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Mortgage Observer

Mortgage Observer

Jeff Sutton Receives $95M Loan for Harlem Whole Foods Project

100 West 125th Street Rendering.

Wharton Properties has obtained a construction loan from Natixis Real Estate Capital to develop a 33,000 square foot retail property along 125th Street, Harlem’s busiest commercial thoroughfare, Mortgage Observer has first learned.

A person with knowledge of the loan confirmed the amount as $95 million and added that it was a three-year, interest-only loan with two 12-month extension options. The interest rate, that person said, is roughly 300 to 399 basis points over one-month Libor. The loan closed on July 11. Read More

Mortgage Observer

Blackstone Refis Chicago Office to the Tune of $82M

444 North Michigan Avenue

HFF has arranged an $82.15 million refinancing for a 517,115-square-foot office property in Chicago, Mortgage Observer has exclusively learned. The building, at 444 North Michigan Avenue, is owned by GLL Real Estate Partners.

Working on behalf of Munich-based international real estate fund manager GLL, HFF sourced the floating-rate loan provided by Blackstone Mortgage Trust, a representative for the brokerage said Read More

Mortgage Observer

Square Mile Provides $25M Senior Loan on D.C. Office

Georgetown Plaza

New York-based JOSS Realty Partners received a $24.5 million senior mortgage loan from Square Mile Capital Management to revamp a recently purchased Washington, D.C. office asset, Mortgage Observer has first learned.

The three-year financing, with two one-year extension options, is backed by the five-story, 150,097-square-foot boutique office building Georgetown Plaza. Read More

Mortgage Observer

Bronx Leads City in Multifamily Transaction Volume

Ariel Property Report

The Bronx saw both the most multifamily transactions and the highest number of multifamily buildings sold in the second quarter of this year, according to a report from Ariel Property Advisors provided to Commercial Observer.

The report tracks sales of buildings over 10 units that sell for at least $1 million. Sales of such properties increased 18 percent year-over-year in the second quarter citywide, the report shows.  Read More

Mortgage Observer

Ashkenazy Receives $210M CMBS Loan for L.A. Mall Buy

Beverly Connection

Meridian Capital Group secured a $210 million CMBS loan on behalf of New York-based Ashkenazy Acquisition Corporation to help fund its purchase of the Beverly Connection shopping center in Los Angeles, Mortgage Observer has first learned.

Meridian Senior Managing Director Ronnie Levine and Managing Director Jeffrey Berkes, both based in the company’s New York City headquarters, led the negotiations. Messrs. Levine and Berkes declined to name the lender. Read More

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

Shaoul Grabs $71M for Kips Bay Dorm

340 East 24th Street (PropertyShark)

Ben Shaoul received $71 million in construction funds to build his Kips Bay dormitory project, the developer confirmed to Mortgage Observer. The prolific buyer and his partner bought the building last December.

The three-year loan, backed by 340 East 24th Street, was provided by Santander BankRead More

Mortgage Observer

What Happens if J.P. Morgan Shuns the FHA?

Jamie Dimon, chairman and CEO of J.P. Morgan

Earlier this week, straight-talking J.P. Morgan chairman and CEO Jamie Dimon vented his frustration on an earnings call, threatening to stop doing all mortgage business with the Federal Housing Administration, which insures many loans originated and securitized by his bank.

Mr. Dimon expressed his reticence—asking rhetorically “should [J.P. Morgan] be in the FHA business at all?”—following $600 million in fines recently levied against his firm for making defective loans. That punitive fine invoked so-called triple damages, wherein the bank owes three times as much as the value of the bad loans.  Read More

Mortgage Observer

AIG Lends $113M on Hudson Square Office Building

330 Hudson Street

Chicago-based Callahan Capital Properties has taken out a $133 million loan from the insurance arm of AIG, public records indicate.

The loan is backed by office building 330 Hudson Street, in the Hudson Square area. Callahan, along with partner Ivanhoé Cambridge, a Canadian pension and insurance fund manager, announced last month that it had acquired a 49 percent interest in the property for approximately $150 million, as Commercial Observer reported at the time. Read More

Mortgage Observer

CBRE Brokers $82M Refi of Atlanta Office Complex

University Park

An affiliate of DRA Advisors, a pension fund, refinanced their debt on the University Office Park in Atlanta, Mortgage Observer has first learned. The $82 million loan from J.P. Morgan Chase was brokered by Shawn Rosenthal of CBRE.

“The floating rate loan is competitively priced,” Mr. Rosenthal said, declining to provide other terms of the deal. The previous loan had matured, he said. Read More

Mortgage Observer

Terra Capital and Santander Lend on JDS Luxury Condo Project Near High Line

514 West 24th Street

A joint venture between JDS Development Group and Largo Investments received financing from New York-based mezzanine lender Terra Capital Partners and Santander Bank to fund the predevelopment of a luxury condominium at 514 West 24th Street, Mortgage Observer has first learned.

Terra Capital provided a $12 million preferred equity investment to coincide with an $18 million senior loan from Santander. Read More

Mortgage Observer

L&L, Prudential Score $98M to Reposition Chelsea Offices

511 West 25th Street

A joint venture of commercial landlord L&L Holding Co. and insurer Prudential received $98 million from the Aareal Bank Group, a German bank that specializes in real estate, to buy three Manhattan office and showroom buildings, Mortgage Observer has learned.

The J.V. paid $160 million for 511-514 West 25th Street, buildings with class-A office, retail and gallery property, according to records filed with the city. The west Chelsea buildings were on offer by the Related Companies, part of a group of properties that the company has been unloading as it liquidates a distressed property fund, as reported. Read More