Crédit Agricole CIB has syndicated a significant portion of the £77m of debt it issued for Perella Weinberg’s purchase of One Poultry in the City, to AXA. The French insurer is thought to have taken at least a 50% participation in the three-year senior loan, equating to a position of about £40m. Perella paid £110m for […]
2 min read · 24 July 2014
JPMorgan Chase Bank has provided a five-year, $190m loan on CV Properties’ new One Channel Center office building in South Boston. The bank placed an additional $50m mezzanine loan through global investment management company BlackRock. One Channel Center (Credit: David Ryan, The Boston Globe). One Channel Center (Credit: David Ryan, The Boston Globe). The debt replaces $170m of construction financing that the lenders provided two years ago and allows for a recapture of equity. The 500,000-square-foot, 12-storey office building and an adjoining 970-car garage is fully-leased to financial services giant State Street, which opened the new building last month. Completed last year, it can house more than 3,500 employees. One Channel Center is part of the broader Channel Center project, a 2m-square-foot mixed-use development with office, residential and retail, and plans for at least two open space parks. CV Properties bought an undeveloped portion of Channel Center from Beacon Capital Partners LLC in 2007 for a reported $21.5 million, overseeing the development and redevelopment of about 1m square feet with the backing of capital partner AREA Property Partners, which was later acquired by Ares Management. CV Properties and JP Morgan Chase Bank declined to comment.
1 min read · 18 July 2014
Credit Suisse and BAWAG are said to be lined up to provide circa €245m of financing for Lone Star’s purchase of a Dutch office portfolio from CBRE Global Investors. Lone Star acquired the good-quality assets from CBRE Global Investors’ €1.56bn CBRE Dutch Office Fund for a purchase price of around €350m. Leverage equates to about […]
1 min read · 09 July 2014
Forest City Enterprises has closed on a three-year, $350m bridge loan through Morgan Stanley Bank to refinance the Ridge Hill retail center in Yonkers, New York, roughly two miles north of Manhattan. The loan refinances an original 2007 construction loan on the 1.3-million-square-foot mixed-use complex, and the firm hopes it will help give new steam to what it has deemed to […]
2 min read · 03 July 2014
Vision Properties has closed a circa $76m, 10-year loan with GE Capital Real Estate to finance its $108.7m acquisition of the Metropolitan Center at One Meadowlands Plaza in East Rutherford, New Jersey. The firm purchased the 15-storey LEED Gold office tower, with an unnamed capital partner, from a real state investment trust run by KBS […]
2 min read · 01 July 2014
Legal & General has issued its third social housing loan in six months – a £40m facility for Rooftop Housing Group. This brings its commitment to the sector to £232m, including a £102m loan it provided to The Hyde Group in March 2013 which marked the commercial lending business’s first social housing loan. Its latest […]
1 min read · 01 July 2014
DekaBank has provided £100m of refinancing for 90 Long Acre, an office building in Covent Garden, London. US private equity firm Northwood Investors paid circa £165m for the 194,000 sq ft building with existing debt of £121.5m in place last May. The loan associated with the asset was part of a wider securitisation – Lehman […]
1 min read · 24 June 2014
Prudential Mortgage Capital Company has provided $131.7m in first mortgages to refinance a Lock Up/Evergreen Storage portfolio of 18 US properties. The financing is comprised of a $20m, seven-year, floating rate tranche, and a $111.7m, 10-year, fixed rate tranche. Prudential said that the post-recession shift in housing demand from owning to renting continues to drive its faith […]
2 min read · 23 June 2014
AgFe, the debt asset management firm, has raised £1.4bn of capital for investment in senior commercial mortgages in two new UK funds and is on course to raise £2bn. Retirement specialist LV= has mandated AgFe to invest up to £1bn into investment grade mortgages over the next four years in the friendly society’s first move […]
3 min read · 06 June 2014
Dutch financial group ING has launched a debt investment service to build bespoke portfolios of commercial real estate loans for institutional investors. “This new and unique proposition allows ING REF to leverage its origination and lending capabilities to bridge the gap in the market between capital providers looking for attractive spread products, and real estate […]
2 min read · 05 June 2014
