Blackstone Real Estate Debt Strategies (BREDS) and Bank of the Ozarks have provided an $88m short-term construction loan to developer Schnitzer West for its Urban Union office scheme in Seattle, Washington.
The loan, which has a term of no more than three years, will finance the construction of a 291,000 sq ft, 12-storey tower at 501 Fairview Avenue North. It is due to complete in March next year.
European banking rules that ignore commercial real estate (CRE) debt will affect businesses’ ability to borrow money, according to CREFC Europe.
In a response to the European Commission’s (EC) consultation on how current capital requirement regulations affect the flow of credit, CREFC said a functioning CRE debt market is vital to both small and medium (SME) sized businesses and infrastructure development.
• The largest UK loan during the period, and one of the largest this cycle, was Citi’s and Morgan Stanley’s £1.5bn, five-year facility to Lone Star for its £2.2bn purchase of Aviva’s Project Churchill loans and real estate portfolio. Each bank will provide £750m and they are expected to syndicate part of their loans. • Blackstone joined Secure Income REIT’s £587m refinancing […]
PERE Research and Analytics’ monitoring shows a rise frim 68 to 74 debt funds in the market this month, seeking a
total of $33bn,
HSBC and Santander have provided a £150m, five-year facility to developer Grainger to refinance a portfolio of its residential developments.
The loan replaces an existing £120m facility from the two banks which was due to mature next year. The margin on the new facility is 170bps, down from 255bps on the previous loan.
ING Bank Real Estate Finance has provided a €75m facility to developer CTP to refinance its Central European business park portfolio.
The six-year loan will be allocated across the assets in CTP’s 2.8 million sq m portfolio located across the Czech Republic.
pbb Deutsche Pfandbriefbank has provided a €105m package of loans to AVILA Management & Consulting for the development of a residential scheme in Berlin.
The facility will primarily be used to build a 473-unit development in Berlin's Neukölln district, as well as refurbish the existing listed buildings on the site.
Bank of America and Wells Fargo are seeking partners in a $640m construction loan to Tishman Speyer for its $1.1bn development of a three-tower residential scheme in Queens, New York.
The floating-rate, four-and-a-half year facility at 250bps over one-month LIBOR, reflects a loan-to-cost of 55%. The two US banks are believed to be in talks with a number of lenders interested in participating.
Credit Suisse is taking legal action against its own Titan Europe 2006-2 deal in what is believed to be the first action of its type by a Class X noteholder.
The €862m 11-tranche Titan Europe 2006-2 deal contained a €50,000 Class X component. The transaction is a securitization of seven loans, originated by Credit Suisse, made on 208 properties located across Germany.
AIG Asset Management has provided a £315.6m, ten-year facility to Secure Income REIT (SIR) to complete its £902.6m refinancing of its leisure and healthcare assets.
AIG’s fixed-rate non-recourse term loan is secured on a portfolio of SIR’s healthcare assets containing 11 UK private hospitals.