General News

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 of the...

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, at 3300...

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 is senior...

  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 30.00 4.85...

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 $61.6 million,...

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 offer it...

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, managers and...

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, which was...

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 property from...

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 Road, was...