The refinancing prospects of the UK’s €58bn of outstanding CMBS loans “remain challenging” according to ratings agency Standard & Poor’s. S&P warned in its latest CMBS bulletin covering the second quarter of the year that the disparity between prime and secondary property yields could result in “repercussions for refinancing European CMBS loans, many of which […]
2 min read · 05 August 2014
Westfield’s £750m CMBS has been priced at 87-90 basis points by investment banks Deutsche Bank and Crédit Agricole. As revealed by Real Estate Capital (28.7.2014) it is to be the lowest priced CMBS issued since the downturn. Westfield Stratford City Finance, a single-tranche deal, has been AAA rated by both DBRS and Fitch Ratings. The new […]
2 min read · 05 August 2014
Urban Exposure has pulled its £500m London Stock Exchange float citing “the prevailing IPO backdrop”. The vehicle that was to be known as Urban Exposure Real Estate had planned to use the equity to issue loans for residential development in the capital and announced its intention to float at the start of July. It said […]
2 min read · 05 August 2014
Real estate private equity firm Madison Realty Capital has completed the first closing of its third debt fund, Madison Realty Capital Debt Fund III, raising $145.4m of capital commitments. Commencing 23 July for an 18-month raise, the firm is calling upon investors including public and corporate pension funds, university endowments, family offices, and wealth managers for […]
2 min read · 04 August 2014
M&G Investments has provided £40m of long-term finance to Merseyside housing association One Vision Housing. The 30-yearloan will allow One Vision to refinance existing bank debt held. It will is held against an element of its 11,500 portfolio and will allow the housing association to undertake new development. M&G now has a book of £4bn through […]
1 min read · 04 August 2014
The Moinian Group has secured a $539m loan for its 1.16 million-square-foot luxury residential rental tower under construction at 605 West 42nd Street in Manhattan, on the northwest corner of 11th Avenue. The loan was provided by the New York State Housing Finance Agency. Bank of China and life insurance company Ullico also played a role in […]
2 min read · 01 August 2014
New York City-based investment and advisory firm Talmage has completed the $100m first closing of Talmage Total Return Partners, a new high-yield real estate debt fund. The fund is targeting $300m in total investor commitments and will make opportunistic commercial real estate debt investments, including CMBS, whole loans, B-Notes, and mezzanine loans. The capital commitment comes […]
2 min read · 01 August 2014
Canada Life Investments has upped its total lending to the Property Income Trust for Charities (PITCH) fund to £50m. The annuity lender has provided the fund, managed by Mayfair Capital Investment Management, with a new £24m, seven-year facility to refinance a 13-asset portfolio with a mixture of office, retail and industrial assets across the UK. The […]
2 min read · 01 August 2014
Christian Candy’s Omni Capital has provided a £48m bridging loan to fund the acquisition of a residential development site in Chelsea Harbour, west London. The loan has been issued to the Hadley Property Group, which is backed by the multi-family office the LJ Group and private family office the Peterson Group. The site, known as […]
2 min read · 01 August 2014
TIAA-CREF has provided a $175m fixed-rate loan to Clarion Partners’ Lion Industrial Trust Fund. The 10-year loan will be used to retire the existing debt on a seven-property, five-million-square-foot industrial portfolio that includes two assets in San Bernardino, California; four in Dallas, Texas; and one in Southaven, Mississippi. Constructed between 2001 and 2005, the portfolio […]
1 min read · 31 July 2014
