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Lehman’s $21 Million Apartment Fund Stake Draws Little Interest
05.02.09
By Hui-yong Yu Feb. 5 (Bloomberg) -- Western National Group , a California
real-estate firm that raised a fund last year to buy apartment
properties, offered investors the chance to increase their
stakes, with no new fees. Only one of four said yes. After the bankruptcy of Lehman Brothers Holdings Inc. on
Sept. 15, a Lehman unit defaulted on a $21 million capital pledge
to Western National Realty Fund II. The Oregon Investment Council agreed to buy half of Lehman’s stake in the fund, investing $10
million on top of the $100 million it pledged in 2007. New York-
based asset manager TIAA-CREF and the state pension funds of
Michigan and Kansas all declined to increase their investments,
said Western National Chief Executive Officer Michael Hayde . “These are very difficult times for any pension plan to
think about increasing their investment in real estate,” Hayde
said in a telephone interview Jan. 30. Western National manages
20,000 apartments and owns stakes in 14,000 of those.
Source: Bloomberg
Plaza Centers acquires site in Sofia
Plaza Centers N.V. (“Plaza” or the “Company”), a leading emerging markets property developer, announces that it has acquired a controlling stake in a 75,000 sqm project in Sofia, Bulgaria, for the development of a retail and office complex.
Plaza has acquired a 51% stake in the project from a local developer for a total consideration of €7.14 million. The consideration will consist of a cash payment of €2.78 million and the assumption of €4.36 million of debt, representing 51% of the project's debt liability. In addition Plaza will retain the right to acquire a further 24% stake in the project for six months following the start of construction, based on the current value of the project, as reflected in today’s announcement. The local developer will retain the remaining stake as joint venture partners in the project, with Plaza managing the construction.
The design phase of the project is already underway for the planned 75,000 sqm gross built area, inclusive of parking spaces, with zoning approval for the construction of retail and office space as well as extensive parking. The site is ideally located at a main junction, 2.7 km from the centre of Sofia. The gross development budget for the project is expected to be €75 million with construction anticipated to commence in 2010.
This project is Plaza’s second project in Bulgaria, following its acquisition in November 2007 of a 20,000 sqm gross lettable area shopping centre development project in Shumen. Commenting on the acquisition, Ran Shtarkman, President and CEO of Plaza Centers N.V., said:
“Plaza is uniquely placed to take advantage of opportunities...
Read more...
What are my best chances of buying a Irvine Townhome in Foreclosure?
Nov 13, 2006 by jamiepar76 | Posted in Renting & Real Estate
It has been a dream for me to own a home and start my new family in Irvine, CA since my early 20s. Three years ago, I flew out to the Irvine ranch to be on the lottery to purchase a towhhome in Irvine, CA for $459,000 for a 3bed/3bath 1600 square feet. At that time i was single, and i had cold feet when my name was called. I thought the price was too high then. Til this day i regret not purchasing. Now as i am trying again to move to Irvine. I am looking for a townhome between 0-5 years (3 bed/ 3 bath 1600 square feet )for about $550,000 in Irvine. What are my best chances to get a home in foreclosure in Irvine. How can i go about seeking those opportunities? Also i am waiting to see if the Irvine real estate cools down a bit. Do you think the prices will go down about 10% by first quarter of 2008?
I have a feeling prices will not increase but also certainly not decrease. The market is slow but housing costs are still steady. You may want to look into buying a foreclosure. There are plenty of sites that you can search for properties nationwide or specifically in Irvine. There is a lot involved but it may be worth it if your motivated.
I use http://www.foreclosure.com when I was purchasing rental properties. You can take the 7-day trial to see if that's really what route you want to take.
Happy hunting. You sound pretty motivated. That's great just keep saving and go get that house in Irvine!
lu_candid | Nov 13, 2006
i dont understand the different boards. if i join the riverside board, will i only see riverside MLS listings?
Dec 18, 2008 by rogets | Posted in Renting & Real Estate
in other words, will i not be able to see listings listed in irvine? how do the real estate boards work? any help will be greatly appreciated!
If your Riverside board does not cover listings in Irvine, then you won't get them on the Riverside board site. Each MLS covers a specific geographic area. In general, those are the listings which you will see. If a Riverside board agent happens to list an Irvine property, then that would appear on the Riverside board site.
I don't know how close geographically Riverside and Irvine are. However, if you want BOTH boards listings, then you would need to join both boards.
acermill | Dec 18, 2008
Will you research: N.R.L.L. East, LLC 1 Mauchly, Irvine, CA 92618 800-501-9147 for business practices.?
Jul 31, 2006 by Paddock | Posted in Renting & Real Estate
Is this company in the business of buying and selling real estate land/lots? Do they have any judgements against them? How long have they been in business? If we agree to sell our property that is located in Missouri, what procedures should we have in place before we sign the contract? Should we agree to sign the papers without the assistance of an attorney? Can you check title companies they have delt with in the past? What risk are involved with an agreement of this type, since we do not know the company's history and we are located out of state?
The only information I was able to find was that they are registered w/ the CA Secretary of State and are an active business (link). Unfortunately I was not able to find much else (you could try to research the agent and see what you can find on him).
As for selling your property, even though you are selling, I would consult you accountant or lawyer before signing anything. Even if you write up the contract yourself, they can review it and offer advice to make sure they don't lowball you w/an asking price lower then value
dshcpa | Jul 31, 2006
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