The acquisition greatly expands the commercial loan origination platform at Cornerstone, nearly doubling the company’s multifamily loan portfolio from approximately $5 billion to $10 billion.
The Fannie Mae credit facility went to a joint venture between The Scion Group, GIC and the Canada Pension Plan Investment Board that purchased the portfolio from InvenTrust Properties Corporation for $1.4 billion.
The loan went to an affiliate of the Saudi investment firm Sidra Capital which purchased the property from Lincoln Property Company, county records show. Sidra reportedly paid $130 million for the property, bringing the financing’s loan-to-value 53.8 percent.
Bank of America has provided a $42.6 million acquisition loan on the 238,205 sq ft office building in the Los Angeles area.
The seven-year loan with a fixed interest rate of 3.22 percent went to CBL & Associates Properties and Stirling Properties.
The 10-year loan with a fixed interest rate of 4.25 percent went to Chesapeake Lodging Trust, which expects to use the financing to repay outstanding borrowings.
Fortress Investment Group has provided a $52.7 million financing on the 250-room Sheraton Fort Lauderdale Airport in Dania Beach, just north of Miami, Florida. The loan went to Cohen Brothers Realty Corporation which purchased the property in May 2014 for $34.3 million, county records show.
Though regulation and volatility have handed more business to non-bank real estate firms, some are finding lower returns then they had a couple years ago.
The 10-year loan went to Cornerstone Real Estate Advisers who purchased the property from Invesco Advisers for $90.8 million, bringing the loan-to-value to 50.2 percent, city property records show.
The reportedly $9.3 billion fund seeks “well capitalized and stable” firms to independently manage the firm’s core and non-core debt investments, according to a Request for Proposal (RFP) released last week.