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HIG Capital has bought a portfolio of around €50m of non-performing loans from Italian bank Group Cassa di Risparmio di Cesena.
The private equity investor has bought at a discount in the region of 45%. The 52 loans are secured by a mixture of residential and commercial real estate, predominantly in the regions of Emilia-Romagna and Marche in northern Italy
Deutsche Pfandbriefbank has funded the purchase of a shopping centre in Berlin for Tristan Capital with a €50m loan.
Karlin Real Estate has provided $96m in first mortgage debt to refinance three resort properties in Arizona and Colorado.
The firm provided a three-year (with two one-year extension options) $50m senior loan to IMH Financial Corporation to refinance the L’Auberge de Sedona and the adjacent Orchards Inn in Sedona, Arizona; and a five-year, $46m senior loan to Grand Heritage Hotel Group on The Stanley Hotel in Estes Park, Colorado.
The five-year deal reflects a loan-to-value is thought to reflect a loan-to-value of slightly above 50%. The facility includes €10m for future capital expenditures and upgrades.
Omni Capital has provided a £30m debt facility to a healthcare developer owned by Lawrence Tomlinson, the government’s former entrepreneur in residence and fierce critic of Royal Bank of Scotland.
The debt business, owned by Christian Candy’s CPC Group, has issued a four-and-a-half year loan to LNT Care Developments, a specialist developer of care homes chaired and owned by Tomlinson. The loan will be used to expand the company’s development pipeline within the UK.
Real estate is winning out over other asset classes despite the steady increase in pricing over the past two years due to its relatively higher yields, delegates at the Urban Land Institute’s annual conference in Paris heard today.
Speaking as part of a panel dubbed “Follow the money? – Global Real Estate Capital” Jack Chandler, chairman of Blackrock Realty Advisors, said that investors saw the asset class as more palatable than bonds or gilts, some of which were providing a negative return subject to inflation.
Commerzbank has increased the size of a German non-performing real estate loan portfolio it is bringing to market in the latest disposal from its former Eurohypo business.
The bank is set to release the data tape containing loan and asset level data relating to the NPL portfolio to prospective bidders at the end of this week. It is expected to reveal a portfolio with an unpaid balance of between €900m and €1.1bn according to a source close to the bank.
Mesa West Capital has provided Sterling Bay with $220m to refinance 1KFulton, a 10-story, 535,000 sq ft trophy office building in Chicago, Illinois that will serve as Google’s new regional headquarters.
The financing included $35m of mezzanine debt that was placed with Morgan Stanley Real Estate Investing at closing.
On the heels of an SEC agreement that delivered a hefty slap on the wrist and partial CMBS ban to ratings agency S&P, a new report from a rival firm suggests that a so-called slippage of underwriting among “other rating agencies” is widespread and could lead to a new credit crisis.
“Those who cannot remember the past are condemned to repeat it,” the US CMBS Q4 Review from Moody’s Investor Service begins, quoting philosopher George Santayana.
DRC Capital has clinched a €500m mandate to invest in European real estate senior debt, Real Estate Capital can reveal.