Allison Landa
Economy Watch: Long Slog Ahead for CRE, Pimco Says
About half a trillion dollars’ worth of CRE will come on the market during the next three to five years, the company posited. That flood of assets, many of which are under water, will depress prices for at least that long.
CBRE Realty Trust Forms $1.1B European Industrial Property JV with Australian Partner
Per the agreement, CB Richard Ellis will own an 80 percent interest in both co-investment vehicles, while Goodman will own the remaining 20 percent stake.
NeoCon 2010: Recession Hasn’t Curtailed Creativity in Office Furniture Sector
The mood was upbeat at the annual Best of NeoCon product awards breakfast. As they do every year, manufacturers and their product designers gathered on the first morning of NeoCon World’s Trade Fair to hear the winners of the competition that was juried by 51 facilities management executives and commercial interior designers during the preceding three days.
I Want a New Drug — Analogy, That Is
I have heard “this economy is on steroids” too many times at conferences this year. Speakers have typically made this comment when talking about federal efforts to contain some of the worst effects of the financial crisis. Whether it is stimulus spending or TARP money, the thinking is that these federal dollars are simply performance enhancing drugs. It is as if these investors are dismissing the growth we are seeing out there today, painting it with an asterisk as if it is not a true achievement. These speakers have the analogy reversed.
Shaner Hotel Group Plans to Acquire $500M in Properties
As part of the plan, the company’s Shaner Mortgage Real Estate Investment Trust has acquired $90 million of performing first mortgage debt under its previously announced plan to acquire $200 million in debt. It currently seeks to obtain the balance.
$355M Refi Deal Closes for Premier Mixed-Use Manhattan Tower on Madison Ave.
The New York City-based borrowers, global alternative asset manager The Carlyle Group and commercial real estate investment firm Ashkenazy Acquisitions Corp., obtained the mortgage loan on 650 Madison from Wells Fargo Bank N.A. and Industrial and Commercial Bank of China Ltd., New York Branch.
Economy Watch: Harvard Housing Report Mostly Glum
The U.S. housing market is in a deep pit with gooey clay walls and it’s going to take years to claw its way out. That’s the conclusion, in more metaphoric language, of Harvard’s Joint Center for Housing Studies 2010 report on the state of the U.S. housing market released on Monday.
Crescent Emerges from Bankruptcy, Putting $1B in Debt in the Past
The Charlotte, N.C.-based real estate development and land management company has just wrapped up its financial restructuring and emerged from Chapter 11, almost exactly one year after having filed for bankruptcy.
Forest City Closes Permanent Financing on $214M Loan
In addition, the existing $40 million credit enhancement in tax-exempt Empowerment Zone bonds has also been extended to the 2019 maturity date. In addition to conventional bank financing, financing was also provided by the State of New York, New York City and the Upper Manhattan Empowerment Zone.
Richards Barry Joyce Bolsters Capital Markets Team
Commercial real estate advisory firm Richards Barry Joyce & Partners LLC has added Chris Skeffington and James Tribble to its capital markets team as senior analysts. Skeffington and Triffle will perform investment and valuation analysis, produce investing offering memorandums, support transaction execution activities, and provide clients with current market analytics and trends.