Spanish property company Colonial is planning to refinance €1.04bn of bank debt with a bond issue.
Once the country's second-biggest property company, Colonial ran into severe trouble when Spain's property market crashed in 2008. A restructuring last year finally righted balance sheet with a new €1.04bn syndicated loan and a €1.26bn share issue. The bond issue, which Standard & Poor's has given a preliminary rating of BBB, will repay the syndicated loan. which carries a spread of 400 basis points over Euribor and matured in December 2018.
Investors Bank has provided $65m in financing to New Jersey-based real estate owner and developer The PRC Group for the acquisition of a three-property, 974-unit multi-housing portfolio in New Jersey and Delaware.
PRC Multifamily Portfolio - Brighton emailThe fixed-rate financing covers the Brighton Arms and Tree Haven apartment communities in New Jersey and the Valley Run apartments in Delaware.
After mulling a new commercial real estate debt business for several months, a group of former Starwood executives have put a name on their new venture: Acore Capital.
Boyd Fellows and Warren de Haan began drawing up plans to launch a new lending platform earlier this year, as first reported in Real Estate Capital.
Citizens Bank is providing $36.4m of three-year, floating-rate financing to Kairos Real Estate Partners and Artemis Real Estate Partners for the recapitalization of Fort Washington Executive Center in Philadelphia, Pennsylvania.
The deal includes a $22.1m bridge loan and $14.3m of future funding for the three-building, 400,000 sq ft, Class A office complex.
Julia Marciano has joined Allianz Real Estate as head of loan asset management of European debt, based in the Paris office.
Steven Doherty has joined CBRE Capital Markets as senior vice president to head the firm’s expanded Debt & Structured Finance practice in the greater Philadelphia region.
MetLife, through MetLife Real Estate Investors, originated approximately $12.1bn globally in commercial real estate loans in 2014, topping 2013’s $11.5bn and setting a company record. Of the $12.1bn total, $8.6bn were US loans, the firm told Real Estate Capital. As it expanded its international efforts, MetLife also originated more than $2.1bn in the United Kingdom; […]
Investors are planning to pump €42.5bn into real estate globally this year, a 22% increase on 2104 according to INREV’s annual survey of their intentions. INREV’s survey canvassed 337 investors, fund managers and fund of fund managers who have an aggregate €1.6tr of real estate assets under management. Nearly 46% are planning to increase their […]
IVG has opted for a refinancing of its The Squaire project in Frankfurt following an unsuccessful sales process that saw bidders fail to hit the company’s €700m reserve price.
Bank of America Merrill Lynch has provided a €470m, five-year loan, which at IVG’s valuation would be a 67% loan-to-value.
Mike Dunn, St Modwen Properties’ group finance director, is to leave the company. Dunn is to leave the listed UK regeneration specialist in order to spend more time with his family. He is to remain with the company until 31 May or earlier if mutually agreed to ensure an orderly transition and at that point […]