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Volume 3 - Number 15 | August 9, 2005
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TOP STORY: Urban Partners, Blackstone Team Up on Student Housing
By Sule Aygoren Carranza
After tough negotiations, red tape and other unforeseen hurdles sidelined it for four years, the University Gateway project is finally under way, with 24 months of construction slated to start in the third quarter of 2006. The $135-million, 421-unit, mixed-use development—said to be the largest private real estate development to date on Los Angeles' Figueroa Corridor—is a joint venture of Urban Partners and Blackstone Real Estate Advisors, an affiliate of the Blackstone Group of New York City.
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INSIDER: Buchanan Street Partners' Craig Reed and CNC Investments' Bill Stallings
By Sule Aygoren Carranza
Like many in the industry, real estate investment bank Buchanan Street Partners and CNC Investments, a Houston-based developer, have teamed up, in their case to buy more than $150 million worth of properties in select markets. Unlike many of their counterparts, however, the duo is steering clear of high price tags and trophy assets to instead bank on value-creation opportunities in Texas and the Southwest.
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GMAC Sheds Commercial Mortgage Unit
What's been rumored for several months has been confirmed: GMAC has contracted to sell a majority stake of its commercial mortgage unit. The buyer is an investor group consisting of Kohlberg Kravis Roberts & Co., a private equity firm specializing in management buyouts; Five Mile Capital Partners, an alternative investment management firm; and Goldman Sachs Capital Partners, part of Goldman Sachs' principal investment area in the merchant banking division. Terms of the deal were not disclosed.
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