News
Suburban Philly Apartments Trade for $37.5M
Tenby Chase Apartments, a 327-unit property in Delran, N.J., has traded hands. SDK Apartments bought the asset from Pantzer Properties for $37.5 million. Currently, it’s 98 percent occupied.
Raintree Partners Acquires Luxury L.A. Community for $77M
Raintree Partners has acquired a $77 million multifamily community in Los Angeles. The luxury community, called The Plaza at Sherman Oaks, contains 392 units.
TODAY’S DEALS: NorthMarq Arranges $63.9M Fannie Mae Loan with Prepayment Reduction
NorthMarq arranges a $63.9 million loan through its affiliate AmeriSphere Multifamily Finance; Venture West arranges $20.2 million in acquisition loans; and Vitus Group buys a Section 8 asset in Portland.
Export-Import Bank Provides Crucial Loan for Hospital Project in Sub-Saharan Africa
The Export-Import Bank of the United States has recently approved a substantial loan that will be used in the development of a Ghanaian hospital.
Curtain Rises on NoHo Senior Arts Colony in North Hollywood
The newly developed, $32 million NoHo Senior Arts Colony opens this month, the first in the multifamily housing industry’s history to incorporate a professional theater within a seniors rental housing property.
Economy Watch: Housing Starts Spike
The Census Bureau reported that private housing starts in December came in at an annualized rate of 954,000 units. That’s 12.1 percent more than the revised November total of 851,000, and a whopping 36.9 percent above the rate of 697,000 in December 2011.
Baptist Gardens Opens in Atlanta
Residents have started moving to Baptist Gardens, an affordable seniors housing property in Atlanta.
TODAY’S DEALS: Western National Buys Archstone Long Beach for $46M
IPA lands a buyer for Archstone Long Beach; UC Funding closes an $18.4 million bridge loan for a historic conversion in Baltimore; and IPA oversees the sale of a 190-unit distressed condo property in Miami-Dade.
Digital Realty Acquires Three-Property Data Center Portfolio In Paris For $79.7M
Digital Realty Trust Inc. has acquired a three-property data center portfolio in the Paris area for EUR 60 million, or about $79.7 million. The seller was Bouygues Telecom, France’s third largest telecommunications operator.
DDR’s Puerto Rico Retail Properties Get $90M Upgrade
Leading shopping center owner and manager DDR Corp. has announced it will continue the successful redevelopment and expansion activity at four selected properties across Puerto Rico due to strong tenant demand and lucrative previous projects.