SunTrust Bank and Principal Global Investors provided $72.3m in financing to High Street Realty Company for the acquisition of the Cobb West Business Park in Austell, Georgia. SunTrust provided a circa $61m senior mortgage loan, while Principal Global Investors contributed an $11m mezzanine loan.
1 min read · 02 December 2014
Northwestern Mutual has provided a $92m loan to A&B Properties for the refinancing of the Pearl Highlands Center in Honolulu, Hawaii. The 10-year fixed rate loan carries a 4.2% interest rate.
1 min read · 02 December 2014
More lenders are writing high LTV loans to sell on chunks later, reports Alex Catalano In Europe, whole loans have been gaining traction. “Whether it’s banks or debt funds like ours, there is a lot of activity in this space,” says Rob Harper, head of Europe at Blackstone Real Estate Debt Strategies. “Whole loans” is a term loosely applied to financings at higher-than-senior loan-to-value levels, organised by one lender, usually with the intention of selling part of it. They can take different forms, and the term can be a confusing one. Barclays, for example, provided £335m for Oaktree’s and Patrizia’s purchase of three UK business parks from MEPC, dubbed Project Aviemore. The bank kept the senior and the mezzanine was provided by Highbridge Capital Management. Jason Constable, head of specialist real estate at Barclays, says: “Our aim is to be the principle originator of the entire loan and distribute the risk as appropriate, as we did on Project Aviemore, but we will work with trusted counterparties to club the facility from day one, or to participate in a senior syndication run by a junior lender.” Investment banks have previously been the main whole loan providers; they were commonly used for CMBS before the crisis. More recently they have used them for big financings, syndicating or selling most of both tranches.
7 min read · 02 December 2014
54-story mixed-use tower will feature 453 SLS-branded residential condos and a 124-room hotel.
2 min read · 01 December 2014
Wheatley Group, Scotland’s largest housing, care and regeneration organisation, has tapped the capital markets for £250m, in what is the first time a Scottish housing association has raised finance through the issue of a public bond on the capital markets, writes Real Estate Capital’s sister magazine Private Debt Investor.
1 min read · 25 November 2014
Ken Jones to focus on Freddie Mac small balance loan business
2 min read · 25 November 2014
AIG Investments has provided a $140m, 15-year fixed rate loan to TRT Holdings and JMI Realty for the refinancing of the Omni San Diego hotel in San Diego, California. The 200,000 sq ft, 511-room convention center hotel is located at 675 L Street in downtown San Diego’s Gaslamp Quarter, across the street from the San Diego Convention Center.
1 min read · 25 November 2014
MetLife Real Estate Investors is planning to raise its first real estate debt fund, Real Estate Capital’s sister magazine PERE has learned. The new vehicle, MetLife Commercial Mortgage Income Fund, is considered a companion to its MetLife Core Property Fund and would be one of the few open-ended real estate debt vehicles in the US market.
2 min read · 24 November 2014
Loan to support £1bn pipeline
2 min read · 24 November 2014
Institutions continue to flood into the sector
1 min read · 24 November 2014
