Barclays and RBS join banking club
Facility priced at 105 bps above Libor
Mack Real Estate Group plans to raise more than $750m for a new real estate debt fund it will launch with the help of Peter Sotoloff, a former Blackstone lending executive who made a surprise exit from that firm in June. Managed by Mack Real Estate Credit Strategies (MRECS), a newly-formed company headed by Mack […]
Goldman Sachs has provided a joint venture with a $123m loan for the acquisition of the Canal Center office park in Alexandria, Virginia. The borrowers, Virginia-based American Real Estate Partners and private equity partner Investcorp, paid $176m for the four office properties, or nearly $327 per sq ft, putting the loan-to-cost at just under 70%. The […]
Aareal Bank has provided a $97m loan to SL Green Realty Corp. and Jeff Sutton for the refinancing of the retail component at 650 Fifth Avenue. The two-year loan carries a coupon of Libor plus 350 basis points. The joint venture struck an agreement with the US government to acquire the 49-year leasehold interest on the 30,000 sq ft retail […]
£35.5m loan backed by eight properties
Betsy Vartanian launched Greystone’s Federal Housing Administration (FHA) lending platform 13 years ago from the ground up. The firm has grown to become the #1 FHA lender accredited by the Department of Housing and Urban Development (HUD) the last two years running. Despite that success, Greystone’s CEO, Stephen Rosenberg, recently came to Vartanian with an observation. “Well, […]
Bank makes progress on reducing unwanted positions
Bank of the Ozarks has provided a $56.4m construction loan for the development of NorthEdge, a Class A office property in the North Lake Union submarket of Seattle, Washington. The three-year construction loan to Seattle-based developer Touchstone Corporation and partner AIG Global Investment Group funds the construction of a four-story building featuring 208,000 sq ft of […]
Review highlights shortcomings of Italian banks’ capital and real estate overvaluations.