Finance
New Tishman JV Acquires Stakes in Office Portfolio in Deal Estimated at $1.6B
A joint venture between Tishman Speyer and an unidentified large pension fund has acquired the assets of Tishman Speyer Office Fund, an Australian listed property trust/REIT, in a deal worth a reported $1.6 billion.
Economy Watch: ADP Reports Strong Hiring
The ADP National Employment Report found that the U.S. private sector added a net of 209,000 positions in February. While economic problems in Spain have been at a simmer, indications show they may come to a boil. And retail sales in Europe dropped 0.1 percent from January to February.
Guest Column: The Cherryland Decision—Full-Recourse Enforcement of Non-Recourse Loans
The economic decline in the real estate market has forced many CMBS borrowers into default. That can trigger full-recourse provisions to guarantors under non-recourse guaranties.
Wood Partners, East West Partners Arrange $62M in Capital for Denver Multi-Family
The road has been paved for Wood Partners L.L.C. and East West Partners to commence construction of Alta City House, a luxury apartment project in Denver’s blossoming Union Station/Riverfront Park redevelopment, now that the developers have arranged capital from USAA Real Estate Company to move forward with the $62 million project.
PCCP Provides $73M in Senior Loans to Three Properties
PCCP has provided approximately $73 million in senior loans, including $46 million to KHP Fund II L.P., a real estate private equity fund sponsored by Kimpton Hotels & Restaurants, to finance the repositioning of two hotels and $27.4 to refinance Millbrae Paradise, a residential development in Millbrae, Calif.
Clarion Pension Fund Gets $100M in Secured Credit, Backed by Seven Industrial Properties
Utilizing a 2.1 million-square-foot commercial portfolio owned by a pension fund it advises as collateral, Clarion Partners L.L.C. now has its hands on a $100 million secured credit facility.
ULI: Industry to See Improvements Through 2014, Bolstered by Cap Markets
“Is distress in the real estate markets behind us?” was the main question on the minds of the respondents to the latest survey by the Urban Land Institute — and the consensus seemed to be a cautious “yes.”
Reports Suggest Marriott's Two New Downtown L.A. Hotels Badly Needed
All the hoopla surrounding the announcement of a $172 million, two-hotel project near the Los Angeles Convention Center looks like more than mere boosterism. The city needs modern hotel product to continue attracting convention dollars.
Bostonia Partners Secures $72M in Financing for NOAA Weather Center in Maryland
A $72 million financing deal secured by Bostonia Partners L.L.C. helped complete construction on a new NOAA Center for Weather and Climate Prediction in Maryland after it was stalled for more than two years because the original developer went bankrupt.
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