Al Barbarino
Cornerstone Real Estate Advisers has provided a $70m loan to Invesco Real Estate and San Diego-based developer Cruzan for the acquisition of a two-building office campus in San Diego, California.
The four-year floating rate loan allows for the acquisition and repositioning of the 311,300 sq ft campus. The deal carries a loan-to-value just under 82% based on the $85.5m the joint venture paid for the property.
Standard & Poor's isn’t exactly reeling from the SEC measure banning it from rating conduit fusion CMBS -- in fact, the rating agency more than doubled its business in the first quarter.
Fitch Ratings' moratorium on rating single-family securitizations has ended thanks to the arrival of the first multi-borrower deal.
The rating agency, which had shunned the asset class up until now, assigned a preliminary ‘AAA’ rating to the Class A notes of B2R Finance 2015-1, a $230m securitization.
Bank of America leads financing of Miami rail yard
Of the oncoming $300bn wave of vintage 10-year loans expected to mature between 2005 through 2007, nearly one-third of the balance will come from loans backed by retail properties, according to Trepp.
While this will lead to increased originations, more than $20bn of the $90bn or so in retail loans could run into trouble refinancing, particularly those involving decades-old regional malls anchored by big box tenants like JC Penney, Sears or Best Buy, the data and research firm noted in a new report.
Blackstone has issued its sixth single-family rental securitization, Invitation Homes 2015-SFR2.
Guggenheim Commercial Real Estate Finance has provided a $30m loan to ACF Property Manegement for its acquisition of The Shoppes at Bedford Mall, a retail center in Bedford, New Hampshire.
The 10-year, fixed rate loan carries a 65% loan-to-value based on the $46.1m that ACF paid Emmes Asset Management Company for the 277,000 sq ft complex.
Cantor Commercial Real Estate has provided a $33.3m loan to Ashford Hospitality Trust for the acquisition of the Marriott Memphis East in Memphis, Tennessee.
The two-year floating rate loan carries a 77% loan-to-value based on the $43.5m that the REIT paid for the 232-room hotel earlier this year. The 10-story hotel underwent extensive renovations in 2012 when it was converted from a Holiday Inn Select to a full-service Marriott.
HSBC Bank has provided $55m in first mortgage financing to Synergy Investments to refinance 185 Dartmouth Street, a repositioned 164,600 sq ft boutique office and retail building in Boston’s Back Bay neighborhood.
Mesa West Capital has provided The JBG Companies with $27m in first mortgage debt to refinance the Westin Reston Heights, a full-service hotel in Reston, Virginia.
The five-year floating rate loan takes out the existing debt on the 191-room hotel, which Chevy Chase, MD-based JBG built in 2008. Wells Fargo provided a previous $47.8m loan on the property in March of 2007, city property records show.