News
Memphis Partnership Pays $454K for 42-Unit Apt. Property
For some vintage is irresistible. That seems to be the case for a Memphis partnership that just purchased the 1936-built Alta Vista apartments.
Distressed Communities to Get $100M Lift from Bank of America, Enterprise, LISC
The U.S. Department of the Treasury has completed the inaugural round of its Community Development Financial Institutions Bond Guarantee Program, and a partnership involving Enterprise Community Loan Fund Inc. and the Local Initiatives Support Corp. is among the chosen ones. The Treasury approved term sheets for $100 million in bonds to the team to be utilized to back affordable housing and other commercial development projects in low-income communities.
Brixmor Aims to Raise $787M in REIT IPO
Brixmor Property Group is hoping to raise $787 million in a U.S. initial public offering largely to pay down debt. The REIT, owned by Blackstone Group LP, is offering 37 million shares for $19 to $21 each.
Economy Watch: Cost of the Shutdown; Unemployment Claims Dip; Economic Data Affected by Shutdown
The cost of the shutdown to the U.S. economy was estimated at $24 billion or roughly 0.6 percent of GDP in the fourth quarter by Standard & Poors. For the week ending Oct. 12, initial unemployment claims were 358,000, a decrease of 15,000 from the previous week’s revised figure. And the impact of the shutdown on reported consumer price data will linger for months.
Manhattan’s South Street Seaport Redev Breaks Ground
Redevelopment of Pier 17 at Manhattan’s South Street Seaport into an upscale retail, entertainment and dining venue topped by a one and a half-acre rooftop offering city and harbor views began Thursday with a groundbreaking ceremony.
Vornado Buys $194M Land, Air Rights for Central Park Condo
Vornado completed the acquisition of the land and air rights for 137,000 zoning square feet in a transaction valued at $194 million.
IREM Special Report: 2014 Policy Outlook
Speaking at the conference in Scottsdale, Urban Enterprises Senior Vice President Wayne Tyler detailed an under-reported effect of the federal budget sequester.
Economy Watch: Debt Ceiling Raised, Gov’t Open (For Now); Beige Book: Growth Still Modest
Finally on Wednesday, Congress voted to raise the debt ceiling so that the federal government doesn’t default on existing obligations and to end the partial shutdown of government operations. And according to the Beige Book, national economic activity continued to expand at a “modest to moderate pace” during the reporting period of September through early October.
Southwark Council Approves Carlyle Group’s $1B M-U Project in London
Southwark Council’s Strategic Planning Committee approved The Carlyle Group’s plans to replace two facilities located on the south bank of the River Thames – the Sampson House data center and the Ludgate House office building – with 1.4 million square feet of residential and office space.
Lend Lease Breaks Ground on M-F Project in Australia’s Greenest District
The second phase in the Convesso Concavo waterfront luxury residential project in Melbourne has broken ground and is expected to complete in December 2015 or early 2016.