Al Barbarino
Ken Rivkin joined Auction.com in 2009, two years after its launch, to spearhead the company’s commercial division, having previously held senior roles at Credit Suisse and Bank of America during a 25-year stint on Wall Street. In 2013, Auction.com sold 35,000 homes and $3.8bn of commercial real estate assets, $1.2bn of which was debt. He spoke […]
CNL Commercial Real Estate and Long Wharf Real Estate Partners have secured a $38.2m loan for the refinancing of Sawgrass Lake Center in Sunrise, Florida. The loan, provided by Mesa West, according to sources familiar with the deal, will also fund future tenant improvements and leasing costs at the 239,373 sq ft, Class A office […]
Trez Capital, one of Canada’s largest non-bank commercial mortgage lenders, is seeking a commercial real estate veteran to replace president and CEO Morley Greene, Real Estate Capital has learned. Greene, 74, who founded Trez Capital 17 years ago, said his retirement will imminently follow the selection of his successor. “I’m not a young man and we need […]
A group of banks led by JPMorgan and HSBC has provided RXR Realty with a $185m construction loan for the repositioning of 75 Rockefeller Plaza in Midtown Manhattan, Real Estate Capital has learned. JPMorgan served as the lead agent on the deal, while HSBC was co-agent and Sumitomo Corporation and SunTrust Banks provided the balance. […]
Oak Brook, Illinois-based Inland Mortgage Capital has launched a new bridge-lending platform, appointing two industry veterans to help lead the effort. Daniel Schmitz has been appointed vice president of loan origination, and Kenneth Schutter has been named senior vice president and credit director of Real Estate Venture Capital Program, or REVCAP. Schmitz and Schutter will oversee REVCAP, […]
Recovery rates on liquidated US CMBS loans rose sharply to 69.5% in Q2, according to Fitch Ratings’ latest CMBS special servicing index. Stephanie Petosa, a Fitch managing director, noted in a statement that the substantial rise came after the rate had reached historic lows the two previous quarters, adding that “a sizeable portion of CMBS loans were liquidated with less […]
US commercial lending volume continues to increase as banks regain their share of the debt markets, according to a new report from CBRE. Banks accounted for 36% of commercial originations during Q2 2014, gaining 8% of additional market share since last year. That was accompanied by a more than 10% surge in loan closings (by dollar volume) […]
The European Association for Investors in Non-Listed Real Estate Vehicles, aka INREV, held its second North American conference on the eve of Scotland’s historic vote for independence last week. Inevitably, the impacts the vote would have on the European Union had been heavily debated. But, for at least one speaker in New York, the vote […]
Teachers Insurance and Annuity Association–College Retirement Equities Fund (TIAA-CREF) announced this week the hiring of Ted Norman as the new senior director and head of the organization’s US commercial mortgage investments platform. The national platform with offices in New York, Charlotte, Newport Beach and San Francisco will target fixed rate loans with a minimum loan […]
An anticipated month of double-digit CMBS issuance is renewing concerns over laxer underwriting standards and increasing leverage on deals. “Clearly there’s been an erosion of underwriting and it’s also been exacerbated by the number of originators out there,” said Eric Thompson, a senior managing director with Kroll Bond Rating Agency’s CMBS group. Over the last […]