Finance Lending
Apollo to Pursue Additional RE Debt Acquisition
Aug. 19, 2008
There's little doubt that debt, besides being the raw material of the real estate crunch, is also a pretty hot commodity in some ways, as property values decline and loan-to-value ratios shift. In recent weeks, as reported by CPN, such investors as the new Investcorp Real Estate Credit Fund L.P. and Inland American Real Estate Trust have been eager to snap up real estate debt.
Study: Credit Crunch Slashes Commercial Property Sales in Half
Aug. 12, 2008
In a stunning finding, a Real Capital Analytics Inc. study has discovered that global property sales fell by 50 percent during the first half of 2008. Sales in Germany, where the collapse was the most severe, fell by 65 percent, while sales in the United States plunged 63 percent.
New Environmental Regulations Impact Loans, Due Diligence
Aug. 11, 2008
On Aug. 1, new environmental regulations in the revised Small Business Administration's standard operating procedures for lender and development company loan programs took effect. CPN associate editor Amanda Marsh spoke with Derek Ezovski, managing director of Environmental Data Resources’ commercial property due diligence services, about how these new regulations will impact real estate.
$28M Financing Deal Paves Way for NJ Mixed-Use Waterfront Project
Aug. 07, 2008
Plans to erect an upscale 564,000-square-foot mixed-use project on a 2.7-acre coastal brownfield site in Jersey City, N.J., move forward with the closing of a $27.5 million loan to fund the acquisition and the environmental cleanup of the property. EnviroFinance Group L.L.C. provided the financing for developer Statue of Liberty Harbor North Redevelopment Urban Renewal L.L.C.
Emeritus Nets $163M in Loans for Seniors Housing Buy
Aug. 06, 2008
KeyBank Real Estate Capital has secured $163 million in loans to finance the purchase of 19 senior housing properties nationwide. The package will finance Emeritus Senior Living’s purchase of the 19 properties, which range in individual price from $2.9 million to $14.7 million. Upon the completion of the purchases, Emeritus will serve as proprietor of the sites, which are located natonwide.
$84M in Financing in Place for Fort Lauderdale Hotel Transformation
Aug. 05, 2008
Plans for the conversion of Fort Lauderdale, Fla.'s Sheraton Yankee Trader Hotel into the 433-room Westin Beach Resort have gotten a big boost with the closing of an $84 million financing deal for the project. Borrower A1A Trader L.L.C., an affiliate of Starwood Capital Group, was able to obtain a senior secured increasing term loan from ING Real Estate Finance, which took on the roles of Administrative Agent and Sole Lead Arranger on the transaction.
Meruelo Maddux Closes on $84M to Finish L.A. Residential Tower
Aug. 05, 2008
Unlike a bevy of construction projects across the country, development of the upscale 214-residence apartment high-rise at 717 W. Ninth St. in Los Angeles will not fall victim to the credit crunch, as Meruelo Maddux Properties Inc. has just closed on an $84 million construction loan. The 35-story structure, located across from the Staples Center sports arena and the $2.5 billion L.A. Live mixed-use project, is part of a long list of developments that are contributing to the multi-billion remake of downtown Los Angeles.
Suburban Phoenix Mixed-Use Project Nets $65M Financing
July 31, 2008
With construction starting earlier this year on Park Place, a mixed-use development in the Phoenix suburb of Chandler, Ariz., developer Cybert Hall Partners has gained $65.2 million in financing for the project. Buchanan Street Partners negotiated the financing package on behalf of Cybert Hall.
Lowe Gets $116M Refi for DC-Area Office
July 30, 2008
Los Angeles-based Lowe Enterprises has refinanced Century Center I and II, a 624,600-square-foot office complex in Arlington, Va., for $116.1 million. The Washington, D.C., office of Holliday Fenoglio Fowler, L.P. placed the three-year adjustable rate loan with GE Real Estate.
PKF Launches New Program to Finance Hotel Projects
July 30, 2008
In an effort to help hotel real estate investors and owners weather the credit crunch storm, San Francisco-based PKF Capital has established a hotel finance program. Under the program PKF Capital will orchestrate debt and equity financing for clients in need of anything from construction loans to short- and long-term bridge loans to refinancing packages.
$100M Fund Formed for Affordable Housing in LA
July 22, 2008
The City of Los Angeles has joined forces with Enterprise Community Partners to establish the $100 million New Generation Fund, the city's first multi-million-dollar financing tool for the development and preservation of affordable housing.
Perseus Kicks Off $1B Participating Loan Program
July 21, 2008
Perseus Realty Partners L.L.C. has launched a new participating loan program that will provide one-stop shopping for a total of up to $1 billion in financing for office, retail, industrial and multi-family projects nationwide.
Pratt Secures $112M in Financing for New Louisiana Paper Mill
July 21, 2008
Pratt Industries U.S.A., one of the country’s largest paper and packaging companies, has secured $112 million through GE Commercial Finance Corporate Lending to fund the development, construction, and operation of a greenfield recycled containerboard facility in Shreveport, La.
NorthMarq Arranges $46M Financing for Maryland M-F
July 21, 2008
NorthMarq Capital Inc.’s Washington, D.C., office arranged a $46 million senior mortgage acquisition financing for the The Park at Kingsview, a 326-unit multi-family property in Germantown, Md.
W. P. Carey Closes European Sale-Leaseback
July 21, 2008
W. P. Carey & Co. has reported that CPA(R):16 - Global, its publicly held non-traded REIT affiliate, has provided approximately 19 million euro of sale-leaseback financing to Schoeller Arca Systems through the acquisition of two manufacturing facilities located in Monheim, Germany and Nurieux, France.
$1B in Loans on 6 Retail Properties for Macerich
July 15, 2008
The unfavorable lending market is not holding everyone back. The Macerich Co. recently closed $895 million in financing on five retail properties and secured a commitment for a $150 million loan on a sixth asset.
Bernanke: Housing Crisis at Heart of Economic Woes
July 15, 2008
Federal Reserve Chairman Ben Bernanke told the Senate Banking Committee today the housing crisis coupled with rising oil prices are “at the heart of the current (economic) uncertainty.”
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