The San Francisco investment manager has tapped Eastdil Secured to help it evaluate whether to place on the sales market the Palisades Office Park, with 636,701 square feet in the Atlanta suburb of Sandy Springs, Ga. It might also choose to expand the complex to include a hotel, apartments, retail component and additional office space.
True North Management Group has raised $70 million of the $650 million it's seeking for an investment fund that is focused on originating and buying mezzanine and bridge debt. The White Plains, N.Y., investment manager's True North Real Estate Fund III also plans, to a lesser extent, to buy properties of all types, except hotels.
Morgan Stanley Prime Property Fund has paid roughly $149 million for the 65 percent stake it did not already own in Lafayette Tower in Washington, D.C. W.R. Berkley Corp. sold the stake in a deal that values the 244,812-square-foot office building at roughly $183 million, or about $746/sf.
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 mechanics liens that had been lodged against the property had triggered the loan's recourse provisions.
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.
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.
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.
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.
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.
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.