News/Events
St. Regis Bal Harbour Resort Secures $263M Refi After Special Servicing
Fortress Investment Group has rescued Al Rayyan Tourism Investment Company (ARTIC)’s St. Regis Bal Harbour Resort out of special servicing, supplying a $263 million loan to refinance the oceanfront property. The New York-based lender assumed $188 million in existing debt and added $70 million in new debt backing the 213-room property in Bal Harbour, Fla.,…
First Pioneer Properties Buys Queens Retail Center for $24M
New York-based real estate management and development firm First Pioneer Properties, along with ABS Partners Real Estate, has acquired a Queens retail center from Levy Properties for $23.5 million, property records made public Thursday show. The one-story property at 213-04 Northern Boulevard in Bayside is currently home to an urgent care medical office and Bebeang…
Pinnacle Group Offloads $128M Condominium and Commercial Portfolio in NYC
Pinnacle Group has offloaded a $128 million residential and retail condominium portfolio in New York City, less than a year after selling off its rent-stabilized assets. The massive trade, filed in city records this week, spanned 39 transactions across Queens, Brooklyn and Manhattan. It included nearly 750 residential units, as well as dozens of retail…
PACE Loan Group Adds CRE Finance Vet Kenneth Sacco as CFO
PACE Loan Group (PLG) has hired a commercial real estate veteran and finance leader to shepherd its capital markets momentum in the growing commercial property assessed clean energy (C-PACE) market. The Minneapolis-based lender named Kenneth Sacco, who has advised on more than $10 billion worth of transactions and executed over $30 billion in debt financings…
Skanska JV Lands $2.43B Contract for Light Rail Project in L.A.
Skanska and Stacy Witbeck have secured another contract to build one of Los Angeles County’s largest public transit projects. The joint venture was awarded an additional contract by the Los Angeles County Metropolitan Transportation Authority for the East San Fernando Valley Light Rail Transit Project, bringing the total value of the JV’s work to $2.43…
S3 Capital Lends $35M for Miami-Dade County Apartments
Miami developer Aconcagua Group has landed $35 million of construction financing to complete a multifamily project in Miami-Dade County, Commercial Observer has learned. S3 Capital provided the loan for the third and final phase of the 374-unit Casa Princeton apartment community in Princeton, Fla. The deal closed Friday morning. The phase three portion of the…
PPM America Provides $236M Acquisition Debt for 20-Property Industrial Deal
A joint venture between SparrowHawk and Almanac Realty Investors has secured $236 million in acquisition debt to buy a 4.4 million-square-foot, 20-property U.S. industrial portfolio, according to a release. Fidelity Investments reported earlier that the joint venture purchased the portfolio from EQT for just under $400 million. PPM America provided the $236 million debt, structured…
Nationwide Life Insurance Company Provides $51M Refi for D.C.-Area Retail Center
Zuckerman Gravely has secured $50.75 million to refinance Potomac Place Shopping Center, an 80,000-square-foot, Class-A grocery anchored retail center in Potomac, Md., a suburb just outside of Washington, D.C., Commercial Observer can first report. Nationwide Life Insurance Company provided the debt, structured as permanent fixed-rate financing with a seven-year term. Northmarq’s Jason Smith and Kenneth…
Podcast: How Landlords Can Solve the Tenant Visibility Problem – Sytes’ Rafael Weiss
Rafael Weiss is the co-founder of Sytes, a marketplace platform that connects commercial real estate landlords, developers, and brokers with tenants actively looking for space in real time. Rafael came to the problem as a developer who lost a deal because tenant demand was invisible until it was too late, and built Sytes to fix the…
