Office building blueprints (Credit: iStock) When Michael Tillman’s PTM Partners bought property in Overtown in February to build an 18-story apartment complex, it became one of the first Miami-based real estate firms to utilize the Opportunity Zone program. The federal program is seen by many as the biggest economic boost to the real-estate industry since […]
LA’s Opportunity Zone market heats up with $58M in new deals
Mayer Separzadeh and Goodwin Gaw What do an ice cream maker and gun shop owner from Los Angeles have in common with an investor from Miami? All three recently cashed out of properties in Opportunity Zones in L.A. The deals closed in February and April but were just filed in public records. The three deals […]
Carmel Partners sells West Adams warehouse near its massive resi project
Ron Zeff CEO of Carmel Partners and 3318 La Cienega Place (Credit: Google Maps) Carmel Partners has sold a warehouse property next door its massive Cumulus residential project in West Adams, receiving more than twice what it paid. An LLC controlled by Jim Jacobsen, CEO and chairman of Redcar Properties, acquired the property for $29 […]
Lenders poised to take over apartment empire amid massive mortgage fraud probe
Morgan Management’s Robert C. Morgan and the Avon Commons apartment complex in Avon, N.Y. (Credit: Rochester Institute of Technology) Rochester-based Morgan Management nearly tripled its apartment holdings over the past decade, building a giant rental portfolio of 140 properties across 14 states with more than 34,000 units. But amid a massive mortgage fraud investigation which […]
New York private equity group leads $800M refi for Sears
Edward Lampert and HPS CEO Scott Kapnick A New York-based private equity group is betting big on Sears, after Edward Lampert’s multibillion-dollar takeover of the ailing retailer from bankruptcy earlier this year. HPS Investment Partners, a former subsidiary of JPMorgan, led a group of investors in providing Sears with an $800 million refinancing package, secured […]
Macerich’s tough Q1 comes amid amid store closures, redevelopment plans
Macerich executives Tom O’Hern and Scott Kingsmore and a rendering of co-working space at One Westside Macerich continues to feel the bite of the retail rattlesnake as the mall landlord posted declines in first quarter revenue and funds from operation compared to the same time last year. It has been dealing with store closures — […]