Regions West
Permanent Financing Totaling $21M Closes for Newport Beach
Aug 29, 2008

While many of the details are being kept mum, permanent financing to the tune of approximately $21 million has been put in place for the 25-acre Hyatt Regency Hotel property in Newport Beach, Calif.  Commercial mortgage banking firm Newmark Realty Capital Inc. arranged the loan on behalf of a life insurance company; the arrangement took place in January with a forward commitment. In addition to 403 guestrooms, the property features 26,000 square feet of meeting space, a tennis club and a golf course.

 
Recent West Headlines
$300M California Hospital Expansion Gets Nod from City Council
Nov. 26, 2008
The City Council of Valencia, Calif., has approved the $300 million expansion plan for Henry Mayo Newhall Hospital, under which the facility will gain a new patient wing and three additional medical buildings, along with a helipad and new parking structures.
FDIC to Open Temp Office to Handle Resolutions, Receivership Operations
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The Federal Deposit Insurance Co. is temporarily taking 200,000 square feet of office space at 40 Pacifica Place in Irvine, Calif., to manage receiverships and to liquidate assets from failed financial institutions, mostly in the Western United States.
Gaylord Nixes Plans for $1B San Diego-Area Resort
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Tennessee-based Gaylord Entertainment has pulled out of a plan to develop a $1 billion resort in Chula Vista, Calif., but the firm claims the project’s abandonment was not caused by the frozen debt markets that have wreaked havoc on developments across the nation.
Boston Properties Closes $375M Financing of Four Embarcadero Center
Nov. 19, 2008
Using the proceeds to pay down its unsecured line of credit, Boston Properties Inc. has closed on an eight-year, $375 million loan secured by Four Embarcadero Center in San Francisco. The loan was provided by a syndicate of life insurance companies and bears interest at a fixed rate of 6.10 percent annum.
Report: Climate Change Puts California Real Estate, Economy at Risk
Nov. 17, 2008
While the real estate sector continues to take a beating by economic forces, there may be yet another peril on the horizon that could harm the industry just as much--if not more.