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$425M NYC construction loan in the works; Maryland going all out to woo Amazon

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$425M NYC construction loan in the works; Maryland going all out to woo Amazon

Commercial real estate

* Icon Realty Management is in "late-stage negotiations" for a $425 million construction loan from Bank of the Ozarks and Apollo Global Management for its planned pair of condominium towers on Manhattan, N.Y.'s Upper East Side, The Real Deal reported, citing unnamed sources who said the loan deal is expected to close by November.

A 30-story, 72-unit tower is planned at 301 E. 80th St., along with a 19-story, 32-unit building a block north at 301 E. 81st St. Both corner lots are vacant. The ground-up project would be Icon's first, the report noted.

* Douglass Mayer, spokesman for Maryland Gov. Larry Hogan, said the state is lining up "the biggest incentive offer in the state's history by a mile" to win Amazon.com Inc.'s second headquarters, the Baltimore Business Journal reported. The spokesman declined to share details of the package due to competition from other states, according to the report.

David Iannucci, assistant chief for the Office of Economic Development in Prince George's County, said the bid offers three sites in the suburban Washington, D.C., area, the report noted.

* A study by New York University professors and online home-sharing service Airbnb Inc. indicates that Airbnb hosts in New York City would have needed to rent out their units for an average of 216 days as a short-term rental in 2016 to match the annual rental revenue from a long-term lease, The Wall Street Journal reported. The publication said the study may help ease fears of a sharp increase in Airbnb listings by landlords.

Meanwhile, Airbnb recently said it is partnering with a Miami-based developer to deliver Airbnb-branded buildings where residents will be able to share their units for up to 180 days per year. Newgard Development Group and the home-sharing company will team up to develop a 324-unit building in Kissimmee, Fla., that will be branded as "Niido Powered by Airbnb."

Bloomberg News and London's Financial Times also reported on the news.

* The 666 Fifth Ave. tower in Midtown Manhattan is could lose $24 million in 2017, marking the worst performing year since a refinancing in 2011, Bloomberg News reported. The 41-story property, which is 30% vacant, is owned by Kushner Cos. and Vornado Realty Trust.

Kushner has been scouting globally for an investor for a planned rebuilding of the property. The losses are due to a $1.2 billion mortgage taken out in 2007.

* Anthem Inc. signed a build-to-suit deal with Portman Holdings for a new 21-story, 352,000-square-foot building near Georgia Tech in Atlanta's Tech Square, the Atlanta Business Chronicle reported. The company plans to house its 1,800-employee IT center in the building, which Anthem is expected to lease entirely. Construction is expected to commence in January 2018 with completion expected to take two years, the report said.

* The 900,200-square-foot Metropoint Office Park complex in St. Louis Park, Minn., comprising four buildings, is on the market again, the Minneapolis / St. Paul Business Journal reported, citing a listing by Cushman & Wakefield brokers. Equus Capital Partners, the owner, previously put the property up for sale in 2016 but a sale fell through, the report said, citing unnamed sources.

The asset also contains two parcels that could be developed into a hotel, apartments or retail, the report noted.

* An entity related to Schafer Richardson is drawing up plans for a $69.7 million project to develop a 2.5-acre surface parking lot in Minnapolis, Minn.'s North Loop district into a 207-unit apartment building, the Minneapolis / St. Paul Business Journal reported.

After the bell

* Parkway Inc. completed its merger with a Canada Pension Plan Investment Board affiliate for US$1.2 billion.

* Hyatt Hotels Corp. disclosed that signs of unauthorized access to payment card data were discovered and eventually resolved at certain of the company's managed sites worldwide between March 18 and July 2.

Housing

* Bloomberg News featured a report on bargain-hunting investors swooping in on flooded Houston homes, looking to buy cheap and turn profits by flipping later or renting them out. The news outlet said the flurry starts with individual or small-time investors, followed by Wall Street. Roofstock Inc., the company of former Waypoint Homes Inc. CEO Gary Beasley, is also pitching the strategy to private equity firms and pension funds, the news outlet noted.

Gaming

* MGM Resorts International released a new timeline of the events leading up to the Oct. 1 deadly mass shooting in Las Vegas, "further challenging the sheriff's latest account," the Las Vegas Review-Journal reported. MGM Resorts' new timeline suggests that the Mandalay Bay resort, which it operates, "had no time to warn authorities and prevent the mass shooting," according to the report.

The company said it wished to "correct some of the misinformation that has been reported," and the timeline may prove critical as it may determine the company's liability in the wake of a lawsuit.

* Total gaming win in Atlantic City, N.J., including casino wins and online gambling, totaled $235.8 million in September, reflecting a 4.1% year-over-year increase, the Associated Press reported, citing the New Jersey Division of Gaming Enforcement. Internet gambling jumped 25.6% year over year to $20.4 million in September.

The day ahead

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

In Asia, the Hang Seng increased 0.06% to 28,476.43, and the Nikkei 225 increased 0.96% to 21,155.18.

In Europe, around midday, the FTSE 100 was down 0.29% to 7,543.45, while the Euronext 100 was up 0.17% to 1,049.39.

On the macro front

The consumer price index, the retail sales report, the business inventories report, the consumer sentiment report, the Treasury budget and the Baker-Hughes Rig Count report are due out today.

Now featured on S&P Global Market Intelligence

Executive changes prompt investor questions at Welltower: The company, the largest healthcare real estate investment trust by market capitalization, is pursuing a lawsuit against its former chief investment officer and recently announced the departure of its CFO.

Conference Chatter: Embracing tech 'a matter of life or death' for real estate owners, developers: Real estate leaders debated the changes that startup culture and data-driven innovation likely will bring to the industry, and pondered the potential consequences of not embracing them, at a conference in New York City this week.

Data Dispatch: Manufactured-home REITs expected to report greatest FFO growth in Q3: Chart Watch: Manufactured-home real estate investment trusts are forecast to top their second-quarter funds from operations per share by a median of 10.99% when they report third-quarter earnings.

The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription. Articles and links are correct as of publication time.