News

AMB Property Corp. has fully pre-leased a 309,000-square-foot distribution facility in the Greater Toronto area in Canada to 3M Canada, a wholly-owned subsidiary of 3M, the company said today.The construction on the AMB Milton 401 Business Park-Building C is scheduled to begin in the second quarter of 2008, with delivery in advance of 3M Canada’s lease commencement in the second quarter of 2010. The property provides access to the nearby Trans Canada Highway and Toronto Pearson International Airport.“3M Canada will consolidate operations into AMB Milton 401 Business Park-Building C because it is strategically located, highly efficient in its design and…

Arbor Commercial Funding L.L.C.has announced the $130 million funding through Fannie Mae to acquire 21 properties. The buy totals 3,128 units known as the Midland-Odessa Portfolio in Midland, Odessa, and Longview, Texas. The entity is a wholly-owned subsidiary of Arbor Commercial Mortgage L.L.C. This is the latest in a number of deals for Argus, which just closed three other deals, as reported yesterday by CPN. This latest funding is a 10-year loan amortizing over a 30-year schedule. It carries a note rate of 5.67 percent. Director Jay Porterfield, in Arbor’s full-service Plano, Texas lending office originated the loan. According to…

GE Real Estate has provided a combination of $44.6 million in loans for the refinancing and acquisition of manufactured home communities by two real estate owners. The first deal was an $18.1 million loan to KDM Development, which the firm used to refinance loans of a trio of existing communities and raise capital for future investments.The communities—Lake Haven in Berlin, Md., Royal Palms in Wilmington, N.C., and Northland Park in Watertown, N.Y.– include a total of 535 homesites.  The second transaction was a $26.5 million facility to Global Texas to increase existing GE Real Estate loans on two communities and…

Las Vegas-headquartered Fontainebleau Resorts L.L.C. has sold a 50 percent interest in the Fontainebleau Miami Beach resort to Nakheel Hotels, a subsidiary of Dubai-based real estate developer Nakheel. Fontainebleau pocketed $375 million on the deal and with its new partner in tow, will continue the $500 million renovation of the luxury property.A celebrated destination, Fontainebleau Miami Beach occupies 17 acres along the ocean. When it emerges from its redevelopment, the resort will feature 1,500 guestrooms, 200,000 square feet of meeting and event space, a 40,000-square-foot spa, as well as restaurants and a nightclub.Fontainebleau anticipates that its partnership with Nakheel on…

Though possibly strange bedfellows, apartment landlord groups and advocates for affordable apartment housing have been sounding some similar alarms lately about the squeeze on renters.Both are calling for more help from the federal government in dealing with the problem, which is regarded as worsening in the face of the current U.S. economic slowdown.The National Multi Housing Council, the apartment industry’s landlord trade group, joined with the National Apartment Association and the National Leased Housing Association in testifying before the Senate Banking Committee recently that tens of thousands of affordable housing residents are at risk of losing their housing if Congress…

Clear Skies Solar Inc. had signed a letter of intent worth $20 million with Power Cube, a company located in Utter Pradesh, India, it has reported. The firms plan to develop and construct the first of several solar energy projects in India. This project is Clear Skies Solar’s first international move. The firm will design and build a multi-megawatt solar power system that will supply power to a steel mill and support the community’s energy grid system. International projects hold special challenges for U.S. solar energy providers. These include identifying proper high voltage lines and the ownership of the property…

Transwestern’s Houston headquarters has snared the leasing and marketing responsibilities for Oasis Medical Campus, a thirty-acre medical campus in Houston, Texas, it has reported.Oasis Medical Campus is a multi-phase new development. Phase one includes the newly constructed 193,000 square foot medical office building that will house doctor offices, clinics, dialysis, imaging and outpatient surgery centers. Later phases will include development of a general hospital, a specialty hospital and facilities for additional medical services. “While this concept is unique to suburban Houston, the mixed-use medical concept has been successful in other parts of the country. The combination of a wide array…

The $55 million sale of a medical facility at 120 S. Spalding Dr. in Beverly Hills, Calif., has closed, according to Madison Partners Principal Bob Safai. The firm arranged the funding. The four-story, 63,000-square-foot building went for $869 per square foot. That price is a record for a Los Angeles medical office property. There is below a 1 percent vacancy rate for medical office space on the Westside of Los Angeles, and rents can be 20 percent higher than rates for other types of office space, according to the statement. As a result, rents in the building have been raised…

Arbor Commercial Funding L.L.C. has recently provided loans totaling more than $61 million for three separate acquisitions.  The loans are as follows:     * A $28.1 million loan under the Fannie Mae DUS product line, for the purchase of The Exchange at Greenville, a 288-unit student housing complex in Greenville, N.C. The five-year loan amortizes on a 30-year schedule and has a 5.47 percent note rate. It was originated by John Edwards, director, in Arbor’s Boston office. Edwards said in a release that the financing was completed in less than 30 days.     * An $18 million loan under Fannie Mae’s…

Supplemental financing to the tune of $110 million has been completed for a portfolio of 61 apartment communities located in Maryland and Northern Virginia. Capmark Finance Inc. originated the loans via its Freddie Mac Program on behalf of affiliates of Southern Management Corp.The transaction comes about one year after Capmark orchestrated $777 million in first-mortgage debt on the portfolio and six other properties, for what is now a total debt facility of $887 million. Further financial details of the deal have not been disclosed. However, the interest rate for the supplemental financing was locked in last fall, and just in…