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pbb Deutsche Pfandbriefbank has provided a €150m, three-year acquisition and development loan to die developer Projektentwicklung to build a 60m office tower in Düsseldorf, Germany. The loan will finance the purchase of the site in the business area of Kennedydamm and the construction of the 16-storey office building scheduled for completion at the end of 2017.

CBRE Capital Markets’ Debt & Structured Finance team has arranged a $150m Fannie Mae loan to refinance The Markham Apartments, an 80-building, 504-unit residential community in downtown Cupertino, California, Real Estate Capital has learned.

Cornerstone Real Estate Advisers Europe has appointed Rachel Arden-Davis as its finance and operations director for pan-European funds. Arden-Davis joins from AXA Real Estate, where she has spent 10 years rising to become senior fund controller. Prior to that, the chartered accountant spent eight years with PricewaterhouseCoopers, both in Frankfurt and London, where she managed transactions for private equity and corporate clients.

Todd Schuster, 54, has resigned as president and CEO of Chicago-based ARES Commercial Real Estate Corporation (ACRE).

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.

An affiliate of TPF Equity REIT Operating Partnership has assumed $186.55m in securitized debt with its reported purchase of a majority stake in the US Bancorp Tower in Portland, Oregon, oft referred to as Big Pink.

LaSalle Investment Management has provided around £100m to Brockton Capital for its £137m acquisition of Great Minster North in Victoria, London. The whole loan reflects a loan-to-value of just over 70%. LaSalle is planning to syndicate the facility.

About $200m worth of multifamily, small balance loans (SBL) originated by Greystone are slated to be bundled together and securitized as Freddie Mac SB Certificates in October, Real Estate Capital has learned.

European Commission (EC) plans to unify Europe’s capital markets have been criticised for potentially harming the commercial real estate (CRE) securitisation market. The EC will publish its Capital Markets Union (CMU) plan in the autumn which will outline its proposals to bind Europe's capital markets closer together.

In one of its top deals since purchasing a billion-dollar Deutsche Bank loan portfolio earlier this year, TPG Real Estate has provided $112.8m in acquisition financing for a residential development project in Midtown Manhattan, Real Estate Capital has learned.