Finance
Economy Watch: Public Spending Dents GDP; Apartment Market Improves; Consumer Sentiment Gains
Overall growth for the U.S. economy was middling during the first quarter, with expansion coming in at a 2.2 percent annualized rate, while the National Multi Housing Council reported last week in its Quarterly Survey of Apartment Market Conditions that things are still improving for the apartment industry. U.S. consumer sentiment was up a bit in April, to the highest level in a year.
In $100M Transaction, Kane Realty Sells N.C. Multi-Family Complex, Refis Retail Portion
In an intricate, multi-faceted transaction valued at $100 million, Kane Realty has sold a segment of its Park & Market mixed-use residential property in the North Hills district of Raleigh, N.C., and recapitalized another.
Viacom’s New 1.6 MSF Office Lease Now Manhattan's Largest
SL Green, which has been extremely busy in the Times Square submarket of Manhattan during the past year, has just notched another record: The signing of what the firm calls Manhattan’s largest office lease, which keeps media giant Viacom in the 1515 Broadway building through 2031.
Christian Redfearn: Valuing Real Estate
Christian Redfearn, director of the graduate programs in real estate at USC’s Sol Price School of Public Policy, blogs on CPE’s From the Inside about the abuse of IRR in measuring property value.
Innisfree Gets $57M Loan for Three Gulf-Coast Hotels
With the assistance of Aries Capital, Innisfree Hotels has received $57 million in financing for three of its hotels along the Gulf Coast just weeks in advance of maturity dates on existing loans.
Pru Nets $568M in Capital for Seniors-Housing Fund
Prudential Real Estate Investors is set to make a big impression in the seniors-housing sector, having raised $568 million for its newest and largest seniors-housing fund.
Clarion Partners Nabs $60M Loan for California Office Complex
Clarion Partners, owner of the 338,700-square-foot Plaza at Walnut Creek office complex in suburban San Francisco, just obtained a $60 million permanent loan for the two-building property.
NorthMarq Arranges $59M in Financing for Chicago's 400 S. Jefferson Building
In an effort to help push along the schedule for Chicago’s 400 S. Jefferson building, NorthMarq has arranged $58.5 million in acquisition and renovation financing for the property.
Washington Gridlock Clouds Leaders’ Brightening Outlook
Amid signs that the real estate industry is rebounding, policy gridlock in the nation’s capital poses the biggest long-term threat to the real estate capital markets, according to the CPE 100 Quarterly Sentiment Survey. The findings emerged from the inaugural national poll of industry leaders by Commercial Property Executive.
DDR Buys Out Partner's Ownership Stake in Two Retail Centers for $70M
Fourteen years after becoming a 50 percent owner of Portland’s Tanasbourne Town Center and Phoenix’s Arrowhead Crossing in a joint venture with DRA Advisors Inc., DDR Corp. has acquired its partner’s stake in the assets for $70 million.