Finance Lending
$375M in Funding to Kick Off Michigan Casino Project
May 7, 2008
By: Barbra Murray, Contributing Editor

The last piece of the financial puzzle for constructing the FireKeepers Casino in Battle Creek, Mich., has been put in place with the FireKeepers Development Authority's closing on $375 million in financing.

With a $340 million Senior Secured Note and a $35 million F&E facility in place, work can commence on FireKeepers Casino. Located about an hour from Lansing and two hours from Detroit, the property will initially feature a 230,000-square-foot casino, restaurants, as well as a covered parking facility to accommodate 2,000 vehicles.

The FireKeepers Authority has charged Gaming Entertainment Michigan L.L.C., a joint venture of which Las Vegas-based Full House Resorts Inc. is a 50 percent owner, with handling the project's construction. Upon completion, GEM will oversee management of FireKeepers Casino for a seven-year period. Joint venture partner Full House presently has its hands in other pies in Michigan. The company has a contract with the Nottawaseppi Huron Band of Potawatomi Indians for the development and management of a premier casino resort in suburban Battle Creek.

A June groundbreaking is in the works for FireKeepers Casino, which is scheduled to open its doors in the summer of next year.

 
Recent Lending Headlines
SoCal Lender Kicks Off Another $100M Mortgage Pool Fund
Aug. 28, 2008
Los Angeles-based Wilshire Finance Partners has introduced Wilshire Income Fund II, its second real estate mortgage pool fund. The fund will raise $100 million to make commercial property loans. This time around, however, the company will be able to welcome investors and borrowers from beyond the borders of the State of California.
HFF Arranges $74M Loan for CONSOL Energy HQ
Aug. 28, 2008
Developer Horizon Properties has received a $74 million forward permanent loan for the just-completed two-building, 384,000-square-foot corporate headquarters for CONSOL Energy Inc. in Canonsburg, Pa., a Pittsburgh suburb.
Brome, Dana Trumbull Fund Refis $207M in Properties
Aug. 27, 2008
Taking advantage of a good interest rate, Trumbull Property Fund refinanced six Class A multi-family properties throughout the country as part of a $207 million refinancing effort.
First Financial Network Puts $75M Commercial Real Estate Loan Portfolio on Block
Aug. 26, 2008
First Financial Network, Inc., has announced the offering of more than $75 million in non-performing commercial real estate loans.
Troubled Fannie, Freddie Still Vital to Capital Markets
Aug. 22, 2008
Government-sponsored entities Fannie Mae and Freddie Mac may well be in line for a further infusion of capital that would reduce stockholder value. The future of the two agencies is still up in the air, but the capital markets are relying on them heavily for multi-family financing.
 

 

Fund Invests $44M in Texas, Ohio Student Housing
August 27, 2008
By Gail Kalinoski, Contributing Editor -- The Place/BV Student Housing Fund L.L.C. continues to make investments in student housing facilities across the United States, with two more announced today. The properties will be developed in Texas and Ohio for $44...

Grubb & Ellis's Bach: Construction Costs May Be at Peak
August 27, 2008
By Dees Stribling, Contributing Correspondent -- The soaring cost of construction, spurred in recent years especially by the rising cost of inputs into the process--the energy needed, the costs of raw materials and so forth--may be at its peak, according...

JV Investment Boosts $3.4B India Mixed-Use Portfolio
August 27, 2008
By Barbra Murray, Contributing Editor -- In return for $126 million and change, Tel Aviv, Israel-based Elbit Imaging Ltd. has forked over part of its stake in a $3.4 billion mixed-use project portfolio in India via a new joint venture...

Trumbull Fund Refis $207M in Properties
August 27, 2008
By Tonie Auer, Southwest Correspondent -- Taking advantage of a good interest rate, Trumbull Property Fund refinanced six Class A multi-family properties throughout the country as part of a $207 million refinancing effort. The Hartford office of Holliday Fenoglio Fowler...

REal Talk with Adam Perrotta-Tuesday
August 26, 2008
By Adam Perrotta, News Writer --As the economy's struggles continue to bog down the retail sector, Sydney-based Lend Lease Corp. is planning to give up its 50 percent ownership interest in Metro Philadelphia's King of Prussia Mall. Given that the...

Do You Have A Bad Attitude?
August 22, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Show me a CEO with a bad attitude and I'll show you a poor leader. While this sounds simple enough at face value, I have consistently found that one of the most often...

Is Family Business a Good Idea?
August 15, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Oh what a conundrum! Family business: Should I, or shouldn't I? In my opinion there really isn't a right or wrong answer to this question. It is simply a matter of personal preference....

What to Do When Marketing Goes Wild
August 08, 2008
By Mike Myatt, Chief Strategy Officer N2growth --Have your company's marketing initiatives wandered astray? Is the proverbial tail starting to wag the dog with respect to your current marketing campaigns? How do you know when marketing is out of control?...

Six Mistakes Real Leaders Avoid
August 01, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --I recently had a reader ask: "Is there a simple test that can be used to quickly determine an executive's leadership ability?" The short answer is yes. There are, in fact, a great...

Top Brokers Do Deals in Bad Markets, Too
July 18, 2008
By Mike Myatt, Chief Strategy Officer N2growth --Many in the industry long for the frothy markets of 2005 when sellers experienced record low cap rates, buyers were aided by loose credit and a strong flow of funds from the capital...