Mortgage Observer

99 Wall Goes Condo With $52M From Cornerstone Real Estate Advisers

99 Wall Street

The Claremont Group will turn FiDi office building 99 Wall Street into residential condominiums with $52.4 million from Cornerstone Real Estate Advisers, Mortgage Observer has learned. Cornerstone, a subsidiary of Massachusetts Mutual Life Company, provided a Libor-based, floating-rate loan with an interest rate “in the low-middle single digits,” according to a representative for CBRE, which brokered the loan. The three-year loan funds the difference between the value of the building and the cost of construction and is non-recourse, the representative said. Read More

Mortgage Observer

Cornerstone Lends $92.5M on Office Portfolio

Soundview Plaza

Cornerstone Real Estate Advisers, a subsidiary of Massachusetts Mutual Life Company, lent $92.5 million to Pennsylvania-based real estate investor and manager Keystone Property Group, according to a press release from brokerage HFF, which arranged the deal.

Keystone will use the proceeds of the three-year, floating-rate loan to upgrade several Connecticut and Westchester County, N.Y. office properties it recently acquired in a J.V. with Mack-Cali Realty Corporation. Read More

Agency Shifts

Cornerstone Enlists Cassidy Turley as Leasing Agent for 551 Madison Avenue

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Cornerstone Real Estate Advisers has selected Cassidy Turley as the new leasing and management agency for 551 Madison Avenue, it was announced today. The 150,000-square-foot property is located at the corner of 55th Street.

Cornerstone acquired the building in a transaction that closed at the end of December 2012, Jim Frederick, executive managing director and principal at Cassidy Turley, told The Commercial Observer earlier today.

The building was previously managed by Jones Lang LaSalle and leased by Cushman Wakefield, Mr. Frederick said. The sale was handled by CBRE. Read More