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  • Granite Point Mortgage Latest REIT Jumping into Surging Collateralized Loan Obligation Market

    Monday April 23, 2018

    Jack Taylor, CEO and president of Granite Point Mortgage Trust. Credit: Granite Point Mortgage Less than one year since its formation, Granite Point Mortgage Trust is on the verge of realizing one of its goals for 2018: to issue its first commercial real estate collateralized loan obligation (CLO) in the re-emerged securitized market. Collateralized loan obligations offer certain advantages to REITs compared to its close cousin, commercial mortgage... Read More

  • Sears CEO's Hedge Fund Urges Retailer to Sell Some of its Major Assets - and Puts in Offer to Buy Them

    Sunday April 22, 2018

    Edward S. Lambert already has his hands all over Sears Holdings Corp. as its controlling owner and chief executive. Now his hedge fund is calling for the struggling retailer to sell several of its remaining signature brands and more of its real estate -- with ESL Investments offering to snap up some of the most valuable remaining assets. ESL Investments Inc., which owns a majority stake in Sears, sent a letter to Sears Holdings -- of which Lampert... Read More

  • Largest Banks Casting Wary Eye on Heated Commercial Real Estate Lending Market

    Thursday April 19, 2018

    Despite record liquidity, demand for commercial real estate loans softened in recent months, leaving eager lenders chasing fewer borrowers. As a result, competition among lenders has ratcheted up noticeably with loan prices compressing. In fact, deal pricing and structures have gotten so competitive, many of the nation's banks, including its 25 largest cumulatively, are starting to back off from commercial real estate lending. Federal Reserve... Read More

  • Starwood Capital Raises Record $7.6 Billion for its Largest Ever Opportunistic Investment Fund

    Thursday April 19, 2018

    Continental Grand I & II in El Segundo, CA, among the fund's major purchases. Starwood Capital Group said its 11th opportunistic real estate fund is its biggest yet, with capital commitments totaling $7,555,500,000. The global private investment firm said it pooled money from more than 100 investors, including pension and sovereign wealth funds, foundations, endowments, wealth managers, family offices and high net worth investors from 30 countries... Read More

  • Bon-Ton Loses Fight To Remain Open

    Wednesday April 18, 2018

    Bankrupt department store chain The Bon-Ton Stores Inc. has lost its fight to remain open. A joint venture composed of the chain's debtholders, Great American Group and Tiger Capital Group, will acquire the inventory and other assets of the company and liquidate the Milwaukee-based company. The cash purchase bid price is not to exceed $575 million; and also includes a credit forgiveness of $125 million and wind-down fees to be paid from liquidation... Read More

  • Carl Icahn Cashing in His Chips on Tropicana Entertainment, Collecting $1.85 Billion

    Tuesday April 17, 2018

    Tropicana Atlantic City Icahn Enterprises agreed to sell its majority-owned subsidiary, Tropicana Entertainment Inc., for a total price of $1.85 billion. The deal will see Tropicana's real estate go to Gaming and Leisure Properties Inc. and its gaming and hotel operations to Eldorado Resorts Inc. Icahn Enterprises (NASDAQ:IEP) first acquired an interest in Tropicana in 2008 after the predecessor company filed for Chapter 11 bankruptcy reorganization... Read More

Alabama Commercial Real Estate News

  • STORE Sells Golden Corral Branch in Montgomery

    Monday April 23, 2018

    Golden Corral at 1480 Eastern Blvd. in Montgomery, AL STORE Master Funding, a subsidiary of STORE Capital (STORE), single tenant operational real estate, sold a 10,355-square foot retail building in Montgomery, AL to a private investor based in Acton, CA. The Golden Corral branch sold for $4.34 million, or about $419 per square foot. The single-story restaurant was built in 2006 at 1480 Eastern Blvd., near the intersection of I-85 and US-231... Read More

  • Nashville Investor Acquires 48-Unit Birmingham Apartment Complex

    Thursday April 19, 2018

    The 48-unit Chesterfield apartment complex at 2612 Niazuma Ave. S. in Birmingham, AL Manchester Partners, a local investment firm, sold a 48-unit apartment complex in Birmingham, AL to a Nashville, TN-based private investor. Chesterfield sold for $3.24 million, or about $67,000 per unit. The complex was built in 1968 at 2612 Niazuma Ave. S., adjacent to Highland Ave. and centrally located between Caldwell and Rhodes Park. The low-rise community... Read More

  • RVI America Insurance Buys Vacant Office Tower in Birmingham

    Thursday April 12, 2018

    The 28-story City Center at 600 19th St. N in Birmingham, AL RVI America Insurance Co., a Stamford, CT-based firm that delivers specialty insurance, financial solutions and analytical services, purchased a 617,456-square-foot office building in Birmingham, AL from AT&T. The City Center sold for $29.25 million, or about $47 per square foot. The Class A, 28-story tower at 600 19th St. N was built in 1970 and renovated in 2005. AT&T vacated the... Read More