by | Oct 16, 2024 | Multifamily
MG Developer acquired two waterfront parcels totaling 42,750 square feet in North Bay Village to launch a new mixed-use development. Located at 1681 & 1725 Kennedy Causeway, MG Developer acquired the properties for $30.9 million in a partnership with Prosper...
by | Oct 16, 2024 | Hotel
MG Developer acquired two waterfront parcels totaling 42,750 square feet in North Bay Village to launch a new mixed-use development. Located at 1681 & 1725 Kennedy Causeway, MG Developer acquired the properties for $30.9 million in a partnership with Prosper...
by | Oct 15, 2024 | Multifamily
Real estate investment, development and finance company Bolour Associates Inc. secured entitlements to build a seven-story rental apartment building in East Hollywood’s Melrose Hill neighborhood. Located at 4800 W. Melrose Ave. in Los Angeles, the project will include...
by | Oct 15, 2024 | Multifamily
Alternative investment management firm Alpaca Real Estate (ARE) recapitalized The Axel, a 97% leased 29-story, 284-unit Class A trophy residential property in Brooklyn for approximately $300 million. Situated adjacent to Barclays Center, the property was developed by...
by | Oct 15, 2024 | Hotel
Berkadia arranged the refinancing of two hotels: Cape Rey Carlsbad Beach, a Hilton Resort & Spa; and Hilton Garden Inn Carlsbad Beach, both located in Carlsbad. Managing director Scott Hall and senior director Aaron Lapping of Berkadia Hotels & Hospitality...
by | Oct 15, 2024 | Hotel
Avison Young arranged the acquisition of Dolby Theatre, a live performance entertainment auditorium in Hollywood. Built in 2001 and home of the Academy Awards since 2002, the 3,400-seat theater totaling 180,000 square feet is located at 6801 Hollywood Blvd. and is...
by | Oct 15, 2024 | Hotel
Just days from opening, The Populus in Denver says it will be the only carbon-positive hotel. The 13-story, 135,000-square-foot hotel, at 14th Street and Colfax Avenue, cost more than $100 million to build, much of that going to environmentally responsible building...
by | Oct 15, 2024 | Hotel
Montierre Development is moving forward on a mammoth multi-sports mixed-use development in Ocoee. The town’s city council could vote on the item next month. The 150-acre development will rise near the intersection of East Fullers Cross Road and Ocoee Apopka Road...
by Kipp Gillian | Oct 14, 2024 | Affordable Housing
Gortikov Capital said Monday it had acquired Samo Collection, an 11-building portfolio of 399 income- and rent- restricted affordable housing in Santa Monica for $120 million. The seller was not disclosed. The new ownership, which is based in Santa Monica, plans to...
by Kipp Gillian | Oct 10, 2024 | Affordable Housing
Housing Trust Group (HTG) and AM Affordable Housing closed on financing and commenced construction on Courtside Apartments II, a $58 million affordable apartment community comprised of 120 units in Miami’s historic Overtown neighborhood. Phase I wrapped up in 2016....
by Kipp Gillian | Oct 10, 2024 | Distressed Assets
The Trepp CMBS Special Servicing Rate rose 33 basis points to 8.79% in September. This was the ninth consecutive monthly increase and the second-largest uptick of 2024, the firm reported. Distress was consistent throughout, with the respective special servicing rates...
by Kipp Gillian | Oct 10, 2024 | Distressed Assets
The $8.5-million purchase of the former Sports Illustrated building at 135 West 50th St. in Midtown Manhattan has been completed, Trepp reported. A leasehold interest in the 23-story building, with 925,000 square feet of office space, was offered at an online auction...
by Kipp Gillian | Oct 3, 2024 | Distressed Assets
Driven by the retail sector, the Trepp CMBS Delinquency Rate continued its uphill climb in September 2024, rising 26 basis points to 5.70%. Although most of the major property types contributed to the rise in the overall rate, retail contributed to about 50% of the...
by Kipp Gillian | Oct 3, 2024 | Distressed Assets
The Dilweg Cos. turned ThExchange office park in Charlotte over to Ares Management, the Charlotte Business Journal reported. The property’s $68.6-million loan matured in May and became nonperforming that same month. Ares initiated foreclosure proceedings on the...
by Kipp Gillian | Sep 26, 2024 | Distressed Assets
With pricing down 19% from its 2022 peak, the U.S. commercial real estate sales market is starting to come back to life, Bloomberg News reported. One reason is that lenders and owners want to cut their losses and make new investments now that the Federal Reserve’s...
by Kipp Gillian | Sep 26, 2024 | Distressed Assets
Harbor Group International has taken title to the 623-unit Lofts at Twenty25 apartment property in Atlanta, reported Trepp. The Norfolk, VA, investment manager two years ago had provided $104.7 million of financing against the property at 2025 Peachtree Road NE to...
by Kipp Gillian | Sep 26, 2024 | Distressed Assets
Lincoln Properties has unloaded the Echo Street West project, an office project that Lincoln was having a hard team paying for. The office development was valued at $154 million after delivery but was sold for much less than that. The Atlanta Business Journal reports...
by Kipp Gillian | Sep 19, 2024 | Distressed Assets
U.S. banks reported a 20% sequential increase in total high-volatility commercial real estate (HVCRE) loans in the second quarter of 2024 following a four-year low balance in Q1, according to S&P Global Market Intelligence. The aggregate HVCRE loan balance...
by Kipp Gillian | Sep 19, 2024 | Distressed Assets
FRI Investors is said to be paying a little less than $100 million, or $71.43 per square foot, for the 68% leased, 1.4-million-square-foot office building at 70 West Madison St. in Chicago, Trepp reported, citing Crain’s Chicago Business. The West Palm Beach,...
by Kipp Gillian | Sep 16, 2024 | Distressed Assets
Optimus Properties, LLC purchased 5214-5232 W. Sunset Blvd., a 19,904 square-foot retail strip center in Hollywood, situated on a 42,076-square-foot lot, via a court-ordered sale. The center is shadow-anchored by a box retail space that was formerly 99 Cents...
by Kipp Gillian | Jun 3, 2024 | Office
Partner Valuation Advisors, a Chicago-based appraisal firm, has hired McKenna Luke, MAI, who joins to lead the firm’s National Hospitality Practice Group. Luke will be responsible for driving the growth of the firm’s hospitality work related to appraisals, market...
by Kipp Gillian | Jun 3, 2024 | Office
Newmark completed the sale of 7083 Hollywood Blvd., a Class A value-add office investment property strategically at the intersection of Hollywood and La Brea in Los Angeles. The property sold for $25.5 million. Kevin Shannon, co-head, U.S. capital markets and vice...
by Kipp Gillian | Jun 3, 2024 | Office
CBRE and Pembroke have secured 55,913 square feet in new leases at 140 New Montgomery St. in San Francisco. New tenants include super{set}, Calendly and Heidrick & Struggles. Additionally, Bloomberg, 140 New Montgomery’s largest tenant, has renewed its tenancy. ...
by Kipp Gillian | Jun 3, 2024 | Office
GFP Real Estate, LLC has arranged two lease extensions for 4,390 square feet at 80 Eighth Ave. in Chelsea. The Office & Professional Employees International Union, representing over 100,000 members, extended its 3,176-square-foot lease on the second floor...
by Kipp Gillian | Jun 3, 2024 | Office
Kayne Anderson, a Florida-based firm, acquired 147 Milk St. in Boston’s financial district for $36 million from German investor KanAm Grund, who bought it in 2021 for $48 million. The 52,000-square-foot building, anchored by Atrius Health, also houses...
by Kipp Gillian | May 30, 2024 | Distressed Assets
The volume of maturing CMBS loans is “quite significant,” Trepp says in a new report. Given this volume as well as recent history, the firm expects to see an increase in loan modifications. About $131.3 billion in outstanding, non-defeased CMBS loans that are...
by Kipp Gillian | May 30, 2024 | Distressed Assets
The $87.5-million loan against the 182,738-square-foot office property at 292 Madison Ave. in Midtown Manhattan is being offered for sale through Newmark, Trepp reported. With an original balance of $92.5 million, the loan was provided by Deutsche Bank, allowing owner...
by Kipp Gillian | May 29, 2024 | Distressed Assets
The Chicago Chapter of The Society of Industrial and Office Realtors (SIOR) hosted its Speaker Series Luncheon at The Glen Club in Glenview, Illinois. Ryan Moen, SIOR, Vice President of SIOR Chicago Chapter and Principal and Co-Founder of Versa Real Estate Services,...
by Kipp Gillian | May 29, 2024 | Distressed Assets
Dollar Tree is reportedly the winning bidder for at least 93 shuttered 99 Cents Only stores spread across California, the Orange County Register reported, citing information from brokerage Retail Specialists. Most of the stores are in Southern California. In total,...
by Kipp Gillian | May 23, 2024 | Distressed Assets
Although the much-anticipated wave of office distress has yet to materialize, new research fromYardi Matrix shows that many markets are exposed to potential distress. The firm said debt service coverage ratios have declined for office properties in recent years, due...
by Kipp Gillian | May 23, 2024 | Distressed Assets
The lenders behind a non-performing loan backing the Four Seasons San Francisco at Embarcadero are seeking a buyer for $72.5 million in debt with a potential path to owning the 155-key downtown luxury hotel at a steep discount, the San Francisco Business Times...
by Kipp Gillian | May 20, 2024 | Distressed Assets
Red Lobster Management LLC said late Sunday evening that it had filed for Chapter 11 protection in the United States Bankruptcy Court for the Middle District of Florida. The move was widely expected; CNBC reported in April that the seafood...
by Kipp Gillian | May 16, 2024 | Distressed Assets
Two real estate investment firms have teamed up to buy The 410, a 24-story office building located in the heart of Downtown Denver. Cress Capital, in collaboration with Denver-based E2M Ventures, acquired the loan on the property earlier this year and subsequently...
by Kipp Gillian | May 16, 2024 | Distressed Assets
The Trepp CMBS Special Servicing Rate rose 80 basis points in April to reach 8.11%. This marks the largest monthly jump that the rate has experienced in nearly four years, with higher monthly upticks only reached during the COVID-19 pandemic in mid-2020. In addition,...
by Kipp Gillian | May 16, 2024 | Distressed Assets
A prominent office building in Houston’s Galleria area that was designed by architect I.M. Pei is being put up for sale as a result of a Chapter 11 bankruptcy filing, reported the Houston Business Journal. Hilco Real Estate Sales has set a deadline of June 14 for bids...
by Kipp Gillian | Apr 11, 2024 | Distressed Assets
Detroit, Chicago and Denver have the highest risk scores among the top 25 metro areas for maturing multifamily loans, Kroll Bond Rating Agency (KBRA) said in a new report. KBRA weighed apartment supply and demand metrics from several sources to derive a risk scale...
by Kipp Gillian | Apr 11, 2024 | Distressed Assets
The team of Ramsfield Hospitality Finance and AB CarVal Investors has taken over the 248-room Kimpton Alton Hotel in San Francisco’s Fisherman’s Wharf area through a deed-in-lieu of foreclosure, reported Trepp. The team had provided $85 million of...
by Kipp Gillian | Apr 10, 2024 | Distressed Assets
Unisen Senior Living is having trouble finding tenants. Its 491-unit senior living facility has only a 21% occupancy rate. Operated by nonprofit Tampa Life Plan Village, the company owes $43 million to unsecured creditors and nearly $87 million to secured creditors....
by Kipp Gillian | Apr 5, 2024 | Distressed Assets
Commerce, CA-based 99 Cents Only Stores LLC said Thursday afternoon it would close all 371 of its stores. The company entered into an agreement with Hilco Global to liquidate all merchandise and dispose of certain fixtures, furnishings and store equipment. Sales under...
by Kipp Gillian | Apr 4, 2024 | Distressed Assets
The Trepp CMBS Delinquency rate dropped slightly in March 2024 for an overall delinquency rate of 4.67%, a decline of four basis points from February. The decline was almost exclusively due to continuedimprovements in the retail sector, which saw its delinquency rate...
by Kipp Gillian | Apr 4, 2024 | Distressed Assets
PCCP acquired the $111-million nonperforming senior loan on the office and retail building at 462 Broadway in Lower Manhattan from Areal Capital, according to published reports. The note was scheduled to mature this month and went on the market in January after the...
by Kipp Gillian | Apr 1, 2024 | Distressed Assets
A Florida-based investor has purchased the distressed Schaumburg Towers office complex after an auction for the property failed to attract offers. A venture led by Sigma Plastics Group founder Alfred Teo acquired the two 20-story office towers at 1400 and 1450...
by Kipp Gillian | Mar 28, 2024 | Distressed Assets
South Korean investment manager Consus Asset Management has agreed to pay $145 million, or $145 per square foot, for the one-million-square-foot office tower at 777 S. Figueroa St. in Downtown Los Angeles, reported Bloomberg News. The company is buying...
by Kipp Gillian | Mar 28, 2024 | Distressed Assets
Commercial property foreclosures in 2024 totaled 705 through February, Trepp reported, citing data from ATTOM. That’s an increase of nearly 8% from the 655 foreclosures in the year-ago period. ATTOM recorded 4,968 foreclosures in 2023, up 46% from 2022, when...
by Kipp Gillian | Mar 28, 2024 | Distressed Assets
Less than two years after changing hands, The Optimist Lofts in Atlanta’s Piedmont Heights has returned to its lender, according to the Atlanta Business Chronicle. LoanCore Capital, which extended a short-term mortgage to the owner in 2022, was the highest bidder at a...
by Kipp Gillian | Jan 23, 2024 | Distressed Assets
Summit at Salado Creek and The Canopy Apartments are being auctioned off, victims of the tenuous borrowing climate. The San Antonio Business Journal reports the two are slated for a distressed sale next month after their owners defaulted on tens of millions of debt....
by Kipp Gillian | Jan 22, 2024 | Distressed Assets
Ares Commercial Real Estate has requested foreclosure over a $127 million loan on a property at Live Oak and Texas Streets in Dallas. The property includes the Gabriella apartments and a ground-floor Tom Thumb grocery store. The loan was originated by an affiliate for...
by Kipp Gillian | Jan 22, 2024 | Distressed Assets
RXR Realty and Ares Management are partnering on a $1-billion fund to acquire distressed Manhattan office properties, the Financial Times reported. The two companies have seeded the partnership with $500 million and hope to raise an additional $500 million. They’re...
by Kipp Gillian | Jan 18, 2024 | Distressed Assets
In the ever-evolving landscape of commercial real estate, the status of distressed assets serves as a barometer for the industry’s resilience and adaptability. Mitchell Hunter, chief commercial officer at Trimont, is at the forefront in identifying trends in...
by Kipp Gillian | Jan 18, 2024 | Distressed Assets
Delinquency rates for mortgages backed by commercial properties increased during the fourth quarter of 2023, according to the Mortgage Bankers Association’s (MBA) latest commercial real estate finance Loan Performance Survey. 96.8% of outstanding loan balances...
