Real Estate

Former “Journey to the West” actor Chi Chongrui, known for his Tang Sanzang portrayal, is now marketing a luxury Beijing real estate project. The move, near the Forbidden City, sparked online amusement, highlighting his pivot into a new career. His wife, real estate tycoon Chen Lihua, provides a rich foundation for this venture. Chi’s move reflects his adaptation to changing markets, seeking to leverage his celebrity status.

Mag Mile Capital secured a $10.25 million joint venture equity deal for an office-to-multifamily conversion project in Chicago’s River North. The project at 111 W. Illinois will transform a Class A office building into 153 apartments and the deal closed in late May 2025 with equity from a Chicago-based institutional partner. This highlights a significant shift in the real estate landscape.

Ready Capital Corporation announced upcoming Q2 2025 dividends. Common stockholders will receive $0.125 per share, payable July 31, 2025. Series C and E Preferred stockholders will receive $0.390625 (July 15, 2025) and $0.40625 (July 31, 2025) per share, respectively. The real estate finance firm’s strategy focuses on lower-to-middle-market commercial real estate, offering diverse loan products.

Newmark Group arranged a $675 million refinancing for Independence Plaza, a 1,328-unit residential complex in Manhattan’s Tribeca neighborhood, on behalf of Vornado Realty Trust and Stellar Management. This deal highlights investor confidence in the New York City multifamily market. Vornado and Stellar are key players in NYC real estate, with Vornado also focusing on sustainability. Newmark’s global presence and financial performance are also noted.

Encore Enterprises acquired a Class B medical office building in Dallas for $7 million, demonstrating resilience in a challenging market. The financing comes from Cadence Bank, marking a new partnership. The acquired property at 16980 N. Dallas Parkway will also become Encore’s new headquarters, expanding its portfolio to 27 properties.

DJI has secured a prime Shenzhen location for its global headquarters, winning the bidding for land in the super-headquarters zone for ¥2.287 billion. The facility, spanning 15,657.68 square meters, is slated to foster an intelligent aviation ecosystem and will exclusively house DJI and its affiliates for 30 years. The project is expected to generate substantial annual output and tax revenue, further solidifying DJI’s position in the global market.