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NYC tower gets $386M refinancing; Boston office complex sells for $114M

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NYC tower gets $386M refinancing; Boston office complex sells for $114M

Commercial real estate

* DTH Capital and Rose Associates secured a $386 million refinancing from Goldman Sachs Group Inc. for the 66-story apartment and hotel tower at 70 Pine St. in Manhattan, N.Y.'s Financial District, The Real Deal reported. The loan carries a floating interest rate and replaces the $375 million loan provided in 2017 by Bank of China, ING and Brookfield Asset Management Inc.

* Jamestown LP purchased the three-building Constitution Wharf office complex in Boston for $114 million from National Development and Charles River Realty Investors LLC, the Boston Business Journal reported. Home to the headquarters of Shoes.com, the complex totals 180,000 square feet on eight acres. Other tenants include MGH Institute of Health Professions and Home Base Veteran & Family Care, law firm Campbell Conroy & O'Neil PC and a Bright Horizons child-care facility.

* Decron Properties Corp. acquired the 250-unit Alura housing complex at 6333 Canoga Ave. in Los Angeles' Warner Center neighborhood for $79 million, The Real Deal reported. The buyer plans to renovate the complex, which was sold by Pacific Urban Residential, the report noted, citing property records. The asset was built in the late 1970s and previously changed hands for $19.9 million in 2012, the publication reported, citing records.

* Vail Resorts Inc. completed the acquisition of ski resort company Peak Resorts Inc. for $11 per share, a 116% premium over Peak's July 22 closing price, Bloomberg News reported. The deal will bring about $114 million to the family of late Raymond Sackler, which holds a 54% stake in Peak Resorts via Cap 1 LLC. Peak Resorts operates 17 ski areas including Hunter Mountain in New York and Mount Snow in Vermont.

* Austin, Texas, replaced the Dallas-Fort Worth market in Texas atop a list of U.S. hotspots for real estate investment, the Dallas Business Journal reported. Dallas-Fort Worth fell to the sixth position as Raleigh-Durham, N.C.; Nashville, Tenn.; Charlotte, N.C.; and Boston moved ahead of it in the Emerging Trends in Real Estate 2020 forecast by the Urban Land Institute and PricewaterhouseCoopers.

* IMC Equity Group is planning to build the first phase of a mixed-use project called Lauderhill Marketplace at a 13.9-acre site it owns at 1010 NW 40th Ave. in Lauderhill, Fla., the South Florida Business Journal reported. The Lauderhill Marketplace will comprise 114,300 square feet of retail/restaurant space, 180 apartments and 310 hotel rooms in addition to a Racetrac service station with 20 fuel pumps.

* Philadelphia's Center City saw $5.8 billion in new development between Jan. 1, 2018, and Aug. 31, 2019, according to an annual report by Central Philadelphia Development Corp., the Philadelphia Business Journal reported. Developments during the period comprised 6,197 residential units, 1,891 hotel rooms, 4.1 million square feet of new commercial and mixed-use space and 1.8 million square feet of new retail space, the report added.

* Ellis Partners LLC secured a $200 million fund fueled by the New York State Common Retirement Fund to purchase office, industrial and retail properties in the San Francisco Bay Area, the San Francisco Business Times reported.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng declined 1.28% to 25,945.35, and the Nikkei 225 was down 0.36% to 22,020.15.

In Europe, around midday, the FTSE 100 fell 0.86% to 7,227.91, and the Euronext 100 slid 1.32% to 1,074.14.

On the macro front

The new home sales report, the State Street Investor Confidence Index, the U.S. Energy Information Administration Petroleum Status Report and the U.S. survey of business uncertainty are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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