RECENT NEWS
MetLife Lends $89.25Mln Against Phoenix Industrial Property
MetLife Investment Management has provided $89.25 million of mortgage financing against Mack Innovation Park Deer Valley Site C, a four-building industrial complex with 584,665 square feet in Phoenix. JLL Capital Markets arranged the loan on behalf of the...
Peachtree Group Lends $53Mln Against Washington, D.C., Hotel
Peachtree Group has provided $53 million of mortgage financing against the 203-room Morrow Hotel in the NoMa section of Washington, D.C. The floating-rate loan was arranged by JLL's Hotels & Hospitality Group. The Morrow, at 222 M St....
Chicago Office-to-Apartment Conversion Gets $73.4Mln of Financing
A venture of Mavrek Development and ACRES Commercial Realty Corp. has secured $73.4 million of financing to fund the conversion of the 222,768-square-foot office building at 65 East Wacker Place in Chicago into 252 apartments. Derby Lane Partners...
Sobrato Pays $32.9Mln for Bellevue, Wash., Apartment Property
Commercial Real Estate Direct Staff Report Sobrato Organization has paid $32.9 million, or $421,794/unit, for the 78-unit Park Metro Apartments in the Seattle suburb of Bellevue, Wash. The Mountain View, Calif., investment firm purchased the property from a...
Rithm Capital to Buy Paramount Group for $1.57Bln in Cash
Commercial Real Estate Direct Staff Report Rithm Capital Corp. has struck a deal to pay $6.60/share, or $1.57 billion in cash, for Paramount Group, which has a portfolio of 17 office properties totaling 13.1 million square feet in...
Boone, N.C., Student-Housing Property Sells for $68.5Mln
Mountaineer Village, a 576-bed student-housing complex in Boone, N.C., has been sold for $68.5 million, or $118,924/bed. Walker & Dunlop brokered the sale on behalf of the seller, 10 Federal, a Raleigh, N.C., real estate investor that specializes...
Occupancy Drop Puts Lower Manhattan Office’s Maturing $425Mln Loan at Risk
Commercial Real Estate Direct Staff Report A substantial decline in occupancy and cash flow in recent years at 32 Ave. of the Americas in lower Manhattan has made it unlikely that the 1.1 million-square-foot office building's $425 million...
Lincoln Property, Bridge Investment Score $43.5Mln Fannie Loan for Atlanta Apartments
ConnectCRE A venture of Lincoln Property Co. and Bridge Investment Group has lined up $43.5 million of fixed-rate financing against Vibe at Echo Street West, a 292-unit apartment complex in Atlanta's Midtown area. CBRE arranged the Fannie Mae...
Elme Communities Aims for Liquidation, Selling 19 Apartment Properties for $1.6Bln
Commercial Real Estate Direct Staff Report Elme Communities, the former Washington REIT, has begun its liquidation with the $1.6 billion sale of 19 apartment properties with 5,804 units in Virginia, Georgia, and Washington, D.C., to Cortland. The Bethesda,...
LBA Realty Pays $45.5Mln for Industrial Property Near San Francisco
Commercial Property Executive LBA Realty has paid $45.5 million, or $816.88/sf, for the 55,700-square-foot industrial property at 868 Cowan Road in Burlingame, Calif., about 14 miles south of San Francisco. The Irvine, Calif., company acquired the building from...
Rialto Puts Distressed Loan on Manhattan Office on Sales Block
The Real Deal Rialto Capital Advisors, special servicer for the $104.5 million CMBS loan against the 139,921-square-foot office property at 90 Fifth Ave. in Manhattan's Midtown South area, has hired Newmark to sell the debt. Rialto previously filed to...
$300Mln Loan on Queens, N.Y., Creative Office Moves to Special Servicing as Maturity Nears
Commercial Real Estate Direct Staff Report The Factory, a former Macy's furniture warehouse in Queens, N.Y., that five years ago was redeveloped into creative office space, has continued to face declining occupancy and cash flow. This year through...
Manhattan’s 575 Fifth Ave. Office/Retail Building Placed on Sales Block
The Real Deal The venture of MetLife and Beacon Capital Partners that owns 575 Fifth Ave. in midtown Manhattan has tapped Eastdil Secured to market the 540,000-square-foot mixed-use building for sale. It is seeking more than $400 million,...
RMR Residential Buys Oviedo, Fla., Apartments for $62Mln
Orlando Business Journal RMR Residential has paid $62 million, or $225,455/unit, for the Atrium at Oviedo Park apartment complex in Oviedo, Fla. The company, an affiliate of The RMR Group of Newton, Mass., purchased the property from CGI+...
JLL Lends $40.5Mln Against Tucson, Ariz., Apartments
JLL Real Estate Capital has provided $40.5 million of mortgage financing against the 300-unit Place at Silverbell Gateway apartment property in Tucson, Ariz. The loan pays a floating coupon and allows the property's owner, MC Cos. of Scottsdale,...
Citivest Commercial Buys Oregon Shopping Center for $25.25Mln
Commercial Real Estate Direct Staff Report An affiliate of Citivest Commercial has paid $25.25 million, or $133.13/sf, for the 189,670-square-foot Bear Creek Plaza shopping center in the southwest Oregon city of Medford. The Newport Beach, Calif., real estate...
Savanna Likely to Get More Time to Refi $463Mln CMBS Loan Against Manhattan’s 5 Bryant Park
Commercial Real Estate Direct Staff Report Savanna is close to getting additional time to line up a new mortgage to refinance the matured $463 million loan against its 682,988-square-foot 5 Bryant Park office building in midtown Manhattan. The...
Tucson, Ariz., Apartments Sell for $24.45Mln
Commercial Real Estate Direct Staff Report HSL Properties has paid $24.45 million, or $119,852/unit, for the 204-unit Vintage apartment property in Tucson, Ariz. The local company purchased the property, at 8225 East Speedway Blvd., from Phoenix investment manager...
BKM Capital Pays $167.85Mln for 8 Phoenix-Area Industrial Properties; Gets $135.43Mln Mortgage
Commercial Real Estate Direct Staff Report BKM Capital Partners has paid $167.85 million, or $188.73/sf, for a portfolio of eight industrial properties totaling 889,352 square feet in the Phoenix and Tempe, Ariz., areas. The Newport Beach, Calif., investment...
SL Green, PGIM Near $1.4Bln Refi of Manhattan’s 11 Madison Ave.
Crain's New York Business The venture of SL Green Realty Corp. and PGIM Real Estate that owns the 2.29 million-square-foot 11 Madison Ave. office building in Manhattan's Flatiron District is lining up a $1.4 billion refinancing for the...
Westin Tampa Waterside Fetches $95.55Mln
Tampa Bay Business Journal A venture of Rockhill Management and Rockpoint has paid $95.55 million, or $319,565/room, for the Westin Tampa Waterside, a 299-room hotel in downtown Tampa, Fla. Rockhill, of Boston, and Rockpoint, of Dallas, purchased the...
Blackstone Buys EAST Miami Hotel
Correction: The price paid was understated in a previous version of this story. South Florida Business Journal A fund affiliate of Blackstone Real Estate has paid just less than $300 million for the EAST Miami hotel in Miami's...
Grocery-Anchored Shopping Center in Boca Raton, Fla., Trades for $118.43Mln
South Florida Business Journal An affiliate of Stockbridge Capital Group has bought Uptown Boca, a grocery-anchored lifestyle center in Boca Raton, Fla., for $118.43 million, or $786.43/sf. The San Francisco company purchased the 150,591-square-foot shopping center from a venture...
Tyko Capital Lends $220Mln Against Jersey City, N.J., Apartments
Tyko Capital has provided a $220 million loan against the 576-unit apartment property at 626 Newark Ave. in the Journal Square section of Jersey City, N.J. The property is owned by Namdar Group of Great Neck, N.Y. Walker...
Former Westfield San Francisco Centre Sees Another Drop in Appraised Value
Commercial Real Estate Direct Staff Report The San Francisco Centre retail and office property in the city's downtown area has had its appraised value lowered again, this time to $195 million—65% lower than the $558 million of mortgage...
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.
