News
New Partnership to Develop Affordable Housing Across the Globe
The affordable housing problem extends far beyond U.S. borders, and Indianapolis-based 3D Global Solutions has just formed a new partnership in an effort to address the problem. The Indianapolis-based consulting firm entered into a Joint Development Agreement with Toronto’s Innovative Composites International Inc. for the creation of affordable housing and temporary shelters around the world.
Simon Proposal: Additional $2.1B in Capital
Simon Property Group has upped the ante on its April 14th proposal to buy bankrupt retail owner General Growth Properties. The company said on Thursday that in addition to its investment of $2.5 billion at the same per share price as the reorganization plan sponsored by Brookfield Asset management, it has received a $2.1 billion commitment from Paulson & Co., ING Clarion Real Estate Securities, Oak Hill Advisors, RREEF and Taconic Capital Advisors.
Economy Watch: Simon Ups the Ante For GGP
The word from Indianapolis on Wednesday was the Simon Property Group has rounded up another billion-plus dollars to sweeten its bid for bankrupt General Growth Properties and its succulent portfolio of 200 or so regional U.S. malls.
Omega Healthcare Plans $295M Purchase of 63-Property Long-Term Care Portfolio
Taking advantage of an opportunity presented by its Securities Purchase Agreement with commercial lender CapitalSource Inc., Omega Healthcare Investors Inc. has decided to enhance its real estate holdings with the acquisition of a group of 63 long-term care facilities from CapitalSource affiliates for $295M.
Canyon Capital Provides $25.5M Bridge Loan for Kansas City Condo Project
Canyon Capital Realty Advisors has provided $25.5 million in financing for a condominium project in Kansas City, Mo. The senior bridge loan was made to Park Place KC, LLC to purchase an existing construction loan along with completing the remaining unsold 85 condominiums at One Park Place, a 20-story building designed by Skidmore, Owings & Merrill.
McCaffery Gets Approval for Chicago Lakeside Development Master Plan
Chicago-based development and management firm McCaffery Interests said Wednesday that it has received the go-ahead from the Chicago Plan Commission for the Chicago Lakeside Development Master Plan as well as the enactment of a Planned Development Ordinance that provides the site’s Phase I with the required land use entitlements.
Economy Watch: Resort Unveils Unusual Green Amenity
Lake Geneva, Wis., is a resort town best known to Chicagoans, but now it has another distinction, both in real estate and green-energy. On Tuesday, the Grand Geneva Resort & Spa unveiled an on-site charging station for electric and some hybrid automobiles.
Colliers Reaches Milestone in Brand Integration
Colliers International has launched its new global brand, a major step in the integration of its global operating platform and service lines. Earlier this year, Colliers and FirstService Real Estate Advisors announced that they would join forces under the Colliers International brand.
George Smith Taps Sarkissian as SVP
Commercial real estate investment banking firm George Smith Partners has named Raffi Sarkissian senior vice president. He will work to place debt with lenders for commercial real estate property owners, structuring conventional as well as Small Business Administration loans.
Colliers: Investors More Sanguine Than Expected
It’s not just pollen or volcanic ash that’s in the air in various locales around the world; optimism regarding the commercial real estate market is floating around, too.