European commercial property is set to deliver total returns of 19% this year, the highest since 2006’s 25%, according to Cushman & Wakefield. In its quarterly forecast covering 121 European markets the agent said that despite the world economy losing some momentum in September, confidence in European real estate remains high.
Qatar Investment Authority has purchased a 44% interest in Brookfield’s Manhattan West development, a project which upon “completion and stabilization” is estimated to be valued at $8.6bn and is thus far backed by $2.13bn in financing from a consortium of bank lenders.
Canadian Imperial Bank of Commerce (CIBC) has financed DLJ Real Estate Capital Partners’ $77.5m purchase of 18 Tremont Street in Boston, Massachusetts with a $55m loan.
Legal & General Commercial Lending Limited (CLL) has bought a £150m long-term loan from Santander, which is made out to housing association The Hyde Group.
The facility, which expires in 2041, is secured on Hyde’s housing assets and is L&G CLL’s first direct purchase of debt in the social homes sector.
Mack Real Estate Credit Strategies (MRECS) has provided a $75m loan to Madison Equities for the construction of a condo tower to be developed at 45 Broad Street in Downtown Manhattan.
Natixis Real Estate Capital provided a $36.65m, 10-year, fixed-rate CMBS loan to a venture led by Thomas Maoli to refinance Mendham Village Shopping Center and Del’s Village Shopping Center located in Mendham and Boonton, New Jersey, respectively.
pbb Deutsche Pfandbriefbank has provided a €63m senior loan to Cerberus Capital Management to refinance three German retail properties. The funds will also be used to refurbish the three shopping centres located in Bielefeld, Bonn and Konstanz.
The Bank of the Ozarks provided a $58m construction loan to Madison Realty Capital for the development of One Great Jones Alley in Manhattan’s NoHo neighborhood.
The majority of insurance companies surveyed in a new study from BlackRock plan to increase holdings in one or more income-producing private debt strategies. Eighty-two percent of the insurers, comprised of 248 respondents and representing $6.5 trillion in assets, said that they would increase allocations to at least one alternative credit strategy such as commercial real estate debt.
Lone Star Funds has secured a $5.121bn Freddie Mac loan from Berkadia on its multi-billion-dollar acquisition of Home Properties, Inc.