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Commercial Real Estate & Business News – May 6, 2015

Regarding commercial real estate lending, the survey respondents (on the whole) reported easing standards on loans secured by nonfarm, nonresidential properties during the first quarter. A few large banks also said they’d eased standards on construction and land development loans, and some reported easing standards on loans secured by multifamily properties. On the demand side, the respondents reported stronger demand for all categories of CRE loans… Read more »
U.S. chain retailers have upped their store opening plans ever-so-slightly in April, confirming a positive outlook for the retail real estate sector going forward, according to the National Retailer Demand Monthly report from RBC Capital Markets… Read more »
In a deal that can best be described as a home run for the seller, Abacus Capital paid $24.35 million ($63,743 per unit) to buy the 382-unit Cabana on Thomas apartments located at 1645 E. homas Road in Phoenix. The seller was a limited partnership formed by Deco Communities. After purchasing the property, Deco Communities converted the multi-family project to a contemporary, “Cabana” theme design. Deco Communities spent $5+ million to refurbish the property, which was built in phases from 1964 to 1979… Read more »
The Fairmont Scottsdale Princess is seeking permission from the city of Scottsdale to add more than 100 new hotel rooms. The Scottsdale resort has already received approval from the Scottdale City Council and will face the city’s Development Review Board on ThursdayRead more »
According to the latest monthly report from the W. P. Carey School of Business at Arizona State University, all signs point to the Phoenix area housing market having having better results in 2015, compared with 2014…Read more »