Al Barbarino
Developer Friedland Properties has secured a $182m loan for the construction of a mixed-use development project at 7 West 21st Street in Manhattan’s Flatiron District.
Thorofare Capital has revealed DoubleLine Capital as the backer behind a $400m investment vehicle the firm announced in September.
The program funds floating rate, senior bridge loans -- with two to three-year initial terms, loan amounts between $5m to $20m and LTVs up to 75% -- for the acquisition and refinance of multifamily, retail, industrial, hospitality and office properties.
Size really does matter when it comes to conduit CMBS, as smaller deal sizes prompted by tepid investor demand -- particularly on triple-A tranches -- will keep issuance from reaching the peaks of the boom years.
Mesa West Capital has provided more than $104m in first mortgage debt on the acquisition of two transitional properties in Dallas, Texas.
B-piece buyers will continue to enjoy “healthier” level of interaction with originators than they did at the peak of the last cycle, as long as the level of competition remains in check, executives said during a panel discussion at the CRE Finance Council’s annual conference today.
Wells Fargo Bank has provided, with M&T Bank and J.P. Morgan Chase as co-lenders, a $200m construction-to-perm financing facility for the development of a residential complex on Manhattan’s far west side at 525 West 52nd Street.
A panel of heavyweight US real estate developers took center stage for the opening session at the CRE Finance Council’s annual conference at the Marriott Marquis in New York City today, discussing a range of lending options that have proliferated as the real estate cycle heats up.
Year-to-date US CMBS issuance through May reached $45bn, approximately 27% higher than the same period in 2014, according to KBRA. May issuance totaled $8.6bn in May, up from $6.8bn in April.
The CRE Finance Council (CREFC) has issued a new update to its Investor Reporting Package in advance of this week’s CRE Finance Council 2015 Annual Conference, slated to begin this afternoon in New York City.
Fitch claimed based on an analysis of 30 originators that the largest banks have the strongest credit metrics, while smaller banks or non-banks have the weakest. This comes as larger banks contribute less to new deals and smaller originators flood the market.