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Four Corners Property Trust has entered into a $750 million credit agreement consisting of a five-year term loan facility of $400 million and a four-year revolving credit facility of $350 million with a consortium of banks in connection with its spin-off from Darden Restaurants, Inc.
Allianz has provided a $156 million loan to PNC Realty Investors for the acquisition of 333 West Wacker Drive in Chicago’s West Loop neighborhood.
US debt fund manager Quadrant Real Estate Advisors has teamed up with Ireland’s new state-owned investment company to make development loans in Ireland.
The Irish state-backed Ireland Strategic Investment Fund (ISIF), which is controlled and managed by NTMA (the National Treasury Management Agency), will invest up to €50m, matching €50m from Quadrant.
A bank syndicate led by Fifth Third Bank has provided Mack-Cali Realty Corporation subsidiary Roseland with a $94 million construction loan that will allow the developers to move forward with the development of two Marriott hotels at the site of a $3 billion New Jersey waterfront complex.
Eastdil Secured, the New York real estate investment banking arm of Wells Fargo Securities, has created a strategic alliance with Finae Advisors, a Paris-based real estate firm focused on debt advisory.
Describing Paris as “one of the top real estate markets in the world,” Roy March, CEO of Eastdil Secured, said he believed the alliance would “broaden our reach and capabilities within France and be of great benefit to the clients of both firms”.
Kennedy Wilson Europe’s former chief financial officer, Apwinder Foster, is moving to debt fund manager DRC Capital.
Foster, who had been courted by a number of firms, will join DRC later this month in the new role of chief operating officer.
Speaking at the REC New York Forum, two leading private debt professionals highlighted how regulation has heavily constrained the banks and allowed firms such as theirs to move in and fill the financing gap – as well as lure away key professionals.
“Everybody is desperate for yield," Richard Flohr, managing director with Prudential Mortgage Capital Company, noted on more than one occasion at yesterday's Real Estate Capital Forum 2015 in New York City.
M7 Real Estate is financing its latest acquisitions,1.4m sq ft of Dutch industrial, office and retail assets, with debt priced at a 350bps margin from Deutsche Bank.
The pan-European investor and asset manager, led by Richard Croft, bought the assets from three vendors for a combined price of over €82m. They were acquired for M7’s latest, and second, continental European real estate fund.
Keynote speaker Peter Sotoloff, co-founder of Mack Real Estate Credit Strategies, and other panelists examine where we are in the commercial real estate cycle -- and when it will come to an end