Wells Fargo has provided a $36.5m construction loan to Connecticut-based Lexington Partners for the development of Flanagan’s Landing, a 250-unit multifamily apartment community in Glastonbury, Connecticut. The construction loan carries a three-year term with an additional five-year mini-perm feature, according to CBRE, which arranged the financing. The financing also includes around $14m of equity invested by a joint venture […]
Bank of America has provided $200m in financing for a development project in Manhattan’s Tribeca neighborhood where related companies plans to build a 152,000 sq ft condominium building. Last year Related paid $115m to the New York-based Ponte Family for a six-parcel development site at 264, 266, 268 and 270 West Street, 33 and 35 Desbrosses Street, […]
KeyBank has provided a $44.5m first mortgage loan to Atlanta-based Preferred Apartment Communities (PAC), a public real estate investment trust, for the purchase of the CitiLakes Lux multi-family apartment community in Orlando, Florida.
New York-based Signature Bank has provided a $54m loan for the acquisition of the Riverview Apartments at 1600 Sedgwick Avenue in the Morris Heights neighborhood of the The Bronx, New York City’s northernmost borough. The ten-year permanent loan will bear an interest rate of 3.37 percent for the first five years and then the pricing […]
Madison Realty Capital (MRC) has provided a $107m first mortgage loan to Fortis Property Group for the acquisition of the former Long Island College Hospital (LICH) site in the Cobble Hill neighborhood of Brooklyn. The loan backs 357,000 sq ft of former LICH retail, medical office, townhouses and development sites. Fortis plans to redevelop the former hospital […]
Rating agency Morningstar has raised a red flag on the potential default of California’s $220m Maple Drive portfolio loan due to the upcoming departures of several major tenants. The loan, the second largest in the JPC07L11 CMBS, is backed by six buildings at three locations (335-345 North Maple, 9242 Beverly Boulevard and 407 North Maple Drive) in Beverly Hills, California, […]
Mortgage Real Estate Investment Trusts, beloved of yield hunters, have started to feel the heat, with net margins compressing and interest rates increasingly volatile ahead of an expected rate hike by the Federal Reserve.
Berkeley Point Capital has provided a $37.7m Freddie Mac loan to Utah-based RealSource for the acquisition and repositioning of the 528-unit, garden-style Antero Apartments in Colorado Springs, Colorado.
Deutsche Bank has provided $115m to Christopher Schlank and Nicholas Bienstock-led Savanna Real Estate Funds for the upcoming 160,000 sq ft, nine-story, office and gallery building at 540 West 26th Street which broke ground last month in New York.
John Hancock Financial has provided a $100m first mortgage loan to Saudi Arabia-based Enpro International for the refinancing the Four Seasons Hotel Boston, according to reports. The loan takes out an $80m securitized loan (JPMCC 2005-LDP3) the developers received in 2005. The hotel covers the bottom eight floors of the 16-story building, while the rest […]