Category : Banking and Finance

125 Greenwich loan trades for $230M
Banking and FinanceDebt & Equity

125 Greenwich loan trades for $230M

REW
by REW5812
BH3 has completed the $230 million sale of its non-performing senior mortgage position on 125 Greenwich Street in the Financial District. The buyer was Fortress Investment Group LLC. BH3, a New York City-based investment management and development firm, originally paid $195 million for the loan in July 2019 in a...
Investors continue to court US real estate assets
Banking and FinanceDebt & Equity

Investors continue to court US real estate assets

REW
by REW3306
Strong demand from both domestic and foreign investors, combined with moderate economic growth, is expected to keep capitalization rates for U.S. commercial real estate assets broadly stable in 2020, according to the latest research from global property advisor, CBRE. The CBRE North America Cap Rate Survey found that industrial, multifamily,...
Banking and FinanceConstruction & Design

Turnbridge Equities to build largest last-mile center in NYC to date

REW
by REW9333
Real estate investment firm Turnbridge Equities has completed a 14.2-acre assemblage in the South Bronx, where it will build the four-story, Class-A, Bronx Logistics Center, a last-mile distribution facility offering direct tractor-trailer ramp access to three levels, van access to the fourth level, 1,400 parking spaces, and a rail spur giving tenants an option to connect to CSX Transportation freight lines at the nearby Oak Point Rail Yards.
Legal merger creates tax authority
Banking and FinanceMergers and Acquisitions

Legal merger creates tax authority

REW
by REW1696
Wilkes Law Group is merging with Herman Katz Cangemi & Clyne, LLP (HKCC). The new firm is Herman Katz Cangemi Wilkes & Clyne, LLP (HKCWC), and will maintain offices in in midtown Manhattan, Long Island and Westchester. Jay M. Herman and Bob Katz founded the forerunner to the current HKCC...
PTM raises $98M fund targeting East Coast opportunity zones
Banking and FinanceDeals & DealmakersDebt & Equity

PTM raises $98M fund targeting East Coast opportunity zones

REW
by REW4580
PTM Partners (PTM) has closed A $97.9 million fund targetting Opportunity Zone investments along the eastern seaboard. PTM Partners Opportunity Zone Fund I, LP has already resulted in three development projects across multiple asset classes including multi-family residential, hospitality and retail, and a soon to-be-announced fourth project. This is the...
Feds monitor Coronavirus as US economy shows signs of good health
Banking and FinanceDeals & DealmakersDebt & Equity

Feds monitor Coronavirus as US economy shows signs of good health

REW
by REW2137
By Linda O’Flanagan The Federal Reserve left interest rates unchanged last week as chairman Jerome Powell said the central bank continues to monitor ongoing risks, including trade tensions and the coronavirus outbreak in China. “We expect moderate economic growth to continue,” said Powell, adding that “uncertainties about the outlook remain,...
Banking and FinanceDeals & DealmakersDebt & Equity

Protestors picket billionaire Bezos penthouse, demand part-time New Yorkers pay luxury tax

Linda O'Flanagan
by Linda O'Flanagan2100
By Linda O’Flanagan New York State Senator Brad Hoylman joined protestors outside Jeff Bezos’ $80 million New York home last week to demand the Amazon founder pay pied-à-terre tax. The protest at 212 Fifth Avenue aimed to highlight the $2.5 million Bezos would owe the city if a proposed pied-a-terre...
Banking and FinanceDebt & Equity

Hotel industry rethinking valuation methods as short-term rentals keep up the pressure

REW
by REW2287
The short-term rental industry will expand to roughly 650,000 actively rented units in the US this year, equal to 12.2 percent of the country’s hotel-room supply, as the fast-growing sector further expands in suburban, rural and resort markets, according to a new report from CBRE. As a result, the STR...
Banking and FinanceDebt & Equity

Blackstone leads $300M Liberty View recap

REW
by REW5504
An investment group led by Blackstone Mortgage Trust has provided a $300 million package to recapitalize Liberty View Industrial Plaza, a 1.3 million-square-foot industrial and mixed-use property in Brooklyn owned by Salmar Properties. The funding’s initial phase reportedly comprises $216 million from Blackstone, Madison Capital, Meadow Partners and Acadia Realty...