Trez Capital, one of Canada’s largest non-bank commercial mortgage lenders, is seeking a commercial real estate veteran to replace president and CEO Morley Greene, Real Estate Capital has learned. Greene, 74, who founded Trez Capital 17 years ago, said his retirement will imminently follow the selection of his successor. “I’m not a young man and we need […]
2 min read · 02 October 2014
A group of banks led by JPMorgan and HSBC has provided RXR Realty with a $185m construction loan for the repositioning of 75 Rockefeller Plaza in Midtown Manhattan, Real Estate Capital has learned. JPMorgan served as the lead agent on the deal, while HSBC was co-agent and Sumitomo Corporation and SunTrust Banks provided the balance. […]
2 min read · 01 October 2014
The rapid fall in senior debt margins in UK real estate is becoming “painful” according to Lloyds’ global head of commercial real estate, John Feeney. Speaking at Real Estate Capital’s London forum he told delegates: “There’s been sustained pressure on margins across the board and we have reduced them in line with competitors. We need […]
2 min read · 01 October 2014
Deutsche Bank and Crédit Agricole have brought back to the market the £750m CMBS, secured against Westfield’s Stratford City regional shopping centre in east London. The initial proposed deal was pulled in August because neither the sponsor or the advising banks were proposing to retain 5% of the notes of the issuance as is usually […]
2 min read · 30 September 2014
Creating a uniform European regulatory environment for real estate lending is an uphill battle that will prove difficult to enforce according to industry experts at Real Estate Capital’s London forum. “The European Central Bank has outlined commercial real estate as an area they are concerned about and there are attempts to create a more level […]
3 min read · 30 September 2014
This morning at Real Estate Capital’s London Forum at Butcher’s Hall in the City of London, Rupert Clarke, managing partner at Lipton Rogers Developments and former chief executive of Hermes, revealed his golden rules for bankers to avoid the next bust. Clarke was however pessimistic that any warnings would be heeded. “I think most banks […]
2 min read · 30 September 2014
Situs has hired a new executive managing director of lending risk and advisory services to broaden the focus of the business into new areas including residential. Tim Keast is joining from Clayton Euro Risk where he was chief executive and president. He will head a new division focused on due diligence and risk advisory for […]
1 min read · 30 September 2014
The most senior tranche of Deutsche Bank’s Dutch CMBS has been priced at below 100 basis points. The bank’s €250.04m DECO 2014-TULIP has a senior tranche of €170m that has a coupon of 98 basis points above three month Euribor. The CMBS is made up of two loans made by the German bank: one to […]
2 min read · 30 September 2014
Oak Brook, Illinois-based Inland Mortgage Capital has launched a new bridge-lending platform, appointing two industry veterans to help lead the effort. Daniel Schmitz has been appointed vice president of loan origination, and Kenneth Schutter has been named senior vice president and credit director of Real Estate Venture Capital Program, or REVCAP. Schmitz and Schutter will oversee REVCAP, […]
1 min read · 29 September 2014
Recovery rates on liquidated US CMBS loans rose sharply to 69.5% in Q2, according to Fitch Ratings’ latest CMBS special servicing index. Stephanie Petosa, a Fitch managing director, noted in a statement that the substantial rise came after the rate had reached historic lows the two previous quarters, adding that “a sizeable portion of CMBS loans were liquidated with less […]
1 min read · 29 September 2014
