Not only did the national real estate company close a new $425 million credit facility, it completed an $851.5 million joint venture and announced that its 2010 earnings before depreciation, interest, taxes and amortization marked a record for the firm.
The group of assets involved–including independent living, assisted living, memory impaired and respite stay communities–are sited in highly coveted markets in six New England states.
As the $851.5 million partnership was struck, the company had another announcement: president & chief operating officer Joanne Minieri will resign her position to form her own consulting firm. However, she will not entirely separate from her longtime employer, but rather take on the role of consultant on major Forest City projects.
The unofficial jobs report duo of Challenger, Gray & Christmas and ADP (a duo only in timing, since the two companies aren’t affiliated) came out with their numbers, as usual ahead of the official jobs report. On the whole, the two reports were generally positive, with some exceptions.
Peter Belisle of Jones Lang LaSalle discusses the impact of rooftop age and condition in considering solar power installations on CPE’s From the Inside. For example, an owner facing roof replacement might defray the cost by leasing rooftop space to a third-party solar power company.
The firm picked up 840 First St., a 248,600-square-foot fully occupied property, from the Stephen A. Goldberg Co. for $90 million.
The 452,800-square-foot property at 5900 Wilshire Blvd. is widely known as the Variety Building for its lead tenant, entertainment publication Variety.
Housing prices continued their downward trend, according to the latest Standard & Poor’s/Case-Shiller index for 20 major U.S. metro areas. Single-family prices were down 1 percent in the 20 markets from December to January, and 3.1 percent year-over-year, the index noted.