RECENT NEWS
DivcoWest Pays $125Mln for Boston’s 399 Boylston St.
DivcoWest has paid $125 million, or $510.20/sf, for the 245,000-square-foot office property at 399 Boylston St. in the Back Bay section of Boston. The San Francisco investment manager acquired the property from Blackstone, which bought it in 2014...
Mesa West Takes Charlotte’s Towers at SouthPark Through Foreclosure
Charlotte Business Journal Mesa West Capital has taken through foreclosure the Towers at SouthPark, a 430,000-square-foot office complex in Charlotte, N.C. The Los Angeles private equity firm had provided $167.8 million of debt against the two-building property in mid-2022...
Concord Capital Buys Los Angeles Apartment Property for $52Mln
L.A. Business First Concord Capital Partners has paid $52 million, or $309,523/unit, for the View, a 168-unit apartment property in Los Angeles' Koreatown neighborhood. The Dallas investment firm acquired the property from an affiliate of MWest Holdings, which...
Los Angeles-Area Apartments Sell for $41Mln
Commercial Real Estate Direct Staff Report Advanced Real Estate has paid $41 million, or $297,101/unit, for the 138-unit Cove at West Covina apartment property in the Los Angeles suburb of West Covina, Calif. The Irvine, Calif., investment manager...
BXP to Line Up Equity Partner for Midtown Manhattan Office Project Next Year
Commercial Real Estate Direct Staff Report BXP Inc., which has started developing 343 Madison Ave. in midtown Manhattan, eventually will sell a stake of 30% to 50% in the roughly 930,000-square-foot office property. Interest so far has been...
Venture Pays $88.3Mln for Nashville-Area Office Complex
Nashville Business Journal A venture of Magnolia Investment Partners and Tenn Properties has paid $88.3 million, or $200.68/sf, for the 440,000-square-foot Brentwood Commons office park in the Nashville, Tenn., suburb of Brentwood, Tenn. The Los Angeles County Employees'...
Local Company Pays $46.5Mln for Fort Lauderdale, Fla., Apartment Complex
South Florida Business Journal Rental Asset Management has bought the 140-unit Ram Elyps Apartments in Fort Lauderdale, Fla., for $46.5 million, or $332,143/unit. The local company purchased the complex from Pinnacle, a Miami developer that had completed its...
M&T Realty Writes $347.4Mln Fannie Loan for Queens, N.Y., Apartments
Commercial Observer M&T Realty Capital Corp. has provided a $347.4 million Fannie Mae loan against the 575-unit Bud South apartment property in the Long Island City section of Queens, N.Y. The property, at 2-20 Malt Drive, opened last...
Berkadia Provides $141.9Mln HUD Loan for San Francisco Apartments
Berkadia has provided $141.9 million of mortgage financing under the U.S. Department of Housing and Urban Development's 221(d)(4) program for the construction of the 303-unit ElevenEleven apartment property in San Francisco. The loan was arranged on behalf of...
Tucson, Ariz., Apartments Sell for $31.73Mln
Commercial Real Estate Direct Staff Report An affiliate of Pacific Transwest Real Estate Inc. has paid $31.73 million, or $101,698/unit, for the 312-unit Ventura Villas apartment property in Tucson, Ariz. The San Diego company acquired the property from...
MDH Partners Buys Industrial Portfolio from LBA Properties for $165Mln
Commercial Real Estate Direct Staff Report MDH Partners has paid $165 million for a portfolio of six industrial buildings with 1.48 million square feet in Kentucky, Georgia, Florida, and Ohio. The Atlanta investment manager, which early last year...
BGO Gives Manhattan’s 757 Third Ave. Office to Lender in Deed-In-Lieu
Commercial Real Estate Direct Staff Report BGO has turned over the 503,000-square-foot office property at 757 Third Ave. in Manhattan to its lender, New York Life Real Estate Investors, through a deed-in-lieu of foreclosure. BGO, the former BentallGreenOak,...
260,989-SF Industrial Property in Northern California Sells for $62.75Mln
Denver Business Journal Sagard Real Estate has paid $62.75 million, or $240.43/sf, for the 260,989-square-foot warehouse at 2021 Farallon Drive in San Leandro, Calif. The Denver investor acquired the industrial building from an affiliate of the Rosalinde and...
ConnectOne Bank Lends $89.61Mln for Bronx, N.Y., Office
Commercial Real Estate Direct Staff Report ConnectOne Bank has provided $89.61 million of mortgage financing against the 422,452-square-foot Hutchinson Metro Center I office property in the Bronx, N.Y. The Englewood Cliffs, N.J., bank's loan allowed the property's owner,...
Blue Owl, Tishman Speyer Lend $63.5Mln for Nashville, Tenn., Office
Tishman Speyer has provided $17.5 million of mezzanine financing, behind a $46 million senior loan from Blue Owl Capital, for the recently completed T3 Wedgewood Houston office building in Nashville, Tenn. The 197,000-square-foot property, at 1234 Martin St.,...
Pacific Life Insurance Lends $107Mln for Construction of Phoenix Apartment Property
Commercial Real Estate Direct Staff Report Pacific Life Insurance Co. has provided $107 million of financing for the construction of the ReDiscover Logistics Park, an 808,448-square-foot industrial property in Phoenix. The loan was arranged by JLL Capital Markets...
Development Sites on Manhattan’s Upper East Side to Sell for $76Mln
Closer Properties will pay $76 million, or $760/sf, for six parcels with a total of 100,000 square feet of commercial space on Manhattan’s Upper East Side. The New York developer is acquiring the sites from W Financial of...
Appraised Value of Manhattan’s 1211 Ave. of the Americas Slashed by 42%
Commercial Real Estate Direct Staff Report The appraised value of the 2 million-square-foot office property at 1211 Ave. of the Americas in Midtown Manhattan has been reduced by nearly 42% to $1.19 billion. The property was appraised at...
BXP Records Best 3Q Leasing Since 2019
Commercial Real Estate Direct Staff Report BXP Inc. signed 79 office leases for 1.52 million square feet during the third quarter, up 39% from a year ago and 30% more than its five-year average for third quarters. It...
Stockdale Capital Pays $110.25Mln for Newly Constructed Apartments in Scottsdale, Ariz.
Commercial Real Estate Direct Staff Report Stockdale Capital Partners has paid $110.25 million, or $414,473/unit, for the 266-unit Quincy at Kierland apartment property in Scottsdale, Ariz. The Los Angeles investment manager purchased the property from its developer, Embrey...
Truist Lends $96.8Mln for Development of Portsmouth, N.H., Apartments
Truist Bank has provided $96.8 million of financing for the development of the 360-unit Prescott Post apartment property in Portsmouth, N.H. The property, at 100 Durgin Lane, is being developed by a venture of Eastern Real Estate of...
PNC Lends $50Mln Against Suburban Minneapolis Apartments
PNC Bank has provided $50 million of mortgage financing against the 237-unit first phase of the Fox and the Grouse apartment property in the Minneapolis suburb of Eden Prairie, Minn. JLL Capital Markets arranged the five-year loan on...
S3 Capital Provides $81Mln Construction Loan for Brooklyn, N.Y., Condos
S3 Capital has provided $81 million of financing for the construction of the 68-unit residential condominium building at 19-29 Clay St. in the Greenpoint section of Brooklyn, N.Y. The property is being developed by Investmates Real Estate &...
Citibank Lends $600Mln Against Apartment Portfolio with 3,241 Units
Commercial Real Estate Direct Staff Report Citibank has provided $600 million of financing against eight apartment properties with 3,241 units in the Southeast and Midwest regions of the country owned by investment manager West Shore. The five-year financing,...
Charlotte-Area Apartment Property Fetches $55.5Mln, Gets $37.8Mln Loan
Charlotte Business Journal A venture of Guardian Capital and New York Life Real Estate Investors has paid $55.5 million, or $231,250/unit, for the Graces Reserve Apartments, a 240-unit complex in Kannapolis, N.C. The venture purchased the property from...
About
Commercial Real Estate Direct is the only source -- in print or otherwise -- that keeps close tabs on the entire real estate capital markets industry. It provides up-to-date market intelligence on the mortgage business, equity raising, investment sales and CMBS.
