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PLAINSBORO, NJ—A joint venture between Harbor Group International and Azure Partners has acquired The Crest at Princeton Meadows, a 704-unit, garden-style apartment community in Plainsboro, NJ.
NEWARK, NJ—Francis J. Giantomasi, a real estate lawyer and member of Chiesa Shahinian & Giantomasi has been elected vice chair of Newark Beth Israel Medical Center's board of trustees. Giantomasi is one of New Jersey's top real estate and redevelopment attorneys and as a prominent leader in Newark's business community.
PHILADELPHIA, PA—Gebroe-Hammer Associates has had a good year so far in Philadelphia, with sales totaling $128 million and 1,250 units, and the market continues to be white-hot, the firm's market specialists say. Gebroe-Hammer brokered the recent sale of the Garden Court Plaza in University City to Post Brothers.
CHICAGO—The demographic changes over the last few years has fueled an apartment boom, as well as demand for new retail, offices and distribution buildings, and this could keep the economic expansion going for an extended period.
FEDERAL WAY, WA—Weyerhaeuser's $8.4-billion all-stock deal for rival Plum Creek will create "the world's premier timber, land and forest products company," the two companies said Sunday.
WASHINGTON, DC—A client note from JP Morgan Chase says the rule could require secondary market-maker banks to hold between 30% to 274% in capital against the market value of the CMBS issues.