Al Barbarino
With the dissolution of GE Capital Real Estate looming, employees are beginning to trickle out of the platform to breathe fresh life into new ones.
Most recently, a team of former GE Capital Real Estate lending experts has joined New York-based mortgage real estate investment trust Annaly Capital Management to expand its commercial real estate originations platform.
Teacher Retirement System of Texas has reportedly approved more than $1bn of new commitments to commercial real estate vehicles investing in value-add and other opportunistic strategies, including distressed loans.
TexasThe pension is investing $300m each into Blackstone Real Estate Partners VIII and a fund managed by Lone Star Funds; $270m to Akard Street Industrial; and $200m to Brookfield Strategic Real Estate Partners II.
MetLife provided a $254.6m loan to Rudin Management for the refinancing of a 35-story office tower at 1675 Broadway in Midtown Manhattan.
The new loan has a 15-year duration, said a source familiar with the deal.
The financing takes out $180m of previous debt backing the property: a $155m senior loan securitized by the Bear Stearns Commercial Mortgage Securities Trust 2006-PWR12, which had a more than $2bn balance at the time of issuance, and an additional $25m B note.
Deutsche Bank has provided $84.2m in loans to Stillman Development for The Schumacher at 36 Bleecker Street, a historic Civil War-era building that developer Roy Stillman has transformed into luxury condos, Real Estate Capital has learned.
A $130m loan secured by Crow Holdings’ Dallas Market Center in Dallas, Texas is the largest behind a new Goldman Sachs commercial mortgage-backed securities (CMBS) deal.
The 10-year Dallas Market Center loan carries a 4.0975% and 30-year amortization.
Investors Bank has provided $65m in financing to New Jersey-based real estate owner and developer The PRC Group for the acquisition of a three-property, 974-unit multi-housing portfolio in New Jersey and Delaware.
PRC Multifamily Portfolio - Brighton emailThe fixed-rate financing covers the Brighton Arms and Tree Haven apartment communities in New Jersey and the Valley Run apartments in Delaware.
Torchlight Investors has received a $20m commitment from the San Diego City Employees Retirement System (SDCERS) for its Torchlight Debt Opportunity Fund V, Real Estate Capital sister publication Private Debt Investor reported. New York-based Torchlight launched the closed-end fund in October, targeting $1bn, and it had raised $368m as of March of this year. The fund […]
Mesa West Capital announced today that it has provided New York-based Angelo Gordon & Co. and Virginia-based Atlantic Realty Companies with two five-year loans totaling $78.9m for the acquisition and stabilization of four-office buildings in Reston, Virginia.
Bank of America has provided Stream Realty Partners with a $49m loan for the acquisition of Pacific Center, an eight-story, 302,628 sq ft, Class A office building in Torrance, California.
The four-year, floating-rate, interest-only loan was also structured to fund lobby renovations, future tenant improvements and leasing commissions.
Tom Meunier has joined Greystone as a managing director in its Newport Beach, California office.
Meunier will focus on the origination of new multifamily mortgage loans across the Fannie Mae, Freddie Mac, FHA, CMBS and bridge platforms on the West Coast