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Top Stories

  • Court Rejects Claim That Lien Triggered Loan's Recourse

    A U.S. District Court judge has rejected an attempt by Carmel Partners to collect the $67 million difference between what it paid for a loan against the former Rincon Towers apartments in San Francisco and its balance. It had argued that $3.6 million of mechanic's liens that had been lodged against the property had triggered the loan's recourse provisions.

    Written on Tuesday, 22 April 2014 Read more...
  • KBS Pays Down CMBS Loan by $52Mln; Settles Lawsuit

    KBS REIT has paid down by $52 million a CMBS loan that it had assumed in 2011 when it took over a portfolio of 138 properties with 3.9 million square feet from Gramercy Capital Corp. It's also reached a settlement of a lawsuit it had filed against the CMBS deal's trustee and special servicer over a lockbox trigger.

    Written on Monday, 21 April 2014 Log In or Subscribe to read more...
  • Valley National, Pru Lend $210Mln Against N.J. Apartments

    BNE Real Estate Group has lined up $210 million of financing against a portfolio of nine apartment properties with 2,600 units in central and northern New Jersey. BlueGate Partners of New York arranged the financing, $165 million from Valley National Bancorp and $45 million from Prudential Mortgage Capital Co.

    Written on Thursday, 17 April 2014 Log In or Subscribe to read more...
  • Blackstone Lends $275Mln Against Manhattan Apartment Building

    Blackstone Group provided $275 million of financing against the 120-unit Wellington apartment building in Manhattan's Upper East Side. The property, at 200 East 62nd St., was purchased by O'Connor Capital Partners for $240 million, or $2 million/unit. It plans to convert the property into for-sale condominium units.

    Written on Wednesday, 16 April 2014 Log In or Subscribe to read more...
  • CBL Looks to Shed 21 Properties Valued at $1Bln-Plus

    CBL & Associates Properties Inc. plans to dispose of 21 malls with a combined value of up to $1.25 billion. The Chattanooga, Tenn., REIT also wants to restructure the debt on another five malls on which it owes a combined $950 million. It is in or plans to enter negotiations with lenders on restructurings that could result in surrendering some of the properties in lieu of foreclosures.

    Written on Tuesday, 15 April 2014 Log In or Subscribe to read more...
  • Pru Writes $105.2Mln Fannie Loan Against California Apartments

    Prudential Mortgage Capital has provided a $105.2 million Fannie Mae loan against the Trailside at Los Olivos, a 524-unit apartment property in Irvine, Calif. The five-year mortgage pays a 2.93 percent coupon and was used by the property's owner, Irvine Co., to retire construction financing.

    Written on Tuesday, 15 April 2014 Read more...
  • Wells Fargo Lends $83Mln for Construction of Manhattan Boutique Hotel

    Wells Fargo Bank has provided a total of $83 million of financing, giving Firmdale Hotels the wherewithal to develop a tony boutique hotel on West 56th Street in Manhattan. It lent $43 million against the 86-room Crosby Hotel in SoHo, and $40 million to fund the construction of what's expected to be a 16-story hotel at 18 West 56th St.

    Written on Monday, 14 April 2014 Log In or Subscribe to read more...
  • Boston Firm Marketing First Investment Fund Since 2009

    Marcus Partners is in the market seeking equity commitments for its first investment fund since 2009. The Boston investment manager is seeking up to $250 million for the new vehicle, Marcus Capital Partners Fund II, which has raised $43.75 million. It pursues office, research and development and industrial properties in major markets east of the Mississippi River.

    Written on Monday, 14 April 2014 Log In or Subscribe to read more...
  • Atlanta Office Building Hits Sales Block

    JPMorgan Asset Management is offering for sale 171 17th St. NW, a 509,237-square-foot office building in midtown Atlanta that's expected to sell for roughly $180 million, or about $355/sf. It has tapped Eastdil Secured to offer the 22-story building, which it owns on behalf of the Strategic Property Fund.

    Written on Friday, 11 April 2014 Read more...
  • Southlake Mall in Georgia Sold for $37.1Mln; CMBS Deal Seen Getting Hit Hard

    The Southlake Mall in Morrow, Ga., sold for $37.1 million, significantly less than the $94.1 million of debt that had encumbered 273,997 square feet of the 1.1 million-sf retail property. Vintage Real Estate of Los Angeles bought the suburban Atlanta mall from Bear Stearns Commercial Mortgage Securities, 2007-PWR18, which held a $66.1 million piece of the debt.

     

    Written on Friday, 11 April 2014 Log In or Subscribe to read more...

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