News
Gencom Readies for Hotel Shopping Spree with Completion of $1B Portfolio Recapitalization
Founded in 1987 by hospitality industry veteran Karim Alibhai, Gencom had been riding high until the tide turned for the company when its main lender, Lehman Brothers Holdings Inc., began the downward spiral that ultimately led to the global financial services firm’s demise in 2008.
Marcus & Millichap Taps Vetter as VP, Investments in Atlanta
Vetter, who began his career with Marcus & Millichap in 2003 as a specialist in multi-family investment sales, most recently held the position of associate vice president investments.
Economy Watch: New Home Sales Down, but Toll Brothers Surprises
Orders for new homes might be down, but luxury homebuilder Toll Brothers Inc. nevertheless reported a quarterly profit for the first time since the housing bubble burst in 2007.
Plan for $100M Contemporary Art Museum in Los Angeles Gets the Green Light
Grand Avenue in downtown Los Angeles, home to a bevy of internationally respected cultural venues, will soon become the site of a new contemporary art museum now that philanthropists Eli and Edythe Broad have obtained the final requisite approval for the development known as The Broad Collection.
USAA Completes $546M in Fundraising for U.S. Government Building Fund
The fund owns assets of 1 million square feet and is continuing to target core Class A assets. Its target value is in excess of $1 billion.
Barnhart Balfour Beatty Tapped to Build $104M UC Riverside Student Housing Complex
There haven’t been too many hiccups in the student housing market during the recession.
Economy Watch: July Existing Home Sales Crumple Like Empty Cans
When the cruel, hard numbers on housing were published by the National Association of Realtors on Tuesday, they were cruel and hard indeed: home sales contracted 27.2 percent nationwide in July compared with June.
Gomes Gaming to Snap Up Atlantic City’s 1,000-Room Resorts Casino Hotel for a Song
The company has entered into an agreement with RAC Atlantic City Holdings L.L.C. to acquire the 32-year-old gaming property–which carries the distinction of being Atlantic City’s very first casino–for a price far, far below replacement cost.
MBA: Wells Fargo Top U.S. Commercial, Multi-Family Servicer in Terms of Volume
With $462.8 billion in United States master and primary servicing, Wells easily came in first, followed by PNC Real Estate/Midland Loan Services with $307.9 billion, Berkadia Commercial Mortgage with $202.6 billion, and Bank of America Merrill Lynch with $133.4 billion.
IPD: Real Estate Slump Receding
The Investment Property Databank’s U.S. Quarterly Property Index shows that commercial real estate markets have emerged from a two and a half year slump.