General News

Commercial Real Estate Direct Staff Report BH Properties, a 30-year-old opportunistic property investor, has launched a platform to provide debtor-in-possession financing for middle-market real estate companies or properties that are in receivership or have been thrown into bankruptcy. The Los...

Commercial Real Estate Direct Staff Report Industrial Property Trust has sold its remaining portfolio of properties and developments for $301 million. Black Creek Industrial REIT IV Inc. acquired the portfolio, which consists of minority interests in 64 buildings with about...

Commercial Real Estate Direct Staff Report American Campus Communities had pre-leased 90.1 percent of its student-housing beds for the 2020-21 school year through July 17, down from the 93.5 percent of beds that had been pre-leased at the same time...

Jose Carrazana has joined the Institutional Property Advisors unit of Marcus & Millichap as director at its Los Angeles office. He joins the brokerage from JLL, where he also was director. He will continue to help clients buy and sell...

Capital One has provided $29.2 million of financing against four apartment properties with 271 units in Manhattan. The loan allowed the owner of the buildings, Bronstein Properties of Queens, N.Y., to retire $13.3 million of debt that Dime Community Bank...

Berkeley Point Capital has provided a $47.4 million Freddie Mac loan against the 224-unit Encore Evans Station Apartments in Denver. NKF secured the loan on behalf of Treeline Multifamily Partners, which had acquired the property from Encore Enterprises, its developer,...

Commercial Real Estate Direct Staff Report The largest loan in the collateral pool of GS Mortgage Securities Trust, 2014-GC26, is now classified as being more than 30 days late, and the owner of the shopping mall that it encumbers is...

Commercial Real Estate Direct Staff Report Nationwide Life Insurance Co. has provided $26 million of financing against the 336-unit Crowne at Grandview apartment property in Birmingham, Ala. The loan allowed the property's owner, Crowne Partners Inc. of Birmingham, to retire...

An affiliate of Silver Star Real Estate has paid $49.7 million, or $338,095/unit, for the 147-unit Amber Ridge Apartments in La Verne, Calif., some 30 miles east of Los Angeles. To help fund its purchase, Silver Star lined up an...

Commercial Real Estate Direct Staff Report Valley National Bank has provided $49.3 million of financing against the 105-unit apartment building at 2442 Ocean Ave. in Brooklyn, N.Y. The loan allowed the property's owner and developer, Lay Assets of Brooklyn, to...

Commercial Real Estate Direct Staff Report CBL & Associates Properties Inc. late last week had struck forbearance agreements with holders of its unsecured notes, giving the Chattanooga, Tenn., REIT a few more days to negotiate with those lenders. The agreements...

Tishman Speyer has hired Gary Rodney, the former president of New York City Housing Development Corp., to set up an affordable-housing platform. Rodney had overseen roughly 190,000 apartment units and a mortgage portfolio of $10 billion during his 10 years...

Harbor Group International has sold the 807-unit Coach House apartment complex in Kansas City, Mo., for $81.5 million, or $100,991/unit. The Norfolk, Va., investment manager sold the property to a San Francisco investor in a deal brokered by Berkadia, which...

JLL Capital Markets has arranged $28 million of Fannie Mae financing for the 456-unit Cliffs at Minnetonka apartment property near Minneapolis. The 10-year loan, which pays a fixed coupon, was used to refinance existing debt. JLL's Delegated Underwriting and Servicing...

Pensam Capital has provided $52 million of mortgage financing against the 230-unit Rise Central apartment complex in Beaverton, Ore. The three-year loan, which has the ability to be extended, allowed the owner, Rembold Properties of Portland, Ore., to refinance existing...

Bank OZK, Pearlmark Real Estate and Monroe Capital have provided $174.5 million of senior and mezzanine financing for the development of 300 North Michigan Ave., a 47-story mixed-use building in downtown Chicago. The property is being developed by a venture led...

Occupancy at hotels in the United States for the week ended July 11 increased by 30 basis points to 45.9 percent, according to STR. But average room rates declined by $4.03 to $97.33, pushing revenue per available room down by...

Lee & Associates has hired Kevin McCarthy as principal specializing in investment sales in the Palm Beach County, Fla., and what's commonly referred to as the Treasure Coast, which is north of Miami. McCarthy joins from Colliers International, where he...

Madison Realty Capital has provided $150 million of financing to facilitate WS Communities' renovation efforts at six apartment properties and the development of two more in Southern California. The loan was arranged by Avison Young and RST Capital Partners of...

FCP has acquired a stake in the 442-unit Tides at South Tempe apartment property in Tempe, Ariz., in a deal valuing the 40-year-old complex at $71.5 million, or $161,765/unit. The Chevy Chase, Md., investment manager purchased its stake from Tides...

Rexford Industrial Realty Inc. has hired Laura Clark as chief financial officer, effective Sept. 1. Clark is joining from Regency Centers Corp., where she's been senior vice president of capital markets since 2017. She had been with Regency, a Jacksonville,...

Berkeley Partners has paid $49 million, or $119.09/sf, for a 411,285-square-foot industrial building at 333-335 Centennial Parkway in Louisville, Colo. The San Francisco real estate investment company bought the property from a venture of DPC Cos. and Long Wharf Capital,...

Preferred Apartment Communities Inc. saw a marked decline in rent collections at its 52 retail properties last month, to 82 percent from 87 percent in May. That's a sharp contrast to the collections rate at the Atlanta REIT's apartment, student-housing...

Grandbridge Real Estate Capital has arranged a $26.2 million Freddie Mac loan against the Commons apartment property in Sioux Falls, S.D. The 10-year loan requires only interest payments for the first three years, then it amortizes on a 30-year schedule....

Castle Lanterra Properties has paid $129 million, or $243,856/unit, for the 529-unit apartment component at the Triangle mixed-use property in downtown Austin, Texas. The Suffern, N.Y., investor bought the apartments, at 4600 West Guadalupe St., from Dinerstein Cos., which had...