The Mills Corp., a real estate investment trust based in Chevy Chase, Md., has announced an arrangement with Colony Capital Acquisitions and Kan Am USA Management to develop a Northern New Jersey mall project.Under the terms of a letter of intent entered into by the beleaguered retail REIT, Colony would arrange for construction financing for the $2 billion project and make a "significant equity infusion" into the joint venture, Mills reported. Kan Am has been the REIT's partner on the project since 1997, and while the recapitalized partnership will continue to have the same obligations to the New Jersey Sports and Exposition Authority, The Mills will not have any post-closing financial obligations, according to the REIT. As consideration for the transaction, the REIT would issue at closing either 4.5 million shares of its common stock or 4.5 million units of The Mills LP, redeemable for the same number of shares of The Mills common stock. The REIT can be found online at http://www.themills.com.
-
The head of the Consumer Financial Protection Bureau summarized his findings from a yearlong probe into the Appraisal Foundation. He says the "lawmaking body" is not accountable to the public or market forces.
11h ago -
The top five depositories have a combined wholesale volume of more than $15 billion at the end of Q4 2023.
March 18 -
Among opportunities to be offered to the program's fifth class of startup entrepreneurs are bank-provided mentorships and sessions with technology leaders and regulatory experts within home finance.
March 18 -
Financial advisors and tax experts say HOA fees are usually not deductible, unless the home is used for a business or as a rental property.
March 18 -
The broker argues it did not break any agreement because it never signed an amendment to UWM's ultimatum in 2022.
March 18 -
The racial gap in first-time buyers' ability to maintain their status as owners has also narrowed over the last two decades, the agency's researchers reported.
March 18