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Cerberus Capital Management has won NAMA’s €6.25bn Project Arrow portfolio of real estate loans for around €800m. The US investor saw off Apollo Global Management for the portfolio, which NAMA, Ireland’s bad bank, acquired in 2010 and 2011.
Motilal Oswal Real Estate (MORE) has launched its third mezzanine fund targeting INR1000 Crs ($155m) and returns of up to 25%.
The India Realty Excellence Fund (IREF) III will deploy development loans in the India’s major cities and expects to make its first close in two to three months and provide its first two facilities before the end of the year.
The Blackstone Group is seeking $2.3bn in financing for its acquisition of Stuyvesant Town-Peter Cooper Village, sources tell Real Estate Capital.
Despite recent signs of stabilization, underperforming CMBS retail assets in secondary and tertiary markets will face a slow recovery going into 2016 if retailers experience a weak holiday season, according to Fitch Ratings.
The Bank of England has given its backing to the UK property finance industry’s proposal to build a commercial real estate (CRE) loans database. In a speech to the City of London Property Investor’s Banquet last night, Alex Brazier, executive director for financial stability at the Bank of England, said over-gearing in the real estate sector had been a major driver of instability.
Hammerson is funding its share of the purchase of NAMA’s €1.85bn Project Jewel with a new short-term €1bn revolving credit facility from its existing lenders. The facility, which matures in March 2017, reflects a loan-to-value of 81% on Hammerson’s €1.23bn share of the overall purchase price.
Fitch has withdrawn its expected ratings and presale note from the Royal Bank of Scotland’s stalled £170m Antares 2015-1 CMBS deal, which looks increasingly unlikely to return to market. The transaction is the securitisation of a single loan to refinance Kennedy Wilson’s Jupiter portfolio of 17 UK office and retail assets.
A spate of assaults, robberies and other crimes that have raised safety concerns for residents living at the complex, near the neighboring Western Michigan University, contributing to a large appraisal reduction for the 256-unit multifamily property that is used in part for student housing.
pbb Deutsche Pfandbriefbank has provided a €138m loan to CBRE Global Investment Partners to buy a pan-European portfolio of logistics assets.
The five-year facility reflects a loan-to-value of about 40% on the €350m purchase price. CBRE GIP acquired the assets from existing clients of TH Real Estate.
Widening spreads in the European CMBS market are due to an oversupply of product and a lack of buying by the European Central Bank (ECB), an audience in London was told.
The last three CMBS deals have been disappointing for the issuing banks, Bank of America Merrill Lynch with €145.8m Taurus 2015-3 EU DAC, and Goldman Sachs