January 30th, 2009
It's hard to find a tale much sadder than this recent news from Los Angeles about a man who killed his wife, himself and their five beautiful children. Real estate woes loom prominently in the story.
According to the Daily Breeze, Ervin Lupoe and his wife bought their suburban Los Angeles home for $290,000 in 2003, borrowing the entire amount. They refinanced it twice during the boom, taking out a total of $630,000. Then, apparently to help pay for child care, Ervin lied about his income and forged documents, a move that cost both he and his wife what would likely have been stable jobs working at a local hospital.
Ervin, a former Marine, blamed the hospital for his actions in a suicide note faxed to a local TV station.
January 30th, 2009
If you've never set foot in an architectural salvage shop, you're missing out on an amazing world of bargains for house repairs and upgrades. A cross between a home improvement center and an antique store, these cavernous warehouses sell used, or "pre-owned," house parts, from french doors and ornate mantelpieces to like-new commercial-grade appliances.
January 30th, 2009
Through Acadia Strategic Opportunity Fund III L.L.C., its third discretionary investment fund, Acadia Realty Trust has purchased Cortlandt Towne Center for $78 million.
January 30th, 2009
All space has been claimed at ProLogis' 5.9 million-square-foot Kaiser Commerce Center in Fontana, Calif., now that a third-party logistics provider has committed to a long-term lease for the last 484,000 square feet of space at the sprawling industrial property.
January 30th, 2009
Preparing for the recovery of the commercial real estate industry, a joint venture called Cofinance-RiverOak Realty Partners formed with a goal of gathering “opportunistic real estate acquisitions” in the Northeast corridor from Boston to Washington.
January 29th, 2009
Sales of newly constructed homes plunged in December to the lowest level on record, going back to 1963, according to a government report released Thursday.
January 29th, 2009
CNL Lifestyle Properties Inc. bought Jiminy Peak Mountain Resort, the largest ski and snowboard destination in southern New England, from Jiminy Peak Mountain Resort Inc., for $27 million.
January 29th, 2009
Selling a retail property--or any property, for that matter--with a big debt attached is no simple feat in the current real estate climate, but Sperry Van Ness has managed to do just that. Acting on behalf of Stillwater Capital and partners, the real estate services firm closed the sale of the 131,900-square-foot Voice Road Plaza in Carle Place, N.Y., to a 1031 multi-family investor for just over $36.2 million, including the assumption of a $23 million mortgage.
January 28th, 2009
Arbor Commercial Mortgage appointed Edward Petti to director in the firm’s New York City office. Petti is responsible for originating all of the company's multifamily and commercial product lines including Fannie Mae, FHA, bridge, mezzanine and preferred equity through out the northeast United States.
January 28th, 2009
Despite the turbulent times, big real estate loans are still being made and Pittsburgh-based PNC is among those that are actively doling out financing. PNC Real Estate Finance has arranged a $214 million construction loan for The Monaco, a luxury apartment project in Jersey City, N.J., with PNC Capital Markets L.L.C. leading the syndication of the deal with six other banks.
