Hotel fundamentals are exceeding peak levels and destined for uncharted territory if positive economic forecasts pan out and lenders can maintain their discipline. Data from Jones Lang LaSalle shows that RevPAR — or revenue per available room — in 85% of the top 25 markets has already exceeded the peak from last cycle. Average national RevPAR of $76 as of November was $10 higher than the 2006 peak; and average daily rate (ADR) of $116 is almost $10 greater than the 2007 peak.
2 min read · 12 February 2015
Royal Bank of Scotland has provided one of the largest speculative development loans this cycle in the UK, Real Estate Capital can reveal. Four Pancras Square croppedThe £100m ticket will be used to build 170,000 sq ft Four Pancras Square at the King’s Cross Central scheme in London. The debt reflects around 55% of the construction cost, which will be in the region of £180m. It is “the first of what is hoped will be a series of financing solutions from RBS” said the borrower, the King’s Cross Central Limited Partnership.
2 min read · 12 February 2015
The first major portfolio acquisition of non-core Dutch housing association stock has been financed by Deutsche Hypo, ING Real Estate Finance and pbb Deutsche Pfandbriefbank with a €331m loan.
2 min read · 12 February 2015
BNP Paribas has provided a £90.4m senior loan to Tishman Speyer for its purchase of 100 New Oxford Street in London’s West End. 100 Oxford Street croppedThe facility has a maximum term of six years and includes a £5m tranche to cover costs while the property’s existing vacancy is leased up. It reflects a loan-to-value of nearly 70%.
1 min read · 12 February 2015
David Metalonis has joined Lionheart Capital as chief investment officer, the Miami-based real estate investment firm known for its Ritz-Carlton residential projects announced today. The former senior vice president and partner for Colliers International will oversee acquisitions, dispositions, procurement of debt and equity funding. Metalonis has $1.5bn in transaction volume under his belt and brings 12 years of real estate experience to Lionheart.
1 min read · 11 February 2015
Former Starwood Property Trust executives Boyd Fellows and Warren de Haan are drawing up plans to launch a new lending business as early as next month, Real Estate Capital has learned. The duo is considering a platform that would originate loans out of a portfolio made up of private capital, and it could also underwrite and broker loans as an intermediary, sources said.
2 min read · 11 February 2015
Impax Asset Management has appointed EY’s real estate corporate finance team to raise a new green property fund.
2 min read · 11 February 2015
HIG Capital has bought a portfolio of around €50m of non-performing loans from Italian bank Group Cassa di Risparmio di Cesena. The private equity investor has bought at a discount in the region of 45%. The 52 loans are secured by a mixture of residential and commercial real estate, predominantly in the regions of Emilia-Romagna and Marche in northern Italy
2 min read · 11 February 2015
Deutsche Pfandbriefbank has funded the purchase of a shopping centre in Berlin for Tristan Capital with a €50m loan.
2 min read · 10 February 2015
Karlin Real Estate has provided $96m in first mortgage debt to refinance three resort properties in Arizona and Colorado. The firm provided a three-year (with two one-year extension options) $50m senior loan to IMH Financial Corporation to refinance the L’Auberge de Sedona and the adjacent Orchards Inn in Sedona, Arizona; and a five-year, $46m senior loan to Grand Heritage Hotel Group on The Stanley Hotel in Estes Park, Colorado.
2 min read · 09 February 2015
