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Brookfield getting $465M office tower loans; Walmart plans $800M Texas project

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Brookfield getting $465M office tower loans; Walmart plans $800M Texas project

TOP NEWS IN REAL ESTATE

* Brookfield Property Partners LP is securing $465 million of refinancing loans for the 54-story, 1.4 million-square-foot The Gas Co. Tower at 555 W. 5th St. in Los Angeles, The Real Deal reported, citing Moody's. The company obtained a two-year, $350 million floating-rate loan from Citi Real Estate Funding and Morgan Stanley, and another $115 million in mezzanine debt from the same lenders and SBAF Mortgage Fund. The deal is expected to close Feb. 5.

* Retail giant Walmart Inc. received approval from the City of Lancaster, Texas, for an $800 million e-commerce project, The Dallas Morning News reported. The plans call for a two-building, 1.9 million-square-foot project for which the retailer has two parcels of 292 acres and 162 acres under contract, the publication noted.

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OFFICE

* Chinese developer Gemdale Corp.'s U.S. arm Gemdale USA Corp. is planning to build a 10-story office tower at 618 John St. in Seattle, the Puget Sound Business Journal reported. The site is west of tech giant Apple Inc.'s new Seattle campus, the publication noted.

* Freddie Mac leased 155,000 square feet at Regent Properties Inc.'s 85-acre Legacy Central development in Plano, Texas, the Dallas Business Journal reported, citing local sources with knowledge of the deal.

INDUSTRIAL

* Star Key Park Owner LLC, an affiliate of Kushner Cos. LLC, filed with Palm Beach County, Fla., officials to rezone a 51-acre agricultural site at 8225 Atlantic Ave. and 14600 Starkey Road to develop an industrial park, the South Florida Business Journal reported. The rezoning would permit up to 999,506 square feet of industrial space, the report added, citing the application.

RESIDENTIAL

* An affiliate of Westbrook Partners LLC took over the ownership of the historic Belnord rental building on the Upper West Side in Manhattan, N.Y., from HFZ Capital Group LLC by securing a majority stake in the 14-story building at 225 West 86th St., The Real Deal reported, citing a spokesperson for Westbrook Partners. HFZ had purchased the building from Extell Development Co. in 2015 for $575 million and started converting its rental units into condos. That project will now be taken over by Westbrook, according to the report.

* The Real Estate Board of New York and nonprofit tenant rights group Legal Aid Society have joined hands to pressure lawmakers to provide more rental assistance to tenants who are struggling because of the pandemic, The Wall Street Journal reported.

* Southern Land Co. LLC purchased land at 1620 Sansom St. in the Rittenhouse neighborhood of Philadelphia to develop a $180 million, 28-story multifamily building, RE Business Online reported. The property will include 306 units and 32,000 square feet of commercial space.

* The Related Cos. LP used a $229.1 million commercial mortgage-backed securities loan from Goldman Sachs to fund the acquisition of the two-building Phillips Point office property in West Palm Beach, Fla., Commercial Observer reported. The 10-year, interest-only loan carries an interest rate of 3.34%, the publication said, citing rating agency analysis of the transaction.

SPECIALTY

* Apple's streaming services unit Apple TV+ leased about 90,000 square feet of space at The Kaufman Organization's ONstage soundstage and production facility at Kaufman Astoria Studios in Queens, N.Y., The Real Deal reported, citing sources. Kaufman completed the six-story, 150,000-square-foot building at 34-11 36th St. in 2020.

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