Meridian Capital Group arranged $71m to refinance a mixed-use and multifamily portfolio located in the New York City borough on The Bronx on behalf of The Morgan Group.
The Bank of England has given its backing to the UK property finance industry’s proposal to build a commercial real estate (CRE) loans database. In a speech to the City of London Property Investor’s Banquet last night, Alex Brazier, executive director for financial stability at the Bank of England, said over-gearing in the real estate sector had been a major driver of instability.
Real estate capital services firm Cohen Financial has arranged $106m for a San Francisco, California-based multifamily commercial real estate owner and investor.
Hammerson is funding its share of the purchase of NAMA’s €1.85bn Project Jewel with a new short-term €1bn revolving credit facility from its existing lenders. The facility, which matures in March 2017, reflects a loan-to-value of 81% on Hammerson’s €1.23bn share of the overall purchase price.
Grainger has appointed Unite Group’s Vanessa Simms as its finance director to replace the retiring Mark Greenwood.
Simms, who is the deputy chief financial officer at student accommodation specialists Unite, will join Grainger in early spring 2016 and will be based in London.
CBRE has arranged $65.5m in Fannie Mae financing to The Reliant Group for the acquisition of Mustang Village, a 514-unit, 1,006-bed student housing property located adjacent to California Polytechnic State University in San Luis Obispo, California.
Fitch has withdrawn its expected ratings and presale note from the Royal Bank of Scotland’s stalled £170m Antares 2015-1 CMBS deal, which looks increasingly unlikely to return to market. The transaction is the securitisation of a single loan to refinance Kennedy Wilson’s Jupiter portfolio of 17 UK office and retail assets.
A spate of assaults, robberies and other crimes that have raised safety concerns for residents living at the complex, near the neighboring Western Michigan University, contributing to a large appraisal reduction for the 256-unit multifamily property that is used in part for student housing.
pbb Deutsche Pfandbriefbank has provided a €138m loan to CBRE Global Investment Partners to buy a pan-European portfolio of logistics assets.
The five-year facility reflects a loan-to-value of about 40% on the €350m purchase price. CBRE GIP acquired the assets from existing clients of TH Real Estate.
Widening spreads in the European CMBS market are due to an oversupply of product and a lack of buying by the European Central Bank (ECB), an audience in London was told.
The last three CMBS deals have been disappointing for the issuing banks, Bank of America Merrill Lynch with €145.8m Taurus 2015-3 EU DAC, and Goldman Sachs