One South Broad has earned a coveted Platinum-level Wired Certification for its best-in-class internet infrastructure. The Platinum-level Wired Certification is the most robust distinction that WiredScore awards, meaning that the building has superior levels of broadband internet connectivity and diversity.
AION Partners is proud of our commitment to staying on the cutting edge of technology at our properties for our tenants. The Wired Certification is the tangible representation of this commitment.
WiredScore’s Wired Certification program is the nation’s preeminent technology standard that rates and recognizes the infrastructure and connectivity of office buildings. The company was founded in 2013 as an initiative aimed at evaluating broadband connectivity in the New York City commercial real estate market. WiredScore is now present in all 50 states and helps to accelerate the adoption of next-generation broadband technologies.
https://www.aionpartners.com/wp-content/uploads/2017/02/Platinum-Seal_platinum-black.jpg16501275bglavinhttps://www.aionpartners.com/wp-content/uploads/2017/06/aion-logo-color-2017-1-300x138.pngbglavin2017-02-13 16:41:122017-02-13 16:41:12One South Broad achieves Platinum-level Wired Certification from WiredScore
FLANDERS, NJ – AION has successfully sold the assets of Oakwood Village Sewerage Associates, which provides sewer service to the Overlook at Flanders (formerly Oakwood Village) apartment community as well as the Millbrook Estates at Flanders Housing Development in Mt. Olive Township, Morris County. While Oakwood Village Sewerage Associates is only counted as 35 connections, this includes one connection that serves all 1,224 apartment units at the Overlook at Flanders.
Aqua America is one of the largest U.S.-based, publicly traded water utilities and serves nearly 3 million people in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia. Aqua America is listed on the New York Stock Exchange under the ticker symbol WTR.
https://www.aionpartners.com/wp-content/uploads/2017/01/DSC_0907.jpg40006000bglavinhttps://www.aionpartners.com/wp-content/uploads/2017/06/aion-logo-color-2017-1-300x138.pngbglavin2017-01-17 14:40:232017-01-17 14:42:47Oakwood Village Sewerage Associates sold to Aqua America (NYSE: WTR)
Below is an excerpt from an article published by the Commercial Observer on August 25th, 2016:
“New York-based AION Partners received an $80 million financing package from Deutsche Bank and SL Green Realty Corp. on a 19-story, fully-leased office property at 11 East 44th Street between Madison and Fifth Avenues in Midtown East, Commercial Observer has learned.
Headed by former finance execs Michael Betancourt and Siraj Dadabhoy, AION has used the proceeds to refinance old debt and buy out Clarion Partners from its ownership stake in the building, according to a source with intimate knowledge of the deal.
Iron Hound Capital Management negotiated the new financing, which is comprised of a $65 million senior mortgage from Deutsche Bank and a $15 million mezzanine loan from SL Green. The debt carries a floating rate and a two-year term with three one-year extension options, which AION may opt to use, bringing the total term to five years, the source said.
It replaces a $38.5 million loan—which was paid down to roughly $36 million—that was securitized in a J.P. Morgan-sponsored commercial mortgage-backed securities deal, JPMCC 2006-CB17. At the time of securitization in 2006 the conduit carried a balance of $2.54 billion across 154 loans and now stands at $638.4 million with 52 mortgages remaining.
AION originally acquired a 77.1 percent interest in 11 East 44th Street from Kensico Properties for $45.5 million in December 2004, city records show, and ING came in as a recapitalization partner in 2007.
A spokesman for Clarion confirmed that a “commingled fund” it advised purchased an interest in the 135,150-square-foot property that year, and as of earlier this month relinquished that holding. AION’s buy-out values it at just north of $100 million, according to the source.
Brooks Brothers is the largest tenant and rents out a total of 40,395 square feet of office and ground floor retail space in the property, according to CoStar Group. While the retail is currently empty, Brooks Brothers previously toyed with a restaurant concept branded “Makers and Merchants,” The New York Post reported in 2014.
The men’s retailer, along with other tenants including international software provider eFront and insurance marketplace Liazon Corporation, have lease expirations within the next six years, data from Trepp indicates. And because of the city’s recently announced plan for the Midtown East rezoning—which could increase the market’s density by 30 percent—and soon-to-be mega developments like SL Green’s $3.14 billion One Vanderbilt, AION could achieve higher rents for office spaces in the building and secure permanent financing at a later date, the source said. The submarket’s average asking rent is $39.54 per square foot and for three- to five-star properties reaches $69.64, while 11 East 44th has office rents ranging from $36 to $65 per square foot, according to CoStar.
A spokesman for SL Green declined to comment, while representatives for Deutsche Bank and AION did not immediately respond to press inquiries. A representative for Iron Hound was not immediately available.”
https://www.aionpartners.com/wp-content/uploads/2013/04/11-E-44-10.jpg32644928bglavinhttps://www.aionpartners.com/wp-content/uploads/2017/06/aion-logo-color-2017-1-300x138.pngbglavin2016-09-06 20:35:202016-09-06 20:35:20AION Recapitalizes, Refinances Office Building at 11 East 44th Street
We are pleased to announce the successful sale of Park Plaza Apartments on August 15, 2016. The 234-unit property was sold to a notable New York-based principal that specializes in the multifamily space. During the hold period, the completion of several unit renovations and substantial property enhancement projects were instrumental in achieving substantial rent growth and asset-level value appreciation.
AION originally acquired the asset in 2010 alongside The Serrano and the two properties were recapitalized in 2015. The sale represents a successful result for our equity investors.
https://www.aionpartners.com/wp-content/uploads/2016/08/Park-Plaza-Photo-e1471552937560.jpg5061185bglavinhttps://www.aionpartners.com/wp-content/uploads/2017/06/aion-logo-color-2017-1-300x138.pngbglavin2016-08-17 17:50:162016-08-18 20:41:13Successful Disposition: Park Plaza Apartments in Miami Gardens, FL
11 East 44th St., Suite 1000
New York, NY 10017
Phone: (212) 849-9200