RECENT NEWS
PGIM Lends $245Mln Against Manhattan’s 1700 Broadway Office
Commercial Real Estate Direct Staff Report PGIM Real Estate has provided $245 million of mortgage financing against 1700 Broadway, the 626,000-square-foot office property in midtown Manhattan. The property is owned by Rockpoint Group, which bought it in 2018 for...
Sixth Street Makes $1.07Bln Offer to Buy Plymouth Industrial REIT
Commercial Real Estate Direct Staff Report Sixth Street Partners has made an unsolicited offer to buy Plymouth Industrial REIT Inc., which owns a portfolio of 148 properties with 32 million square feet, for $24.10/share in cash, or $1.07...
AvalonBay Buys 270-Unit Apartment Complex in Coconut Creek, Fla., for $98.28Mln
South Florida Business Journal AvalonBay Communities has paid $98.28 million, or $364,000/unit, for the Solaire at Coconut Creek, a 270-unit apartment complex in Coconut Creek, Fla. The Arlington, Va., apartment REIT purchased the property from a venture of...
Mesa West Lends $23.4Mln Against Austin, Texas, Apartments
Mesa West Capital has provided $23.4 million of financing to fund DreamField Capital's acquisition of the 200-unit Nichols Park apartment property in Austin, Texas. DreamField, a Los Angeles investor, bought the apartments from an investor group led by...
CUNY Pays $125.6Mln for More Space at Former Midtown Manhattan Hotel
Commercial Observer The City University of New York has paid $125.6 million, or $534,468/room, for 235 rooms on six floors at the former DoubleTree by Hilton hotel at 569 Lexington Ave. in Manhattan, with plans to use them...
Urban Edge Gets $123.6Mln Loan for Boston-Area Shopping Center
Urban Edge Properties has lined up $123.6 million of financing against Shoppers World, the 758,000-square-foot shopping center at 1 Worcester Road in the Boston suburb of Framingham, Mass. JLL Capital Markets arranged the four-year, fixed-rate loan from Sumitomo...
Greystone Raises $103Mln for First LIHTC Fund
Greystone Real Estate Capital has raised $103 million of investor commitments for its first-ever low-income housing tax credit fund. The Greystone unit, which was formed last year, raised capital from seven institutional investors in the financial and insurance...
Nuveen Lends $38.4Mln Against 200-Unit Apartment Property in Central N.J.
Nuveen Real Estate has provided $38.4 million of mortgage financing against the 200-unit Lofts at Helmetta apartment property in the central New Jersey borough of Helmetta. The five-building complex, the site of the former G.W. Helme Snuff Mill,...
Affinius Lends $76Mln Against Nearly Completed Apartments in Southern Calif.
Affinius Capital has provided $76 million of mortgage financing against the 232-unit Monroe apartment property in the Los Angeles suburb of Monrovia, Calif. The nearly completed property, at 127 West Pomona Ave., is being developed by Adept Urban...
CORE Investment Affiliate Buys Miami-Area Shopping Center for $46Mln
Citybiz An affiliate of CORE Investment Management has sold Palmetto Plaza, a 186,095-square-foot shopping center property in Miami Gardens, Fla., for $46 million, or $247.19/sf. It had paid $33 million for it in 2020. Marcus & Millichap brokered the...
Owner of Jersey City, N.J., Office Won’t Subsidize Debt-Service Payments
Commercial Real Estate Direct Staff Report Spear Street Capital, which owns the 431,658-square-foot office property at 90 Hudson St. in Jersey City, N.J., said it will not subsidize debt-service payments for the building's $130 million CMBS loan. As...
Landesbank, Tishman Lend $119.2Mln Against Boston-Area Health Sciences Building
Landesbank Baden-Wurttemberg and Tishman Speyer have provided a total of $119.2 million of mortgage financing against the 500 Forge St. building within the Arsenal Yards complex in the Boston suburb of Watertown, Mass. Landesbank provided $94 million of...
Shell Shrinks Footprint at New Orleans Office, Spelling Trouble for CMBS Loan
Commercial Real Estate Direct Staff Report With anchor tenant Shell Oil Co. having drastically reduced its footprint at the Hancock Whitney Center, the 1.25 million-square-foot former One Shell Square office building in downtown New Orleans, the property's owner...
INITIAL PRICING: Benchmark Mortgage Trust, 2025-B41
Class Amt $mln Sub Level % Avg Life (yrs) Rating Moody's Rating Fitch Rating MStarDBRS Price % Yield % Final Pricing (bp) Bnch mrk A-1 8.37 30.00 2.69 Aaa AAA AAA 99.99998 4.37124 +66 J-spread A-4 50.75...
MKF Realty Lines Up $130Mln Loan for Manhattan Office Purchase
Commercial Observer JPMorgan Chase Bank and Citigroup have provided $130 million of financing for MKF Realty's $205 million, or nearly $1,192/sf, acquisition of the 172,000-square-foot office property at 512 West 22nd St. in the Chelsea section of Manhattan....
208-Unit Apartment Property in Manhattan Trades Hands for $810Mln; Condo Conversion Planned
Bloomberg Naftali Group has paid $810 million, or $3,894/unit, for 800 Fifth Ave., a 208-unit apartment property overlooking Central Park in Manhattan. The developer acquired the property from Spitzer Enterprises and Winter Properties. It's funding its acquisition with...
Receiver Sale or Foreclosure Eyed for Long Island, N.Y., Office
Commercial Real Estate Direct Staff Report The Jericho Plaza office property in the Long Island, N.Y., town of Jericho could be offered for sale by its receiver. The CMBS trust that holds a $149.18 million loan against it...
Dwight Mortgage Trust Lends $34Mln Against Brooklyn, N.Y., Apartments
Dwight Mortgage Trust has provided $34 million of short-term financing against the newly developed 67-unit apartment building at 170 Freeman St. in the Greenpoint section of Brooklyn, N.Y. The loan allowed the property's owner, Green Street Group, to...
273-Unit Apartment Property in Hollywood, Fla., Trades for $190Mln
Multi-Housing News FAVO Capital has bought 1818 Park, a 273-unit apartment building in Hollywood, Fla., for $190 million, or $695,971/unit. The Fort Lauderdale, Fla., finance company purchased the property from its developer, GCF Development of Hollywood, which will...
Morgan Stanley Lends $96Mln Against Apartments in the Bronx, N.Y.
Commercial Real Estate Direct Staff Report Morgan Stanley has provided a $96 million loan against the Motto, the 264-unit apartment property at 2455-2457 3rd Ave. in the Mott Haven section of the Bronx, N.Y. The five-year loan, arranged...
2 Apartment Properties in Albany, N.Y., Area Sell for $82.4Mln
REBusiness Online A venture of Merion Realty Partners and Eastham Capital has paid $82.4 million, or $123,723/unit, for a pair of apartment properties with 666 units in the Albany, N.Y., suburb of Clifton Park, N.Y. Solomon Organization of...
Ardent Cos. Lends $26.6Mln Against Houston’s Two Westlake Park Office
Commercial Real Estate Direct Staff Report Priority Capital Advisory has arranged a $26.6 million loan from Ardent Cos. against the 467,609-square-foot Two Westlake Park office building in Houston's Energy Corridor. The loan allows the property's owner, Younan Properties...
MetroNational Buys Houston’s 990 Town and Country Office Building
Houston Business Journal MetroNational has bought 990 Town and Country Blvd., a 442,042-square-foot office building in Houston. The local company purchased the 15-story property from ConocoPhillips, also of Houston, in a deal brokered by JLL. The purchase price...
Los Angeles Office Gets Walloped in Reappraisal
Commercial Real Estate Direct Staff Report The 1000 Wilshire Blvd. office property in Los Angeles has been reappraised at a value of only $60.5 million, less than half the $128.38 million of senior and subordinate debt against the...
Owner of Vertex’ Boston HQ Gets $1Bln CMBS Loan
Commercial Real Estate Direct Staff Report Morgan Stanley, Bank of Montreal, Goldman Sachs, and JPMorgan Chase Bank have provided $1 billion of mortgage financing against the 1.13 million-square-foot Fan Pier office property in the Seaport section of Boston....
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Commercial Real Estate Direct is the only source -- in print or otherwise -- that keeps close tabs on the entire real estate capital markets industry. It provides up-to-date market intelligence on the mortgage business, equity raising, investment sales and CMBS.
