Finance
Savanna Sells $158M Senior Note Secured by D.C. Office Properties
Savanna wrapped up the sale to Apollo Global Real Estate of a majority interest in a $157.7 million note collateralized by a 1.4 million-square-foot office portfolio in Rosslyn, Va.
Economy Watch: Pro-Bailout Victory in Greece; Rise in U.S. Foreign Investment, but Consumer Sentiment Down
Polls closed in Greece at noon Eastern time on Sunday, and preliminary results indicated that the pro-bailout New Democracy party won about 30 percent of the seats in the Greek parliament. Meanwhile, the Commerce Department reported a further increase in foreign investment in the United States. And consumer sentiment reached a low for the year.
Penzance, Invesco Get $94M Construction Financing for 280 KSF D.C. Development
Ground has broken on the trophy office project at 3001-3003 Washington Blvd. in suburban Washington, D.C., and Penzance and Invesco Real Estate have just gotten their hands on $94 million in construction financing for the 280,000-square-foot destination.
Kennedy Wilson Nabs 544-Unit California Multi-Family Community for $87M
Kennedy Wilson has cast its eyes across the San Francisco Bay, acquiring the 544-unit Waterford multi-family complex in Hayward, Calif., for $86.5 million.
Economy Watch: Spain Asks for Help, Gets $125B for Banks; Multi-Family Market Shows Improvement
On Sunday, Spain became the largest of the euro-zone countries to request a bailout, and European finance ministers agreed that banks of the beleaguered nation could receive up to $125 billion in funds to keep them afloat. Domestically, the multi-family market saw some gains, indexing the highest construction rating since 2005.
Distress Symposium Report: Opportunities Knock, but Change Must Come
The Distressed Debt & Assets Symposium, produced by Deloitte in partnership with New York University’s Schack Institute of Real Estate, saw panelists discuss how the lending landscape can improve, but only with “a commitment to change.”
Grandbridge Originates $121M Financing on D.C.-Area Multi-Family Building
Grandbridge Real Estate Capital originated a $121.1 million first-mortgage loan for the acquisition of The Buchanan, a 442-unit multi-family high-rise in Arlington, Va.
Parkway Sees $200M Equity Investment, Purchases 972 KSF Charlotte Office Tower for $250M
Aided by a $200 million equity investment from private investment firm TPG, Parkway Properties completed its purchase of Hearst Tower, a 46-story, 972,000-square-foot office tower in downtown Charlotte, N.C., for $250 million.
Emerging Trends: CRE Profitability, Lending Look Bright for Remainder of 2012
The Urban Land Institute and PricewaterhouseCoopers have released the results of the annual Emerging Trends in Real Estate survey — and the responses point to a stronger commercial real estate outlook for the remainder of 2012, with a general trend toward a bullish CRE industry.
HFF Closes Sale of $96M CRE Loan Portfolio
Acting on behalf of a major life insurance company, HFF has wrapped up the disposition of a portfolio of 28 sub- and non-performing commercial loans valued at $96.2 million. A distressed debt fund acquired 25 of the loans, while the remaining three were sold to separate owners.