SAN JOSE, CA-The loan is for the 274-unit Palma Sorrento apartments, which is the second phase of Palm Valley, a $200 million, 1,098-unit apartment community in South San Jose that will be one of the city's largest residential developments to date.

LAFAYETTE, CA-During the third quarter, the locally based company managed to renew leases representing 78% of the total square footage expiring, but the average rental rate on the deals dropped more than 28%.

BELLEVUE, WA-After starting the year with a vacancy of 17.6%, 395,000 sf of positive net absorption has pushed overall vacancy in the 26.6 million-sf Eastside office market to 15.9% of the end of the third quarter, according to the latest report from Colliers International.

CLEVELAND -With some big holes to fill in its five-building, 2.5 million-sf Cleveland CBD office portfolio, the locally based owner, developer and manager of real estate nationwide asks for outside assistance.

SAN JUAN, PUERTO RICO-In exchange for tax credits, the New York City-based multifamily finance company provides $7.7 million in equity for the $28-million acquisition and rehabilitation of a 360-unit affordable housing complex.

TULSA, OK-Eighteen tenant-in-common investors acquire Union Pines, a class A property here that was 100% leased at the time of sale. Kennedy Associates Real Estate Council sold the property on behalf of Stanford University's Endowment Fund.

PORTLAND-Regionwide office vacancy drops for the first time in 12 quarters, moving from 17% to 16.7% during the third quarter on 246,637 sf of net absoprtion, according to the latest report from Grubb & Ellis.

BELLEVUE, WA-Wallace Properties pays Unico Properties $11 million for the 70,312-sf, two-building, office development near Overlake Hospital in Bellevue. The concrete and steel structures are 96% leased.