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Commercial Real Estate & Business News – January 24, 2018

For years, multifamily has been the preferred bet for agnostic commercial real estate investors. But bulwarked by the continued rise of e-commerce and changes among manufacturers and retailers to optimize supply chain management, the industrial sector is giving multifamily a run for its money. The sentiment is based on exclusive research gathered as part of NREI’s survey…»
Building its senior living portfolio, Western States Lodging broke ground recently on its 3rd community in the Phoenix MSA with Legacy Village of Salt River, located at Pima Center. “Senior living communities today have so much to offer” said Cole Smith of Western States Lodging/Management. “We’re not only accommodating the needs of couples who maintain an active independent lifestyle…»
Multifamily investors have lots of options to choose from if they want to take out a mezzanine loan in addition to the primary mortgage on their property. “There are more and more participants willing to make mezzanine loans,” says Ari Hirt, managing director in the debt and equity finance group at Mission Capital Advisors, a capital markets solution provider based in New York City…»
Scottsdale developer Fred Unger died Saturday after a seven-year battle with cancer, his family confirmed. The 69-year-old founder and president of Scottsdale-based Spring Creek Development was responsible for many of the city’s landmark projects including the Royal Palms Resort, the Hermosa Inn and the canal Waterfront downtown…»
One company is looking at ways to offer different smart home packages at its A and B communities. Pensam Residential has been offering smart-home features for its residents for a little while now. But in 2018, it plans dive even deeper into that market. “The expansion of the program is being driven by strong demand for integrated, smart-home solutions…»