News
TODAY’S DEALS: Donaldson Group and Angelo, Gordon Acquire 599-Unit Property
The Donaldson Group finalizes the acquisition of a 599-unit community in Forestville, Md.; NorthMarq Capital arranges a $32M mortgage via a life insurance company; and Prometheus expands its management role in the Pacific Northwest with three new properties.
Miller Honored as Legislator of the Year
Chicago–The Institute of Real Estate Management and the CCIM Institute have jointly honored U.S. Congressman Jeff Miller with their 2011 “Legislator of the Year” award.
Marquis Residences Partners with Tempo Hotel for Extended-Stay Program
Miami–Homeowners at Marquis Residences will be able to lease out their condos under a new extended-stay program that will provide accommodations of a luxury hotel.
Economy Watch: ADP Jobs Numbers Point to Hiring Weakness
The ADP unemployment numbers are out for March; Freddie Mac reports its first quarterly profit since 2009; and Finland’s new government shows resistance to an E.U. bailout of Portugal.
Berzack Group Joins Lee & Associates
Sherman Oaks, Calif.–The Berzack Group, led by President Warren Berzack, has joined Lee & Associates.
Federated Cos. Acquires Another New England Multifamily Project
Wakefield, Mass.–Federated Cos. has bought Legacy Park Wakefield, a multifamily project that will consist of two four-story garden buildings and a single three-story townhouse.
TODAY’S DEALS: NorthMarq Arranges $40.4M for Portfolio in Pa.
NorthMarq Capital arranges $40.43M for a portfolio of Section 8 properties; Phoenix Realty acquires a $21.5M REO portfolio; and Grosvenor Residential Investment Partners acquires a 121-unit project in Chicagoland.
MHN Interview: R4’s Kevin Price on ‘Green Shoots’ in the Condo Market
Principal Kevin Price, who heads R4, talks to MHN about pockets of opportunity for developers as well as buyers in Southern California and in the condo market at large.
First Phase Underway for Denver’s Dahlia Square Affordable Seniors Apartments
Denver–McDermott Properties already has a waiting list for its Dahlia Square Senior Apartments, and they’re only in Phase One of construction.
Economy Watch: Government Files Suit against Deutsche Bank over Mortgage Woes
The U.S. government is taking Deutsche Bank AG to court over bum loans; a nonpartisan report finds several factors that contributed to the enormous U.S. debt; and a Chinese property bubble may be further inflating.