News
Shaner Hotel Group Plans to Acquire $500M in Properties
As part of the plan, the company’s Shaner Mortgage Real Estate Investment Trust has acquired $90 million of performing first mortgage debt under its previously announced plan to acquire $200 million in debt. It currently seeks to obtain the balance.
$355M Refi Deal Closes for Premier Mixed-Use Manhattan Tower on Madison Ave.
The New York City-based borrowers, global alternative asset manager The Carlyle Group and commercial real estate investment firm Ashkenazy Acquisitions Corp., obtained the mortgage loan on 650 Madison from Wells Fargo Bank N.A. and Industrial and Commercial Bank of China Ltd., New York Branch.
Economy Watch: Harvard Housing Report Mostly Glum
The U.S. housing market is in a deep pit with gooey clay walls and it’s going to take years to claw its way out. That’s the conclusion, in more metaphoric language, of Harvard’s Joint Center for Housing Studies 2010 report on the state of the U.S. housing market released on Monday.
Crescent Emerges from Bankruptcy, Putting $1B in Debt in the Past
The Charlotte, N.C.-based real estate development and land management company has just wrapped up its financial restructuring and emerged from Chapter 11, almost exactly one year after having filed for bankruptcy.
Forest City Closes Permanent Financing on $214M Loan
In addition, the existing $40 million credit enhancement in tax-exempt Empowerment Zone bonds has also been extended to the 2019 maturity date. In addition to conventional bank financing, financing was also provided by the State of New York, New York City and the Upper Manhattan Empowerment Zone.
Richards Barry Joyce Bolsters Capital Markets Team
Commercial real estate advisory firm Richards Barry Joyce & Partners LLC has added Chris Skeffington and James Tribble to its capital markets team as senior analysts. Skeffington and Triffle will perform investment and valuation analysis, produce investing offering memorandums, support transaction execution activities, and provide clients with current market analytics and trends.
Economy Watch: Retail Shocker, or Mere Bump?
Retail sales are a closely watched measure of the U.S. economy, and considering all the hand-wringing on Friday after the U.S. Department of Commerce posted a disappointing 1.2 percent drop month-over-month in retail sales figures, maybe too closely watched.
Tishman Speyer Dodges Foreclosure Bullet with $700M Recap of Metro D.C. Office Portfolio
New York-based Tishman Speyer has recapitalized a 28-property Washington, D.C.-area office portfolio, owned in a partnership that includes Montréal-headquartered SITQ, to the tune of $700 million. The move was made in a nick of time, as foreclosure had been in the cards.
Aloft Hotel in Arizona Awarded LEED Certification
The Aloft Hotel in Tempe, Az., has become Starwood Hotels & Resorts’ seventh LEED-certified property. It is the first certified property amongst the 40-hotel Aloft brand.