• Real Estate Investing,  Travel & Lifestyle

    The 5 trending TRD videos you may have missed this week

    We get it, it’s been another busy news week in the middle of a pandemic, and an election year to boot. So we understand if you may have missed these excellent TRD videos — some old, some new — that are now trending. Catch up this weekend and don’t forget to subscribe to our YouTube channel. In this interview, Social Construct’s Ben Huh and Michael Yarne talk to TRD’s Hiten Samtani about their startup’s aim to allow developers to build faster, cheaper, and more predictably.   Accountants Mark Bosswick, managing partner at Berdon; and Elliot Levine, managing member at Levine & Seltzer discuss the federal Paycheck Protection Program, and what…

  • Real Estate Investing,  Travel & Lifestyle

    Peter Fine sells waterfront North Bay Road home for $11M

    4420 North Bay Road with Kim Perell and Peter Fine (Coldwell Banker) A company tied to New York developer Peter Fine sold a waterfront Miami Beach home to a San Diego-based angel investor and entrepreneur. Kim Reed Perell and her husband, John, paid $10.8 million for the house at 4420 North Bay Road. The nearly 8,000-square-foot home, built in 2003, has six bedrooms, eight bathrooms and one half-bath. The house has a gate, a gym, a master suite with a balcony, an infinity pool and a private dock, according to the listing. Jill Hertzberg of the Jills Zeder Group with Coldwell Banker Realty represented the seller. Fabio Lopes with the…

  • Real Estate Investing,  Travel & Lifestyle

    Mortgage refis will get a lot more expensive. The industry isn’t happy

    (iStock) Homeowners looking to refinance their mortgage are going to be in for a pricier ride. And mortgage and housing professionals, who’ve benefited from record low rates to do brisk business, are miffed. Freddie Mac and Fannie Mae said Wednesday that they will charge an additional 0.50 percent, or 50 basis points, fee to lenders on refinance loans. That means the average consumer looking to refinance a home will soon be paying $1,400 more than they would previously, according to the Mortgage Bankers Association. Fannie and Freddie cited Covid-related losses from the coronavirus and economic uncertainty to justify the fee hike, which kicks in in September. The government-sponsored entities, which…

  • Real Estate Investing,  Travel & Lifestyle

    The homes of Kamala Harris

    Photo illustration of Kamala Harris (Getty) Sen. Kamala Harris, Joe Biden’s nominee for vice president, may have a convenient commute should her running mate win the 2020 presidential election. Harris owns an apartment in Washington D.C., which she bought for $1.775 million in 2017. But for now, she and her husband, Doug Emhoff, reside in Brentwood, California, according to the Wall Street Journal. Emhoff, an attorney, bought the home for $2.7 million in 2012. Collectively, the politician’s homes are worth about $8 million. Harris also has a home in San Francisco, which she purchased for $489,000 in 2004, the year she became the city’s district attorney. Read more Here’s the…

  • Real Estate Investing,  Travel & Lifestyle

    AIG, Goldman lend on Shvo’s “Big Red” buy in Chicago

    John Buck, Michael Shvo, and 333 South Wabash Avenue (Credit: Patrick McMullan via Getty Images, and TJBC) AIG and Goldman Sachs provided Michael Shvo and his partner with a $240 million loan to acquire Chicago’s “Big Red” office tower. Shvo and partner Deutsche Finance America closed Wednesday on the $376 million purchase of the 1.2 million-square-foot tower, a source familiar with the transaction told The Real Deal. AIG and Goldman financed the deal with an eight-year, interest-only loan, according to the source. Shvo declined to comment and AIG and Goldman did not immediately respond to a request for comment. The iconic 45-story red office tower at 333 South Wabash Avenue…

  • Real Estate Investing,  Travel & Lifestyle

    Bilgili wants Shvo to open his books

    Michael Shvo and Serdar Bilgili in December 2019 (Getty, iStock) Turkish real estate mogul Serdar Bilgili tapped his Rolodex two years ago to build a partnership that’s been buying trophy U.S. properties with abandon. But now that Bilgili claims his partner Michael Shvo cut him out of the team’s most recent deals, and has turned to the courts to demand access to his partner’s books.  Shvo’s ability to charge his partners for expenses was limited because “of the fact that he had previously been indicted for and pleaded guilty to tax fraud, and that investors in the projects needed comfort that he was subject to review and oversight by the…

  • Real Estate Investing,  Travel & Lifestyle

    Macerich posts $27M loss; CEO says physical retail here to stay

    Macerich CEO Thomas O’Hern and Santa Monica Place mall Mall landlord Macerich posted a $26.7 million net income loss in the second quarter as the Santa Monica-based firm continues its struggle to collect rent across its portfolio. The dismal quarter compared to Macerich’s profit of $13.9 million over the same period in 2019. At its earnings call on Tuesday, the retail real estate investment trust reported revenue fell 22 percent to $178 million year over year. All Macerich-owned malls shut down for a time during the pandemic, and some of its properties in California and New York have only been open a few days during the pandemic. “Given that most…

  • Real Estate Investing,  Travel & Lifestyle

    Here’s the real estate record for Kamala Harris

    Kamala Harris and Joe Biden (Getty) While serving as California attorney general, Kamala Harris could have gone after Steve Mnuchin for alleged mortgage fraud at his company, OneWest, but didn’t. OneWest foreclosed on more than 36,000 California homeowners in the years following the Great Recession. Harris’ office conducted a preliminary investigation, and deputy attorneys general recommended the state take action, but no charges were brought. On other occasions, however, Harris, who was just named by Democratic presidential nominee Joe Biden as his pick for vice president, has taken the battle to the industry. In 2012, she negotiated the second-largest civil settlement in U.S. history for predatory practices that contributed to…

  • Real Estate Investing,  Travel & Lifestyle

    J. Crew said it was bankrupt. Then its landlords forked over $130M

    J. Crew had plans to shut down its stores, but then its landlords stepped in in $130 million of relief. (iStock; J. Crew by Gary Hershorn/Getty Images) Bankrupt retailer J. Crew is saving $130 million in rent. The retailer, which has 492 stores including Madewell and outlet locations, has negotiated about $70 million in concessions this year and about $60 million next year from its landlords, according to Retail Dive. That includes waivers and rent deferrals, as long as sales are in line with projections. J. Crew had sought to exit leases through its bankruptcy proceedings, which began in May. Before it filed for Chapter 11, it had been closing…

  • Real Estate Investing,  Travel & Lifestyle

    Estate Companies buys shuttered Hialeah Ramada for $15M

    Jeff Ardizon and Robert Suris with 950 West 49th Street, Hialeah High-end apartment developer The Estate Companies bought a former Ramada Inn in Hialeah. The developer paid $15.25 million for the 5-acre property at 1950 West 49th Street. Estate Companies principal Jeffrey Ardizon declined to comment on what the firm is planning to build, but said it will be announced soon. LV Lending arranged $11.5 million in financing. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending represented the developer. Property records show UCH1 LLC, Miami Corporate Partners LLC, Bidart Dairy II LLC, Kern land Partners LLC and Kern Land Holdings LP were the sellers. The 258-room hotel last…