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With less demand for homeownership, home property appreciation is slowing, according to the latest national index produced quarterly by Florida Atlantic University and Florida International University faculty.
Brokerage firm JLL worked on behalf of LeCesse Development Corp. and MAS Development Group to secure a $55-million construction loan through Citizens Bank and Lakeland Bank for the Vinty.
The fully developed Parkmerced will include nearly 10,000 homes, 80,000 square feet of office space, 230,000 square feet of retail, a new elementary school and 64,000 square feet of amenities.
The borrower refinanced Exposition 2, a creative office development totaling 56,000 square feet at the intersection of Crenshaw and Exposition in Los Angeles.