A joint venture between HSBC, Landesbank Baden-Württemberg, Bank of China Limited, DekaBank and Union Bank have provided Vornado Realty Trust with $575m for the refinancing of Two Penn Plaza.
The real estate investment trust announced the financing package for the 1.6m sq ft Manhattan office building this week. The loan, which carries a margin of 165 basis points over LIBOR, matures in 2019 with two one-year extension options. The company said it realized net proceeds of approximately $143m on the deal.
The real estate investment trust announced the financing package for the 1.6m sq ft Manhattan office building this week. The five year interest-only loan, with two one-year extension options, carries a margin of 165 basis points over LIBOR, and the company said it realized net proceeds of approximately $143m on the deal.
The UK government has announced a £3.5bn loan guarantee scheme to encourage private sector real estate projects for the rental market. The programme is designed to attract institutional capital to invest in private rental-only housing developments, writes Real Estate Capital's sister publication PDI.
UK-based asset manager and direct lender Venn Partners has been mandated to manage the scheme.
Deutsche Annington, which has made a €3.9bn offer for its main rival Gagfah, has raised €1bn by issuing a seven-year bond.
The residential company will pay a coupon of 4%. The bonds are BBB- rated.
Merlin Property has secured the largest real estate loan in Spain since the downturn.
The Socimi has agreed an €825m, 10-year loan from a consortium of 10 banks to refinance a portfolio of 880 BBVA bank branches and five BBVA offices known as the Tree portfolio, according to EuroProperty.
Allianz Global Investors has invested £119.7m in the refinancing of a student accommodation project at the University of Exeter in south-west England, writes Real Estate Capital's sister title Infrastructure Investor.
The investment is the first from AllianzGI’s UK Infrastructure Debt Fund which was launched in July this year with a target of up to £500m. According to an AllianzGI statement, it is also the first investment in the student accommodation sector that it has undertaken on behalf of clients.
Deutsche Bank’s €679.9m CMBS – DECO 2014-BONN - has been sold at a margin of 199 basis points. The loan is secured against 29 German offices owned by IVG
Macquarie Lending has arranged a structured £35m stretch senior facility for Victus European Student Accommodation Fund, which owns nine student properties across Europe, according to a statement from the firm.
Cordet, a provider of private debt and alternative funding based in London and Stockholm, partnered with Macquarie to fund a minority portion of the facility.
Wells Fargo has provided $86m in post-acquisition financing to Boston-based Rockpoint Group for its purchase of the San Mateo Baycenter in San Mateo, California.
Rockpoint paid Equity Office Properties $128.5m for the office campus in September, putting the loan-to-value just under 67%.
Harbor Group International of Norfolk, Virginia received $151m in financing from Freddie Mac for the acquisition of The England Group Portfolio, a 2,368-unit multifamily portfolio in Texas.
Freddie Mac provided seven floating rate mortgages, each with a seven-year term; and two supplemental fixed-rate loans on two of the assets, each with a 7.58-year term, in conjunction with the approval of the first mortgage assumptions on those assets.
Canary Wharf Group has won support from a second major shareholder but is not, for now, enough to prompt a sale.
Madison International Realty has accepted the duo’s offer of 350p per share made last Thursday for its 2.5% in Songbird Estates, the listed vehicle which owns 69.37% of Canary Wharf Group.