The 234 Apartment

NEW YORK (Reuters) - Lehman Brothers Holdings Inc agreed to sell property group Archstone to two real estate investment trusts for about $6.5 billion, taking advantage of a strong market for apartments and marking an end to a 2007 gamble that helped push the investment bank into bankruptcy. The buyers, Equity Residential ( EQR.N ) and AvalonBay Communities Inc ( AVB.N ), will split the assets 60-40 and will also take on Archstone's debt, for a total transaction value of $16 billion. Lehman collapsed at the height of the financial crisis in 2008, in part because of soured real estate bets , including the $23. 7 billion leveraged buyout of Archstone. The firm filed for bankruptcy and has been liquidating assets to pay back creditors , who are still owed more than $30 billion. Archstone, one of the largest owners of U.S. apartments, has a large portfolio of properties in metropolitan areas, where apartment buildings have been pricey and difficult to come by. The acquisition would...

December 4, 2011 by: Helen Thomas in New York The estate of bankrupt Lehman Brothers believes that Archstone – the apartment company that Bank of America and Barclays have agreed to sell part of their stakes in – is worth $1bn more in equity value than the price at which the two banks have struck their deal, people familiar with the matter said. The estate is considering mounting a matching bid to derail the banks’ deal with Equity Residential , the real estate company headed by Chicago mogul Sam Zell . EQR said late on Friday that it had agreed to pay $1.325bn in cash for a 26.5 per cent stake in Archstone, which was taken private at the height of the property boom. The deal values it at about $ 16bn including debt . However, the agreement with EQR triggers a right of first refusal for the estate of the investment bank, which filed for bankruptcy in 2008, to buy the stake. People familiar with the matter said that should Lehman exercise its right to match the offer, the banks hav...

NEW YORK, Aug. 23, 2017 (GLOBE NEWSWIRE) -- Greystone, a real estate lending , investment and advisory company , today announced its closing of a $550,000, 000 permanent Freddie Mac loan made to joint-venture partners The Moinian Group and SL Green Realty Corp . for Sky Residences (“Sky”), one of Manhattan’s premier mixed-use residential buildings . The Greystone Bassuk debt advisory team , led by Richard Bassuk and Drew Fletcher, represented the Borrower and assisted in obtaining the Freddie Mac loan through Greystone’s Affordable Lending team . The transaction marks the largest-ever single-asset tax- exempt financing completed by Freddie Mac and a first-of-its- kind private placement structure that includes permanent financing for hundreds of affordable housing units in New York City. Steve Rosenberg , CEO of Greystone, together with Billy Posey, Joe Mosley, and Jeff Englund, collaborated with Freddie Mac on the structure for Moinian and SL Green, and spearheaded the loan proc...

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Mill Creek Residential, a national apartment community operator , recently donated more than 200 household items to the Habitat for Humanity ReStore . The company donated furniture , cabinets, countertops and appliances; including refrigerators, stoves, microwaves and dishwashers from 40 apartments at an upscale property. "It takes donations from our community to make the Habitat Restore successful ," said Nancy Daly, ReStore co-chairwoman. Daly estimates $12,000 in projected sales from the donation will be put toward building a new home. Through Habitat for Humanity, hardworking families can apply to obtain affordable housing . They are required to contribute a combination of sweat equity, homeownership coursework and a zero-interest mortgage. "Habitat for Humanity of Broward is truly empowering families to improve their lives, while strengthening many of the neighborhoods we serve," said Jeff Meran, Mill Creek's senior managing director for the South Florida ...

PHOENIX, Aug. 21 -- Hines issued the following news release: Hines, the international real estate firm , has entered into a joint venture agreement with New York Life Real Estate Investors , on behalf of its institutional client , as its equity partner to develop the Offices at Chandler Viridian .The Offices at Chandler Viridian is a six-story, Class A office building with 250,000 square feet of space located at the intersection of Loop 101 and Loop 202 near the Chandler Fashion Center ."The Offices at Chandler Viridian is a highly desirable office building offering users the connectivity needed in today's business world. The addition of New York Life Real Estate Investors ' institutional client creates a powerhouse partnership for this project," said Chris Anderson, managing director and Arizona leader for Hines. "Without leaving the Chandler Viridian campus , tenants will be able to stay at a beautiful new hotel, live at a luxury multifamily complex , ea...

LEXINGTON, KY - EdR, one of the nation's largest developers, owners and managers of high quality collegiate housing communities , announced the opening of University Flats and Lewis Hall Honors College , the most recent phase of the revitalization of the University of Kentucky's on- campus housing . In 2017, EdR will add nearly $300 million in assets to its owned portfolio and deliver nearly $100 million in third-party developments."With the opening of University Flats, the University of Kentucky has completed the most comprehensive transformation of student housing in public higher education ," said Eric N. Monday, UK's executive vice president for finance and administration. "Working with EdR, we have constructed 6,850 new beds and nearly 200 active learning spaces to create a housing system that is singularly focused on student success through modern, technology- rich living spaces that foster a sense of community. At UK, we put students at the center o...

TORONTO / DALLAS, TX, Oct. 30, 2014 (Canada NewsWire via COMTEX) -- Milestone Apartments Real Estate Investment Trust (MST.UN) ("Milestone" or the "REIT") today announced that it has completed the purchase of Villas at Shadow Creek ("Shadow Creek" or the "Property"), a 560- unit multifamily apartment community located in the Pearland submarket of Houston, Texas, for a purchase price of US$74.0 million. This acquisition was previously announced by the REIT on September 15, 2014. Shadow Creek was built in two phases in 2006 (296 units) and 2007 (264 units) and is currently approximately 95% occupied, with average monthly rents of approximately US$1,200 per unit. The Property's average in-place rents are higher than the REIT's portfolio average in part due to a higher proportion of two and three- bedroom apartment suites . Shadow Creek has the potential for a value- add program relating to unit interior upgrades . The Property features ...

Along Florida's Turnpike in South Miami -Dade, where potato farms and fields of row crops stretched all the way to the visible horizon at the time when Hurricane Andrew struck , it’s virtually all rows of close-packed houses and townhomes today. Now the unavoidable noise walls are going up to forever block vistas once among the most beguiling in South Florida. Along South Dixie Highway , where scraggly lots, small farm fields and vegetable- and fruit-packing houses once mixed it up with used-car lots and budget motels, the landscape is a cornucopia of strip malls, Publix and Wal-Mart stores and fast- food chain restaurants . And everywhere there is traffic, backed up one way in the morning, when three-quarters of all employed adults in South Miami - Dade head north to downtown Miami , Coral Gables or even Doral to work, and the other way when they drive back home in the evening. Lightning struck as thunderstorms swept through the ruins of Homestead in the days after Hurricane...