21 Dec DAILY READS: Dec. 20, 2019
“As developers build more new apartment buildings in busy urban areas, they are focusing more on studios and one-bedrooms apartments for single people and childless couples. These smaller apartments are most prevalent in urban regions in California and the Northeast, according to experts.”
—National Real Estate Investor
Blackstone led the financing, with Bank of China, Deutsche Bank and SL Green Realty Corp. also in the lending group. The debt included a mezzanine component, sources said.
“The DFW industrial market closed out the fourth quarter with major tenants Home Depot and Georgia Pacific moving into 1.5M SF and 1M SF of industrial space, respectively, according to Cushman.”
—Bisnow Dallas-Fort Worth
“One benefit is that the new rules allow investors, developers and fund managers more time to complete an Opportunity Zone project, according to Glickman. Under the initial proposed regulations, an Opportunity Zone project had to be completed in 31 months from when the money was first invested in a project. The new rules give a developer 62 months to complete an Opportunity Zone project. This is crucial for real estate developers, since permitting and entitlements can be complicated and projects can take years before getting off the ground.”
—The Real Deal
“Student loan company SoFi recently polled more than 1,000 millennials between the ages of 22 and 35 across the U.S. and found that 61% said they have delayed buying a home because of their student loan debt.”
“With $800 million in equity commitments from Lincoln Residential, Cadillac Fairview and the Investment Management Corporation of Ontario (IMCO), the fund will focus on the development and acquisition of multifamily assets in top US markets.
“In both cases, the sellers were entities controlled by MB Real Estate Healthcare of Chicago. PRT and MBRE are two of the nation’s biggest medical office building REITS.”
“Originally built in 1925 as a hotel, the 18-story property was converted to apartments in the 1970s. Today’s residents have access to amenities such as a community room with library and kitchen, 24-hour security, on-site laundry and a social service worker for assistance with senior services.”
—Real Estate Weekly
“’Tenant advocates called the proposal a ‘loophole’ in the city’s short-term rental ordinance and released a study this morning blasting the city for not “effectively” enforcing that ordinance.’”