The lender provided the seven-year fixed-rate loan on the Aventura Corporate Center to an affiliate of Renaissance Properties, owned by investors Kenneth and Robert Fishel, according to brokerage firm Dockerty Romer & Co (DRC) who helped arrange the deal.
Assurant Inc. is securitizing its first CMBS transaction. Fitch Ratings has assigned a preliminary rating to $259.7 million Assurant Commercial Mortgage Trust 2016-1 transaction, backed by 79 loans on 89 properties.
The firm sourced the capital for the MRC Debt Fund III LP from public and corporate pension funds, foundations, endowments, family offices, and wealth managers.
The soon-to-crest “refi wave” in US CMBS will have loan maturities in excess of $12 billion per month, according to a new report from Moody’s Investor’s Service. And without a significant disruption to the market in the coming months, most of these maturing loans are well positioned to pay off.
Funds managed by the two groups secured the loan from a government-sponsored enterprise (GSE) lender for the acquisition of a 15-property multifamily portfolio.
Paul Deitch, a former managing director at investment firm Oaktree Capital Management, has joined commercial real estate debt platform Patch of Land as CEO.
Sweeping wildfires have led Fitch Ratings to place six CMBS transactions backed by properties in Alberta, Canada on watch. The wildfires, ignited by an unusually dry winter, have been ravaging the oil town of Fort McMurray in Alberta, Canada the past several days.
Lightstone purchased both properties from Pan Am Equities for a total of $127.5 million, city property records show, bringing the deal's loan-to-value to 66 percent.
The top government housing agency has increased the multifamily lending caps for Fannie Mae and Freddie Mac by $4 billion for 2016, based on estimates of the increasing size of multifamily finance market this year, from $31 billion to $35 billion, effective immediately.
Buecking will join the real estate investment platform in Denver, Colorado and will work under David Williams, leader of JLL’s Multifamily Capital Markets, to grow the firm’s multifamily prominence in the area. JLL anticipates that GSEs lending volumes may eclipse $100 billion in 2016.