Al Barbarino
Multifamily lender Pillar has added four new hires to its lending platform, including former Freddie Mac executive Edward Hussey, who will head the firm’s multifamily production team.
Edward Hussey
Edward Hussey
Hussey, based out of the firm's Vienna, Virginia offices, is responsible for multifamily production across all of the firm’s product lines, including Fannie Mae, Freddie Mac, FHA, CMBS and life insurance company financing.
As part of a deal that’s being hailed as Southern California’s largest multifamily asset purchase in nearly two decades, Berkeley Point Capital has provided TruAmerica Multifamily and a group of investors with a $354m FannieMae credit facility to purchase a 14-property portfolio.
The mix of fixed and floating rate loans within the facility carry a blended interest rate of 2.59%. FannieMae credit facilities use a single pool of cross-collateralized and cross-defaulted mortgages as collateral for both long-term financing and short-term borrowing.
SunTrust Bank has provided a $103m loan to The JBG Companies for the refinancing of a 12-story, 274,526 sq ft office building at 7200 Wisconsin Avenue in downtown Bethesda, Maryland.
The floating-rate loan carries a four-year term with a one-year extension option.
The Securities and Exchange Commission is reportedly banning Standard & Poor’s Ratings Services from rating CMBS for an entire year as part of an SEC probe and subsequent $60m settlement with the ratings agency. The SEC’s investigation looked at whether S&P bent its criteria to win business on six CMBS deals issued in 2011, according […]
Thorofare Capital has funded loans totaling $29.2m for retail financings secured by shopping centers across the country, putting to work a new $400m investment vehicle the firm announced in September, Real Estate Capital has learned.
In the largest of the three financings, the Los Angeles-based firm funded a $13.5m bridge loan for the refinancing of Forum Center, a 140,000 sq ft shopping center in the Hurstbourne Parkway corridor of Louisville, Kentucky. The non-recourse financing carries an initial term of one-and-a-half years at LIBOR plus 680 basis points. The loan was funded through the new investment vehicle, which writes floating-rate senior loans on value-add opportunities.
Quantum Capital Partners has arranged $74.4m in loans on five Southern California properties, Real Estate Capital has learned.
The largest is a 10-year, $32m conduit loan secured by a 89,000 sq ft wholesale/retail showroom and parking garage in the Los Angeles Fashion District. The non-recourse loan carries a loan-to-value of 67% and was used to pay off a previous loan that Quantum arranged in 2012.
Kushner Companies and Extell Development Company have closed on two phases of financing totalling $129m for the Pier Village waterfront condominium development in Long Branch, New Jersey.
The joint venture acquired Pier Village for $180m in the last quarter of 2014, with plans to complete a long-stalled third phase of the project.
Ares Management has won a $700m commercial real estate debt mandate from a large North American specialty life insurer to originate US commercial mortgage loans.
AresAres will use the funds to originate and service floating and fixed rate US commercial mortgage loans across a variety of property types, focusing on two- to 10-year senior debt. The loans will typically range between $15m and $50m and go up to a 70% loan-to-value on stabilized properties -- or those with a light transitional element -- across major US markets, sources said.
Blackstone’s real estate portfolio company, Invitation Homes, has issued its fourth securitization collateralized by single-family homes with a loan-to-value that is seven percentage points higher than the average for the asset class.
The transaction, Invitation Homes 2015-SFR1 (IH 2015-SFR1), is collateralized by a single $540.9m floating rate loan originated by JPMorgan Chase Bank and secured by mortgages on 3,072 income-producing single-family homes across 10 states. The two-year loan carries an interest rate 263 basis points above the one month libor rate.
Blackstone Mortgage Trust (BXMT) has provided a $247.5m acquisition loan on 180 Maiden Lane, a 1.2m sq ft downtown Manhattan trophy tower that MHP Realty Services and Clarion Partners purchased this week for $470m, Real Estate Capital has learned.
Up to $350m in funds will be made available to the joint venture as it leases up and renovates the property following the departure of anchor tenant American International Group (AIG).