News
Golden Spike Develops $6.1M Apartment Property in East Nob Hill
Platinum Apartments is the new name of the residential project that was originally scheduled to enter the development phase in 2007, but got hit by the Great Recession. Currently, reports Albuquerque Journal, it is well into construction, planned to be finalized this summer.
Buyer of Rosemont North Asset Gets $8.4M Fannie Mae Loan
Florida Value Partners, a Florida-based single asset entity has received an $8.42 million Fannie Mae loan facility for the acquisition of The Park at Vittoria, an Orlando multifamily property previously known as Waterstone Apartments. The loan term is seven years with two years interest only, amortization based on a 30 year schedule, and 80% loan-to-value. Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc. provided the financing.
Goodman Birtcher Lands Tenant for Oakland Facility
Last summer, the Goodman Logistics Center in Oakland announced that one third of the facility’s available space had been leased out to Benjamin Moore & Co. With about a third of the available space taken, the property recently announced another major tenant, as a deal worth $16.25 million was recently completed with Coasters Company of America. The Santa Fe Springs-based company has signed on for ten years at the facility, in a deal that was brokered by Tim Cronin and Craig Hagglund of Lee & Associates Oakland. Developer and landlord Goodman Birtcher worked with JLL rep Jason Ovadia in the leasing deal.
Deluxe M-F Complex Kicks Off Leasing in Mission Viejo
Wermers Properties and Watermarke Properties recently announced that leasing is now underway at one of their San Diego projects. The joint venture is now ready to receive potential tenants at its Adagio on the Green luxury apartment development, now that the project is nearing the final months of construction. The development deadline for the upscale multifamily project is set for August 2015.
Arena Team Names 1st Founding Partner
The new Las Vegas Arena project headed by a partnership between AEG and MGM Resorts International has its first “Founding Partner”. The development team on the project that aims to bolster the amount of high-profile events that take place in Las Vegas has a new name joining. Schneider Electric is a global specialist in energy management, and has entered a formal, multi-year agreement with the Las Vegas Arena Company. The contract calls for the company to design, install and operate numerous tech systems throughout the arena.
Potential New REIT Completes IPO
Ladies and gentlemen, there’s a new REIT around the block and it’s a government entity.
FEBRUARY ISSUE: Rising Rents, Falling Payments—Cause for Worry?
Are renters now paying more than homeowners?
Norges Grabs Minority Stake in NYC’s Monumental Tower
Norwegian investment fund Norges Bank Investment Management is at it again, this time targeting Times Square.
LCOR/CALSTRS Breaks Ground on 2,000-Apartment Complex in McLean
LCOR/CALSTRS is building more than 2,000 units in McLean. The company broke ground last week on the first phase of a seven-phase project expected to help fulfill the need for residential housing in the Tysons Corner area.
