News
Economy Watch: Fannie Mae Hits Up Uncle Sam Because of 2Q Loss
Fannie Mae returned to the U.S. Treasury on Thursday, hat in hand, asking for $1.5 billion in the wake of its net loss of $3.1 billion, or 55 cents a share, during the second quarter. Essentially, it was asking for its latest dividend back.
Brandywine Snaps Up 1MSF Philly Office in $129M Deal
Three years ago, the entire industry would have scoffed at the idea of acquiring the leasehold interest in a premier 1 million-square-foot Philadelphia office building for a measly $129 million, but Brandywine Realty Trust has succeeded in doing just that.
Senate Approves Increase in FHA Apartment Loans
The U.S. Senate last night passed H.R. 5872, which increases the Federal Housing Administration’s commitment authority for its multi-family insurance programs by $5 billion at a time when applications are at an unprecedented level.
Hennessy Draws on Staubach Years to Shape Cassidy Turley NY Team
In Peter Hennessy’s opinion, the new Cassidy Turley offers an unprecedented opportunity to create a disciplined, driven and measurable environment—the kind of environment that can grow, be sustainable and help its members grow, too.
Call for Nominations: CPE Executive of the Year Awards
CPE is seeking nominations for the 2010 Executive of the Year awards, and we want to hear from you! Nominations close on Aug. 31, so log on now to https://fs18.formsite.com/CPExecutive/nominations to enter your nominations!
Health Care REIT, Merrill Gardens to Form $817M Partnership
Health Care REIT Inc. and independent- and assisted-housing owner/operator Merrill Gardens L.L.C. announced plans for a partnership valued at $817 million, joining forces to own and operate a 38-property portfolio of independent-living, assisted-living and dementia-care communities in various coveted markets on the West Coast. Executives at both firms believe the timing is perfect–for their own strategies and to address the demands of the seniors housing market.
Akridge Lands 120,000-SF D.C.-Area Government Office Property in Steal of a Deal
Now that Akridge and Rockwood have taken the property off the hands of the U.S. General Services Administration, the federal government’s real estate division, the team plans to submit the building to a major upgrade in order to mold it into a Class A office facility.
Economy Watch: Firing Level Low, but Hiring Level Not High
Jobs, jobs, jobs. On Tuesday, Chicago-based Challenger, Gray & Christmas Inc. said that job-cut announcements in July rose 6 percent from June. It was the third month in a row that planned firings went up. The heaviest cutters these days are public and nonprofit entities, not private employers.
Yardi Acquires Public Housing Management Software Developer VisualHOMES
This latest acquisition combines the public housing technology expertise of VisualHOMES with Yardi’s browser-based Yardi Voyager PHA solution for subsidized housing.
Cedar Shopping Centers and RioCan Close $53M JV Purchase of Philly-Area Shopping Center
Located on a 37-acre site 40 miles outside of Philadelphia in the Greater Reading area, Exeter Commons sprouted up last year at the hands of the Goldenberg Group and Ironwood Property Group.