News
TODAY’S DEALS: Dezer Pays Off $265M Mortgage on Miami Beach Trump Towers
Dezer pays off a $265 million mortgage on two of the Trump Towers in Miami Beach, Fla.; Arbor closes six Fannie Mae deals totaling $23.6 million; and Walker & Dunlop closes a $4.2 million acquisition loan secured by a 50-unit property in Minnesota.
Historic Rhode Island Property Receives Financing for More Apartments
East Providence, R.I.–Rumford Center, the mixed-use redevelopment of a historic mill complex, has obtained $15.5 million to complete the residential aspect.
Yield Technologies Taps Burke as CFO
Chicago–Yield Technologies, a real estate technology and management solutions providor, has hired Brian Burke as chief financial officer.
Graduate Student Housing Project to Lift Downtown Pomona
A new mixed-use graduate student housing development has the potential to help revitalize Pomona’s downtown business district.
Economy Watch: Asian Markets Get U.S. Debt Ceiling Blues
Equities markets in Asia reflect worry over U.S. default; Jefferson County, Alabama, may vote on Chapter 9 bankruptcy; and a Gallup poll shows Americans feeling grim about the economy.
Walker & Dunlop Launches Interim Loan Program
Bethesda, Md.–Walker & Dunlop, Inc. has launched its interim loan, which will initially be focused on East Coast markets and offer floating-rate interim loans to experienced borrowers seeking to acquire or reposition multifamily properties that do not currently qualify for permanent financing.
New Apartments Break Ground North of Tampa
Pasco County, Fla.–The Altman Cos. has broken ground on Altís at Grand Cypress, an apartment property with 17 two-story buildings totaling 258 units north of Tampa.
Lend Lease to Reduce Military-Housing Energy Use
New York–Lend Lease launches a program to decrease energy use by 20 percent at its 65.3 million square-foot Military Housing Privatization Initiative portfolio.
TODAY’S DEALS: Home Properties Acquires Two Communities for $65.1M
Home Properties acquires two properties for a $65.1 million total; Essex Realty arranges a bulk sale of 31 condo-converted units for $2.15 million in Chicago; and Marcus & Millichap brokers the sale of a 444-unit community in Largo, Fla.
Wood Partners Begins Work on San Diego County Apartments
San Marcos, Calif.–Wood Partners has broken ground on a 108-unit apartment property near San Diego and within walking distance of the local light-rail system.