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Harbor Group International Concludes Biggest D.C.-Area House Offer This Year

For 2 weeks, the sale of the Ballston Place apartment complex in Arlington, Virginia, stood as the biggest multifamily transaction in the Washington, D.C., market in 2018. Its brief reign just ended.

Harbor Group International, a realty management and financial investment firm locateded in Norfolk, Virginia, finished Thursday its previously revealed purchase of Dulles Greene, a sprawling 806-unit apartment building in Washington’s Virginia suburban areas, in a $193 million deal. The sale price eclipses the $169 million Akelius paid for Ballston Place earlier this month.

Both sales highlight the head-scratching staying power of the Washington rental market. Greater D.C. was one of the first house markets to roar from the Great Recession, with increasing leas, strong occupancy and wild financier interest. And it has remained constantly strong when other hot markets are revealing signs of being post-peak.

Strong job development, specifically for high-paying tasks, and falling own a home rates fueled the rental market’s initial recovery in Washington. However when designers reacted with a flood of new homes – some 51,000 new systems were brought to market in between 2014 and 2017 – the marketplace kept absorbing them. Greater Washington has actually seen the third-most brand-new homes brought online this cycle, behind only the massive New York City market and Dallas.

Vacancy now stands at 5.9 percent in the Washington market, according to CoStar information, simply above the 5.7 percent national average. Lease development slowed to a negligible.7 percent in 2017. But all that might be short-term, if current history is a guide.

While the total dollar rate is a year-to-date high, the per-unit rate of about $239,000 per home for Dulles Greene is more in line with other slightly older leasings in the location. Of D.C.-area apartment homes costing more than $50 million this year, three have traded for north of $500,000 per system.

The Ellington, a 190-unit tower at 1301 U St. NW, in the District, offered to the U.S. arm of German investor Jamestown for $118.6 million in March, or a whopping $624,000 per system. That is this year’s high-water mark.

The list price for Dulles Greene represents a healthy cap rate of 5.28 percent for Harbor Group International, which was reported to be the buyer previously this month.

The 20-year-old, garden-style complex at 2150 Astoria Circle in Herndon is 94 percent rented. Homes at Dulles Green variety from one- to three-bedroom units, and function vaulted ceilings, washer and dryers, and fireplaces. The features at the home include a pool, locals lounge with grilling stations, a play area and gym and tennis courts.

Jones Lang LaSalle’s brokerage group led by Christine Espenshade and Robert Garrish represented the seller, Toll Sibling, of Horsham, Pennsylvania.

For more details on the sale of Dulles Greene, please see CoStar Comp # 4493276.

Nevada medical professional, nurses deal with charges in biggest nationwide opioid prescription scams crackdown

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( File)” border= “0” src=” http://kvvu.images.worldnow.com/images/476181_G.JPG?auto=webp&disable=upscale&width=800&lastEditedDate=20180320024242″ width= “180”/ > Tablets shown in an undated image.( File). LAS VEGAS (FOX5)-. 4 physician in Nevada are facing several charges in connection with the largest across the country crackdown of illegal opioid prescriptions in history.

The District of Nevada submitted charges against Dr. Horace P. Guerra, Robert D. Harvey; a surgical specialist, Alejandro Incera, and Leslie Kalyn; both nurse specialists, in a 29-count indictment for opioid-related offenses, inning accordance with a release from the department. The group belongs to an opioid scams crackdown that resulted in 76 physicians charged and 84 opioid cases involving more than 13 million unlawful doses of opioids.

Inning accordance with the release, Harvey and Incera used Dr. Guerra’s pre-signed prescription pad to recommend Hydrocodone and Oxycodone to clients. Incera and Kalyn presumably prescribed Lidocaine, Modafinil, and Diclofenac Sodium to clients.

The medications were prescribed without genuine medical function, the release said. In return, they received “money kickbacks” for referring patients to the drug store.

” Prescription opioid-related healthcare fraud is a serious issue,” said U.S. Lawyer Dayle Elieson for the District of Nevada. “Medical professionals hold an unique place of rely on our society as healers, caregivers, and lifesavers. Medical professionals who break their oath to ‘do no harm’ by unlawfully recommending opioids for no medical requirement or file deceptive health care expenses will be held liable.”

Harvey, Incera, and Kalyn currently made their very first appearance in court, inning accordance with District of Nevada public details officer Trisha Young. Dr. Guerra is anticipated to appear in court for an initial hearing on July 25. A jury trial is set for all parties on July 30.

Copyright 2018 KVVU( KVVU Broadcasting Corporation). All rights booked.

Biggest Banks Casting Careful Eye on Heated Commercial Realty Financing Market

In spite of record liquidity, need for commercial property loans softened in current months, leaving excited lending institutions chasing after less borrowers. As a result, competition among lending institutions has actually ratcheted up visibly with loan rates compressing.

In fact, offer pricing and structures have actually gotten so competitive, a lot of the nation’s banks, including its 25 biggest cumulatively, are beginning to back off from business property loaning.

Federal Reserve data in February first revealed the trends among banks, which held up through the entire quarter. Now in the previous week, bank executives have started providing color and analysis to the data in their first quarter profits conference calls.

First the numbers. The total amount of commercial real estate loans on bank books increased $26.4 billion to $2.1 trillion through the very first quarter from year-end, inning accordance with Federal Reserve data.

However, real estate loan direct exposure in fact drew back at the nation’s 25 biggest banks, dropping off about 1% on an annualized basis. Those 25 savings account for 33% of business real estate bank loans impressive.

Meanwhile, the rest of the nation’s domestic banks continued to grow their loan portfolios by 7% on annualized basis.

The gratitude that has taken place in residential or commercial property values has actually added to a lower level of inventory offered in the market. Deal volume is likewise down as financiers are taking a more careful position in the present environment.

Some banks reported that a majority of their first quarter industrial realty loan production included refinancings. And with rate of interest beginning to climb up, some bankers expect re-financing volume could slow down.

Executives with Bank of America and JPMorgan Chase were among those who kept in mind that prices and loan structures were getting to levels at which they were not comfy matching. Likewise, the extended period of the existing cycle also has bank executives proceeding very carefully.

“It’s not simply rates, it’s just normally we continue to be very selective and mindful given where we remain in the cycle,” said Marianne Lake, CFO of JPMorgan Chase. “In the CTL [credit renter lease] space and commercial real estate space more generally that’s where the competition truly has actually stepped up really substantially and that is where rates has become fiercely competitive … and is in compression.”

Rates is 20 to 30 basis points lower than what it was 6 months ago, lenders noted.

Terry Dolan, vice chairman and CFO of U.S. Bank, stated, “The risk-reward dynamics in business real estate remain undesirable in our view, especially in multifamily and certain locations of industrial home loan financing. That discipline is influencing choices to not extend credit on unfavorable terms; and [it is] contributing to the elevated pay down pressures driven by consumers accessing the secondary market.”

Part of the slowdown likewise comes from a deliberate choice on the part of banks to balanc their loan portfolios by shifting away from business realty loaning in favor of enhancing their general commercial service loaning, bankers stated.

“We had our greatest quarter ever in terms of loan production with a record $1.1 billion in new loan commitments and brand-new loan dispensations of $764 million. We are likewise very happy with the improved production mix of 45% industrial realty, 31% C&I [industrial and industrial] and 24% consumer, with the majority of our production this quarter originating from our non-CRE classifications,” said Kevin S. Kim, president and CEO of Bank of Hope in Los Angeles. “Our company believe these outcomes show the advantages of our financial investments over the in 2015 in our C&I [commercial and industrial] and domestic home mortgage platform and talent.”

In the past, closer to 60% of the bank’s loan production volume would have originated from industrial realty. This quarter the bank saw its loan totals decline 2% in multifamily assets and 1% in retail properties.

Even smaller local banks are taking that technique. Alabama-based ServisFirst Bank reported commercial and commercial service providing growth and a decrease in commercial real estate loans. Thomas Broughton, CEO of the bank, said the reduction resulted mostly from a reduction in realty building loan balances.

“We want C&I to be the predominant possession class of our balance sheet; it’s certainly more foreseeable,” Broughton said. “We think it has lower loss potential in a decline.”

Where business realty loaning activity did see a slight pickup was from banks in the Northeast.

“For CRE we saw a bit of more development in New Jersey and upstate New york city and in city or New York City,” stated Darren King, executive vice president and CFO of M&T Bank.

That growth was coming from continued need for storage facility and multifamily space and development in assisted living and skilled nursing.

“Storage facility capability is more in need since that’s how [retail] client requirements are being fulfilled,” King stated. “Then among the other macro trends that continue is people moving back into urban centers, particularly the millennials and empty nesters, which’s driving demand for multifamily.”

What lenders were reporting in their profits calls synced up with exactly what the Federal Reserve is reporting in its latest study of economic conditions, described as the beige book, released yesterday.

Banks in the New york city District reported strong real estate demand but with volume constrained by low and decreasing inventories. Small- to medium-sized banks in the District reported greater demand for industrial mortgages, and C&I loans.

Banks in the Atlanta District also kept in mind that commercial acquisitions slowed due to troubles over rates.

Dallas bankers, though, noted that general loan volumes and need increased at a faster pace over the past six weeks, with considerably stronger growth in loan volumes seen in commercial real estate.

Mega Millions lottery reward approximately $502 million, 10th biggest in U.S.

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Gerry Broome/ AP In this July 1, 2016, file picture, Mega Millions lottery tickets rest on a counter at a Pilot travel center near Burlington, N.C.

Wednesday, March 28, 2018|10:59 a.m.

DES MOINES, Iowa– Lottery gamers could have a possibility of winning the country’s 10th largest lottery reward, as the Mega Millions estimated jackpot reaches $502 million.

The Friday night drawing will offer players an opportunity to invest $2 and dream of beating the incredible odds of 302.5 million to one and winning the big prize. Prize winners should match all six numbers in a drawing.

The $502 million prize is the annuity choice, where a sole winner is paid over 29 years. A winner opting for the prize money would take home $301 million, minus state and federal taxes.

No one has actually won the Mega Millions jackpot because January.

Mega Millions is one of 2 nationwide lotto games. It’s played in 44 states plus Washington, D.C., and the United States Virgin Islands.

The top 10 biggest U.S. prizes

Wednesday, March 28, 2018|11:02 a.m.

Players will have a possibility at a $502 million prize in Friday night’s Mega Millions lottery drawing, making the reward the 10th largest prize in the country. Here is a look at the 10 biggest U.S. prizes drawn so far and the states where the winning tickets were sold:

1. $1.6 billion, Powerball, Jan. 13, 2016 (3 tickets, from California, Florida, Tennessee)

2. $758.7 million, Powerball, Aug. 23, 2017 (one ticket, from Massachusetts)

3. $656 million, Mega Millions, March 30, 2012 (three tickets, from Kansas, Illinois and Maryland)

4. $648 million, Mega Millions, Dec. 17, 2013 (two tickets, from California and Georgia)

5. $590.5 million, Powerball, May 18, 2013 (one ticket, from Florida)

6. $587.5 million, Powerball, Nov. 28, 2012 (2 tickets, from Arizona and Missouri)

7. $564.1 million, Powerball, Feb. 11, 2015 (three tickets, from North Carolina, Puerto Rico and Texas)

8. $559.7 million prize, Powerball, Jan. 6, 2018 (one ticket, New Hampshire)

9. $536 million, Mega Millions, July 8, 2016 (one ticket, from Indiana)

10. $487 million, Powerball, July 30, 2016 (one ticket, from New Hampshire)

___

Sources: AP archives, www.megamillions.com and www.powerball.com

Biggest U.S. Banks Shrinking CRE Loan Balances

Liquidity Still Strong as Smaller Banks, CMBS Lenders More Than Pick Up the Slack

The country’s 25 biggest banks, which jointly control more than $11 trillion in assets, lowered their exposure to commercial property loans across the board last month, reflecting a continuous change in the CRE financing markets and a softening in loan demand.

The quantity on the biggest banks’ books for building and advancement, multifamily and nonresidential loans were all down at the end of January compared with year end, inning accordance with weekly Federal Reserve Bank data. This was the very first time all three have actually dropped in the same month since the Federal Reserve began tracking the individual categories in January 2015.

Leading the decrease was a $2.7 billion drop in nonfarm, nonresidential loans – an annualized decrease of more than 7.5%. This is fifth successive month the classification has diminished and the seventh time in the last 8 months. It was the biggest month-to-month decrease. Over the last eight months, the quantity of nonresidential industrial loans has stopped by $7.6 billion.

In their 4th quarter earnings conference calls over the last few weeks, numerous of the country’s biggest banks reported that some CRE deal activity was being pressed further into 2018, a resurgent CMBS market and competitors from smaller sized banks and even life insurance providers were also eliminating company.

A few of the decline can be attributed to pipelines being a little softer going into the year following year-end offer activity, stated John Turner, president and head of Regions Financial Corp. (NYSE: RF)Corporate Banking Group. But he included, that Regions has also purposefully been shrinking and de-risking its financier property book.

Clarke Starnes, chief threat officer at BB&T Corp. (NYSE: BBT) told analysts they were bullish on really high quality office and industrial chances today.

“It’s still a really aggressive market,” Starnes stated. “We’re doing larger more institutional lease supported jobs, quite low threat. So we think that as a chance that we’re probably underpenetrated in and we can grow securely within our risk appetite.”

Weekly Federal Reserve numbers also reveal building and development loans dropped– by $700 million in January from year-end- likewise an annualized decrease of more than 7.5%.

CRE loan development continues to be challenged in this area, bankers said. The surge of building and construction projects started two and three years earlier are now beginning to be paid off with the proceeds from long-term, set rate irreversible financing. And demand for new building and construction and advancement loan financing has been lessening for the last five quarters, inning accordance with Federal Reserve info.

Also declining was the amount of multifamily loans on the books of the 25 largest banks. The quantity decline by just $100 million – an annualized portion of less than 1%. However, it was the fourth time in the last six months, large banks reported fewer multifamily loans.

The leading 25 banks likewise informed analysts in the past few weeks they were hopeful that increased multifamily would come back since of the favorable CRE components with the tax bill.

While the largest 25 banks are seeing shrinking CRE loan assets all of the other U.S. banks continue to grow their holdings in all 3 classifications. Building and construction and advancement loans were up in January from year-end by an annualized 11.9%; multifamily was up an annualized 6% and nonfarm, nonresidential was up an annualized 4.7%.

Thomas Cangemi, primary monetary officer of New York Neighborhood Bancorp (NYSE: NYCB) reported a 40% downturn in transaction activity. But he and other bankers said they were banking on restored activity this year due to fact that the business real estate investor was a considerable winner of the tax cut package passed in December.

“We believe – we’re hoping that this will now see some life to the real estate end market because it’s a really attractive tax advantage business to be in, given the most recent modifications in the tax code,” Cangemi stated. “We don’t drive that. We just provide to it. And we’re seeing some extremely positive signals that people are taking a look at chances in that environment. So, we believe property deals will begin to get if you compare 2018 versus 2017.”

Paiute tribe opens '' Biggest cannabis store on the planet' ' in Las Vegas

LAS VEGAS (FOX5) –

Size matters to the Las Vegas Paiute Tribe.

Officials were happy to reveal Monday’s soft-opening of the “Biggest marijuana shop on the planet” in downtown Las Vegas.

The dispensary is on tribal lands, off of Main Street and Washington Avenue.

Many people didn’t understand the tribe owned land in the location.

The 31-acre plot is little, however there’s absolutely nothing small about the built-from-scratch NuWu Marijuana Market on Paiute Circle.

“NuWu actually means ‘individuals,'” explained Chris Found Eagle, the vice-chairman of the people.

The tribe’s chairman, Benny Tso, chuckled while explaining some of the recent modifications made in drug-testing policies on the booking.

“I actually bought the first product from our store,” Tso said. “I purchased some Willie’s Reserve and Skywalker OG.”

Customer Davi Digitelli said he was so excited with the quantity of merchandise that he was going directly to bed after his check out.

“I have truly bad sleep issues, and the very first time I took an edible I slept nine hours straight,” he said, “It’s sort of been my thing ever since … they have everything I’m trying to find, everything I’m not searching for, and everything else in between.”

Other than the size, the greatest difference between most Nevada dispensaries and NuWu pertains to taxes and guidelines.

“We regulate ourselves, however it’s basically a mirrored image of Nevada,” Tso said. “I know we’re under a microscope, so I think our regulations and our restrictions are a little bit tighter than the states … We simply wish to remain in the business similar to everyone else. We wish to be fair.”

“It’s a great earnings stream, and I hope the money is utilized wisely,” said client Stephen Shorts.

A supervisor at the dispensary stated consumers will pay the exact very same quantity in taxes, but the cash will go to the tribe rather of the state. He stated the cash will approach things like health services.

NuWu plans to ultimately remain open for 24 Hr and establish a drive-through service for clients.

Copyright 2017 KVVU(KVVU Broadcasting Corporation). All rights booked.

US drops biggest non-nuclear bomb in Afghanistan

(Source: CNN)< img src =" /wp-content/uploads/2017/04/13612957_G.jpg" alt ="( Source: CNN)"

title =” (Source: CNN) “border =” 0″ width =” 180 “/ > (Source: CNN). (CNN)– The United States military has actually dropped a massive bomb in Afghanistan, inning accordance with 4 United States military officials with direct knowledge of the mission.

A GBU-43/ B Massive Ordnance Air Blast Bomb, nicknamed MOAB, was dropped at 7 p.m. local time Thursday, the sources stated.

The MOAB is also referred to as the “mother of all bombs.” A MOAB is a 21,600-pound, GPS-guided munition that is America’s most powerful non-nuclear bomb.

The bomb was dropped by an MC-130 airplane, operated by Air Force Special Operations Command, inning accordance with the military sources.

They said the target was ISIS tunnels and workers in the Achin district of the Nangarhar province.

The military is presently examining the damage. Gen. John Nicholson, commander of United States forces in Afghanistan, signed off on the use of the bomb, according to the sources.

This is the very first time a MOAB has actually been utilized in the battleground, inning accordance with the United States authorities. This munition was established during the Iraq War.

The-CNN-Wire
™ & & © 2017 Cable News Network, Inc., a Time Warner Business. All rights reserved.

'' Biggest Tattoo Program on Earth' ' leaves its imprint on Las Vegas

With lots of the world’s top tattoo artists and hundreds more up-and-comers slinging ink, the Biggest Tattoo Program on Earth made a resounding return to the Las Vegas Valley this weekend with a record number of artists and individuals.

“It does not matter if you started a year ago or if you started 30 years earlier,” stated Exposition founder Mario Barth. “Today is as much about showcasing your work as it is discovering.”

After a two-year absence, the yearly tattoo expo and education conference hit the Las Vegas Convention Center with about 825 tattoo artists and about 55,000 convention participants from worldwide. Thepublic exposition, which kicked off Friday and concluded Sunday, likewise featured two days of training and workshops, taught by the veteran tattoo artists for aspiring convention newcomers.

“We examine their work when they’re applying, so we understand their potential,” Barth said of the amateur artists. “If you just take the best, just how much better can you get? The newbies will most likely be much better One Decade from now than the best today, anyhow.”

For the first time in the exposition’s 14 year history, the tattoo market’s conservation and digital sides were also on display screen.

The occasion worked as the official launch for the National Association for the Conservation of Skin Art, an industry organization in the making given that 2014, said association chairman Charles Hamm.

Hamm, who manned a huge booth Saturday with physician Dr. Edward Cornett, proudly showed the Cleveland-based company’s signature innovation: framed cut-outs of tattooed human skin.

Eliminating and preserving tattoos allows families of lost enjoyed ones to “conserve their story,” Hamm said.

Hamm, 60, an accountant, said the concept pertained to him a couple years ago while discussing the value of his body art with pals.

“I’ve spent about 150 hours at $200 an hour getting tattooed,” Hamm said. “I’m going to pass away someday and could get creammated like it never ever occurred.”

“However these have definition, and I wish to keep them.”

The task, called “Conserve My Ink,” is coordinated with regional mortuaries and funeral houses, Hamm said. Households of NAPSA members who participate in the job receive a $2,000 “last wish benefit” for conserving one of the person’s tattoos.

“We truly want this to occur,” he said. “And certainly not everyone is passing away tomorrow.”

On the artistic side, more tattoo artists are moving away from sketch pads in favor of computer screens, stated expo spokesperson Lindsey Busch.

Digital tattoo sketching on platforms like the Japan-based Wacom tablet allows artists to imitate design and positioning of a tattoo on a client’s body, Busch stated.

“The artist takes a picture, develops the tattoo and shows you what it’s going to resemble on your skin,” Busch stated.

Exposition founder Mario Barth, 49, is on the growing list of popular tattoo artists utilizing Wacom. A 36-year veteran in the industry, the Austria native launched the annual convention in New Jersey in 2001 with just 150 tattoo artists.

By 2009, the convention was up to its peak of 750 artists and 52,000 individuals in it’s first year in the Las Vegas valley. After a slight decline over the next four years and a year off in 2013, Barth moved the convention from Strip casinos to the Las Vegas Convention Center with hopes of growing it to a record number.

“If you bring the best, individuals will certainly come,” Barth stated.

Robby Gill, 48, a shop owner from Kingman, Ariz., waited patiently outside a meeting hall Saturday for the possibility to meet Barth.

Gill, who said he likewise owns 3 shops in Florida and has actually participated in tattoo conventions in both Miami and New York, hailed the Las Vegas convention as “the very best in the market.”

“I simply wanted to thank him and show my regard,” Gill said. “Other shows try and tempt you in for an experience, but this is quality-based.”

“No knockoffs items here and the focus isn’t really on which models are revealing the most skin,” he added.

Other program participants, like Karina Flores, 25, participated in the program’s body art competitors. Saturday’s program awarded prizes to owners of the very best tattoos in six different classifications.

Flores, competing in the “best black-and-white tattoo” competition, displayed her Guardian shoulder tattoo, of a woman’s face with an owl on top, to a crowd of about 200 viewers.

Like most of Saturday’s spoke with convention-goers, Flores highlighted creativity and meaning in picking tattoo art.

“My tattoos reflect me and they feature a story,” she said. “And it helps when they look good.”

Contact Chris Kudialis at [email protected]!.?.! or 702-383-0283. Find him on Twitter: @kudialisrj