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The-Buchanan-JV-Equity-Investment.Pdf This is a confidential memorandum intended solely for your limited use and benefit in determining whether you desire to express any further interest in the financing of 160 East 48th Street (“The Buchanan” or the “Property”) This memorandum has been reviewed by representatives of Madison Realty Capital (the “Sponsor”). It contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information that prospective investors may desire. It should be noted that all financial projections are provided for general reference purposes only in that they are based on assumptions relating to the general economy, competition, and other factors beyond the control of Sponsor and, therefore, are subject to material variation. Additional information and an opportunity to inspect the Property and plans will be made available to interested and qualified investors. Neither Sponsor, Jones Lang LaSalle, nor any of their respective officers nor employees have made any representation or warranty, expressed or implied, as to the accuracy or completeness of this memorandum or any of its contents, and no legal commitments or obligations shall arise by reason of this memorandum or any of its contents. Sponsor expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to invest in the Property and/or to terminate discussions with any entity at any time with or without notice. Sponsor shall have no legal commitment or obligation to any entity reviewing this memorandum or making an offer to invest in the Property unless and until a written agreement satisfactory to Sponsor has been fully executed, delivered, and approved by Sponsor and any conditions to Sponsor’s obligations thereunder have been satisfied or waived. By receipt of this memorandum, you agree that this memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence, and that you will not disclose this memorandum or any of its contents to any other entity without the prior written authorization of Sponsor, nor will you use this memorandum or any of its contents in any fashion or manner detrimental to the interest of Sponsor or Jones Lang LaSalle. It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental factors on real estate. Jones Lang LaSalle does not conduct investigations or analyses of environmental matters and, accordingly, urges its clients to retain qualified environmental professionals to determine whether hazardous or toxic wastes or substances (such as asbestos, PCBs, and other contaminants or petrochemical products stored in underground tanks) or other undesirable materials or conditions are present at the Property and, if so, whether any health danger or other liability exists. Such substances may have been used in the construction or operation of buildings or may be present as a result of previous activities at the Property. Various laws and regulations have been enacted at the federal, state and local levels dealing with the use, storage, handling, removal, transport, and disposal of toxic or hazardous wastes and substances. Depending upon past, current, and proposed uses of the Property, it may be prudent to retain an environmental expert to conduct a site investigation and/or building inspection. If such substances exist or are contemplated to be used at the Property, special governmental approvals or permits may be required. In addition, the cost of removal and disposal of such materials may be substantial. Consequently, legal counsel and technical experts should be consulted where these substances are or may be present. No representation or warranty is being made by Sponsor or Jones Lang LaSalle with respect to the Property’s compliance with any applicable statutes, laws, ordinances, rules, regulations, requirements and/or codes (collectively, the “Laws”). It is expressly understood that it is the responsibility of any prospective investor to investigate whether or not the Property is in compliance with the Laws and such prospective investor will be relying strictly and solely upon its own inspections and examinations and the advice and counsel of its own consultants, agents, legal counsel and officers with respect to the condition of the Property and its compliance with the Laws. Disclaimer JLL 2 THE BUCHANAN NEW YORK, NY - VALUE-ADD JOINT VENTURE EQUITY OPPORTUNITY IN MANHATTAN’S MIDTOWN EAST NEIGHBORHOOD Executive Summary 5 Sponsor Overview 14 Property Overview 21 Project Overview 26 Market Overview 33 Appendix: Floor Plans 49 5 JLL, engaged as exclusive advisor to Madison Realty Capital (“MRC” or the “Sponsor”), is pleased to request proposals for $99.7 million in joint venture equity to facilitate the acquisition and repositioning of The Buchanan (the “Property”), a 16-story, 289 unit pre-war rental building that includes four office suites and approximately 13,648 square feet of prime retail space. The Property is located on Third Avenue, between 47th and 48th Street in Manhattan’s Midtown East neighborhood. Built in 1928 and owned by a family trust since 1959, the Property is a 297,703 gross square foot mixed-use complex consisting of five separate interconnected mid-rise towers surrounding a large garden courtyard. The Property contains 289 residential units, 69% of which are market rate, 25% rent stabilized, and 6% rent controlled. The unit mix consists of 31 large studios (437 square feet), 197 one bedroom units (752 square feet), 60 two bedroom units (1,205 square feet), and one three bedroom unit (1,533 square feet) with ceiling heights of approximately 9’3’’ and outdoor terraces for penthouse units. The Property also includes 13,648 square feet of retail space, 2,524 square feet of office space and 139,000 square feet of excess development rights. Given existing inefficiencies such as oversized unit layouts, elevated operating expense levels, and in-place rents well below market rates, the investment presents an opportunity to acquire an underperforming multi-family mixed-use Property located within a highly desirable and liquid submarket with significant growth potential. Following the acquisition, the Sponsor will implement a detailed business plan that involves the following: • Renovating and reconfiguring 100% of the market rate units as they become vacant • Pursuing 51 tenant buyouts of rent stabilized units (targeting 56% of the 91 rent regulated units over a 3 year period), and then renovating and reconfiguring each unit • Implementing a building wide capital improvement plan to enhance operating efficiencies and marketability of the Property • Repositioning the existing office space into retail • Re-leasing the existing retail space at market • Conducting a feasibility study to assess further development potential or explore the possibility of a sale of the excess air rights The residential space is currently 93% occupied and is expected to be 87% occupied at close as free market units roll during the contract period, allowing the Sponsor to immediately begin renovations on 37 units Property Snapshot Address: 160 East 48th Street Midtown East, Location: New York, NY Floors: 16 Residential Units: 289 Fair Market Units: 198 Rent Stabilized Units: 73 Rent Controlled Units: 18 Commercial Units: 14 Property Gross SF: 297,703 Commercial Net SF*: 16,172 *Includes 13,648 SF of retail and 2,524 SF of office Section 1: Executive summary JLL 6 The Sponsor is requesting a $99.7 million joint-venture equity investment with a five year target hold. The limited partner will be contributing 90% of the required equity. Equity Request Closing Date 2/11/2016 Closing Date Extension Option 3/14/16 Total Costs $316,640,000 Equity Request $99,741,600 Investment Ratio 90% / 10% Investment Term 5 Years Sources & Uses Sources of Capital Amount Per GSF Per Unit % of Total Debt $205,816,000 $691.35 $679,261 65.00% Equity $110,824,000 $372.26 $365,756 35.00% LP Equity (90%) $99,741,600 $335.04 $329,180 31.50% Sponsor Equity (10%) $11,082,400 $37.23 $36,576 3.50% Total Sources $316,640,000 $1,064 $1,045,017 100.00% Uses of Capital Amount Per GSF Per Unit % of Total Purchase Price $270,000,000 $906.94 $891,089 85.27% Closing Costs $1,620,000 $5.42 $5,347 0.51% Sponsor Acquisiton Fee $4,050,000 $13.60 $13,366 1.28% Unit Renovations $18,000,000 $60.46 $59,406 5.68% General CapEx $3,000,000 $10.08 $9,901 0.95% Contingency (5%) $1,100,000 $3.69 $3,630 0.35% Soft Costs $3,570,000 $11.99 $11,782 1.13% Tenant Buyout Costs $4,180,000 $14.02 $13,795 1.32% Financing Costs $9,020,000 $30.30 $29,769 2.85% Interest Reserve $2,100,000 $7.05 $6,931 0.66% Total Uses $316,640,000 $1,064 $1,045,017 100.00% Section 1: Executive summary JLL 7 Section 1: Executive summary JLL 7 Exit Analysis 2021 EGI $25,588,189 $25,588,189 $25,588,189 25,588,189 25,588,189 (Less: Operating Expenses) ($6,357,376) ($6,357,376) ($6,357,376) ($6,357,376) ($6,357,376) 2021 NOI $19,230,812 $19,230,812 $19,230,812 $19,230,812 $19,230,812 Exit Cap Rate 3.75% 4.00% 4.25% 4.50% 4.75% Gross Sales Proceeds $512,822,000 $480,770,000 $452,490,000 $427,351,000 $404,859,000 (Less: Sales Costs) ($20,512,880) ($19,230,800) ($18,099,600) ($17,094,040) ($16,194,360) Net Sales Proceeds $492,309,120 $461,539,200 $434,390,400 $410,256,960 $388,664,640 Net CF $38,801,141 $38,801,141 $38,801,141 $38,801,141 $38,801,141 Less: Senior Debt Repayment ($205,959,889) ($205,959,889) ($205,959,889) ($205,959,889)
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