Al Barbarino
Acore Capital this morning has revealed Delphi Financial Group, a subsidiary of the largest publicly-traded Japanese insurer, Tokio Marine Group, as the $1.6bn backer behind its new lending platform. Launched by four former Starwood Property Trust executives, Acore will originate, acquire and manage first mortgages, B-notes, mezzanine debt and preferred equity throughout the US, Canada and Europe. […]
Standard & Poor’s Ratings Services has hired Darrell Wheeler, a former commercial mortgage-backed securities (CMBS) strategist with Amherst Pierpont Securities, as the head of research for Global Structured Finance.
Wheeler started this week, taking the place of Howard Esaki, who retired and left the firm at the end of March.
HFF has secured $495m in Freddie Mac financing on behalf of Strata Equity Group for the acquisition of a portfolio of 12 apartment communities from Blackstone.
The 12 fixed-rate, securitized loans cover 4,635 units that Blackstone had acquired through the Blackstone Real Estate Partners VII fund.
Los Angeles-based lender Calmwater Capital has received $600m in third-party funding and plans to deploy the lion’s share of it in 2015, the firm told Real Estate Capital.
The company secured credit lines from two global banks totaling $500m and a $100m equity investment from a university endowment.
Madison Realty Capital has reportedly received $150m in funding from the Oregon Public Employees Retirement Fund (OPERF) for its Debt Fund III.
The commitment marks the US pension fund’s first commitment to Madison and its first foray into a debt fund. It follows a $40m commitment into the same fund New York State Teachers Retirement System in November of last year.
Quantum Capital Partners has secured a $33m short-term bridge loan to a Los Angeles-based developer to refinance The Medallion, a luxury apartment and retail development in downtown Los Angeles, Real Estate Capital has first learned.
The two-year loan with extension options pays off a previous construction loan on the property.
After hitting a snag in March, logging no change, the US CMBS delinquency rate managed just a single basis point improvement in April.
It’s a sign that the significant rate drops of 2014 are behind the market and that further drops will rely on new issuance, according to data and research firm Trepp.
Quadrant Real Estate Advisors has provided a $38.3m long-term, fixed rate loan to Brandolini Companies to refinance the Paoli Shopping Center in Paoli, a suburb of western Philadelphia, Pennsylvania. The Acme Markets-anchored retail center was redeveloped in 2000, expanded from 70,000 sq ft to 166,000 sq ft. The complex, made up of six one-story buildings and […]
Former Deutsche Bank property debt specialist Brian Sedrish has led US developer Related Companies’ successful move into real estate lending, initially in the mezzanine field but more recently offering whole loans.
A string of big real estate debt mandate won by US commercial real estate lenders shows growing confidence among large institutional investors seeking greater control over their money.
Compared with pooled debt funds, separate managed account mandates, or SMAs, generally give investors more say over the investments their fund manager makes, often with targets based on yield, total return, minimum debt service coverage, maximum loan-to-value ratio, asset types and geographic diversity.