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Korman Offers for Sale Suburban Philadelphia ApartmentsFriday, 27 May 2016 Written by Dan Moynihan
Korman Communities is offering for sale ARK Bucks County, a 1,072-unit apartment complex in the Philadelphia suburb of Bensalem, Pa. The 41-year-old property, at 5301 Neshaminy Blvd., is being offered through CBRE. The thinking is that it would sell for a price resulting in a capitalization rate of roughly 6 percent.
Buyer of Fla. Retail Center Sues C-III, Alleging Manipulation of Fair-Value OptionThursday, 26 May 2016 Written by Dan Moynihan
Davidson Kempner Capital Management, which earlier this year bought the Gulf Coast Town Center, has sued C-III Asset Management for trying to orchestrate an "audacious scheme" to buy the Fort Myers, Fla., retail property at an "artificially low" price, using the fair-value option built into most CMBS deals.
Industry Still Scrambling to Deal with Risk Retention RulesWednesday, 25 May 2016 Written by Dan Moynihan
With 213 days before new risk-retention rules go into effect, the CMBS industry is still trying to figure out how it will deal with them. Proposed legislation to soften the rules' impact on the sector appear to be a long-shot, and issuers and investors are still uncertain how exactly to structure transactions so they can abide by the rules with as little impact as possible.
REITs Set Ambitious Property Sales GoalsTuesday, 24 May 2016 Written by Dan Moynihan
The largest REITs earlier this year had set a goal of selling some $16 billion of properties - most were looking to take advantage of the high prices investors were paying to fine tune their portfolios and pay down debt. Others were looking to opportunistically buy their own stock.
Monday, 23 May 2016 Written by Dan Moynihan
Banyan Street Capital is said to have struck a deal to pay about $69 million, or $207/sf, for American Center, a 332,787-square-foot office property in the Washington, D.C., suburb of Vienna, Va. The Miami firm is buying the property, which is part of the collateral pool for a substantial CMBS loan, from Beacon Capital Properties.
Seasoned New York Property Pro Launches Bridge Lending OperationFriday, 20 May 2016 Written by Dan Moynihan
David Schwartz, a seasoned New York real estate professional, has founded Fort Amsterdam Capital to provide short-term loans against small middle-market apartment and mixed-use properties in New York. He's taking advantage of an underserved market and is in the process of raising a fund.
Suburban New York Apartments Hit Sales MarketThursday, 19 May 2016 Written by Dan Moynihan
AvalonBay Communities Inc. is offering for sale the eaves Nanuet, a 504-unit apartment property in Rockland County, N.Y. The property, about 36 miles from Manhattan, could sell for $150 million. The property serves as collateral for $62.3 million of Freddie Mac debt that matures in May 2019.
Morgan Stanley Lends $159.3Mln Against Chicago ApartmentsWednesday, 18 May 2016 Written by Dan Moynihan
Morgan Stanley has provided $159.3 million of floating-rate financing against North Harbor Tower, a 600-unit apartment property in the Loop submarket of Chicago. The property, at 175 North Harbor Drive, near Maggie Daley Park, was purchased recently by Crescent Heights of Miami.
Upscale Tampa, Fla., Apartments Returning to Sales MarketTuesday, 17 May 2016 Written by Dan Moynihan
A venture of the Novare Group and Batson-Cook Development Co., which last year sought to sell its SkyHouse Channelside apartment property in downtown Tampa, Fla., is giving it another go. It's hired Walker & Dunlop to offer the upscale 320-unit property, at 112 North 12th St., and the buzz is that it could sell for more than $300,000/unit, or some $96 million.
Monday, 16 May 2016 Written by Dan Moynihan
The San Francisco investment manager is well on its way to raising what could be $1.5 billion of equity commitments for its latest value-add investment fund, DivcoWest Fund V. It's so far raised more than $1 billion for the fund, which would follow a strategy similar to that of its predecessors: Buy well-located properties, particularly those catering to the tech industry, and improve their value.