California State Government and Public Real Estate News

SR Commercial, a privately held, full-service commercial real estate investment company, has announced the completion of three recent transactions, including two acquisitions and a property sale, according to Adam Robinson, a Principal at SR Commercial. The firm’s recently completed transactions include
Commercial real estate investment banking firm George Smith Partners has successfully secured an $81 million bridge loan through GE Capital on behalf of its client, GH Palmer Associates, for the acquisition of The Paseos at Montclair North, a 385-unit luxury multifamily community located in the city of Montclair, California, according to Gary M. Tenzer, Principal and Managing Director of George Smith Partners
Mayor Edwin M. Lee announced plans for a new 101-unit project to provide housing for 50 formerly homeless veterans and 50 low-income families at 1150 Third Street in Mission Bay and an onsite manager unit. The project will be built on land dedicated to the City’s Office of Community Investment and Infrastructure (OCII) for affordable housing and is supported with an initial $5 million in private contributions from technology and business leaders marshalled by the San Francisco Citizens Initiative for Technology & Innovation (sf.citi).
California State Parks Division of Boating and Waterways (DBW) and Pacific Gas and Electric Company (PG&E) are warning water enthusiasts not to become complacent because of the drought, and to take serious precautions when in or near waterthis spring and summer
In this newly created role, Ms. Weller will be responsible for leading staff in the overall redevelopment of two large-scale, mixed-income, mixed-use revitalization efforts: Jordan Downs in Los Angeles and Potrero Terrace and Annex in San Francisco. She will report to Executive Vice President Kim McKay. BRIDGE is a nationally recognized nonprofit developer, owner and manager of affordable housing.
“The decision by Sacramento-San Joaquin Delta farmers to reduce water use by 25 percent makes sense. Following mandatory statewide residential water cuts, it’s a positive sign that farmers not facing any reductions in water deliveries came to an agreement with the State Water Resources Control Board to cut back on their water use.
Congressman Jared Huffman (D-San Rafael) today introduced the Lytton Rancheria Homelands Act of 2015 (H.R. 2538), a bill to take lands in Sonoma County into trust for housing and other non-gaming purposes as part of the Lytton Rancheria reservation. In 1958, the Lytton Rancheria, a federally-recognized Pomo Indian tribe, lost its homeland when it was terminated by the federal government.
The House Majority passed a two-month extension of the Highway Trust Fund, which funds roads, bridges and public transit construction, instead of a longer-term plan to address our nation’s crumbling infrastructure.
Rep. Norma J. Torres (D-Pomona) introduced legislation designed to attract private sector financing to public infrastructure projects.  The Regional Infrastructure Accelerator Act (RIAA) will connect finance and infrastructure professionals with local and state governments to provide them with the technical expertise and pre-development capital needed to attract private investment.
Congresswoman Maxine Waters (CA-43), Ranking Member of the Financial Services Committee, called today for passage of a multi-year transportation bill and announced she is introducing legislation to expand the TIGER transportation program to bring our nation’s transportation system into the 21st century. Her statement was submitted into the Congressional Record today during a “Special Order Hour” on transportation infrastructure spending, which was organized by the Congressional Progressive Caucus. The Congresswoman’s legislation will provide $7.5 billion for TIGER over 6 years, consistent with the President’s proposal to expand TIGER.
As part of the Obama Administration’s continued effort to bring relief to western communities suffering from the historic drought, U.S. Secretary of the Interior Sally Jewell today announced that Interior’s Bureau of Reclamation will invest nearly $50 million to improve water efficiency and conservation in California and 11 other western states.
Today, Rep. Pete Aguilar (CA-31) fought to protect California transportation and infrastructure, supporting the Highway and Transportation Funding Act of 2015, which will allow authorized federal funding for transportation and infrastructure projects in California and across the country to continue through the deadline of July 31st
al estate investment and services firm Kennedy Wilson (NYSE: KW) today announced the mandatory conversion of all outstanding shares of its series A preferred stock that were issued in May and June of 2010
Congressman John Garamendi (D-Fairfield, CA), together with 19 Transportation and Infrastructure Committee Democrats, introduced H.R. 2410, the Administration’s GROW AMERICA Act. The bill is a long-term surface transportation reauthorization bill that provides robust funding to address our nation’s infrastructure crisis. Democrats offered this six-year, $478 billion bill as Congress must develop a long-term transportation bill this summer
MetroGroup Realty Finance, a private, Orange County-based mortgage banking firm, has successfully arranged $35.7 million in financing on behalf of its client for the acquisition of the 200,000 square-foot Broadcom Building in San Jose, California.
the U.S. Senate Appropriations Subcommittee on Energy and Water Development approved fiscal year 2016 funding legislation that totals $35.4 billion in discretionary budget authority, which is $1.2 billion more than the fiscal year 2015 level and $666 million less than the President’s requested level
U.S. Rep. Mike Thompson (CA-5), a senior Member of the House Ways and Means Committee, today introduced, H.R. 2412, the New Energy for America Act which extends investment tax credits (ITC) for energy efficient residential and commercial property through 2021.
On Tuesday, May 19, 2015, the City of Mountain View celebrated the grand opening of Studio 819, a new affordable community by ROEM Corporation and Eden Housing in partnership with the City of Mountain View. The grand opening celebration was held at 819 North Rengstorff Avenue, Mountain View, CA 94043
Congressman Jared Huffman (D-San Rafael) joined Humboldt County today in asking the U.S. Interior Department to honor the county’s right to Trinity River water to protect salmon during California’s extended drought.
Mayor Edwin M. Lee and Board President London Breed today announced $47.3 million in additional investments in the San Francisco Fire and Emergency Management departments over the next two years, including hiring additional EMT/Paramedics, firefighters, and 911 dispatchers and additional resources for fire station upgrades, new technology, equipment and vehicles to meet the demands of a growing San Francisco
Brown Directs Nation’s Fourth Largest Home Lender to Suspend Foreclosures Until It Proves It Is Complying with the Law

LOS ANGELES, CA – September 27, 2012 – (RealEstateRama) — Attorney General Edmund G. Brown Jr. today directed Ally Financial, Inc., formerly known as GMAC, to prove immediately that it is complying with state law or, if it cannot, to cease and desist from foreclosing on California homes. Sothebys more »

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