Top Stories - Free (115)New Rochelle, N.Y., Apartments Offered for Sale, May Fetch $225MlnThursday, 16 May 2013 Written by Dan MoynihanAvalonBay 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.
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Columbia Property Trust has put a portfolio of 17 office properties with 4 million square feet in 11 states up for sale through CBRE. The offering is an effort by Columbia Property, the former Wells REIT II, to fine-tune its portfolio as it moves toward executing a liquidity event. It bought the buildings in the portfolio over the years for a total of $590 million.
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KeyBank to Buy $110.5Bln of Commercial Mortgage Servicing from BofAFriday, 10 May 2013 Written by Dan MoynihanKeyBank Real Estate Capital has agreed to buy Bank of America's $110.5 billion commercial mortgage servicing portfolio, nearly doubling the size of its own portfolio to $205 billion. The portfolio includes some $77.2 billion of loans that BofA handles as master servicer on behalf of CMBS trusts and some $14 billion on which it's named special servicer.
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Angelo Gordon Launches Third Net-Leased Property Investment FundFriday, 10 May 2013 Written by Dan MoynihanAngelo, Gordon & Co. has launched its third investment fund designed to acquire net-leased properties. AG Net Lease Realty Fund III has thus far raised $130.1 million of equity commitments, according to a recent regulatory filing. It's a follow-up to a vehicle that had raised $550 million three years ago.
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Beech Street Writes $94.4Mln of Freddie Loans Against Manhattan ApartmentsTuesday, 07 May 2013 Written by Dan MoynihanBeech Street Capital has originated $94.4 million of Freddie Mac financing against a portfolio of 12 apartment properties with 488 units in Manhattan owned by Henry and Robert Moses. Proceeds of the financing were used to defease some $83 million of financing that didn't come due for another two years. Some of that debt was securitized.
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Majestic Investments is offering for sale a Van Nuys, Calif., office complex, and is said to be looking for about $60 million, or $224/sf, which would be 21 percent more than it paid for the 267,834-square-foot property in 2011. The Southern California investor and property manager has tapped Madison Partners to offer it for sale.
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Non-Traded REITs Raise $3.9Bln of Equity in 1Q; On Pace for Record YearWednesday, 01 May 2013 Written by Dan MoynihanNon-traded REITs are raising capital at a feverish clip and should easily top the $10.3 billion they raised last year. During the first quarter, the industry raised $3.9 billion, according to Robert A. Stanger & Co. That would put it on pace to raise a record $15.6 billion of equity.
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Troubled CMBS Loan on Boston Property Gets Rate Clipped in ModificationFriday, 26 April 2013 Written by Dan MoynihanThe $190 million CMBS loan against One Congress St., a 313,527-square-foot office and retail building in Boston that became delinquent last year, has been modified. Its coupon has been slashed to 2 percent from 6.07 percent to allow cash to be used for tenant improvements and leasing commissions at the 71 percent-leased property.
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Increase in Tax-Deferred Investment Volumes Spawns New EntrantsWednesday, 24 April 2013 Written by Dan MoynihanWith expectations that investor demand for structured tax-deferred exchanges will continue to grow, Louis J. Rogers, a seasoned player in the sector, has set up his own shop, Capital Square Realty Advisors. His is one of what is expected to be a number of new sponsors of Delaware statutory trusts.
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Feldman Mall Properties Transformed Into Apartment REITFriday, 19 April 2013 Written by Orest MandzyThe former Feldman Mall Properties Inc. has transformed itself into an apartment investment company and is aiming to raise fresh equity to acquire high-yielding properties. It's looking to sell shares through a public offering and has a number of acquisitions pending.
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