Al Barbarino
Trepp predicts $36bn of issuance for US commercial mortgage backed securities this quarter, which would be the greatest dollar volume for any quarter since the market peak, Real Estate Capital has learned.
The research and data firm’s prediction trounces last year’s first quarter, which logged just $16bn in issuance and, at such a pace, could result in some $144bn in total issuance for the year.
That figure would stretch well beyond last year’s $94.1bn and supersede what most industry insiders were predicting up until this point.
Laurus Corporation has received $48m in loans for the acquisition and repositioning of an office building at 199 South Los Robles in Pasadena, California, Real Estate Capital has learned.
Los Angeles-based Mesa West Capital provided a $39m, five-year, floating-rate loan, and Karlin Real Estate, also based in Los Angeles, provided a $9m mezzanine loan.
Children’s Investment Fund Management provided Carpenter & Company with a $500m loan for the development of a Four Seasons that is set to become Boston’s tallest residential tower.
Toronto-based Brass Enterprises landed a $44.1m Freddie Mac loan for its $67.9m acquisition of Lugano Cherry Creek, a 328-unit, Class A multi-housing community in Denver, Colorado.
HFF arranged the seven-year, 3.45%, fixed-rate loan and also represented the seller of the asset, a fund managed by Dallas-based GenCap Partners. HFF had secured a previous $44.5m floating-rate loan from GE Capital Real Estate on GenCap’s behalf.
California-based Hager Pacific Properties has received a $50m loan on a 2m sq ft central Pennsylvania warehouse portfolio. An undisclosed correspondent life company provided the 17-year, 4.15%, fixed-rate loan.
Hager purchased the 11-building portfolio in 2006 from Chicago-based Blue Vista Sponsor Equity Fund and an affiliate of Walton Street Real Estate Fund IV for $87m, at the time assuming a $55m mortgage.
BMC Investments received a $26.4m loan from Freddie Mac for its acquisition of the Lakeview Apartments in Westminster, Colorado. The 10-year (three years interest only) loan carries a 3.65% fixed-rate. BMC paid a reported $32m for the property, putting the loan-to-value at more than 82%. The seller, Belgarde Enterprises of Minneapolis, paid just $4.4m for the property in 1993. […]
RailField Realty Partners and Artemis Real Estate received a $44.6m loan from Fannie Mae for the acquisition of Signature Ridge, a 612-unit, Class A multifamily community in San Antonio, Texas.
The 10-year floating-rate loan (five interest-only). The acquisition price was not disclosed, but broker CBRE put the loan-to-value around 70%, valuing the asset at nearly $64m.
Hotel fundamentals are exceeding peak levels and destined for uncharted territory if positive economic forecasts pan out and lenders can maintain their discipline.
Data from Jones Lang LaSalle shows that RevPAR -- or revenue per available room -- in 85% of the top 25 markets has already exceeded the peak from last cycle. Average national RevPAR of $76 as of November was $10 higher than the 2006 peak; and average daily rate (ADR) of $116 is almost $10 greater than the 2007 peak.
David Metalonis has joined Lionheart Capital as chief investment officer, the Miami-based real estate investment firm known for its Ritz-Carlton residential projects announced today.
The former senior vice president and partner for Colliers International will oversee acquisitions, dispositions, procurement of debt and equity funding. Metalonis has $1.5bn in transaction volume under his belt and brings 12 years of real estate experience to Lionheart.
Former Starwood Property Trust executives Boyd Fellows and Warren de Haan are drawing up plans to launch a new lending business as early as next month, Real Estate Capital has learned.
The duo is considering a platform that would originate loans out of a portfolio made up of private capital, and it could also underwrite and broker loans as an intermediary, sources said.