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STATE COLLEGE, PA—Locally-based hotelier Shaner Hotel Holdings L.P. has closed on its $226.6 million commercial mortgage-backed securities loan with JP Morgan Chase. The firm says the deal paves the way for the company to reposition and expand its hotel portfolio.
PHOENIX—Institutional Property Advisors, a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has arranged the sale of Indigo Creek, a 408-unit multifamily commercial real estate investment property in Glendale. The $40.5 million sales price equates to $99,000 per unit.
STAMFORD, CT—Building and Land Technology, the developer of the Harbor Point waterfront project here, has proposed a mixed-use project called Davenport Landing along the West Branch of Stamford Harbor.
SANDY SPRINGS, GA—Oak Coast Properties and IMG report they have acquired the Legacy Key Apartments community here for $30 million, including costs, from DRA Advisors LLC.
NEW YORK CITY—A leader of lobbying efforts at Con Edison appears to be a front runner for the job but other candidates under consideration reportedly include a REBNY insider and a City Council staff member.