Deal Name: Banc of America Comm Mtg Trust 2006-3
Harlow Apartments in Las Vegas Sold for $21.5Mln
An entity affiliated with law firm Eisner LLP has paid $21.5 million, or $219,387/unit, for the 98-unit Harlow Luxury Apartments in Las Vegas. The buyer is listed on Clark County, Nev., records as Harlow TIC I LLC, a tenant-in-common group ...
34-Unit Apartment Property in San Diego Sold for $22.7Mln
San Diego Business Journal Terrace Partners has sold the 34-unit Kensington Commons multifamily community for $22.7 million, or $667,647/unit. Kensington Commons Investments bought the property, which was built five years ago, and was represented by Gateway Financial. Berkadia brokered the ...
Last Asset in BACM 2006-3 Becomes REO
Commercial Real Estate Direct Staff Report The Washington Prime Group affiliate that owns the Rushmore Mall in Rapid City, S.D., last week turned the property over to its lender, Banc of America Commercial Mortgage Trust, 2006-3, which had held a ...
Rushmore Mall in South Dakota Valued at $37.1Mln in Latest Appraisal
Commercial Real Estate Direct Staff Report The Rushmore Mall in Rapid City, S.D., which backs a $94 million CMBS loan, has been appraised at a value of $37.1 million. That compares with the $117.5 million appraised value set in 2006 ...
Washington Prime Hints on Giving Back Rushmore Mall, 2 Others
Commercial Real Estate Direct Staff Report Rushmore Mall, an 831,040-square-foot retail property in Rapid City, S.D., is "over-levered and non-core," according to its owner, Washington Prime Group. That's an indication that the Columbus, Ohio, REIT is willing to allow the ...
Vacancy Threat Prompts $94Mln CMBS Loan’s Transfer to Special Servicing
Commercial Real Estate Direct Staff Report The $94 million CMBS loan against the Rushmore Mall in Rapid City, S.D., has transferred to special servicing again, as the property faces substantial potential vacancies. The loan, which was modified into A ...
Purchase of Southern Hills Mall Spells $47.7Mln of Losses to CMBS Trust
Commercial Real Estate Direct Staff Report Washington Prime Group's discounted purchase of the $99.7 million loan against its Southern Hills Mall in Sioux City, Iowa, resulted in the CMBS trust that held the loan suffering $47.7 million of losses. As ...
Washington Prime Strikes Deal to Retire CMBS Mall Loan at Discount
Commercial Real Estate Direct Staff Report Washington Prime Group has struck a deal that effectively results in it retiring a troubled $99.7 million CMBS loan against its Southern Hills Mall in Sioux City, Iowa, at a substantial discount. The Columbus, ...
Columbia Sussex Keeps Phoenix Hotel by Buying Loan Against It
The following story has been edited to identify C-III Asset Management as the loan's most recent special servicer. It became special servicer in July 2016. Commercial Real Estate Direct Staff Report Taconic Capital Advisors earlier this year had paid $39.7 ...
Chicago’s Hotel Allegro Sells for $86.7Mln
Crain's Chicago Business Hospitality Properties Trust has agreed to buy the Hotel Allegro in downtown Chicago for $86.7 million, or $179,503/room. The sales price is expected to result in an 8 percent capitalization rate. JLL brokered the deal, which is ...
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