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[30 Oct 2014 | No Comment | ]
Rockefeller Group makes another move to bolster investment management platform

The Rockefeller Group has acquired the real estate advisory firm TA Realty as the global owner and developer continues to ramp up its investment management platform.

Rockefeller president Atsushi Nakajima made the announcement this morning (Thursday) noting that investing in what is one of the nation’s largest and most experienced privately held real estate advisors would advance Rockefeller’s own investment management capabilities.

Featured, Finance & Accounting »

[29 Oct 2014 | No Comment | ]
Silverstein celebrates $1.6B bond deal

Developer Larry Silverstein has sold $1.6 billion worth of unrated bonds to finance his planned office tower 3 World Trade Center. The offering, managed by investment bank Goldman Sachs, is the largest sale of unrated debt in history, according to Bloomberg.
The deal brings Silverstein a big step closer to resuming construction on the tower, his third on the World Trade Center. Work on the site has long been stalled after the developer failed to secure sufficient construction financing. In spring, Silverstein tried unsuccessfully to get a loan guarantee from the …

Deals & Dealmakers, Finance & Accounting »

[29 Oct 2014 | No Comment | ]

Lee & Associates has formed a new acquisition division through a partnership venture with Cogswell Real Estate.
Lee — with its affiliate Sierra Real Estate — and Cogswell Realty have formed Cogswell Lee Development Group to jointly pursue acquisition opportunities in the New York City Metropolitan area.
The original relationship between the two firms began in 2012 when Sierra and Cogswell integrated their property management operations to create a broad real estate operating platform.
Soon thereafter, the partnership rolled out a project/construction management venture, Sierra Development Associates, which provided project/construction oversight services for …

Finance & Accounting, Green Building »

[29 Oct 2014 | No Comment | ]

Governor Andrew M. Cuomo this week announced the first transactions of NY Green Bank to kick off clean energy projects across New York.
These initial transactions will ultimately produce investments totaling more than $800 million.
The projects, which are traditionally difficult for the private sector to finance, were made possible by NY Green Bank’s participation and are expected to result in an annual reduction of 575,000 tons of carbon dioxide.
“By leveraging the financial capacity of the private sector with an eye toward clean energy projects, NY Green Bank is creating …

Featured, Finance & Accounting »

[29 Oct 2014 | No Comment | ]
One of Asia’s richest men sinks $40M into Michael Shvo condo development

Michael Shvo’s downtown condo project 125 Greenwich Street has won the backing of one of Asia’s richest men.

The Indian pharma tycoon Dilip Shanghvi has invested $40 million in the planned luxury tower, according to sources familiar with the transaction.

Shvo and partner Bizzi Partners plan to build a 1,356 ft. condo tower that would rival the roof height of nearby One World Trade Center

Finance & Accounting »

[22 Oct 2014 | No Comment | ]

NorthMarq Capital has arranged nearly $43 million financing for two separate suburban deals.
Keith Braddish, managing director of NorthMarq’s New York metro office, arranged a $24 million refinance of Newington Commons Shopping Center, a 189,864 s/f grocery-anchored shopping center at 196 Kitts Lane in Newington.
The transaction was structured with a 10-year term along with two years of interest only followed by a 30-year amortization schedule.
NorthMarq arranged the financing for the borrower through a relationship with a CMBS lender.
Stop N’ Shop is the anchor tenant, other tenants include: Bob’s Stores, Party City, …

Finance & Accounting »

[22 Oct 2014 | No Comment | ]

Principal Real Estate Investors, the real estate group of Principal Global Investors, and Macquarie Group, are creating Principal Commercial Capital, a lending platform focused on originating and securitizing commercial mortgages in the commercial mortgage-backed securities (CMBS) market.
The partners will jointly manage the nationwide lending platform. Principal will source, underwrite, close and service loans. Macquarie will provide funding and capital markets expertise.
“We are very excited to launch this platform and expand our presence once again in the CMBS market,” said Margie Custis, managing director for Principal Real Estate Investors.
“This venture will …

Finance & Accounting »

[22 Oct 2014 | No Comment | ]

Eastern Union Funding, one of the largest commercial real estate mortgage brokerages in the United States, has opened a new office in Jerusalem, Israel.
The office will be led by Tom Eisenman, managing director and an Israeli Defense Force veteran.
Eastern Union Funding spent a year assembling its team in Israel, a country whose population is buying American real estate at a pace rivaling China and other overseas-investing heavy-weights.
“Before this stampede of Israeli real estate players picked up, it didn’t make a difference whether our office was one mile away or 6,000 …

Featured, Finance & Accounting »

[22 Oct 2014 | No Comment | ]
Stuy Town value on the up

The value of Stuyvesant Town and Peter Cooper Village, the 11,000-unit East Side housing development, has gone up.

Appraisers said the complex which sold for $5.4 billion at the height of the boom in 2007, is now worth $3.5 billion.

While its $2 billion short of its last sale price, the appraisal is good news for lenders still owed from the bubble-bursting buy made by Tishman Speyer and a group of partners led by BlackRock Inc.

Brokers Weekly, Deals & Dealmakers, Finance & Accounting »

[21 Oct 2014 | No Comment | ]

Boston National Title, established in 2006 and headquartered in Charlotte, NC, has acquired a stake in New York-based Insignia Title Agency.
The acquisition gives Boston National an instant entrée into New York’s high-powered real estate deal flow.
Large financial institutions and brokers that already rely on Boston National to perform title work and issue insurance on commercial and private wealth transactions outside of New York, can now take advantage of the Insignia BNT team on their New York transactions, according to Boston National CEO and managing partner John Keratsis.
“What you’re seeing is …

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