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Volume 2 - Number 22 | November 28, 2005
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TOP STORY: More Firms Taking REITs Private
By Erika Morphy
With the latest REIT to be taken private -- Morgan Stanley Real Estate’s Prime Property Fund paid some $2.1 billion for Chicago-based AMLI Residential Properties Trust a few weeks ago -- the arbitrage opportunities these transactions can deliver is now seen as a trend. There have been a handful of such deals coming to market this year.
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New Concerns Over Proposed Los Angeles Hotel Project
By Benjamin Mark Cole
The long-awaited Los Angeles Convention Center hotel, a project that has languished for decades, may be delayed yet again amid soaring construction costs and uncertain financing. Just recently, the project received a major setback when Apollo Real Estate Advisors of Los Angeles backed out of supplying an expected $60 million in equity.
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Rising Property Values Drive Investors to Defease
By Benjamin Mark Cole
Only a few years ago, the concept of loan defeasance was regarded as “one of the black arts” of real estate, says Gary M. Tenzer, a co-founder and executive vice president with George Smith Partners in Los Angeles."But now, with so much equity trapped in commercial properties, and interest rates often lower than the loans outstanding on buildings, we are very very busy doing loan defeasances,” he says.
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Ten Minutes with … Marcus & Millichap’s Bill Millichap
By Erika Morphy
Marcus & Millichap is the largest commercial real estate brokerage in the nation. So when the California firm surveys the landscape to identify best investment bets for the upcoming year, its pronouncements tend to carry water with the rest of the industry.
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