Regions
Residential Project at Chicago’s $4B Lakeshore East Development Creates 250 Jobs
Lakeshore East, Magellan Development Group’s $4 billion mixed-use project presently sprouting up in Chicago, is playing a key role in the revival of the city’s jobs market.
Alliance Begins Work on Seattle Apartments
Alliance Residential Co. has broken ground on Broadstone Koi, a 166-unit, LEED-certified residential project in Seattle’s Ballard neighborhood. The project is slated for completion during the first quarter of 2013.
TODAY’S DEALS: Greystar Sells 388-Unit Community in Houston
Greystar sells a 388-unit community in Houston; Marcus & Millichap brokers the sale of a 216-unit community for $8.1 million; and Bernard Financial Group finances a $4 million loan with Ladder Capital Finance.
New Luxury Minneapolis Apartment Lures Young Professionals
The Nicollet Building, a 33-story high-rise in Minneapolis, will offer amenities aimed at pleasing young professionals.
Florida-Based Bainbridge Expands Into Triangle Apartment Market
Wellington, Fla.-based Bainbridge Cos. has opened a new office in Cary, N.C., with a goal of expanding its operations in the Triangle apartment market (Raleigh, Durham, Chapel Hill and environs, also known as the Research Triangle).
Portland Pair Taps Thriving Employment Centers
Two new Portland-area apartment communities that broke ground last week are strategically sited to leverage burgeoning employment centers and heavily-used transportation hubs.
TODAY’S DEALS: MG Properties Group Acquires $23.3M Seattle Community
MG Properties Group acquires a 146-unit community in Seattle; Johnson Capital arranges $13 million for two properties in Orange County, Calif.; and CBRE arranges the $54.5 million sale and acquisition financing of a large multifamily property in Minnesota.
Energy-Efficiency Loans See Few Defaults, But Banks Still Mostly Not Interested
Washington, D.C.–A new report by the American Council for an Energy-Efficient Economy (ACEEE), “What Have We Learned from Energy Efficiency Financing Programs?” finds that energy-efficiency loan programs for building upgrades have exceedingly low default rates, ranging from 0 percent to 3 percent. The report drew its conclusion from a review of 24 energy-efficiency loan programs.
Not Your Father’s Student Housing: Banks Looking to Lend on Student Housing
Providence, R.I–Not so long ago, banks viewed the prospect of financing the development of student housing with skepticism, if not out-and-out resistance. No more. Banks today have done a complete 180 on the idea of financing student housing. And there’s a good reason for that.
TODAY’S DEALS: Education Realty Trust Purchases UC Riverside Student Housing
Education Realty Trust purchases their partner’s interest in UC Riverside student housing; NorthMarq Capital arranges permanent financing of $30.6 million for Las Vegas apartments; and Greenwich Village 30-unit building hits sales block for $10.95 million.