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Volume 3 - Number 2 | January 23, 2006
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TOP STORY: Developers Support Gulf Opportunity Zone Act
By Erika Morphy
Developers, lenders and real estate investors expect a federal initiative offering about $8.5 billion in tax incentives to encourage redevelopment of the hurricane-battered Louisiana and Mississippi coasts. The Gulf Opportunity Zone Act offers a range of development incentives, including low interest loan programs and relaxed rules for municipal bond financing.
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Behind the Deal: LA Hotel Project Attracts New Investor
By Benjamin Mark Cole
The on-again, off-again Los Angeles Convention Center hotel appears to be on once again. KB Home, a publicly held builder of single-family tract homes, will put up 50% of the equity for the planned $600 million hotel and condominium project across from Staples Center in downtown Los Angeles.
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Capital Watch: Kearny, Morgan Stanley Form New Fund
By Benjamin Mark Cole
Kearny Real Estate Co. is building on its long-term relationship with Morgan Stanley Real Estate to create the $100 million Kearny Industrial Fund. The fund, which plans to acquire a portfolio of select industrial properties in the Southern California region, recently invested $17 million in its first asset, a 206,000-sf distribution warehouse in Santa Fe Springs, CA.
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Ten Minutes with . . . CMSA’s Margie Custis
By Erika Morphy
Margie Custis is at the midpoint of a one-year term as president of the New York City-based Commercial Mortgage Securities Association Inc. D&E Journal spoke to her recently about the performance of the CMBS market in 2005 and the direction it is heading in 2006.
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