News
MGM Resorts and Partner Secure $950M Refinancing Deal for MGM Macau
Debt attached to MGM Macau, owned by MGM Grand Paradise S.A., a 50/50 joint venture partnership involving Las Vegas-based global hospitality company MGM Resorts International and Hong Kong-based businesswoman Pansy Ho Chiu-king, has been refinanced to the tune of $950 million through a new senior secured credit facility.
Economy Watch: Pending Home Sales Chart Downward Course
Pending home sales edged down in June compared to May, with near-term sales expected to be notably lower than in the spring, according to the National Association of Realtors. The surge of buyers taking advantage of the homebuyer tax credit is now definitively over. The question is–what next?
Saint Index: Americans’ Desire for Certain Neighborhood Developments Grows
Build in my backyard–please! Well, it may not be quite so dramatic, but more and more residents across the country are turning away from NIMBYism (Not in My Back Yard), according to the 2010 Saint Index survey.
Conde Nast May Anchor Ground Zero Skyscraper
When completed three years from now, the skyscraper will be New York’s tallest at 1,776 feet. Should the Conde Nast deal come to pass, the company will likely move from its 800,000 square feet at 4 Times Square in 2014.
Klug Tapped as Legacy’s VP of Marketing and Training
Klug previously served as regional vice president of business deelopment at Western National Group and has also held executive marketing positions at SARES-Regis Group as well as Irvine Company Apartment Communities. At Western National, she oversaw the firm’s new fee management business development opportunities.
Economy Watch: Construction Spending Ekes Out a Gain
Construction spending in June was up 0.1 percent compared with May, according to the U.S. Department of Commerce–a surprise bit of good news, perhaps, since any gain is a good gain. That is, unless the May figure hadn’t been revised to a full 1 percent decline, as opposed to the initial 0.2 percent decline compared with April that was initially reported.
U of Maryland Student Housing Project Progresses as Clark Builders Comes Aboard
Development of student housing projects across the country continues at a strong pace, and in College Park, Md., the University of Maryland has selected Arlington, Va.-based Clark Builders Group to handle construction of The Varsity, a mixed-use residential project adjacent to the school’s main entrance.
HFF Secures $160M in Acquisition Financing for DC’s Washington Harbour
HFF senior managing director Bill Asbill and Bob Donhauser as well as managing director Cary Abod secured the five-year, fixed-rate loan with MetLife Real Estate Investments. They worked exclusively on behalf of Rockpoint Group and MRP Realty.
FIRPTA Reform Clears House
The United States House of Representatatives has voted by a landslide to pass legislation modifying and updating the Foreign Investment in Real Property Tax of 1980. The bill cleared the House by a vote of 402 to 11.
FelCor to Buy Boston’s Fairmont Copley Plaza for $98.5M in Cash
Less than $100 million for a prominent luxury hotel in Boston is quite a bargain. FelCor acknowledges that a purchase price of approximately $257,000 per-key is a significant discount to replacement cost.