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Jul 2, 2024 | 
therealdeal.com | Kevin Rebong |Suzannah Cavanaugh
The Chetrit Group dug itself out from under a half a billion dollar default last year, staving off foreclosure on a 10-state, 43-building multifamily portfolio. But for some tenants at its Indiana properties, the cash crunch was an “unmitigated disaster,” according to a suit filed by the state’s attorney general last week. Renters suffered from deferred maintenance, “horrifying” trash piles and flooding “that gave way to microbial growth,” the lawsuit alleges.
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Jul 1, 2024 | 
therealdeal.com | Kevin Rebong |Kathryn Brenzel
A summer weekend proved a good opportunity for the City Council to revive the tax lien sale. On Sunday, a day before the city’s fiscal year began, the body approved a $112.4 billion budget. Your attention was probably more focused on that than the other thing the Council did: It authorized the lien sale through 2028. The last one took place in December 2021. The Council voted to amend the lien sale in a number of ways.
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Jul 1, 2024 | 
therealdeal.com | Kevin Rebong
A pair of investment firms have injected $35 million into a 350-key hotel in the Loop to stave off foreclosure. Miami-based 1907 Capital and Fort Worth-based Crestline Investors took a leading equity stake in the dual-brand Canopy by Hilton and Hilton Garden Inn at 226 West Jackson Boulevard, Crain’s reported.
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Jul 1, 2024 | 
therealdeal.com | Kevin Rebong
Tesla has hit the go-pedal on plans to turn the defunct Winnetka Pacific Theatres in Chatsworth into a showroom and pick-up spot for its electric cars. The Austin, Texas-based electric vehicle maker led by Elon Musk pitched its latest plan before the L.A. Planning Commission to redevelop the 118,800-square-foot multiplex into a car showroom and delivery hub at 9201 North Winnetka Avenue, the Los Angeles Daily News reported.
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Jul 1, 2024 | 
therealdeal.com | Kevin Rebong
Ledgestone Development Group has zeroed in on a condo development in North Austin. The local firm is spearheading a 198-unit project at 2001-2013 West Anderson Lane, called The Ander, Towers reported. The five-story complex, designed by STG Design, will comprise one- and two-bedroom condos, spanning from 680 square feet to 1,500 square feet. Prices will start at $400,000 and range upwards of $1 million. Ledgestone is targeting 2027 for opening.
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Jul 1, 2024 | 
therealdeal.com | Kevin Rebong |Orion Jones
What’s old is new again in Coney Island, where Will Blodgett’s Tredway is moving forward with plans to build affordable housing for senior citizens just blocks from the ocean. The developer filed an application last week with the Department of Buildings for a 180,000-square-foot infill project with 250 new apartments at 2828 West 28th Street, on a parking lot across Neptune Avenue from Kaiser Park.
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Jul 1, 2024 | 
therealdeal.com | Kevin Rebong
Park Hotels & Resorts will shutter a 56-year-old Hilton hotel next to Oakland’s airport following closures of numerous local restaurants because of crime. The Virginia-based real estate investment trust announced it would close the Hilton Oakland Airport Hotel at 1 Hegenberger Road , the San Jose Mercury News reported. The 363-room business hotel, which opened in 1968 next to what is now the San Francisco Bay Oakland International Airport, will close on Aug. 28.
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Jul 1, 2024 | 
therealdeal.com | Kevin Rebong
Sand Hill Property wants to build a 100-unit apartment building in Palo Alto, not far from Google’s headquarters. The locally based developer owned by Peter Pau has filed preliminary plans to build the seven story complex at 830 East Charleston Road and 4015 Fabian Way, SF Yimby and the Silicon Valley Business Journal reported. The U-shaped complex at Charleston and Fabian Way would replace two single-story buildings containing an auto repair shop and a flooring contractor.
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Jul 1, 2024 | 
therealdeal.com | Kevin Rebong
ART: Jason Larian and Ryan Hekmat, co-founders, Uncommon Developers here and here. 6728 Sepulveda Boulevard here, credit Works Progress Architecture. And here, credit same. TRD treatment here. Uncommon Developers has pushed back a union-backed appeal trying to block a 405-unit apartment complex in Van Nuys.
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Jun 30, 2024 | 
therealdeal.com | Kevin Rebong |Katherine Kallergis
The tragedy was a huge wake up call for the condo community statewide — from legislators and code enforcement to homeowners, engineers, property managers and condo board members. Laws passed in 2022 and 2023 aim to ensure another collapse of that magnitude never happens again. The legislation requires milestone inspections for condo and co-op buildings, structural integrity reserve studies (SIRS) every decade, and the full funding of financial reserves, among other things.
