True North Raises $70Mln of the $650Mln Sought for Investment Fund

Wednesday, 23 April 2014

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 Buys Remaining Stake in D.C. Office Building

Wednesday, 23 April 2014

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.

Tuesday, 22 April 2014

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 Pays Down CMBS Loan by $52Mln; Settles Lawsuit

Monday, 21 April 2014

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.

Valley National, Pru Lend $210Mln Against N.J. Apartments

Thursday, 17 April 2014

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 Lends $275Mln Against Manhattan Apartment Building

Wednesday, 16 April 2014

 

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 Looks to Shed 21 Properties Valued at $1Bln-Plus

Tuesday, 15 April 2014

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.

Tuesday, 15 April 2014

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 Lends $83Mln for Construction of Manhattan Boutique Hotel

Monday, 14 April 2014

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.

Boston Firm Marketing First Investment Fund Since 2009

Monday, 14 April 2014

Marcus Partners is in the market seeking equity commitments for its first investment fund since 2009. The Boston investment manager is seeking up to $250 million for the new vehicle, Marcus Capital Partners Fund II, which has raised $43.75 million. It pursues office, research and development and industrial properties in major markets east of the Mississippi River.

Friday, 11 April 2014

JPMorgan Asset Management is offering for sale 171 17th St. NW, a 509,237-square-foot office building in midtown Atlanta that's expected to sell for roughly $180 million, or about $355/sf. It has tapped Eastdil Secured to offer the 22-story building, which it owns on behalf of the Strategic Property Fund.

Southlake Mall in Georgia Sold for $37.1Mln; CMBS Deal Seen Getting Hit Hard

Friday, 11 April 2014

The Southlake Mall in Morrow, Ga., sold for $37.1 million, significantly less than the $94.1 million of debt that had encumbered 273,997 square feet of the 1.1 million-sf retail property. Vintage Real Estate of Los Angeles bought the suburban Atlanta mall from Bear Stearns Commercial Mortgage Securities, 2007-PWR18, which held a $66.1 million piece of the debt.

 

34 CMBS Deals Reached Clean-Up Call Triggers

Thursday, 10 April 2014

A total of 34 CMBS deals with a combined balance of $152 million have breached the point at which they should have been retired, or cleaned-up, according to data compiled by Trepp LLC. Another 145 deals totaling $6.2 billion have balances of between 1 percent and 5 percent of what they originally had. Those are coming up to, or have already reached their clean-up call triggers.

Apartment Portfolio in The Bronx, N.Y., Hits Sales Market

Wednesday, 09 April 2014

A group of investors that includes David Walentas, the founder of Two Trees Management Co., is offering for sale a portfolio of 17 apartment buildings with 676 units as well as a parcel of land in the southwestern section of the Bronx, N.Y. The portfolio represents more units than were sold in the Morrisania section during all of last year.

Fight Over Special Servicing Rights Might See Trial

Wednesday, 09 April 2014

 

A Delaware court last week denied motions by LNR Partners and C-III Asset Management that would have resolved their dispute over the special servicing rights of a CMBS transaction. It ordered the two companies to either resolve their dispute on their own or submit a schedule for a trial.

 

Tuesday, 08 April 2014

A venture of the California State Teachers' Retirement System and Sealy & Co. is selling individual assets from a portfolio of more than 2 million square feet of industrial space that it began assembling in 2008. Its original strategy called for holding the bulk of its portfolio for more than seven years. But now it plans to selectively sell individual assets within a shorter time span.

New York Community Lends $114Mln Against Manhattan Apartment Building

Monday, 07 April 2014

New York Community Bank has provided a $114 million loan against the Windermere West End, a 374-unit apartment building in Manhattan's Upper West Side. The 12-year-loan was used by the property's owner, Stellar Management, to replace a $56 million loan that Signature Bank had provided in 2010.

Atlanta Retail Property Seen Selling for More than $140Mln

Friday, 04 April 2014

Thomas Enterprises Inc. is said to have struck a deal to sell the Forum on Peachtree Parkway in the Atlanta suburb of Norcross, Ga., for more than $140 million, or about $280/sf. The lifestyle center, about 24 miles northwest of Atlanta, is under agreement to be sold to an institutional investor that couldn't be identified immediately. It is being marketed by Eastdil Secured.

After Big Deal Drops Investment Fund's Buying Power, Viking Plans Successor

Thursday, 03 April 2014

With its only active investment fund down to just 20 percent of its initial equity for making acquisitions, Viking Partners is gearing up to launch a successor vehicle. The Cincinnati-area opportunistic investor plans to seek up to $75 million for its proposed Viking Partners Fund III.

Thursday, 03 April 2014

Bank of America has provided a $220 million construction loan to fund the completion of the Mall at Bay Plaza, a 780,000-square-foot enclosed shopping center in the Bronx, N.Y. The property, the first enclosed mall constructed in New York City in some 40 years, is being developed by Prestige Properties & Development Co. It's slated to open this summer.

Rialto Bought B-Pieces of 4 CMBS Conduits During Quarter

Wednesday, 02 April 2014

Rialto Capital Management acquired the B-pieces of just more than one-third of the CMBS conduit transactions that were issued during the first quarter, putting it atop a ranking of B-piece buyers. Six investors participated in the market during the quarter. LNR Partners, which was acquired by Starwood Property Trust a year ago, sharply increased its activity.

Parallel Capital Pays $101.7Mln for Long Beach, Calif., Offices

Wednesday, 02 April 2014

Parallel Capital Partners Inc. has paid $101.7 million, or about $265.10/sf, for Shoreline Square, a 383,652-square-foot office property at 301 East Ocean Blvd. in Long Beach, Calif. The San Diego investment manager bought the 20-story building from a venture of Guggenheim Real Estate and Bantry Holdings of Los Angeles and financed its purchase with $61 million of debt provided by GE Capital.

Tuesday, 01 April 2014

Wells Fargo Bank has provided a $115 million loan against the Washington Post's headquarters, with 465,000 square feet at 1150 15th St. NW, and its neighbor, 1100 15th St. NW, which has 144,000 sf. The Post building and the land beneath the 1100 15th property were acquired by Carr Properties for $157.8 million.

Phillips Edison Looks to Sell 1.3Mln-SF Shopping-Center Portfolio

Tuesday, 01 April 2014

Phillips Edison & Co. is offering for sale a portfolio of nine shopping centers with 1.3 million square feet. The sales effort represents the termination of the Cincinnati company's Phillips Edison Shopping Center Fund IV, an investment vehicle that acquired the portfolio between 2007 and 2011. The portfolio's being offered through CBRE.

1Q Private-Label CMBS Issuance Slips 9.4 Percent to $19.8Bln

Monday, 31 March 2014

 Domestic private-label CMBS issuance during the first quarter totaled $19.8 billion, down 9.4 percent from the $21.8 billion of issuance during the same period a year earlier. While conduit issuance was up by 25 percent, single-borrower issuance tumbled by 62.4 percent to $3.5 billion. Deutsche Bank was the most-active bookrunner of domestic private-label deals and contributor of loans to the market.

DivcoWest Asking About $161Mln for San Francisco Office Complex

Friday, 28 March 2014

DivcoWest is in the market to sell the Howard Hawthorne Center office complex in downtown San Francisco, and it's asking about $161 million for it. JLL is handling the sales marketing for the property, which is comprised of two office buildings with a combined 237,123 square feet and a 340-space parking garage.

Friday, 28 March 2014

Cornerstone Real Estate Advisers has provided a $100 million bridge loan against the 278,817-square-foot office building at 1050 First St. NE and two adjacent parcels of land in Washington, D.C. The property, Sentinel Square II, was completed just months ago by a development team led by Trammell Crow Co.

Philadelphia's Dobson Mills Apartment Property Hits Sales Market

Thursday, 27 March 2014

Winther Investment Inc. is offering for sale Dobson Mills, a 415-unit upscale apartment property in Philadelphia. The property, a former textile mill that dates back to the Civil War, is expected to sell for $90 million, or roughly $216,867/unit. Winther has hired HFF to find a buyer.

RXR Realty Seen Buying Manhattan's 61 Broadway

Wednesday, 26 March 2014

The buzz is that RXR Realty has agreed to buy 61 Broadway, a 780,000-square-foot office building in lower Manhattan for what could be as much as $351 million, or about $450/sf. The company is buying it from a venture of Broad Street Development and Heyman Properties, which is being advised by JLL.

Wednesday, 26 March 2014

The investment bank has provided $200 million of financing against the Coronado Center, a 1.1 million-square-foot shopping center in Albuquerque, N.M., that's owned by General Growth Properties. Proceeds are being used to refinance a CMBS loan that was one of a number that were modified as part of the REIT's 2010 bankruptcy reorganization.

Blackstone Offers San Francisco Office Building

Wednesday, 26 March 2014

Blackstone Group is in the market to sell a downtown San Francisco office building with 240,134 square feet. It has tapped Cushman & Wakefield to handle the marketing of the building at 33 New Montgomery St. The 20-story building is expected to sell for substantially more than $114 million. It is one of 10 properties that backs a CMBS loan that was modified two years ago.

Affiliate of Hong Kong Investor Pays $86Mln for San Francisco Office

Tuesday, 25 March 2014

Downtown Properties has paid $86 million, or about $472/sf, for the Hamm's Building, a 182,352-square-foot office property in San Francisco. The Los Angeles affiliate of Hong Kong investment firm Gaw Capital Partners bought the property from a venture of TMG Partners and Alcion Ventures in a deal brokered by Colliers International.

Tuesday, 25 March 2014

Blackstone Group has decided to hold off on trying to sell 225 Franklin St., a 916,722-square-foot office building in Boston. The property is 95 percent leased and serves as the headquarters of State Street Corp., which occupies 46 percent of it through 2016. The building backs a $225 million CMBS loan that doesn't come due until 2016.

Beacon Seen Buying One Canal Park in Cambridge, Mass.

Monday, 24 March 2014

The buzz is that Beacon Capital Partners has agreed to buy One Canal Park, a 101,457-square-foot office building in Cambridge, Mass. The Boston investment manager is said to be paying roughly $400/sf, or about $40.5 million, for the property, which it's buying from Blackstone Group. The acquisition would bolster Beacon's share of the East Cambridge class-A office market to 3.1 percent.

Hedge-Fund Manager Och-Ziff Seeks $1Bln for Real Estate Fund

Monday, 24 March 2014

 

Och-Ziff Capital Management, a hedge-fund manager with $42.3 billion of assets under management, is in the market to raise up to $1 billion of equity commitments for its third real estate investment fund. The new vehicle, like it predecessors, is designed to invest opportunistically.

 

Senate Proposal Eyes Private-Sector Takeover of GSE Businesses

Friday, 21 March 2014

A U.S. Senate plan to dismantle Fannie Mae and Freddie Mac wouldn't immediately impact the two agencies' multifamily securitization programs. But over time, the two would be required to dispose of their multifamily businesses, both of which recently have been operating profitably.

Thursday, 20 March 2014

Royal Bank of Scotland has provided a $250 million loan against the Woodbridge Center, a super regional mall in the New York suburb of Woodbridge, N.J. The debt was used by General Growth Properties Inc. to replace a maturing CMBS loan with a $183.2 million balance.

Newcastle Fast Becomes Power in Seniors-Housing Sector

Thursday, 20 March 2014

Newcastle Investment Corp., which started investing in the seniors-housing sector roughly 18 months ago, has already built up a portfolio of some $1.6 billion. And it's not stopping. The company, which is managed by Fortress Investment Group, owns 84 properties with nearly 10,295 beds. It has a near-term pipeline of some $300 million of additional potential acquisitions.

Florida Office Property Sells for $100.75Mln

Thursday, 20 March 2014

A venture of Oaktree Capital Management and Banyan Street Capital has paid $100.75 million, or roughly $216/sf, for the Douglas Entrance, a 467,325-square-foot office property in the Miami suburb of Coral Gables, Fla. The property backed what had been a $101.5 million mortgage that was securitized through Morgan Stanley Capital I Trust, 2007-HQ12.

Wednesday, 19 March 2014

Prudential Insurance Co. of America has teamed with AXA Equitable Life Insurance Co. to provide a $300 million loan against 4545 Center Blvd., an upscale 820-unit apartment building in the Long Island City section of Queens, N.Y. Pru provided $200 million of the financing, which matures on March 10, 2029, while AXA funded the rest.

KeyBank Taps Mission Capital to Sell Distressed $112Mln Nursing-Home Loan

Wednesday, 19 March 2014

KeyBank, special servicer of a $112 million CMBS loan against 42 skilled-nursing properties in Texas, has tapped Mission Capital Advisors to offer the troubled loan for sale. The loan has been with KeyBank for some 12 years, making it the longest tenured loan in special servicing. It was securitized through GMAC Commercial Mortgage Securities Inc., 1998-C1.

Wells Fargo Lends $154Mln Against Philadelphia-Area Apartments

Wednesday, 19 March 2014

Wells Fargo Bank has committed to provide up to $154 million of financing against the Marquis Apartments, a 642-unit complex in the Philadelphia suburb of King of Prussia, Pa. The property, at 251 West DeKalb Pike, was purchased late last year by a venture of Lubert-Adler Real Estate and Vantage Properties for $70 million, or roughly $109,035/unit, in a deal arranged by Marcus & Millichap.

Tuesday, 18 March 2014

Citigroup has provided a $235 million loan against the Maine Mall in South Portland, Maine. The debt takes out a CMBS loan that was modified as part of property owner General Growth Properties Inc.'s 2010 bankruptcy reorganization. That loan was scheduled to see a $2 million increase in its amortization requirement in 2016.

Stockbridge Seeking $500Mln for Latest Investment Fund

Tuesday, 18 March 2014

Stockbridge Capital Partners has raised $184.2 million of the $500 million it's seeking for its latest investment fund. The San Francisco investment manager's Stockbridge Value Fund II is designed to acquire all types of commercial properties, excluding hotels, on both coasts and in the Sunbelt. The fund is a follow-up to Stockbridge's first Value Fund, which raised $220 million two years ago.

Lone Star Buys The Plaza in Atlanta for $68Mln

Monday, 17 March 2014

 Lone Star Funds is said to have acquired The Plaza, a 393,107-square-foot building in Atlanta that had backed $79.7 million of CMBS debt. The Dallas investment manager paid roughly $68 million for the building, which previously was known as Resurgens Plaza. The sale resulted in $29.8 million of losses to the CMBS trust that held the loan.

Friday, 14 March 2014

Lindy Property Management Co. is said to have agreed to pay $111 million, or roughly $102,210/unit, for the Towers at Wyncote, a 1,086-unit apartment property in the Philadelphia suburb of Wyncote, Pa. The property backs what had been a $136 million CMBS loan that in 2011 was split into two pieces as part of a modification.

Hawaii Shopping Center Hits Sales Market

Friday, 14 March 2014

Seligman Group plans to offer for sale the Queen Ka'ahumanu Center, a 556,511-square-foot shopping center in Kahului, Hawaii. Eastdil Secured has the listing for the open-air property, which is the largest retail property on the island of Maui. It serves as collateral for an $89.4 million CMBS loan whose maturity was previously extended twice. It comes due in June.

Deutsche Lends $200.8Mln Against Manhattan's Mark Hotel

Thursday, 13 March 2014

Deutsche Bank has lent $200.8 million against the 150-room MarkHotel on Manhattan's Upper East Side. The floating-rate loan takes out $160 million of financing that Deutsche had provided two years ago. The collateral property is owned by a Dune Real Estate Partners fund, which previously bought debt against it at a discount.

Washington, D.C., Apartment Property Hits Sales Market

Thursday, 13 March 2014

A venture of Stonebridge Carras and Walton Street Capital is offering for sale Flats 130 at Constitution Square, a 643-unit apartment property in Washington, D.C. It has hired HFF to market the property, which could sell for roughly $310 million, or $482,115/unit, and would be the second-highest price for a District apartment property in the last year.

Spitzer Offers Unsold Units at Corinthian Condo Building in Manhattan

Wednesday, 12 March 2014

Spitzer Enterprises has placed on the sales block 144 units at the 817-unit Corinthian condominium building in Manhattan's Murray Hill neighborhood. The company, operated by the family of disgraced former New York Gov. Eliot Spitzer, has hired Massey Knakal Realty Services to market the units, which are being offered in bulk with an asking price of $145 million, or just more than $1 million/unit.

True North Raises $70Mln of the $650Mln Sought for Investment Fund

Wednesday, 23 April 2014

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 Buys Remaining Stake in D.C. Office Building

Wednesday, 23 April 2014

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.

KBS Pays Down CMBS Loan by $52Mln; Settles Lawsuit

Monday, 21 April 2014

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.

Valley National, Pru Lend $210Mln Against N.J. Apartments

Thursday, 17 April 2014

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 Lends $275Mln Against Manhattan Apartment Building

Wednesday, 16 April 2014

 

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 Looks to Shed 21 Properties Valued at $1Bln-Plus

Tuesday, 15 April 2014

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.

Wells Fargo Lends $83Mln for Construction of Manhattan Boutique Hotel

Monday, 14 April 2014

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.

Boston Firm Marketing First Investment Fund Since 2009

Monday, 14 April 2014

Marcus Partners is in the market seeking equity commitments for its first investment fund since 2009. The Boston investment manager is seeking up to $250 million for the new vehicle, Marcus Capital Partners Fund II, which has raised $43.75 million. It pursues office, research and development and industrial properties in major markets east of the Mississippi River.

Southlake Mall in Georgia Sold for $37.1Mln; CMBS Deal Seen Getting Hit Hard

Friday, 11 April 2014

The Southlake Mall in Morrow, Ga., sold for $37.1 million, significantly less than the $94.1 million of debt that had encumbered 273,997 square feet of the 1.1 million-sf retail property. Vintage Real Estate of Los Angeles bought the suburban Atlanta mall from Bear Stearns Commercial Mortgage Securities, 2007-PWR18, which held a $66.1 million piece of the debt.

 

34 CMBS Deals Reached Clean-Up Call Triggers

Thursday, 10 April 2014

A total of 34 CMBS deals with a combined balance of $152 million have breached the point at which they should have been retired, or cleaned-up, according to data compiled by Trepp LLC. Another 145 deals totaling $6.2 billion have balances of between 1 percent and 5 percent of what they originally had. Those are coming up to, or have already reached their clean-up call triggers.

Apartment Portfolio in The Bronx, N.Y., Hits Sales Market

Wednesday, 09 April 2014

A group of investors that includes David Walentas, the founder of Two Trees Management Co., is offering for sale a portfolio of 17 apartment buildings with 676 units as well as a parcel of land in the southwestern section of the Bronx, N.Y. The portfolio represents more units than were sold in the Morrisania section during all of last year.

Fight Over Special Servicing Rights Might See Trial

Wednesday, 09 April 2014

 

A Delaware court last week denied motions by LNR Partners and C-III Asset Management that would have resolved their dispute over the special servicing rights of a CMBS transaction. It ordered the two companies to either resolve their dispute on their own or submit a schedule for a trial.

 

New York Community Lends $114Mln Against Manhattan Apartment Building

Monday, 07 April 2014

New York Community Bank has provided a $114 million loan against the Windermere West End, a 374-unit apartment building in Manhattan's Upper West Side. The 12-year-loan was used by the property's owner, Stellar Management, to replace a $56 million loan that Signature Bank had provided in 2010.

Atlanta Retail Property Seen Selling for More than $140Mln

Friday, 04 April 2014

Thomas Enterprises Inc. is said to have struck a deal to sell the Forum on Peachtree Parkway in the Atlanta suburb of Norcross, Ga., for more than $140 million, or about $280/sf. The lifestyle center, about 24 miles northwest of Atlanta, is under agreement to be sold to an institutional investor that couldn't be identified immediately. It is being marketed by Eastdil Secured.

After Big Deal Drops Investment Fund's Buying Power, Viking Plans Successor

Thursday, 03 April 2014

With its only active investment fund down to just 20 percent of its initial equity for making acquisitions, Viking Partners is gearing up to launch a successor vehicle. The Cincinnati-area opportunistic investor plans to seek up to $75 million for its proposed Viking Partners Fund III.

Rialto Bought B-Pieces of 4 CMBS Conduits During Quarter

Wednesday, 02 April 2014

Rialto Capital Management acquired the B-pieces of just more than one-third of the CMBS conduit transactions that were issued during the first quarter, putting it atop a ranking of B-piece buyers. Six investors participated in the market during the quarter. LNR Partners, which was acquired by Starwood Property Trust a year ago, sharply increased its activity.

Parallel Capital Pays $101.7Mln for Long Beach, Calif., Offices

Wednesday, 02 April 2014

Parallel Capital Partners Inc. has paid $101.7 million, or about $265.10/sf, for Shoreline Square, a 383,652-square-foot office property at 301 East Ocean Blvd. in Long Beach, Calif. The San Diego investment manager bought the 20-story building from a venture of Guggenheim Real Estate and Bantry Holdings of Los Angeles and financed its purchase with $61 million of debt provided by GE Capital.

Phillips Edison Looks to Sell 1.3Mln-SF Shopping-Center Portfolio

Tuesday, 01 April 2014

Phillips Edison & Co. is offering for sale a portfolio of nine shopping centers with 1.3 million square feet. The sales effort represents the termination of the Cincinnati company's Phillips Edison Shopping Center Fund IV, an investment vehicle that acquired the portfolio between 2007 and 2011. The portfolio's being offered through CBRE.

1Q Private-Label CMBS Issuance Slips 9.4 Percent to $19.8Bln

Monday, 31 March 2014

 Domestic private-label CMBS issuance during the first quarter totaled $19.8 billion, down 9.4 percent from the $21.8 billion of issuance during the same period a year earlier. While conduit issuance was up by 25 percent, single-borrower issuance tumbled by 62.4 percent to $3.5 billion. Deutsche Bank was the most-active bookrunner of domestic private-label deals and contributor of loans to the market.

DivcoWest Asking About $161Mln for San Francisco Office Complex

Friday, 28 March 2014

DivcoWest is in the market to sell the Howard Hawthorne Center office complex in downtown San Francisco, and it's asking about $161 million for it. JLL is handling the sales marketing for the property, which is comprised of two office buildings with a combined 237,123 square feet and a 340-space parking garage.

Philadelphia's Dobson Mills Apartment Property Hits Sales Market

Thursday, 27 March 2014

Winther Investment Inc. is offering for sale Dobson Mills, a 415-unit upscale apartment property in Philadelphia. The property, a former textile mill that dates back to the Civil War, is expected to sell for $90 million, or roughly $216,867/unit. Winther has hired HFF to find a buyer.

RXR Realty Seen Buying Manhattan's 61 Broadway

Wednesday, 26 March 2014

The buzz is that RXR Realty has agreed to buy 61 Broadway, a 780,000-square-foot office building in lower Manhattan for what could be as much as $351 million, or about $450/sf. The company is buying it from a venture of Broad Street Development and Heyman Properties, which is being advised by JLL.

Blackstone Offers San Francisco Office Building

Wednesday, 26 March 2014

Blackstone Group is in the market to sell a downtown San Francisco office building with 240,134 square feet. It has tapped Cushman & Wakefield to handle the marketing of the building at 33 New Montgomery St. The 20-story building is expected to sell for substantially more than $114 million. It is one of 10 properties that backs a CMBS loan that was modified two years ago.

Affiliate of Hong Kong Investor Pays $86Mln for San Francisco Office

Tuesday, 25 March 2014

Downtown Properties has paid $86 million, or about $472/sf, for the Hamm's Building, a 182,352-square-foot office property in San Francisco. The Los Angeles affiliate of Hong Kong investment firm Gaw Capital Partners bought the property from a venture of TMG Partners and Alcion Ventures in a deal brokered by Colliers International.

Beacon Seen Buying One Canal Park in Cambridge, Mass.

Monday, 24 March 2014

The buzz is that Beacon Capital Partners has agreed to buy One Canal Park, a 101,457-square-foot office building in Cambridge, Mass. The Boston investment manager is said to be paying roughly $400/sf, or about $40.5 million, for the property, which it's buying from Blackstone Group. The acquisition would bolster Beacon's share of the East Cambridge class-A office market to 3.1 percent.

Hedge-Fund Manager Och-Ziff Seeks $1Bln for Real Estate Fund

Monday, 24 March 2014

 

Och-Ziff Capital Management, a hedge-fund manager with $42.3 billion of assets under management, is in the market to raise up to $1 billion of equity commitments for its third real estate investment fund. The new vehicle, like it predecessors, is designed to invest opportunistically.

 

Senate Proposal Eyes Private-Sector Takeover of GSE Businesses

Friday, 21 March 2014

A U.S. Senate plan to dismantle Fannie Mae and Freddie Mac wouldn't immediately impact the two agencies' multifamily securitization programs. But over time, the two would be required to dispose of their multifamily businesses, both of which recently have been operating profitably.

Newcastle Fast Becomes Power in Seniors-Housing Sector

Thursday, 20 March 2014

Newcastle Investment Corp., which started investing in the seniors-housing sector roughly 18 months ago, has already built up a portfolio of some $1.6 billion. And it's not stopping. The company, which is managed by Fortress Investment Group, owns 84 properties with nearly 10,295 beds. It has a near-term pipeline of some $300 million of additional potential acquisitions.

Florida Office Property Sells for $100.75Mln

Thursday, 20 March 2014

A venture of Oaktree Capital Management and Banyan Street Capital has paid $100.75 million, or roughly $216/sf, for the Douglas Entrance, a 467,325-square-foot office property in the Miami suburb of Coral Gables, Fla. The property backed what had been a $101.5 million mortgage that was securitized through Morgan Stanley Capital I Trust, 2007-HQ12.

KeyBank Taps Mission Capital to Sell Distressed $112Mln Nursing-Home Loan

Wednesday, 19 March 2014

KeyBank, special servicer of a $112 million CMBS loan against 42 skilled-nursing properties in Texas, has tapped Mission Capital Advisors to offer the troubled loan for sale. The loan has been with KeyBank for some 12 years, making it the longest tenured loan in special servicing. It was securitized through GMAC Commercial Mortgage Securities Inc., 1998-C1.

Wells Fargo Lends $154Mln Against Philadelphia-Area Apartments

Wednesday, 19 March 2014

Wells Fargo Bank has committed to provide up to $154 million of financing against the Marquis Apartments, a 642-unit complex in the Philadelphia suburb of King of Prussia, Pa. The property, at 251 West DeKalb Pike, was purchased late last year by a venture of Lubert-Adler Real Estate and Vantage Properties for $70 million, or roughly $109,035/unit, in a deal arranged by Marcus & Millichap.

Stockbridge Seeking $500Mln for Latest Investment Fund

Tuesday, 18 March 2014

Stockbridge Capital Partners has raised $184.2 million of the $500 million it's seeking for its latest investment fund. The San Francisco investment manager's Stockbridge Value Fund II is designed to acquire all types of commercial properties, excluding hotels, on both coasts and in the Sunbelt. The fund is a follow-up to Stockbridge's first Value Fund, which raised $220 million two years ago.

Lone Star Buys The Plaza in Atlanta for $68Mln

Monday, 17 March 2014

 Lone Star Funds is said to have acquired The Plaza, a 393,107-square-foot building in Atlanta that had backed $79.7 million of CMBS debt. The Dallas investment manager paid roughly $68 million for the building, which previously was known as Resurgens Plaza. The sale resulted in $29.8 million of losses to the CMBS trust that held the loan.

Hawaii Shopping Center Hits Sales Market

Friday, 14 March 2014

Seligman Group plans to offer for sale the Queen Ka'ahumanu Center, a 556,511-square-foot shopping center in Kahului, Hawaii. Eastdil Secured has the listing for the open-air property, which is the largest retail property on the island of Maui. It serves as collateral for an $89.4 million CMBS loan whose maturity was previously extended twice. It comes due in June.

Deutsche Lends $200.8Mln Against Manhattan's Mark Hotel

Thursday, 13 March 2014

Deutsche Bank has lent $200.8 million against the 150-room MarkHotel on Manhattan's Upper East Side. The floating-rate loan takes out $160 million of financing that Deutsche had provided two years ago. The collateral property is owned by a Dune Real Estate Partners fund, which previously bought debt against it at a discount.

Washington, D.C., Apartment Property Hits Sales Market

Thursday, 13 March 2014

A venture of Stonebridge Carras and Walton Street Capital is offering for sale Flats 130 at Constitution Square, a 643-unit apartment property in Washington, D.C. It has hired HFF to market the property, which could sell for roughly $310 million, or $482,115/unit, and would be the second-highest price for a District apartment property in the last year.

Spitzer Offers Unsold Units at Corinthian Condo Building in Manhattan

Wednesday, 12 March 2014

Spitzer Enterprises has placed on the sales block 144 units at the 817-unit Corinthian condominium building in Manhattan's Murray Hill neighborhood. The company, operated by the family of disgraced former New York Gov. Eliot Spitzer, has hired Massey Knakal Realty Services to market the units, which are being offered in bulk with an asking price of $145 million, or just more than $1 million/unit.

Gaw Buys Stake in Kansas City Office Building

Tuesday, 11 March 2014

Gaw Capital Partners acquired a stake in a downtown Kansas City, Mo., office building in a recapitalization that included buying the $86.7 million of debt against the 822,391-square-foot property. The Hong Kong investment manager acquired the stake from a group led by Executive Hills Management of Kansas City.

CMBS Defeasance Volume Jumped 116 Percent Last Year to $12.3Bln

Friday, 07 March 2014

CMBS loan defeasance volumes exploded last year, with 919 loans with a balance of $12.3 billion getting replaced by government securities, according to Morningstar Credit Ratings. That's a 116 percent jump from 2012, when 529 loans with a balance of $5.7 billion were defeased. It also was the biggest year for defeasance since 2007.

Receiver Lists 5 Los Angeles-Area Hotels for Sale

Thursday, 06 March 2014

Trigild Inc. has tapped Atlas Hospitality Group to handle the sale of five Los Angeles-area hotels with a total of 590 rooms and an estimated value of $100 million. The limited-service hotels are owned by Ocean Park Hotels Inc. of San Luis Obispo, Calif., whose owners are involved in a legal dispute.

DebtX Offers $194Mln Portfolio of Mixed-Quality Loans for Bank Client

Wednesday, 05 March 2014

DebtX has launched marketing of a $194 million-plus portfolio of mixed-quality commercial mortgages and consumer loans in Florida. The Boston loan-sales adviser is offering the portfolio on behalf of a bank client. It has divided the 290 assets, which include four foreclosed properties, into six pools.

Non-Traded REITs Raised $19.6Bln of Equity Last Year, Up 90 Percent from 2012

Tuesday, 04 March 2014

 

The $19.6 billion of equity raised by non-traded REITs last year is due in large part to the heavy volume of liquidity events that such vehicles completed. Investors who received some $16 billion of capital from the seven liquidity events that were completed plowed much of it back into the sector. Helping the capital-raising is the fact that investors are now more familiar with non-traded REITs.

 

Germany's KanAm Selling Remaining U.S. Properties

Tuesday, 04 March 2014

KanAm Grund Group, a German investment manager, still owns four properties in the United States with a combined 1.5 million square feet of office and data-center space that it plans to sell as part of a disposition strategy it began in 2012. It has listed one of the assets, the 541,000-sf American Express Data Center in downtown Minneapolis, for sale through Colliers International.

Investment Manager Targets Doctors for Capital for 2 Real Estate Funds

Friday, 28 February 2014

Sean Dalesandro, managing principal of Los Angeles investment advisory firm Parallel Real Estate Advisors, is expanding into investment management and is raising capital for a pair of funds. His Doctors Fund I closed its marketing in December upon raising $50 million of equity commitments, and a follow-up vehicle with a similar target size is in the planning stages. Capital for both is being raised specifically from physicians.

Utah Pension Buys Rest of Washington, D.C., Office for $107.6Mln

Thursday, 27 February 2014

The Utah Retirement Systems has paid $107.6 million for the 54.9 percent stake it did not already own in 90 K St. NE, a 412,661-square-foot office building in Washington, D.C. The fund purchased the stake from Trammell Crow Co. and Crow Holdings Realty Partners IV in a deal that values the property at roughly $196.1 million, or $475/sf. The three partners had developed the property in 2010.

FDIC Preps $200Mln Portfolio of Mixed-Quality Loans for Sale

Tuesday, 25 February 2014

FDIC is putting a $200 million portfolio of mixed-quality commercial real estate loans up for sale. The agency is offering the portfolio through a venture of Cushman & Wakefield and Unicorp. It will be soliciting offers for a 100 percent stake in it and will not provide seller financing - a nod to the strong investor demand for distressed loans.

Korean Investor Seen Paying $157Mln for Washington, D.C., Office

Tuesday, 25 February 2014

Mirae Asset Global Investments is said to have paid $157 million, or about $758/sf, for 2550 M St. NW, a 207,000-square-foot office building in Washington, D.C., that Tishman Speyer Properties had offered through HFF. The property is part of a portfolio that backs a $400 million loan that was securitized in 2007.

Canadian Firm Eyes Capital for Fund Targeting U.S. Investments

Friday, 21 February 2014

ICM Realty Group has launched its second investment fund that's backed by Canadian investors and is targeting deals exclusively in the United States. The Calgary, Alberta, company previously had been raising capital and managing funds capitalized by German investors. Its latest fund is targeting raising $28 million.

EverBank Sells Portfolio of Distressed Assets

Friday, 21 February 2014

EverBank has sold a portfolio of distressed commercial real estate assets, some of which it had assumed through its 2010 acquisition of the failed Bank of Florida. Greasing the wheels for the sale was the bank's termination of an FDIC loss-share agreement tied to the bank acquisition. The buzz is that Oaktree Capital Management bought the portfolio.

Fannie Mae Taps CBRE to Offer $300Mln Loan Portfolio

Thursday, 20 February 2014

Fannie Mae has hired CBRE to market for sale a $300 million portfolio of performing multifamily loans. The offering would be the third by the housing-finance agency and will involve some 200 loans that it had acquired between 2006 and 2008. It previously offered loans through Eastdil Secured and auction.com.

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