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Chicago project lands $735M financing; Texas tower on the market for $240M

Commercial real estate

* JDL Development and its equity partner Wanxiang America Real Estate Group LLC scored a $735 million financing package for their planned $850 million One Chicago Square project in Chicago, Commercial Observer reported.

Bank OZK extended $475 million in construction financing, while Square Mile Capital Management provided a $260 million structured investment that includes preferred equity and mezzanine debt. JDL will now begin building the 76-story, 1.5 million-square-foot tower, which is expected to offer 735 rentals, 77 residential condominium units and 193,000 square feet of retail space at 740 N. State St.

* Goldman Sachs Group Inc. and Lincoln Property Co. enlisted Cushman & Wakefield Inc. to market their 21-story Chase Tower in downtown Austin, Texas, which Mike McDonald, vice chairman in Cushman's Dallas office, expects to sell for $240 million or about $625 a square foot, the Austin Business Journal reported.

The building at 221 W. Sixth St. encompasses 389,503 square feet of rentable space, the paper added, citing Cushman & Wakefield data. Tenants at the 90%-occupied tower include JPMorgan Chase, WeWork Cos. Inc., Facebook Inc., Procore Technologies Inc. and the Headliners Club.

* Prison real estate investment trust CoreCivic Inc., which has managed a jail in Indiana's Marion County for about two decades, is set to lose its contract with Indianapolis, as the city readies for a $610 million bond sale to help fund the development of a new jail and criminal justice complex, Bloomberg News reported.

The new complex, which will include a 3,000-bed jail, will be developed on the site of an old coking factory.

* Oceanwide Holdings Co. Ltd.'s total debt to subcontractors working on the more than $1 billion Oceanwide Plaza mixed-use complex in downtown Los Angeles swelled to nearly $98.6 million since the project's construction was disrupted in January, Curbed Los Angeles reported, citing publicly available real estate records. The figure, according to the publication, does not include the mechanics lien owed to LendLease Group, which serves as the general contractor for the project.

Work at the project, considered one of the most expensive in the city, is now slowly moving amid its growing debt, a representative from Oceanwide Plaza confirmed. It is unclear if the 2020 completion target is still on track after construction was disrupted.

* TriBridge Residential LLC affiliate Goat Farm Development LLC has proposed a $55 million redevelopment project, which would bring a 240-unit apartment building and 50 commercial artist studios to the roughly 10-acre Goat Farm Arts Center in Atlanta's West Midtown, the Atlanta Business Chronicle reported, citing the Georgia Secretary of State's office and plans submitted to the Development Authority of Fulton County.


* In February, homes in the New York City borough of Manhattan sold after being on the market for a median of 117 days, which is the longest it has taken for a Manhattan home to sell since 2012, Bloomberg News reported, citing an analysis by StreetEasy.

Median asking prices of homes that remained on the market dropped 4.6%, according to the report, which added that StreetEasy's index of Manhattan home values, a measure of closed purchases, slipped 4.3% from February 2018.

* The Wall Street Journal featured a report on an abundance of large, high-end homes across the U.S. Sunbelt region that are not selling because of a shift in buyers' preference to smaller alternatives that are closer to retail.

According to the publication, most such homes are in areas inhabited by retirees, who built expansive homes 15 years ago on the back of easy credit. In North Carolina's Buncombe County, 16 out of 34 homes priced over $2 million were sold in 2018, while in the area around Scottsdale, Ariz., 349 homes were listed for sale at or above $3 million as of Feb. 1, according to Marilyn Wright, an agent at Premier Sotheby's International Realty, and a Walt Danley Realty report, respectively.

The day ahead

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

In Asia, the Hang Seng rose 0.14% to 29,113.36, while the Nikkei 225 gained 0.09% to 21,627.34.

In Europe, around midday, the FTSE 100 was down 0.83% to 7,294.13, and the Euronext 100 decreased 0.99% to 1,037.66.

On the macro front

The PMI Composite FLASH, the Existing Home Sales report, the Wholesale Trade report, the Baker-Hughes Rig Count report and the Treasury Budget is due out today.

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