Iris Dorbian
Angelo Gordon & Co. LP and Candlebrook Properties LLC have sold Plainsboro, New Jersey-based Quail Ridge Apartments, an apartment community, to Kushner Companies for $146 million. Holliday Fenoglio Fowler LP represented the sellers.
Maranon Capital LP has expanded its team with three new hires. Joining the company are Shawn Meador as an investment analyst and Matt de Frank and Greg Singer as fund accountants.
Starwood Capital Group, Trinity Capital Advisors and Vanderbilt Partners have sold a seven-property portfolio in Raleigh-Durham, North Carolina for $105.5 million. The buyer was not named. Holliday Fenoglio Fowler LP represented the sellers on the transaction.
A fund led by Greystar Real Estate Partners has closed its previously announced take-private acquisition of Monogram Residential Trust Inc, an operator and developer of luxury apartment communities, for $12 per share. The total value of the deal was about $4.4 billion. The fund’s other investors include APG Asset Management N.V., GIC and Ivanhoe Cambridge. Morgan Stanley served as financial adviser to Monogram while J.P. Morgan Securities LLC did likewise for Greystar. As a result of the closing, Monogram will stop trading on the New York Stock Exchange on September 20, 2017.
First Read starts the day with news that Guggenheim Partners CEO is reportedly considering stepping down, Bed Bath & Beyond stock sinks after the retailer posts worse than expected sales, and Amazon is working on Alexa-powered smart glasses.
Huron Capital and David Brunori have teamed up to form Brudner Polymer Corp. No financial terms were disclosed. Through Brudner, Huron is planning on investing in adhesive and sealant companies serving a variety of markets.
The Hilb Group, a portfolio company of ABRY Partners, has acquired Massachusetts-based Mid-State Insurance Agency Inc, a provider of property and casualty insurance and employee benefits. No financial terms were disclosed.
Florida-based Oasis Outsourcing has promoted Kerrin Jesson to senior vice president of operations and Barbara Drames to senior vice president of benefits. Previously, Jesson was the firm's vice president of financial systems and strategy while Drames was vice president of benefits. Oasis Outsourcing is backed by Stone Point Capital and Kelso.
In Second Opinion, T-Mobile and Sprint are reportedly talking about a merger, a major earthquake rocks Mexico City and Norway's giant pension fund is now worth over $1 trillion.
Tulsa, Oklahoma-based Frontier Energy Services, a midstream company, which is backed by Energy Spectrum Capital, has formed Frontier Midstream Solutions IV. No financial terms were disclosed. Frontier IV will invest in new midstream opportunities