News
TODAY’S DEALS: SARES•REGIS Launches Value-Add Fund
SARES•REGIS Group launches a fund targeting western markets; Landmark Apartment trust announces plans to buy management operations of Elco Landmark Residential Housing; and Lee & Associates’ Berzack Group sells a 52-unit asset in Van Nuys, Calif.
Citi Provides $250M Financing for New York Affordable Housing
The Community Preservation Corp. has secured $250 million in financing from Citi for the construction, rehab and preservation of affordable housing in New York (state and city).
Monadnock Breaks Ground on Largest Affordable Community in Long Island City Development
The largest affordable housing community to be developed in New York City in more than 30 years has broken ground at Hunter’s Point South in Long Island City.
DAMAC Properties and Paramount Unveil $1B Luxury Hospitality Project in Dubai
Paramount Hotel & Resorts, the official licensee of legendary movie production studio Paramount Pictures, has partnered with real estate giant DAMAC Properties to develop a $1 billion four-tower mega project in the heart of downtown Dubai.
Commercial Mortgages Returned 4.7 Percent for Life Companies and Pension Funds in 2012
Life companies and pension funds increased their market share of commercial property financing last year despite ongoing industry deleveraging, and the mortgage loans yielded a total return of 4.7 percent for the institutions in 2012.
SPECIAL REPORT: Knakal Says New York City Sales Market is ‘Phenomenal,’ Land Prices ‘On Fire’
Robert Knakal, chairman of Massey Knakal Realty Services, said the New York City commercial property investment sales market is currently red hot, but warned that sustained periods of low interest rates lead to real estate bubbles.
Lowe Enterprises Investors Names New SVP
Andrew I. Sands has joined Lowe Enterprises Investors (LEI) as senior vice president to lead the firm’s growing multifamily investment activities.
Oak Grove Capital Welcomes Ryan Cahalan, Expands Chicago Office
Oak Grove Capital, a national provider of real estate financial services, announced that Ryan Cahalan has joined the St. Paul-based mortgage lender as a vice president.
Affordable Housing Under Way in Fort Lauderdale
Carlisle Development Group and the Housing Authority of the City of Fort Lauderdale have broken ground on Northwest Gardens, Phases II and IV.
$750 Million Mixed-Use Project in Vancouver Will be Waste-Heat Powered Via Innovative System
Canadian-based telecommunications company Telus recently announced FortisBC would operate a regulated utility within the $750 million, 1-million-square-foot Telus Garden mixed-use development in downtown Vacouver.