Category : Debt & Equity

Debt & Equity

Hudson partners with Appollo on $200M distressed loan fix

REW Staff
by REW Staff700
A joint venture comprised of Hudson Realty Capital, a fund manager, and an investment fund managed by Apollo Global Management, has acquired a $200 million portfolio of non-performing, CRE loans and REO properties from United Community Banks, Inc. The portfolio purchase is the third under the Hudson Realty/Apollo partnership. This...
Debt & EquityGreen BuildingProperty Managers

Owners seeing the white light as LEDs get better and cheaper

REW Staff
by REW Staff976
By Steven J. Schleider, MAI, LEED-AP BD + C president, Metropolitan Valuation Services Reduce lighting costs — one of the highest operating expenses in a commercial building — and you increase net operating income. Add to that the benefits of enhanced energy efficiency, better visual quality, glare reduction and positioning...
Construction & DesignDebt & EquityFeaturedResidential

Canyon funds $31M loan for luxury Chetrit project

REW Staff
by REW Staff680
Canyon Capital Realty Advisors LLC (Canyon) has provided a $31.1 million senior loan for the construction of a new mixed-use project at 10 Bond Street in NoHo. The development team, comprised of a joint venture between SK Development, Ironstate Development, and the Chetrit Organization, plans to begin construction on the site immediately, with project completion anticipated by the first quarter of 2015. Designed by Selldorf Architects, the project will consist of 11 luxury residential cooperative units and a retail condominium.
Deals & DealmakersDebt & Equity

Tenants gets the hard cell at Empire State Building

REW Staff
by REW Staff658
Skyscrapers in Manhattan typically offer spectacular views from high floors, but not always great wireless reception, which can be problematic in buildings higher than 20 stories. The Empire State Building, however, will soon be a notable exception, thanks to a new agreement with ExteNet Systems, Inc. ExteNet will design, own...
Deals & DealmakersDebt & Equity

Tribeca Associates buys Bush Tower

REW Staff
by REW Staff1216
Tribeca Associates, LLC, a New York-based acquisition and development company, announced the acquisition of a long-term leasehold interest in Bush Tower in the Bryant Park Office Corridor. The 30-story tower – one of the first skyscrapers constructed in Midtown Manhattan – will be known going forward as 130 West 42nd...
Debt & Equity

Graduates get jump start in appraisal biz

REW Staff
by REW Staff709
Graduates of Lehigh University who major in Finance with a minor in Integrated Real Estate will have a significant jump-start toward the required training to become general certified appraisers. The Appraisal Foundation, which oversees standards for the nation’s appraisers, has certified Lehigh’s program to include 275 of the 300 education...
Deals & DealmakersDebt & Equity

Mollen makes best of bad situation

REW Staff
by REW Staff720
Since Scott E. Mollen, co-chair of Herrick, Feinstein’s Real Estate Department, became court-appointed receiver of 111 Great Neck Road in 2010, the property has achieved great success. Market-rate leases and renewals totaling more than 95,000-square-feet have been signed, representing approximately 58 percent of the property’s rentable space. With a foreclosure...
Debt & Equity

Eastern Consolidated secures $10M equity for Florida purchase

REW Staff
by REW Staff768
Acting on behalf of Prominent Realty Group of Georgia, the sponsor of Registry at Windsor Parke, a 260-unit garden apartment complex located in Jacksonville, Florida, Eastern Consolidated announced it has raised $10 million in equity, enabling the sponsor to acquire the property. Principal and executive managing director R. Stuart Gross...
Debt & Equity

Competition among lenders for suburban apartment loan

REW Staff
by REW Staff596
Cushman & Wakefield announced that its Equity, Debt and Structured Finance team served as exclusive advisor to an affiliate of J.P. Morgan Asset Management in arranging a $29 million non-recourse refinancing of Reflections at Summer Creek, a Class-A suburban apartment community located in Beaverton, Oregon. The floating-rate financing was provided...
Debt & Equity

Pembrook closes on loan for Brooklyn complex

REW Staff
by REW Staff917
Pembrook Capital Management LLC (Pembrook) announced the closing of a $20 million bridge loan for the refinancing of the Clarendon Gardens apartment complex in Brooklyn, NY. Clarendon Gardens is a 224 unit, seven building, garden-style apartment complex totaling 195,000 s/f with building heights of two and three stories. The property...