News
KBS REIT III Snaps Up Second Northern Virginia Property in a Month
KBS Real Estate Investment Trust III has acquired another property in Northern Virginia. The Newport Beach, Calif.-based real estate investment trust recently said it purchased 100% of the Class A voting units of Clarendon Owners, LLC, the owner and ground lessee of Arlington’s 3003 Washington Boulevard, for $149.1 million plus closing costs. KBS also plans to redeem the 125 outstanding Class B units this month.
Economy Watch: Apartment Fundamentals, Residential Market, CMBS Delinquencies
The U.S. apartment market has cooled down somewhat recently. The housing market is showing a steady appreciation in prices. The delinquency rate for U.S. commercial real estate loans in CMBS is now down from December 2013
Queen Lane Apartments in Germantown Coming Back to Life
After years of community meetings and intense debates and three months after the city imploded the derelict Queen Lane apartment tower, the property is coming back to life as a low-density townhouse complex.
Centennial Snaps Up Mount Juliet Community for $47.75M
The former Aventura at Providence apartment community in Mount Juliet has joined Centennial Holding Co.’s portfolio.
Neudeck Building Changes Hands, Prepares for $6 Million Renovation
A century-old office building in downtown Detroit, just two blocks away from the newly renovated David Whitney Building / Aloft Hotel, was recently sold to a real estate investment and management company.
Madison Realty Shells Out Financing for M-U Project in Williamsburg
Madison Realty Capital gives its support to 55 Wythe Ave. by providing $81 million in financing for the mixed-use project.
Stone Point Capital Grabs Situs, Makes Powel New CEO
The word on the street is that in addition to Stone Point Capital’s purchase of Situs, current CEO D. Keith Johnson will be stepping down, and Steve Powel will be filling his shoes.
Meridian Arranges $135M in Financing for World’s Tallest Holiday Inn
Meridian Capital Group has facilitated a $135 million mortgage for the refinancing of the Holiday Inn Manhattan-Financial District, on behalf of Sam Chang and Jubao Xie.
GSA Seeks Developers for New FBI HQ
The U.S. General Services Administration is looking for a developer to erect a new headquarters facility for the Federal Bureau of Investigation.
Broad Street Development Acquires Mulberry Street Multifamily Assets in $178.5 Million Deal
Broad Street Development recently announced the addition of two different multifamily buildings in the New York City market. The multi-faceted investor and developer paid Boston-based GID Investment Advisors LLC a fee of $178.5 million for the two properties located on Mulberry Street, an area situated at the corner of the Greenwich Village, SoHo and NoHo neighborhoods. According to the announcement, Broad Street acquired the two properties as part of its partnership with Crow Holdings, a national real estate investment fund.