JV Agrees to Buy Congress Plaza Hotel for $275M
CHICAGO-A joint venture between two investment firms from New York has agreed to purchase the Congress Plaza Hotel, an 871-room hotel at 520 S. Michigan Ave., for $275 million and plans to convert the property into condos and retail space.
WASHINGTON, DC--The recapitalization with Beacon Capital Partners closed on Wednesday nights.
NEW YORK CITY—The appointee joins the firm’s multifamily finance team from Prudential Mortgage Capital Co.
NEW YORK CITY—The investor base for StepStone Real Estate Partners III includes institutions and high net worth individuals from across the globe, says real estate head Jeffrey Giller.
SAN DIEGO—Multifamily lenders need to keep an eye on income growth and factor it into their underwriting standards, in addition to being aware of decreasing affordability in the market, speakers at MBA’s CREF/Multifamily Housing Convention & Expo 2017 tell attendees.