REBusinessOnline

Paramount Receives $975M Loan for Refinancing of One Market Plaza in San Francisco

Paramount Receives $975M Loan for Refinancing of One Market Plaza in San Francisco

SAN FRANCISCO — Paramount Group Inc. has received a $975 million loan for the refinancing of One Market Plaza, a property featuring two landmark office towers in San Francisco’s South Financial District. The property consists of 1.6 million square feet of Class A office and retail space. The buildings, originally constructed in 1976, underwent a $25 million lobby and atrium renovation that was completed in 2015. The 43-story Spear Tower and 27-story Steuart Tower are bridged by a six-story office and retail annex. Amenities include two restaurants, subterranean valet parking, on-site banking and dry-cleaning, and 24-hour security. The seven-year loan has a fixed interest rate of 4 percent. The net proceeds from the refinancing..

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Starwood Capital Group to Acquire Milestone Apartments REIT for $2.85B

Starwood Capital Group to Acquire Milestone Apartments REIT for $2.85B

TORONTO AND GREENWICH, CONN. — Milestone Apartments Real Estate Investment Trust (TSX: MST.UN), a Toronto-based multifamily REIT, has entered into an agreement with an affiliate of Starwood Capital Group whereby Starwood will acquire all of Milestone's subsidiaries and assets. The transaction, which is expected to close in the second quarter of this year, is valued at $2.85 billion (USD). Milestone's board of trustees has unanimously approved the acquisition and recommends that its shareholders vote in favor of the transaction. Milestone’s shareholders will receive $16.15 per share in cash upon closing, and the REIT expects to continue paying its monthly distributions in the normal course through closing. Milestone REIT's..

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Putting a Stop to the ‘Hidden Property Tax’

Putting a Stop to the ‘Hidden Property Tax’

Owners should be delighted to see the value of their property increase, but in our current tax environment, higher property values have become synonymous with higher property taxes. School districts, municipalities, counties, and other taxing units have the power to limit property tax bills by lowering their respective tax rates as property values rise. Instead of doing this, however, many taxing entities opt for a tax revenue windfall. Remarkably, as they collect this additional revenue, these same taxing units claim that they have not raised taxes because they have not increased their tax rate. This distinction has afforded taxing units a convenient escape from the ire of taxpayers. But is it fair? The Texas property tax system..

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Ellis Partners Breaks Ground on Renovation of Pruneyard Mixed-Use Center in Silicon Valley

Ellis Partners Breaks Ground on Renovation of Pruneyard Mixed-Use Center in Silicon Valley

CAMPBELL, CALIF. — Ellis Partners has broken ground on the multi-phased renovation of The Pruneyard, a 27-acre mixed-use shopping center in the Silicon Valley city of Campbell. The Pruneyard contains 365,000 square feet of Class A office space, 253,000 square feet of retail and restaurants, and a 170-room Doubletree Hotel. The infill project has not been updated for nearly 20 years. It is located at 1875. S. Bascom Road in the West Valley community. Ellis Partners purchased The Pruneyard from Equity Office Properties for $280 million in 2014. “The Pruneyard has been a premier West Valley office location for businesses large and small for over four decades,” Jason Morehouse, partner and director of acquisitions at Ellis..

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