recommended the Sanctuary, which is a nonprofit education program. Mr. Andrew Farkas leads the IGY management team as Founder & Chairman. IGY Marinas is affiliated with Island Capital Group LLC, a leading real estate services firm, of which Mr. Farkas is also Chairman and CEO.
The Sanctuary on 8th Street is a nonprofit organization that provides afterschool, summer school and homeschool programs to local students in the Jacksonville area. It is located in an aging building that was in need of repairs, so IGY Marinas’ staff volunteered to help for a day. Five staff members and nine volunteers from the marina’s boating community worked on the exterior of the building and the landscaping around it. They power-washed the building and sidewalk, repainted the front of the building, installed stained-glass in the windows, and placed fresh mulch around the trees. The project totaled nearly 100 man-hours in volunteer labor, and the marina also donated money to the organization. Nearly $3,000 went towards paint, mulch, and the windows, and they also gave a check for $500 to support the summer school program.
Mr. Farkas and the IGY Marinas leadership team have demonstrated their commitment to philanthropic causes ever since the company was founded in 2005. The IGY Community Outreach Project has helped dozens of towns such as Jacksonville by sending IGY Marinas staff members into local communities to give back for a day. IGY also created the NYC Eastern Caribbean Relief Fund to support victims of Hurricanes Irma and Maria, with a goal of raising $5 million to give to affected families. By continuing to donate to those in need, Mr. Farkas is ensuring that IGY Marinas is making a positive impact wherever it is present.
Exantas Capital Corp., formerly known as Resource Capital Corporation, recently announced the issuance of $404.9 million of non-recourse, floating rate notes. The issuance consists of notes of multiple classes rated by Moody’s Investors Service, Fitch Ratings and Kroll Bond Rating Agency (KBRA). Exantas is a real estate investment trust that is a subsidiary of C-III Capital Partners LLC. Mr. Andrew L. Farkas serves as Chairman of Exantas, and Chairman and CEO of C-III as a whole.
Exantas issued several classes of highly rated notes, including $290.5 million of Class A Notes, rated Aaa by Moody’s and AAA by Fitch Ratings and KBRA. The company also issued $39.2 million of Class B Notes, which KBRA rated AA-, and $30.2 million of class C Notes, which were rated A- by KBRA. Finally, they issued $45.0 million of Class D Notes, with a rating of BBB- from KBRA. Class E and F notes will not be offered at this time.
CEO Robert C. Lieber was happy with the CLO issuance, saying: “This transaction is more than 35% larger than its CLO issuance completed last June, which was the company’s largest post-crisis issuance at the time.” The transaction is expected to close on June 26th, 2018, but already has been received favorably and has significant demand.
Exantas Capital Corporation utilizes C-III’s expertise and resources to specifically invest in CRE credit investments. Mr. Farkas has successfully grown C-III from its founding in 2010 to a fully diversified asset management company with several subsidiaries. It manages a total of $8 billion in assets, and has resolved over $50 billion of real estate loans.