Month: August 2020

Bank OZK CEO George Gleason and Wells Fargo CEO Charles Scharf (Photos via Bank OZK, iStock; Getty) Bankers ran for the hills when the pandemic hit, but got back to dealmaking in the second quarter. U.S. banks provided $380.61 billion in construction loans in the second quarter, up from $369.75 billion in the first quarter,…

It’s the last stretch of summer so soak in those rays, grab your phone or tablet, and catch up on the videos that made a splash with our readers last week on The Real Deal. Catch up now, and don’t forget to subscribe to our YouTube channel. Behind A-Rod’s real estate play Maybe it was…

Facebook CEO Mark Zuckerberg and a rendering of the Farley Building (Getty; Vornado) The future of office properties has been in question since the pandemic emptied out Manhattan. But Brian Rosenthal, a senior executive at Facebook, told Business Insider that having a physical space in New York is critical for the social media giant. “So…

Chris Cortazzo and 28848 Cliffside Drive (Credit: Google Maps) Chris Cortazzo is not only the president of doing Malibu home deals, he’s also a client. The prolific Compass agent sold a 55,000-square-foot oceanfront plot at 28848 Cliffside Drive last week for $39 million, according to Los Angeles County records and sources close to the deal.…

CEO of Related Companies Jeff T. Blau, and a rendering of the project (Credit: Related) The Related Companies DTLA mixed-use megraproject has hit the halfway mark, even as the pandemic has brought many other projects to a standstill and raised big questions about the future of such large-scale developments. Designed by Frank Gehry, the Grand,…

Ken TaeHern Kim, Zhongyuan Li and the Hyatt Regency Waikiki Beach (Linkedin, Google Maps) The embittered parties fighting over a $5.8 billion hotel portfolio sale went to trial this week to decide the matter. The deal for 15 American hotels, which was supposed to close April 17, unraveled with the U.S. economy. It was further…

Justin and Hailey Bieber with the home (Credit: Jon Kopaloff/Getty Images, and Realtor.com via Variety) It looks like the 90210 is “stuck with” Justin Bieber. Less than two years after buying in Beverly Hills, the singer-song writer and wife Hailey Baldwin shelled out $26 million for an 11,145-square-foot mansion in the gated community of Beverly…

Bob Dylan, Zelda and F. Scott Fitzgerald, with Big Pink (Credit: Evening Standard/Getty Images,Bettmann/Getty Images, and Wikipedia) Sure, F. Scott and Zelda Fitzgerald once lived in the Montgomery, Alabama, home now available as a short-term rental. And yes, Bob Dylan and his fellow musicians slept and jammed in a Upstate New York house during their…

Avi Shemesh, Richard Ressler, and Shaul Kuba, and the towers CIM Group has closed on one of the biggest multifamily deals the Northern Virginia market has ever seen. The investment firm paid $506 million for the 2,311-unit Southern Towers in Alexandria, just outside Washington, D.C., according to Bisnow. CIM bought the five-building, 60-year-old complex from…

In China, residential developers have used presales to power their construction, but that may not be enough in a Covid world. (Getty) Presales are everything for residential builders in China, but in a coronavirus world, they may not be enough for one big developer. Across China, the cash-strapped Tahoe Group has slowed or stopped construction…