In a mammoth multifamily transaction, Cammeby’s International Group led the purchase of a 20-story rental property at 30 Park Avenue from BlackRock and CalPERS for $194 million, Commercial Observer has learned
The real estate giant, run by Rubin Schron, borrowed $120 million from Ladder Capital to fund the purchase, a person familiar with the matter confirmed.
Though not a traditional owner-operator, TIAA-CREF has begun to draw the attention of the real estate industry in recent months for a bevy of deals, including its acquisition of a stake in the Frank Gehry-designed building at 8 Spruce Street and a joint venture with Norges Bank Investment Management.
The asset management firm’s steady persistence in the real estate market during the downturn has led to a realization of gains, and recent deals could lead to the redeployment of capital in key markets going forward, said analysts familiar with the firm’s strategy going into 2013.
“TIAA is one of the investors that was pretty active in the depths of the market in 2009 and 2010, and some of those investments have turned into significant home runs,” said Dan Fasulo, managing director and head of research at Real Capital Analytics.
Newport Tower, a 1,099,767-square-foot office tower in Jersey City, N.J. is about to be refinanced, thanks to a $200 million first mortgage provided by Prudential Mortgage Capital Co. Sources tell The Mortgage Observer that the loan, which is for a term of 7 years at a rate of 3.5 percent, hasn’t closed yet but should do so within the next several weeks.
On the heels of last month’s appearance of JP Morgan Chase CEO Jamie Dimon, the House Subcommittee on Capital Markets and Government Sponsored Enterprises welcomed several players from the world of commercial real estate Tuesday.
They testified at a hearing entitled “The Impact of Dodd-Frank on Customers, Credit, and Job Creators” that seemed to focus more on the overall impact of specific provisions within Dodd-Frank on the capital markets.
In the wake of its vaporized $500 million equity investment in Stuyvesant Town, the giant California pension California Public Employees’ Retirement System, as of Monday, approved a new policy: No more investing in real estate deals that convert rent-regulated apartments to market rate.
Here’s more from Bloomberg:
The California Public Employees’ Retirement System, the largest Read More