RECENT NEWS
Venture Buys Dual-Branded Hotel in Atlanta; Plans Big Renovation
A venture of Monomoy Property Ventures and Axonic Capital has purchased the dual-branded Crowne Plaza Atlanta-Midtown and Staybridge Suites Atlanta-Midtown hotel in Atlanta, with plans to renovate the property and re-brand it a Marriott. The price paid for...
Invesco Lends $280Mln for Manhattan Apartments
The Real Deal Invesco has provided $280 million of mortgage financing against the 455-unit apartment building at 980 Sixth Ave. in Manhattan. The loan retires $273 million of financing that Blackstone Mortgage Trust provided in 2022. The 980...
Dwight Capital Provides $53Mln HUD Loan for Construction of Texas Apartments
Dwight Capital has provided a $53 million loan, under the U.S. Department of Housing and Urban Development's 221(d)(4) program to fund the construction of the 312-unit Lariat apartment property in Amarillo, Texas. The property, with 186 one-bedroom and...
Shorenstein Buys Newly Built Office in Gulch Area of Nashville, Tenn.
Shorenstein Investment Advisers has purchased the 330,376-square-foot 1222 Demonbreun office building in the Gulch area of Nashville, Tenn. The San Francisco investment manager bought the 20-story building, which includes 5,836 sf of retail space and a nine-story parking...
Norges/Beacon Closes $572.29Mln Buy of Manhattan’s 1177 Ave. of the Americas Office
Commercial Real Estate Direct Staff Report The venture between Norges Bank Investment Management and Beacon Capital Partners that last month had struck a deal to buy the 1.03 million-square-foot Americas Tower in Midtown Manhattan has completed its $572.29 million,...
AEW Buys Glendale, Ariz., Seniors-Housing Property for $65Mln, Gets $40.25Mln Mortgage
Commercial Real Estate Direct Staff Report An affiliate of AEW Capital Management has paid $65 million, or $393,939/unit, for the 165-unit Inspira Arrowhead seniors-housing property in Glendale, Ariz., about 28 miles north of Phoenix. The Boston investment manager...
Pittsburgh-Area Industrial Property Sells for $32Mln
Treetop Cos. has paid $32 million, or $62.09/sf, for the Pittsburgh Logistics Center at 460 Nixon Road in the Pittsburgh suburb of Cheswick, Pa. The 515,411-square-foot industrial property was sold by Maguire Hayden Real Estate Co., which bought...
Appraised Value of Long Island, N.Y., Office Property Slashed to $161.9Mln
Commercial Real Estate Direct Staff Report Jericho Plaza, with 665,592 square feet of office space in the Long Island, N.Y., town of Jericho, has been reappraised at a value of $161.9 million, just more than the $149.2 million...
Troubled CMBS Loan Against Apartment Portfolio Gets Whittled Down
Commercial Real Estate Direct Staff Report The $384.8 million CMBS loan against a portfolio of 43 apartment properties with 8,671 units that Chetrit Group purchased in 2019 for $522 million has been paid down to $195.96 million. That's...
153-Room Hotel in Washington, D.C., Sells for $60Mln
Commercial Observer Friedman Capital has paid $60 million, or $392,156/room, for the 153-room Capitol Hill Hotel at 200 C St. NE in Washington, D.C. The Washington, D.C., investor acquired the property from TPG Real Estate, which purchased it in...
Walton Street Lends $99.3Mln Against Denver-Area Industrial Property
Commercial Real Estate Direct Staff Report Walton Street Capital has provided $99.3 million of mortgage financing against 25 North, a 936,775-square-foot industrial property in the Denver suburb of Thornton, Colo. JLL Capital Markets arranged the loan, which allowed...
CapRidge Brings Nashville City Center Office to Sales Market
Nashville Business Journal CapRidge Partners is offering for sale Nashville City Center, a 477,000-square-foot office building in downtown Nashville, Tenn. Newmark has the listing for the 27-story property, which sits on 0.75 acres at 511 Union St. CapRidge, of...
Suburban Chicago Apartment Property Sells for $54Mln
Crain's Chicago Business Highlands Vista Group has paid $54 million, or $184,300/unit, for Renaissance at Carol Stream, a 293-unit apartment property in Carol Stream, Ill., a western suburb of Chicago. The Denver investor acquired the property from Bender...
CMBS Deal Backed by Big Loan on Manhattan’s 660 Fifth Ave. Office in Market
Commercial Real Estate Direct Staff Report The $1.3 billion financing package against 660 Fifth Ave., a 1.34 million-square-foot office building in Midtown Manhattan, pays a blended coupon pegged to SOFR plus 264 basis points. The financing was provided...
Mori Increases Stake in Manhattan’s One Vanderbilt Office to 16%
Commercial Real Estate Direct Staff Report Mori Building Co. has acquired an additional 5% stake in the 1.7 million-square-foot One Vanderbilt office building in Midtown Manhattan in a deal valuing the property at $4.7 billion. The Japanese developer...
$23.44Mln Lent for Construction of Southern Calif. Self-Storage Property
JLL Capital Markets has arranged $23.44 million of financing for the construction of a 1,284-unit self-storage facility in Chula Vista, Calif. The four-year loan was arranged on behalf of the developer, UTEX Storage Partners of Dallas, and was...
749-Unit Apartment Property in Suburban Chicago Sells for $81.5Mln
Crain's Chicago Business Turner Impact Capital has paid $81.5 million, or $108,811/unit, for the Oaks and Laurels of Willow Hill, a 749-unit apartment complex in Justice, Ill., a southern suburb of Chicago. The Santa Monica, Calif., investment management...
Retail Space at Chicago’s One North State Goes on Sales Block Today
Commercial Real Estate Direct Staff Report The CMBS trust that owns the 170,507 square feet of retail and storage space at the base of the One North State St. office property in Chicago is taking bids for the...
Occupancy Issues at Manhattan’s 650 Madison Office Prompts Loan’s Transfer to Special Servicing
Commercial Real Estate Direct Staff Report The $800 million CMBS loan against 650 Madison Ave., a 600,415-square-foot office building in midtown Manhattan, is now classified as being more than 30 days late with its payment. As a result,...
$130Mln CMBS Loan Against Manhattan Retail Space Transfers to Special Servicing
Commercial Real Estate Direct Staff Report The $130 million CMBS loan against the 78,287 square feet of retail space at the Renaissance by Marriott hotel in midtown Manhattan has transferred to special servicer CWCapital Asset Management. The loan...
SL Green to Pay $730Mln for Manhattan’s Park Avenue Tower Office
SL Green Realty Corp. has agreed to pay $730 million, or $1,174/sf, for the 621,824-square-foot Park Avenue Tower office building in Manhattan's Plaza District. The New York REIT is buying the property from a venture of George Klein,...
Rialto Lends $45Mln Against Suburban N.Y. Industrial Property
Rialto Capital Management has provided $45 million of bridge financing against the 220,000-square-foot Lincoln Logistics Center industrial property in the New York suburb of Valley Cottage, N.Y. The loan allowed the property's owner, a venture of PCCP LLC...
JLL Writes $113.78Mln HUD Loan Against Miami Apartments
JLL Real Estate Capital has provided a $113.78 million loan under the U.S. Department of Housing and Urban Development's 223(f) program against the 279-unit Metro Edgewater apartment building in Miami. The loan allowed the property's developer, Resident Group,...
Owner of Suburban Chicago Office Property Hit with Foreclosure Suit
The Real Deal Group RMC, owner of the 1.1 million-square-foot Westbrook Corporate Center in suburban Chicago, has been hit with a foreclosure suit. The suit, filed last week in Cook County, Ill., Circuit Court, alleges that the New...
Belpointe OZ Lines Up $204Mln Against Downtown Sarasota, Fla., Mixed-Use Development
Tampa Bay Business Journal Affinius Capital has provided $204 million of financing against the Aster and Links mixed-use complex in downtown Sarasota, Fla. The loan was provided to an opportunity fund tied to Belpointe OZ, which owns the two-building...
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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.
