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Thursday, 11 December 2003

CSFB Provides Big Loan for NY's Time Warner Center

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December 12, 2003

Credit Suisse First Boston has provided Related Cos. with $620 million of mortgage financing for the residential portion of a massive mixed-use development at Manhattan's Time Warner Center on Columbus Circle.

The financing, which was reported by The Slatin Report, allows Related to repay a $540 million slice of a $1.42 billion construction debt package that was provided by GMAC Commercial Mortgage three years ago. The debt will also allow Related and its partner, Apollo Real Estate Group, to take some cash out of the property. The residential portion of the complex is comprised of 225 luxury units, about 65 percent of which have already sold.

According to the Slatin Report, GMAC's debt package included a $200 million mezzanine piece that paid a $16 percent coupon. Slatin, which quoted Steve Ross, chairman and chief executive of Related, said CSFB's debt has a blended rate of less than 5 percent.

The 2.8 million-square-foot complex will be anchored by Time Warner, which has acquired its office space for $465 million. Meanwhile, a venture between MacFarlane Partners and the Calfornia Public Employees' Retirement System will buy 49 percent of the property's retail space for $359 million. And HSBC has provided $132 million of financing for the Mandarin Oriental Hotel, a luxury 313-unit hotel at the complex.


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Orest Mandzy, or call him at (267) 247-0112, Ext. 211.


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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • States: New York
  • Sector: Mixed-Use
  • Subject: Mortgages/Financing (MOR)
  • Valuation: More than $150 million
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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