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Volume 4 - Number 21 | October 24, 2006
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TOP STORY: Tishman, BlackRock JV Win Bidding for NYC Complex
By Sule Aygoren Carranza
Ending months of speculation, MetLife Inc. has finally decided on a buyer for Stuyvesant Town and Peter Cooper Village, the massive apartment complexes it has owned the past 60 years on Manhattan's East Side. The wining bid of $5.4 billion belonged to a joint venture of real estate firm Tishman Speyer and BlackRock Realty, the real estate arm of investment firm BlackRock Inc.
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Deal Watch: Green Park Closes $337M Deal for 55-Asset Portfolio
By Sule Aygoren Carranza
Green Park Financial closed a refinance package worth more than $337 million for a portfolio of 55 properties located primarily in the West and Southwest. Nomura Securities International Inc. provided the funds, which were put together and underwritten by a Green Park team led by vice president Andrew Tapley. Scott Jansen of Black Diamond Capital originated the financing.
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Capstone Earns $223M in Portfolio Sale to GMH Communities
By Sule Aygoren Carranza
GMH Communities Trust has grown its portfolio by 11 properties, thanks to a $223-million deal with Capstone Development Corp. The communities are student housing projects with an average occupancy of 96% and total 2,214 units and 7,194 beds in 11 states.
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Data Points: Multifamily Stocks Outperform S&P 500 Again
By Sule Aygoren Carranza
The Multifamily Stock Index outperformed the S&P 500 again last month, according to data from the National Association of Home Builders. The index tracks 24 publicly traded US apartment companies, including 20 REITs. The MFSI rose by about 42 points or 1.3% in August to a new record high.
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