by Kipp Gillian | Sep 23, 2025 | Affordable Housing
Invest Atlanta approved $22 million in tax-exempt bonds for this downtown redevelopment spearheaded by Gorman & Co. Image courtesy of Gorman & Co. Invest Atlanta, the city’s economic development authority, has approved multiple financing deals that could...
by Kipp Gillian | Sep 19, 2025 | Affordable Housing
Since its launch in 2017, the Opportunity Zone program yielded gains strong enough to propel it into permanence under the One Big Beautiful Bill Act. While the much-discussed “no expiration date” for the program is one of the major changes, OZ 2.0 had its share of...
by Kipp Gillian | Sep 18, 2025 | Affordable Housing
The Hemlock, a 297-unit partially affordable property located in Seattle that was purchased by Security Properties from Washington Holdings. Image courtesy of Security Properties Security Properties has expanded its Seattle portfolio with the $400.8 million...
by Kipp Gillian | Sep 12, 2025 | Affordable Housing
The Mason contains 14 stories and 263 units, 26 of which are affordable. Image courtesy of Waterton Waterton has purchased The Mason, a 263-unit apartment community in Chicago. The 14-story building sold for $89.5 million, according to Crain’s Chicago Business. The...
by Kipp Gillian | Sep 12, 2025 | Affordable Housing
Image by RS-photography/stock.adobe.com As the affordable housing sector is set to reap the benefits of an increase in LIHTC allocation and Opportunity Zone overhaul, efficient capital deployment becomes paramount. One key optimization relates to location, where...
by Kipp Gillian | Sep 10, 2025 | Affordable Housing
The Tegford Portfolio occupies nearly an entire city block in the South Bronx. Image courtesy of Ariel Property Advisors Arthur Leeds Real Estate has sold the Tegford Portfolio, a nine-building, 163,428-square-foot portfolio in the Longwood neighborhood of the South...
by Kipp Gillian | Sep 10, 2025 | Affordable Housing
BACA will incorporate a cultural arts center and a multi-purpose performance and rehearsal space for community engagement. Rendering courtesy of Aufgang Architects Gilbane Development alongside partners Blue Sea Development and Artspace broke ground on Brownsville...
by Kipp Gillian | Sep 10, 2025 | Affordable Housing
Outside of the affordable sector, TruAmerica Multifamily acquired this 166-unit asset in Redmond, Wash., just last month. AvalonBay sold the property. Image courtesy of Yardi Matrix Manulife Investment Management and TruAmerica Multifamily have forged a $1...
by Kipp Gillian | Sep 8, 2025 | Affordable Housing
Liberty Village will include 100 market rate townhomes and 25 age-restricted affordable units. Image courtesy of CrownPoint Group. A partnership between CrownPoint Group Inc. and Crossroads Companies has broken ground on Liberty Village, a 125-unit multifamily...
by Kipp Gillian | Sep 3, 2025 | Affordable Housing
A rendering of Wagner Senior Residences. The project was financed when interest rates were at their lowest in more than a decade. Image courtesy of The District of Columbia Housing Finance Agency The District of Columbia Housing Finance Agency has issued funding for...
by Kipp Gillian | Sep 3, 2025 | Affordable Housing
Ventana Ranch, a 288-unit affordable housing community located in Albuquerque, New Mexico.. Image courtesy of Makaela Moya, Aerial Rio Photography National Equity Fund, a Chicago-based nonprofit multifamily and affordable housing real estate investment management...
by Kipp Gillian | Sep 2, 2025 | Affordable Housing
Atlas, the first of Linc Housing’s four Project Homekey apartment buildings in the Los Angeles area. Image courtesy of Linc Housing Nonprofit developer Linc Housing has opened Atlas, a 127-unit affordable and supportive housing community in Los Angeles. The new...
by Kipp Gillian | Sep 2, 2025 | Affordable Housing
Swiss Gables Apartments, now owned by The Spokane Indian Housing Authority. Image courtesy of Kidder Mathews The Spokane Indian Housing Authority has purchased Swiss Gables Apartments, a 108-unit apartment property in Kent, Wash., a suburb of Seattle. The asset...
by Kipp Gillian | Sep 1, 2025 | Affordable Housing
Completed in 1972, Park Kiely is less than 7 miles from downtown San Jose. Image courtesy of Yardi Matrix The joint venture of Standard Communities, Housing on Merit and Vistria Real Estate has acquired Park Kiely, a 948-unit community in San Jose, Calif., for $370...
by Kipp Gillian | Aug 27, 2025 | Affordable Housing
Hope Estates’ 38 units will be a mix of one-, two- and three-bedroom units spread across nine two-story buildings. Image courtesy of WNC & Associates. A partnership between WNC & Associates, EmberHope and Riverstone Platform Partners has broken ground on...
by Kipp Gillian | Aug 25, 2025 | Affordable Housing
The Raleigh skyline. Image by Joe A Chansak/Adobe Stock Avanti Residential Housing and the nonprofit East Carolina Community Development have formed a partnership to develop Battle Bridge Apartments, a $50 million affordable housing community for seniors in Raleigh,...
by Kipp Gillian | Aug 21, 2025 | Affordable Housing
Wild Pines of Naples was built in phases between 1968 and 2001, and Interstate Properties plans several updates for the property. Image courtesy of Yardi Matrix. Interface Properties has acquired Wild Pines of Naples, a 10-building, 200-unit apartment community in...
by Kipp Gillian | Aug 21, 2025 | Affordable Housing
The community room at Thatcher Yard. Image courtesy of Thomas Safran & Associates Thomas Safran & Associates has opened Thatcher Yard, an eight building, 98-unit affordable housing community located in Marina del Rey, Calif., in western Los Angeles. The...
by Kipp Gillian | Aug 21, 2025 | Affordable Housing
A rendering of Elm Apartments, WNC’s fourth development in Portland. Image courtesy of WNC & Associates WNC & Associates is teaming up with Avesta Housing and Reveler Development to develop 89 Elm Apartments, an $87.8 million, 201-unit affordable housing...
by Kipp Gillian | Aug 20, 2025 | Affordable Housing
Rishab Mehan & Jennifer Hoyle share insights about the Chicago Housing Authority’s approach to easing the affordability concerns in the area. Images courtesy of Chicago Housing Authority At its core, the Chicago Housing Authority aims to support residents...
by Kipp Gillian | Oct 10, 2024 | Distressed Assets
The Trepp CMBS Special Servicing Rate rose 33 basis points to 8.79% in September. This was the ninth consecutive monthly increase and the second-largest uptick of 2024, the firm reported. Distress was consistent throughout, with the respective special servicing rates...
by Kipp Gillian | Oct 10, 2024 | Distressed Assets
The $8.5-million purchase of the former Sports Illustrated building at 135 West 50th St. in Midtown Manhattan has been completed, Trepp reported. A leasehold interest in the 23-story building, with 925,000 square feet of office space, was offered at an online auction...
by Kipp Gillian | Oct 3, 2024 | Distressed Assets
Driven by the retail sector, the Trepp CMBS Delinquency Rate continued its uphill climb in September 2024, rising 26 basis points to 5.70%. Although most of the major property types contributed to the rise in the overall rate, retail contributed to about 50% of the...
by Kipp Gillian | Oct 3, 2024 | Distressed Assets
The Dilweg Cos. turned ThExchange office park in Charlotte over to Ares Management, the Charlotte Business Journal reported. The property’s $68.6-million loan matured in May and became nonperforming that same month. Ares initiated foreclosure proceedings on the...
by Kipp Gillian | Sep 26, 2024 | Distressed Assets
With pricing down 19% from its 2022 peak, the U.S. commercial real estate sales market is starting to come back to life, Bloomberg News reported. One reason is that lenders and owners want to cut their losses and make new investments now that the Federal Reserve’s...
by Kipp Gillian | Sep 26, 2024 | Distressed Assets
Harbor Group International has taken title to the 623-unit Lofts at Twenty25 apartment property in Atlanta, reported Trepp. The Norfolk, VA, investment manager two years ago had provided $104.7 million of financing against the property at 2025 Peachtree Road NE to...
by Kipp Gillian | Sep 26, 2024 | Distressed Assets
Lincoln Properties has unloaded the Echo Street West project, an office project that Lincoln was having a hard team paying for. The office development was valued at $154 million after delivery but was sold for much less than that. The Atlanta Business Journal reports...
by Kipp Gillian | Sep 19, 2024 | Distressed Assets
U.S. banks reported a 20% sequential increase in total high-volatility commercial real estate (HVCRE) loans in the second quarter of 2024 following a four-year low balance in Q1, according to S&P Global Market Intelligence. The aggregate HVCRE loan balance...
by Kipp Gillian | Sep 19, 2024 | Distressed Assets
FRI Investors is said to be paying a little less than $100 million, or $71.43 per square foot, for the 68% leased, 1.4-million-square-foot office building at 70 West Madison St. in Chicago, Trepp reported, citing Crain’s Chicago Business. The West Palm Beach,...
by Kipp Gillian | Sep 16, 2024 | Distressed Assets
Optimus Properties, LLC purchased 5214-5232 W. Sunset Blvd., a 19,904 square-foot retail strip center in Hollywood, situated on a 42,076-square-foot lot, via a court-ordered sale. The center is shadow-anchored by a box retail space that was formerly 99 Cents...
by Kipp Gillian | May 30, 2024 | Distressed Assets
The volume of maturing CMBS loans is “quite significant,” Trepp says in a new report. Given this volume as well as recent history, the firm expects to see an increase in loan modifications. About $131.3 billion in outstanding, non-defeased CMBS loans that are...
by Kipp Gillian | May 30, 2024 | Distressed Assets
The $87.5-million loan against the 182,738-square-foot office property at 292 Madison Ave. in Midtown Manhattan is being offered for sale through Newmark, Trepp reported. With an original balance of $92.5 million, the loan was provided by Deutsche Bank, allowing owner...
by Kipp Gillian | May 29, 2024 | Distressed Assets
The Chicago Chapter of The Society of Industrial and Office Realtors (SIOR) hosted its Speaker Series Luncheon at The Glen Club in Glenview, Illinois. Ryan Moen, SIOR, Vice President of SIOR Chicago Chapter and Principal and Co-Founder of Versa Real Estate Services,...
by Kipp Gillian | May 29, 2024 | Distressed Assets
Dollar Tree is reportedly the winning bidder for at least 93 shuttered 99 Cents Only stores spread across California, the Orange County Register reported, citing information from brokerage Retail Specialists. Most of the stores are in Southern California. In total,...
by Kipp Gillian | May 23, 2024 | Distressed Assets
Although the much-anticipated wave of office distress has yet to materialize, new research fromYardi Matrix shows that many markets are exposed to potential distress. The firm said debt service coverage ratios have declined for office properties in recent years, due...
by Kipp Gillian | May 23, 2024 | Distressed Assets
The lenders behind a non-performing loan backing the Four Seasons San Francisco at Embarcadero are seeking a buyer for $72.5 million in debt with a potential path to owning the 155-key downtown luxury hotel at a steep discount, the San Francisco Business Times...
by Kipp Gillian | May 20, 2024 | Distressed Assets
Red Lobster Management LLC said late Sunday evening that it had filed for Chapter 11 protection in the United States Bankruptcy Court for the Middle District of Florida. The move was widely expected; CNBC reported in April that the seafood...
by Kipp Gillian | May 16, 2024 | Distressed Assets
Two real estate investment firms have teamed up to buy The 410, a 24-story office building located in the heart of Downtown Denver. Cress Capital, in collaboration with Denver-based E2M Ventures, acquired the loan on the property earlier this year and subsequently...
by Kipp Gillian | May 16, 2024 | Distressed Assets
The Trepp CMBS Special Servicing Rate rose 80 basis points in April to reach 8.11%. This marks the largest monthly jump that the rate has experienced in nearly four years, with higher monthly upticks only reached during the COVID-19 pandemic in mid-2020. In addition,...
by Kipp Gillian | May 16, 2024 | Distressed Assets
A prominent office building in Houston’s Galleria area that was designed by architect I.M. Pei is being put up for sale as a result of a Chapter 11 bankruptcy filing, reported the Houston Business Journal. Hilco Real Estate Sales has set a deadline of June 14 for bids...
by Kipp Gillian | Apr 11, 2024 | Distressed Assets
Detroit, Chicago and Denver have the highest risk scores among the top 25 metro areas for maturing multifamily loans, Kroll Bond Rating Agency (KBRA) said in a new report. KBRA weighed apartment supply and demand metrics from several sources to derive a risk scale...
by Kipp Gillian | Apr 11, 2024 | Distressed Assets
The team of Ramsfield Hospitality Finance and AB CarVal Investors has taken over the 248-room Kimpton Alton Hotel in San Francisco’s Fisherman’s Wharf area through a deed-in-lieu of foreclosure, reported Trepp. The team had provided $85 million of...
by Kipp Gillian | Apr 10, 2024 | Distressed Assets
Unisen Senior Living is having trouble finding tenants. Its 491-unit senior living facility has only a 21% occupancy rate. Operated by nonprofit Tampa Life Plan Village, the company owes $43 million to unsecured creditors and nearly $87 million to secured creditors....
by Kipp Gillian | Apr 5, 2024 | Distressed Assets
Commerce, CA-based 99 Cents Only Stores LLC said Thursday afternoon it would close all 371 of its stores. The company entered into an agreement with Hilco Global to liquidate all merchandise and dispose of certain fixtures, furnishings and store equipment. Sales under...
by Kipp Gillian | Apr 4, 2024 | Distressed Assets
The Trepp CMBS Delinquency rate dropped slightly in March 2024 for an overall delinquency rate of 4.67%, a decline of four basis points from February. The decline was almost exclusively due to continuedimprovements in the retail sector, which saw its delinquency rate...
by Kipp Gillian | Apr 4, 2024 | Distressed Assets
PCCP acquired the $111-million nonperforming senior loan on the office and retail building at 462 Broadway in Lower Manhattan from Areal Capital, according to published reports. The note was scheduled to mature this month and went on the market in January after the...
by Kipp Gillian | Apr 1, 2024 | Distressed Assets
A Florida-based investor has purchased the distressed Schaumburg Towers office complex after an auction for the property failed to attract offers. A venture led by Sigma Plastics Group founder Alfred Teo acquired the two 20-story office towers at 1400 and 1450...
by Kipp Gillian | Mar 28, 2024 | Distressed Assets
South Korean investment manager Consus Asset Management has agreed to pay $145 million, or $145 per square foot, for the one-million-square-foot office tower at 777 S. Figueroa St. in Downtown Los Angeles, reported Bloomberg News. The company is buying...
by Kipp Gillian | Mar 28, 2024 | Distressed Assets
Commercial property foreclosures in 2024 totaled 705 through February, Trepp reported, citing data from ATTOM. That’s an increase of nearly 8% from the 655 foreclosures in the year-ago period. ATTOM recorded 4,968 foreclosures in 2023, up 46% from 2022, when...
by Kipp Gillian | Mar 28, 2024 | Distressed Assets
Less than two years after changing hands, The Optimist Lofts in Atlanta’s Piedmont Heights has returned to its lender, according to the Atlanta Business Chronicle. LoanCore Capital, which extended a short-term mortgage to the owner in 2022, was the highest bidder at a...
