New York real estate investor David Bistricer has filed to take his Clipper Realty Inc. public in order to provide potential liquidity to his existing investors and pay down some debt. The company owns eight properties that have 3,269 apartment units, 472,653 square feet of office space and 109,275 sf of retail and parking space in Manhattan and Brooklyn.
Tarak Patolia, the chief investment officer of Sterling Equities, where he oversaw five investment funds, has left the firm to pursue deals on his own. He has formed BanyanTree Group, which is based in San Francisco and will opportunistically pursue class B and B-plus apartment properties in select markets in California, Arizona, Nevada and Texas.
CBRE Global Investor is said to have struck a deal to acquire the 612,613-square-foot Legg Mason Tower in Baltimore's Inner Harbor area. The 24-story building, at 100 International Drive, is owned by H&S Properties Development Corp., which had offered it through CBRE.
The $196.9 million of CMBS financing against the 1.2 million-square-foot office property at 500-512 Seventh Ave. in midtown Manhattan has transferred to special servicer LNR Partners, after a forbearance agreement burned off. The three-building property is subject to a ground lease that might be the thorn in its side.
CWCapital Asset Management is offering for sale 290,620 square feet of non-anchor retail space at the 1 million-sf Citadel Mall in Charleston, S.C. The space serves as collateral for a $63.3 million loan that's securitized through Wachovia Bank Commercial Mortgage Trust, 2007-C32. It could sell for about $20 million.
JPMorgan Chase Bank has provided financing against LNR Warner Center I, II and III in Los Angeles, allowing for a $174 million CMBS loan to be taken out, just weeks after that loan had transferred to special servicing. Despite the pay-off, the CMBS loan suffered a $1.7 million loss because of the short time it spent in special servicing.
Mack-Cali Realty Corp. has lined up $250 million of mortgage financing against its 101 Hudson St. office building in Jersey City, N.J. The 1.3 million-square-foot property, which the Jersey City REIT had acquired in 2005 for $329 million, had been unencumbered by debt.
A total of $3.81 billion of securitized loans against shopping malls, or 7.8 percent of all CMBS loans against malls, are in special servicing, according to analysis by Morningstar Credit Ratings. The rating agency, meanwhile, has another $1.38 billion of mall loans on its watchlist, meaning they're at an elevated risk of default.
Mesa West Capital already has exceeded the $750 million capital-raising target for its latest mortgage-lending vehicle, Mesa West Real Estate Income Fund IV LP. The fund is expected to conduct its final closing sometime next month. It has a hard cap of $900 million.
A venture that includes Clarke Enterprises Inc. is offering for sale F1RST, a 325-unit apartment property that's under construction in the Capitol Riverfront area of Washington, D.C. The property, which includes about 21,474 square feet of retail space, is expected to be completed early next year.
Challenging Retail Environment Weights on REITs Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
US REITs Feeling Effects from Turmoil in Greece and China International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...
What Does Increased Construction Mean for Apartment REITs? REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds