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ING Continues to Mitigate CRE Risk with Sale of Stake in $1.9B Canadian Industrial Portfolio
Amsterdam-headquartered global financial institution ING Group continues to downgrade its presence in the tumultuous commercial real estate market with a deal to sell its 50 percent interest in ING Summit Industrial Fund L.P., a fund with a 32 million-square-foot industrial portfolio in Canada.
Financing Agreement Set for WTC
The Port Authority, New York City and New York state all agreed to pay as much as $1.7 billion to finance construction of two of the towers – but Silverstein will not receive any profits until the public monies are repaid.
Economy Watch: Residential Delinquencies Edge Down
The delinquency rate for mortgage loans on one-to-four-unit residential properties dropped to a seasonally adjusted rate of 9.85 percent at the end of the second quarter of 2010, according to the latest Mortgage Bankers Association’s National Delinquency Survey, which was released Thursday.
Gencom Readies for Hotel Shopping Spree with Completion of $1B Portfolio Recapitalization
Founded in 1987 by hospitality industry veteran Karim Alibhai, Gencom had been riding high until the tide turned for the company when its main lender, Lehman Brothers Holdings Inc., began the downward spiral that ultimately led to the global financial services firm’s demise in 2008.
Economy Watch: New Home Sales Down, but Toll Brothers Surprises
Orders for new homes might be down, but luxury homebuilder Toll Brothers Inc. nevertheless reported a quarterly profit for the first time since the housing bubble burst in 2007.
Plan for $100M Contemporary Art Museum in Los Angeles Gets the Green Light
Grand Avenue in downtown Los Angeles, home to a bevy of internationally respected cultural venues, will soon become the site of a new contemporary art museum now that philanthropists Eli and Edythe Broad have obtained the final requisite approval for the development known as The Broad Collection.
Economy Watch: July Existing Home Sales Crumple Like Empty Cans
When the cruel, hard numbers on housing were published by the National Association of Realtors on Tuesday, they were cruel and hard indeed: home sales contracted 27.2 percent nationwide in July compared with June.
Gomes Gaming to Snap Up Atlantic City’s 1,000-Room Resorts Casino Hotel for a Song
The company has entered into an agreement with RAC Atlantic City Holdings L.L.C. to acquire the 32-year-old gaming property–which carries the distinction of being Atlantic City’s very first casino–for a price far, far below replacement cost.
Economy Watch: According to the Chicago Fed, Zero is a Good Number
Zero might not sound good, but not only is it better than June’s negative value, it’s a lot better than around the beginning of 2009, when the index was nearly minus 4.0.
Boston Properties to Buy Macklowe’s Debt-Ridden 510 Madison Ave. in NYC for $280.5M
Lender issues, lawsuits, a vacant tenant roster and a fire. A boatload of problems have surrounded the brand-new office building at 510 Madison Ave. in Midtown Manhattan, but change is in the air now that Boston Properties has committed to acquiring the fee title to the 350,000-square-foot office building.