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Brookfield JV lands $808M refinancing; Equity pays $189M for apartment building

Commercial real estate

* Wharton Properties LLC and Brookfield Asset Management Inc. secured an $807.5 million loan from Apollo Global Management LLC to refinance the commercial portion of the 390,000-square-foot Crown Building in New York City, The Real Deal reported, citing people involved in the deal. The new loan, to be issued at an interest rate of between 3% and 3.5%, will refinance $720 million in debt backing the commercial portion of the property.

* Multifamily real estate investment trust Equity Residential purchased the 398-unit Next on Sixth apartment building at 620 S. Virgil Ave. in Los Angeles' Koreatown neighborhood for $189 million, The Real Deal reported, citing Los Angeles County property records. Century West Partners sold the 362,580-square-foot property.

* RREEF America LLC bought the three-building Centergate at Gratigny industrial property at 5801 and 6301 E. 10th Ave. in Hialeah, Fla., for $178 million, The Real Deal reported. The Bullet Line-anchored property totals 1.6 million square feet and has two newly constructed distribution buildings totaling 602,657 square feet, along with a 978,164-square-foot warehouse. PGIM sold the property that also houses Carnival Cruise Lines and Veritiv.

* Harel Insurance and Finance Group and an unnamed U.S. REIT acquired a 49% stake in an office building in San Francisco's financial district for $110 million, Reuters reported, citing the Israeli company. The 26-story building spans 400,000 square feet and is 87%-leased, the newswire added. Harel said it has made a number of joint transactions with the REIT, with an enterprise value of more than $8 billion, in the past, Reuters added.

* A joint venture of ScanlanKemperBard Cos. LLC and Black Salmon purchased the 375,862-square-foot U.S. Bank Center office tower at First Avenue and Adams Street in downtown Phoenix, along with a seven-story parking garage at First Avenue and Van Buren Street, for $92 million from ScanlanKemperBard and another institutional partner, the Phoenix Business Journal reported. The buyers also plan to invest $9 million for renovations and $6 million for leasing efforts.

Tenants at the 83%-leased tower include the Phoenix Business Journal, Valley Metro and Jacobs Engineering Group.

* A Starwood Capital Group affiliate acquired a multifamily affordable housing portfolio that includes 21 communities with over 4,400 units for an undisclosed amount, the Dallas Business Journal reported. The portfolio is mostly located in Dallas-Fort Worth, Houston and in Florida and has a 96% occupancy rate.

The day ahead

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

In Asia, the Hang Seng fell 0.06% to 25,664.07, and the Nikkei 225 rose 0.96% to 20,456.08.

In Europe, around midday, the FTSE 100 was down 0.19% to 7,081.68, and the Euronext 100 was up 0.20% to 1,039.93.

On the macro front

The Redbook Index for retail sales, S&P Corelogic Case-Shiller home price index, the Federal Housing Finance Agency house price index, the consumer confidence index and the Richmond Fed Manufacturing Index 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.

Now featured on S&P Global Market Intelligence

REIT Replay: REIT share prices, broader markets drop during week ended Aug. 23: The MSCI U.S. REIT (RMZ) index closed the week down 0.86%, while the SNL U.S. REIT Equity index finished down 0.48% and the S&P 500 fell 1.44%.

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