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CHICAGO-Tax increment financing, tax-exempt bonds, a 50% property tax break and low-income housing tax credits help make the numbers work for Central Station Development Corp.'s $122-million, 502-unit multifamily rental project at Michigan Avenue and 13th Street.
SAN DIMAS, CA-The Northern California company's Cameron Pacific subsidiary in Santa Monica buys the 150,000-sf San Dimas Station shopping center for $10.5 million in a direct buyer-to-seller deal.
DALLAS-A $4.7-million loan pays for a 53-room, budget property near SMU campus and upcoming renovations to turn it into a high-tech boutique hotel to set the branding for Eureka Holdings, the latest real estate play by one of Dallas' "Hartex boys.
CHICAGO-The Indianapolis office building is refinanced by J.P. Morgan Mortgage Capital in a deal arranged by the Indianapolis office of Holliday Fenoglio Fowler, L.P. The 83,697-sf building at 3925 River Crossing Pkwy.is 92% leased.
PORTLAND-Since purchasing the 31-year-old, 160,000-sf Downtown office building in 1998 for $9.5 million, Louis Dreyfus has added a floor, replaced the HVAC, replaced the aluminum exterior and generally refurbished and re-tenanted the interior space, which is 98% occupied.
ORLANDO-The county is investing $2.1 million in the purchase and renovation of an estimated 30,000-sf, 50-year-old structure at 122 E. Main St. in Downtown Tavares, FL, the county seat.
MIAMI-Currently at 4.5 million sf, Florida's largest business park has leased 30,000 sf of retail as the business park begins to experience a new wave of tenant interest, Flagler Development Co. representatives tell GlobeSt.com.
DALLAS-Party City takes the largest spot, 12,000 sf, at an under-construction power center in Flower Mound. The center, being anchored by a 174,000-sf SuperTarget, opens in March 2003. Other deals close in Irving, Richardson and Arlington.
NEW YORK CITY-Some $71 million in structured securities are impacted by a relatively small interest shortfall as Moody's downgrades mortgage pass-throughs on the Rock Center building. But industry observers say the problem transcends dollar amounts and specific properties.