On behalf of one of its pension fund clients, CDK acquires interest in historic Electric Building in downtown Fort Worth.  The 18-story building was redeveloped in 1984 from office use into 106 apartments with retail space on the ground floor.  Ownership will spend about $1 million to upgrade the heating and cooling systems, increase energy efficiency, and make cosmetic improvements such as new flooring and paint.

The building is currently 87% leased with about half of the units leased to low and moderate income housing because the project received $3.26 million in federal tax credits when the building was redeveloped.  The program will continue under the new ownership.

A local pension fund for firemen has provided a new equity source for real estate opportunities managed my CDK Realty.  The initial investment placed on behalf of the fund was a partnership interest in an Alzheimer’s/memory care facility in Denton, TX.  The project is a to-be-built Autumn Leaves facility that is a designed and staffed by The LaSalle Group, a development company specializing in assisted living building and management.

Plans call for 46 beds with construction completion anticipated by December 2010.  Projected IRR is a 28% return in three years.

On behalf of an institutional client, CDK Realty Advisors has entered into a private equity venture with Southern Cross Project Group, an established and respected Australian construction company, to expand its operations into the US.

Southern Cross was established in 1986 and has become one of the leading construction groups in New South Whales. The strong track record of success in New South Whales led to the company’s expansion into the Queensland and Western Australian markets in 2007. Southern Cross provides an integrated range of building services, and has a proven track record across all building disciplines including commercial, industrial, residential, retail, refurbishments, entertainment facilities and sporting venues.

The introduction of sustainable building regulations around Australia and the rapidly growing demand for green buildings by government and private entities has meant a more intense focus on sustainable building design for both commercial and residential developments. Increasingly, the Southern Cross Project Group is working on sustainable building projects and applying innovative construction practices that positively impact costs and the environment.

CDK Realty Advisors announces that a global capital relationship with long term partner, RED Development, has been established. Under the relationship, a fund managed by CDK will provide $200 million for investment in RED development projects. Certain existing projects have been identified and CDK will be given the first opportunity to partner with RED on its future projects.

The in the 50/50 joint venture, CDK will provide the equity necessary to obtain construction financing for the projects allowing for liquidity and recapitalization opportunities during 2008, 2009, and 2010. This allows RED to move forward with projects while other means of financing are drying up, leaving other developers to curtail or slow developments. CDK’s commitment to provide equity will pave the way for future construction financing and ease the transition into permanent financing.

Representing an institutional client, CDK Realty Advisors has entered into a private equity venture with Schussler Creative and RED Development to create new theatrical restaurant concepts for destination dining venues.

This partnership is the first where a developer has teamed with the creator of dining/entertainment attractions to rollout new ventures nationwide. These new concepts will be located in RED’s retail development projects and elsewhere. By joining forces, additional credibility and financial backing is added to the latest restaurant and retail attractions created by Schussler allowing a faster implementation of new concepts.

The strategic partnership also provides the developer with a unique business model that provides for destination attractions that draw from a significantly expanded trade area.

Some of the exciting concepts include Hot Dog Hall of Fame, Betty & Joes Baker and Coffee Maker, Backfire BBQ, Pizza Market, Zi Imperial Kitchen, Aeroblue, Winter Wonderland, and Musical Garden.