Commercial Real Estate & Business News – May 9, 2013

Village at Surprise has New OwnerA little more than two years after acquiring the 27,205-square-foot Village at Surprise, Pacific West Land, operating under the entity name PWDAF Bell and Litchfield LLC, sold the property to Kierland Village Center LLC. The Bainbridge Island, WA-based seller walked away from the deal with a little more than $6 million in its bank account. Built in 2004, the Village at Surprise is leased to… Read more

Vestar Secures $63.5 Million Loan For Refinancing Of Queen Creek Marketplace

Vestar has secured a seven-year permanent loan totaling $63.5 million for the refinancing of Queen Creek Marketplace, a 686,000-square-foot power center located at the Southwestcorner of Ellsworth Loop Road and Rittenhouse Road in Queen Creek, Ariz.. The loan was provided by Bank of America in Phoenix. Developed in 2008… Read more

Mesa’s Main Street Businesses Ready For Light-Rail Construction

For months, business owners along Mesa’s Main Street in the city’s downtown have watched as light-rail construction crews slowly crept toward their area. The wait is now over. After months of planning, the crews will start work east of Country Club Drive Wednesday for the extension of METRO ‘s light rail system… Read more

Multifamily GSE Lending Reform: Potentially Disruptive and Inherently Valueless

Without some form of government guarantees, the multifamily lending businesses of Fannie Mae and Freddie Mac have little inherent value, so conclude Fannie Mae and Freddie Mac in reports prepared for their conservator, the Federal Housing Finance Agency (FHFA) and released this week… Read more

Commercial Properties Face Some Tough Medicine

As loans hit their expiration dates, maturity defaults dominate the trends shaping distressed markets this year. In the past few years, concerns have mounted over maturing commercial real estate loans, particularly as the loans made at the height of the market began to reach maturity. Borrowers have scrambled to seek loan modifications and workouts, and this trend is likely to continue for years to come… Read more