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.
Real estate lending, investment and advisory firm Greystone has provided $86m in CMBS loans on properties in Atlanta, GA and Avon, CO.
The Bank of England should not raise interest rates just yet and should maintain its quantitative easing (QE) programme to encourage bank lending, an audience at Real Estate Capital’s Europe Forum 2015 heard this morning.
In his keynote address to more than 130 real estate finance professionals, Dr Gerard Lyons, chief economic advisor to London City Hall, said the risks to the UK economy of raising interest rates outweighed maintaining the status quo.
PEI Media Group, owner of Real Estate Capital, has secured financial backing from UK mid-market private equity provider LDC for a management-led buyout of the alternative assets information business.
LDC, which is part of Lloyds Banking Group and exclusively invests off the bank’s balance sheet, has made a significant equity investment for a minority stake in the business. PEI’s management team, led by chief executive Tim McLoughlin, also invested in the transaction. Co-founders David Hawkins and Richard O’Donohoe are becoming non-executive directors and will continue to hold a minority interest.
Time Equities Inc. (TEI) and Hamlin Ventures have secured a $56.75m loan for their latest development project at 34 Prince Street in Downtown Manhattan’s Nolita neighborhood.