Aviva Commercial Real Estate Finance has sold a distressed UK portfolio for £503m to Kennedy Wilson Europe Real Estate. The insurer has also provided £352.3m of staple finance, reflecting a loan-to-value of 70%. The senior debt facility has been split into a three-year floating rate loan (33%), a five-year fixed rate loan (20%) and an eight-year fixed rate loan (47%). The facility has a weighted average margin of 206 bps and has the flexibility to substitute properties over the life of the loans, based on the acquisition purchase price.
3 min read · 22 December 2014
Helical Bar has secured an £81m debt facility from Aviva Commercial Finance to refinance a trio of assets in the UK. The 10-year loan allows for drawdowns of up to 63% of value and have a fixed interest rate of 2.48%. The assets are two office buildings in London – the 150,000 sq ft Shepherd’s Building in Shepherd’s Bush and the 35,000 sq ft One King Street in Hammersmith – as well as a retail asset within its 250,000 sq ft Morgan Quarter in Cardiff.
2 min read · 19 December 2014
Spare an unforeseen rally, it’s looking like the year-end US CMBS issuance tally will fall short of the triple-digit billions number many had predicted, anticipated and/or hoped for. As of today, there was $87bn of CMBS issuance, according to TREPP.
3 min read · 19 December 2014
TIAA Henderson Real Estate and its joint venture partner Madison Realty has refinanced The Houndsditch Estate in the City of London with a new £120m debt facility. ING and Santander jointly provided the five-year loan. The finance reflects a loan-to-value of 60% on its £200m value.
2 min read · 19 December 2014
Blackstone Mortgage Trust (BXMT) has provided a $210.7m floating-rate loan to Banyan Street Capital and Oaktree Capital Management for the acquisition of a 19-building suburban office building portfolio located across six US states. The loan helps to fund the $237m acquisition as well as additional capital expenditures and leasing costs associated with the properties.
1 min read · 18 December 2014
Royal Bank of Scotland is being sued in the High Court for an alleged breach of a loan agreement involving one of the highest profile residential developments to fall victim to the downturn, Real Estate Capital can reveal. John Morris, the developer behind the luxury Charters scheme near Sunningdale, south west London, is suing RBS for reneging on an agreed banking facility to finance the final construction works at the site in September 2008.
3 min read · 18 December 2014
Guggenheim Commercial Real Estate Finance has provided a first mortgage loan to Oxford Properties Group for one of five Boston office buildings the Canadian investment firm bought for $2.1bn earlier this year. The $150m fixed-rate permanent financing of the 22-story office tower at 125 Summer Street was “very competitively priced given the strong sponsorship and the fresh equity” going into the property, Riaz Cassum, a senior managing director with the HFF debt team that placed the loan, told Real Estate Capital.
2 min read · 17 December 2014
ING has lent TH Real Estate €85m to refinance a designer outlet mall in Italy The five-year loan is secured against the fund manager’s Serravalle Designer Outlet, located just outside of Milan. The asset is Italy’s first and largest designer outlet, comprising over 38,000 sq m. It is owned by the €1.5bn European Outlet Mall Fund.
2 min read · 17 December 2014
Morgan Stanley has provided a $140.5m loan to New York-based real estate investment firm Savanna for the refinancing of 31 Penn Plaza in Midtown Manhattan. 31 Penn Plaza 31 Penn Plaza The two-year (with three one-year extension options) floating rate loan carries an initial coupon under 2%, Kelly Gaines, a managing director at Jones Lang LaSalle who led the financing, told Real Estate Capital.
1 min read · 16 December 2014
Cerberus has purchased non-performing real estate loan portfolios from Royal Bank of Scotland (RBS) and National Australia Bank (NAB) totalling £6bn, it was announced today. The £4.8bn par value portfolio acquired from RBS is made up of Irish commercial real estate loans collateralised by 5,000 assets, said a source close to the deal according to Real Estate Capital’s sister publication PDI. A small portion of the portfolio is made up of loans to buy-to-let investors and around 25 percent is tied to assets in Northern Ireland with the remainder in the Irish state.
2 min read · 16 December 2014
