Insight

LBBW backs Aldgate office tower with £210m loan

German bank LBBW is to finance Brookfield and China Life’s acquisition of the Aldgate Tower office building on the eastern fringes of the City of London.

Cornerstone backs Empiric Student Property with £80m loan

Cornerstone Real Estate Advisers Europe has provided an £80 million loan to student accommodation provider Empiric Student Property to refinance a portfolio of UK operating assets.

US CMBS delinquency rate jumps in March after dramatic plunge

Following a more than 100 basis point (bps) plunge in January and February combined, the US CMBS delinquency rate jumped up 7 bps to 4.22 percent in March, according to Trepp.

US CMBS spreads tighten, but significant hurdles remain

The CMBS industry is watching intently as spreads finally tighten, but rating agencies aren’t yet convinced that any sustained improvement lies ahead.

ING provides €72.5m to refinance GreenOak’s Spanish logistics

ING Real Estate Finance Spain and Portugal has provided a €72.5 million loan to GreenOak to refinance a portfolio of Spanish logistics properties.

Throssell replaces Howie as TH Real Estate CFO

Colin Throssell, the former head of treasury at TH Real Estate, has replaced Donald Howie as the company’s chief financial officer following Howie’s resignation.

Societe Generale and CCRE provide $210m refinancing of Miami Ritz-Carlton

Societe Generale and Cantor Commercial Real Estate (CCRE) have provided a $210 million refinancing on the Ritz-Carlton South Beach hotel in Miami, Florida. The two lenders provided the funding to Lionstone Group of Miami and Flag Luxury Properties of New York, joint owners and developers of the oceanfront hotel.

WAL can ‘comfortably manage’ $1.4bn GE hotel finance biz: KBRA

Kroll Bond Rating Agency (KBRA) believes Western Alliance Bank can “comfortably manage” the hotel financing business it has agreed to purchase for $1.4 billion from GE Capital.

First Republic Bank provides $48m on UES residential condos

First Republic Bank has provided a $47.5 million loan on the 105,000 sq ft Marquand residential condominium in the pricey Upper East Side neighborhood of Manhattan. The bank provided the loan to HFZ Capital Group on the 12-story condo at 11 East 68th Street at Madison Avenue.

MetLife to expand third-party debt platform to European CRE

MetLife is preparing to expand its third-party institutional asset management platform to European commercial real estate lending, Real Estate Capital has learned.