Miami-based CGI Merchant Group (CGI) has secured a $23.4m loan from New York-based Rialto Group for the refinancing and upgrade of a prominent mixed-use property located at 55 Miracle Mile in Coral Gables, Florida that is to be packaged into a new CMBS. The loan is to be bundled into Wells Fargo’s $1.27bn WFRBS Commercial Mortgage Trust 2014-C22 […]
Blackstone has secured £200m of financing for its purchase of 125 Old Broad Street in the heart of the City of London. MetLife has provided a new six-year loan for the private equity firm’s purchase at a loan-to-value of 62.5%. The loan is thought to have a margin of around 150 basis points. The deal […]
Specialist investment divisions of The Blackstone Group and TPG Partners have teamed up to buy Kensington, the specialty UK residential mortgage lender, from Investec which bought the lender in 2007 during a UK residential property bull run, writes Robin Marriott. Blackstone Tactical Opportunities and TPG Special Situations Partners (TSSP) have paid £180m) for the company […]
Chicago-based private equity real estate firm Walton Street Capital has raised its first capital for its debut debt fund, Walton Street Real Estate Debt Fund, writes Jonathan Brasse. The firm raised $120 million from three investors at the first close, including a $100 million seed commitment from pension plan Texas Municipal Retirement System. A second […]
Blackstone’s US-listed mortgage trust has made its first loan in Spain, following its recent entry into Continental European property lending. Blackstone Mortgage Trust has provided a €72m whole loan for US private equity firm Kohlberg Kravis Roberts’ (KKR) purchase of two Spanish retail assets from British Land: Nassica, a 95,000 m2 retail and leisure centre […]
Fitch Ratings is raising another red flag on single-borrower, single-family rental securitizations in its latest clash with the methodologies of its competitors. The ratings agency distributed an article last week explaining why it has not yet rated any SFR securities. In the article, titled “US Single-Family Rental Deals Face Higher Refinance Risk,” authored by managing […]
Lloyds Bank Commercial Banking has appointed a successor to Barry Fowler, its former head of corporate real estate, Real Estate Capital can reveal. Madeleine McDougall (née Forrest) has been brought in as head of origination with its global corporate real estate business from Deutsche Pfandbriefbank. She will concentrate on Lloyds’ large ticket lending of usually […]
US property companies are heading to Tel Aviv to access a new source of competitive capital Back in 2006, Boaz Gilad, CEO of Brooklyn-based condominium developer Brookland Capital, met with a group of Israeli financial consultants to contemplate doing something that no US-based real estate owner or developer had done before: launch a bond in Israel to raise […]
Enterprise Finance, the mortgage broker backed by ISIS Equity Partners, is bidding to tap the growing market for bridging finance for property development following the takeover of specialist lender West One Loans. Enterprise, which is the UK’s largest specialist distributor of secured loans, has funded the transaction through a combination of cash and equity although […]
Real estate debt funds targeting Europe have already raised more capital in 2014 than in any year since the downturn, according to research from Real Estate Capital’s parent PEI Media Research and Analytics. In the first half of 2014 alone $9.97bn was raised by funds targeting Europe, accounting for 53% of all real estate debt funds […]