News
JP Morgan Chase Buys $3.5B Loan Portfolio from Citibank
JPMorgan Chase closes on the acquisition of a $3.5 billion portfolio of 3,800 performing multi-family and commercial real estate loans from Citibank.
Economy Watch: Personal Income Fell in ’09; Freddie Mac Seeks $1.8B
Only three of the 52 metropolitan areas in the U.S. with more than one million inhabitants saw personal income increase last year: Washington, D.C., San Antonio and Virginia Beach, Va.
Troubled Xanadu Under New Ownership
Xanadu, the troubled $2 billion retail and entertainment complex in Northern New Jersey, is under new ownership this morning. In an expected move, the project’s developers, a group led by Colony Capital L.L.C., turned over the mostly complete project to the lenders that hold the secured debt on the 4.8 million-square-foot property, which would be the biggest property of its kind in the United States.
Boyd Gaming JV Closes $950M Borgata Hotel Casino Debt Financing Deal
Marina District Development Co., the Las Vegas-based 50/50 joint venture that owns the Borgata Hotel Casino and Spa in Atlantic City, N.J., has wrapped up debt financing totaling $950 million.
Freddie Mac Asks for More Federal Funds as Fate of GSEs Discussed in Washington
Freddie Mac’s request for $1.8 billion to sustain its reserves through the next quarter may have followed on sister Fannie Mae’s bid for its own fresh multibillion-dollar infusion, but in the scheme of things it amounts to barely a drop in the bailout bucket.
Fuller Partnership “Perfect Fit” to Expand Cassidy Turley into Denver
Cassidy Turley’s latest expansion move did more than give the company a full-service presence in Denver. The fast-growing company, formed on March 1 with the partnership of a number of former Colliers firms and an assortment of others, found in Denver heavyweight Fuller Real Estate a “perfect fit.”
Canyon-Johnson Equity Paves Way for New Baltimore-Area Mixed-Use Project
The Oxford Square transit-oriented development project in Hanover, Md., just got a substantial boost–in the form of preferred equity capital totaling $17.5 million from Canyon-Johnson Urban Funds. And while mixed-use projects are hardly rare in the area today, BRAC promises to increase demand in the near future.
Economy Watch: V-Shape Recovery Flattened Out by Unusual Uncertainty
No one’s predicting a V-shaped recovery anymore–unless they’re saying the right half of the V has been run over by a truck.
$342M Financing Package Moves Plans Forward for Ritz-Carlton Resort in Puerto Rico
It may be tough to attract financing today to hotel resort ventures–especially hundreds of millions in development financing–but the Ritz-Carlton Reserve, Dorado Beach Resort & Spa project in Dorado, Puerto Rico, is an exception.
Emeritus JV Wraps Up Stayton Portfolio Buy
Emeritus Corp.’s portfolio has just gotten a lot bigger. In a joint venture with Blackstone Real Estate Advisors VI L.P. and Columbia Pacific Advisors, it closed the $1.2 billion acquisition of a 144-property seniors housing portfolio from Stayton SW Living L.L.C., which parted with the assets as part of its Chapter 11 plan of reorganization.