Logistics investor and developer Prologis has upsized and amended senior debt held by its Prologis European Properties Fund II (PEPF II).
A new €200m facility has been arranged by Bank of America Merrill Lynch, Royal Bank of Scotland, JP Morgan and ING Bank, with the latter joining as a new lender.
US debt investors Oak Hill Advisors and York Capital Management have provided a €55m short term debt facility to AIM-listed Globalworth Real Estate Investments, to help finance its acquisition of two office buildings in Bucharest.
Cornerstone Real Estate Advisers has provided a $70m loan to Invesco Real Estate and San Diego-based developer Cruzan for the acquisition of a two-building office campus in San Diego, California.
The four-year floating rate loan allows for the acquisition and repositioning of the 311,300 sq ft campus. The deal carries a loan-to-value just under 82% based on the $85.5m the joint venture paid for the property.
Standard & Poor's isn’t exactly reeling from the SEC measure banning it from rating conduit fusion CMBS -- in fact, the rating agency more than doubled its business in the first quarter.
Fitch Ratings' moratorium on rating single-family securitizations has ended thanks to the arrival of the first multi-borrower deal.
The rating agency, which had shunned the asset class up until now, assigned a preliminary ‘AAA’ rating to the Class A notes of B2R Finance 2015-1, a $230m securitization.
Bank of America leads financing of Miami rail yard
Of the oncoming $300bn wave of vintage 10-year loans expected to mature between 2005 through 2007, nearly one-third of the balance will come from loans backed by retail properties, according to Trepp.
While this will lead to increased originations, more than $20bn of the $90bn or so in retail loans could run into trouble refinancing, particularly those involving decades-old regional malls anchored by big box tenants like JC Penney, Sears or Best Buy, the data and research firm noted in a new report.
Irish bank Permanent TSB is selling €1.5bn of non-core largely commercial real estate loans to Havbell, a new vehicle funded by Deutsche Bank and
funds affiliated with Apollo Global Management.
An estimated €100bn of European loan portfolios will trade in 2015 and up to half of this could be real estate, according to PwC.
Its annual market survey estimates that investors have €70bn of equity to spend, which combined with leverage, could fund significantly more deals this year. PWC expects portfolios with a face value of around €90-100bn to trade in 2015.
Blackstone has issued its sixth single-family rental securitization, Invitation Homes 2015-SFR2.