Steve Wiktoff paced back and forth in a conference room at his partnership’s New York City office, eager to talk about his latest endeavors, but just as eager to tackle the other 10 commitments that had come his way over the course of the first of several interviews with The Mortgage Observer. Read More
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.
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Mortgage Observer Weekly has learned that a $310 million CMBS loan on 120 Broadway closed last week, likely at a rate in the mid-2 percent range. Wells Fargo originated the loan.
A previous CMBS loan on the building had an outstanding balance of $215 million. Originated back in May of 2006, it was set to mature in June 2013, according to data from Trepp. Read More
Morgan Stanley has provided a $275 million loan to finance the acquisition of the Milford Plaza Hotel, sources told The Mortgage Observer. The 10-year loan has an interest rate under 3.5 percent, according to sources familiar with the deal, and will be securitized.
Several sources confirm that Starwood Property Trust is in the final stages of issuing a $450 million construction loan for phase one of Related Companies’ Hudson Yards project. The loan is expected to close within the next 30 days. Read More
HFF has arranged $96 million to refinance two multifamily properties in the New York City metro area. The properties—located in Greenwich, Conn.—include a total of 396 apartment units. The financing was arranged on behalf of LCOR, which was acquired by the California State Teachers’ Retirement System earlier this year. Read More
Starwood Property Trust and Starwood Capital Group sold to Vornado Realty Trust a 25 percent participation in the $375 million financing on 701 Seventh Avenue, where a joint venture of developers is planning to build Times Square Gateway Center, a 340,000-square-foot multi-use complex.
Hybrid Capital has closed a $71 million loan to refinance the Olympia House,a 240-unit, mixed-use property located at
at 279 East 44th Street, at Second Avenue, in Turtle Bay. The commercial mortgage brokerage and advisory firm acted as an exclusive advisor to Steven Elghanayan, director of EPIC. Read More
Johnson Capital has arranged a $9.5 million loan for a Long Island City hotel at 44-29 9th Street. The loan closed on October 5.
The financing will replace two land and bridge loans on the property, the Wyndham Garden Hotel. It was provided by Texas-based Hall Structured Finance, which earlier provided $21 million for the construction of a 137-key Holiday Inn Hotel—also in Long Island City. Mike Jaynes, president of Hall Structured Finance, told The Mortgage Observer that the company was paid off on that loan early in the year—making the Wyndham its second opportunity. Read More
A venture between the Witkoff Group, Maefield Development, Infinity Urban Century–and New Valley, an investment unit of Vector Group–completed the $430 million acquisition of a development site at 701 Seventh Avenue in Times Square, where it plans to build a 340,000-square-foot, 36-story, multi-use complex. Times Square Gateway Center, located between Seventh Avenue and 47th Street, will feature retail space, a hotel tower and the nation’s largest single LED screen for Broadway’s iconic lights and advertising.
Steven Kassin, co-managing partner of Infinity Urban Century, confirmed the amount of the investment to The Commercial Observer.
Barry Sternlicht’s Starwood Property Trust and Starwood Capital Group provided $475 million in combined acquisition and construction financing for the development. The loan will have an initial funding of $375 million with $100 million of future funding for redevelopment costs and also contains an equity participation right for the lender. Read More
The U.S. Postal Service has sold a roughly 84,000-square-foot industrial building to Treasure Island Storage. The building is at 78-02 Liberty Avenue, in Ozone Park, Queens–a site that has been used as a mail sorting facility for the past thirty years. Ken Cayre, president of Cayre & Sons Acquisitions, the company controlling TI Storage, confirmed the deal to The Commercial Observer. Read More
An East Harlem building acquired with a $31.6 million loan consisting of tax-exempt-bonds issued by the City and credit enhanced by Freddie Mac will be kept affordable for the next 40 years, now that Preservation Development Partners has concluded its rehabilitation. Read More
Wells Fargo provided a $120 million loan on a building at 790 Seventh Avenue to MTS Propco, according to public records. MTS Propco is the name of the partnership which has recently closed on the purchase of the Manhattan at Times Square Hotel, located on that lot. Read More
A joint venture between Giant of Maryland and the Bozzuto Group secured $91 million in construction and permanent financing for Cathedral Commons, a 264,272-square-foot, mixed-use development in Washington, D.C.
Northwestern Mutual Life Insurance Company originated the 13-year, fixed-rate loan, a spokeswoman with HFF confirmed. HFF represented the borrower on the deal. Read More
Apartment Investment and Management Company closed a $190.7 million FHA-insured loan to finance the redevelopment of Lincoln Place, a 35-acre property at 1077 Elkgrove Avenue in Venice, Calif.
The FHA-lender Red Mortgage Capital provided the loan, which bears an interest rate of 2.73 percent and is interest-only until 2014, when it converts to a 40-year fully amortizing loan freely pre-payable after 10 years. At closing, Aimco prepaid a $63 million loan secured by the property that required interest at 7.5 percent and that was due in the fourth quarter of 2013. Read More
