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Friday, 12 January 2018

TPG Lends $51Mln Against New Orleans Hotel

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Commercial Real Estate Direct Staff Report

TPG Real Estate Finance Trust has provided a $51 million loan against the Ace Hotel New Orleans, a 234-room property that opened in 2016.

The floating-rate loan, arranged by HFF, was used to retire construction financing provided by Goldman Sachs and Iberia Bank. The property's development also relied on historic tax credits from the federal government and Louisiana state government.

The hotel was developed by a venture of Domain Cos. and Avenue Capital Group. It's housed in the former Max Barnett's Furniture Store building, at 600 Carondelet St., which was constructed in 1928.

The Domain venture purchased the building and an adjacent parking lot in 2013 for $5.5 million and redeveloped it into the Ace hotel in a process that cost $76 million.

The property, in New Orleans' Warehouse District, is close to the central business district and is about a mile from the city's Superdome, Convention Center and French Quarter. The hotel includes 31,000 square feet of retail, restaurant and meeting space, as well as a music venue and art gallery. The property is on Condé Nast Traveler's "Best New Hotels in the World" list.

Comments? E-mail Jenny Robinson or call her at (267) 247-0114.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New Orleans
  • States: Louisiana
  • Sector: Hotel & Resort
  • Subject: Mortgages/Financing (MOR)
  • Valuation: Between $50 million and $100 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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