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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 […]
Lloyds and Barclays have provided a £147m three-year development facility to Ronson Capital Partners for its Chiltern Street residential development in London. Each bank supplied half the loan.
Lloyds has also made a £89m three-year development loan to London Square and ARES Management LLC’s joint residential restorations of the Star and Garter building in Richmond and Ancaster House in Mayfair.
During its first full year as a CMBS originator, investment and advisory firm Greystone completed $700m of loans in 2014.
This year, the firm plans to surpass the $1bn mark, head of Greystone's CMBS production group, Robert Russell, told Real Estate Capital.
A number of Washington, D.C.-area CMBS loans are slipping into special servicing, reflecting a slowing D.C. office market marked by increasing office vacancies.
Most recently, a $46.4m loan tied to the adjacent Willowwood I and II office buildings at Eaton Place in Fairfax, Virginia was sent off to the special servicer this week after a string of missed payments.
Hammerson has signed a £415m unsecured revolving credit facility at an initial margin of 80bps with a syndicate of nine banks.
It refinances the existing £505m facility which carried an initial margin of 150bps and would have matured in April 2016.
General Electric may be selling off its financial businesses, but its commercial real estate lending platform isn't slowing up yet.
Despite uncertainty regarding the fate of its employees, GE Capital Real Estate provided at least $375m in commercial real estate loans this week.