Mortgage Observer, CMBS
Publicly traded REIT RLJ Lodging refinanced outstanding CMBS debt to the tune of $150 million, the firm announced yesterday. The new unsecured term loan facility allows RLJ to resolve any questions about refinancing next year, when interest rates will likely be higher and a slew of loans will be due, potentially stretching lenders’ limits—the anticipated so-called “wall of maturities.”
The Durst Organization scored a $411.5 million construction loan from a group of lenders led by Wells Fargo and Bank of New York Mellon Corp. to finance the development of its tetrahedron-shaped rental tower at 625 West 57th Street, sources familiar with the deal told Mortgage Observer.
The loan, which closed last week, carries a term of four years with a one-year extension option and “smoking interest rates,” one person familiar with the transaction said on the condition of anonymity.
PNC Bank has signed a 55,000-square-foot expansion lease at RXR Realty’s 340 Madison Avenue.
The expansion ups the firm’s space from 45,000 to 55,000 square feet across the 10th and 11th floors in the 745,000-square-foot building, a good sign after several years of perceived stagnation among mid- to large-sized financial services companies in the city. Read More
Developer Francis Greenburger of Time Equities has secured $400 million in financing to move forward with a Helmut Jahn-designed downtown Manhattan residential tower at 50 West Street.
The Wall Street Journal reported last night that the financing gives the developer the go to begin construction on the long-stalled 63-story residential project, which will overlook Battery Park and the Hudson River, in the fall.
Macy’s has renewed its lease for the 646,000-square-foot space at 11 Penn Plaza, it was announced yesterday.
The new lease runs through 2035, according to a statement from Vornado Realty Trust, which owns the building. Financial terms were not disclosed.
The Naftali Group has obtained financing to develop a luxury rental building at 316 Bergen Street on Third Avenue in the Boerum Hill neighborhood of Brooklyn, the firm’s founder, Miki Naftali, confirmed to The Mortgage Observer. The developer signed for building and project loan mortgages for a total of $18 million on the three lots, according to public records. The lender is PNC Bank. The total cost of the projects, of about $30 million will be covered with the loan and with equities, Mr. Naftali said.
Last May, Naftali Group teamed up with investment management advisor AEW to buy the 90,000-square-foot development site for $6.72 million. The partners plan to build an 85-unit rental property with 45 residential parking spaces, an open space, a lounge e and a gym. ODA Architecture has designed the project.
Mark Scott’s Commercial Mortgage Capital has arranged an $8 million construction loan for phase two of Riverbend at Wappingers Falls—at 80 Sterling Drive in Wappingers Falls, N.Y. PNC Bank was the lender on the transaction.
In January, a leak to the Bergen County Record revealed that Panasonic, a tenant in New Jersey since 1973, was considering fleeing the state in search of modern facilities and with an eye toward shrinking its North American headquarters. New York, Atlanta, Chicago and California were all on the table.