Blackstone and Glimcher Close $320M Joint Venture
March 29th, 2010Glimcher Realty Trust (NYSE: GRT) has closed on its previously announced $320 million joint venture with The Blackstone Group; which involved Blackstone acquiring a 60% interest in Glimcher’s Lloyd Center Mall in Portland, OR and Westshore Plaza in Tampa…
CoStar’s Retail News Roundup: Mar. 28 – Apr. 3, 2010
March 28th, 2010This week in the Retail Roundup, CoStar reports on expansions or new concepts at Best Buy and Yankee Candle; closings, cutbacks, bankruptcy, default, receivership or foreclosure news at Saks; acquisition, merger, loan, sale, or IPO activity at Glimcher…
Glitz Masks Woes for Trump SoHo
March 28th, 2010The Trump SoHo hotel and condominium is scheduled to open April 9, but only about a third of the 391 units are now in contract.
Deal for World Trade Center Site
March 25th, 2010World Trade Center developer Larry Silverstein and government agencies that control the site have reached a deal to resolve a 16-month stalemate over rebuilding at Ground Zero.
AEW Pays $97M for One Brigham Circle
March 25th, 2010AEW Capital Management LP purchased One Brigham Circle, a 200,000-square-foot, mixed-use office complex in Boston, from New Boston Fund Inc. for $96.8 million, or approximately $502 per square foot. The deal is the largest of its kind so far in the Boston…
Investment Funds Mining Bankruptcy Courts for Distressed Opportunities
March 24th, 2010Rather than waiting for commercial real estate property values to find a bottom, a number of investment funds this past week showed they’re ready to jump in now by taking direct control of companies already in distress, thereby gaining early control of…
Hotel CMBS Defaults May Hit 30% By 2012
March 24th, 2010The dismal performance of U.S. hotels since their peak of 2008 has Fitch Ratings predicting that defaults should double from current levels by 2012. Hotel defaults will be most pronounced in 2011 and 2012 when the largest concentration of loan maturities…
Toll Bros. Steps Up Land Grab Activity
March 24th, 2010Since the start of its fiscal year 2010, Toll Brothers Inc. in Horsham, PA, has stepped up its land buying activities. In the last four months, the company has purchased or put under control 3,000 home sites via mortgage note purchases and direct acquisitions…
Bank Watch: Regulators Calling for Tougher CRE Lending Guidance
March 24th, 2010U.S. banking regulators continued their drumbeat of warnings this past week concerning commercial real estate loan concentrations. This time it was Comptroller of the Currency John C. Dugan speaking in Orlando before the Independent Community Bankers…
Real Money (Mar. 25): Capital Raisings & Property Financings
March 24th, 2010Harrah’s Entertainment Inc. received unanimous consent from its commercial mortgage back securities (CMBS) lenders to amend the terms of approximately $5.5 billion in loans. Under the revised terms, Harrah’s will have the option to extend the CMBS loan…
