A bank has been chosen to refinance the iconic Savoy Hotel in London’s West End, Real Estate Capital can reveal. Deutsche Bank is understood to be the preferred party to lead the £300m refinancing, beating Citibank to the mandate. Eastdil Secured was appointed to search for a party to refinance the luxury hotel by its owners Saudi […]
MetLife has provided Shorenstein Properties with $170m to refinance the office building at 850 Third Avenue in Midtown Manhattan. The new three-year floating rate loan replaces a $180m loan Deutsche Bank provided in 2010, a person familiar with the deal said. The office complex, built in 1962, is located between 51st and 52nd Streets, on the east side […]
Harry Macklowe of Macklowe Properties has secured a $65m mortgage loan for the acquisition of a mixed-use development project at 985 Third Avenue, on the east side of Midtown Manhattan. The lender of the variable rate loan is Singapore-based bank Domenico PTE, city property records show. Macklowe paid sellers SL Green and Emmes Asset Management a combined $86.9m […]
The European head of investment management at the world’s largest CMBS special servicer, LNR Partners, has left the business, Real Estate Capital can reveal. Derek Rich has left LNR by mutual consent following three years with the firm. He was responsible for all investment, advisory and real estate due diligence across LNR’s European business and […]
Oaktree Capital Management has chosen a financier to provide a whole loan for its £430m purchase of three regional UK business parks, Real Estate Capital can reveal. Barclays is to provide a whole loan of around £344m, reflecting an 80% loan-to-value to the private equity firm. Oaktree had been seeking a five-year loan with a […]
Bank of Ireland has provided Irish REIT Hibernia with a new three-year, €100m revolving credit facility. The corporate loan is the company’s first since its €375m IPO last December. It means Hibernia now has cash and undrawn committed facilities of more than €140m and €134m of debt held against its €336m of investments. Bank of […]
LaSalle Investment Management has poached a new director from Strategic Value Partners to work in its debt investments and special situations team, Real Estate Capital can reveal. Daniel Pottorff will focus on western European investments and will report into group heads Amy Aznar and Michael Zerda. The team currently manages €1.9bn of capital and Pottorff […]
Pbb Deutsche Pfandbriefbank has provided a circa £70m loan to Delin Capital Asset Management secured on a portfolio of eight UK logistics facilities. The assets, totaling 1.77m sq ft, and are held in its Delin’s €400m Capital Preservation Portfolio I fund, which was launched in October 2012. The five-year facility will allow the fund to […]
With the $342.67m American Residential Properties 2014-SFR1 securitisation set to hit the market, the relatively new single-family rental securitisation asset class is keeping pace with early projections for a breakout year. The offering is the seventh securitisation of SFR homes to date after Blackstone spawned the new asset class in November. The current players – Blackstone, Colony […]
Colony Capital has provided a €40.4m facility to Dolphin Capital Investors, a residential resort developer in emerging market. The Los Angeles-based private equity firm has entered an agreement with Dolphin Capital for a six year facility that has a fixed 11% rate. On top of this, Colony will receive income from its Amanzoe development near […]