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REITs Issued Record $27.5Bln of Unsecured Notes During YearThursday, 12 December 2013 Written by Dan Moynihan
REITs issued $27.5 billion of unsecured notes this year, breaking the $25.9 billion issuance record set in 2006. This year's volume topped last year's by 12 percent and was driven by issuers taking advantage of low interest rates. The 77 issues that were sold this year had an average coupon of 4.06 percent.
CubeSmart Pays $257.9Mln for Self-Storage PortfolioWednesday, 11 December 2013 Written by Dan Moynihan
CubeSmart has paid a venture led by investment manager Clarion Partners $257.9 million, or about $110/sf, for a 2.35 million-square-foot portfolio of self-storage space. The Wayne, Pa., REIT is funding its purchase with proceeds from an offering of unsecured notes.
Tuesday, 10 December 2013 Written by Dan Moynihan
Atlanta's Carroll Organization, which eschews apartment investments in primary gateway markets because pricing has gotten overheated, is raising $50 million for its third investment fund. The vehicle will pursue top-quality properties in select Southeastern and western cities that could provide it with an internal rate of return of 18 percent.
RBS Lends $525Mln for N.J.'s Garden State PlazaMonday, 09 December 2013 Written by Dan Moynihan
RBS has provided $525 million of financing against the Garden State Plaza, a 2.2 million-square-foot shopping mall in Paramus, N.J., owned by a venture of Westfield America Trust and Prudential PLC. A $150 million piece of the loan is being securitized through an upcoming conduit transaction. The new loan allows the property's owners to save some $6 million in annual interest costs.
Raith Capital Seeks $350Mln for Inaugural Investment FundFriday, 06 December 2013 Written by Dan Moynihan
Raith Capital Investors, one of the more active buyers of CMBS conduit B-pieces, is looking to raise up to $350 million for its first debt investment fund. It has so far raised $50 million and will use capital it raises to fund its purchases of B-pieces, commercial properties and mezzanine loans.
Friday, 06 December 2013 Written by Dan Moynihan
Hines REIT has agreed to pay $506 million, or $383.72/sf, for the Howard Hughes Center, a 1.3 million-square-foot office complex in Los Angeles. The Houston REIT, whose shares do not trade on any exchange, is buying the five-building complex from a venture of Brookfield Asset Management and Blackstone Group.
CMBS Market Poised to Issue $9Bln of Deals This MonthThursday, 05 December 2013 Written by Dan Moynihan
Giddy from their ability to place $10.7 billion of new private-label CMBS last month at consistent pricing levels, issuers in recent days have launched four single-borrower transactions and are poised to launch three conduits before the year is up. That would bring total issuance for the year to roughly $83 billion, a near doubling of last year's $44.4 billion of issuance.
NorthStar Set to Buy New York Real Estate CompanyThursday, 05 December 2013 Written by Dan Moynihan
NorthStar Realty is set to acquire a large New York real estate company that would give it a substantial exposure to class-A office buildings in the city. The name of the company could not be learned, but it owns properties and is a real estate investment fund manager.
A total of 613 CMBS loans with a balance of $7.8 billion were defeased this year through the end of September. Given that the pace of defeasance typically picks up during the final quarter of every year, the volume this year likely will more than double last year's $5.7 billion total.
Vegas' Boulevard Mall Sells for $54.5Mln; 2 CMBS Trusts to Get HitTuesday, 03 December 2013 Written by Dan Moynihan
Sansone Cos. has paid $54.5 million for the Boulevard Mall in Las Vegas and is expected to continue operating the property as a shopping mall. The property was sold by Midland Loan Services on behalf of the two CMBS trusts that held a total of $95 million of debt against it.