Epic Real Estate Partners is in the process of raising what could be $300 million for its second investment vehicle. The Austin, Texas, company was founded five years ago by three retail-property veterans, and pursues value-add grocery-anchored retail and power centers. It so far has raised $50 million for its latest fund.
Morgan Properties, which recently completed the $247 million purchase of a portfolio of 1,979 apartment units in the Baltimore suburb of Windsor Mill, Md., has plans to make up to $1 billion of investments in similar class-B properties. Its focus is on the Northeast and Mid-Atlantic regions.
A group led by Richard C. Davis, who created a pair of television shows focused on buying, fixing and flipping homes, has paid $17.2 million for the Citadel Mall in Charleston, S.C. The sale resulted in a loss of $62.7 million to the CMBS trust that held a like-sized loan against the property.
Morgan Stanley has agreed to pay $62.5 million to resolve a suit that alleged it had breached the representations and warranties it had provided when it sold a loan against an Ohio retail center to a CMBS trust. The loan was securitized through Morgan Stanley Capital I Inc., 2007-IQ14.
David Bistricer has taken his Clipper Realty Inc. investment operation public, and is earmarking some of the proceeds to fund the $87.5 million, or $543,480/unit, purchase of 107 Columbia Heights, a 161-unit apartment property in Brooklyn, N.Y.,'s exclusive Columbia Heights neighborhood.
JPMorgan Chase Bank has provided $91 million of financing against the Galleria Corporate Centre, facilitating a recapitalization of the 537,110-square-foot office property in Scottsdale, Ariz., that started life as a shopping mall. As part of the recap, Jasper Ridge Partners bought out Oaktree Capital Management. Stockdale Capital Partners retained its stake.
Massachusetts Mutual Life Insurance Co. is making its first CMBS B-piece investment. It moved into the business last year by hiring Doug Cooper, who previously built out Allied Capital Ltd.'s B-piece business. The insurer has circled the most subordinate classes of JPMDB Commercial Mortgage Securities Trust, 2017-C5, and is shooting for a 13.9 percent return.
The Chicago investment manager has raised $380.1 million of a targeted $1.25 billion for its latest fund, which like its predecessors will pursue office, industrial and retail properties that are net leased to their tenants.
Bank of America has provided $100.5 million of financing against Chase Tower, a 389,503-square-foot office property in downtown Austin, Texas, facilitating its purchase by a venture of Lincoln Property Group and Goldman Sachs. The deal resulted in the early pay-off of a $78.9 million CMBS loan. Investors in the CMBS deal got a $10.1 million yield maintenance penalty.
Barclays Bank has provided a $140 million mortgage against 123 William St., a 545,000-square-foot office property in lower Manhattan. The interest-only loan has a 10-year term and pays a coupon of 4.67 percent.
Challenging Retail Environment Weights on REITs Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
US REITs Feeling Effects from Turmoil in Greece and China International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...
What Does Increased Construction Mean for Apartment REITs? REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds