Commercial Real Estate Direct Staff Report The Melohn Group, which owns the 574,878-square-foot office building at 111 West Jackson Blvd. within Chicago's Loop, is attempting to negotiate a workout of the property's $105 million of CMBS financing. Part...

Commercial Real Estate Direct Staff Report Pinnacle II, a 230,000-square-foot office building in Burbank, Calif., that serves as collateral for an $87 million CMBS loan has gone vacant. The vacancy was highlighted in a TreppWire report. The property,...

Philadelphia Business Journal The $273.7 million CMBS loan against a portfolio of four Club Quarters hotels with a total of 1,228 rooms has defaulted and is headed toward foreclosure. The loan is securitized through BX Trust, 2017-CQHP, and...

  Class Amt $mln Sub Level % Avg Life (yrs) Rating Fitch Rating Kroll Rating S&P Price % Yield % Final Pricing (bp) Bnch mrk A-1 12.89 30.00 2.55 AAA AAA AAA 100.000 5.710 +152 J-spread A-2 111.09...

Commercial Real Estate Direct Staff Report Freddie Mac has provided $40 million of financing to facilitate MG Properties' purchase of the Artesia, a 192-unit apartment property in Everett, Wash. The San Diego investment manager purchased the property for...

The Real Deal The RXR Realty venture that owns the 786,985-sf office building at 61 Broadway in lower Manhattan has defaulted on its $325 million of financing. Lenders led by Aareal Bank, which hold the loan, are slated to...

Commercial real estate brokers in New York have become even more pessimistic than they had been, according to a survey by the Real Estate Board of New York, or REBNY. The trade group, which represents brokers, building owners,...

AZ Big Media Cohen Asset Management has paid $81.7 million, or $136.28/sf, for the 599,489-square-foot initial phase of Falcon Park 303 in Glendale, Ariz. The Los Angeles investor purchased the industrial property from its developer, US Capital Development,...

DivcoWest has paid $86 million, or $1,186/sf, for the 72,506-square-foot life-sciences building at 11119 North Torrey Pines Road in San Diego. The sales price results in a 4.6 percent capitalization rate. The San Francisco investment firm purchased the...

Avanti Residential has paid $80 million, or $259,740/unit, for the 308-unit Summit Square Apartments in Lee's Summit, Mo. The Denver company purchased the property from NorthPoint Development, which was represented by Newmark. Summit Square, at 789 NW Donovan...

Commercial Real Estate Direct Staff Report TriGate Capital has bought the Shops at Wiregrass, a 760,379-square-foot retail property in Wesley Chapel, Fla., for $70.5 million, or about $92.72/sf. The Dallas real estate investor financed its purchased in part...

Commercial Real Estate Direct Staff Report JPMorgan Chase has provided $41 million of financing to facilitate Weidner Apartment Homes' purchase of Joy on 4th, a 234-unit apartment property in Phoenix. The Kirkland, Wash., company purchased the property from...

Commercial Real Estate Direct Staff Report Global Net Lease Inc. and Necessity Retail REIT Inc., a pair of companies that pursue investments in net-leased retail properties, have struck a deal to merge, creating what would be the third...

Dallas Morning News A venture of Transwestern Investment Group and Mirae Asset Global Investments is offering for sale the CityLine office complex in the Dallas suburb of Richardson, Texas. Newmark Group has the listing for the four-building property,...

Dallas Morning News ZOM Living has lined up $109 million of financing against the Atelier, a 417-unit apartment property in downtown Dallas. The Orlando, Fla., developer built the 41-story building at 1801 North Pearl St. It has a...

Morgan Stanley has provided $50 million of financing against Tice's Corner, a 119,197-square-foot shopping center in Woodcliff Lake, N.J., owned by David Adam Realty Inc. The loan requires only interest payments for its 10-year term and pays a...

ACRE has provided $26.5 million of financing for the Lowe, a recently constructed apartment property with 135 units in Savannah, Ga. The loan was funded through the Atlanta alternative lender's ACRE Credit Fund II, which it had launched...

Julia Butler, managing director of real estate at KKR & Co., has been named chief investment officer of the investment manager's KKR Real Estate Select Trust Inc., a non-traded REIT that it had launched two years ago to...

JLL Capital Markets has arranged $66 million of financing against a pair of office properties with a combined 297,449 square feet at 1400 Wewatta St. and 1401 Wynkoop St. in Denver. The five-year loan pays a fixed rate...

Commercial Real Estate Direct Staff Report Muncie Mall in Indiana has been appraised at a value of only $6 million, well less than the $31.2 million of mortgage debt against it. The mortgage is securitized through JPMBB Commercial...

The Real Deal A group led by Jeffery Gural has turned in the high bid of $161 million for Manhattan's Flatiron Building at an auction earlier today. Gural's group, whose members have been the building's majority owners, beat...

South Florida Business Journal Somerset Grove LLC has bought Somerset IV & V, a 612-unit apartment property in Lauderdale Lakes, Fla., for $77.12 million, or about $126,013/unit. The Spring Valley, N.Y., company bought the property, which sits on...

JLL Capital Markets has secured $36.8 million of financing for the construction of a 194-room AC Hotel by Marriott in Pasadena, Calif. The three-year loan, which comes with a pair of one-year extension options, was arranged on behalf...

Commercial Real Estate Direct Staff Report The Brookfield Corp. affiliate that owns the Crossroads Center Mall in St. Cloud, Minn., has indicated it's not willing to invest additional equity in the property, which would facilitate a workout of...

The Real Deal Ohana Real Estate has paid $163.3 million, or $591,666/room, for the 276-room Claremont Hotel & Spa in Claremont, Calif. The Redwood City, Calif., investment firm purchased the property from a venture of FRHI Hotels &...