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Mayor Edwin M. Lee today issued the following statement regarding an additional $50 million in bonding capacity, allowing the proposed Affordable Housing Bond for the November 2015 ballot to reach $300 million without raising property taxes

National commercial real estate investment banking firm George Smith Partners has named three new Principals for the firm. The three new Principals, Bryan Shaffer, Jonathan Lee and Shahin Yazdi, join the firms existing Principals Steve Bram, Gary E. Mozer, David Rifkind, Gary M. Tenzer and Malcolm Davies

Mayor Edwin M. Lee today announced a no-cuts budget proposal for San Francisco Public Works that retains crucial funding for resurfacing the City’s roadways and includes additional money for street cleaning, proactive tree care and new public bathrooms

The project will be one of Sacramento’s largest public works projects ever and will ensure that water going through the Sacramento region’s wastewater treatment plant will meet higher standards. It could also help address the region’s drought in the long-term by increasing recycled water use in landscaping and agricultural irrigation

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).

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.

Mayor Eric Garcetti today was joined by Councilmember Tom LaBonge, Board of Airport Commissioners President Sean Burton, Los Angeles World Airports (LAWA) Executive Director Gina Marie Lindsey and United Airlines representatives to announce a $573 million upgrade of United Terminals 7 and 8, the latest element of the city's $7.3 billion public works project to overhaul the Los Angeles International Airport (LAX).

Mayor Edwin M. Lee and members of the Board of Supervisors today announced $28.9 million in new funding over the next two years to support the homeless, including the addition of more than 500 units of supportive housing in Single Room Occupancy units around the City.

SR Commercial, a privately held, full-service commercial real estate investment company, has acquired an 11.8-acre land parcel in Carlsbad, California, on which the firm plans to develop a 151,500 square-foot multi-tenant industrial distribution project, according to CJ Stos, a Principal at SR Commercial

The Parkway Business Center in Richmond California has sold. This property is comprised of three flex/office/industrial buildings totaling 87,785 square feet on 9.8 acres with 3 acres of developable land. The buyer, Wang Brothers Investments, was able to acquire the property at an attractive basis with stable income and will consider options for developing the land in the future. The price is undisclosed

Today, the City of Long Beach, in partnership with The Long Beach Community Investment Company (LBCIC), and Habitat for Humanity of Greater Los Angeles (Habitat LA) celebrated the American dream of homeownership for an Air Force Veteran.

Mayor Edwin M. Lee and members of the Board of Supervisors announced a number of important investments in San Francisco’s transportation network including an additional $48.1 million in funding in San Francisco Municipal Transportation Agency (SFMTA)’s Fiscal Year 2015-16 proposed budget. The proposed SFMTA budget adds hiring for 244 frontline positions with more than half of the positions are bus and train drivers and the remaining are mechanics, janitors and cleaning crews.

A Northern California real estate investor has agreed to plead guilty for his role in conspiracies to rig bids at public real estate foreclosure auctions in Northern California, the Department of Justice announced

Today, the California Reinvestment Coalition announced that its members successfully negotiated a new Community Reinvestment plan as part of City National’s merger with Royal Bank of Canada. The plan, developed after several months of negotiations, calls for the bank to achieve a minimum of $11 billion in cumulative qualified CRA activity during the next five years. The $11 billion amount corresponds to the bank’s goal of reaching a level of qualified Community Reinvestment Act (CRA) activity equal to 15% of the bank’s normalized California deposits by 2021

NAI Capital completed the $14.5 million sale of Tustin Medical Arts Center in Tustin, Calif., on behalf of Klingbeil Medical Partners. The seller was a real estate investment firm specializing in medical office reposition opportunities. Klingbeil purchased the property through NAI Capital in 2008

Two Northern California real estate investors have agreed to plead guilty for their role in bid rigging and fraud conspiracies at public real estate foreclosure auctions in Northern California, the Department of Justice announced

Benny Chetcuti, Jr. was sentenced yesterday to 51 months in prison, and ordered to pay $21,823,526.10 in restitution, as well as forfeit $3,968,995 in proceeds obtained from a multi-year real estate investment fraud scheme, announced United States Attorney Melinda Haag and FBI Special Agent in Charge David J. Johnson.

Santerra Apartments, a 128-unit multifamily complex at 3434 E. McDowell Rd., in Phoenix has sold to a California Investor for $5,807,500 or $45,371 per door. The sale closed, March 26th. Todd Braun, Principal at Lee & Associates negotiated the transaction for the sellers, Santerra Apts, LLC of Scottsdale and for the buyer, Dynamics Capital Group of Brentwood, CA

Lee & Associates-North San Diego County negotiated a $5.450 million sale and lease back of a 50,220-square-foot industrial building located at 495 Enterprise Street in San Marcos

NAI Capital, a member of the world’s premier managed network of commercial real estate firms, announced today that J.C. Casillas has joined NAI Capital as director of research and public relations for NAI Capital’s 14 offices in the Los Angeles, Orange, San Bernardino, Riverside and Ventura Counties.