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Friday, 24 February 2017 Written by Dan Moynihan
Last year, $502 billion of commercial mortgages were originated, according to the Mortgage Bankers Association. While that was down a tad from a year earlier, the trade group expects volumes to improve this year and next, by 2 percent and 3 percent, respectively. Driving its forecast is the expectation that the U.S. economy will remain healthy and interest rates won't get out of hand.
Wells Fargo Lends $170Mln Against Manhattan's 10 East 53rd St.Thursday, 23 February 2017 Written by Dan Moynihan
Wells Fargo Bank has provided $170 million of floating-rate financing against 10 East 53rd St., a 393,640-square-foot office and retail property in the Plaza District of Manhattan. The loan is designed to allow the property's owner, a venture of SL Green Realty Corp. and CPP Investment Board, to bring it to stabilization.
MRP Selected as Winning Bidder for Downtown Philadelphia OfficeWednesday, 22 February 2017 Written by Dan Moynihan
The buzz is that MRP Realty has been selected as the winning bidder for Three Parkway in downtown Philadelphia. The 561,631-square-foot office property would be the fourth in the city for the Washington, D.C., real estate investment and management firm.
Tuesday, 21 February 2017 Written by Dan Moynihan
Hunt Mortgage Group, which already writes bridge loans that it retains on its balance sheet, soon will start writing long-term, fixed-rate loans that it will fund through a partnership with institutional investors. It will keep a risk piece of every loan it writes and retain servicing, providing a lending product that normally would compete against conduit lenders, but provide added flexibility.
Friday, 17 February 2017 Written by Dan Moynihan
Blackstone Property Partners is said to have agreed to buy Charles Schwab & Co.'s corporate headquarters building in San Francisco for $293 million, or $788/sf. It's buying the Schwab headquarters, a 371,825-square-foot office building at 211 Main St. in San Francisco's South Financial District, from an affiliate of CIM Commercial Trust Corp.
Vornado Capital Partners in 'Harvesting' ModeFriday, 17 February 2017 Written by Dan Moynihan
Vornado Capital Partners, an $800 million investment vehicle controlled by Vornado Realty Trust, so far has generated $165 million of gains from the disposition of six investments it made. It's now in its "harvesting" mode and will be looking to sell four of its six remaining investments. Those six are worth $433 million.
Utility Company's Brooklyn, N.Y., HQ Offered for SaleThursday, 16 February 2017 Written by Dan Moynihan
A venture of Angelo, Gordon & Co. and Capstone Equities is offering for sale 30 Flatbush Ave., a 231,936-square-foot office building in downtown Brooklyn, N.Y. The property, which is triple-net leased to Consolidated Edison Inc. through at least 2022, is being offered through JLL.
Mack-Cali to Buy Portfolio of Offices in Northern New JerseyWednesday, 15 February 2017 Written by Dan Moynihan
Mack-Cali Realty Corp. has struck a deal to buy a portfolio of six office properties with 1.1 million square feet in Short Hills, N.J., and Madison, N.J. The properties are encumbered by two CMBS loans with a combined balance of $357.9 million that had matured. One loan, with a $270.3 million balance, was transferred to special servicing in November.
Sumitomo Lends $159.7Mln Against D.C.'s Homer BuildingTuesday, 14 February 2017 Written by Dan Moynihan
Sumitomo Mitsui Trust Bank has originated $159.7 million of floating-rate mortgage financing against the 460,000-square-foot Homer Building in downtown Washington, D.C. The loan replaced a $158 million loan that New York Life Insurance Co. had provided in 2012.
Moinian Group Taps Jonathan Chassin to Lead Lending EffortsMonday, 13 February 2017 Written by Dan Moynihan
The Moinian Group, one of the more active developers in New York, has moved into the lending business. It's hired Jonathan Chassin, a seasoned lending-industry veteran who has originated more than $3 billion of loans, to oversee the operation, Moinian Capital Partners. It will pursue senior loans on sizable properties, primarily in New York and other markets in which Moinian has a presence.