Northeast
Phase II of $22M South End Revitalization Projects Begins
Albany, N.Y.–Construction on the second phase of the $22 million South End Neighborhood revitalization project in Albany has now started.
DEAL OF THE DAY: Colony Capital, The Cogsville Group Invest in 1,600 Commercial Real Estate Loans Held by FDIC
Colony Capital LLC and The Cogsville Group LLC have closed on the purchase from the Federal Deposit Insurance Corp. (FDIC) of a $1.8 billion portfolio of more than 1,600 commercial real estate loans acquired by the FDIC as receiver of 21 failed financial institutions.
Web Feature: Are You Marketing to All Prospects in the Melting Pot?
New York–The renters of tomorrow look very different but the industry isn’t exactly doing..
REIT CEO Compensation, Including Multifamily, Grew in 2009
New York–REIT CEO bonuses saw shifts to cash and equity percentages.
Search for Apartments on the iPad-There’s an App For It
Norfolk, Va.–The application mimics a realistic apartment search experience for prospective renters.
Park Slope Condos Go For New LEED Midrise Certification
New York–After acquiring a teardown on Dean Street, Trident decided that its six-unit condo project would serve as a pilot for green design in future developments.
How Will Demographic Trends Affect Rental Demand?
Washington, D.C.–He emphasized that though population growth drives demand, it does not correlate well with supply.
Developer and Workout Specialist Team Up in NYC
New York–Enough multifamily projects in the city were either caught unfinished or otherwise pummeled by the economic crisis beginning in 2008 that there’s now a specialized real estate business based on reviving these projects.
Two Harlem Condo Projects Revived
New York–The Lore and the Gateway, two condominium projects in Manhattan’s Harlem neighborhood that had been stalled because of problems with their financing, have been restructured and recapitalized
Fortress Funds to Purchase CW Financial Services
New York–Affiliates of certain Fortress managed funds have agreed to acquire CW Financial Services (CWCapital). Fortress has agreed to acquire CWCapital from majority shareholder Otéra US Holding Inc. Terms of the transaction were not disclosed but the CW Capital franchise includes a $183.6 billion servicing, special servicing and investment management portfolio. Closing of the transaction is expected during the third quarter subject to regulatory approvals and closing conditions. Beekman Advisors, Inc. served as advisor to CWCapital. Founded in 1972, CWCapital manages, invests in, originates, and advises on commercial and multifamily real estate debt products.