Grosvenor Fund Management’s London Office Fund has been refinanced by two banks aiming to establish themselves in the increasingly competitive London lending market. BNP Paribas and Sumitomo Mitsui Banking Corporation have provided £201m of finance secured on the fund’s portfolio of four prime central London office buildings at a competitive margin, though on low leverage, […]
2 min read · 16 September 2014
Situs has appointed a new head of Spain as part of its drive to increase its loan servicing and underwriting capabilities in the country. Fernando Salazar Lacalle has been appointed to the position having previously been head of international clients and managing director of Spain for Servicing Advisors Deutschland. He will report to Bruce Nelson, […]
2 min read · 16 September 2014
Irish investors Patrick McKillen and Padraig Drayne have refinanced a large regional shopping centre after regaining control of the asset by teaming up with Colony Capital.earlier this year to buy IBRC’s €800m ‘Pebble’ portfolio of non-performing loans. Deutsche Pfandbriefbank has lent £100m against the 800,000 sq ft Frenchgate Shopping Centre in Doncaster owned by the […]
1 min read · 16 September 2014
Los Angeles-based alternative investment firm Thorofare Capital has raised $400m for a new investment vehicle that will write floating-rate senior loans on value-add opportunities. The program will focus on $5m-$25m senior loans with average durations between two and five years, with rates starting at 5.5% at LTVs up to 75%. In addition to opportunities across the multifamily, […]
2 min read · 15 September 2014
Progress Residential is the sixth major residential home owner to securitize part of its housing stock through the bond markets. The 10th offering of its kind, Progress 2014-SFR1 builds the total SFR asset class, backed by income-producing rental homes, to a nearly $5.4bn business. Like a majority of the previous deals, the $473.4m bond is backed […]
3 min read · 15 September 2014
LondonMetric Property’s UK joint venture with the Universities Superannuation Scheme, the Metric Income Plus Limited Partnership, has raised an extra £50m of debt finance. Deutsche Pfandbriefbank has extended the quantum of an existing facility put in place in November 2012 by £50m to £125m, and pushed the maturity out by two years to January 2020. […]
1 min read · 15 September 2014
Related Fund Management’s credit platform has provided loans totaling $150m on two development projects – one in New York City and the other in Vail, Colorado – as the year-old group begins to examine a number of new opportunities across the US and a potential foray into Europe, managing director Brian Sedrish told Real Estate Capital. […]
3 min read · 12 September 2014
Miami-based CGI Merchant Group (CGI) has secured a $23.4m loan from New York-based Rialto Group for the refinancing and upgrade of a prominent mixed-use property located at 55 Miracle Mile in Coral Gables, Florida that is to be packaged into a new CMBS. The loan is to be bundled into Wells Fargo’s $1.27bn WFRBS Commercial Mortgage Trust 2014-C22 […]
2 min read · 11 September 2014
Blackstone has secured £200m of financing for its purchase of 125 Old Broad Street in the heart of the City of London. MetLife has provided a new six-year loan for the private equity firm’s purchase at a loan-to-value of 62.5%. The loan is thought to have a margin of around 150 basis points. The deal […]
2 min read · 10 September 2014
Specialist investment divisions of The Blackstone Group and TPG Partners have teamed up to buy Kensington, the specialty UK residential mortgage lender, from Investec which bought the lender in 2007 during a UK residential property bull run, writes Robin Marriott. Blackstone Tactical Opportunities and TPG Special Situations Partners (TSSP) have paid £180m) for the company […]
2 min read · 09 September 2014
