Al Barbarino
Growing economy and sound attitude to debt underpin strong market, CREFC delegates heard.
The challenge is that lender/borrower relationships tend to ebb and flow, depending on the state of the commercial real estate cycle. Now, as most lenders would agree, a healthier market with more liquidity is giving borrowers leverage (no pun intended) to make greater demands.
Deutsche Bank, M&T Bank and Blackstone Real Estate Debt Strategies reportedly provided a five-year loan with extension options to Fisher Brothers, Witkoff Group and Vector Group on the $820m building rising at 111 Murray Street, aptly named 111 Murray.
Quadrant Real Estate Advisors is seeking to raise $700m for its Quadrant Enhanced Debt Fund, a core commercial real estate debt investment vehicle that will securitize loans through the commercial mortgage-backed securities (CMBS) market, Real Estate Capital has learned.
Reflecting the growth of online real estate crowdfunding, two former Colony Mortgage Capital employees have joined RealtyMogul.com.
Apollo Commercial Real Estate Finance (ARI) seeks to syndicate $234m of a $325m mezzanine loan it closed for the construction of a supertall condominium development at at 111 West 57th Street in Midtown Manhattan.
Brookfield Asset Management has sold the $180m first mortgage backing the conversion of 180 Water Street in Downtown Manhattan to Capital One, who in turn has syndicated the loan to CIT Group and Santander Bank.
Bank of the Ozarks provided a $25m loan for Slate Property Group’s planned 19-story, mixed-use rental project with nearly 30,000 sq ft flagship retail at 1 Flatbush Avenue in Downtown Brooklyn, Real Estate Capital has learned.
PNC Bank has provided a $154m construction loan to Heatherwood Communities for the development of a 58-story multi-family rental property in Queens, New York.
Mesa West Capital has originated two loans totaling $60.6m out of its recently opened Chicago, Illinois offices for the purchase of a nine-building apartment community and a four-building office portfolio, Real Estate Capital has learned.