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Fosun seeks $1.1B mortgage for NYC tower; WeWork rival raises $80M

Commercial real estate

* China's Fosun International Ltd. is in talks for a roughly $1.1 billion mortgage financing for the 28 Liberty St. property in Manhattan, N.Y., Crain's New York Business reported, citing unnamed sources. The company previously attempted to sell an ownership interest in the 60-story property in 2018.

A person with knowledge of the deal told the publication that Deutsche Bank was in talks to be the lead lender. Fosun paid $725 million for the building in 2013.

* WeWork Cos. Inc. rival Industrious raised $80 million in its latest fundraising, with backers including Brookfield Properties Retail Inc., Equinox and the Canada Pension Plan Investment Board, Bloomberg News reported, citing Industrious co-founder and CEO Jamie Hodari. TF Cornerstone Inc. and Granite Properties Inc. also participated in the fundraising.

The news outlet reported that Industrious and other WeWork competitors have tuned their strategies to reduce risks. Industrious' business model seeks to avoid signing long-term leases and instead partners with landlords to manage their properties as coworking spaces.

* Google is planning a mixed-use project in downtown San Jose, Calif., with 6.5 million square feet of office space, 15 acres of parks, plazas and green spaces, and roughly 500,000 square feet of retail, arts and cultural spaces along with a hotel, the Silicon Valley Business Journal reported, citing the internet giant's initial concept plan.

The concept was presented to the Diridon Station Area Advisory Group without building heights and renderings, and a formal application is expected to be filed in October.

* Bruman Realty received a $130 million refinancing package for its rental development in Brooklyn, N.Y.'s Bushwick neighborhood, The Real Deal reported, citing property records. The project at 871 Bushwick Ave. comprises more than 200 units.

* At a panel moderated by The Real Deal's David Jeans, executives from three coworking companies said the industry is expected to grow despite fears of an oncoming economic recession. IWG PLC's Michael Berretta said the industry has become crowded and expects mergers and acquisitions to take place over the next two to three years, according to the report.

* Developers Robert Finvarb and Tony Cho landed a $67 million financing from City National Bank to develop a mixed-use 21-story, 264-room hotel at 115 SW Eighth St. in Miami, The Real Deal reported, citing records. The property will feature 25,000 square feet of retail space and a number of amenities.

* CAI Investment LLC received an $86.5 million construction loan for the Westin by Marriott hotel in Tempe, Ariz., that is expected to open in the second quarter of 2021, the Phoenix Business Journal reported. The 18-story, 290-room project is being developed at 11 E. Seventh St.

* Vita Fox North LP, a partnership between Pure Development and Interland, paid $56.5 million for the 41-acre Fox North parcel at 4400 Fox St. in Denver's Globeville neighborhood, the Denver Business Journal reported, citing property records. The seller was a joint venture between Woodspear Properties and Ascendant Development Corp.

The property is zoned for residential and mixed-use development up to 12 stories in height, according to the report.

* Green Sage received a $55 million loan to redevelop a former fruit cannery in Oakland, Calif., into a large cannabis-focused facility, The Real Deal reported, noting that the loan is one of the biggest single-asset real estate financing deals in the cannabis industry. The two-building, 441,000-square-foot property is being transformed into research, cultivation and distribution space for cannabis.

The loan was provided by an unnamed Canadian lender, according to the report, citing Lotus Capital Partners, which arranged the deal.

After the bell

* Sun Communities Inc. agreed to buy a portfolio of 31 manufactured housing communities across eight U.S. states for $343.6 million in a cash-and-stock transaction.

Housing

* July marked the first month in 2019 in which the Chicago area housing market did not record a year-over-year decrease in sales, The Real Deal reported, citing the Illinois Association of Realtors. Home sales came in at 11,697 for the nine-county metro area, marking just a 0.2% increase from the year-ago period and a decline from June's figures.

The day ahead

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

In Asia, the Hang Seng rose 0.50% to 26,179.33, and the Nikkei 225 increased 0.40% to 20,710.91.

In Europe, around midday, the FTSE 100 was up 0.57% to 7,169.09, and the Euronext 100 was up 0.42% to 1,049.99.

On the macro front

The new home sales report and the Baker-Hughes Rig Count report 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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