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Mortgage Observer

Mortgage Observer

D.C. Area Office Portfolio Transferred to Special Servicing

Alexandria, Va.

A securitized loan on a portfolio of Washington metropolitan area office buildings totaling $203 million was moved to special serving this week for reasons labeled “other,” Mortgage Observer has learned.

The portfolio, known as Lafayette Property Trust, makes up 7 percent of the CMBS deal JPMCC 2007-LDPX, which has a current balance of $2.9 billion, down from an original balance of $5.4 billion, according to data obtained by Trepp and provided to MO. Read More

Mortgage Observer

American Development to Build Mixed-Use Project With $15M From Bank Leumi

346 13th Street

American Development Group, the developer of a Park Slope residential project, nabbed a $15.3 million construction loan from the U.S. division of Israel’s Bank Leumi, Mortgage Observer has exclusively learned.

West Hempstead, N.Y.-based held ADG will build three townhouses, seven condominium units and a fully automated 45-car garage at the project at 346 13th Street. The deal closed Dec. 3. Read More

Mortgage Observer

Natixis Finances Extell Upper West Side Buy for Condo Development

44 West 66th Street.

Natixis Real Estate Capital gave a $96 million loan to Gary Barnett’s Extell Development for the purchase of three parcels of land on West 66th Street—one of which is occupied by a synagogue—a person with knowledge of the deal told Mortgage Observer. The borrower has formed a joint venture for a large condominium development there.

The balance-sheet loan carries a term of 18 months with a six-month extension option and will not be securitized, the person in the know said on the condition of anonymity. The financing closed yesterday. Read More

Mortgage Observer

Meridian Brokers Fannie Mae Loan for East Village Property

The Adele.

Meridian Capital Group negotiated a $62.7 million Fannie Mae loan to New York-based Kahen Properties to refinance The Adele, a luxury multifamily property in the East Village, Mortgage Observer has learned.

The 12-year loan, provided by PNC Real Estate, carries a fixed rate of 3.75 percent and 10 years of interest-only payments, followed by a 30-year amortization, according to the broker. A PNC representative was unable to confirm the financing. Read More

Mortgage Observer

American Realty Capital Provides $35M For Newark Buy

Rugby Realty has acquired office building Three Gateway Center in Newark, N.J. with $35 million from American Realty Capital, a source told Mortgage Observer.

Rugby paid $42 million for the 579,000-square-foot building, the source said. NJBiz.com previously reported the sale, but did not provide the financial terms of the deal. The seller was New York-based developer and investor Tahl Propp Equities, according to NJBiz. Read More

Mortgage Observer

Loan Backed By Former Home of Lehman Bros. Defeased

1301 Avenue of the Americas

In the shadow of the recession, things did not look fantastic for 1301 Avenue of the Americas. Two tenants, Lehman Brothers and law firm Dewey & LeBoeuf, were casualties of the financial crisis (or, really, a cause of it, in Lehman’s case). And while the office building stands 45 stories in prime Midtown, it sits on a less than utterly prestigious strip therein: Sixth Avenue.

But fast forward a few years and bondholders behind the securitized loan on the tower, which was set to mature in 2016, can rest easy. The securitization, LBUBS 2006-1, was reported as defeased, according to data from Trepp released this week. Read More

Mortgage Observer

AIG Finances LargaVista’s 300 Lafayette [Updated]

Rendering of 300 Lafayette.

American International Group provided a $40 million mortgage to Brooklyn-based LargaVista Companies for the fee simple interest in a development site on Lafayette Street in Soho, Mortgage Observer has learned.

The 20-year, fixed-rate loan was brokered by an HFF team led by Senior Managing Director Michael Tepedino and Managing Director Michael Gigliotti. HFF will also service the loan, according to the firm. The broker and borrower declined to name the lender. Read More

Mortgage Observer

Suburban Philly Multifamily Property Refis With Peapack Gladstone

Edgely Estates

The owner of Edgely Estates, a 245-unit multifamily property outside Philadelphia, took advantage of low interest rates and refinanced with $14.1 million from Peapack Gladstone Bank. Eastern Union Funding brokered the loan.

Investor Philip Balderston, who specializes in turning around distressed properties, bought Edgely Estates through a limited partnership last year. With interest rates set to rise in 2015, he took this opportunity to refinance, locking in a 3.125 percent interest rate without recourse, according to Eastern Union. The loan has a term of five years. Read More

Mortgage Observer

C&W to Buy Massey Knakal For $100M: Source [Updated]

Cushman & Wakefield is rumored to be close to purchasing investment sales and mortgage brokerage Massey Knakal Realty Services in its entirety for $100 million. A source with knowledge of the deal said the purchase should close on New Year’s Eve.

New York-based Massey Knakal had hired financial services firm Perella Weinberg Partners to sell either a 49 percent stake in it or the entire firm last month, according to previous reports. Read More

Mortgage Observer

Silverstein Recaps 1177 Avenue of the Americas

1177 Avenue of the Americas (photo courtesy of CoStar)

Silverstein Properties recapitalized Midtown office property 1177 Avenue of the Americas, taking a $360 million loan from Deutsche Bank and CCRE, records filed with the city yesterday show.

A spokesperson for the Silverstein confirmed the deal, but declined to comment on the interest rate. Prior reports say that the developer was set to nab a “sub 3 percent,” rate, however. Read More

Mortgage Observer

Samson Refinances Multifamily Portfolio With $155M From Chase

45-54 41st Street.

Chase Commercial Term Lending East provided a $155.4 million loan package to Rego Park-based Samson Management to refinance a portfolio of 12 multifamily properties in Queens and Westchester County, Mortgage Observer has first learned.

The loans from Chase went to pay off $110 million in debt from Sovereign Bank—now Santander Bank—which closed in April 2010. The new loan package carries a five-year fixed interest rate in the low 3 percent range with a 25-year amortization after the initial five-year term, according to the borrower. Read More

Mortgage Observer

Nightingale Buys Philadelphia Mixed-Use Building With Starwood Loan

1835 Market Street.

New York-based Nightingale Group acquired a mixed-use office and retail property at 1835 Market Street in Philadelphia with a $90 million loan from Starwood Property Trust, two people familiar with the deal told Mortgage Observer exclusively.

Nightingale acquired the 29-story building from a joint venture between Clarion Partners and the California Public Employees’ Retirement System for about $100 million, they said. The acquisition marks Nightingale’s third investment in Philadelphia’s central business district since 2011. Read More