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Paul Daneshrad thinks 2009 will be a good year to focus on other areas rather than buying and selling. Daneshrad is president and CEO of Starpoint Properties, which specializes in the acquisition, development, and repositioning of multifamily projects, and currently operates a portfolio in excess of $400 million.A major focus at Starpoint this year will be looking at how well the company is doing in property management.“We’re going to take a close look at how well we operate,” Daneshrad said. He said strengthening its property management business should enhance the value of the firm’s multifamily assets, thus boosting their sales…

The consensus among finance professionals is that for 12 to 18 months, the real estate capital markets will look much like they did a dozen years ago, before the CMBS boom. That will translate into financing structures consisting of 65 to 70 percent leverage, rather than the more than 85 percent that became common in recent years. A more conservative debt-service-coverage ratio of 1.2 to 1, as well as 25- to 30-year amortization, will also be the norm, according to Eric Tupler, vice chairman for CB Richard Ellis Inc.’s capital markets group.These trends are playing out in a slowing deal…

After executing $6 billion in new acquisitions during 2007, TIAA-CREF plans to invest about the same amount this year, according to Trevor Michael managing director of real estate acquisitions and joint ventures for the fund. He has found encouragement in solid fundamentals across the four major property types, as well as corporate earnings that have weathered the downturn fairly well so far and continued diversification in the U.S. economy.Other investors are also finding opportunity in this volatile economy, although a certain amount of favoritism is showing for specific property types. A rocky economy could make multi-family properties the most-favored investment…

How active will publicly traded REITs be this year? Real Capital Analytics Inc. president Robert White expects them to be more active, after two years as net sellers, because they operate better in a low-leverage environment. “I see them being much more active in the recovery process,” he said.Jones Lang LaSalle Inc. CEO of capital markets Earl Webb believes they will be selective and strategic in their acquisitions, buying properties in order to enter or build mass in a particular market. “If they are seeing values decline relative to replacement cost and they see a good return, they will buy,”…

Capmark Finance Inc. has assembled a syndicate of 11 lenders, including a Capmark affiliate, to provide a $405 million financing package for The Peabody Orlando hotel in Orlando, Fla. The floating-rate loan refinanced existing debt originated by Capmark Finance in 2005 and provides construction financing for an expansion that will nearly double the size of the hotel. The loan has a four-year term with a one-year extension option. The syndicate members contributed an average of about $36.8 million to the total loan, which is typical for such a large package, Alan Stoller, senior vice president in Capmark’s hospitality lending group…

Taurus Investment Holdings has closed on the development financing for 73 acres of land in Orlando via its subsidiary, Taurus Industrial Development L.L.C. The industrial project, located directly north of Orlando International Airport, will consist of 950,000 square feet of Class A distribution and warehouse space. The phased speculative development will initially comprise of 665,000 square feet of distribution space consisting of a 378,000-square-foot cross dock facility and two rear load buildings measuring 135,000 and 145,000 square feet. The property is less than one mile from Florida 417 near Interstate 4 and the Florida Turnpike. The second phase of development will be constructed…

Anticipating the arrival of light rail into the city in 2010, the Dallas suburb of Carrollton has signed an exclusive master developer contract to spearhead private investment for three Transit-Oriented Development areas with High Street Residential, a wholly owned subsidiary of Trammell Crow Co. High Street has been assigned three sites to create high-density residential, office and retail space. The areas are the Downtown Carrollton Transit Center District, the Trinity Mills Transit Center District and the North Carrollton Station Development Site. Each site anchors an existing or planned DART (Dallas Area Rapid Transit) light rail line. Financials of the project…

Social networking–such as MySpace and Facebook–is a huge trend, of course, but till now it’s been based primarily on shared interests, age, school affiliation and so forth. But a New York City company has been trying to prove that useful services can be provided, and a profit made, through social networks based on the buildings people live in.  LifeAt, founded in March 2007, creates password-protected intranets for buildings that have signed up for its service, after which residents can, for no charge, create personal profiles, find other residents with similar interests, send messages, post pictures, participate in online discussions, rate…

It’s a frustrating time for investors. Those with capital are eager to invest, seeing opportunity in a down market. But with that market still weakening, owners are reluctant to sell their properties, which reduces the number of available options. And while some properties are expected to go up for sale by midyear out of necessity—many of them properties with short-term debt and just enough issues to render them unlikely to be refinanced—the dormant financing markets make competing tough for any buyer that can’t proceed with cash alone. Meanwhile, those that can take the all-equity route are in the catbird seat,…

After a unanimous vote on April 10 by the Paradise Valley Town Council, the $1.5 billion Ritz-Carlton Paradise Valley has been approved, and will be the first resort master-planned community under The Ritz-Carlton brand. The approved 110 acres of the 123-acre site includes villas, estate homes, and one-acre home sites, all of the properties branded and serviced by The Ritz Carlton. The community will be located in both Paradise Valley and Scottsdale. Construction for The Ritz-Carlton, Paradise Valley is slated to begin this summer, with completion of the entire community and hotel expected Fall 2010. The master planned community will…