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Royal Bank of Scotland has delayed its £170m five-year Antares 2015-1 CMBS because of poor market response.
The CMBS is the securitisation of a single loan to refinance Kennedy Wilson’s Jupiter portfolio of 17 UK office and retail assets.
Wells Fargo is providing $59.5m in construction financing for a new mixed-use development set to rise at the site of an old BP gas station in Manhattan’s Harlem neighborhood.
The project at 2040 Frederick Douglass Boulevard calls for a mixed-use project of about 90,000 sq ft, 56 apartments and retail space.
Industrial and Commercial Bank of China has lent $360m in construction financing for the development of 100 East 53rd Street, a luxury condominium project in Manhattan’s Midtown East neighborhood.
The long-stalled project, originally conceived as hotel and condo development, hit the brakes with the recession. RFR Holding, the lead on the development, brought China Vanke and Hines in to push forward with revised plans.
London-based alternative investment manager Omni Partners has reached a first close of $45m on its second secured lending fund which will provide short-term finance for UK real estate projects.
Omni Secured Lending Fund (OSL) II is targeting $250m and it should reach that target by the end of the third quarter, the firm’s founder Steve Clark told Real Estate Capital’s sister publication Private Debt Investor.
Private equity firm Partners Group has added a €34m mezzanine loan to pbb Deutsche Pfandbriefbank’s €91m senior facility to refinance Alpha Real Capital’s German portfolio.
The five-year loan on the Alpha German Property Income Trust refinances an existing facility. The senior component of the new facility is floating and the mezzanine is fixed. The interest rates were undisclosed.
Wells Fargo has provided a £200m loan to fund manager WELPUT to refinance its existing £132m facility.
The new facility comprises a £100m term loan, which has already been drawn down, and a £100m revolving credit facility. Both parts of have a maturity of five years and options for one year extensions at WELPUT’s discretion.
Bondholders have consented to a restructuring of £1.5bn of debt secured by a 35 –strong portfolio of General Healthcare Group's UK private hospitals. This brings to a close nearly two years of negotiations among borrowers, bondholders and lenders to refinance its loans.
The new structure involves group of junior bondholders injecting £175m and taking control of the assets. Senior lenders will be partially repaid; amoritisation is increased and the interest rate on senior and one junior tranche is being increased. A long-dated interest rate swap – whose mark-to-market value is currently around £675m – is being partially crystallised and replaced by new hedging arrangements.
US CMBS 2.0 loans in special servicing will remain low until they approach maturity; but if it’s a sign of things to come, the two largest loans are tied to ailing malls, echoing problems with the previous generation of retail CMBS.
US investment bank Goldman Sachs has won the race to provide Blackstone’s Logicor UK’s portfolio with a £680m five-year refinancing facility at a margin of just over 200bps.
The deal reflects a loan to value of around 70% on Logicor UK’s £970m, 11.7m sq ft portfolio.
TH Real Estate has secured a new £400m facility for its £1.1bn UK Retail Warehouse Fund. Wells Fargo led the facility which also includes Aareal Bank and Helaba. The new loan replaces the current financing due to mature at the end of 2015. The seven-year facility consists of a £250m term loan and a £150m revolving […]