A consortium of banks is providing $1.25bn in financing to Brookfield Property Partners for the development of a 2.1m sq ft office tower at Manhattan West.
Wells Fargo, Deutsche Bank, Bank of New York Mellon and Toronto-Dominion Bank are co-leading the $1.25bn construction financing, which combined with a $850m equity contribution from Brookfield brings the office tower’s total cost to $2.1bn.
Art Tuverson has joined Pillar as a managing director to spearhead the expansion of the firm’s Manufactured Housing Community/RV Resort Group.
The industry veteran will rely on the company's multiple product lines -- Fannie Mae, Freddie Mac, HUD, CMBS and life insurance lenders -- to exponentially grow the platform.
CBRE's Debt & Structured Finance platform has expanded its multifamily lending platform to include Freddie Mac’s new Small Balance Loan program.
Greystone has provided its first CMBS loan in the self-storage space: a $26.25m loan for the acquisition of 23 self-storage facilities in Ohio and Kentucky.
FirstKey Lending has priced its $241m single-family rental securitization, one of two multi-borrower deals to emerge from the asset class.
Royal Bank of Scotland is marketing a securitisation of a loan it made to refinance Kennedy Wilson’s Jupiter portfolio of offices, retail and leisure throughout the UK.
The £180m transaction is called Antares 2015-1 and has two classes of floating-rate notes: a £130.65m A class; and a £40.71m B class, rated by DBRS and Fitch Ratings.
The US CMBS delinquency rate hit a bit of a snag in March after falling four consecutive months.
The rate stayed at 5.58%, on par with February, according to research and data firm Trepp.
Chief executive of JPMorgan, Jamie Dimon, said that non-bank lenders could withdraw credit support from existing borrowers during the next financial crisis.
In part of his annual letter to shareholders Dimon also said that if non-banks do lend through a stressed scenario they would charge well over the odds for rolling over exposures.
US commercial real estate lending increased 15% in 2014, marking the fifth consecutive year of gains, according to the CBRE Lending Momentum Index.
Loan closings were boosted by demand for acquisition financing, which accounted for close to one-half of lending volume. Retail, hotel and “specialty property types” saw the biggest gains as investors focused more attention on high-yielding property types and secondary markets.
Regulators could use lessons learned from defaulted legacy CMBS loans to create a set of criteria for future high quality real estate loans, including CMBS debt.
The suggestion is made by Bank of America Merrill Lynch’s European structured finance team after they analysed the historical performance of over 1,000 commercial property loans across 20 European countries totalling €157bn which were securitised in 184 European CMBS transactions between 2000 and 2013.