Sears closes 63 more stores
The department store retailer is still hemorrhaging money causing them to close another 63 stores. 45 KMarts and 18 Sears locations are slated to close by January of 2018. Sears will need to reverse their stores’ performance soon because in 2020 more than $1 billion in loans are due.
KBS REIT closes $1 billion finance agreement
KBS Real Estate Investment Trust has closed a three-year $1.01 billion financing commitment. The new financing agreement consists of a $757.5 million term loan that was funded at close and a $252.5 million revolving loan of which $222.5 million remains unfunded. Bank of America, Wells Fargo, and U.S. Bank were the lead arrangers for the three year facility.
Chinese Development company buys $75 million site
China Overseas Land and Investment buys development site on the East Side of Manhattan for $75 million. China Overseas acquired the Extell Development property between Murray Hill and Kips Bay. The site features a 13-story mixed-use building that Extell began working on in late 2015.
Brookfield wants to take GGP private
Talks of Brookfield potentially buying General Growth Properties are pleasing investors. GGP shares traded for higher, nearly up 17%, as a result of Brookfield’s interests being made public. Brookfield intends to take the public real estate investment trust private.
Setbacks for Nobu Hotel
Chicago’s Nobu Hotel construction has been halted due to financing issues. In Chicago’s West Loop a new Nobu Hotel was being built by Mark Hunt’s M Development who now needs $52 million to complete construction. First announced in 2014 Nobu is a product of Modif Architecture featuring over 100 rooms, an indoor pool, rooftop lounge, and of course a 10,000 square-foot Nobu restaurant.