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CBRE to Buy Majority Stake in Caledon
Caledon manages some $7 billion of assets for institutional investors through a combination of direct investments and primary funds. Closing is expected to occur later this year, subject to regulatory approval and other customary closing conditions.
Vail Closes Vermont Mountain Resort Acquisition
Stowe became Vail’s first-ever resort on the East Coast and its 13th overall ski property. The asset is forecast to bring in more than $5 million in revenue during its first 12 months of operation, following the acquisition.
Hyatt Advances Global Growth Spurt
The chain plans to open in excess of 50 hotels under the Hyatt Place and Hyatt House brands this year, substantially bolstering a worldwide portfolio that consists of about 350 properties and 200 cities.
Full Steam Ahead for Vancouver Waterfront Project
At full build-out, Waterfront Vancouver will consist of 3,300 new residential units, more than 1.3 million square feet of Class A creative office space, a boutique hotel, flagship restaurants and unique retail spaces.
Manhattan’s GM Building Lands $2.3B Refi
Boston Properties has completed a $2.3 billion refinancing of the 50-story, 2 million-square-foot trophy tower. The financing includes interest-only payments and matures in 2027.
Knoxville Gives It the Old College Try
The availability of affordable housing and favorable business costs make the area a fertile environment for new ventures. Home to the University of Tennessee, the market benefits from a steady stream of qualified professionals in some of the most promising job sectors.
York Breaks Ground on $100M Bronx Studio
Michaelangelo Campus will sprout up on a long-vacant, 10-acre site in the Soundview area of the borough, strengthening its image as a destination for film and media.
German Fund Enters US Market With Boston Buy
The fund was advised by Northwood Investors. Newmark Knight Franks Boston-based debt team oversaw financing for the transaction and NKF has also been retained as the exclusive leasing and management arm for the property.
Vintage NYC Building Scores $430M Refi
The 675,000-square-foot, Class A property was built in 1909 and consists of two contiguous buildings near Union Square, Gramercy Park and Madison Square Park.
NREA, HYM Land $180M in Financing
The loan represents the first step in a long-term development plan and the formation of a strategic lending relationship between the two companies.