The Royal Bank of Scotland has provided a £62.2m loan to JP Morgan Asset Management for its purchase Brookfield Shopping Park in Hertfordshire.
The facility, which reflects a loan-to-value of 65% on the £95m purchase price, will also be used to refurbish the retail centre in Cheshunt.
AXA Equitable Life Insurance has provided an $80m refinancing facility to the heirs of Cornelius Vanderbilt III following the restoration of 501 Madison Avenue in New York.
The loan is the last phase of a three-part package of interim, construction and investment loans totalling more than $160m for the 30-story office and retail tower.
A judge was wrong to hold that the CMBS issuer in the Titan v Colliers case was the correct claimant and also had no basis for finding an asset overvalued, the Court of Appeal in London has heard.
Colliers is appealing against a High Court ruling last year that it overvalued an asset in Germany by €32m in the Titan Europe 2006-3 CMBS deal.
Peer-to-Peer lender Wellesley & Co has appointed Andrew Moffat as head of property finance.
Moffat joins from Pramerica Real Estate Investors where he was head of residential finance for the UK.
Goldman Sachs Mortgage Company has provided a $650m, 10-year loan to the State Teachers Retirement System (STRS) of Ohio to refinance the former IBM building, 590 Madison Avenue.
The fixed-rate facility retires a portion of Goldman Sach’s original $350m facility made in 2007.
Blackstone Real Estate Debt Strategies (BREDS) and Bank of the Ozarks have provided an $88m short-term construction loan to developer Schnitzer West for its Urban Union office scheme in Seattle, Washington.
The loan, which has a term of no more than three years, will finance the construction of a 291,000 sq ft, 12-storey tower at 501 Fairview Avenue North. It is due to complete in March next year.
European banking rules that ignore commercial real estate (CRE) debt will affect businesses’ ability to borrow money, according to CREFC Europe.
In a response to the European Commission’s (EC) consultation on how current capital requirement regulations affect the flow of credit, CREFC said a functioning CRE debt market is vital to both small and medium (SME) sized businesses and infrastructure development.
MaxCap Group (MaxCap), the Australian commercial real estate (CRE) debt investment manager, has appointed Brett Corfield to the newly created role of chief risk officer.
Corfield, who will be based in the firm’s Melbourne head office, has 25 years of experience in financial services and real estate in Australia, Asia and the US.
HSBC and Santander have provided a £150m, five-year facility to developer Grainger to refinance a portfolio of its residential developments.
The loan replaces an existing £120m facility from the two banks which was due to mature next year. The margin on the new facility is 170bps, down from 255bps on the previous loan.
ING Bank Real Estate Finance has provided a €75m facility to developer CTP to refinance its Central European business park portfolio.
The six-year loan will be allocated across the assets in CTP’s 2.8 million sq m portfolio located across the Czech Republic.