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After 30 years writing about real estate finance, I’ve been doing a rather indulgent thing: looking back over that period of real estate history. “Inflation is low, money is cheap and banks are lending freely on commercial property. Lenders and borrowers are on a roll,” I wrote– spookily, exactly 16 years ago, at the end of June, 1999. […]
European Banking Authority (EBA) guidelines have come under fire from the property industry, fearful they could limit how much banks could lend to real estate funds.
In a joint statement issued by a number of European property associations, including The British Property Federation (BPF) and the Commercial Real Estate Finance Council (CREFC) Europe, they said the draft guidelines would classify alternative investment funds, including real estate funds, as shadow banks and subject them to lending limits.
Lloyds Bank Commercial Banking’s Madeleine McDougall will become CREFC Europe's next chairman.
McDougall will begin her one-year term on 9 November 2015, the first day of CREFC Europe’s Autumn Conference.
MetLife has provided Kemper Development Company with $110m to refinance the Westin Bellevue hotel in downtown Bellevue, Washington.
The success of Fundrise -- and debt crowdfunding in general -- relies not on iconic buildings, but rather in areas that have been largely “ignored” by mainstream lenders, said company co-founder and president Daniel Miller this week at the National Association of Real Estate Editors (NAREE) annual conference, held at the InterContinental Miami.
US investor NorthStar Realty is raising a $300m warchest for its European subsidiary which it plans to float later this year.
NorthStar Realty Europe, has launched the $300m private offering of senior stock-settlable notes, a kind of convertible bond.
Kennedy Wilson Europe has launched a £300m senior unsecured bond in its first ever issue.
The seven-year bond, rated BBB by Standard & Poor’s, has an annual fixed coupon 3.95%. The coupon is expected to reduce to around 3.45% upon KWE entering into swap arrangements to convert a portion of the proceeds into euros.
Wells Fargo has provided a £120m five-year investment loan to King’s Cross Central Limited Partnership on the developer's One and Two Pancras Square office buildings.
The facility converts a £72m, five-year development loan originally made in 2012 by Eurohypo, before it was taken over by Wells Fargo. The first loan was a rare example at the time of speculative development finance, with an initial margin of 450bps and around 50% loan-to-cost.
Velocity Commercial Capital (VCC) has issued a $312m hybrid securitization backed by two separate groups of loans: one residential and another commercial.
HFF has arranged three loans totaling $200m in the US states of Colorado and Texas.