Arden Group wins foreclosure auction for El-Gamal’s Margaritaville Hotel

Arden Group won the long-awaited UCC foreclosure auction for Sharif El-Gamal’s Margaritaville Hotel. The lender used its existing debt to submit a credit bid of $1,000 to acquire an equity stake in the Times Square hotel, putting it on a path to control the property. Arden was the only bidder at the auction on Monday. […]

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AEW selling JeffJack apartments in West Loop

AEW Capital Management is testing the multifamily market in Chicago’s West Loop, where apartment demand is strong while high interest rates and a tight lending climate make it tough to sell. The Boston-based firm, whose North American CEO is Jonathan Martin, hired Newmark brokers Chuck Johanns, Liz Gagliardi and Susan Lawson to market the 190-unit […]

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Commercial lending fell 52% in second quarter

As a wave of distress rolls towards commercial real estate, lenders are pulling back accordingly. Debt origination volumes in the sector fell 52 percent year-over-year in the second quarter, according a capital markets report from Newmark reported by the Commercial Observer. The advisory firm also found there are 32 percent fewer lenders than a year […]

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Sales slowdownshrinks profits at Newmark, CBRE

A deal slump is hitting brokerages hard, CBRE and Newmark revealed this week on earnings calls. Revenues went up last quarter at both commercial real estate brokerages, though earnings were down year-over-year, according to their earnings reports. Newmark’s total revenue was $585.8 million, down 22.4 percent year-over-year. CBRE posted $7.72 billion in revenue, up 0.7 […]

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LG, D2-Wood venture shop downtown apartment buildings

Two downtown apartment buildings are up for grabs, testing investor demand for Chicago multifamily while dealmakers face challenges including less office action in the Loop and tightening lending standards. LG Development is offloading the Jax, a 166-unit property at 1220 West Jackson Boulevard in the West Loop, and a joint venture between D2 Realty and […]

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CIT takes over Oakland office building after $35M loan default

CIT Group has taken over an office building with a delinquent loan in Uptown Oakland, but its new leasing agent may drop rents to draw tenants. The New York-based financial services provider, after foreclosing on the 116,000-square-foot office property at 360 22nd Street, has enlisted Newmark to fill its floors, the San Francisco Business Times […]

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Movers: Guerrero to Affordable Housing Group

Debra Guerrero, senior vice president of strategic partnerships and government affairs for the NRP Group, has been appointed chair of the National Association of Homebuilders Affordable Housing Group. The group focuses on low-income housing tax credit policy. Based in San Antonio, Guerrero will lead the group’s efforts in advocating for policies and legislation that impact […]

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Dumont Building defaults on $103M loan

 Just days after Scott Rechler confirmed that RXR will hand back two of his buildings to lenders, a $103 million loan on the DuMont Building is in default, Crain’s New York reported, citing a Fitch report. A special servicer is negotiating with building owner Newmark for an extension, which matured at the end of January, the outlet reported. Newmark may have to hand over the keys if a deal isn’t worked out. With the office

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How CRE brokerages are responding to i-sales slowdown

Budget managers at big commercial brokerages have traded in their kitchen scissors for industrial chainsaws. What was a delicate approach to cutting costs in the first half of the year became much more aggressive this fall as surging interest rates curbed property sales, slicing into brokerages’ revenues and throwing off their expectations for end-of-year marks.  Nationwide commercial real estate investment plummeted 24 percent in the third quarter compared to the same period last year, according

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