Developer Larry Silverstein is on the lookout for roughly $1.2bn in financing to complete 3 World Trade Center now that an agreement brings new life to the stalled tower. After months of negotiations, Silverstein and The Port Authority of New York and New Jersey reached an agreement this week that immediately frees up $159m in […]
The federal government’s cutoff of funding to Corinthian College could force the sale and closure of more than 100 US schools, putting about $219m worth of CMBS loans at risk. The embattled Santa Ana, California-based for-profit college operator, which operates 107 campuses, signaled that it might shut down after the US Department of Education imposed a 21-day […]
Apollo Commercial Real Estate Finance (ARI), the listed US debt investor, has completed $143.6m in new investments. The REIT, which is managed by Apollo Global Management, has made a $50.2m CMBS acquisition and two loans totaling $93.4m – one of which was secured by a Times Square hotel in New York City. Ari acquired a $28.3m […]
Laxfield Capital’s GIC-backed lending programme has made its first loan since the strategy was launched nearly 18 months ago. The £90m facility for student housing provider Urbanest is for a term of five years. It reflects a 70% LTV across the two London assets it is secured by: Urbanest’s 221-bed Hoxton scheme near Old Street […]
Carlyle has mandated CBRE to help it source whole loan financing of around €100m for the recapitalisation of three European retail assets including one in Portugal. The private equity group’s Freeport Outlet Alcochete retail centre near Lisbon was inherited through Carlyle’s acquisition of outlet mall developer Freeport in 2007. It was extended to 42,934 sq m […]
Hammerson has issued a €500m fixed-rate public bond with the lowest ever coupon by a UK property company, at 2%. Priced at 90 basis points over the mid swap rate, the eight-year bond was more than five times oversubscribed. Hammersmith’s chief financial officer, Timon Drakesmith, said: “Market conditions for new debt offerings are favourable at […]
Loan advisory firm Situs has set up a new joint venture with Swedish-owned debt collection group Lindorff to capitalise on growing non-performing loan activity in Spain. Lindorff has offices throughout Europe, including 750 staff across Spain. The new platform, Situs Lindorff, will be overseen by Lindorff’s country head for Spain, David Perez (pictured), alongside a new hire […]
AustralianSuper, the A$75bn superannuation fund that has begun to assemble a direct property portfolio overseas, has appointed Rockspring Property Investment Managers to buy large office and retail assets in continental Europe. Rockspring is the second European-based manager appointed by AustralianSuper following two mandates made to TIAA Henderson Real Estate to invest in UK prime shopping […]
DekaBank has provided £100m of refinancing for 90 Long Acre, an office building in Covent Garden, London. US private equity firm Northwood Investors paid circa £165m for the 194,000 sq ft building with existing debt of £121.5m in place last May. The loan associated with the asset was part of a wider securitisation – Lehman […]
Prudential Mortgage Capital Company has provided $131.7m in first mortgages to refinance a Lock Up/Evergreen Storage portfolio of 18 US properties. The financing is comprised of a $20m, seven-year, floating rate tranche, and a $111.7m, 10-year, fixed rate tranche. Prudential said that the post-recession shift in housing demand from owning to renting continues to drive its faith […]