Aviva Commercial Finance has provided its first social housing loan – a 25-year, £67m facility loan for Sapphire Extra Care. The debt will be used to construct and maintain 390 social housing units targeted at the over 55s in Stoke on Trent in the UK. The Sapphire consortium, comprising the Eric Wright Group, Kajima Partnerships […]
JPMorgan Chase Bank has provided a five-year, $190m loan on CV Properties’ new One Channel Center office building in South Boston.
The bank placed an additional $50m mezzanine loan through global investment management company BlackRock.
One Channel Center (Credit: David Ryan, The Boston Globe).
One Channel Center (Credit: David Ryan, The Boston Globe).
The debt replaces $170m of construction financing that the lenders provided two years ago and allows for a recapture of equity.
The 500,000-square-foot, 12-storey office building and an adjoining 970-car garage is fully-leased to financial services giant State Street, which opened the new building last month. Completed last year, it can house more than 3,500 employees.
One Channel Center is part of the broader Channel Center project, a 2m-square-foot mixed-use development with office, residential and retail, and plans for at least two open space parks.
CV Properties bought an undeveloped portion of Channel Center from Beacon Capital Partners LLC in 2007 for a reported $21.5 million, overseeing the development and redevelopment of about 1m square feet with the backing of capital partner AREA Property Partners, which was later acquired by Ares Management.
CV Properties and JP Morgan Chase Bank declined to comment.
Ireland’s NAMA yesterday announced it will fast track its asset and loan sales programme in response to the Irish government’s desire to speed up repayment of the bad bank’s remaining €15bn of senior debt. By the end of last month, NAMA had redeemed €13bn of the senior bonds used to finance its purchase of the […]
Helaba has financed the first phase of Tristan Capital Partners’ Embankment Greengate office development in Salford, Greater Manchester.
Goldman Sachs’ €198.2m Italian MODA 2014 CMBS closed yesterday at pricing wider than Deutsche Bank’s larger and lower- leveraged €354.9m Italian CMBS...
M&G Investments has provided £238m of whole loan refinancing for Midlands and North of England investor and developer Northern Trust. The five-year facility is secured against Northern Trust’s £360m-plus portfolio of industrial, trade and office parks, comprising over 3,600 individual units, and its circa 1,700 acre land bank. Most of the assets are let to small […]
Houston, Texas-based Crimson Advisors has secured a $105.6m loan from Landesbank Hessen Thuringen (Helaba) for the construction of a residential development at 546 West 44th Street in Manhattan’s Hell’s Kitchen neighborhood. A joint venture of Crimson Real Estate Fund, DHA Capital and USAA Real Estate Company purchased the block-through site and former parking garage — between 10th and 11th […]
Debt platform Aeriance Investments has issued £80m of new loans so far this year, all for residential property. The loans were funded through the Luxembourg company’s €500m Opportunistic Real Estate Loan Fund 2, which provides senior and junior short term and development finance loans mainly in London and the south east of the UK, targeting […]
New York-based luxury developer Blackhouse is shopping for a $300m construction loan on the Shanghai Club Tower, a planned 60-storey hotel and luxury condominium in the burgeoning Hudson Yards district on Manhattan’s west side. Sean Ludwick, managing partner of the firm, said the loan would allow Blackhouse to refinance a $60.8m loan from UBS Real […]
Sareb has asked eight bidders to make binding offers for contracts to manage €50bn of distressed loans and assets. In the first stage of an outsourcing process, Sareb’s board received 46 non-binding offers to manage different combinations of 10 portfolios that comprise its book of assets. KPMG is advising Spain’s bad bank and expects to […]