News
Economy Watch: New Lows for Home Starts; SEC to Adopt New Rules
U.S. home starts dropped in December by 4.3 percent, Sheila Bair made new proposals regarding mortgages and the Securities and Exchange Commission is poised to adopt new rules.
CNL Lifestyle Properties Makes $630M Foray into Seniors Housing
Acting as a joint venture, CNL Lifestyle Properties Inc. and Sunrise Senior Living Inc. have completed the acquisition of a portfolio of 29 seniors housing properties in a $630 million deal. CNL Lifestyle Properties owns 60 percent of the JV, while Sunrise owns 40 percent and operate the communities under a long-term contract.
Carpenter, Steinfeld to Lead Cassidy Turley’s Capital Markets Expansion
Bringing an average of 25 years of experience in capital markets transactions with them, Noble Carpenter and Bart Steinfeld will work closely with Cassidy Turley executive managing director of capital markets William Collins and New York tri-state region president Peter Hennessy to develop a fully integrated national capital markets platform.
Colliers Taps Industry Veteran Hotchkiss for New Client Services Position
Hotchkiss brings to the table a long track record of spurring growth, increasing revenue and closing deals across a bevy of business lines. He commenced his career at Cushman & Wakefield, where he spent the last two decades quickly climbing up the ladder to make quite a name for himself as a broker and manager.
Ground Broken on Cleveland Center
Developed by Merchandise Mart Properties Inc., a division of Vornado Realty Trust, the $465 million Medical Mart & Convention Center has already attracted commitments from a lengthy list of convention planners as well as businesses hoping to pre-lease space.
ORION Hires Pair of Principals
Mark Bennett and Mark McAdams, who combined bring more than 50 years to the commercial real estate brokerage firm, will focus on tenant representation.
Economy Watch: Homebuilders Still Blue
Builder confidence in the single-family housing market stayed unchanged at a sub-basement level of 16 for a third consecutive month in January, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index. An index of 50 or more means builder optimism. Sixteen means something else altogether.
Financing Closes for Bravern Office Commons
With the assistance of real estate services firm Holliday Fenoglio Fowler L.L.P., Principal Global Investors secured $205 million in financing for the acquisition of the 755,000-square-foot office component of the mixed-use The Bravern development in Bellevue, Wash.
Morgan Now Sole Owner of $1.5B Portfolio
The company facilitated the consolidation of interests via three separate transactions involving two different partners: AIG Global Real Estate Investment Corp., the real estate division of American International Group Inc., which still owes the federal government billions in bailout funds, and Berwind Property Group.
Gables Residential Partners with USAA
The partners plan to shell out $400 million to develop Class A apartment properties in key urban infill locations and for USAA to acquire a stake in several of Gables’ premier stabilized assets.