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WEST CONSHOHOCKEN, PA-San Francisco-based Wells Fargo Bank underwrote the loan and expects to syndicate it in the future. It has a five-year term and a variable interest rate that ranges from Libor plus 1.35% to Libor plus 1.75%.
DENVER-More than a year after it passed an ordinance requiring a certain number of affordable units as a part of multifamily development, the city has issued a report about the impact of the law. Developers still aren't happy about it.
HOUSTON-Southwest Traders Inc. of Temecula, CA is setting up 8050 Harrisburg Blvd. near the Port of Houston for its first Texas location. The distributor of perishable food items signs a medium-term lease in the two-building, 185,000-sf development.
LONDON-A new report from Jones Lang LaSalle says that hotels, the great unloved for institutional property investors, should be given more serious consideration.
SOUTHFIELD, MI-CREW-Detroit will salute Ford Field in Detroit and the LOC Performance Products' HQ in Plymouth Township for construction excellence. The award recognizes two developments that have significantly impacted their surrounding communities.
CARROLLTON, TX-AG Spanos turns over the Cambria at Coyote Ridge Apartments at 4230 Fairway Dr. to a San Antonio buyer willing to take a chance on the leasing market by acquiring a class A property at a deep discount from the $23.8-million ask.
LONDON-Morley Fund Management has paid pounds 51.5 million ($82 million) for a 25% stake in Chelsfield's troubled Global Switch telehouse operation. The properties will form the core of a new limited partnership specialising in European technical real estate.
NORTHERN VIRGINIA-As Dominion Valley Market Square and South Riding Market Square--two mixed-use developments in new master-planned communities--prepare to go up, Giant Food stakes its claim by pre-leasing gourmet grocery store spaces of 60,000 sf at each property.
SEATTLE-HAL Real Estate Investments, the equity partner in an imminent $41-million multifamily development on Capitol Hill, has taken full ownership and control of the project and the property, heretofore in the hands of Fortune Group, a merchant builder that has had to cut back operations sharply in recent weeks.