IVG has opted for a refinancing of its The Squaire project in Frankfurt following an unsuccessful sales process that saw bidders fail to hit the company’s €700m reserve price. Bank of America Merrill Lynch has provided a €470m, five-year loan, which at IVG’s valuation would be a 67% loan-to-value.
2 min read · 14 January 2015
Blackstone Mortgage Trust (BXMT) has provided a $247.5m acquisition loan on 180 Maiden Lane, a 1.2m sq ft downtown Manhattan trophy tower that MHP Realty Services and Clarion Partners purchased this week for $470m, Real Estate Capital has learned. Up to $350m in funds will be made available to the joint venture as it leases up and renovates the property following the departure of anchor tenant American International Group (AIG).
1 min read · 14 January 2015
There will be no let-up in the capital, particularly equity from Asia and North American opportunity funds, flowing into European real estate in 2015, according to Emerging Trends in Real Estate Europe, a forecast published jointly by the Urban Land Institute (ULI) and PwC. The report – an annual one, based on surveys and interviews with more than 500 major real estate players – found 70% of investors expect more equity and debt will flow into their markets this year. “It is easier to get capital than to find good deals,” said one of the survey’s respondents. Almost two-thirds think core assets are overpriced, and that they will need to take on more risk to achieve required returns in 2015.
2 min read · 14 January 2015
Allianz Real Estate of America has provided a $95.5m loan to RED Development and its equity partner BIG Shopping Centers USA for the refinancing of the Village Pointe Shopping Center in Omaha, Nebraska. The 447,279 sf shopping center — built in 2004 and set across 78 acres — includes 13 buildings, more than 60 distinct tenant spaces […]
1 min read · 13 January 2015
Lloyds has hired Ab Shome as director in its loan markets corporate real estate team. Shome replaces Rupert Gill, who left in the summer last year to join Hatfield Philips as managing director and head of debt and management advisory.
1 min read · 13 January 2015
Ballymore has struck a deal with a Malaysian investor that will see it recoup £428m and allow it to pay back a substantial amount of its debt to NAMA, as tipped by Real Estate Capital.
3 min read · 13 January 2015
Transamerica Life Insurance Company has provided an affiliate of North Dakota-based Sterling Real Estate Trust with $62.6m in financing for the acquisition of a 1,422-unit apartment portfolio in the Minneapolis-St. Paul metropolitan area of Minnesota — aka the Twin Cities. The loans back five of seven garden-level apartment buildings that the REIT bought for a reported $103.5m. […]
1 min read · 12 January 2015
TPG has acquired the majority of a $2.5bn portfolio of high-yield real estate loans from Deutsche Bank’s Special Situations Group, taking along with it a team of 11 origination and risk management professionals. The private equity firm, through a newly-formed REIT called TPG Real Estate Finance Trust (TRT), acquired a 75% stake in the existing portfolio, and it has raised $750m in capital from institutional investors for new loan originations. Deutsche Bank retains a 25% interest.
2 min read · 12 January 2015
Helical Bar has obtained a £165m revolving credit facility from HSBC for its Barts Square scheme, in the City of London, held in joint venture with The Baupost Group. The new loan provides funding for the construction of Phase 1 of the project, which incorporates 144 residential units, 24,000 sq ft of offices , retail/restaurant space and accompanying public realm improvements and refinances an existing £35m facility from HSBC.
1 min read · 12 January 2015
The voting for Real Estate Capital’s inaugural awards has now closed. The awards will pick out the top lenders, borrowers and advisors in the European and US property markets; voting took place across 20 categories which received nearly 1,000 responses. The results will be revealed in a special supplement to be published in Q1 2015. Real Estate Capital would like to thank you for your contributions and interest.
2 min read · 12 January 2015
