Recent Study Finds Total Economic Impacts Attributed to MEPT Investments Equates to $18.1 billion Over Last 34 Years

MEPT Receives Top Ranking in GRESB Benchmark

During the third quarter, MEPT committed $7.0 million toward pre-development costs associated with Capitol Hill Station in Seattle.
Capitol Hill Station, located at the site of the Capitol Hill Link Light Rail station, is anticipated to be a LEED Platinum, 332-unit multi-family asset with 33,024 square feet of retail space. Capitol Hill Station is structured as a joint venture with Portland, Oregon-based Gerding Edlen Development, and the transaction is aligned with the Fund’s focus on responsible investment in transit-oriented locations within knowledge-driven Primary Markets.…



JV Closes on Acquisition of Two Rector Street
Multi-Employer Property Trust (MEPT), advised by Bentall Kennedy U.S. LP, in a joint-venture with Cove Property Group LLC have acquired the office building at 2 Rector St. in New York, NY from Kushner Companies and CIM Group LP…

First look: ‘Transformative’ 710-unit residential project planned in South End
Leggat McCall Properties on Monday submitted an expanded project notification form to the Boston Redevelopment Authority that highlights in greater detail the firm’s plans for a "transformative, contemporary development" spanning a full city block in the South End. The project team has named the project the "Harrison Albany Block" and proposed 710 residential units, a 40,100-square-foot office and 14,100 square feet of retail space for a 3.1-acre site in the South End formerly owned by Boston Medical Center…


Latest look at Trammell Crow’s updated Diridon project
A lot has changed in the years since downtown San Jose’s last office tower was built about six years ago. Tech&rsquos influence on workspace design has completely transformed the look and feel of new projects. Wide-open floors are in. So is proximity to housing, services and transit…



 

Valuation

NewTower, on behalf of MEPT, maintains a valuation process that is thorough and objective.Each asset in the Fund’s portfolio is appraised quarterly by an independent MAI-designated member who must be selected and engaged by NewTower. In addition, NewTower has a comprehensive list of content and analytical requirements that must be included in every appraisal submitted and it is the general practice of NewTower to engage an appraiser for no more than three consecutive years on the same MEPT asset.

As an additional safeguard, NewTower retains independent valuation firms, such as The Altus Group, to verify the accuracy of the appraisal process by thoroughly reviewing appraisal reports to determine regulatory and professional standards (USPAP) compliance, completeness of documentation, reasonableness of methodology, accuracy of calculations, and adequacy, relevance, and appropriateness of conclusions. The independent review firm then indicates whether each MAI appraisal is recommended, based on the scope of their review, for acceptance by NewTower on behalf of MEPT. In addition, both Altus and other independent consultants provide ongoing advice that helps ensure the internal and external appraisal and review procedures employed by NewTower reflect professional best practices. The Altus Group real estate valuation practice is comprised of a team of MAI-designated professionals that have provided appraisal review services to MEPT for many years.

As NewTower operates in a heavily regulated environment, independent advisors and auditors are retained to perform a variety of services including annual audits of financial statements and reviews of internal controls. Additionally, NewTower undergoes a review every 12-18 months by its regulator, the Maryland Commissioner of Financial Regulation.

Debt Valuations

Further, MEPT currently engages The Altus Group to independently value both portfolio and property level debt quarterly. NewTower oversees the Fund’s valuation policies and procedures, including oversight of leverage valuations independently prepared by The Altus Group.