The Commercial Real Estate Finance Council Europe (CREFC) has submitted its response to the Bank of England’s discussion paper examining the availability of credit data in the UK Headed by chief executive Peter Cosmetatos, CREFC’s response advocates establishing a loan database for commercial real estate financings and suggests that this resource should use CREFC’s European […]
3 min read · 29 August 2014
JP Morgan has provided a $420m, five-year floating-rate CMBS loan to Thor Equities for the refinancing of the Palmer House Hilton in downtown Chicago. The loan replaces a previous $365m loan, providing a “more flexible loan structure… with a lower interest rate, resulting in millions of dollars in savings per year,” Thor said in a […]
1 min read · 29 August 2014
Point Park Properties (P3) has sealed a €380m financing for its purchase of a 627,000 sq m logistics portfolio in Czech Republic in a new benchmark deal for the cycle in Eastern Europe. A club of three Czech banks fought off competition from German rivals to secure the mandate which is one of the largest and most competitively […]
2 min read · 28 August 2014
The owners of The Savoy have completed a £300m refinancing of the famous London hotel by selecting a private equity investor to provide £100m of mezzanine debt, Real Estate Capital can reveal. Apollo Global Management won the mandate to make the mezzanine loan, which has been priced at an internal rate of return slightly higher […]
2 min read · 28 August 2014
Cornerstone Real Estate Advisers has provided a $95.2m loan to Keystone Property Group for the acquisition and upgrade of six office properties in Westchester, New York and Stamford, Connecticut. A portion of the three-year, floating-rate loan will be used to fund upgrades to the properties, which Keystone acquired through a joint venture with Mack-Cali Realty Corporation […]
1 min read · 27 August 2014
TIAA Henderson Real Estate has refinanced an Austrian shopping centre in its €1.5bn European Outlet Mall Fund and plans to refinance three more of the malls by the end of the year. Deutsche Pfandbriefbank, one of the two previous funders, issued a new €54.7m loan to refinance the fund’s centre in Parndorf, Austria. The five-year […]
2 min read · 27 August 2014
Citibank has syndicated around £235m of the £300m loan it issued against Ares and Delancey’s Walbrook Building in the City of London in May, Real Estate Capital can reveal. The deal is a sign of the enormous appetite for debt that is being sold down by large banks with the ability to issue big ticket, […]
2 min read · 27 August 2014
Walker & Dunlop and its affiliates have provided a $72.2m in loans to Key Real Estate Company for the acquisition of six multifamily properties located in Texas and Louisiana. The firm structured the financing into bridge, conduit and mezzanine portions. Three adjustable rate loans for $35.4m – cross-collateralized, cross-defaulted and secured by three of the multifamily […]
2 min read · 26 August 2014
The lenders on Blackstone’s recent $800m acquisition of a 47-hotel portfolio from Clarion Partners will securitize the $570m senior loan on the deal, a source familiar with the deal told Real Estate Capital. JPMorgan Chase Bank and Deutsche Bank will securitize the five-year, floating rate debt into a single-borrower securitization in the coming weeks. The banks – […]
2 min read · 26 August 2014
A German pension fund has made another large investment in debt, providing €450m for the refinancing of Mall of Berlin in the German capital. Bayerische Versorgungskammer (BVK) contributed the senior portion of a larger €600m refinancing of the new shopping centre, which saw Deutsche Hypo take a subordinate tranche of €80m and two credit funds of BNP […]
2 min read · 26 August 2014
