Finance
Economy Watch: Existing Home Sales, Leading Economic Index Drop; Unemployment Rises
Existing home sales took a dip in June, while the Leading Economic Index declined 0.3 percent and unemployment spiked.
Paramount/Colony Capital JV Closes on $481M Deal for Queens Trophy Tower
A joint venture of Paramount Group Inc. and Colony Capital L.L.C. bought the 50-story, 1.4 million-square-foot asset, which is the tallest New York City building outside of Manhattan.
Berkeley Point Capital Names Jim McDevitt President
Berkeley Point Capital L.L.C. has been adding executives to its ranks for the past several months, capping it off this week with the news that CRE finance veteran Jim McDevitt had been named president.
Paramount/Colony Capital JV Buys Queens Trophy Tower For Estimated $475M
Fully leased to Citigroup, the 1.4 million-square-foot, 50-story One Court Square is the tallest building in New York City outside of Manhattan.
Economy Watch: Bernanke Downbeat, Unclear on Stimulus; CPI Flat, but HMI Up
The chairman of the Federal Reserve was on Capitol Hill on Tuesday, testifying as part of his “Semiannual Monetary Policy Report to the Congress,” and his assessment of the economy, at least for the short term, wasn’t particularly cheerful. Likewise, the Bureau of Labor Statistics reported that the Consumer Price Index was unchanged in June. But the National Association of Homebuilders’ Housing Market Index for July was up six points to 35.
Brennan Investment Grabs National Industrial Portfolio for $155M
In a joint venture with London-based Gatehouse Bank plc, the private real estate investment firm acquired a national industrial portfolio from an affiliate of AIC Ventures.
Vornado to Offer $300M of Preferred Shares
Fitch Ratings gives Vornado’s stock issue a BB+ credit rating. The offering is scheduled to close this Wednesday.
Economy Watch: No Clarity from Fed on QE3; U.S. Exports Rise
The Fed’s Open Market Committee offered few hints about whether it was prepared to prime the pump; U.S. exports rose from April to May, according to the Census Bureau. Investigations over LIBOR manipulation pick up steam.
Kennedy Wilson Targets $2.5B in European Real Estate Loans
Beverly Hills-based Kennedy Wilson is making a new bet on Europe. It’s partnering with a European global financial institution to target the acquisition of €2 billion ($2.5 billion) of performing, sub-performing and non-performing loans secured by commercial and residential real estate in Europe, with a focus on the United Kingdom and Ireland, the company announced Monday.
Chesapeake Lodging Trust Nabs $60M Loan
Relying on two key Manhattan properties as collateral, Chesapeake Lodging Trust has obtained a $60 million loan through Wells Fargo Bank N.A. The two-year term loan’s structure is multi-faceted, to say the least.