Principal Life Insurance Company has provided a $78 million acquisition loan on a four-building Cottonwood Corporate Center office complex in Salt Lake City, Utah. The seven year loan with a fixed 2.98 interest rate went to Hines Global REIT II, which purchased the property for $140 million, the SEC filing shows
Guggenheim Commercial Real Estate Finance has provided a $47.5 million refinancing on the 1.1 million sq ft mixed-use historical landmark in Chicago, Illinois.
The 10-year floating rate Fannie Mae loan with an interest rate equal to one month LIBOR plus 2.44 percent went to Bluerock Residential Growth REIT, according to the trust.
KeyBank Real Estate Capital has provided a $200 million Freddie Mac credit facility backed by 11 multifamily properties across the US. The five-year, adjustable rate and interest-only facility went to NexPoint Residential Trust, a publicly traded real estate investment trust.
MREG formed a joint venture with Palin Enterprises to develop the site in August 2014, city records show. Palin purchased the site in 2006 for $84.57 million.
With investors flocking to the safety of US Treasury bonds and benchmark interest rate hikes on hold, a ‘flight to quality’ into US CRE seems inevitable US lenders and analysts are eyeing a post-Brexit ‘flight to quality’ as investors seek the stability of US assets, currency and government (though the presidential election raises some serious […]
The financing went to Thor Equities which purchased the two office and retail properties from a joint venture between DDM Development and Communecon Group for a $75.5 million, city records show.
The five-year, floating rate loan went to an affiliate of the KBS Growth and Income REIT, which purchased the asset from Unico Properties for $69 million, bringing the LTV to 68.7 percent.
The day after 52 percent of referendum voters in the UK cast “leave” votes, US Treasury yields had dropped to the lowest rate in five years, and US stocks have been battered. But CRE lenders remain confident that the US real estate finance markets could benefit as the picture in the UK becomes bleaker.
With the top of the multifamily market overheating and demand at the bottom growing, TD Bank real estate group has switched focus. Justin Slaughter finds out more.