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 those 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.
Bank of America has provided a $180 million loan against the 434,238-square-foot office property at 261 Fifth Ave. in Manhattan's Midtown South area. The financing was used to fund the repayment of a $141 million CMBS loan that matured earlier this month.
Deutsche Bank has provided $130.1 million of financing against the 194,220-square-foot office building at 111 East 59th St. in midtown Manhattan, allowing for the defeasance of a $45 million CMBS loan. The collateral property will be redeveloped by its owner, which recently purchased it for $170 million.
The $94.9 million loan against Gateway Salt Lake, which recently was transferred to special servicing because it is expected to default, could provide a case study on how the waterfall of payments from asset liquidations has changed in the CMBS 2.0 era. Interest shortfalls stemming from appraisal reductions have been made subordinate to a loan's principal.
Deutsche Bank has provided $415 million of financing against Prudential Plaza, a two-building office complex with 2.2 million square feet in downtown Chicago. The 10-year loan was used to refinance a portion of a CMBS loan that had been modified two years ago into a $336 million A-note and $74 million B-note, the latter of which has been wiped out.
Sabal Financial Group, one of the most active buyers of distressed real estate assets in recent years, is offering a portfolio of 317 performing and nonperforming loans and 114 foreclosed properties with a balance of $541.2 million. The Newport Beach, Calif., company, which is part owned by Oaktree Capital Management, has tapped HFF to market the portfolio for sale.
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