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Investor in Value-Add Retail Centers Starts Raising Second Investment VehicleWednesday, 22 March 2017 Written by Dan Moynihan
Epic Real Estate Partners is in the process of raising what could be $300 million for its second investment vehicle. The Austin, Texas, company was founded five years ago by three retail-property veterans, and pursues value-add grocery-anchored retail and power centers. It so far has raised $50 million for its latest fund.
Morgan Properties Buys Md. Apartment Portfolio; Aims for $1Bln of Buys in 2017Tuesday, 21 March 2017 Written by Dan Moynihan
Morgan Properties, which recently completed the $247 million purchase of a portfolio of 1,979 apartment units in the Baltimore suburb of Windsor Mill, Md., has plans to make up to $1 billion of investments in similar class-B properties. Its focus is on the Northeast and Mid-Atlantic regions.
Charleston, S.C., Group Buys Citadel Mall; CMBS Loan Suffers 100 Percent LossMonday, 20 March 2017 Written by Orest Mandzy
A group led by Richard C. Davis, who created a pair of television shows focused on buying, fixing and flipping homes, has paid $17.2 million for the Citadel Mall in Charleston, S.C. The sale resulted in a loss of $62.7 million to the CMBS trust that held a like-sized loan against the property.
Friday, 17 March 2017 Written by Dan Moynihan
Morgan Stanley has agreed to pay $62.5 million to resolve a suit that alleged it had breached the representations and warranties it had provided when it sold a loan against an Ohio retail center to a CMBS trust. The loan was securitized through Morgan Stanley Capital I Inc., 2007-IQ14.
Thursday, 16 March 2017 Written by Dan Moynihan
David Bistricer has taken his Clipper Realty Inc. investment operation public, and is earmarking some of the proceeds to fund the $87.5 million, or $543,480/unit, purchase of 107 Columbia Heights, a 161-unit apartment property in Brooklyn, N.Y.,'s exclusive Columbia Heights neighborhood.
JPMorgan Lent $91Mln for Recap of Ariz. Shopping Mall-Turned-OfficeWednesday, 15 March 2017 Written by Dan Moynihan
JPMorgan Chase Bank has provided $91 million of financing against the Galleria Corporate Centre, facilitating a recapitalization of the 537,110-square-foot office property in Scottsdale, Ariz., that started life as a shopping mall. As part of the recap, Jasper Ridge Partners bought out Oaktree Capital Management. Stockdale Capital Partners retained its stake.
MassMutual Circles First CMBS B-PieceTuesday, 14 March 2017 Written by Dan Moynihan
Massachusetts Mutual Life Insurance Co. is making its first CMBS B-piece investment. It moved into the business last year by hiring Doug Cooper, who previously built out Allied Capital Ltd.'s B-piece business. The insurer has circled the most subordinate classes of JPMDB Commercial Mortgage Securities Trust, 2017-C5, and is shooting for a 13.9 percent return.
Oak Street Capital Raising Latest Net Leased FundTuesday, 14 March 2017 Written by Dan Moynihan
The Chicago investment manager has raised $380.1 million of a targeted $1.25 billion for its latest fund, which like its predecessors will pursue office, industrial and retail properties that are net leased to their tenants.
BofA Lends $100.5Mln Against Austin, Texas, OfficeMonday, 13 March 2017 Written by Dan Moynihan
Bank of America has provided $100.5 million of financing against Chase Tower, a 389,503-square-foot office property in downtown Austin, Texas, facilitating its purchase by a venture of Lincoln Property Group and Goldman Sachs. The deal resulted in the early pay-off of a $78.9 million CMBS loan. Investors in the CMBS deal got a $10.1 million yield maintenance penalty.
Friday, 10 March 2017 Written by Dan Moynihan
Barclays Bank has provided a $140 million mortgage against 123 William St., a 545,000-square-foot office property in lower Manhattan. The interest-only loan has a 10-year term and pays a coupon of 4.67 percent.