Al Barbarino
Blackstone Mortgage Trust (BXMT) has provided a $210.7m floating-rate loan to Banyan Street Capital and Oaktree Capital Management for the acquisition of a 19-building suburban office building portfolio located across six US states.
The loan helps to fund the $237m acquisition as well as additional capital expenditures and leasing costs associated with the properties.
Guggenheim Commercial Real Estate Finance has provided a first mortgage loan to Oxford Properties Group for one of five Boston office buildings the Canadian investment firm bought for $2.1bn earlier this year.
The $150m fixed-rate permanent financing of the 22-story office tower at 125 Summer Street was “very competitively priced given the strong sponsorship and the fresh equity” going into the property, Riaz Cassum, a senior managing director with the HFF debt team that placed the loan, told Real Estate Capital.
Morgan Stanley has provided a $140.5m loan to New York-based real estate investment firm Savanna for the refinancing of 31 Penn Plaza in Midtown Manhattan.
31 Penn Plaza
31 Penn Plaza
The two-year (with three one-year extension options) floating rate loan carries an initial coupon under 2%, Kelly Gaines, a managing director at Jones Lang LaSalle who led the financing, told Real Estate Capital.
TIAA-CREF has provided a $79.2m loan to Crow Holdings Capital Partners for its acquisition of the Festival at Bel Air shopping center in Bel Air, Maryland.
The seven-year loan (three years interest-only) carries a 3.9% interest rate at a 70% loan-to-value. The 437,227 sq ft property had previously served as collateral for GS 2005-GG4, a $76m CMBS loan.
Guggenheim Commercial Real Estate Finance has provided a $78m loan to MetLife and M&J Wilkow for the joint venture’s acquisition of Magnolia Park in Greenville, South Carolina.
Affiliates of MetLife and M&J Wilkow formed a joint venture for the $155m acquisition of the approximately 468,000 sq ft outdoor retail center, with MetLife taking the majority share at a 90/10 split.
A joint venture between HSBC, Landesbank Baden-Württemberg, Bank of China Limited, DekaBank and Union Bank have provided Vornado Realty Trust with $575m for the refinancing of Two Penn Plaza.
The real estate investment trust announced the financing package for the 1.6m sq ft Manhattan office building this week. The loan, which carries a margin of 165 basis points over LIBOR, matures in 2019 with two one-year extension options. The company said it realized net proceeds of approximately $143m on the deal.
The real estate investment trust announced the financing package for the 1.6m sq ft Manhattan office building this week. The five year interest-only loan, with two one-year extension options, carries a margin of 165 basis points over LIBOR, and the company said it realized net proceeds of approximately $143m on the deal.
Wells Fargo has provided $86m in post-acquisition financing to Boston-based Rockpoint Group for its purchase of the San Mateo Baycenter in San Mateo, California.
Rockpoint paid Equity Office Properties $128.5m for the office campus in September, putting the loan-to-value just under 67%.
Harbor Group International of Norfolk, Virginia received $151m in financing from Freddie Mac for the acquisition of The England Group Portfolio, a 2,368-unit multifamily portfolio in Texas.
Freddie Mac provided seven floating rate mortgages, each with a seven-year term; and two supplemental fixed-rate loans on two of the assets, each with a 7.58-year term, in conjunction with the approval of the first mortgage assumptions on those assets.
Blackstone Real Estate Debt Strategies (BREDS) has provided a $102m construction loan to Miami-based Related Group for the development of the Hyde Resort & Residences in Hollywood Beach.
Starwood Waypoint Residential Trust has issued its first securitization collateralized by income-producing single-family homes, bringing the total issuance among the SFR asset class to $7.2bn.
The offering marks the 13th SFR deal since the asset class launched in November of last year.