RECENT NEWS
Tom MacManus Named President of Alternative Lender Money360
Tom MacManus, a seasoned commercial mortgage lending professional, has been named president of alternative lender Money360. MacManus, who has been in the business for more than 30 years, previously was president of strategic accounts at A10 Capital, another alternative...
DRA Venture Pays $130Mln for Office-Flex Property in Portland, Ore., Area
A venture between DRA Advisors and Prescott Partners has paid $130 million, or just more than $188/sf, for the 691,036-square-foot Nimbus Corporate Center in Beaverton, Ore. The flex-office property, with 16 buildings at 8910-9775 SW Gemini Drive and...
Ramsfield, CarVal Team Buys $31.48Mln Mezz Loan on Hotel Portfolio
A venture of Ramsfield Hospitality Finance and funds managed by CarVal Investors has purchased a $31.48 million mezzanine loan supported by a portfolio of 11 Hilton-branded hotels with 2,034 rooms in Tennessee, Florida and Michigan. The loan was...
Office Leasing Activity in Manhattan Lowest Since 2009
Commercial Real Estate Direct Staff Report A total of 16.1 million square feet of office leases were signed in Manhattan during the first three quarters of 2020, a 42.1 percent decline from the 27.8 million sf during the...
Western Wealth Pays $117.5Mln for Tempe, Ariz., Apartments
Western Wealth Capital has paid $117.5 million, or $178,300/unit, for the 659-unit Onnix apartment property in the Phoenix suburb of Tempe, Ariz. The Vancouver, British Columbia, investment manager bought the property, at 1500 East Broadway Road, from Bridge...
Arlington, Va., Office Building Trades for $76Mln
Commercial Real Estate Direct Staff Report A venture of Monday Properties and neo capital of London has paid $76 million, or about $326/sf, for the Shirlington Tower, a 233,446-square-foot office property in Arlington, Va. It acquired the eight-story...
Blackstone Affiliate Buys Another Atlanta-Area Apartment Property
Atlanta Business Chronicle LivCor, a unit of Blackstone Group, has bought Cortland Lex, a 360-unit apartment property in the Atlanta suburb of Alpharetta, Ga., for $87 million, or about $241,667/unit. Cortland, an Atlanta apartment company, sold the property,...
Marcus & Millichap Strikes Deal to Buy Mission Capital
Marcus & Millichap Inc., as expected, has struck a deal to buy Mission Capital Advisors, giving it deep capabilities in the loan-sales market and bolstering its equity and debt placement abilities. "Mission's loan sales and consulting services will expand...
Prime Finance Lends $27.1Mln to Fund Purchase of Austin, Texas, Apartments
Prime Finance has provided $27.1 million of financing to facilitate Old Three Hundred Capital's purchase of the 230-unit Cannon Oaks Apartments in Austin, Texas. The loan was arranged by JLL Capital Markets. Old Three Hundred is an Austin...
346-Unit Apartment Property in Chino Hills, Calif., Sold for $130Mln
Rentv.com Advanced Real Estate Services Inc. has bought The Crossings, a 346-unit apartment complex in Chino Hills, Calif., for $130 million, or $375,722/unit. Berkadia brokered the deal on behalf of the buyer. The seller was not disclosed. The...
PREIT Strikes Deal to Modify $1.1Bln of Debt, Looks to Avoid Bankruptcy
Commercial Real Estate Direct Staff Report Pennsylvania REIT has reached a modification agreement with 80 percent of the lenders on nearly $1.1 billion of outstanding debt. The Philadelphia company owns 26 retail properties with more than 20 million...
Covid Causes Apartment Owners to Lose $9.2Bln in Rental Revenue in 3Q
Commercial Real Estate Direct Staff Report Owners of apartment properties lost an estimated $9.2 billion of revenue from missed rental payments in the third quarter, according to a study by the Mortgage Bankers Association. That was up slightly...
Brookfield Puts Maryland Shopping Mall on Sales Block
Commercial Real Estate Direct Staff Report Brookfield Properties has put the Centre at Salisbury shopping mall in Salisbury, Md., on the sales block. The investment manager, which had assumed the 881,067-square-foot retail property through its 2016 acquisition of...
Bain, Phase 3 Venture Sells San Francisco Life-Sciences Complex for $1Bln
A venture of Bain Capital Real Estate and Phase 3 Real Estate Partners Inc. has completed the sale of the Genesis South San Francisco life-sciences complex to Ventas Inc., in a deal valued at $1.02 billion, or $1,280.50/sf....
Coda Apartments in Orlando, Fla., Trade for $66Mln
Commercial Real Estate Direct Staff Report RK Properties has paid $66 million, or $222,973/unit, for the 296-unit Coda Apartments in Orlando, Fla. The Long Beach, Calif., company bought the property on behalf of a Delaware Statutory Trust it...
Brookfield Seen Giving Up on Park Place Mall in Tucson, Ariz.
Commercial Real Estate Direct Staff Report The $168 million mortgage against the Park Place Mall in Tucson, Ariz., has moved to special servicing as it's expected to default. The property's owner, meanwhile, has indicated that it is unwilling...
Haven Realty, Walton Street to Buy 6 Rental Housing Communities in Atlanta Area
Haven Realty Capital is teaming with an affiliate of Walton Street Capital in a $133.7 million deal to buy 537 single-family rental properties in the Atlanta area. The venture has completed the purchase of the first 113 homes....
Magna Hospitality to Buy Loans Against 2 Manhattan Hotels
The Real Deal Magna Hospitality is buying the loans against a pair of hotels with a combined 463 rooms in Manhattan. The Warwick, R.I., investment manager is acquiring a $56 million loan against the 239-room Fairfield Inn &...
MassHousing Lends $29Mln Against Boston-Area Affordable Apartments
The Massachusetts Housing Finance Agency has provided $29 million of financing against the 151-unit Town Brook House apartment building in the Boston suburb of Quincy, Mass. The agency, commonly referred to as MassHousing, funds the loans it provides...
DivcoWest Reaches Hard Cap for Latest Fund
DivcoWest has completed raising capital for its latest fund, DivcoWest Fund VI, after having reached its hard cap of $2.25 billion of equity commitments. The fund, which the San Francisco investment manager had launched a year ago, is its...
340-Unit Apartment Property in Suburban Atlanta Sold for $74Mln
Atlanta Business Chronicle LivCor, an affiliate of The Blackstone Group, has paid $74 million, or about $217,647/unit, for Sixes Ridge, a 340-unit apartment property in the Atlanta suburb of Holly Springs, Ga. Watkins Real Estate Group sold the...
Boutique Office Building in Manhattan’s Diamond District Offered for $113Mln
Severn Realty Partners has tapped B6 Real Estate Advisors to offer for sale the 78,564-square-foot office building at 576 Fifth Ave. in Manhattan's Diamond District. Severn, a family office that has owned the property since 1977, has long...
Asking Rents for Manhattan Ground-Floor Retail Space Decline 12.8 Percent in 3Q
Commercial Real Estate Direct Staff Report The average asking rent for ground-floor retail spaces in Manhattan declined in the third quarter by 12.8 percent when compared with last year, to $659/sf, according to CBRE. That represented a 4.2...
Kushner Buys 3 Virginia Apartment Properties for $113Mln
Kushner Cos. has paid $113 million for a portfolio of three apartment properties with 710 units in Virginia. The New York developer bought the properties from a venture of Drucker + Falk and LEM Capital, which had acquired them...
Credit Suisse Lends $300Mln Against Queens, N.Y., Office Property
Commercial Observer Credit Suisse has provided $300 million of financing against Factory LIC, a 1.1 million-square-foot office complex in Queens, N.Y. The loan allowed the property's owner, a venture of Atlas Capital Group, Invesco and Partners Group, to retire...
