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Citi and Morgan Stanley have syndicated £1 billion of the jumbo loan they made to Lone Star for the £2.3 billion acquisition of the Project Churchill loan portfolio, Real Estate Capital has learned.
Bank of America Merrill Lynch and Citi have closed the syndication of a €325 million Deutsche Interhotels loan in an oversubscribed deal, Real Estate Capital can reveal. The syndication is one of a string that big banks are working on closing before the year end. Financial market volatility over the summer has not put off the deepening pool of banks, institutions and debt funds that want to buy CRE loans, they say.
Retail specialist Atrium European Real Estate has signed a €125m five-year unsecured revolving credit facility with a club of three banks. ING Bank, Citibank and HSBC have provided the facility, which comprises of €100m of new credit and the extension of an existing €25m of facility.
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.
Citi and Morgan Stanley are financing Lone Star's £2.2bn purchase of Aviva's Project Churchill, which comprises a portfolio of loans and real estate assets valued at around £2.4bn. The two banks are reported to be in the deal for an equal share of up to £1.5bn of financing to Lone Star, who saw off Apollo Global Management and Cerberus Capital Management to win the portfolio. Both banks are expected to syndicate their loans.
Citigroup Global Markets has led a consortium of financial institutions in the $558.6m purchase of Series 2015 Bonds issued by the Dormitory Authority of The State of New York (DASNY) for renovations and upgrades to Manhattan’s Icahn School of Medicine at Mount Sinai.
Greystar has selected a frontrunner to fund its £700m of ongoing student accommodation purchases in central London, Real Estate Capital can reveal.
MediaCityUK, home to the BBC and ITV in Salford, Manchester, has been refinanced with a new £277m loan, Real Estate Capital can reveal.
Citi has financed the purchase of a £1bn non-performing loan portfolio for Cerberus Capital Management, Real Estate Capital can reveal.
Ken Jones to focus on Freddie Mac small balance loan business

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