Al Barbarino
JPMorgan Chase Bank has provided New York developers Mack Real Estate Group and Wharton Equity Partners with a $68m loan for the development of a residential and retail tower in Miami, Florida.
Mack Real Estate Group paid a reported $9m for the 1.3-acre site at 3635 Northeast First Avenue, 3604 and 3620 Northeast First Court in February 2014.
Quadrant Real Estate Advisors has placed a $135m construction-to-permanent loan for the development of The Broe Companies' Country Club Towers II in Denver, Colorado, Real Estate Capital has learned.
The 25-year loan from French multinational bank AXA carries a 64% loan-to-value, 1.69X debt-service coverage ratio and 30-year amortization with 10 years of interest-only payments.
Northwestern Mutual Life Insurance Company has provided Alliance Residential with a $38m mortgage on the Broadstone Cypress Hammocks apartment complex in Coconut Creek, Florida. Northwestern Mutual’s fixed rate loans, typically non-recourse, carry a minimum five-year duration and maximum 75% loan-to-value. The lender and borrower did not respond to requests for additional comment. Alliance had reportedly […]
Brookfield Asset Management has placed a $240m construction loan on 180 Water Street in Downtown Manhattan, where Emmes Asset Management is converting a 25-story, 476,000 sq ft office building into a multifamily residential property.
Brookfield will reportedly syndicate the loan and retain a mezzanine portion. Emmes paid $151m for the property in July of 2013 backed by a $90m loan from Bank of America.
Morningstar and Kroll Bond Rating Agency (KBRA) have issued preliminary ratings on Progress Residential 2015-SFR2, a $438.7m securitization of 3,317 single-family rental (SFR) homes.
The rating agencies awarded a ‘AAA’ rating to the $229.9m top tranche of the securitization, which marks the third SFR issue under borrower Progress Residential and the 19th single-borrower SFR securitization.
A US subsidiary of HSBC Holdings has provided $79.3m in loans to the developers of Soori High Line, a condominium development project rising on Manhattan’s west side
CIBC World Markets has provided $60m in acquisition financing for the office space at the KOIN Center, a 352,000 sq ft, Class A office tower in downtown Portland, Oregon.
The five-year floating-rate loan is structured with an initial funding of $50m and $10 m of future advances for renovations.
Mesa West Capital has provided a $55m loan to refinance the Hilton Crystal City hotel in Arlington, Virginia, marking the second hotel loan the Los Angeles-based lender has made to The JBG Companies this year.
The non-recourse, floating-rate interest only loan includes an initial three-year term with extension options.
Related Fund Management has closed $218m in debt investments, including three mezzanine loans on residential development projects in three US cities and $142m in preferred equity on a multi-family portfolio.
The financing includes a $30m mezzanine loan to Developer Carl Dranoff on the 82-unit One Riverside condos in the Fitler Square neighborhood of Philadelphia; a $29.4m mezzanine loan to Century West Partners on a 398-unit multifamily project in the Koreatown neighborhood of Los Angeles; and a $16.5m mezzanine loan to developer Fifield Companies on the 310-unit NEXT at NoCA project in the River North area of Chicago.
Eastern Consolidated has placed a $115m loan to finance the construction of an 11-story luxury residential condominium at 527 West 27th Street in the up-and-coming Hudson Yards neighborhood on Manhattan’s far west side.
Bank of the Ozarks is the lender behind the three-year, floating rate loan, Real Estate Capital has learned.