Al Barbarino
Subsidiaries of Spirit Realty Capital have issued $510m of mortgage notes under the real estate investment trust company's Spirit Master Funding securitization platform.
The net-lease mortgage notes, rated A+ by Standard & Poor's, consist of $150m of Class A-1 notes and $360m of Class A-2 notes.
SunTrust Bank and Principal Global Investors provided $72.3m in financing to High Street Realty Company for the acquisition of the Cobb West Business Park in Austell, Georgia.
SunTrust provided a circa $61m senior mortgage loan, while Principal Global Investors contributed an $11m mezzanine loan.
Northwestern Mutual has provided a $92m loan to A&B Properties for the refinancing of the Pearl Highlands Center in Honolulu, Hawaii.
The 10-year fixed rate loan carries a 4.2% interest rate.
Lenders back wave of apartment towers as prices reach new highs, reports Al Barbarino
After clinging to a development site at 50 West Street in Downtown Manhattan for nearly three decades, in August 2013 Time Equities founder Francis Greenburger landed a $400m financing package to jump-start the 63-storey, 200-unit luxury condominium scheme 50 West.
The pipeline for New York condo finance began to open up in mid 2013 as the city’s economy continued to grow. At the time only a few privileged sponsors had obtained big financing packages on condo schemes.
“For most people who needed a construction loan, there just weren’t any,” Greenburger recalls. “The opening up of that market was pivotal for us.”
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54-story mixed-use tower will feature 453 SLS-branded residential condos and a 124-room hotel.
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AIG Investments has provided a $140m, 15-year fixed rate loan to TRT Holdings and JMI Realty for the refinancing of the Omni San Diego hotel in San Diego, California. The 200,000 sq ft, 511-room convention center hotel is located at 675 L Street in downtown San Diego’s Gaslamp Quarter, across the street from the San Diego Convention Center.
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