Finance Institutional Investment
1250 Broadway Closes with $215M Financing via Carlton
May 16, 2008

The deal for 1250 Broadway in New York City, as previously reported by CPN, has found funding through Carlton Advisory Services, which closed $215 million of acquisition and mezzanine financing for its acquisition, Carlton has announced. The trophy is a 39-story, 770,000 square foot office tower prominently located on Broadway between West 31st and 32nd Streets in Manhattan. After nine years of ownership, SL Green Realty Corp. sold the Class A office tower to Murray Hill Properties for $310 million, or approximately $463 per square foot. Carlton secured a $175 million first mortgage with a major German lender, a REIT provided $40 million of mezzanine financing to complete this financing. The transaction was closed on behalf of Norman Sturner of Murray Hill Properties and a large German opportunistic equity fund.

 
Recent Institutional Investment Headlines
14thst Landmark Boston, NYC Properties Acquire Financing
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While deals may be slowing down, Holliday Fenoglio Fowler L.P has arranged two deals--one for $85 million for the Boston Harbor Garage in Boston and one for $90 million refinancing for 401 West 14th St., a 62,000-square-foot retail and office building in Manhattan’s Meatpacking District.
$8.9B Penn Gaming Merger Crumbles
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After spending the last few months attaining all the requisite approvals from various gaming commissions and boards, Penn National Gaming has put the kibosh on its proposed $8.9 billion merger with PNG Acquisition Company Inc., an entity involving funds managed by Fortress Investment Group L.L.C. and Centerbridge Partners L.P. affiliates.
Kennedy Wilson Expands Seattle-Area Apartment Portfolio via $117M Buy
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Kennedy Wilson Multifamily Management Group Ltd., the multi-family investment division of Kennedy Wilson, has acquired two Class B apartment communities in the Seattle area for a total of just over $117 million.
Prince Charles to Launch £1B Property Fund
June 30, 2008
Prince Charles is planning to launch a £1 billion property fund that will invest in sustainable building projects, according to a report in London's Sunday Telegraph.
Developer Purchases 174 Acres in Growing San Antonio Area
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Potranco Limited L.P. has purchased 174 acres about 20 miles west of San Antonio from the General Land Office of the state of Texas on behalf of the Permanent School for an undisclosed amount.
 

 

REal Talk with Adam Perrotta - Tues., July 8th
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By Dees Stribling, Contributing Correspondent -- Maguire Properties, under new management in recent months and pursuing a plan to reduce the debt it incurred by bulking up on SoCal office space in recent years, is selling off Main Plaza Towers...

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By Scott Baltic, Contributing Editor -- New Jersey-based Hill International has been awarded a contract by Sorouh Real Estate PJSC of Abu Dhabi, United Arab Emirates, to handle project management for Gateway Towers 3 through 8 at the firm's Shams...

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