Insight

Loans in focus: NorthPark’s Dallas restructure; Brookfield’s Manhattan conversion; New York Life’s San Diego industrial build

A Dallas regional mall is staying in family ownership with the close of a $900m CMBS refinancing and buyout of JPMorgan Asset Management’s stake; Brookfield is fueling a Manhattan office-to-residential conversion project with a $300m loan; New York Life Real Estate Investors is adding fresh industrial stock in San Diego with the close of a $102.4m development financing; and more in our round-up of stateside loan deals from the past week.

ESR Europe sources £103m refinancing amid strong lender appetite for logistics

It is understood the five-year loan was provided by NatWest at 55% LTV.

Loans in focus: ING among trio in €550m student housing financing, Peach Property gets seven-year extension for German residential, Target Healthcare REIT receives £200m

ING, Societe Generale and HSBC Continental Europe issue €550m for purpose-built student accommodation across Europe; Peach Property Group receives a seven-year extension to a €203m loan backed by German residential; Royal Bank of Scotland and HSBC UK provide a £200m loan to Target Healthcare REIT; the latest additions to the Real Estate Capital Europe lending database; and more in our round-up of European loan deals from the past week.

LP equity remains the missing link for construction lending 

Debt and equity capital are available for development, but institutional investors are still shying away from new construction.

Target Healthcare REIT secures €200m refinancing amid portfolio readjustment

The debt will be used, alongside capital from the disposal of £85.9m of assets, for future acquisitions.

Blackstone agrees £2bn lending partnership with Pluto Finance

The New York-headquartered manager will use the tie-up to expand in the mid-market lending space in the UK and continental Europe.

New Mexico SIC crafts new $150m relationship in commercial real estate lending

Staff of the $63.7bn sovereign wealth fund is eschewing the usual preference for larger-scale managers in its credit portfolio, with a commitment to a second fund from ArrowMark Partners.

The mid-market is becoming a sweet spot for lenders

The need to refinance maturing loans and a return to transaction activity will help fuel mid-market lending growth.

Term Sheet: Blackstone’s senior rank changes; Affinius and Axonic’s venture; QuadReal’s European ambitions

Blackstone has named Katie Keenan, the chief executive of BXMT, as head of its private REIT; Affinius Capital and Axonic Capital have formed a venture to target mid-market construction financing opportunities; QuadReal is looking abroad to expand its portfolio with a £2.5bn European lending strategy; and more in today’s Term Sheet, exclusively for our valued subscribers.