Archive for October 3rd, 2009
Continue Reading October 3rd, 2009
The $4 billion Atlantic Yards mixed-use development–the centerpiece of
which will be the Barclays Center sports and entertainment arena,
future home base of the NBA’s Nets team–has new financial backing.
Developer Forest City Ratner Cos. Inc. and Nets Sports and
Entertainment have just signed a letter of intent to form a strategic
partnership with an affiliate of Moscow-based international private
investment fund Onexim Group for the development of the 22-acre
project. The multi-faceted deal calls for Onexim to invest $200 million.
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Continue Reading October 3rd, 2009
The Commercial Real Estate (CREW) Network last night lauded 20 Under 40 women from throughout the commercial real estate industry as part of its 20th anniversary celebration. The awards, unveiled during the organizations 2009 CREW Network Convention & Marketplace in Boston, honor women age 39 or younger working within a qualified area of the industry and considered a woman to watch and likely to be an influential leader in the industry.
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Continue Reading October 3rd, 2009
From the nether reaches of the Internal Revenue Service a new tax rule recently emerged (Revenue Procedure 2009-45), the effect of which will be to let real estate borrowers pursue possible modifications to securitized loans–ones that are at risk of default–without triggering tax penalties. Previously, administrative tax rules imposed severe penalties for changes made to commercial mortgage pools or investment interests after the startup date of the securitization vehicle. This naturally had the effect of keeping borrowers mum until default had actually occurred or was nigh.
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Continue Reading October 3rd, 2009
The gap between buyer and seller pricing expectations on commercial
real estate is closing, and with owners eager to sell properties to
escape debt maturities or just to pocket cash to address financial
demands, it has become a buyers market. Taking advantage of the
appealing prices, Behringer Harvard has just acquired two apartment
properties totaling 746 units in separate transactions valued at an
aggregate $136 million.
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