Deutsche Asset & Wealth Management has raised a €500m senior debt fund for investment in the German market. The product is an unusual one as the German lending market is ferociously competitive and traditionally provides margins that are too low for some investors.
2 min read · 20 January 2015
Extra MSA Group has issued a £220m bond secured against nine of its UK motorway service assets The Abraham portfolio has a current total annual net rental income of in excess of £23m. The bond has a 10-year term with a fixed annual coupon of less than 3.7%.
2 min read · 19 January 2015
Deutsche Pfandbriefbank has provided La Française two loans totalling €79m to fund its acquisitions of two Paris office buildings.
1 min read · 19 January 2015
Quantum Capital Partners has arranged $74.4m in loans on five Southern California properties, Real Estate Capital has learned. The largest is a 10-year, $32m conduit loan secured by a 89,000 sq ft wholesale/retail showroom and parking garage in the Los Angeles Fashion District. The non-recourse loan carries a loan-to-value of 67% and was used to pay off a previous loan that Quantum arranged in 2012.
2 min read · 19 January 2015
Bank of America Merrill Lynch has launched a €286.4m CMBS held against Italian assets owned by three private equity investors. Assets owned by Blackstone, Cerberus Capital Management and Orion Capital Managers make up the collateral, each of which have entered the recovering market early in its cycle.
2 min read · 19 January 2015
Kushner Companies and Extell Development Company have closed on two phases of financing totalling $129m for the Pier Village waterfront condominium development in Long Branch, New Jersey. The joint venture acquired Pier Village for $180m in the last quarter of 2014, with plans to complete a long-stalled third phase of the project.
2 min read · 16 January 2015
Macquarie has arranged the financing for LDC’s £307m acquisition of the NEC Group from Birmingham City Council. LDC is Lloyd’s regional mid-market private equity group. Maquarie originated and structured the debt as a whole loan, which is being tranched and syndicated. Macquarie introduced RBS and two others to the syndicate pre-closing and will be keeping a significant holding until maturity in six and a half years. .
2 min read · 16 January 2015
Ares Management has won a $700m commercial real estate debt mandate from a large North American specialty life insurer to originate US commercial mortgage loans. AresAres will use the funds to originate and service floating and fixed rate US commercial mortgage loans across a variety of property types, focusing on two- to 10-year senior debt. The loans will typically range between $15m and $50m and go up to a 70% loan-to-value on stabilized properties — or those with a light transitional element — across major US markets, sources said.
2 min read · 15 January 2015
Starwood Capital has agreed a deal with NAMA to buy four “apart-hotels” and a residential development in London for £206m. The deal for the assets previously managed by Think Apartments saw Irish bad bank NAMA’s debt paid back in full.
2 min read · 15 January 2015
Summit Germany, the AIM-listed property company, has refinanced €268m of its €309m of debt with two banks. HSH Nordbank and DG Hyp have provided a seven-year loan with a 3.14% interest rate.
1 min read · 15 January 2015
