Commercial Observer

601W Companies Seals $27M Refinance for Chicago Industrial Asset

Excerpt from The Commercial Observer website: New York City-based 601W Companies has nabbed a $27 million refinance for an industrial property in Chicago’s South Loop neighborhood, Commercial Observer has learned. Maxim Capital Group provided the loan for the transaction, while Meridian Capital Group brokered the deal. Located at 717 – 737 S Desplaines Street, the 4.6-acre site […]

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Lissette Calderon Closes on Land for Second Allapattah Project

Calderon, president and CEO of Neology Life, is planning to build 16 Allapattah, with 323 apartments, a 336-space parking garage, about 13,000 square feet of retail space and nearly 7,000 square feet of office space on the site. The Miami Urban Development Review Board approved plans for the 12-story project last month.

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Has the Retail-Condo Market Bottomed Out?

Whereas out-of-control prices led to a slow condo-sales market, the high prices investors paid during the recovery may lead to more deals down the line. Buyers who got out over their skis and are holding out for retail rents that they’ll never achieve may be forced to sell, said Brian Steiner, a principal at the alternative lender Maxim Capital Grou

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Privé Condo Project Begins Closings

Excerpt from The Real Deal: Developers BH3 and Gary Cohen are recording closings at the luxury Aventura condo complex, property records show. And they expect the two-tower, 160-unit project to sell out for about $500 million, BH3’s Daniel Lebensohn said.

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Commercial Lenders Clamp Up

Commercial lenders are banking on the repeal of Dodd-Frank to improve the increasingly tight lending atmosphere in South Florida. While the pace of requests hasn’t slowed down, most lenders The Real Deal spoke to said they are not financing ground-up development at this stage in the real estate cycle. And they are much more selective these days about which ongoing projects they do give loans to.

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Privé Developers Get $102M Construction Financing Boost

New York-based Maxim Capital along with Austin-based Prophet Capital Asset Management are providing the loan to the luxury condo project’s developers, Gary Cohen and BH3’s Greg Freedman, Dan Lebensohn and Charles Phelan, according to a press release.

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Sam Chang Scoops Up Holiday Inn LaGuardia for $38M

Hotelier Sam Chang’s bet on the hotel market around LaGuardia Airport is taking flight. Chang’s Great Neck-based McSam Hotel Group paid $37.6 million for the Holiday Inn LaGuardia Airport in Queens, property records show. The seller was hotelier Michael Pomeranc, who purchased the property in 1999.