Top Stories

  • Boston's 99 Summer St. Hits Sales Market

    Normandy Real Estate Partners is offering for sale the 272,614-square-foot office building at 99 Summer St. in downtown Boston. The 20-story property, which is being offered through Eastdil Secured, could fetch about $110 million, or $403/sf. That would result in a capitalization rate of about 4.5 percent.

    Written on Wednesday, 22 May 2013 Subscribe to read more...
  • Blackstone Mortgage Trust Lines up $824Mln of Loan Originations

    Blackstone Mortgage Trust Inc., the former Capital Trust, has lined up some $824 million of loans it plans to write using proceeds from its proposed stock offering. The mortgage REIT has filed to sell up to 24.2 million of its common shares, which should generate nearly $700 million of proceeds as the start of its effort to build a global loan-origination platform.

    Written on Wednesday, 22 May 2013 Subscribe to read more...
  • Fannie Offering $2.2Bln of Legacy CMBS Tomorrow

    Fannie Mae is set to bring to market $2.2 billion of private-label CMBS that it has in its inventory in an effort to shrink its balance sheet. The offering would mark the largest such sale of CMBS backed solely by multifamily collateral. Fannie had acquired the A1A bonds in 2006 and 2007. All had the highest possible ratings, but some since have been downgraded.

    Written on Wednesday, 22 May 2013 Read more...
  • Rubenstein Partners Seeks $750Mln for Latest Investment Fund

    Rubenstein Partners is seeking to raise up to $750 million for its latest investment vehicle. So far, the Philadelphia investment manager that focuses on value-add acquisitions along the East Coast has raised $215 million for Rubenstein Properties Fund II, which will invest in office properties from greater Boston south through Florida.

    Written on Tuesday, 21 May 2013 Subscribe to read more...
  • TreeTop Seen Buying Queens, N.Y., Apartment Property

    TreeTop Development is said to have agreed to buy Saxon Hall, a 417-unit apartment property in the Rego Park section of Queens, N.Y. The Newark, N.J., company is buying the property, at 62-60 99th St., from a venture of Vantage Properties and Lubert-Adler Real Estate Funds. It's expected to sell for up to $85 million, or $203,837/unit.

    Written on Tuesday, 21 May 2013 Subscribe to read more...
  • Deutsche Bank in Talks to Lend $800Mln for Apartment Portfolio Purchase

    The American Invsco Corp. venture that agreed to pay $950 million for a portfolio of 13 apartment buildings with 3,686 units is in talks to line up $800 million of financing from Deutsche Bank to complete the deal. The portfolio is being offered by a team led by Starwood Capital Group.

    Written on Monday, 20 May 2013 Read more...
  • RAIT Financial Eyes Listing for Non-Traded REIT

    RAIT Financial, which sponsors and owns most of Independence Realty Trust Inc., is planning an initial public offering of its common shares, allowing it to cash out of its investment. Independence Realty owns eight apartment properties with 2,005 units in six states.

    Written on Monday, 20 May 2013 Subscribe to read more...
  • Congressmen Push Federal Government to Dispose of Excess Real Estate

    An attempt by several congressmen to push the federal government to sell under-utilized properties has intensified this year, which could eventually result in a bonanza of available buildings for investors. Bills have been introduced in the U.S. House of Representatives that would prompt the government to develop plans to sell excess non-military buildings. The government owns some 77,700 buildings that are underused.

    Written on Friday, 17 May 2013 Subscribe to read more...
  • New Rochelle, N.Y., Apartments Offered for Sale, May Fetch $225Mln

    AvalonBay Communities is offering for sale the Avalon on the Sound East, a 588-unit apartment property in the New York City suburb of New Rochelle, N.Y., that could fetch about $225 million, or $382,653/unit. HFF is marketing the property.

    Written on Thursday, 16 May 2013 Read more...
  • DDR to Buy Out Blackstone's Stake in 30 Shopping Centers for $1.46Bln

    DDR Corp. has agreed to pay $1.46 billion for Blackstone Real Estate Partners VII's 95 percent interest in a portfolio of 30 retail centers with 11.8 million square feet, giving it full ownership of the properties. DDR will fund its purchase with a $566 million cash payment and the assumption of debt, as well as the retirement of preferred equity and mezzanine debt it had provided.

    Written on Thursday, 16 May 2013 Subscribe to read more...

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