First Industrial Realty Trust, a Chicago-based real estate investment trust, has expanded its joint venture with the California State Teachers' Retirement System to $1.6 billion from the $950 million capacity originally planned in 2006.The venture invests in land and developments in markets that are seen as benefiting from developments such as "supply chain reconfiguration, international trade, demographic trends, and economic expansion." The venture invests across North America and has an initial term of up to 2016, the REIT said. CalSTRS has put in an additional $200 million in equity, making for a 90% equity interest in the venture, and the REIT has put in an additional $22 million, First Industrial reported. New credit facilities of $500 million have been obtained from WestLB AG, the lead lender on the transaction. The target for the venture is to use 35% equity funding and 65% debt funding. The REIT is managing the venture and receiving management fees.
-
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
9h ago -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
9h ago -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18