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Mortgage Observer

Mortgage Observer

KeyBank Refinances Bronx Office Tower at 1250 Waters Place

1250 Waters Place.

KeyBank provided an $80.5 million loan to Simone Development Companies to replace construction financing on office condominium space in 1250 Waters Place at the firm’s Hutchinson Metro Center development in the Bronx.

Mr. Simone received the loan from KeyBank on Sept. 12, public records show. The loan replaces financing provided by the local development corporation Build NYC Resource Corporation and M&T Bank in December 2012, according to the records. Read More

Mortgage Observer

J.P. Morgan Provides $150M for Hotel Portfolio

A Marriott SpringHill Suites hotel

JLL secured $150 million in acquisition financing from J.P. Morgan on behalf of a joint venture between Blue Mountain Capital and Aimbridge Hospitality, Mortgage Observer has exclusively learned. The J.V. purchased a 16-property select-service hotel portfolio with assets in Kentucky and Ohio.

The 1,776-key portfolio features seven Courtyard by Marriotts, seven TownPlace Suites and two SpringHill Suites hotels in Cincinnati, Cleveland, Columbus and Toledo, according to JLL. The properties recently underwent upgrades.  Read More

Mortgage Observer

Walker & Dunlop Hires Three New Originators for J.V. CMBS Platform

From left, Geoff Smith, Kimberly Riordan and Paul Jankovsky.

Bethesda-Md.-based multifamily and commercial real estate lender Walker & Dunlop has expanded its recently launched conduit and high-yield lending platform with the addition of three new CMBS originators, the company said in a release.

Geoff Smith, the former head of origination and distribution at Manhattan-based Hudson Realty Capital, joined Walker & Dunlop Commercial Property Funding as managing director and head of origination, working out of the company’s New York office. Read More

Mortgage Observer

Westchester Developer Receives $58M Loan for First Manhattan Buy [Updated]

240 West 35th Street.

Westchester landlord Robert Weisz of RPW Group received a $58 million acquisition loan for the purchase of a 162,000-square-foot office building at 240 West 35th StreetMortgage Observer can exclusively report.

The five-year acquisition loan from The Union Labor Life Insurance Company on behalf of its Separate Accounts closed on Tuesday night, a person familiar with the transaction said on background. The unwieldy name refers to Ullico’s real estate investment group. Read More

Mortgage Observer

Bancorp Bank Provides Bridge Loan on Denholtz Jersey Office Property

Metro Park South.

The Bancorp Bank, a 14-year-old domestic Internet bank, provided floating-rate bridge financing to Denholtz Associates to recapitalize a 132,721-square-foot office property the firm owns in Matawan, N.J., Mortgage Observer has first learned.

HFF worked on behalf of the private development and management firm to secure the three-year $14.5 million loan on Metro Park South, which is located at 100 Matawan Road, off of the Garden State Parkway. Read More

Mortgage Observer

Edgewater N.J. Complex Scores $85M Refi From Freddie Mac

The View at Edgewater

Berkadia Commercial Mortgage arranged an $85 million revolving credit facility through Freddie Mac for an Edgewater, N.J., mixed-use complex, Mortgage Observer has exclusively learned.

The five-year loan has a floating rate based on Libor, currently ticking in at 2.05 percent, and a 75 percent loan-to-value ratio. The proceeds will be used to refinance a bridge loan, also provided by Berkadia, prior to stabilization. The property, called The View at Edgewater Harbor, was built in 2012, according to Zillow.com. Read More

Mortgage Observer

99 Wall Goes Condo With $52M From Cornerstone Real Estate Advisers

99 Wall Street

The Claremont Group will turn FiDi office building 99 Wall Street into residential condominiums with $52.4 million from Cornerstone Real Estate Advisers, Mortgage Observer has learned. Cornerstone, a subsidiary of Massachusetts Mutual Life Company, provided a Libor-based, floating-rate loan with an interest rate “in the low-middle single digits,” according to a representative for CBRE, which brokered the loan. The three-year loan funds the difference between the value of the building and the cost of construction and is non-recourse, the representative said. Read More

Mortgage Observer

Long-Awaited 53rd Street Jean Nouvel Tower Gets $860M Construction Loan

53W53 front

Tower Verre, 53W53, MoMA Tower … the project has gone by many names, and dragged on for many years. But the super skinny Jean Nouvel-designed tower planned for 53 West 53rd Street is finally on the way, having closed on the purchase of needed air rights and an $860 million construction loan this week.

Hines, the Texas-based mega developer and owner that is partnering with Goldman Sachs and Singapore-based developer Pontiac Land Group on the 82-story residential condominium tower, closed the massive loan with a foursome of Asian banks, according to a statement.  Read More

Mortgage Observer

Manhattan Condo Developer Receives Construction Loan for Chelsea Conversion

Rendering of West 19th Street.

Manhattan condominium developer Six Sigma received a $29 million acquisition and construction loan from Knighthead Funding, LLC to finance the conversion of an office building in Chelsea to luxury residential condos, Mortgage Observer has learned.

The site at 435 West 19th Street between Ninth and Tenth avenues, one block from the Highline, is currently occupied by a five-story, 21,800-square-foot office building, which will be converted into a nine-story, 27,500-square-foot residential condo property. The completed asset will contain a private swimming pool in each condominium unit, according to Johnny Wan, managing director of Six Sigma. Read More

Mortgage Observer

North Carolina Mall Loan Hits Delinquency Status for First Time

Independence Mall.

A $100 million securitized J.P. Morgan loan on Independence Mall in Wilmington, N.C., was reported as 30 days delinquent, according to September servicer data obtained and provided by Trepp. The borrower entity is listed in the deal prospectus as Centro Independence LLC.

Sears, Dillard’s, Belk and JCPenney anchor the one million-square-foot regional shopping center at 3500 Oleander Drive, property records show. The first three retailers own their parcels. Read More

Mortgage Observer

So They Say: Robert Durst

Robert Durst

Durst family outcast Robert Durst’s aberrant behavior surfaced again in July, when he allegedly urinated on a cash register and candy rack at a Houston CVS store. Mortgage Observer looks back at some odd quotes and curious moments of silence from the Texas millionaire. Read More