Paul Rosta
Economy Watch: Recovery Slows, Productivity Plateaus
“Information received since the Federal Open Market Committee met in June indicates that the pace of recovery in output and employment has slowed in recent months,” the FOMC said to open its statement last week. That sounds like the FOMC has been reading the newspapers–or rather, scanning various web sites, to put it in a 2010 context.
Troubled Xanadu Still Has Promise: Cushman & Wakefield’s Medina
By Paul Rosta, Senior Editor Xanadu, the $2 billion retail and entertainment complex taken over yesterday by a consortium of lenders, may soon be getting a new lease on life after years of delays and financial woes. The lenders are in talks with developers who could take over the project, reportedly including The Related Cos. and Triple Five Group, the Canadian developers of the Mall of America in Minneapolis. Nevertheless, there are plenty of hurdles ahead for Xanadu, which stands partly complete in the New Jersey Meadowlands complex near the Izod Center sports and entertainment venue and the new stadium…
Troubled Xanadu Under New Ownership
Xanadu, the troubled $2 billion retail and entertainment complex in Northern New Jersey, is under new ownership. In an expected move, the project’s developers, a group led by Colony Capital L.L.C., turned over the mostly complete project to the lenders that hold the secured debt on the 4.8 million-square-foot property.
Economy Watch: Personal Income Fell in ’09; Freddie Mac Seeks $1.8B
Only three of the 52 metropolitan areas in the U.S. with more than one million inhabitants saw personal income increase last year: Washington, D.C., San Antonio and Virginia Beach, Va.
Troubled Xanadu Under New Ownership
Xanadu, the troubled $2 billion retail and entertainment complex in Northern New Jersey, is under new ownership this morning. In an expected move, the project’s developers, a group led by Colony Capital L.L.C., turned over the mostly complete project to the lenders that hold the secured debt on the 4.8 million-square-foot property, which would be the biggest property of its kind in the United States.
As New Pools Emerge, High Rate of Special Servicing Marks Maturing CMBS: Fitch
One-fifth of the CMBS loans scheduled to mature during the second half of 2010 are in special servicing, according to a mid-year analysis by Fitch Ratings.
Realty Income Enters Wine Country with $269M Napa Sale-Leaseback
A $269 million sale-leaseback deal is about to give Realty Income Corp. a taste of the winemaking business–at least from the real estate investment perspective.
New Colliers Group to Focus on Senior Housing
Colliers International unveils a seniors housing specialty group.
Capital Idea: Northwestern Mutual Cinches $305M D.C. Office Deal
For the second time this week, a big institutional investor snaps up a prime office property in Washington, D.C.
Economy Watch: Fannie Mae Talks Tough on Defaults; Mass Layoffs Decline
Memo from Fannie Mae to those considering “strategic default” on a residential mortgage: don’t do it