Finance
Forest City Closes $70M Loan on Baltimore Office Property
The 278,000-square-foot Class A property at 855 N. Wolfe St. is a research office property at The Science + Technology Park at Johns Hopkins University. Its tenants include the Lieber Institute for Neuroscience Research, Champions Biotechnology, Siemens and the Johns Hopkins Brain Sciences Institute and Translational Research Laboratory.
CalPERS to Transfer Portfolio Management
It’s not a done deal yet, but the California Public Employees’ Retirement System recently announced plans to take management responsibilities for its $570 million CalSmart mixed-use real estate portfolio from RREEF and give it to Canyon Capital Realty Advisors L.L.C. The potential reallocation is part of the public pension fund’s ongoing real estate restructuring strategy.
ProLogis Wraps Up $157M Bond Financing
The bond was secured with the 1.2 million-square-foot Parc Zama I, located outside of downtown Tokyo. In 2010, just one year after its completion, the distribution facility reached the 100 percent occupancy level.
Forest City Has Busy Week
Not only did the national real estate company close a new $425 million credit facility, it completed an $851.5 million joint venture and announced that its 2010 earnings before depreciation, interest, taxes and amortization marked a record for the firm.
BioMed Realty Prices $400M Public Offering
Some of the proceeds from the offering will be directed toward the partial repayment of borrowings under BioMed Realty L.P.’s $720 million unsecured line of credit. As of the close of 2010, the outstanding debt totaled $392 million.
Fitch: Special Servicing for CMBS Loans on Downswing
As of mid-March, approximately 200 loans have transferred this year, marking a dramatic descent from the 631 loans in the first quarter of 2010.
Economy Watch: Quake Estimates Afoot, GSE Plan Proposed, Yen Dives
The economic impact of the disaster in Japan is still as unclear as exactly what’s going on at Fukushima Daiichi now, but that isn’t keeping economists from making estimates, or taking a stab at estimates, of the total cost.
IPD: U.S. Real Estate Among Top Performers
The U.S. commercial real estate industry is not only recovering, it is performing better than real estate in many other nations, according to findings presented at IPD’s conference.
Economy Watch: Construction, GSEs, Prospects for a Shutdown
According to the U.S. Department of Commerce, construction spending took a dive in January, with a 0.7 percent decline from December that took the aggregate value of U.S. construction projects down to a $791.8 billion annualized rate. Commercial real estate construction projects led the decline.
Economy Watch: Existing Home Sales Up
Existing home sales rose unexpectedly during January, but foreclosures are down year over year. Banks are back in the black as a whole but still holding on to their money.