Och-Ziff Capital Management’s head of European real estate is leaving the New York-based hedge fund by mutual consent. The departure of David Gillerman does not signal any pullback from investing in European real estate according to Real Estate Capital‘s sister title, PERE. Rather the firm has embarked on a hiring program intended to bring aboard four to […]
Bank of America Merrill Lynch sold its £211.5m Taurus CMBS UK 2014-1 yesterday to 15 investors, with the class A notes tightening to 140 basis points over three month Libor. Europe’s second new CMBS this year to price and close was oversubscribed twice overall. Initial guidance had been 150 bps for the class As (up to […]
A division of Massachusetts Mutual Life Insurance Company has provided a $390m mortgage loan to JDS Development Group for a massive two-tower luxury residential development set to rise on Manhattan’s East River waterfront. Progress at the 626 First Avenue site, nestled between 35th and 36th Streets, follows nearly a decade of planning and a year-long search for […]
Forest City Enterprises has closed on a three-year, $350m bridge loan through Morgan Stanley Bank to refinance the Ridge Hill retail center in Yonkers, New York, roughly two miles north of Manhattan. The loan refinances an original 2007 construction loan on the 1.3-million-square-foot mixed-use complex, and the firm hopes it will help give new steam to what it has deemed to […]
Goldman Sachs has today launched the third new European CMBS deal this year. The €198.2m MODA 2014 transaction is the third European CMBS and the second Italian deal this year. It follows DECO-2014 Gondola, Deutsche Bank’s first post-crisis Italian deal which was sold last week, and Bank of America Merrill Lynch’s Taurus UK 2014-1 where the loan is […]
Vision Properties has closed a circa $76m, 10-year loan with GE Capital Real Estate to finance its $108.7m acquisition of the Metropolitan Center at One Meadowlands Plaza in East Rutherford, New Jersey. The firm purchased the 15-storey LEED Gold office tower, with an unnamed capital partner, from a real state investment trust run by KBS […]
The Pennsylvania Public School Employees’ Retirement System has committed $150m for the launch of Värde Partners’ first fund dedicated to small, sub-performing US property loans. The Värde fund will invest in so-called “scratch and dent” loans – where borrowers have averted default by resuming payments – targeting discounted secondary market purchases of existing loans backed by office, industrial and retail properties typically […]
Developer Larry Silverstein is on the lookout for roughly $1.2bn in financing to complete 3 World Trade Center now that an agreement brings new life to the stalled tower. After months of negotiations, Silverstein and The Port Authority of New York and New Jersey reached an agreement this week that immediately frees up $159m in […]
The federal government’s cutoff of funding to Corinthian College could force the sale and closure of more than 100 US schools, putting about $219m worth of CMBS loans at risk. The embattled Santa Ana, California-based for-profit college operator, which operates 107 campuses, signaled that it might shut down after the US Department of Education imposed a 21-day […]
Apollo Commercial Real Estate Finance (ARI), the listed US debt investor, has completed $143.6m in new investments. The REIT, which is managed by Apollo Global Management, has made a $50.2m CMBS acquisition and two loans totaling $93.4m – one of which was secured by a Times Square hotel in New York City. Ari acquired a $28.3m […]