Al Barbarino
Starwood Waypoint Residential Trust has ramped up its single-family rental and non-performing loan business with the $218.7m acquisition of two separate non-performing loan pools involving 1,294 NPR loans and 146 SFR homes. The SFR real estate investment trust funded the deals through a $500m warehouse credit facility with Deutsche Bank A.G. – $104m of which remained available […]
Mesa West Capital has provided loans totaling $51.4 million for the acquisition and renovation of two multifamily rental properties in the San Francisco Bay area of California, an area experiencing unrelenting rent spikes. Mesa West cited the Bay Area’s booming rental market as a sign that the loans, which carry loan-to-value ratios between 65% and […]
MetLife has provided Shorenstein Properties with $170m to refinance the office building at 850 Third Avenue in Midtown Manhattan. The new three-year floating rate loan replaces a $180m loan Deutsche Bank provided in 2010, a person familiar with the deal said. The office complex, built in 1962, is located between 51st and 52nd Streets, on the east side […]
Harry Macklowe of Macklowe Properties has secured a $65m mortgage loan for the acquisition of a mixed-use development project at 985 Third Avenue, on the east side of Midtown Manhattan. The lender of the variable rate loan is Singapore-based bank Domenico PTE, city property records show. Macklowe paid sellers SL Green and Emmes Asset Management a combined $86.9m […]
With the $342.67m American Residential Properties 2014-SFR1 securitisation set to hit the market, the relatively new single-family rental securitisation asset class is keeping pace with early projections for a breakout year. The offering is the seventh securitisation of SFR homes to date after Blackstone spawned the new asset class in November. The current players – Blackstone, Colony […]
NorthStar Realty Finance Corp.’s $4bn acquisition of all outstanding shares of Griffin-American Healthcare REIT II will include a reported $3bn of CMBS backing. Citigroup Global Markets, Barclays Bank, JPMorgan Chase Bank and Column Financial (the real estate financing arm of Credit Suisse AG) will provide the CMBS financing. NorthStar announced that it would acquire the Griffin-American […]
RFR Realty has secured $85m in loans for the $89.7m acquisition – and subsequent improvements to – the Holiday Inn SoHo in Lower Manhattan. AXA Equitable Life Insurance Company and AB Commercial Real Estate Debt (under the care of Alliance Bernstein) provided the loans, city property records show. A $70m senior loan is accompanied by a $9m […]
Starwood Property Trust has provided a $480m construction loan to real estate developer Jay Paul Company for the construction of the tallest mixed-use tower on the West Coast of the United States. Plans for the property at 181 Fremont Street in San Francisco, California call for a 684,000-square-foot, 55-story class A office and luxury condominium […]
The Guardian Life Insurance Company of America has provided a $55m loan to Prime Residential for its Paz Mar Reserve waterfront multi-housing community in Oxnard, California. The 10-year fixed-rate loan will be used to retire an existing floating-rate loan and finance a property renovation. Paz Mar Reserve, at 3100 Peninsula Road in Channel Islands Harbor, […]
Real estate private equity firm Madison Realty Capital has completed the first closing of its third debt fund, Madison Realty Capital Debt Fund III, raising $145.4m of capital commitments. Commencing 23 July for an 18-month raise, the firm is calling upon investors including public and corporate pension funds, university endowments, family offices, and wealth managers for […]