Al Barbarino
Mack Real Estate Group plans to raise more than $750m for a new real estate debt fund it will launch with the help of Peter Sotoloff, a former Blackstone lending executive who made a surprise exit from that firm in June. Managed by Mack Real Estate Credit Strategies (MRECS), a newly-formed company headed by Mack […]
Goldman Sachs has provided a joint venture with a $123m loan for the acquisition of the Canal Center office park in Alexandria, Virginia. The borrowers, Virginia-based American Real Estate Partners and private equity partner Investcorp, paid $176m for the four office properties, or nearly $327 per sq ft, putting the loan-to-cost at just under 70%. The […]
Aareal Bank has provided a $97m loan to SL Green Realty Corp. and Jeff Sutton for the refinancing of the retail component at 650 Fifth Avenue. The two-year loan carries a coupon of Libor plus 350 basis points. The joint venture struck an agreement with the US government to acquire the 49-year leasehold interest on the 30,000 sq ft retail […]
Betsy Vartanian launched Greystone’s Federal Housing Administration (FHA) lending platform 13 years ago from the ground up. The firm has grown to become the #1 FHA lender accredited by the Department of Housing and Urban Development (HUD) the last two years running. Despite that success, Greystone’s CEO, Stephen Rosenberg, recently came to Vartanian with an observation. “Well, […]
Bank of the Ozarks has provided a $56.4m construction loan for the development of NorthEdge, a Class A office property in the North Lake Union submarket of Seattle, Washington. The three-year construction loan to Seattle-based developer Touchstone Corporation and partner AIG Global Investment Group funds the construction of a four-story building featuring 208,000 sq ft of […]
Commercial real estate experts are concerned that a new Credit Risk Retention Rule from the Federal Deposit Insurance Corp. and five other federal agencies could weaken the US commercial mortgage-backed securities markets. The rule, born from the 2010 Dodd-Frank Act, compels lenders to hold at least 5% of the debt they package or sell. While two […]
BankUnited of Tampa has provided a $39.5m loan to IP Capital Partners and Fir Tree Partners for the acquisition of the Sabal Park office portfolio in Tampa, Florida. The five-year, partial interest-only loan carries a 65 percent loan-to-value ratio, according to CBRE Debt & Structured Finance, which arranged the deal. That ratio puts the portfolio’s […]
Deutsche Bank has provided Metro Loft Developers with $115m in financing for a condo conversion project at 443 Greenwich Street in Manhattan’s TriBeCa neighborhood. The loan – split between a $109.4m building loan and $5.6m project loan – will partially pay down $105m in debt that UBS Real Estate Securities provided on the project in January […]
Greystone announced that it will sell loans under Freddie Mac’s new Small Balance Loan (SBL) offering, which the government-sponsored enterprise (GSE) is calling a “game changer” for the small loan market. The new platform offers fixed-rate and hybrid adjustable-rate mortgage loans ranging from $1m to $5m on multifamily acquisitions or refinancings. “This designation enables Greystone […]
Capital One Bank has provided Toronto-based RioCan REIT with a $60.5m loan for the refinancing of Alamo Ranch, a 465,000 sq ft shopping center in San Antonio, Texas. The five-year, interest only, non-recourse loan is fixed through a hedge at 3.45%, according to CBRE Capital Markets’ Debt & Structured Finance team, which arranged the deal. The new […]