Finance
$1B Innkeepers Portfolio Sale Back on Track
Innkeepers USA Trust’s deal to sell a 64-hotel portfolio to a joint venture consisting of Cerberus Series Four Holdings L.L.C. and Chatham Lodging Trust as part of its Chapter 11 plan of reorganization is back on again.
Economy Watch: Homebuilding Surges, Beige Book Sleeps–and So Does CPI
Home starts experienced an unexpected uptick in September, while the latest Beige Book intimated a “sluggish” economy and the CPI turned in the lowest increase since the beginning of summer.
Ventas Expands Borrowing Capacity to $2B
Seniors housing and healthcare powerhouse Ventas Inc. expanded its borrowing capacity with the closing of a new credit facility. Subsidiary Ventas Realty L.P. confirmed a $2 billion unsecured, four-year revolving credit facility, replacing a $1 billion facility scheduled to mature in April 2012.
New Boston Fund Secures Financing for M-F Project
New Boston Fund and Asian Community Development Corp. recently secured city and state funds for the construction of a $130 million, 345-unit mixed-income multi-family property in Boston’s Chinatown.
Jersey City Office Tower Commands Record $378M for Brookfield
Multi-Employer Property Trust, a national real estate equity fund, raises its profile in the metropolitan New York City market.
Economy Watch: Homebuilders Less Glum; PPI Spikes; BofA Shrinks
Homebuilder confidence rose in October, after little positive direction since April 2010, while the Producer Price Index surged by 0.8 percent, higher than expected, and Bank of America relinquished its title of largest U.S. bank to JP Morgan Chase.
Private-Equity Investments in Grubb & Ellis May Signal Larger Deal
Grubb & Ellis’ announcement on Monday that it is in exclusive negotiations with affiliates of the two private equity firms has ramped up speculation that a deal is afoot.
GGP Reaches Refinancing Goals with $966M of New Mortgages
The four most recent transactions bring GGP’s refinancings to $3.9 billion for the year.
EXPO REAL Report: Euro Zone Crisis Prompts Mixed Sentiment
Europe’s growing sovereign debt crisis topped the list of concerns at this year’s EXPO REAL, which drew 37,000 attendees to Munich this month.
Philadelphia’s High-Rise Drought Eased by 34-Story Apartment Project
The $104 million project would be the first high-rise in any property category to get under way in the city since the 2008 opening of Comcast Center.