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Thursday, 12 October 2017

MetLife Lends $105Mln Against Hotel Van Zandt in Austin, Texas

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MetLife Investment Management has provided $105 million of 10-year mortgage financing against the Hotel Van Zandt, a 319-room boutique property in downtown Austin, Texas.

The property, which has a four-diamond rating from AAA, was developed by JMI Realty of Austin and opened two years ago.

Plans for the property were hatched in 2007, but were put on hold as a result of the Great Financial Crisis. They were restarted four years ago when JMI lined up construction financing from Bank of America.

The property sits at the intersection of Red River and Davis streets in the city's trendy Rainey entertainment district and near the city's convention center. It is named after Isaac Van Zandt, who during the early 1800s was the Republic of Texas' ambassador to the United States and was instrumental in getting the state annexed to the U.S., and his great grandson, the country music singer Townes Van Zandt.

It includes 14,000 square feet of meeting space, a three-level underground parking garage, a 6,800-sf swimming pool deck and 1,300-sf fitness center. Many of its rooms have views of the Colorado River. The property includes a lobby café and Geraldine's restaurant/bar, which hosts bands and music artists daily. It is managed by Kimpton Hotels & Restaurants.

JMI is part of the investment management business of the family of John Moores, who had founded BMC Software and in 1994 had purchased the San Diego Padres professional baseball team. It has some $800 million of real estate assets under management.

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



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Austin
  • States: Texas
  • Sector: Hotel & Resort
  • Subject: Mortgages/Financing (MOR)
  • Company: Metropolitan Life Insurance Co.
  • Valuation: Between $100 million and $150 million
  • Private: No
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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 - 2016
Investment Bank #Deals Vol$mln MktShr%
JPMorgan Securities 14.94 10,350.16 15.14
Deutsche Bank 14.21 9,926.60 14.52
Wells Fargo Securities 13.36 9,513.96 13.92
Citigroup 10.87 8,061.79 11.80
Goldman Sachs 10.05 7,563.72 11.07

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2016
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 133.67 8,670.33 13.34
Goldman Sachs 156.20 7,418.37 11.41
Deutsche Bank 178.17 6,510.75 10.02
Citigroup 184.41 5,512.20 8.48
Morgan Stanley 113.18 4,130.53 6.35

 

 

 

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