Apollo Global Management’s mid-cap lending business has bought a $3.6bn portfolio of corporate and real estate loans from Mubadala GE Capital (MGEC).
MidCap Financial, which provides debt to businesses across all industries and currently manages around $3.3bn, said it expected the deal to close in Q4 2015.
Vornado Realty Trust has upsized the existing loan on its 220 Central Park South development to $950m after terminating plans for a separate mezzanine loan.
The European Commission (EC) has launched its Capital Markets Union Action Plan, which could have far-reaching consequences for real estate finance and securitisation.
The five-year programme outlines the EC’s plans to build a single market for capital across all 28 EU member states and will see a raft of news rules introduced affecting sectors such as securitisation, infrastructure investment, and covered bonds.
Wells Fargo has provided a $98.1m loan to Friedland Properties for a residential development project on the Upper West Side of Manhattan at 2234 Broadway, Real Estate Capital has learned based on city property records.
Bank of Ozarks has led the financing of a $125m mixed-use development project in Houston, Texas.
German banks Berlin Hyp and pbb Deutsch Pfandbriefbank have provided €173m in total for the acquisition and development of logistics and retail assets in France.
pbb has supplied an €87m, five-year facitlity to a joint venture between McArthurGlen Designer Outlet and retail developer Simon Property Group.
Banks’ phase of deleveraging non-core legacy debt is at "the end of the beginning", not at "the beginning of the end", agreed panellists at Real Estate Capital’s Europe forum 2015.
Based on an estimated £40 trillion of assets European banks have to de-lever, Ahmed Hamdani, managing director at HIG International Advisors, believed the sale of distressed debt still has a lot further to go.
Hammerson and Allianz Real Estate have jointly bought NAMA’s Project Jewel loans portfolio for €1.85bn.
The UK REIT and the German investor, part of insurance giant Allianz, have formed a 50:50 joint venture to buy the portfolio valued at around €2.6bn.
There is no single cause for the widening in CMBS spreads that saw the last three European deals sell below par, delegates at Real Estate Capital’s Europe Forum 2015 heard today.
Three CMBS deals, from Goldman Sachs and Bank of America Merrill Lynch, priced below par and are assumed to have made losses for the respective issuing banks.
Santander Bank, N.A. has provided a $54m construction loan to Vision Real Estate Partners and Rubenstein Partners for the development of MetLife’s new office campus in Morris County, New Jersey.