Al Barbarino
Principal Real Estate Investors and Macquarie Group have joined forces, launching a lending platform focused on originating and securitizing commercial mortgages through the CMBS market. Principal Real Estate Investors will source, underwrite, close and service the loans, while Macquarie will provide funding and capital markets expertise. A spokesperson for Principal told Real Estate Capital the […]
Los Angeles-based alternative investment firm Thorofare Capital has raised $400m for a new investment vehicle that will write floating-rate senior loans on value-add opportunities. The program will focus on $5m-$25m senior loans with average durations between two and five years, with rates starting at 5.5% at LTVs up to 75%. In addition to opportunities across the multifamily, […]
Progress Residential is the sixth major residential home owner to securitize part of its housing stock through the bond markets. The 10th offering of its kind, Progress 2014-SFR1 builds the total SFR asset class, backed by income-producing rental homes, to a nearly $5.4bn business. Like a majority of the previous deals, the $473.4m bond is backed […]
Related Fund Management’s credit platform has provided loans totaling $150m on two development projects – one in New York City and the other in Vail, Colorado – as the year-old group begins to examine a number of new opportunities across the US and a potential foray into Europe, managing director Brian Sedrish told Real Estate Capital. […]
Miami-based CGI Merchant Group (CGI) has secured a $23.4m loan from New York-based Rialto Group for the refinancing and upgrade of a prominent mixed-use property located at 55 Miracle Mile in Coral Gables, Florida that is to be packaged into a new CMBS. The loan is to be bundled into Wells Fargo’s $1.27bn WFRBS Commercial Mortgage Trust 2014-C22 […]
Fitch Ratings is raising another red flag on single-borrower, single-family rental securitizations in its latest clash with the methodologies of its competitors. The ratings agency distributed an article last week explaining why it has not yet rated any SFR securities. In the article, titled “US Single-Family Rental Deals Face Higher Refinance Risk,” authored by managing […]
US property companies are heading to Tel Aviv to access a new source of competitive capital Back in 2006, Boaz Gilad, CEO of Brooklyn-based condominium developer Brookland Capital, met with a group of Israeli financial consultants to contemplate doing something that no US-based real estate owner or developer had done before: launch a bond in Israel to raise […]
A group led by Bank of America has provided developer John O’Donnell of O’Donnell Investment Co. with a $296m loan for the construction of a 53-story riverfront office tower in Chicago, Illinois. Bank of America partnered with German bank Helaba and British-owned American bank RBS Citizens. The financing takes the form of a four-year, floating […]
A string of new players are throwing billions at hospitality as the US hotel operating market hits a post-recession peak and they are increasingly looking to CMBS, particularly floating-rate issues, for debt financing. “I expect that we’ll have a tremendously strong end to this year in the hospitality lending space as people look to complete […]
As a population grows, it follows that more housing is needed. So with the number of Americans aged 65 and older expected to at least double by 2030 comes a call for senior housing operators and owners to keep pace. Low borrowing costs have provided the perfect backdrop for them to do so, bringing new […]