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Mortgage Beat

By Alessia Pirolo 10/12/12 11:00am

Mortgage Beat

3636 16th Street NW.

Berkeley Point Arranges $74.7 Million Fannie Mae Loan on Woodner Apartments in D.C.

Berkeley Point Capital LLC has arranged the refinancing of the 1,072-unit Woodner Apartments in Upper Northwest Washington, D.C. The owner of the property, the Woodner Company, obtained a $74.7 million Fannie Mae loan.

“The loan proceeds will be used to pay off six existing coterminous loans that are due in June 2013 and to provide additional funds for upgrades to the property’s Art Deco-styled common areas,” a spokeswoman for Berkeley Point confirmed to The Mortgage Observer. Read More

By Carl Gaines 10/09/12 3:37pm

Mortgage Beat

10401 Fernwood Road.

GSA-Heavy Bethesda Building Receives $47 Million in Financing

Cushman & Wakefield Equity, Debt & Structured Finance has arranged $47 million in financing for the Atrium at Rock Spring Park, a 237,000-square-foot office building located at 10401 Fernwood Road in Bethesda, Maryland.

Meritage Properties owns the building in a joint venture with GTIS Partners. The two bought it from Hines in 2006 for $57 million, according to data from Real Capital Analytics. Previous financing on the building included a $20.5 million first mortgage from Variable Annuity Life Insurance Co. Read More

By Carl Gaines 10/09/12 11:40am

Mortgage Beat

50-01 2nd Street.

$51 Million Construction Loan from CIBC Funds Lightstone Multifamily

A Long Island City residential project is underway thanks to a $51 million construction loan provided by Canadian Imperial Bank of Commerce.

The Lightstone Group and its sponsored, non-traded REIT Lightstone Value Plus are constructing the 199-unit multifamily property at 50-01 2nd Street along the East River in Long Island City. Financing from CIBC closed September 28, 2012. Read More

By Alessia Pirolo 10/04/12 3:00pm

Mortgage Beat

L.A. Corporate Center, Monterey Park, CA.

Joint Venture Will Recapitalize 31-Property Southern California Portfolio

SL Green Realty Corp., an affiliate of Blackstone Real Estate Partners VII, Gramercy Capital Corp. and Square Mile Capital Management LLC have announced a joint venture for the recapitalization of a 31-property, 4.5-million-square-foot office portfolio in Southern California.

The extended $678.8 million mortgage financing was led by New York Life Insurance Company, acting as its agent. DekaBank Deutsche Girozentrale, Westdeutsche ImmobilienBank AG, Muenchener Hypothekenbank eG and Wells Fargo BankTotal were the lenders. Financing on the portfolio after the recapitalization is $746.8 million. Read More

By Alessia Pirolo 10/04/12 8:00am

Mortgage Beat

Cushman&Wakefiled.

C&W Report Shows Investment Sales Volume Decline in the Third Quarter

Investment sales volume in Manhattan dropped 30 percent year-over-year in the first three quarters of 2012 from the same period in 2011, mainly due to a reduction in distressed activity, data from commercial services firm Cushman & Wakefield shows.

In its third quarter report for the Manhattan commercial real estate market, Cushman & Wakefield shows that as of September 2012, investment sales volume totaled $13.6 billion, from over $20 billion in the same period of 2011. “The drop in volume, we believe, is due to the reduction in distressed property sales,” said Helen Hwang, a company executive vice president. Read More

By Alessia Pirolo 10/03/12 8:34am

Mortgage Beat

Rendering of 211 Wast 13th Street.

Bank of America Provides $60 Million Loan to Build New East Village Luxury Condo

A joint venture partnership of Ironstate Development Company, Abe and Scott Shnay and Charles Blaichman has obtained a $60 million loan from Bank of America on a lot on the East Village where they have just broken ground on a new 83-home luxury condominium building.

The building will rise at 211 East 13th Street between 2nd and 3rd Avenues. A spokesman with the developers confirmed the deal to The Mortgage Observer. Read More

By Alessia Pirolo 10/01/12 4:52pm

Mortgage Beat

568 Broadway.

Allied Partners Gets $200 Million Loan on 568 Broadway

Allied Partners has obtained a $200 million mortgage on the Prince Building at 568 Broadway, Eric Hadar, chairman of the company, confirmed to The Mortgage Observer. The crowd of companies such as Foursquare and ZocDoc, which have turned the building into one of the main centers of New York startup scene, will soon have a rooftop garden for their events, which will be paid for with part of the new loan.

Read More

By Carl Gaines 9/25/12 7:30am

Mortgage Beat

marriottlogo

Rockwood Arranges $13 Million Acquisition Financing for West Coast Hotel

New York-based Rockwood Real Estate Advisors, which announced the launch of its West Coast platform earlier in September, has arranged $13 million in financing for Wheelock Street Capital’s acquisition of a California hotel.

Wheelock, headquartered in Greenwich and Boston, will use the money to buy the 242-key Marriott Pleasanton Hotel in Pleasanton, Calif.

Andrew Kern, Read More

By Alessia Pirolo 9/21/12 3:55pm

Mortgage Beat

437 Seventh Avenue.

Vornado Realty Closes Loans on Midtown Properties

With a recently obtained mortgage and other two rumored to come next, Vornado Realty seems close to obtaining over $1 billion in loans on Midtown properties from some of the biggest players on the market.

The German Bank Landesbank Baden-Württemberg has recently provided $98 million of refinancing on 435 Seventh Avenue, at the corner with 34th Street. The 43,000-square-foot building is fully leased to the Swedish retailer H&M. Vornado Realty might now use part of the proceeds of the new loan to retire a $52 million mortgage provided in 2009 by HSBC Holdings. Read More