Northeast
Bankruptcy Was Not an Option for Largest Failure in CMBS History
In a remarkable move, Tishman Speyer Properties and BlackRock Realty, last week turned the 80-acre properties Stuyvesant Town and Peter Cooper Village back to its lenders. With investors in the project having defaulted and the properties now being valued at less that $2 billion, this seemed like the only option. Just three years ago, the two companies bought the 11,000-unit developments for close to $6 billion.
Shared Experience Is What It’s All About At Our Communities
Tom Sloan was recently appointed as vice president of Camden Property Trust’s eastern division. Sloan previously served as regional vice president in the company’s Washington, DC regional office. Sloan talks to MHN about the state of Camden’s eastern division portfolio, his projections for 2010 and the hot amenities for the year.
NorthStar Announces $95M Sale of Assisted Living P/F
NorthStar Realty Finance Corp. sold 18 assisted living facilities, containing approximately 1,300 beds, located in North Carolina to a private investor group for $95 million.
AFI USA Completes $267M Refi of Times Square Building
AFI USA, a subsidiary of Africa Israel, has completed a five-year refinancing of the Times Square Building for about $267 million, plus access to a revolving line of credit from Banco Inbursa SA that will enable the owners to execute a comprehensive repurposing and revitalization of the property. Five Mile Capital Partners LLC will convert its existing debt to equity to become a 50 percent equity partner in the property.
CBRE Brokers $52.5M Sale of 3 Apartments by Principal Financial
CB Richard Ellis has announced it arranged the sale and financing of a three-property portfolio of multi-housing communities located in Richmond’s West End.
CAS Financial Recaps Largest Affordable Housing Property
CAS Financial Advisory Services (CAS FAS) recently completed the recapitalization and preservation of Starrett City in Brooklyn, N.Y.
New Sales Team Increases Contract Signings at Brooklyn Condominium
Since joining One Brooklyn Bridge Park as its exclusive sales and marketing firm two months ago, The Developers Group, has signed 14 new contracts and has more than 20 contracts out or in negotiations.
HDC, UNHP Celebrate Renovation of Rose Hill Apartments
NYC Development Corporation (HDC) and University Neighborhood Housing Program Inc. (UNHP) recently celebrated the grand opening of Rose Hill Apartments, a 119-unit building originally constructed in 1984 to serve low-income elderly residents.
White Plains’ Energy-Efficient Property Celebrates Opening
Community Housing Innovations (CHI) recently hosted a ribbon-cutting ceremony for Minerva Place Condominiums, a 14-unit workforce housing community and reportedly the city’s most energy-efficient residences.
Construction Resumes at Brooklyn Condominium
Construction has resumed at Be@Schermerhorn, Jamestown Properties and SDS Procida’s 246-unit condominium. Sales are expected to re-launch in spring 2010.