Subject: REIT Credit Line (LINE)
Venture Targeting $1.3Bln of Net-Lease Retail Investments in Next 3 Years
RPT Realty, a New York shopping center REIT, has formed a venture that over the next three years aims to acquire $1.3 billion of single-tenant retail properties that are net-leased to their tenants. The venture plans to invest $470 million ...
Mortgage REITs See Sharp Drops in Loan Churn
The coronavirus pandemic has resulted in an abrupt halt to the churn, or turnover, in the loan portfolios held by mortgage REITs and other alternative lenders. While interest rates are at historically low levels, which typically would result in borrowers ...
Xenia Hotels Raises $300Mln Through Secured Notes Issue with 6.375 Percent Coupon
Xenia Hotels & Resorts Inc. has issued $300 million of five-year senior secured notes with a coupon of 6.375 percent. The Orlando, Fla., REIT used some of the proceeds from the private offering, which priced at par, to repay about ...
CBL Gets Current on Unsecured Notes, Remains in Talks with Lenders
CBL & Associates Properties Inc. on Wednesday became current on the missed debt-service payments against $1.1 billion of unsecured debt it carries. It used cash on hand to make the $30.4 million of payments it had missed.
Five-Story Medical-Office Building Under Construction in Houston
Houston Business Journal Construction is underway on a 116,500-square-foot medical-office building in Houston. Healthpeak Properties Inc. is developing the five-story property at 7500 Fannin St. It already is 36 percent preleased and will include a parking garage that's being built ...
Ladder Capital Bulks Up Cash Position in April, De-Leverages Portfolio
Commercial Real Estate Direct Staff Report Ladder Capital Corp. has increased its cash position to $830 million from $358 million at the end of March. It's also increased the volume of assets on its balance sheet that are unencumbered by ...
Colony Credit Pays Down, Consolidates Repo Agreements
Colony Credit Real Estate Inc. has paid down and consolidated the repurchase agreements that it uses to finance its CMBS investments. The mortgage REIT said that it had met all margin calls on the repo agreements it used to finance ...
Park Hotels Draws Remaining Credit Facility, Ups Cash on Hand to $1.32Bln
Park Hotels & Resorts Inc. has drawn the remaining $650 million of a $1 billion credit facility, increasing its cash on hand to $1.32 billion as it positions itself to deal with the repercussions of the coronavirus pandemic. The Tysons, ...
Barry Sternlicht Urges Suspension of Mark-to-Market Rules
Commercial Real Estate Direct Staff Report Barry Sternlicht, co-founder and chairman of Starwood Capital Group, said mark-to-market rules, which have a cascading affect on asset values, ought to be suspended. In an interview on CNBC's Squawk Box program yesterday, he ...
Hotel REITs Tap Credit Lines to Raise Cash
Commercial Real Estate Direct Staff Report Pebblebrook Hotel Trust expects to suspend operations at all 54 of its properties by March 30 as part of a plan to save cash in the face of the coronavirus outbreak. The Bethesda, Md., ...
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