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After a historical year for multifamily loan originations, GSE lenders should expect to do more or better this year, despite a slowdown in multifamily prices. That was the message CRE finance insiders heard at the GSE Multifamily Forum session, led by both borrowers and lenders, yesterday at the CRE Finance Council annual conference in Manhattan.
The floating rate, LIBOR-based financing, which includes a senior mortgage and mezzanine loan, will allow developer DLC Residential to convert the 13-story tower in the Chicago Loop neighborhood -- at 29 South LaSalle -- into 216 apartments and add an additional floor for tenant amenities.
KeyBank Real Estate Capital has provided $324 million in financing to the Chicago-based real estate company Enlivant on a portfolio of 76 senior care facilities in the US.
Pbb Deutsche Pfandbriefbank and HSBC have jointly provided a €117 million development loan to Valad Europe’s Valad Polish Retail Fund to finance development and refinance existing debt relating to the Janki shopping centre in Warsaw.
This year could mark the first year since the advent of commercial mortgage-backed securities that insurance company lenders take the upper hand in originations volume, delegates heard at the annual CREFC conference in Manhattan this week.
London residential specialist Mount Anvil has sourced £70 million of debt for its next development scheme in the capital with Royal Bank of Scotland.
RBS is providing the loan for Hampstead Manor, the former King’s College London student residence at Kidderpore Avenue in Hampstead which Mount Anvil bought last year.
ING Real Estate Finance, Credit Agricole CIB (CACIB) and UBI Banca have provided €100 million to refinance a designer outlet mall in Rome which they had originally financed in 2010.
A panelist at the CREFC conference in Manhattan this week noted that he had recently visited a retail store to get a feel for a certain cooking pan, only to order it on Amazon.com on his way out the door.
The Investment Property Forum has commissioned a trio of UK researchers to investigate how the sources of debt for real estate have changed since the onset of the global financial crisis in the UK and overseas.
The two banks, which previously financed the 14-storey Defense Plaza in 2011, undertook the latest refinancing on behalf of the building’s owners, Northwood Investors and Beacon Capital Partners.