Construction Maison

Marcus & Millichap (NYSE: MMI) today announced that its financing subsidiary, Marcus & Millichap Capital Corp . (MMCC), has arranged $35.8 million in refinancing for Aurora Apartments in Charlotte, North Carolina. The loan was structured with an adjustable interest rate over a seven- year term amortized over 30 years. “MMCC has an existing relationship with the borrower who sought our services based on our reputation as a low-cost provider and our ability to execute complex financing transactions flawlessly ,” said Richard Katzenstein, senior vice president and national director, MMCC. “Leveraging our partnership with PGIM Real Estate Finance , we were able to provide a low- cost capital solution with attractive terms well beyond what the borrower was able to find elsewhere in the marketplace. In addition, MMCC’s execution of the loan was one the best the client had experienced.” “This transaction highlights how our proprietary preferred correspondent agreement with PGIM ...

ATLANTA, GA - StoneBridge Investments of Washington, DC has acquired Veridian at Sandy Springs, a 272- unit apartment community in the greater Atlanta submarket of Sandy Springs, for $32 million. The seller, a fund managed by Covenant Capital Group , LLC, was represented by Mike Kemether and Travis Presnell of Cushman & Wakefield. Elliott Throne, Gregg Shapiro, and Ware Shipman of HFF secured acquisition financing through a Freddie Mac loan .Built in 1980 and extensively renovated, Veridian is located at 1800 Windridge Drive within the Perimeter Center , a fast-growing “edge city” that encompasses three small cities: Brookhaven, Dunwoody, and Sandy Springs. It is Atlanta’s largest employment center , with more than 123,000 employees, 31 million square feet of office space, three major hospitals , and six million SF of retail space including the 1. 5 million SF Perimeter Center Mall .“Having acquired a neighboring apartment community , 550 Abernathy, earlier this year, we remai...

ATLANTA, GA - CBRE, Inc. announced the sale of the multifamily property AMLI at Milton Park in Alpharetta, Ga.  Renamed Lakeside at Milton Park, the 461-unit mixed-use complex was purchased by Olen Properties. CBRE’s Paul Berry, Ashish Cholia, Malcolm McComb and John Whitlow represented the seller, a venture of AMLI Residential and Northwestern Mutual .Completed in 2004, AMLI at Milton Park was far ahead of its time. The overall Milton Park development utilized its highly landscaped street grid to combine class A apartments, class A office, for-sale residential and a picturesque park with lake into one of Metro Atlanta’s most pleasing mixed-use environments. The apartment buildings themselves reflected classical architecture inspired by Charleston’s “Rainbow Row,” creating the look of dozens of attached urban row homes .  The underlying buildings, however, possessed the layouts and modern operational efficiencies of institutional grade garden apartments . That combination, plus...

Ezdan Real Estate Company, a subsidiary of Ezdan Holding Group , has announced that it has witnessed an outstanding public turnout on Ezdan Oasis in a record time. Since the leasing campaign began , the company received up to 5,000 inquiries about the project, including up to 1,000 rental demands on the first phase of the project in Al Wukair area . Ezdan Real Estate has received inquiries and demands for leasing in the Oasis through various communication channels , including Sakin centers in Doha and Al Wukair, ' Ezdan WhatsApp ' service, and the company's official website, along with its official pages on social media platforms , through which over half a million people were able to learn about Ezdan Oasis project and inquire about leasing in its first phase. Through the special offer launched recently by the company on the occasion of launching the Oasis first phase, tenants are granted eight months free of charge in Ezdan Oasis. The current phase includes 1 ,875 ...

Ezdan Real Estate Company, a subsidiary of Ezdan Holding Group , has witnessed an “ outstanding public turnout for Ezdan Oasis in record time”, receiving up to 5,000 inquiries about the project, including up to 1,000 rental demands in the first phase of the project in Al Wukair area . Inquiries and demands for leasing came via ‘Sakin’ centres in Doha and Al Wukair, Ezdan’s WhatsApp service, and the company’s official website, along with its official pages on social media platforms through which over half a million people were able to learn about Ezdan Oasis project . Through the special offer launched recently by the company on the occasion of launching the Oasis first phase, tenants are granted eight months free of charge in Ezdan Oasis. The current phase includes 1 ,875 units of one, two, and three bedroom apartments distributed across 76 buildings, and equipped with high-end furniture. In the first phase, tenants can benefit from a variety of amenities and facilities, including...

Downtown Wilmington, N.C., will soon get a brand new addition to its in-demand pool of multi-family offerings, now that DeWitt Carolinas Inc. has revealed plans to commence development of Pier 33 Apartments this fall. DeWitt will spend $50 million to develop the 300- unit luxury apartment community , which will sit along Cape Fear River . It’s got the right location. The six-story building will sprout up overlooking the historic Pier 33 Marina , just a stone’s throw from the new 107,000-square- foot Wilmington Convention Center and within walking distance of the Cape Fear Community College , the sixth largest community college in the State of North Carolina. And it has the right offerings as, in addition to the premier apartment units , the J. Davis Architects- designed property will feature 32,000 square feet of ground- level retail space and a 700- space parking deck for residents and retail users. Pier 33 also has good timing. “Wilmington went through a period of about four ye...

Merger will create leading Greater NYC Metro regional bank with $29 Billion in Assets MONTEBELLO, N.Y. and LAKE SUCCESS, N.Y., Aug. 16, 2017 (GLOBE NEWSWIRE) -- Sterling Bancorp (NYSE:STL), the holding company for Sterling National Bank and Astoria Financial Corporation (NYSE:AF), the holding company for Astoria Bank, announced today that the Office of the Comptroller of the Currency (“ OCC ”) has approved the merger of Astoria with and into Sterling (the “ Merger ”).  The transaction, which was announced March 7, 2017 and approved by the shareholders of Astoria Financial Corporation and Sterling Bancorp on June 13, 2017, remains subject to other customary closing conditions , including the approval of the Board of Governors of the Federal Reserve System .  Assuming such conditions are satisfied, Sterling Bancorp and Astoria Financial Corporation expect to complete the Merger early in the fourth calendar quarter of 2017. /EIN News/ -- About Sterling Bancorp Sterling Bancorp , who...

Ascent Med Center apartment project next to a 357-room hotel. Ascent will offer units from 339 square feet, with students in mind, to large three-bedrooms aimed at higher-income renters. Photo: Medistar Corp." /> Photo: Medistar Corp. A rendering shows the Ascent Med Center apartment project next to a 357-room hotel. Ascent will offer units from 339 square feet, with students in mind, to large three-bedrooms aimed at higher-income renters. Oil's going for less than $30 a barrel. The high- end housing market is on the skids. And companies are unloading gobs of office space they no longer need. Yet some developers want to keep building. Greystar, an apartment developer with multiple projects under construction here, recently said it would move forward with a plan to build another one: a soaring glass and brick tower of 375 luxury units on a 1.3- acre parking lot next to the Texas Medical Center . "It is a little contrarian, isn't it?" Greystar's David ...

There comes a time for most San Diego couples when they get sick of renting and, for the Whites, it came around the 40th birthday mark . Shawna White, 40, spent countless hours researching a place she and her husband Nathan, 39, could afford that wouldn’t break the bank. In addition to getting away from the region’s explosive rent hikes , they saw a home as an investment. Eventually, the Navy couple landed in Otay Ranch on the eastern fringes of the county near the border with Mexico. They bought a new 1,504-square-foot townhouse for $378,000, around $200,000 less than what something similar would have cost them closer to downtown. “We were able to buy something new instead of an older home with issues,” she said. “This was a good buy.” More and more new homeowners are being drawn to Otay Ranch, the largest residential development in San Diego County history at 25,000 acres. After being hit hard in the housing crisis , it has reemerged as a viable option for homeownership in a cou...

How plunging oil prices are reversing fortunes across Texas. Read all the stories in this series. MIDLAND — Thousands have been laid off. Tax collections are plummeting. Many are on the brink of homelessness.   Rows of drilling rigs and white company trucks sit idle — there’s no telling for how long. And, yet, amid the worst oil bust in decades, the energy capital of West Texas hasn ’t slowed down much. Several oil companies have recently built  office complexes in the area, and drilling continues , albeit at a more sluggish pace. The city plans to build a new convention center, and construction of a municipal courthouse is underway. Several more hotels, apartment complexes and eateries are expected to open   this year, and a second H-E-B grocery store just came online . "For hire" signs are ample, road crews prolific . And people still complain about the traffic. “People from the outside come in expecting to see boarded-up windows, 'for sale' signs everywhere,...

The balance of our coverage provides a snapshot of who America's millionaires are, where they live, and how they built their wealth. Nearly two decades ago, these five families were featured in MONEY as "millionaires in the making"—households that were well on their way to a seven- figure net worth excluding the value of their primary residences. Rhone in MONEY’s August 2000 issue, when he was still a “Millionaire In The Making.”   That was starting in 2000, around the time the dotcom stock bubble began to burst. Yet despite running into one of the worst bear markets in history—which was followed soon after by the global financial panic , the worst economic crisis since the Great Depression—these families still managed to achieve their goals. How did they accomplish this? Some did it by living frugally and saving aggressively so that when the bad times hit, they had enough of a cushion. Others proved to be resilient in the face of setbacks, staying the course with the...