USA Property

Former Silverstein Properties CEO Marty Burger and a European investment firm Revetas will oversee the management of a $4 billion real estate portfolio with stakes in Michael Shvo’s firm’s trophy properties.Revetas was mandated to take over the management of Deutsche Finance America, according to sources familiar with the matter. Deutsche Finance America (DFA) acted as the U.S. arm of Munich-based investment manager Deutsche Finance Group. DFA invested in many of Shvo’s most prominent assets, such as the Coca-Cola building in Manhattan, the Raleigh Hotel in Miami Beach and the Transamerica tower...

A property tax hike is headed to the ballot after Austin officials signed off on a $6.3 billion city budget for the upcoming fiscal year that leans on property owners to fill widening fiscal gaps.The Austin City Council approved raising the tax rate from $0.4776 to $0.574017 per $100 in property value, a more than 20 percent hike that requires voter approval under Texas law. If passed in the Nov. 4 election, the median homeowner would pay nearly $420 more next year, including about $300 in added taxes, Community Impact...