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

Thursday, 17 April 2014 Written by

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 Written by

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 Written by

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.

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 Written by

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 Written by

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.

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 Written by

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 Written by

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 Written by

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.

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