Al Barbarino
Citizens Bank is providing $36.4m of three-year, floating-rate financing to Kairos Real Estate Partners and Artemis Real Estate Partners for the recapitalization of Fort Washington Executive Center in Philadelphia, Pennsylvania.
The deal includes a $22.1m bridge loan and $14.3m of future funding for the three-building, 400,000 sq ft, Class A office complex.
HSBC Bank has lent Greystar $41m for the purchase of Ten Faxon, a 200-unit apartment building in Quincy, Massachusetts.
The deal carries a 63% loan-to-value based on the $65m Greystar paid for the 10-story building.
US CMBS 2.0 loans in special servicing will remain low until they approach maturity; but if it’s a sign of things to come, the two largest loans are tied to ailing malls, echoing problems with the previous generation of retail CMBS.
New York-based real estate developer Jeff Sutton and General Growth Properties (GGP) closed on the $1.775bn acquisition of the Crown Building at 730 Fifth Avenue in Manhattan this week with $1.25bn in financing from three mega-lenders.
Bank of America has provided $320m to refinance 875 Third Avenue, a 30-story office building in Midtown Manhattan.
The loan replaces a first mortgage of the same size that BOA provided in 2012, which replaced another $320 loan from HSH Nord Bank from 2005.
During its first full year as a CMBS originator, investment and advisory firm Greystone completed $700m of loans in 2014.
This year, the firm plans to surpass the $1bn mark, head of Greystone's CMBS production group, Robert Russell, told Real Estate Capital.
A number of Washington, D.C.-area CMBS loans are slipping into special servicing, reflecting a slowing D.C. office market marked by increasing office vacancies.
Most recently, a $46.4m loan tied to the adjacent Willowwood I and II office buildings at Eaton Place in Fairfax, Virginia was sent off to the special servicer this week after a string of missed payments.
General Electric may be selling off its financial businesses, but its commercial real estate lending platform isn't slowing up yet.
Despite uncertainty regarding the fate of its employees, GE Capital Real Estate provided at least $375m in commercial real estate loans this week.
KeyBank has originated a $215m Freddie Mac loan to refinance the Harbor Point apartments in Dorchester, Massachusetts.
The complex, built in 1950 and renovated in 2006, features 1,283 apartment units spread across 50-acres of land facing the Boston Harbor waterfront in South Boston.
Fannie Mae and Freddie Mac’s market share of multifamily loan originations has dipped below “normal” levels after plummeting from the peaks achieved during the financial crisis, according to a new report from the Urban Institute.