Lyon Communities has received $167m in Freddie Mac financing for two recently-constructed, Class A multi-housing communities in Southern California. An $88m loan backs The Marke in Santa Ana, and a $79m loan backs Palomar Station in San Marcos. Both 10-year loans carry a 3.32% fixed-rate and were financed through Freddie Mac’s premiere lease-up program, which […]
1 min read · 23 February 2015
Mesa West Capital has provided a $68m loan to Prudential Real Estate Investors and GlenStar Properties for the acquisition and repositioning of 311 West Monroe in downtown Chicago, Illinois. The financing follows a $220m loan Mesa West provided to Sterling Bay and a $48m loan to Laurus Corporation. Mesa West’s loans are typically five-year floaters.
1 min read · 23 February 2015
Trepp predicts $36bn of issuance for US commercial mortgage backed securities this quarter, which would be the greatest dollar volume for any quarter since the market peak, Real Estate Capital has learned. The research and data firm’s prediction trounces last year’s first quarter, which logged just $16bn in issuance and, at such a pace, could result in some $144bn in total issuance for the year. That figure would stretch well beyond last year’s $94.1bn and supersede what most industry insiders were predicting up until this point.
2 min read · 23 February 2015
Kennedy Wilson and Fairfax have refinanced The Rock in Bury, once estimated to be worth more than £270m, with a new loan valuing the shopping centre at £88m.
2 min read · 23 February 2015
Laurus Corporation has received $48m in loans for the acquisition and repositioning of an office building at 199 South Los Robles in Pasadena, California, Real Estate Capital has learned. Los Angeles-based Mesa West Capital provided a $39m, five-year, floating-rate loan, and Karlin Real Estate, also based in Los Angeles, provided a $9m mezzanine loan.
1 min read · 23 February 2015
Children’s Investment Fund Management provided Carpenter & Company with a $500m loan for the development of a Four Seasons that is set to become Boston’s tallest residential tower.
1 min read · 19 February 2015
Toronto-based Brass Enterprises landed a $44.1m Freddie Mac loan for its $67.9m acquisition of Lugano Cherry Creek, a 328-unit, Class A multi-housing community in Denver, Colorado. HFF arranged the seven-year, 3.45%, fixed-rate loan and also represented the seller of the asset, a fund managed by Dallas-based GenCap Partners. HFF had secured a previous $44.5m floating-rate loan from GE Capital Real Estate on GenCap’s behalf.
1 min read · 19 February 2015
Kennedy Wilson Europe Real Estate has bought loans held against eight Park Inn hotels across the UK for £61.5m reflecting a gross yield of 9.3%.
2 min read · 19 February 2015
California-based Hager Pacific Properties has received a $50m loan on a 2m sq ft central Pennsylvania warehouse portfolio. An undisclosed correspondent life company provided the 17-year, 4.15%, fixed-rate loan. Hager purchased the 11-building portfolio in 2006 from Chicago-based Blue Vista Sponsor Equity Fund and an affiliate of Walton Street Real Estate Fund IV for $87m, at the time assuming a $55m mortgage.
1 min read · 19 February 2015
Allianz Real Estate has financed Merlin Properties’ acquisition of the Marineda shopping centre in La Coruña with a €133.6m loan. The 10-year loan has a fixed rate of 2.66% with no amortisation. It has a loan-to-value of close to 50%.
1 min read · 18 February 2015
