Al Barbarino
JP Morgan has provided a $420m, five-year floating-rate CMBS loan to Thor Equities for the refinancing of the Palmer House Hilton in downtown Chicago. The loan replaces a previous $365m loan, providing a “more flexible loan structure… with a lower interest rate, resulting in millions of dollars in savings per year,” Thor said in a […]
Cornerstone Real Estate Advisers has provided a $95.2m loan to Keystone Property Group for the acquisition and upgrade of six office properties in Westchester, New York and Stamford, Connecticut. A portion of the three-year, floating-rate loan will be used to fund upgrades to the properties, which Keystone acquired through a joint venture with Mack-Cali Realty Corporation […]
Walker & Dunlop and its affiliates have provided a $72.2m in loans to Key Real Estate Company for the acquisition of six multifamily properties located in Texas and Louisiana. The firm structured the financing into bridge, conduit and mezzanine portions. Three adjustable rate loans for $35.4m – cross-collateralized, cross-defaulted and secured by three of the multifamily […]
The lenders on Blackstone’s recent $800m acquisition of a 47-hotel portfolio from Clarion Partners will securitize the $570m senior loan on the deal, a source familiar with the deal told Real Estate Capital. JPMorgan Chase Bank and Deutsche Bank will securitize the five-year, floating rate debt into a single-borrower securitization in the coming weeks. The banks – […]
A $47.4m CMBS loan UBS Real Estate Securities provided to refinance the Netpark office park in Tampa, Florida is the largest post-recession loan in the nation for a property with Tenant in Common (TIC) ownership, according to Bluett & Associates. Bluett arranged the 10-year, non-recourse, fixed-rate mortgage loan and has taken over as the property’s manager, staving […]
Sam Chang’s McSam Hotel Group has acquired a mental health facility at 334 West 36th Street with the help of a $40m loan from Pembrook, Real Estate Capital has learned. The loan carries a 79% loan-to-value ratio based on the corresponding $50.8m acquisition of the property, located in a section of town packed densely with […]
GE Capital Real Estate has provided an $81.1m mortgage loan to Gaia Real Estate for the firm’s $147m acquisition of 144 apartments at The Corinthian building at 330 East 38th Street, Real Estate Capital has learned based on city property records. Texas and New York-based Gaia purchased the units in the 57-story, 817-unit tower from the […]
US CMBS delinquency rates stalled last month after a 13-month free fall, but experts said they could bounce back with the help of upcoming online property auctions. Research and data group Trepp said the overall US CMBS delinquency rate decreased by just one basis point in July, to 6.04%, after a year-to-date drop (through June) of […]
After pricing its first securitization backed by single-family homes last week, American Residential Properties is looking forward to a second. Company CFO Shant Koumriqian told Real Estate Capital the new offering could come as soon as “early next year.” “At this point, that seems very attractive,” he said. “We’re seeing a growing acceptance of this asset class.” American […]
Blackstone Real Estate Debt Strategies (BREDS) has provided an affiliate of Fort Capital Management with a $290m construction loan for the development of a nine-acre Four Seasons resort at The Surf Club in Surfside, Florida. The loan is for three years at a variable rate and carries a loan-to-cost of roughly 50%, a source told […]