Blackstone has closed the largest real estate opportunity fund ever, Blackstone Real Estate Partners VII, which over the past 13 months raised $13.3 billion from more than 250 investors globally. According to Blackstone, the largest category of investor in the fund is U.S. public pension plans, funding the retirements of state and local employees. Approximately 35 percent of the fund’s capital has already been committed or invested in a wide variety of asset classes and geographies. Read More
Kurt Roeloffs, chief investment officer for RREEF, Deutsche Bank’s real estate, infrastructure and private equity investment management division, will step down at the end of 2012, the Wall Street Journal reported.
A debt program called BuildNYC that was unveiled by the city late last year and allows non-profit and educational organizations to borrow at below-market rates to fund real estate related development and construction projects, has sourced another $26 million of deals.
The New York Economic Development Corporation cleared two financings at a board meeting yesterday, a $21 million bond offering for the Marymount School of New York, a Pre-K through 12th grade Catholic school on the Upper East Side, and $5 million in financing for The Center for Family Support, a social services provider. Read More
Houston-based development company Hines has received an all-equity investment from J.P. Morgan Asset Management for 7 Bryant Park, the 28-story office tower designed by Pei Cobb Freed & Partners that, when completed, will overlook Bryant Park and beyond neighboring New York Public Library.
J.P. Morgan Asset Management’s investment is believed to be worth upwards of $350 million, industry sources told The Commercial Observer. Read More
Talks between Deutsche Bank and Guggenheim Partners over a possible sale of the bank’s global alternative asset management business—RREEF—have concluded without the parties reaching an agreement.
The bank released a statement that said parties “were unable to agree on terms for the sale of the business and mutually agreed to end exclusive negotiations.” A spokesperson for Deutsche Bank, Mayura Hooper, declined to give additional details. Read More
BuildNYC, a financing vehicle that allows non-profit and education groups to access low-cost debt, continues to accrue deals.
On Tuesday morning, the city’s Economic Development Corporation, which oversees the facility, approved $68.5 million in new loans.
Launched late last year by the EDC, the facility is open to non-profit and education groups seeking to fund or Read More
As real estate lending picks up and sales of distressed properties continue to be the flavor of the day, Stamford-based private equity finance outfit Silo Financial has hit over $200 million in loan originations. Many of these loans went to small to middle market borrowers looking to take advantage of the current conditions, yet unable to get traditional financing.
Jonathan Daniel, founder, president and CEO of Silo, told The Mortgage Observer that the loans represent a diverse mix. Read More
After announcing in February that it had entered into exclusive negotiations with Guggenheim Partners over the sale of its asset management businesses, Deutsche Bank said Friday morning that talks are focusing on a potential sale of RREEF. Read More
According to data from DebtX, commercial real estate loans priced by the firm have risen steadily over the past 12 months, as treasury yields and credit spreads move in the opposite direction, which experts tell The Commercial Observer could be a sign of an overall improving economy.
DebtX said Wednesday that it had priced 51,399 commercial real estate loans with an aggregate principal balance of $616.1 billion during the first month of 2012. They collateralize 651 US CMBS trusts. Read More
Extell closed on a $700 million construction loan from a tier one lender syndicate led by Bank of America and consisting of funds from Bank of America, Banco Santander S.A., Abu Dhabi International Bank, Capital One and the Bank of Nova Scotia for its massive mixed-use development at 157 West 57th Street.
Bank of America will act as administrative agent for the mammoth tower, known simply as One57, that is currently rising between Sixth and Seventh avenues, across the street from Carnegie Hall. Extell has had the site for years, said a spokesperson, but construction on the hulking residential asset only began this summer. Read More
The year’s largest office lease deal in Brooklyn was made possible by an intricately designed and, to some analysts, baffling form of asset financing. Read More