News
BIT to Break Ground on $131M Development in Hoboken
Park Place, a $131 million, 12-story multi-family building funded by the AFL-CIO Building Investment Trust and to be developed by Bijou Properties and built by Tishman Construction, will break ground tomorrow in Hoboken.
Amstar Continues Turkish Retail Expansion with 560 KSF Shopping Center
Global real estate investment manager Amstar has opened yet another institutional-quality shopping center in Turkey.
Adolfson & Peterson Buys Charlotte Location for $2.5M; Fifth Third Center Applauded for Energy Efficiency
Minneapolis-based Adolfson & Peterson Construction (A&P) has announced the purchase of the Fowler Building, the company’s Charlotte location.
$340M in BP Restoration Funds Coming to Louisiana
It’s been just a little over three years since the BP Deepwater Horizon oil spill (also known as the Macondo blowout), the largest, most devastating marine oil spill in history which devastated the Gulf of Mexico.
Milhaus’s $26M Downtown Redevelopment Obtains Rezoning, Design Approvals
Milhaus Development has received design and rezoning approvals from the Historic Preservation Commission to repurpose the former Mitchell & Scott industrial site in downtown Indianapolis into a five-building apartment complex.
Located in the Chatham-Arch historic district, the $26 million project will bring a total of 236 apartments, including studio, one-, two- and three-bedroom units. Rents will range between $900 and $2,000 per month.
Writer George Martin Purchases, to Renovate Jean Cocteau Cinema
George R. R. Martin needs no further introduction. Since his bestseller novel, A Song of Ice and Fire, has seen the printer’s ink, he’s become one of the world’s most influential people. HBO recognized the success and turned it into the very popular dramatic series, Game of Thrones. The novel is yet to be finished, readers and movie fans are looking forward to the sixth and seventh books of the series.
Sabal Financial Introduces Expanded CMBS Business
Sabal Financial Group L.P. has kicked off Sabal Commercial Advisors, an expansion of the financial services firm’s commercial mortgage-backed securities business.
BCRE Trades The James NY Hotel for $85M
Brack Capital Real Estate, a global real estate investment and development company, has sold The James New York, a luxury hotel in the popular SOHO neighborhood, for approximately $85 million to an undisclosed buyer.
Lend Lease, InterContinental Obtain $465M to Build Private Hotels on Army Bases
Lend Lease has secured $465 million in debt financing from Bank of America and is moving ahead with the third and final phase of renovating and developing more than 11,000 hotel rooms on 39 U.S. Army installations with Intercontinental Hotels Group-branded hotels.
Economy Watch: Hiring Improves in April; Trade Deficit Dips; QE3 Still a Concern
Hiring has been revived, with the economy creating 165,000 jobs in April. The trade deficit dropped in March to $38.8 billion, down from $43.6 billion in February. And QE3 is alive and well, but the committee said it was “prepared to increase or reduce the pace of its purchase to maintain appropriate policy accommodation.”