News

Court Denies Montrose Attempt to Reopen Cowichan Case

Canada + Apartment Buildings

A B.C. Supreme Court judge has denied Montrose Properties’ request to reopen the Cowichan Aboriginal-title case, calling the attempt “an abuse of process for relitigation.” The decision follows last August’s landmark ruling recognizing the Cowichan Nation’s Aboriginal title over portions of Crown, municipal and private land in Richmond, B.C. and other parts of the province’s...

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Developers Close on Parcel for South Weymouth Naval Air Station Redevelopment

Boston & New England + Apartment Buildings

Redevelopment of the long-shuttered former South Weymouth Naval Air Station has taken a major step forward, with Washington Capital Management selling its land at the base to a joint venture of Brookfield Properties and New England Development. The $65-million sale was filed last Wednesday in Norfolk and Plymouth counties. New England Development and Brookfield Properties are now...

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Gantry Secures $40M for Suburban Portland MF Assets

Seattle & Northwest + Apartment Buildings

Gantry has secured two $20 million permanent loans for a single sponsor to refinance maturing debt for a pair of suburban Portland apartment communities. The properties include the Squires Court community in Clackamas and the Riverwood Heights complex in Tigard. Both are stabilized, high-quality, garden-style assets featuring a mix of one-, two-, and three-bedroom floor...

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Slatt Capital Arranges Life Company Loan for Novato Multifamily

California & West + Apartment Buildings

Slatt Capital arranged a $21-million non-recourse permanent loan to refinance a 213-unit multifamily property located in Novato. Built in 1969, the property was refinanced through a life insurance company lender, PPM America, on a 10-year term with a 30-year amortization schedule. Jeff Glenn, a 25-year veteran with Slatt Capital, secured the debt financing. The financing provides...

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Buildings Evacuated Near Former Pfizer Headquarters After Structural Columns Buckle

New York & Tri-State + Apartment Buildings

A residential conversion of the former Pfizer headquarters in Midtown Manhattan remained unstable as of Tuesday afternoon after structural columns on the 21st floor buckled. There have been no reported injuries, construction site workers have all been accounted for, and occupants of nine nearby buildings have been evacuated, according to published reports. “The building remains...

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CoStar Hires Lefebvre as New Canadian Chief Economist

Canada + Apartment Buildings

CoStar Group has appointed Mario Lefebvre as the company’s chief economist for Canada. Lefebvre will lead the company’s Canadian market analytics and thought leadership efforts, providing economic and commercial real estate insights, research and forecasts for clients, industry stakeholders and the media. “Canada remains an important growth market for CoStar, and Mario’s deep understanding of...

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Boardwalk Completes Dispositions of Five Prairie Apartment Assets for $117M

Canada + Apartment Buildings

Boardwalk REIT has completed the sales of five apartment properties in Edmonton, Regina and Saskatoon for a combined price of $117 million. The assets were sold to a pair of separate buyers, Boardwalk said in an activity update. The transactions involve 563 suites across three Edmonton properties — Capital View Tower, Kingsway Tower and The...

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Ariel Closes Sale of Upper West Side Section 8 Apartments

New York & Tri-State + Apartment Buildings

Ariel Property Advisors on Monday announced the $75-million sale of Manhattan Valley Apartments, a two-building multifamily portfolio located at 200 Manhattan Ave. and 133 W. 104th St. in Manhattan Valley on the Upper West Side. Founding partner Victor Sozio, president and founder Shimon Shkury and director of research and sales Remi Mandell arranged the sale on behalf of the seller. The...

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