Together with a $174 million refinancing for the Park Hill apartment complex in Staten Island last May, the developer has now closed more than $350 million in refinancing since the start of the pandemic.While coronavirus has put some pressure on New York City’s rental market, Arbor expressed confidence in the property, which previously consisted of five medical facility buildings developed for St. Luke’s Hospital in the 1890s.“We were very comfortable with asset and sponsor quality, so we were happy to provide [Michael Shah] with the flexibility necessary to lease up Morningside at his pace,” said Arbor vice president Alexander Kaushansky, who arranged the financing.With new financing locked in for its current portfolio, Delshah is now looking to take advantage of opportunities presented by market dislocation and the pandemic. “We believe now is the time to acquire in New York City, and we expect to be quite active in acquisitions and equity restructurings,” Shah said.Contact Kevin Sun Delshah Capital’s Michael Shah and 30 Morningside Drive (Photos via Delshah; 30 Morningside Drive)Delshah Capital has landed a $180 million refinancing for its luxury rental conversion project at 30 Morningside Drive in Morningside Heights, the developer announced Monday.Arbor Realty Trust funded the new loan, which takes out $130 million in construction financing provided by Square Mile Capital in 2017. It will also allow Delshah to redeem a $50 million bond series it issued on the Tel Aviv Stock Exchange that year.Delshah founder and CEO Michael Shah said the company was able to execute the bond repurchase program as other U.S.-based TASE bond issuers defaulted or were “downgraded, or delisted as a result of 2020’s challenges.”The Morningside project project received temporary certificates of occupancy for its 205 residential units last month, and has brought all amenities online — including a gym, bar, library, children’s playroom and billiards room, according to its website. A disclosure regarding the financing was also filed with the Tel Aviv Stock Exchange on Sunday.Read more2016: Delshah closes on $112M assemblage in Morningside Heights2017: Delshah raises $52M in Tel Aviv for $250M Morningside Heights project2017: Delshah close to securing $130M construction loan for Morningside project Tagsdelshah capitalmichael shahReal Estate Finance Message* Share via Shortlink Email Address* Full Name* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink
Maybe it’s because I hit one of those depressing milestones the other day when the young lady whom I was buying tickets from at the Museum of Natural History coyly asked if there was anyone I was buying tickets for who was 60 or older? Considering that my twin brother wasn’t on line and my daughters were the only ones with me, I can only assume she was talking about me even though I don’t look a day over 49 ½.But as this article underscores issues surrounding the elderly and financial mismanagement are getting more and more attention. A suggestion by a researcher at the Federal Reserve Bank in Philadelphia is to authorize and encourage the sharing of information among financial institutions about potential financial exploitation in much the same way they have been encouraged to share information about potential money laundering and terrorist activity since passage of the Patriot Act in 2001. I want to be absolutely clear here. Currently sharing such information among financial institutions is illegal. This is a suggested policy which would require amendments to federal law in order to take effect. Would this be worth the risks?The first question we have to answer is what exactly we are seeking to prevent? If our goal is to prevent criminal financial exploitation then the existing framework may well be good enough. State laws either mandate reporting by or protect financial institutions that choose to report suspected abuse. And federal law keeps getting more and more robust more and more robust. Financial institutions can file Suspicious Activity Reports specifically dealing with elder financial exploitation and S.2155 included provisions that will soon start shielding institutions from lawsuits when they report suspected exploitation provided they comply certain training requirements. continue reading » 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr
Read also: [UPDATED] Anti-COVID-19 initiatives: Helping Indonesia fight the outbreak“Some of the Rp 22 billion donation for Jakarta residents has been given to the Social Affairs Ministry on Tuesday in cash or vouchers amounting to Rp 2 billion. The donation has been handed over to Pak M. Syafii Nasution, the ministry’s social protection for disaster victims director,” Mayapada Group founder Dato Sri Tahir said in a statement on Friday.He added that donations were also handed over to the Jakarta Archdiocese and the Indonesian Communion of Churches (PGI), which would disburse the assistance to their congregations.“This is our first wave of donations to help efforts in fighting COVID-19,” Tahir said.Indonesian health authorities have confirmed 893 COVID-19 positive cases as of Thursday, with 78 fatalities and 35 recoveries. Jakarta is the hardest province hit by the outbreak with 515 positive cases and 46 deaths. (kuk)Topics : Diversified conglomerate Mayapada Group and the Tahir Foundation have donated Rp 52 billion (US$3.2 million) to people living in several provinces to help their efforts to contain the COVID-19 pandemic.Among the recipients were residents of Jakarta, the donations for whom were handed over to Istiqlal Mosque, which received Rp 22 billion, as well as West Java, Central Java and East Java which each received about Rp 10 billion.Apart from cash or shopping vouchers, Mayapada Group and Tahir Foundation also gave medical equipment such as face masks, infrared thermometers and hand sanitizers, as well as food and drinks from food company Orang Tua Group.
The giants are largely missing out on the Mrs Hinch effect. Household sales are down in three of the big four and flat at Morrisons [Kantar 52 w/e 7 October 2018].Meanwhile, discounters and specialist retailers are cleaning up. Aldi and Lidl saw double-digit gains of 17.8% and 13.3% respectively and though Poundland was unable to reveal sales figures, it has also recorded a spike in interest within household.“Cleaning influencers have made the category ‘sexier’.” says a Poundland spokeswoman. “They’ve allowed us to inject more fun into the category and be more creative and innovative with products and displays”Also thanks to the Hinch hype, online household and healthcare wholesaler Easho’s Instagram followers have grown to over 200k since it set up shop in 2017. Cleaning products (cont)Elbow Grease – 151 ProductsAstonish Mould & Mildew Blaster – The London Oil Refining CoViakal with Febreze – P&GStardrops The Pink Stuff – Star BrandsMr Sheen Multi-surface Polish – Reckitt BenckiserLenor Tumble Dryer Sheets – P&GLenor Unstoppables – P&GDuck Fresh Discs – SC Johnson The cleanfluencer community keeps very staunchly to a grey and silver décor palette. Though you may wonder how this applies to cleaning products, Minky has already capitalised on the trend by bringing out a grey M-cloth – which crashed its site and sold out within hours of appearing online. Though pine is better known as a car air freshener, having the continued endorsement of Mrs Hinch has boosted its popularity in the cleaning aisle. She’s such a fan, instead of saying she’s cleaning her toilet, she says she’s “pining” it. Expect to see more forest and pine-scented cleaning products hitting shelves. Brands that have received the ‘Mrs Hinch treatment’ can testify to the impact on sales. Vileda has seen a 98% increase in value sales of its spin mops over the past year. Sales of The Pink Stuff have rocketed 350% in the past six months, according to owner Star Brands. Unilever says sales of Cif Stainless Steel have grown by two thirds following Mrs Hinch backing. And Zoflora has had to invest in a multimillion-pound manufacturing and packing facility in order to cope with increasing demand.Here are the products that have been given the Hinch seal of approval: Which microtrends should retailers be aware of?There are four smaller household trends that we can associate with the cleanfluencer movement: Hauls Pine scents GreyWax meltsHauls Cleaning is the new cool. Or so goes the mantra of the growing army of people polishing their sinks, collecting Zoflora fragances like they’re perfume and calling their dusters Dave. We’re talking about cleanfluencers – a social media community that loves nothing more than streaming themselves scrubbing their toilets and washing their floors on Instagram. The leader of this movement is none other than Sophie Hinchliffe, aka Mrs Hinch (above). She’s the ex-hairdresser who began filming herself while cleaning her home in early 2018. This simple idea has amassed legions of fans (2.4 million on Instagram) who mimic every wipe of her cloth and start cleaning conversations on their own accounts – her so-called #hincharmy. Mrs Hinch has a deal with P&GFor brands lucky enough to feature on these social media posts, it’s in essence a free marketing tool. “From a marketing perspective there is nothing more powerful than word of mouth,” says Astonish Cleaning Products’ head of marketing Katy Clark, who saw sales increase by 15% across the business last year after Mrs Hinch endorsed products including its Mould & Mildew Blaster. “Mrs Hinch personifies real people telling you about real cleaning problems and solutions.” Showing off a #HinchHaul is an initiation ceremony for the cleanfluencer community. The hashtag is filled with users showing off the trolley’s worth of cleaning products they’ve bought that day. Users will typically coo over the disinfectant bottles as if they were a newborn, with heart eye emojis and comments such as “so beautiful” and “wow, heaven”. They’re also fans of posting their “Narnias”, aka the cleaning cupboard (pictured). So any in-store activity that can make these hauls an easy shop is likely to attract fans.Pine scents Grey To say Mrs Hinch’s fans are dedicated would be vastly understating the situation. A quick scroll down any of her favourite hashtags reveals everything from cakes decorated with edible Zoflora bottles to bizarre Hinch-themed manicures complete with fluffy dusters. Wax melts Tools Pledge Fluffy Duster – SC JohnsonM Cloth Cleaning Pad – Minky HomecareM Cloth Glass and Window – Minky HomecareThick Moppets – SpontexMicrofibre Kitchen Set – Spontex1-2-Spray Mop – ViledaSph2onge – Sph2onge Cleaning products Zoflora – Thornton RossCif Stainless Steel – UnileverCif Cream – Unilever1001 Carpet Fresh – WD-40 CompanyFebreze Fabric – P&GDettol All In One – Reckitt BenckiserHarpic Active Fresh – Reckitt BenckiserAstonish Germ Clear Disinfectant – The London Oil Refining Co.Mr Sheen Multi Surface Polish – Reckitt BenckiserFlash Bathroom with Febreze – P&GLenor Fabric Conditioner and Tumble Dryer Sheets in Spring Awakening – P&G In partnership with,Ellis HawthorneEllis looks after the day-to-day running of thegrocer.co.uk and The Grocer’s social media channels, alongside creating and co-ordinating digital content. Which retailers are benefiting from the cleaning boom? Which products have endorsement from Mrs Hinch?The sheer reach of Mrs Hinch is evidenced by her high follower count and engagement rate on social media.Done a bit of research + @mrshinchhome has the HIGHEST authentic engagement rate I’ve ever seen in a ‘none celeb’ influencer. HypeAuditor shows: *93.6k authentic engagements Per POST*94% of followers are highly engaged*NO paid or fake followingNot all influencers are fake👏 pic.twitter.com/fRm75F423S— Ellie Wray 🤓 (@EJTordoff) May 14, 2019 Beyond cleaning, Hinch has also kicked off a wax melt obsession across the country – Google searches for them have been surging since 2016. For those unfamiliar with wax melts, they are chunks of scented wax that are placed on top of tealight burners, allowing the user to cocktail fragrances together and/or change fragrances more regularly than they would with one large candle. And, unsurprisingly to Hinch fans, ‘Zoflora wax melts’ is also now a breakout trending search term. “We are a female-founded company, disrupting the archaic and traditional wholesale model by creating a consumer-facing lifestyle brand experience predominantly targeted towards the female shopper,” says Easho co-founder Sonya Chatwani.“Over the last six months we have experienced a significant increase in the number of our customers who organically choose to post about their shopping experience with us including photos of the products they have bought alongside our coloured boxes.” Ellis joined The Grocer and moved south in 2015 after working as a local news reporter in her home town of Glasgow. Ellis doesn’t work on a particular patch, and you’ll find her writing about a vast range of topics across the universe of food and drink, but she specialises in own-label, culinary trends and internet food culture. Her influence is so strong that a whopping 60% of people who have heard of her say they’d buy something purely on her recommendation, according to exclusive research for The Grocer by Harris Interactive.So what’s behind this Hinch hype? Who’s benefiting? And which micro-trends should brands and retailers have on their radar to cash in?For Unilever, it’s all down to psychology. “In times of uncertainty, we know people often want to feel closer to their local community,” says Gemma Cleland, Unilever UK & Ireland vice president of home care. “That can see them choosing to spend more time at home and, as a result, become more house proud – turning to the likes of Mrs Hinch and the other cleanfluencers for inspiration. We see people retreating to the comfort of their home, switching clubbing for cleaning.” According to our research, social media is fuelling this cleaning mania. Almost 30% of people say that social media makes them clean more regularly and 31% say it makes them buy more cleaning products. Follow Ellis on Twitter: @ellishawthorne