Al Barbarino
Mayor’s push for bigger affordable element may drive developers out
Investors pile in despite lack of distressed debt opportunities
New York Life Real Estate Investors and Northwestern Mutual team up
Morgan Stanley Mortgage Capital has provided $61m of securitized debt for AGS Property Corporation’s acquisition of the Broward Financial Center in Fort Lauderdale, Florida. The 10-year, fixed-rate CMBS loan facilitated the $112m purchase of the 24-story, 324,429 sq ft office property, representing a 55 percent loan-to-cost. The seller was DRA Advisors. Miami-based AGS Property Corporation purchased […]
SunTrust Bank and MUFG Union Bank have provided Sand Hill Property Company and equity partner The Carlyle Group with a $100m construction loan for the development of a Silicon Valley office campus anchored by Netflix. Construction has commenced on The Grove development in Los Gatos, California, the first phase of which is to be delivered […]
Cornerstone Advisors, on behalf of subsidiary MassMutual, has provided an affiliate of Chicago-based Metropolis Investment Holdings with a $150m loan to refinance the 345 California Center office tower in San Francisco, California. The 10-year loan carries a 3.5% fixed interest rate. The 48-story, 600,000 sq ft tower is located in San Francisco’s financial district. At […]
PNC Bank has provided a $51m loan to The Richman Group for the development of a 417-unit rental complex set to rise in Sunrise, Florida. The loan refinances a previous $25m loan SunTrust Bank provided when West Palm Beach-based Richman purchased the land from K Group Holdings for $15.4m in May. SunTrust provided an additional […]
Madison Realty Capital has provided businessman and developer Jeffrey Wu with a $66m loan for the refinancing of a 100,500 sq ft mixed-use commercial property and the commercial components of the Victoria Towers residential condo building in Flushing, Queens. The 18-month bridge loan allows Wu to recapitalize the properties after negotiating a discounted payoff with a […]
Maryland-based lender Walker & Dunlop has completed the acquisition of Johnson Capital and its loan origination and servicing platform. The acquisition is part of an effort to bulk up its capital markets team in anticipation of the upcoming wave of commercial loan refinancings, which Walker & Dunlop’s chairman and CEO, Willy Walker, expects to grow by more than 70% […]
Children’s Investment Fund Management has shelled out another large loan for a Manhattan condo tower – this time a reported $450m construction loan against Zeckendorf Development’s ultra-high-end 520 Park Avenue. The 51-story tower, near the southeast corner of Central Park, will feature 31 condo units, the priciest being a triplex penthouse that set a record when it hit the market last […]