The LA Deal Sheet
January 22, 2019

The LA Deal Sheet

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A high-end master-planned community hoping to cater to golfers and the millions who attend the annual Coachella Valley Music and Arts Festival is finally underway.

Developer The Robert Green Co. announced it has secured $212M in construction financing to begin the first phase of development of the much-anticipated, 525-acre SilverRock Resort and Residences in La Quinta. La Quinta is a city in the Coachella valley area of Riverside County. It is about two hours east of downtown Los Angeles.

George Smith Partners arranged the loan, with the funds coming from an affiliate of Calabasas-based Mosaic Real Estate Investors.  The three-year senior construction loan will be used to fund the pre-development and construction costs of a 145-acre parcel that includes…

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Former Herald Examiner Building To Get $54M Facelift

The former headquarters of the Herald Examiner newspaper will get a nearly $55M facelift.

On behalf of Georgetown Co., HFF has secured $54.6M in bridge financing for the redevelopment and renovation of the 100K SF historic building at 146 West 11th St. in the South Park neighborhood of downtown Los Angeles.

"This announcement is a key step towards bringing back this iconic property in all its former glory,” Georgetown Vice President Michael Fischer said in a news release. Built in 1914 by publishing tycoon William Randolph Hearst and designed by renowned…

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China Crisis? Outbound Investment To Stay Stagnant And Economic Uncertainty Grows

In the snowy climes of the 2017 Davos World Economic Forum, Chinese President Xi Jinping raised the prospect of China becoming the leading force of globalisation. Xi used U.S. President Donald Trump's decision not to attend the conference as an opportunity to position China as an outward-facing agent of global trade.

Mainland Chinese firms invested a record $41.5B outside of their country in 2016, according to Real Capital Analytics, and in 2017 they topped that, spending $42.5B abroad.

Fast-forward to January 2019 and the first day of Davos and the picture is altered completely. China is dramatically more inward-looking. The country is locked in a trade war with the U.S. Xi and the ruling Communist Party have reined in outbound investment flows.

The U.S. and U.K. real estate industries have reason to be nervous.

Read the full story here.

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California Competition To Select Demonstration Mass-Timber Projects

California projects that use mass-timber products and can be replicated elsewhere could be eligible for state grants under a new competition launched this month and taking applications through March 18.

The California Government Operations Agency plans to award $500K in grants to at least two project teams through the California Mass Timber Building Competition. The idea is to recognize projects that create viable mass-timber construction that can be repeated for…

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‘Nobody Seems To Know': Landlords Concerned Government Could Miss Next Rent Payment Amid Shutdown

The government shutdown, now the longest in U.S. history, has some office owners worried their federal tenants might not make the next rent payment on time, potentially hurting their bottom line and creating lasting damage to the idea that the government is a stable tenant. 

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Beyond The Bio: 16 Questions With The Davis Cos. President Richard McCready

This series profiles men and women in commercial real estate who have profoundly transformed our neighborhoods and reshaped our cities, businesses and lifestyles. 

Boston-based The Davis Cos. is behind some of the East Coast's most notable projects. Founded in 1976 with a focus on urban residential renovations and conversions, the company has gone on to develop the Boston Design Center (later dubbed the Innovation and Design Building after being acquired by Jamestown) and redevelop Pittsburgh's Union Trust Building into a LEED-certified retail and office building. It is underway with the 1,055-room Omni Boston Hotel at the Seaport, expected to become the city's fourth-largest hotel. 

The Davis Cos.' president, Richard McReady, has been with the company since 2014. Prior to joining Davis, McReady was the chief operating officer at NorthStar Realty Finance Corp. and also founded Hummock Pond Capital Strategies, a real estate consulting and advisory firm.

Read the full story here.

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The 6 Questions Brexit Leaves Hanging Over U.K. Real Estate

LONDON — Over the next week or so, there should, in theory, maybe, be a bit more clarity about the U.K. government's new strategy for Brexit in the wake of last week's historic defeat for the plan put forward to Parliament by Prime Minister Theresa May.

There are a little more than two months to go until Britain is set to leave the EU. Here are the key unanswered questions London and U.K. real estate professionals are pondering as the reality of Brexit approaches with little information about what it will actually entail. 

Read the full story here.

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Send your commercial real estate news, announcements, story leads or tips to Joseph.Pimentel@bisnow.com.