RECENT NEWS
Citizens Bank Lends $40Mln Against 400 South Tryon in Charlotte
Citizens Bank has provided a $40 million loan against 400 South Tryon, a 584,316-square-foot office building in Charlotte, N.C., that was recently purchased by a venture of DRA Advisors and Trinity Capital Advisors for $61.3 million, or...
Hillwood Hires Former Liberty Property Exec for Chicago Office
Hillwood Investment Properties has hired Don Schoenheider, a former vice president with Liberty Property Trust, to run a soon-to-be opened office in the Chicago area. The Dallas industrial property specialist, founded by the family of Texas billionaire Ross...
Glimcher’s Marshall Loeb Named President of EastGroup
Marshall A. Loeb, the former president and chief operating officer of Glimcher Realty Trust, has been named to the same posts at EastGroup Properties Inc., a Jackson, Miss., owner of industrial properties. Glimcher recently was acquired by Washington...
Nordblom Pays $34Mln for Suburban Boston Office Park
Nordblom Co. has paid $34 million, or roughly $69/sf, for Solomon Pond Park, a 494,701-square-foot office property in the Boston suburb of Marlborough, Mass. The Burlington, Mass., company purchased the property from Great Point Investors of Boston, which...
MetLife Loan Against 1801 K St. in Washington, D.C., Matures in 2020
The $267 million loan that Metropolitan Life Insurance Co. provided against the 569,769-square-foot office building at 1801 K St. NW in Washington, D.C., matures in 2020. The fixed-rate mortgage was arranged by JLL. The 13-story building is owned...
Greystone Hires Dan Ross to Run Portland, Ore., Office
Agency lender Greystone has opened an office in Portland, Ore., and hired Dan Ross to oversee it. Ross joins the company from HomeStreet Capital, where he specialized in originating loans under Fannie Mae's Delegated Underwriting and Servicing program....
INITIAL PRICING: COMM, 2015-LC19
Class Amt $mln Sub Level% Avg Life (yrs) RatingMoody's RatingFitch RatingMStar Pricing % Yield% Final Pricing (bp) Bnch mark A-1 50.90 30.00 2.76 Aaa AAA AAA 99.998 1.391 +38 swaps A-2 45.00 30.00 4.97 Aaa AAA AAA ...
Empty El Segundo, Calif., Office Property Sells for $50Mln
Commercial Real Estate Direct Staff Report Maxxam Enterprises has sold an empty 309,088-square-foot office building in El Segundo, Calif., for $50 million, or about $162/sf. A venture of investment managers Westbrook Partners and Embarcadero Capital Partners bought...
Commercial Property Sales Volume Hits $423.8Bln in 2014
Commercial Real Estate Direct Staff Report Commercial property investment-sales volume increased by 17 percent last year to $423.8 billion, according to Real Capital Analytics. That's in line with earlier expectations. The New York research company noted that sales...
Fannie, Freddie Loan Origination Caps Set at $30Bln for 2015
Commercial Real Estate Direct Staff Report Fannie Mae and Freddie Mac's regulator has set at $30 billion the two housing-finance agencies' multifamily mortgage originations target for this year. Freddie's cap in 2014 was $25.9 billion, which equalled its...
Burbank, Calif., Office Buildings Selling for $51Mln
Commercial Real Estate Direct Staff Report A venture led by Los Angeles-area developer Worthe Real Estate Group is selling two fully-leased Burbank, Calif., office properties with 95,852 square feet for about $51 million in separate deals with two...
Andrew Shook Named Head of Originations at A10 Capital
Andrew Shook, a long-time mortgage originator who had helped found Resource Capital Corp., a Philadelphia mortgage REIT sponsored by Resource America Inc., has joined A10 Capital as head of national originations. Shook, a senior executive vice president with...
INITIAL PRICING: Morgan Stanley Bank of America Merrill Lynch Trust, 2015-C20
Class Amt $mln Sub Level% Avg Life (yrs) RatingDBRS RatingMoody's RatingMStar Pricing % Yield% Final Pricing (bp) Bnch mark A-1 55.50 30.00 2.80 AAA Aaa AAA 99.998 1.390 +38 swaps A-2 74.70 30.00 4.83 AAA Aaa AAA 102.997...
INITIAL PRICING: Hyatt Hotel Portfolio Trust, 2015-HYT
Class Amt $mln Sub Level% Avg Life (yrs) RatingS&P RatingKroll Pricing % Final Pricing (bp) Bnch mark A 110.07 67.63 1.78 AAA AAA 99.906 +130 Libor B 40.13 55.82 1.78 AA- AA- 100.00 +170 Libor C 29.80 47.06...
Lone Star Seeks $5Bln for Latest Property Fund
Commercial Real Estate Direct Staff Report Lone Star Funds has registered to raise up to $5 billion of equity for its latest real estate fund. Lone Star Real Estate Fund IV, which has not raised any commitments yet,...
Blackstone to Buy Apartment Portfolio for $1.7Bln
Bloomberg The Blackstone Group has struck a deal to pay $1.7 billion, or roughly $154,545/unit, for a portfolio of 36 apartment properties with about 11,000 units across the United States. The New York investment manager is buying the...
Naples, Fla., Apartments Sell for $44.25Mln
Continental Realty Corp. has paid $44.25 million, or roughly $162,088/unit, for Sierra Grande, a 273-unit luxury apartment property in Naples, Fla. The Baltimore company acquired the property from a venture of the Estate Cos. and 13th Floor Investments,...
TechCore’s Purchase of Md. Office Results in 7.1 Percent Cap Rate
Commercial Real Estate Direct Staff Report The $322.5 million, or $1,112/sf, price that TechCore paid for 9911 Belward Campus Drive in Rockville, Md., results in a capitalization rate of 7.1 percent, based on existing net operating income. TechCore...
Savanna Raises $440Mln for Latest Fund
Savanna Partners has raised more than $440 million of commitments for its fourth investment fund, Savanna Real Estate Fund III. The fund, like its predecessors, pursues value-add investments in the New York area. Last year, for instance, Savanna...
Berkshire Pays $24.8Mln for Oakland, Calif., Apartments
Berkshire Group has paid $24.8 million, or roughly $330,267/unit, for 901 Jefferson, a 75-unit apartment property in Oakland, Calif. The Boston investment manager acquired the property, at 901 Jefferson St., from Madison Park Financial Corp. of Oakland. Madison...
Investors Strike Deal Not to Call American Realty Bonds in Default
A group of investors in three unsecured bond issues floated by American Realty Capital Properties Inc. early last year have agreed not to deem the bonds to be in default. The bonds are comprised of three issues totaling...
CBRE Adds DDR’s Mark E. Bratt to Capital Markets Team
CBRE Group Inc. has added Mark E. Bratt, former chief investment officer of DDR Corp., to its capital markets team. As a senior managing director, Bratt will lead CBRE's retail investment practice for the Americas, which has some...
TD Bank Lends $95Mln Against Brooklyn, N.Y., Apartments
Commercial Real Estate Direct Staff Report TD Bank has provided $95 million of mortgage financing against Leonard Pointe, a recently completed apartment property with 188 units in the Williamsburg section of Brooklyn, N.Y. The debt replaces a $48.6...
INITIAL PRICING: FREMF, 2015-K42
Class Amt $mln Sub Level% Avg Life (yrs) RatingMoody's RatingMStar Pricing % Yield% Final Spread (bp) Bnch mark A-1 130.95 18.00 6.00 Aaa AAA 101.996 1.892 +41 swaps A-2 995.00 18.00 9.78 Aaa AAA 102.999 2.318 +48 swaps...
Investors in Rialto’s First Fund Get All Capital Back
Commercial Real Estate Direct Staff Report Rialto Capital Management, which in 2013 completed investing the $700 million it had raised through its first investment fund, already has returned that capital to its investors. The Miami investment manager, a...
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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.
