Pbb Deutsche Pfandbriefbank has teamed up again with German insurer ERGO to provide a long-term loan for a development project in Munich.
Pbb has structured a 20-year investment and development loan totalling €160 million for the German city’s Neue Balan project.
A panel consisting of heads of financing from LaSalle Investment Management, Commerz Real, M7 Real Estate and IVG Immobilien agreed that borrowers are not generally requesting that lenders increase loan-to-value ratios in deals.
Goldman Sachs has provided the largest apartment financing in San Francisco's history. Veritas Investments and partner Baupost Group secured the $815 million in financing on a portfolio of 62 mixed-use multifamily apartment properties in San Francisco.
The firm closed 50 financings, including a jumbo near €3 billion loan from Credit Suisse, making it likely to have been last year's biggest European borrower of real estate finance.
Lending margins in the German commercial real estate market are as low as 80 basis points over three-month Euribor.
New York City-based DRA Advisors paid $174 million for a 90 percent stake in the Triangle Town Center and Commons in Raleigh, North Carolina, restructuring $171 million of assumed debt in the process.
Oaktree Capital Group is planning the launch of its second commercial real estate debt fund, which could target as much as $1 billion in capital commitments.
Fitch Ratings is voicing concern over new CMBS lending pools that have non-investment grade (IG) exchangeable classes, something the agency hasn't seen since the financial crisis.
Cairn Capital has launched its first European real estate debt fund with €50 million of seed capital from majority owner Mediobanca and an eventual target of €750 million.
ING Real Estate Finance has provided a €280 million loan to finance the purchase of a prime Madrid office tower by the billionaire Philippines-based investor Andrew Chan, Real Estate Capital can reveal.