Alcion Ventures has raised $194 million of a planned $600 million for its third real estate investment fund. The vehicle is a follow-up to the Boston investment manager's Real Estate Fund II, which has invested or committed about 85 percent of the $500 million of equity it raised.
Two insurance subsidiaries of American International Group, United States Life Insurance Co. and National Union Fire Insurance Co., have provided $113 million of financing against 330 Hudson St., a 467,000-square-foot office building in lower Manhattan. A 49.3 percent stake in the property recently was sold in a deal valuing the 16-story former warehouse at $304 million.
Palisades Capital Realty Advisors, a Los Angeles investment manager, has launched a program under which it plans to make about $320 million of office-property acquisitions over the next two years. Capital for the investments it's pursuing is coming from its network of high net-worth investors in California's Silicon Valley.
The California State Teachers' Retirement System is offering for sale 1835 Market St., a 799,994-square-foot office building in downtown Philadelphia. It could sell for roughly $108 million. JLL has the listing.
Iron Point Partners, an investment manager backed by billionaire Robert M. Bass, so far has raised $267 million of equity commitments for its latest real estate investment fund, Iron Point Real Estate Partners III. The vehicle is a follow-up to its Fund II, which raised $750 million in marketing that ended in 2012.
A group of lenders led by JPMorgan Chase Bank has provided a $190 million loan against 1 Channel Center, a 500,000-square-foot office property in south Boston. The debt replaces $170 million of construction financing that the lending group provided two years ago.
The Toronto investment manager is offering for sale Meridian at Bowie, a 348-unit apartment property in the Washington, D.C., suburb of Bowie, Md. The property could sell for roughly $90 million, or $258,621/unit. CBRE has the listing.
A venture that includes Unico Properties and C-III Asset Management has acquired the Rock Pointe Corporate Center office complex in Spokane, Wash., for $52.1 million, or about $93/sf, by buying and foreclosing on a defaulted $60.8 million loan against the 558,838-square-foot property.
The Des Moines, Iowa, investment manager has paid $75 million, or roughly $344,037/unit, for the Swift, a recently completed apartment property with 218 units in Washington, D.C. Duball LLC of Reston, Va., was the seller.
Moody's Investors Service was the most-active rating agency in the CMBS sector during the first half, providing its ratings on 24 private-label transactions with a combined balance of $24.9 billion, for a 63.9 percent market share. Meanwhile, Kroll Bond Rating Service and Fitch Ratings ended the first half in a dead heat in terms of volume, with $21.2 billion each.
Non-traded REITs Contribute to Listed REIT Expansion Non-traded REITs, especially those focused on healthcare, lodging, and retail, have been very popular in recent years and have become a notable source of expansion for the listed REIT market. Collectively, they raised $8.8 billion during the first half of 2014 and sales are in line to reach $20 billion by year end...
Leasing for Fall Student Housing Moves Forward Long term growth in college enrollment means good news for REITs that invest in student housing. Although full time enrollment slipped in 2011 and 2012, the Department of Education’s National Center for Education Statistics reports that total enrollment in postsecondary degree-granting institutions is projected to grow 14%...
Timber and Lodging Lead REITs in June As of mid-year 2014, REITs are outperforming other investment sectors. Year-to-date, the FTSE NAREIT All Equity REIT total return was 16.25%, which compares favorably to the S&P 500 (7.14%), DJIA (1.51%), Russell 2000 ( 3.19%), and NASDAQ (5.54%). While year-to-date performance is very strong, the FTSE NAREIT All Equity REIT...