Mortgage Observer

Greystone Hires Deutsche Bank Veteran

Nikhil Kanodia.

Deutsche Bank veteran Nikhil Kanodia has joined the New York-based multifamily and healthcare lender Greystone as a managing director, Mortgage Observer has first learned.

Mr. Kanodia will report to Mordecai Rosenberg in Greystone’s New York office with a focus on managing client relationships, originating new loans and identifying opportunities for new deals with real estate owners. Read More

Mortgage Observer

Meridian Secures $142M Loan For Southfield Town Center Buy

Southfield Town Center

Commercial developer, owner and manager 601 West Companies received a $142 million loan from Deutsche Bank to buy an office complex in Southfield, Mich., Mortgage Observer has first learned. The 10-year loan, which will be securitized, a source familiar with the transaction said, was for the $177.5 million purchase of Southfield Town Center, a 2.15-million square-foot, mixed-use center in the Detroit metropolitan area. Deutsche declined to comment. Read More

Mortgage Observer

Deutsche Bank Originates $185 Million CMBS Loan for Luxury Manhattan Hotel

InterContinental New York Barclay at 111 East 48th Street

Deutsche Bank provided acquisition financing to Qatar’s Constellation Hotel Holdings for its 80 percent stake in the InterContinental New York Barclay on Manhattan’s East Side from InterContinental Hotels Group.

The global banking and financial services company originated $185 million in debt with a total commitment of $240 million, a person familiar with the transaction told Mortgage Observer on background. The $55 million of additional proceeds will be funded for upgrades on the hotel over the term of the loan, which closed on March 31, that person said. Read More

MO's Top 50

Jonathan Pollack Takes Top Spot On This Year’s 50 Most Important People in CREF

Jonathan Pollack

Deutsche Bank’s CMBS guru and real estate financing head honcho, Jonathan Pollack, took the No. 1 spot on this year’s 50 Most Important People list due to several colossal deals and his team’s top ranking in the global and U.S. securitized debt markets.

While the German global banking and financial services company reported an unexpected overall loss of 965 million euros, or $1.3 billion, for the fourth quarter of 2013, its real estate debt operations have continued to show clear gains. Read More

Mortgage Observer

HFF’s New York Office Still in Growth Mode as Michael Tepedino Begins His Seventh Year at the Helm

Mike Tepedino (Photo by Michael Nagle)

When HFF’s New York office negotiated its first major deal in 1998, Michael Tepedino, a recently hired broker at the time, and his colleagues called on Cigna, an “old-line relationship” that one of them knew on the life insurance side of the business.

The borrower, SL Green Realty Corp., was by no means desperate to find a lender. Read More

Financing

Gary Barnett Seeks $1B Loan from Chinese Bank

Gary Barnett

Gary Barnett, founder of Extell Development, is seeking approximately $1 billion in financing from Export-Import Bank of China for the planned condominium development at 225 West 57th Street, The Wall Street Journal reported earlier today.

If the deal is closed, it would likely be the largest loan for a U.S. real estate construction project since the market downturn, according to the Journal report. The project, as designed, would be the largest residential building in the United States, rising just a block away from Extell’s soon to be completed One57 residential tower.  Last year, Nordstrom agreed to anchor the development with its first New York flagship location. Read More

Food & Drink

The Four Seasons Restaurant Faces Rent Hike

Four Seasons Grill Room 2

The Four Seasons Restaurant, home of the “power lunch,” is facing a six-fold rent increase when its current lease expires in 2016, The Huffington Post reported yesterday. The iconic New York eatery, which currently pays $19.74 per square foot, could be looking at rents of $125 per square foot for its 29,476-square-foot space inside the Seagram Building at 375 Park Avenue.

Documents viewed by the Huff Post indicate that as part of the owners’ $782.8 million mortgage deal, financed jointly by Citigroup and Deutsche Bank and being marketed to investors via commercial mortgage backed securities, bankers expect management at the property to begin charging the The Four Seasons market rents, which according to the documents are determined to be $125 per square foot. Read More

Mortgage Beat

Union Bank to Acquire $3.7 B. CRE Portfolio from PB Capital with a 3 Percent Premium

Masashi Oka

Union Bank, a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, has reached an agreement with Deutsche Bank to acquire PB Capital Corporation’s institutional commercial real estate lending portfolio and platform. It will pay a 3 percent premium above the over $3.7 billion face amount of PB’s commercial mortgage portfolio, sources told The Mortgage Observer.

New Read More

Mortgage Observer

Deutsche Bank’s Rosemary Vrablic and Private Banking’s Link to CRE Finance

Rosemary Vrablic.

Got a chunk of change lying around? With a book of business north of $5.5 billion, Rosemary Vrablic, a managing director in the asset and wealth management division at Deutsche Bank, can help.
Private banking is loosely defined as personalized financial services offered by banks to their high-net-worth clients. And the top providers are largely holding steady, according to 2011 year-end results from U.K.-based private wealth management consultancy and research firm Scorpio Partnership. Read More

Mortgage Observer

Making Waves: European Banks Exit, Asian Banks Sail On

Zach_Montoya_Eurocrisis2012

Last fall, a group of lenders—including debt funds, insurance companies and international banks—competed for the $80 million assignment to refinance Lehman Brothers HoldingsOn The Ave Hotel on New York City’s Upper West Side.

Ultimately, the borrower tapped Singapore-based United Overseas Bank, which in the last two years has been behind several large office loans in New York and hotel loans on the West Coast, but which was essentially a newcomer to the city’s hotel lending scene. UOB inked the deal during the same late November week when Bank of China closed a $465.9 million loan on the iconic Plaza Hotel, after having refinanced the Mandarin Oriental Hotel for $170 million earlier in 2012. Read More

Worldwide Plaza Confirms Recapitalization Plans

worldwide-plaza

Worldwide Plaza will definitely look to recapitalize, following several months of lingering on the auction block. Sellers, George Comfort & Sons and RCG Longview, had purchased the building – located at 825 Eighth Avenue – in 2009 for just under $600 million.

“The truth of the matter is that they have decided on a recapitalization Read More