the Editors of Commercial Property Executive
Gale Hits Milestone with $35B South Korea Enclave
Realization of the Songdo International Business District, the $35 billion master-planned enclave New York City-based Gale International has been developing in Incheon, South Korea, becomes more tangible with the completion of the 1.3 million-square-foot Songdo Convensia Convention Center, its first building. More structures in the 1,500-acre development are on target to deliver within a year. The $150 million Songdo Convensia (pictured), designed by Kohn Pedersen Architects of New York and London, occupies nearly 25 acres near what will be the city’s 100-acre Central Park. In addition to providing a vast amount of flexible meeting space, the building holds the distinction…
Bankruptcy Court Approves $127M Financing for Lake Las Vegas Developer
The court handling the bankruptcy of Las Vegas Joint Venture L.L.C., the master developer of the Lake Las Vegas Resort, has approved a $127 million debtor-in-possession financing agreement with a group of lenders led by Credit Suisse as agent. The consensual agreement was reached with various creditors and the Official Committee of Unsecured Creditors. A Lake Las Vegas spokesperson characterized the credit facility as “cash to run the operation.” CPN reported two weeks ago that the project (pictured), a 3,600-acre master-planned residential and resort community next to Lake Mead National Recreational Area and 20 miles east of Downtown Las Vegas,…
Zurich Inks Euro-Deal With CB Richard Ellis
Zurich Financial Services Group has picked CB Richard Ellis Group Inc. as a provider of a variety of real estate services for the company in Europe, including transaction management and strategic consulting. The deal represents the first time that Zurich has hired a single service provider for Europe. The agreement covers a 6 million-square-foot portfolio encompassing 520 offices in nine countries–Austria, Germany, Ireland, Italy, Portugal, Slovakia, Spain, Switzerland and the United Kingdom. The contract reflects a further expansion of CBRE;s Global Corporate Services business, which added 16 new corporate accounts during the first half of 2008. Zurich Financial is a…
Praedium, Audubon Acquire 938-Unit Atlanta M-F Portfolio
The Praedium Group and Audubon Communities Management have teamed up to buy a seven-property multi-family portfolio in the Atlanta metro region for approximately $45 million. The seller was not identified. It is the third joint venture acquisition made by Praedium, a New York City-based national real estate investment firm, and Audubon, an owner and operator of multi-family assets in the Northeast and Gulf South regions of the United States. Information on the other JVs was not available. The 938-unit portfolio comprises 156 buildings constructed between 1972 and 1999 located in Fulton, Henry, DeKalb, Rockdale, Gwinnett and Hall counties. The portfolio…
Newcastle-RREEF JV Acquires Former Boeing Land in Long Beach for $350M Project
Despite economic woes that have caused delays or outright cancellation of many projects, Newcastle Partners Inc., and RREEF Alternative Investments have purchased 54.5 acres at the former Boeing aircraft manufacturing site in Long Beach, Calif., with plans for a 4 million-square-foot mixed-use business park with an estimated value of $350 million at build out. The project, named Douglas Park, will consist of 261 acres upon completion. The first two phases of development will be on the 54.5 acres recently acquired. The Boeing site is the largest piece of developable land in Long Beach. Plans for the project include 4 million…
Army Taps Balfour Beatty as Partner on West Point Housing Project
Under the government’s Military Housing Privatization Initiative, the pool of residential units at the United States Military Academy at West Point will be upgraded and expanded, and Balfour Beatty Communities L.L.C. has just been tapped to partner with the U.S. Army on the project. The 50-year commitment will kick-off with an eight-year initial development period valued at $207 million, and will ultimately encompass 824 units. The Military Housing Privatization Initiative, authorized 12 years ago by Congress, paves the way for the cost effective provision and operation of new and upgraded quality housing through joint ventures with private-sector entities. As the…
Emeritus Nets $163M in Loans for Seniors Housing Buy
KeyBank Real Estate Capital has secured $163 million in loans to finance the purchase of 19 senior housing properties nationwide. The package will finance Emeritus Senior Living’s purchase of the 19 properties, which range in individual price from $2.9 million to $14.7 million. Upon the completion of the purchases, Emeritus will serve as proprietor of the sites, which are located natonwide. The portfolio consists of over 1,500 units in the properties, all of which are assisted living facilities, some with Alzheimer’s care. KeyBank used its long-standing relationship with Freddie Mac to close the deal on behalf of Emeritus. Freddie Mac…
Hospitality Design Group Enters Luxury Senior Living Market with 410-Unit Resort-Style Project
Los Angeles-based Cheryl Rowley Design, a 20-year-old hospitality design group, is venturing into the luxury senior living market, with Maravilla, a 410-unit resort-style senior living facility in Scottsdale, Ariz.An owner and developer of resort-style retirement living, Senior Living Resources LLC is the developer and owner of this project, set on 25 acres, adjacent to the AAA five-diamond Fairmont Scottsdale Resort.Maravilla will provide luxury accommodations and high-end amenities to an independent living, assisted living and memory care clientele. Currently under construction, Maravilla Scottsdale will provide residents with independent living, assisted living and memory care residences, as well as services such as…
Meruelo Maddux Closes on $84M to Finish L.A. Residential Tower
Unlike a bevy of construction projects across the country, development of the upscale 214-residence apartment high-rise at 717 W. Ninth St. in Los Angeles will not fall victim to the credit crunch, as Meruelo Maddux Properties Inc. has just closed on an $84 million construction loan. The 35-story structure, located across from the Staples Center sports arena and the $2.5 billion L.A. Live mixed-use project, is part of a long list of developments that are contributing to the multi-billion remake of downtown Los Angeles. Meruelo Maddux was able to secure financing for 717 W. Ninth from an affiliate of Los…
Interstate Hotels Enters into JV to Own Lexington Hotel
Interstate Hotels & Resorts has formed a joint venture with an affiliate of Madison W Properties L.L.C. to recapitalize the existing ownership of the former Radisson Plaza Hotel Lexington in Lexington, Ky., and an adjacent 234,000-square-foot Class A office building. The 367-room hotel is to undergo a $13 million renovation, after which it will be reflagged as a Hilton. Until then, it will be operated as an independent, the Lexington Downtown Hotel & Conference Center. The hotel is currently managed by Interstate, which also managed it for the previous owner, an affiliate of Blackstone Group L.P., Interstate senior vice president…