Al Barbarino

Karlin Real Estate has provided $96m in first mortgage debt to refinance three resort properties in Arizona and Colorado. The firm provided a three-year (with two one-year extension options) $50m senior loan to IMH Financial Corporation to refinance the L’Auberge de Sedona and the adjacent Orchards Inn in Sedona, Arizona; and a five-year, $46m senior loan to Grand Heritage Hotel Group on The Stanley Hotel in Estes Park, Colorado.

Apollo Commercial Real Estate Finance has closed a $20m mezzanine loan secured by the 488-room Los Angeles Marriott Burbank Airport hotel in Burbank, California. MBURBThe five-year, fixed rate mezzanine loan carries a 74% loan-to-value and was underwritten to generate an 11% IRR. It is part of a $90m financing that includes a $70m first mortgage from Deutsche Bank subsidiary German American Capital Corp.

Delegates reflect upbeat mood despite underwriting concerns

Mesa West Capital has provided Sterling Bay with $220m to refinance 1KFulton, a 10-story, 535,000 sq ft trophy office building in Chicago, Illinois that will serve as Google’s new regional headquarters. The financing included $35m of mezzanine debt that was placed with Morgan Stanley Real Estate Investing at closing.

On the heels of an SEC agreement that delivered a hefty slap on the wrist and partial CMBS ban to ratings agency S&P, a new report from a rival firm suggests that a so-called slippage of underwriting among “other rating agencies” is widespread and could lead to a new credit crisis. “Those who cannot remember the past are condemned to repeat it,” the US CMBS Q4 Review from Moody’s Investor Service begins, quoting philosopher George Santayana.

Natixus Real Estate Capital provided a $59.6m loan to Savanna for the acquisition of a new retail property in Manhattan’s Meatpacking District, according to city property records. Savanna, a New York-based real estate private equity and asset management firm, paid $86m for the property at 461 West 14th Street, the records show.

MetLife, through MetLife Real Estate Investors, originated approximately $12.1bn globally in commercial real estate loans in 2014, topping 2013’s $11.5bn and setting a company record. Of the $12.1bn total, $8.6bn were US loans, the firm told Real Estate Capital. As it expanded its international efforts, MetLife also originated more than $2.1bn in the United Kingdom; […]

MetLife provided a $267m loan to Mirae Asset Global Investments for the acquisition of 1801 K Street in the nation’s capital, Washington, D.C. 1801The five-year, fixed-rate loan represents 60 percent of the $445m the South Korea-based investor paid for the 13-story office property. The seller, Somerset Partners, and architect Skidmore, Owings and Merrill completed a redesign and redevelopment of the 563,000 sq ft asset, located in D.C.’s Central Business District in 2009.