American Landmark Properties Ltd. has paid $125.2 million, or about $207/sf, for the 603,680-square-foot Meadows office property in Rutherford, N.J. It has lined up $104 million of financing for the purchase. Ladder Capital Finance provided a $92 million senior portion of the financing and is securitizing it in an upcoming CMBS deal.
Merchants Hospitality Inc., a New York property investor that specializes in the hotel and restaurant sectors, is looking to become an active player in the broader commercial real estate market. The 25-year-old company has partnered with Adam Hochfelder and raised capital that it would use to pursue sizable investments, primarily in Manhattan and likely with a retail component.
Tremont Realty Capital has originated $102.5 million of bridge financing to facilitate the acquisition of 260 West 78th St., a two-building property on Manhattan's Upper West Side that houses the Collegiate School. It funded a $37.5 million subordinate piece of the financing and sold off a $65 million A-note to a bank.
Deutsche Bank has provided $300 million of financing against the Courtyard-Residence Inn Central Park, a 639-room hotel at 1717 Broadway in midtown Manhattan. The debt was used to replace $180 million of construction financing that was provided by Wells Fargo Bank in 2011.
The Oversea-Chinese Banking Corp. has provided a $105 million loan against the 411-room Element New York Times Square West hotel in midtown Manhattan. The financing helped fund Ascott Residence Trust's $163.5 million purchase of the property.
MedEquities Realty Trust Inc., a Nashville, Tenn., REIT that owns 21 medical-related properties, is planning to go public. The company was formed roughly a year ago and is now looking to list its shares, which would give its existing shareholders liquidity, while providing it access to public equity that it would invest in healthcare-related properties.
John Hancock Life Insurance Co. has provided $100 million of mortgage financing against the 273-room Four Seasons Boston hotel in downtown Boston. The loan retires $71.4 million of debt that was securitized through JPMorgan Chase Commercial Mortgage Securities Corp., 2005-LDP3.
A venture of Allstate Corp. and Brandywine Realty Trust is offering for sale two adjacent office buildings with 364,277 square feet in the Washington, D.C., suburb of Falls Church, Va. JLL has been hired to market the eight-story buildings, at 3130 and 3141 Fairview Park Drive, about 13 miles from downtown Washington.
Fortis Property Group is offering for sale Atelier Williamsburg, a recently-completed apartment property with 120 units in the North Williamsburg neighborhood of Brooklyn, N.Y. The property's being offered through HFF and could sell for $865,000/unit, which would result in a capitalization rate, upon stabilization, of 4.5 percent.
Rosemont Realty has sold a majority interest in a portfolio of 16 million square feet of office space to a pair of Hong Kong investors, with which it plans to invest up to $3 billion of class-A office properties in the United States in the coming three years.
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