Alex Girda
Alex is a senior editor with Multi-Housing News and Commercial Property Executive who has more than a decade of experience in the industry. Mainly focused on data-driven exploits, he works with Yardi Matrix and CommercialEdge to provide insights into the real estate market.
Berkadia Provides Financing for Affordable, Student Communities in Greater Seattle
Berkadia’s local office recently announced that it has arranged financing for two residential communities located in the greater Seattle area. The student housing property and affordable housing property are located in Lynwood and Maple Valley, respectively. The commercial real estate company originated a total of $15.3 million in financing for the assets, in both cases the funds being provided through fixed-rate loans. Both deals were handled by Senior Vice President Jeff Stuart.
Penn Buys Tropicana, Makes Debut on Strip
One of the Las Vegas Strip’s most recognizable properties is coming under new ownership. Penn National Gaming has agreed to purchase the Tropicana Las Vegas for $360 million.
One Year After Grand Opening, Juanita Tate Marketplace Acquired by Optimus Properties
The Juanita Tate Marketplace in Los Angeles was recently acquired by locally based Optimus Properties LLC. The redevelopment project located at the corner of Slauson Avenue and Central Avenue is a venture that has taken its developers nearly 17 years to complete. Developed by a partnership consisting of Infinity Redevelopment LLC, the Concerned Citizens of South Central Los Angeles and the Community Redevelopment Agency of the City of Los Angeles, Juanita Tate Marketplace is regarded as “an incredible asset that serves a very underserved community in a first class fashion” by its new owner.
New Legislation Allows Uptick in Affordable Housing, Though City Far Behind Current Target
King County recently passed new legislation regarding affordable housing, paving the way for the addition of nearly 900 new units during the following five years. Due to measures taken by the State Legislature, the county will now be able to issue workforce-housing bonds worth up to $45 million. The bonds will be backed by the local hotel tax, and will support homes located within at least a half-mile from a transit station.
Pipeline Grows in Jack London Square
Developer Austin Group has submitted plans to develop a new apartment community on the site of an R&B club. As Jack London Square becomes a development hotbed for the city of Oakland, the company is proposing the construction of a smaller scale community, right across the street from the Ellington condo building. The project would also include a commercial real estate component that would tap into the current growing potential of Jack London Square.
Facebook Taps Gehry for Menlo Park Project
Facebook is further expanding its presence in Menlo Park, with the social network revealing plans to develop a large plot of land it acquired back in 2014. The tech giant relocated to the Silicon Valley city back in 2011 and has since undertaken an extensive campaign of making its mark on the local community. The company announced that it will be working on the plans for the new expansion with Frank Gehry, the same architect that handled the design of Facebook’s recently opened MPK 20 facility.
Petco Park’s $250M Neighbor Nears Construction Start
The end of March saw Civic San Diego approve a development project near Petco Park, with construction set to commence later this month. The Ballpark Village development is one of the city’s largest planned housing projects, and is estimated at around $250 million. JMI Realty, the company responsible for the development of Petco Park, is partnering with Lennar Homes on the development of the master-planned district. Ballpark Village is located in the vicinity of the arena – currently the home of the San Diego Padres – that opened 11 years ago this month.
Expedia Acquires Office Campus on Seattle Waterfront, Prepares to Relocate from Bellevue
Expedia, Inc. recently provided the Bellevue real estate market with quite a blow as the company announced that it is relocating, following the purchase of a new campus. One city’s loss is another’s gain as the company announced the acquisition of Amgen’s multi-building office property in Seattle. According to recent announcements, Expedia will complete its relocation to Seattle’s waterfront by 2018. The travel company reportedly paid $228.9 million for the property, with the transaction expected to close by the end of the current quarter.
Starwood, Kemper Complete Agreement Bringing W Hotels to Bellevue Collection
We knew the Kemper Development Company’s The Bellevue Collection project would be expanded with a new hotel. It was recently revealed that the hospitality property would be operated by Starwood Hotels & Resorts Worldwide Inc. The two companies are set to debut the W Hotels brand, part of the $1.2 billion project, during spring 2017.
Bascom Group, Carlyle Realty JV Buys MF Asset in Emeryville
Bridgecourt Apartments in Emeryville was recently acquired by a joint venture of The Bascom Group and funds managed by Carlyle Realty Partners. The buyer paid a total of $45.1 million for the asset in a deal arranged by Stephen Jackson and Mark J. Feldman of Colliers International. CBRE Capital Markets provided a $40.6 million loan through California Bank & Trust, with the funds being used in the transaction.