Commercial & Residential Property Blog

Jul 14, 2010 - San Diego-Southern California-based Alcole Capital Group arranged $17.2 million for the refinance of a 262-unit multifamily property in San Diego. Chris Hutchison and Keith Oldham of Alcole Capital Group completed the financing for a private investor with a well-established global lender.

According to Hutchison of Alcole Capital, “We secured an outstanding 10-year fixed, non-recourse loan on multiple non-contiguous parcels. The loan was closed at a 5.75 percent interest rate amortized over 30 years. This lender offered the most competitive rates and flexibility for our borrower in a very timely manner. Despite the general real estate credit crunch and the severe tightening of underwriting standards by lenders, we have continued to secure large loans for our clients.”

It’s almost a done deal. Toronto, Ont.-based RioCan has waived due diligence conditions and firmed up a contract to acquire eight Texas shopping centers with Oak Brook, Ill.-based Inland Western Retail Real Estate Trust Inc. in an 80/20 joint venture agreement.

Mortgage applications to purchase homes fell to the lowest level since December 1996, decreasing 3.1 percent last week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly report.

U.S. home prices, including distressed sales, increased by 2.9 percent compared to the same month last year, according to CoreLogic in its monthly index.

Denver–National marketing and technology firm Creativity for Rent has acquired online marketing consultancy Multifamily Edge, and combined the two companies to create Denver, Colo.-based Engrain. With the rebranding of the two entities as Engrain, the companies’ offerings will be deftly united under one new umbrella.

Washington. D.C.—A recent webinar conducted by the National Association of Homebuilders titled ‘The Demographics of Today’s Renters – Who Are They and How are They Different?’ addressed questions about demographic, generational and lifestyle shifts as well as economic realities, all of which help predict fundamental trends that will unfold in the future for the multifamily market.

In Bellevue, Wash., the change in ownership of City Center Plaza, leased in its entirety to Microsoft’s Bing division, is turning heads. Phoenix-based Cole Real Estate Investments’ $310 million all-cash acquisition of the nearly 583,179-square-foot office property from Boston-based Beacon Capital Partners marks one of the largest commercial real estate transactions in the U.S. to date this year.

Newport Beach, Calif.-based KBS Realty Advisors’ KBS Real Estate Investment Trust II fund has acquired the Dallas Cowboys Distribution Facility in Irving, Tex.

Building and modifying homes to accommodate multiple generations is increasingly popular as more Americans struggle to accommodate both their older parents and their grown children under the same roof.

Phoenix– In a move that it says signals the emerging recovery of Phoenix’s multifamily market, Transwestern’s Phoenix office has successfully negotiated the sale of the Monterra apartment community in Phoenix for $16,650,000.