Al Barbarino
Israel invested a record-breaking $2.4bn in US commercial real estate acquisitions in 2013. That figure was more than Germany, Norway, Japan or Hong Kong, all top US property buyers, invested, and more than 80% of the $2.9bn China spent that year, according to Real Capital Analytics.
However, in 2014, Israel largely disappointed expectations, investing just half that amount. The sharp fall was due largely to a flood of foreign investment that began to intensify early last year, making secondary US markets and a burgeoning Israeli bond market more attractive.
Fitch Ratings has issued final ratings on Deutsche Bank Securities’ $1.4bn COMM 2015-DC1 securitization, one of the largest CMBS deals completed so far this year.
The rating agency awarded its triple-A rating to the deal's roughly $1.1bn top tranche, also noting that the securitization carries higher leverage than recent fixed-rate multi-borrower transactions.
PM Realty Group and National Real Estate Advisors have secured a $79m construction loan for the development of The Confluence, a 34-story luxury residential tower that is set to become Denver, Colorado’s tallest.
The four-year loan carries a 65 percent loan-to-cost. Rob Rizzi from HFF, which arranged the financing, said his team negotiated a “longer initial term with extension, providing more of a mini perm option without sacrificing the very low floating-rate or any other terms.”
San Diego-based healthcare developer Pacific Medical Buildings secured a $41m construction-to-permanent loan for the development of The Hoag Health Center in Irvine, California, which is reflective of a booming health care industry buoyed by new construction and aggressive lending.
The 12-year, fixed-rate loan on the Hoag center, provided by an undisclosed correspondent life insurance company, is interest-only during the two-year construction period.
Leading data firms are noting significant drops in delinquency rates that have created historic lows among top investors groups, including those serving the CMBS and multifamily loan markets.
CMBS delinquency rates (30+ days) fell to 5.58% in February, down eight basis points month-over-month and 120 basis points from the year-ago level, Trepp said today in a new report.
JP Morgan Chase Bank has provided a $33.6m loan backing the repositioning of a group of Manhattan buildings owned by the Wildenstein family, a dynasty of international art dealers.
After receiving one of the most acclaimed loans of 2014 at Saks Fifth Avenue, Hudson’s Bay Company is forming two joint ventures that are structured to facilitate IPOs and free up cash to grow its portfolio.
A Qatari investment firm has received a $275m loan for its $513m purchase of The Manhattan at Times Square Hotel, city property records show.
The buyer is Al Rayyan Tourism and Investment (ARTIC), the international hospitality subsidiary of Al Faisal Holding Company, which also owns the Radisson Blu Chicago and the St. Regis Bal Harbour Resort in Miami Beach, Florida.
Lyon Communities has received $167m in Freddie Mac financing for two recently-constructed, Class A multi-housing communities in Southern California. An $88m loan backs The Marke in Santa Ana, and a $79m loan backs Palomar Station in San Marcos. Both 10-year loans carry a 3.32% fixed-rate and were financed through Freddie Mac’s premiere lease-up program, which […]
Mesa West Capital has provided a $68m loan to Prudential Real Estate Investors and GlenStar Properties for the acquisition and repositioning of 311 West Monroe in downtown Chicago, Illinois.
The financing follows a $220m loan Mesa West provided to Sterling Bay and a $48m loan to Laurus Corporation. Mesa West’s loans are typically five-year floaters.