Private equity firm looking to pile into Spain
Morgan Stanley Mortgage Capital has provided $61m of securitized debt for AGS Property Corporation’s acquisition of the Broward Financial Center in Fort Lauderdale, Florida. The 10-year, fixed-rate CMBS loan facilitated the $112m purchase of the 24-story, 324,429 sq ft office property, representing a 55 percent loan-to-cost. The seller was DRA Advisors. Miami-based AGS Property Corporation purchased […]
SunTrust Bank and MUFG Union Bank have provided Sand Hill Property Company and equity partner The Carlyle Group with a $100m construction loan for the development of a Silicon Valley office campus anchored by Netflix. Construction has commenced on The Grove development in Los Gatos, California, the first phase of which is to be delivered […]
Asian investors, thirsty for yield, are looking to real estate debt in Europe and the US, panellists said at the PERE Global Investor Forum in Hong Kong this week. The appetite for debt seems to have significantly increased, writes Anna Devine of Real Estate Capital’s sister publication Private Debt Investor. According to panellist Anthony Biddulph, chief […]
A pan-European industrial portfolio owned by Starwood Capital and M7 Real Estate is set to seed two future CMBS deals. The investors’ joint venture, MStar, has agreed two new loans, one with Bank of America Merrill Lynch and the other with Deutsche Bank, which are both potential securitisation sales. BAML has won a mandate from […]
Notes issued at 3.63% and 3.68%
Cornerstone Advisors, on behalf of subsidiary MassMutual, has provided an affiliate of Chicago-based Metropolis Investment Holdings with a $150m loan to refinance the 345 California Center office tower in San Francisco, California. The 10-year loan carries a 3.5% fixed interest rate. The 48-story, 600,000 sq ft tower is located in San Francisco’s financial district. At […]
Deal would be one of the largest in UK real estate corporate history
Orion Capital Managers is to take advantage of the surge of institutional interest and recovery in the debt market in Spain by putting one of the country’s best shopping centres up for sale for €400m, Real Estate Capital can reveal. The price that is being asked for Plenilunio, the 70,000 sq m mall to the east of […]
Whole loans becoming increasingly prevalent as market becomes more competitive