DAILY READS: Jan. 31, 2020

Hines’ Mystery Tenant at T3 West Midtown Grows to 90K SF

“Cincinnati-based architectural firm BHDP filed permits with Atlanta to construct the interior of the fourth floor of T3 West Midtown, a 203K SF, seven-story creative office building at 17th and State streets, for a tenant known only as Project Northstar.”
—Bisnow Atlanta

Stalled Downtown Apartment Project to Resume Construction

“Sovereign Properties will resume construction on a mid-rise apartment project near Minute Maid Park in downtown Houston after securing new financing.”
—Houston Chronicle

California’s Controversial SB50 Upzoning Bill Stalls in State Senate

“A controversial bill promoting higher-density housing near transit stops was defeated in a vote by California’s state senate on Thursday. State Bill 50—whose multi-year journey through the state’s lawmaking machinery has been closely watched by housing and transit advocates nationwide—fell three votes short of heading to the desk of Governor Gavin Newsom.”
—CityLab

Where to Find Investors For Opportunity Zone Deals 

“As we continue down the path of successfully raising capital for our opportunity zone deals, we often discover new resources to help achieve our goals.”
—Forbes 

Steady as it Goes for the Commercial Real Estate Industry

“The commercial real estate market is looking cautiously optimistic this year, with medical office and industrial activity pulling the weight, while traditional office space flattens.”
—Mortgage Professional America

Berlin Adopts Five-Year Freeze to Rein In Soaring Rents

“Berlin’s plan to rein in the city’s rental market was approved by lawmakers, capping revenue for property owners and potentially driving investors away from the German capital. Shares in major landlords slumped.”
—Bloomberg

Westchester Mall Reels in $400M CMBS Refi From Credit Suisse

The latest to lock in a big refinancing is The Westchester, an 814,000-square-foot shopping center in White Plains, N.Y., about 10 miles north of Manhattan. Its owners,Simon Property Group and Institutional Mall Investors, have just picked up a $400 million refinancing from Credit Suisse, and will pay 3.25 percent interest on the 10-year securitized debt according to Fitch Ratings, which analyzed the CMBS deal.
—Commercial Observer

Co-Living Project in Allston Advances

“The Boston Planning and Development Agency in late January signed off on the construction of a 278-bedroom, 80-unit co-living project at 525 Lincoln Street. Dubbed Common Allbright, the project from Arx Urban and Boylston Properties would replace yet another surface parking lot in Boston with a six-story building.”
—Curbed Boston