Vornado Realty Trust has secured $500 million of financing against Penn 11, a 12-million-square-foot office building in Manhattan The interest-only loan, from an undisclosed lender, pays a coupon of Libor plus 275 basis points and matures in October...
Commercial Real Estate Direct Staff Report The Starwood Capital Group venture that owns the Louis Joliet Mall in the Chicago suburb of Joliet, Ill, is negotiating a handover of the property through a deed-in-lieu of foreclosure to its lender,...
Shopping malls continue to face challenges, but well-capitalized sponsors increasingly have been able to negotiate modifications for loans against properties that had performed strongly before the coronavirus...
Pyramid Cos has reached an agreement for the modification of a CMBS loan against another of its shopping malls That brings the volume of loans for which the Syracuse, NY, developer has reached modification agreements to $2 billion, or 91 percent of...
Commercial Real Estate Direct Staff Report Pennsylvania REIT has reached a modification agreement with 80 percent of the lenders on nearly $11 billion of outstanding debt The Philadelphia company owns 26 retail properties with more than 20 million...
Commercial Real Estate Direct Staff Report The $168 million mortgage against the Park Place Mall in Tucson, Ariz, has moved to special servicing as it’s expected to default The property’s owner, meanwhile, has indicated that it is...
Commercial Real Estate Direct Staff Report The owner of the Fontainebleau Miami Beach hotel has negotiated the modification of the property’s $975 million CMBS loan The owner, Fontainebleau Development, is now able to defer the hefty deposits...
Investment bank Brean Capital has hired a team of seasoned CMBS servicing professionals and launched a commercial mortgage special servicing operation, Brean Real Estate Solutions The team is comprised of Julie Madnick, Henry Bieber and Linda...
Commercial Real Estate Direct Staff Report The $652 million distressed loan against the Southland Mall near downtown Miami has been put up for sale The loan is the last remaining asset in the collateral pool for JPMorgan Chase Commercial Mortgage...
Commercial Real Estate Direct Staff Report Pasquale Cardone, a Citi CMBS trader who left earlier this year, has launched an investment operation that’ll take opportunistic positions in CMBS and real estate equity securities He’s...
