Al Barbarino
Wells Fargo retook its 2013 originator top spot in The Mortgage Bankers Association’s 2014 Commercial Real Estate/Multi-family Finance Firms – Annual Origination Volumes report, with a total of $50.3bn of financings.
JP Morgan was second in line, securing $39.9bn; Eastdil Secured was third, with $36.7bn. The other top 10 2014 commercial/multi-family mortgage originators were: HFF, Meridian Capital Group, KeyBank, CBRE Capital Markets, Deutsche Bank Securities, PNC Real Estate and Bank of America Merrill Lynch.
New York Life Real Estate Investors has provided a $260m loan to finance two office buildings at the heart of a 1.27m sq ft complex called The Water Garden in Santa Monica, California.
Steven Doherty has joined CBRE Capital Markets as senior vice president to head the firm’s expanded Debt & Structured Finance practice in the greater Philadelphia region.
Commercial real estate debt outstanding grew at the fastest quarterly rate in seven years in the fourth quarter of 2014, according to a new report from the Mortgage Bankers Association (MBA).
Outstanding debt increased from the third quarter by $48.9bn, or 1.9 percent, to $2.64tr. The previous record was a 3.7 percent increase between the third and fourth quarters of 2007. Three of the four major investor groups were responsible for the hike.
BB&T Real Estate Funding has provided a $40m loan to Optimum Asset Management for the redevelopment of the historic Park Central Hotel in Miami Beach, Florida.
The three-year, floating-rate, senior real estate construction loan will be used to convert three existing Art Deco buildings – the 1939 Art Deco Park Central Hotel, the Imperial Hotel and Heathcoat Apartments – and a .15-acre development site and turn them into a new 135-room hotel under the Park Central Hotel name.
CBRE, the highest-producing Freddie Mac multifamily mortgage seller, has originated a $43.5m Freddie Mac loan on a sprawling apartment complex in Marietta, Georgia.
The seven-year loan backs BH Management Services’ $58m acquisition of the Barrington Mill Apartments at 1560 Terrell Mill Road, marking the 20th living community BH manages in Georgia. The 752-unit gated community, built in 1985, is set across 25 acres, with amenities including a community clubhouse, fitness centers, tennis courts, swimming pools, laundry facility and a cyber café.
Mesa West Capital has provided a $71.6m first mortgage loan to Crocker Partners and Siguler Guff & Company for the acquisition and repositioning of two office buildings in Boca Raton, Florida.
MetLife has won a $500m separate account mandate to invest in US commercial real estate loans, Real Estate Capital has learned.
The firm, through its MetLife Real Estate Investors platform, will originate and service fixed and floating rate first mortgage and mezzanine loans across office, multi-family, retail, industrial and hotel assets. The investment was made by a US reinsurance company.
Guggenheim Partners has provided $112m in CMBS financing on eight office properties located across four US states.
A $95m chunk of the financing backs a family of Brazilian investors in its acquisition of a portfolio of six office properties occupied by Wells Fargo. The 10-year loan carries a 65% loan-to-value.
A group of Forest City and Greenland Group executives in New York hold a video conference with their Shanghai counterparts. It’s the US team’s turn to burn the midnight oil; it’s 9pm in New York; 10am in Shanghai.
The joint-venture partners may be based on opposite sides of the globe, but the distance between US and Asian firms feels shorter this real estate cycle, as Asian investors are more deeply ingrained in the US real estate markets than ever before.