News
Detroit and Other Michigan Cities to Share $100 Million Demolition Grant
In an effort to solve the issue of blighted and dangerous properties across the state and reduce crime in neighborhoods, Gov. Rick Snyder last week announced that the U.S. Department of the Treasury granted $100 million under a pilot program that enables states to decide locally on actions that prevent foreclosures and support the housing recovery.
Bronxworks Honors COO of L+M Development for Community Activism
Debra Kenyon, chief operating officer of L+M Development Partners, was honored for her community service by BronxWorks, the South Bronx-based social service agency, at its Annual Gala Monday, June 10.
TODAY’S DEALS: ABR, Chartwell Holdings Buy 384-Units in Charlotte
Alex. Brown Realty and Chartwell complete a value-add buy in N.C.; Peak Capital Partners acquires a 216-unit community in Albuquerque; and Alliant Capital closes on a $1 million refinance loan.
Manhattan Skyline’s Luxury Condo is Sold Out
Manhattan Skyline, the developer of New York condominium building The Story House, announced that the community is already sold out. The most recent sale was for the top floor penthouse for $4.25 million.
Centerline Holding Company and Hunt Announce Definitive Merger Agreement
Centerline Holding Company and Hunt Capital Partners announced the entry into a definitive agreement and plan of merger between Centerline and an affiliate of Hunt under which an affiliate of Hunt will acquire through a merger all of the outstanding Common Shares of the Company that Hunt or its affiliates do not already own for cash consideration of $39.89 per share.
Two Louisiana Apartments Obtain $23M Refi
Interest rates remain low, and apartment owners are still eager to take advantage of that environment, according to Beech Street Capital. Recently the company closed on two Fannie Mae loans to refinance a pair of Louisiana apartment buildings owned by the same entity.
First Resident-Based Bike-Sharing Program Debuts in New York City
The first resident-based bike-sharing program in New York City was launched by Related Companies and Zagster, which provides bikes-as-a-service.
Economy Watch: Job Openings Down
The Bureau of Labor Statistics released the Job Openings and Labor Turnover Summary, which casts a bit of a different light on the national employment picture.
TODAY’S DEALS: KBS Legacy Partners Acquires 305-Unit Asset
KBS Legacy Partners Apartment REIT completes a $33.6M buy in South Carolina; The Bascom Group closes a 175-unit acquisition in Palm Springs; and Alliant Capital closes three refinancing loans.