Capelli Enterprises has signed an agreement to sell the Residence Inn by Marriott in New Rochelle, NY to Chatham Lodging Trust (NYSE: CLDT),for $21,000,000 in an all-cash transaction.
For Capelli, the transaction represents a further unwinding of his stake in the New Roc City complex he developed 10 years ago. As part of a settlement agreement with former investment partner Entertainment Properties Trust (EPT), Capelli resolved outstanding legal disputes with EPT by turning over control of New Roc City to EPT.
Chatham Lodging Trust, the new owner of the New Roc City Marriott property, pending completion of the acquisition agreement, is a self-advised real estate investment trust that was organized to invest in upscale extended-stay hotels and premium-branded select-service hotels. The company currently owns eight hotels with an aggregate of 1,057 rooms/suites, and has a total of four additional hotels under contract to purchase.Read more
Capelli Enterprises has failed to meet agreed upon exterior improvements by July 31st,, a key condition of a recently signed extension of the Memorandum of Understanding between the City of New Rochelle and Capelli Enterprises for a planned development of the area bounded by North Avenue and LeCount Place and Huguenot Street and Anderson Street in downtown New Rochelle.
...Be it resolved, that the City Council of the City of New Rochelle hereby authorizes the City Manager to execute a Fourteenth Amended MOU to amend Section 2.2 of the MOU to amend Section 2.2 of the MOU to amend the Exclusivity Date through December 31, 2010, upon the following conditions.
1. By July 31, 2010, exterior improvements shall be made to 5 Anderson Street to the satisfaction of the Department of Development. If such improvements are not made by July 31, 2010, the MOU shall automatically expire...
Cynthia Lobo was sworn in on June 24th as the new President of the New Rochelle Chamber of Commerce. Lobo has pledged to work to revitalize the Chamber of Commerce which has struggled as of late. The Chamber web site is woefully out of date, the Chamber's annual Thanksgiving Day parade was cancelled last November and the organization had to close its storefront location on Main Street and terminate its Executive Director due to a lack of funds.
Pictured above at the ceremony at Five Islands Park is Deborah Mustich, Rosemary McLaughlin, William Cooper Colwell, Louis Dimeglio, President Cynthia W. Lobo, Esq., Judge Anthony Carbone, Vincent Fasano, Edward Loprette, Rita Mabli, and Jeffrey Kraus.
Lobo, a lawyer with offices in New Rochelle, is the Republican nominee for City Judge. She will be on the ballot facing off against Susan Kettner, the Democratic nominee.
The New York Times yesterday published an eye-opening article on the perils of financing green projects by attaching liens to private property. Such "green liens" are a centerpiece of Noam Bramson's GreeNR "sustainability" plan.
Fannie Mae and Freddie Mac, the government entities that guarantee more than half of the residential mortgages in the United States, have different priorities. They are worried that taxpayers will end up as losers if a homeowner defaults on a mortgage on a home that uses such creative financing. Typically, property taxes must be paid first from any proceeds on a foreclosed home.
As indicated in this story, many banks will not refinance a home with a ‘green lien’ or loan money to a buyer. Banks are worried that property owners who cannot keep up with payments will default on their loans, sticking it to the banks.
I found this article an eye-opener as I thought solar would be the way to go and was thinking about financing.Read more
Talk of the Sound caught up with leaders of the veterans community in New Rochelle and asked for comment on the news that Mayor Bramson had asked area lawmakers to pass a Home Rule bill in order to tear down the New Rochelle Armory.
Edward R. Murrow is hardly quaking in his boots over the launch of the news Talk of the Sound TV channel on YouTube but we're giving it our best shot with no funds and limited production capabilities. Don't worry, we're not taking ourselves to seriously but thought it might be nice to try and add more video reports like this to the site. Enjoy!Read more
During his radio show on Tuesday, Mayor Noam Bramson commented publicly for the first time on the findings of the Office of the State Comptroller (OSC) Audit of the New Rochelle Industrial Development Agency, first reported by Talk of the Sound.
To listen you can download the 3 minute audio file here (3.7 MB .mp3 file)
The Mayor said the OSC issues audits like this for IDA's all the time. He said they are often quite similar in their content and cited a "recent or contemporaneous" audit of the Yonkers IDA that had many of the same conclusions.
A check of the OSC web site shows there is no such recent audit of the Yonkers IDA.
The most recent audit of the Yonkers IDA was made public on February 23, 2009.Read more
Talk of the Sound has obtained a copy of an IDA Audit Report of the New Rochelle IDA (NRIDA) which is expected to be released by the Office of the New York State Comptroller (OSC) next month. The document is meant to be public, has been circulated within City Hall but is not on the agenda for the IDA meeting scheduled tomorrow. A brief review of the summary shows why the IDA would prefer to kick the report down the road into the summer months when they hope less people will notice -- it is a devastating report which confirms what many critics have long contended about an IDA with no defined process for approving projects, no effort to monitor ongoing projects and a generally sloppy, make-it-up-as-you-go approach while doling out tens of millions of dollars in bonds, tax incentives and other goodies to politically-connected developers with no particular concern over whether the projects deliver upon promised results.Read more
Entertainment Properties Trust just released the following statement (below) which, as it bears on New Rochelle, says that Capelli and EPT did a swap where Capelli gets City Center in White Plains and EPT gets New Roc City and every one agrees to make nice with everyone else.
Missing is the retraction Capelli had demanded last week but all in all this is good news and good news for New Rochelle as it clears the area both over a key parcel in the City and frees up Capelli to focus on other things like finding retail tenants for Trump Tower.
ENTERTAINMENT PROPERTIES TRUST AND LOUIS R. CAPPELLI ANNOUNCE RESTRUCTURING OF INVESTMENTS AND SETTLEMENT OF CLAIMS
Kansas City, MO. June 18, 2010 — Entertainment Properties Trust (NYSE:EPR) and Louis R. Cappelli today announced that they have closed a series of transactions that significantly restructure EPR's investments with Mr. Cappelli and settles all outstanding claims between the parties.
In general, the material terms of the restructuring include: