News
Hersha Hospitality Closes $400M Senior Unsecured Credit Facility
Just weeks after announcing its acquisition of a new midtown Manhattan hotel for $74 million, Hersha Hospitality Trust has closed on a $400 million senior unsecured credit facility that can expand to $550 million.
Hillwood, Brookfield JV Acquire Two 2 MSF Industrial Facilities Near Baltimore
Hillwood Investment Properties, in a JV with Brookfield Asset Management, acquired two Class A industrial facilities in the Baltimore market, totaling close to 2 million square feet.
Economy Watch: CBO Details Impact of Fiscal Cliff; Seniors Builder Confidence Up; Unemployment Claims Down
The Congressional Budget Office reported on the “economic effects of reducing fiscal tightening,” or, as it’s better known, the fiscal cliff. Builder confidence in the 55+ housing market for single-family homes showed significant improvement in the third quarter of 2012 compared to the same period a year ago. The U.S. Department of Labor reported that initial unemployment claims were down from the previous week.
Velocis Adds 350 KSF of Texas Retail to Year-Old Portfolio
Since completing its first closing one year ago, real estate investment fund Velocis has been quickly building up its portfolio and the buying binge continued with the recent acquisition of two retail centers in Austin.
IPA Brokers Sale of 344-Unit Luxury Apartment Complex in Austin
Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of The Remington, a 344-unit gated, resort-style multi-family community along Texas Highway 45 in northwestern metro Austin.
Construction to Begin on Pittsburgh International Business Park
Developers have broken ground on two buildings that will anchor the Pittsburgh International Business Park on Cherrington Extension Parkway in Moon Township. The single story brick and glass facilities will each offer 53,000 square feet of high end Class A office space. The Pittsburgh Tribune-Review reports that Columbus, Ohio-based Continental Real Estate Cos. and Cranberry-based Chaska Property Advisors Inc. will spend between $12 million and $15 million on the construction of the two facilities. Upon completion in the summer of 2013, mortgage services company ServiceLink will move into the buildings with approximately 700 employees.
Penn Medicine to Add New Medical Facility in West Philadelphia
Penn Medicine, one of the world’s leading academic medical centers, has announced plans to move forward with Phase II of an expansion plan of the Penn Presbyterian Medical Center (PPMC) campus located in the University City section of West Philadelphia.
Wood Partners Building Green Inspired M-F Complex in Colorado
Wood Partners, a national multi-family developer, has started construction on Alta Harvest Station Apartments, a planned 297-unit gated community in Broomfield, Col., which it hopes will achieve a LEED Silver rating by the U.S. Green Building Council.
Streets of Brentwood Mixed-Use Project to Request Zoning Hearing
Developers of the ambitious Streets of Brentwood mixed-use project in Nashville’s Brentwood submarket are headed to the Brentwood City Commission for a zoning request hearing.
Dan Gilbert’s Rock Ventures Breaks Ground on 10-Story Garage/Retail Facility in Downtown Detroit
Rock Ventures LLC, the real estate development arm of Dan Gilbert’s Quicken Loans, is building a 1,300-square-foot parking garage and 33,000 square feet of retail space in an effort to provide more parking, more restaurants and more shops to the growing number of people who work in Detroit’s Central Business District.