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  • Good News: Disclosure of Cash Buyers for Lux Real Estate Effective in Curtailing Money Laundering; Bad News: Homes Sales Cut by 70%

    Wednesday June 20, 2018

    The Department of Treasury's crackdown on potential money laundering involving all-cash buyers of real estate that began in 2016 deflated the value of luxury homes sold in the nation's largest markets by more than 4 percent. It also reduced the number of all-cash sales by 70%, according to a new authoritative analysis by the Federal Reserve Bank of New York and the University of Miami. Beginning in January 2016, the Treasury Department's Financial... Read More

  • W.P. Carey Embarking on New Strategy as it Rolls Up One of its Last Two Remaining Non-Traded REITs in $6 Billion Deal

    Tuesday June 19, 2018

    W. P. Carey CEO Jason Fox. Credit: W.P. Carey Inc. Last summer, W.P. Carey withdrew a planned offering to launch another non-traded REIT, Corporate Property Associates 19. It was to be the latest in a long string of non-traded REITs the firm had advised over the years as part of a sucessful business strategy. The company used funds from selling shares to investors to acquire real estate, and then earned fees from operating and ultimately selling... Read More

  • Workspace Property Trust Wraps Up $1.3 Billion Refinancing from JP Morgan Chase

    Wednesday June 20, 2018

    One Liberty Corporate Center in Edina, MN, is Workspace Property Trust's largest office building. When we last checked on Workspace Property Trust, a private real estate investment firm led by former Mack-Cali Realty executives Thomas Rizk and Roger Thomas focused on buying and operating suburban office space, things were not looking too good. In November 2017, Workspace called off a planned initial public offering, citing unfavorable market... Read More

  • Ashford Hospitality Trust Cashes in on Eager Lending Market for Hotels

    Tuesday June 19, 2018

    Courtyard Scottsdale (AZ) Old Town one of 34 hotels refinanced. Taking advantage of an eager lending market, Ashford Hospitality Trust successfully refinanced $1.07 billion in mortgage loans covering 34 hotels. Since the beginning of 2017, the hotel REIT has completed $3.4 billion in refinancing activity, making it one of the most aggressive in the market. While real estate debt markets have remained flush with capital, lenders have been especially... Read More

  • Greystone Closes on $750 Million Real Estate Debt Fund

    Tuesday June 19, 2018

    Greystone's latest financing was for the acquisition of Hunter's Cove Apartments in Waxahachie, TX. Greystone, a real estate lending, investment and advisory company, held closing with investors of its $750 million Greystone Senior Debt Opportunity Fund. With leverage, the fund expects to have investment capacity of more than $2.5 billion to offer various loan options such as bridge and mezzanine financing for multifamily, health care, and other... Read More

  • LaSalle Turns Down Pebblebrook Offer for Fourth Time

    Sunday June 17, 2018

    LaSalle Hotel Properties owns 41 hotels totaling 10,400 rooms in 11 markets, including the 120-room L'Auberge Del Mar Resort & Spa in San Diego County. LaSalle Hotel Properties has formerly rejected a revised and higher merger offer from Pebblebrook Hotel Trust, the fourth unsuccessful bid from its fellow hotel REIT, and plans to proceed with a merger with affiliates of Blackstone Group. The tug of war for LaSalle Hotel Properties, which owns... Read More

Alabama Commercial Real Estate News

  • Austin's Campus Advantage Takes $200 Million Multifamily Portfolio

    Monday June 18, 2018

    Pictured: Liv community in Seattle, one of six student housing communities acquired by Campus Advantage in a $200 million deal.Student housing newcomer Campus Advantage has beefed up its portfolio with a six-property deal worth about $200 million. The Austin-based investment and property management company acquired a 714-unit portfolio, with 1,910 beds, near campuses in Washington, Georgia, Oregon, Illinois and Tennessee. The deal balloons Campus... Read More

  • Buyers Getting Picky Over Big Apartment Offerings

    Thursday June 14, 2018

    Pictured: Wesley Village in Charlotte, NC, one of 11 communities HFF sold in a 3,039-unit portfolio to eight different buyers over the course of one year for an aggregate price of $480.6 million.It should be the high-season for sales of large apartment portfolios. Big investors, including well-heeled international players who see demographic trends working to extend the nine-year rally in the apartment sector, are clamoring for listings - the more... Read More

  • Birmingham May Finally Land Amazon Distribution Center

    Wednesday June 13, 2018

    The 855,211-square-foot Amazon Fulfillment Center at ProLogis Park 70 Etna in Pataskala, OH Metro Birmingham could be on the verge of finally landing an Amazon fulfillment center and perhaps as many as 3,000 new jobs. Bessemer, located just outside of Birmingham, just approved an incentive agreement with Amazon. Amazon is now just waiting on confirmation of incentives at the state level before breaking ground, which could happen as soon as July... Read More

  • New York-based Investor Buys Meadowbrook Apts. in Foley

    Thursday June 07, 2018

    The 60-unit Meadowbrook Apts. complex at 701 S. Juniper St. in Foley, AL A New York-based private investor purchased a 60-unit multifamily complex in Foley, AL from Elements Capital Funding, an investment firm based in Miami. Meadowbrook Apts. sold for $4 million, or about $67,000 per unit. Built in 1979 at 701 S. Juniper St., the garden-style complex comprises two- and three-bedroom units averaging 988 square feet in five, two-story buildings... Read More