ACORE Capital Loans $158M in Dallas Office Acquisition

ACORE Capital has lent $157.6 million to Dallas-based NexPoint Advisors for its purchase of a major office building in the city’s Uptown district, Commercial Observer can exclusively report. The five-year acquisition financing for the skyscraper, Cityplace Tower, is split between a first mortgage and a mezzanine loan, according to ACORE. The debt transaction, which closed… Read More ACORE Capital Loans $158M in Dallas Office Acquisition

This real estate developer is banned from donating to city officials. Here’s what it did instead

The Heskel Group is currently prohibited from donating to city officials, but they can still donate to state candidates who those officials support—a loophole they are taking advantage of. The Heskel Group, which is attempting to build a Target at 40-31 82nd Street in Queens with Sun Equities, has been banned from donating more than… Read More This real estate developer is banned from donating to city officials. Here’s what it did instead

Cerberus launches $500M for single-family rental investments

Cerberus Capital Management is diving deeper into the single-family rental market, hoping to seize on the sector’s increased activity nationwide. The New York-based private equity firm is looking to raise $500 million through a new fund to purchase single-family homes, according to Bloomberg. Cerberus is making the fund evergreen, meaning there is no target date… Read More Cerberus launches $500M for single-family rental investments

AECOM Tishman to begin construction work on Waldorf Astoria’s new hotels and condos

AECOM Tishman signed a new deal with Anbang Insurance Group to start construction work at the Waldorf Astoria, which is now scheduled to reopen in 2021. Tishman has been on the job since November 2017 doing mostly interior demolition work. But the contractor signed a new deal to start building the project’s planned 350 condominiums… Read More AECOM Tishman to begin construction work on Waldorf Astoria’s new hotels and condos

Brooklyn’s Renaissance Realty unloads $34M multifamily portfolio

Brooklyn landlord Renaissance Realty Associates sold a trio of apartment buildings in East Flatbush and Bedford Stuyvesant for $34 million. The Nassau County-based firm sold the 50-unit 428 East 46th Street and the 39-unit 202 East 91st Street to investor Lav Bauta for $18.71 million, property records show. The buildings span 95,480 square feet, bringing… Read More Brooklyn’s Renaissance Realty unloads $34M multifamily portfolio

City Council working to give green-building initiative some bite

The City Council is crafting legislation that would mandate buildings reduce carbon emissions by 20 percent between 2020 and 2030. “I consider today a milestone in our quest to make New York City’s buildings greener, our infrastructure more sustainable, and our air significantly cleaner,” City Councilman Costa Constantinides said in a statement Monday. The lawmaker’s… Read More City Council working to give green-building initiative some bite

Minneapolis Can’t Shake Title as Biggest U.S. Area Without a Top-Rated Hotel

Rendering of the proposed Four Seasons hotel.Courtesy: City of Minneapolis.Minneapolis-St. Paul, at 3.6 million residents, is the nation’s largest metropolitan area without a hotel awarded a top ranking from the most influential U.S. rating guides. The city that hosted a Super Bowl earlier this year shows no signs of erasing that distinction soon. A lack… Read More Minneapolis Can’t Shake Title as Biggest U.S. Area Without a Top-Rated Hotel

DCT Shareholders Approve $8.4 Billion Merger with Logistics Giant Prologis

Shareholders of Denver-based real estate investment trust DCT Industrial Trust nearly unanimously approved the $8.4 billion sale of the company to Prologis, the world’s largest logistics property owner, the company said Monday. The vote cleared the way for the closing of the sale that is anticipated to be the largest deal in a year that… Read More DCT Shareholders Approve $8.4 Billion Merger with Logistics Giant Prologis