Al Barbarino
Construction crews today were busy hoisting wood paneling and other supplies up the scaffolding that now surrounds the existing four-story structure, which previously housed a parking garage, car rental agency and a bridal fabric shop that had occupied a ground-level retail space for nearly four decades.
Bank of the Ozarks has provided $83.5m in construction financing to McSam Hotel Group for the development of a hotel at 346-354 West 40th Street, city property records show.
Mesa West Capital has provided a $27.4m loan to The Bascom Group and Oaktree Capital Management for the acquisition of an apartment building in Henderson, Nevada.
East West Bank has provided $44.6m in construction financing to The Integral Group and equity investor Argosy Real Estate for the construction of Eviva Mission Bay, a 129-unit multifamily community in San Francisco, California, Real Estate Capital has learned.
The deal carries an approximate 78% loan-to-cost based on the project’s estimated $57.4m price tag.
Guardian Real Estate Services has received a $37m construction loan for the development of a 166-unit residential building in Portland, Oregon’s John’s Landing neighborhood.
The loan-to-cost works out to 86% based on the development's estimated $43m price tag. HFF, which arranged the financing, declined to disclose the lender's identity.
Bank of America provided a $43m first mortgage loan to AWH Partners and Building and Land Technology for the acquisition of the Westin Dallas Park Central.
TD Bank has appointed Donald Mincey and Carlos Perez to lead its growing commercial real estate lending team in Florida.
The team offers a range of commercial term loans, construction loans, revolving lines of credit, letters of credit, and bridge loans across multi-family, office, retail, and industrial properties.
Kroll Bond Rating Agency (KBRA) has assigned preliminary ratings to VFC Series 2015-3, a $233.1m commercial non-performing loan (NPL) securitization of 361 NPL, performing loans, and real-estate-owned (REO) properties.
Square Mile Capital Management has provided a $24.5m mezzanine loan to McSam Hotel Group for the construction of a hotel in the up-and-coming Hudson Yards neighborhood on Manhattan's west side.
The mezzanine loan is part of $108m in construction financing on the property, the balance of which is a senior construction loan was provided by Bank of the Ozarks.
Och-Ziff Capital Management is reportedly raising funds for a high-yield commercial real estate debt fund that will target a range of distressed and alternative assets.
The hedge fund, through Och-Ziff Real Estate, is looking to raise $800m for the closed-end fund, targeting returns north of 10% and up to $13%, said a source familiar with the plans. The fund will make debt investments on assets as diverse as distressed land, casinos and senior housing.