Business Specialties
CommonWealth REIT Scores $750M Unsecured Credit Facility
Less than two weeks before an existing facility was to mature, the Newton, Mass.-based office and industrial REIT obtains a $750-million facility from an international consortium of banks.
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…
JP Morgan Chase Buys $3.5B Loan Portfolio from Citibank
JPMorgan Chase closes on the acquisition of a $3.5 billion portfolio of 3,800 performing multi-family and commercial real estate loans from Citibank.
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.
Boyd Gaming JV Closes $950M Borgata Hotel Casino Debt Financing Deal
Marina District Development Co., the Las Vegas-based 50/50 joint venture that owns the Borgata Hotel Casino and Spa in Atlantic City, N.J., has wrapped up debt financing totaling $950 million.
Freddie Mac Asks for More Federal Funds as Fate of GSEs Discussed in Washington
Freddie Mac’s request for $1.8 billion to sustain its reserves through the next quarter may have followed on sister Fannie Mae’s bid for its own fresh multibillion-dollar infusion, but in the scheme of things it amounts to barely a drop in the bailout bucket.
Fuller Partnership “Perfect Fit” to Expand Cassidy Turley into Denver
Cassidy Turley’s latest expansion move did more than give the company a full-service presence in Denver. The fast-growing company, formed on March 1 with the partnership of a number of former Colliers firms and an assortment of others, found in Denver heavyweight Fuller Real Estate a “perfect fit.”
Canyon-Johnson Equity Paves Way for New Baltimore-Area Mixed-Use Project
The Oxford Square transit-oriented development project in Hanover, Md., just got a substantial boost–in the form of preferred equity capital totaling $17.5 million from Canyon-Johnson Urban Funds. And while mixed-use projects are hardly rare in the area today, BRAC promises to increase demand in the near future.
Economy Watch: V-Shape Recovery Flattened Out by Unusual Uncertainty
No one’s predicting a V-shaped recovery anymore–unless they’re saying the right half of the V has been run over by a truck.
$342M Financing Package Moves Plans Forward for Ritz-Carlton Resort in Puerto Rico
It may be tough to attract financing today to hotel resort ventures–especially hundreds of millions in development financing–but the Ritz-Carlton Reserve, Dorado Beach Resort & Spa project in Dorado, Puerto Rico, is an exception.