News
Transwestern Promotes Two to Lead Growth in Southwest, Latin America
Transwestern has been making calculated moves to expand its presence in the U.S. and across the globe over the last few years and the process continues with two promotions that are part of its leadership expansion program announced earlier this month.
Mack-Cali Constructing M-U Development Project in East Boston
The Roseland subsidiary of the Mack-Cali Realty Corp. has commenced construction on Portside at Pier One, a 176-unit luxury apartment project on the East Boston waterfront.
$16.5M Refinancing Set for The Village of Ballantyne; Library Plans Approved by County
Southwood Realty Company, Inc. a privately owned property management company headquartered in Gastonia, NC has secured first mortgage refinancing of $16.5 million for The Village of Ballantyne, Southwood’s 240-unit multifamily property located in Gastonia.
George Smith Partners Secures $185M in Financing for Retail Portfolio
DJM Partners has refinanced a four-property retail portfolio in Southern California with $185 million in financing arranged by the Los Angeles-based real estate investment banking firm George Smith Partners.
Economy Watch: Initial Jobless Claims Lower Than Expected; Manufacturing Biz Conditions Improve in January; Miles Driven Edge Up
Initial unemployment claims were down for the week ending Jan. 19. There was also strong improvement in manufacturing business conditions nationwide during early January. And travel on all U.S. roads was up by 0.8 percent.
Micro-Housing to Solve Apartment Crisis in NYC?
The lack of inventory and skyrocketing rent prices have forced New Yorkers to reconsider their housing options or look for new solutions to transform their notoriously tiny apartments into multifunctional homes.
McNeil Ranch Community Sold for $21M
Preferred Apartment Communities, Inc. grew its multifamily portfolio with 928 new units located in Atlanta, GA, Austin, TX and Raleigh, NC. The Maryland-based real estate investment trust has recently closed on the acquisition of three multifamily properties for a total of $90.8 million.
Pittsburgh Public Schools Unveil Project Bids for Schenley Redevelopment
Officials at Pittsburgh Public Schools have revealed proposals from four bidders interested in purchasing and redeveloping the former Pittsburgh Schenley High School in North Oakland.
The Pittsburgh Post-Gazette reports that in order to qualify, the bids were required to include an acquisition price of at least $4 million. This amount covers the remaining debt on the historic property.
The four bidders and the bid amounts are:
• PMC Property Group, $5.2 million
• AWSVPA/Edward Alexei, $4.1 million
• Ralph A. Falbo Inc., $4 million
• Kossman Development Co., agent for Provident Charter School, $4.6 million.
The candidates intend to convert the property into apartments and/or create a new school. The highest bid came from Philadelphia-based PMC Property Group. The developer is proposing 175 residential units, along with parking and an on-site fitness center. The development will incorporate the existing basketball gym, while the uses of the pool and auditorium will be determined at a later date. The estimated cost of the project is around $37 million.
Penn State Approves Multi-Million Dollar Renovation, Construction Plan for EEB Hub Complex at the Navy Yard
A $39 million renovation and construction plan for the Energy Efficient Buildings (EEB) Hub headquarters building complex at the Philadelphia Navy Yard was approved last week by Penn State’s Board of Trustees.
Quicken Loans Affiliate to Acquire Greektown Casino-Hotel
After having invested almost $1 billion in 15 prominent office buildings totaling almost 2.6 million square feet of space on downtown Woodward Avenue corridor in the last few years, Quicken Loans founder Dan Gilbert is now placing his bets on the Greektown Casino-Hotel located within the area.