Article List

Market Volatility "Closes' the CLO Market

Fri, 14 Dec 2018
Bridge Investment pulled a $600 million CLO from the market last Friday as investor jitters about weakness in the stock and broader bond markets spilled over into the sector.When soft buy-side demand widened out the prospective spreads to uneconomical levels, Bridge and bookrunners J.P. Morgan and Barclays opted to delay the offering, which was collateralized by floating-rate loans on transitional properties.Bridge will likely try again in a...



CMBS Spreads Blow Out to Highs for Year

Fri, 14 Dec 2018
Commercial MBS dealers were trying to wrap up 2018’s last two conduit offerings this week as spreads gapped out to highs for the year.A UBS syndicate was shopping the benchmark class of a $646.5 million offering at 107-bp area over swaps (UBSCM 2018-C15). Meanwhile, a group led by Morgan Stanley was pitching the comparable long-term super-seniors of a $796.8 million offering at a spread of 104-bp area (MSC 2018-H4).Those transactions came...



Witkoff Eyes Loans on New NY, Calif. Hotels

Fri, 14 Dec 2018
Witkoff Group partnerships are looking to line up some $550 million of debt on a trendy New York hotel and another under development in California.The floating-rate loans would be backed by the Public Hotel, which opened last year on Manhattan’s Lower East Side, and the Edition West Hollywood, expected to be completed in a few months. Witkoff and its partners are taking quotes on a loan of about $300 million on the California property and...



REIT Maps Debut in Conduit Sector

Fri, 14 Dec 2018
The securitization market is about to see the first new loan contributor to a conduit deal in more than two years.Miami-based 3650 REIT will contribute roughly half the collateral of an $800 million offering that bookrunner Credit Suisse will bring to market next month. The mortgage REIT will also retain the B-piece.The company, led by industry veterans Toby Cobb, Justin Kennedy and Jonathan Roth, mapped out a securitization program in April with...



Morningstar Cuts 2 Senior Staffers

Fri, 14 Dec 2018
Morningstar has let go Frank Innaurato and Barbara Hoeltz, commercial MBS veterans who spent the last few years in senior roles focusing on quality control across the ratings agency.Their last day was Nov. 30. The two senior vice presidents were informed a few days earlier that their jobs had been eliminated as part of a staff reorganization, and that no other suitable positions were available for them. Both said they plan to pursue opportunities...



Buyer of DC Building Seeks Financing

Fri, 14 Dec 2018
CBRE Global Investors is seeking about $240 million of floating-rate debt to finance its pending acquisition of a Washington office building.The investment manager has agreed to buy the 612,000-square-foot Warner Building from a partnership between JBG Smith and Canada Pension Plan for about $380 million.Eastdil Secured is brokering the sale and also pitching the financing assignment for Los Angeles-based CBRE Global. The debt could include a...



Debt Eyed on Revamped NY Offices

Fri, 14 Dec 2018
A partnership between Related Cos. and GreenOak Real Estate is seeking up to $175 million of debt on two recently redeveloped buildings in Queens, N.Y.The properties encompass 349,000 square feet of office and retail space in the Long Island City section. The preference is for floating-rate mortgages with terms of five years, including extension options. A portion of each loan would be funded down the line, mainly to cover leasing costs at the...



Data-Sharing Startup Adding to Staff

Fri, 14 Dec 2018
Prokore, the commercial real estate analytics shop founded recently by former Morgan Stanley executive John Sherman, plans to double its fledgling staff within six months or so.The most recent addition to the New York firm was software developer Robert Tjia, who signed on as chief technology officer about two weeks ago. He joined Sherman and lead engineer Darren Milun, bringing the startup’s roster to three full-timers and five who work on...



3 Banks Take Slices of LA Office Loan

Fri, 14 Dec 2018
Three more banks have taken down pieces of a loan to Brookfield Property, part of the refinancing of its Wells Fargo Center complex in Los Angeles.The syndication of the $290 million mortgage on the 1.1 million-square-foot South Tower wrapped up about two weeks ago with Aozora Bank, Emigrant Savings Bank and First Commercial Bank of Taiwan joining the lending group.Helaba Bank led the loan as administrative agent, with Barclays and Natixis...



JP Morgan, Axonic Fund Ohio Tower

Fri, 14 Dec 2018
J.P. Morgan and Axonic Capital teamed up last week to originate a $100 million debt package on a Cleveland office tower owned by Wolstein Group.The two-year floater, which has three one-year extension options, is backed by the 456,000-square-foot Ernst & Young Tower, at 950 Main Avenue.J.P. Morgan funded the debt package’s senior portion, which it may securitize. Axonic, a high-yield shop in New York, took down the mezzanine debt. The...



Approved Primary, Master and Special Servicers

Fri, 14 Dec 2018
The listing below shows commercial mortgage servicers rated by S&P, Fitch, DBRS, Morningstar and Kroll.Primary servicers, also called sub-servicers or loan servicers, handle individual mortgages that collateralize commercial MBS. Master servicers oversee primary servicers. Special servicers are responsible for securitized mortgages that become distressed and any resulting foreclosed properties.S&P rates servicers as: “Strong,”...



Prime Lines Up B-Piece Purchase

Fri, 14 Dec 2018
Prime Finance has circled the tradable B-piece from an upcoming conduit deal.The New York high-yield shop agreed to buy the junior portion of an offering by Wells Fargo, Bank of America and Morgan Stanley (BANK 2019-BNK16).The three banks behind the BNK program typically share the risk-retention obligation for their transactions by collectively retaining a vertical strip of bonds, amounting to 5% of each class. A B-piece buyer taking the other...



The Grapevine

Fri, 14 Dec 2018
Armada Analytics has named Matt Legge as chief executive, effective Jan. 1. Legge had been head of underwriting for Fannie Mae and Freddie Mac lending programs at Capital One, where he spent nine years. Armada specializes in mortgage and debt analysis, including underwriting, asset management, closings, insurance reviews and other due-diligence services. Legge will report to chairman Zack Devier, who founded the Greenville, S.C., firm as Agency...



The Grapevine

Fri, 14 Dec 2018
Lightstone Group is launching a high-yield debt platform and has hired Eugene Rozovsky as a senior vice president to run it. Rozovsky, who started at the New York real estate firm last week, is responsible for developing and managing the program, which will include originating senior mortgages, mezzanine loans and preferred equity. He reports to president Mitchell Hochberg. Rozovsky joined from Madison Realty Capital, a New York debt-fund...



The Grapevine

Fri, 14 Dec 2018
Originator Harvey Lederman joined Acres Capital last month as a managing director. The Westbury, N.Y., shop writes bridge and permanent loans on a variety of property types. Lederman previously worked at Peloton Advisors of New York for about a year and a half. Earlier, he spent more than seven years at Rialto Capital and five years at Arbor Realty.



The Grapevine

Fri, 14 Dec 2018
Longtime industry consultant Richard Piper has joined Quantum Capital Markets, a Chicago advisory shop led by managing principal Stuart Salins. Piper started last month as a managing director. He previously consulted on commercial real estate matters, including property management and financing, as president of Chicago-based American Institutional Advisors. Quantum handles loan sales and lines up preferred equity and subordinate debt for...



The Grapevine

Fri, 14 Dec 2018
Trepp has hired product-management specialists Kaushik Pattamadai and Faruk Ozdemir to work on its data and analytics offerings. Pattamadai came from Morningstar, where he spent the last seven years. He’s a vice president reporting to Trepp’s chief product officer, Steve Baumgartner. Ozdemir, an assistant vice president, previously worked at New York research firm REIS. At Trepp, he answers to vice president Avneet Singh. Meanwhile,...



The Grapevine

Fri, 14 Dec 2018
Newmark wants to add a couple of capital-markets specialists to its team in New York. The brokerage is looking to hire at the vice president and analyst levels. Candidates for the vice president position should have 3-6 years of experience in a banking or brokerage environment. The analyst post requires at least 1-2 years in a similar role. The recruits would report to Dustin Stolly and Jordan Roeschlaub, vice chairmen and co-heads of...



The Grapevine

Fri, 14 Dec 2018
SteepRock Capital is looking to hire an associate for its investment team in Greenwich, Conn. The recruit would assist in underwriting, due diligence and loan closings. Candidates with at least two years of relevant experience can apply at jobs@steeprockcapital.com..END



EU Risk-Rule Snafu Unsettles CMBS Market

Fri, 07 Dec 2018
A new revision to the European Union’s risk-retention rules for securitizations has thrown a curveball at the U.S. commercial MBS market.The revision, which takes effect on Jan. 1, includes a provision that effectively prohibits a B-piece buyer from fulfilling the risk-retention requirement on a U.S. deal if a European lender contributes collateral.The E.U. has said the provision was included inadvertently and has advised the regulators of...



No Shakeout Seen in Hot Bridge-Loan Market

Fri, 07 Dec 2018
Even after a few years of explosive growth, nonbank lenders don’t foresee a shakeout in the bridge-loan market anytime soon.The lenders acknowledge that the sector has gotten crowded and that increasing competition is making it difficult to amass market share. And some see signs of overheating. But the consensus is there’s still room for growth before the field of players starts winnowing.That conclusion is drawn from interviews...



Wells in Line to Finance Midtown Tower Deal

Fri, 07 Dec 2018
Wells Fargo has the inside track to originate a mortgage of about $400 million on One Dag Hammarskjold Plaza in Manhattan.The loan would finance Rockpoint Group’s roughly $600 million acquisition of the 815,000-square-foot office tower from Ruben Cos. Rockpoint has given Wells the preliminary go-ahead. But details, including the exact proceeds, are still being hammered out.The loan is expected to be a five-year floater. It’s unknown...



Buyers Cautious Amid Market Turmoil

Fri, 07 Dec 2018
Volatility in the stock and bond markets this week slowed the marketing campaigns for two conduit deals.The transactions were initially slated to price by today, but commercial MBS traders and investors said yesterday that the dealers might be unable to round up buyers until early next week.The larger offering is backed by $1.1 billion of loans from J.P. Morgan, Deutsche Bank, Goldman Sachs and Citigroup (BMARK 2018-B8). The other is an $833.9...



Refi Sought for Midtown NY Offices

Fri, 07 Dec 2018
Global Holdings is in the market for as much as $330 million of debt on the office building at 875 Third Avenue in Midtown Manhattan.The 719,000-square-foot property is virtually fully leased. Global, headed by Israeli billionaire Eyal Ofer, is seeking longer-term debt, in the range of 7-10 years. The proceeds level and other specifics are somewhat fluid.The refinancing would retire a mortgage that Bank of America originated in 2015. The initial...



Silverpeak Circles Horizontal Strip

Fri, 07 Dec 2018
Silverpeak Argentic has agreed to buy its sixth B-piece of the year.The high-yield investment shop will purchase the nontradable horizontal strip at the bottom of the capital stack of an upcoming conduit offering led by Morgan Stanley (MSC 2018-H4). Silverpeak will also contribute loans to the collateral pool, along with Morgan Stanley, Starwood Mortgage, KeyBank and CCRE.Silverpeak will fulfill the transaction’s risk-retention requirement...



Fresh Debt Eyed for Washington Hilton

Fri, 07 Dec 2018
An Oaktree Capital partnership is in talks with lenders about refinancing the Washington Hilton with a mortgage of about $225 million.Los Angeles-based Oaktree owns the 1,070-room hotel in a joint venture with Clearview Hotel Capital of Newport Beach, Calif. They’re seeking floating-rate debt with a term of 5-7 years, and are expected to lock in a deal in the coming weeks. The leverage would be about 66%, pointing to a valuation of around...



Midland Reshapes Management Team

Fri, 07 Dec 2018
Midland Loan Services has reorganized its senior staff, as executive vice president Steve Smith plans to retire at yearend.Smith, who co-heads the PNC subsidiary with executive vice president Stacey Berger, joined the bank 27 years ago. He has been Midland’s head of operations since 2006, overseeing commercial-mortgage servicing and the asset-management business — as well as a technology platform that integrates a number of...



Key Writes Maryland Apartment Loan

Fri, 07 Dec 2018
KeyBank has originated $50.9 million of Fannie Mae debt to help finance the purchase of a Maryland multi-family complex.The mortgage is backed by the 376-unit Woodvale Apartments, in Silver Spring. The fixed-rate loan runs 15 years, with interest-only payments for the first 12 years. After that, it amortizes on a 30-year schedule.The debt closed in the past couple of weeks in conjunction with the sale. The borrower, investment firm Orlo Fund of...



SocGen Shops Slices of Chicago Loan

Fri, 07 Dec 2018
Societe Generale is syndicating a roughly $220 million mortgage backed by an office property in downtown Chicago.The bank provided the seven-year floater on the building at 161 North Clark Street within the past month or so. It’s now looking to sell an unknown amount of the debt via syndication to a handful of other lenders.The collateral is a 1.1 million-square-foot tower in the Central Loop. The owner, a group of investors led by Korea...



Trimont Adds Asset-Management Staff

Fri, 07 Dec 2018
Trimont Real Estate has expanded its asset-management team with four recent hires.The advisory firm added two directors at its Atlanta headquarters and two in Dallas, all since mid-October.In Atlanta, Molly Parnes moved over from regional multi-family owner-operator Radco Cos., where she was an asset manager, serving with the firm for about four years. And Philip Hendrix rejoined the company after spending about a year as a portfolio manager at...



CMBS Troubled-Loan Rates Dip Again

Fri, 07 Dec 2018
The credit quality of securitized commercial mortgages improved again last month, as the special-servicing volume and the total of past-due loans dipped by almost $200 million each.The aggregate balance of CMBS debt in the hands of special servicers slid to $18.4 billion as of Nov. 30, from $18.6 billion a month earlier, according to Trepp.Factoring in paydowns, the volume of delinquent loans collateralizing deals rated by Fitch dropped to $9.5...



The Grapevine

Fri, 07 Dec 2018
The co-heads of investment management at Colony Capital, managing directors Robert Gatenio and Sujan Patel, have resigned. Gatenio departed late last month from the Los Angeles firm and as board chairman at a REIT it manages, NorthStar Healthcare Income. A couple of weeks earlier, Patel left his posts at Colony and another of its REITs, Colony Credit Real Estate. The buzz is that the departures were part of an ongoing shake-up at Colony. Chief...



The Grapevine

Fri, 07 Dec 2018
Curtis Jaggars joined Hamilton Realty Finance this week. He lines up both debt and equity for the Dallas shop’s clients. Jaggars previously worked at JLL since its 2013 acquisition of Quadrant Realty Finance, where he had spent three years. Earlier, he had a 19-year stretch at Catlyn Capital of Dallas. His latest move reunites Jaggars with four of his former JLL colleagues — Randall Fleisher, Hutton Lunsford and Jeff Zickefoose, now...



The Grapevine

Fri, 07 Dec 2018
DBRS has added two experienced commercial MBS analysts to focus on new-issue ratings. They started Monday, when Chandan Banerjee came aboard as a senior vice president in New York and John Amman rejoined the agency as a vice president in Chicago. Banerjee reports to Edward Dittmer and Amman answers to Kevin Mammoser, both senior vice presidents. Banerjee moved over from Morningstar, where he held the same title. Before joining that agency in...



The Grapevine

Fri, 07 Dec 2018
After six months at Natixis in New York, Shirley Cheng has returned to the buy side. She started about two weeks ago as a director at Genworth Financial in Stamford, Conn., overseeing research on CMBS investments. At Natixis, which she left in October, Cheng served as a director in a syndication group that places bonds and subordinate debt tied to CMBS issues. She previously spent just over 10 years at TIAA in New York and was a director in its...



The Grapevine

Fri, 07 Dec 2018
Deutsche Pfandbriefbank is adding a senior underwriter in New York. Ying Garcia Bory will start next month, moving over from another German bank, Helaba, where she spent 17 years in a credit risk management role. Before that, Garcia Bory worked at Fleet Bank for about nine years. Her hiring comes as Deutsche Pfandbriefbank is building out its lending operation in the U.S. The bank was spun off from Hypo Real Estate of Munich a few years ago. Two...



The Grapevine

Fri, 07 Dec 2018
PPM America is looking to fill a newly created vice-president position in its commercial real estate group. The recruit would help kick-start the firm’s high-yield lending business by assisting with originations, underwriting and portfolio management, in addition to third-party asset management and marketing. The post is at the Chicago headquarters of the investment manager, which has $110 billion of assets under management. Send resumes to...



The Grapevine

Fri, 07 Dec 2018
Capital One wants to add a senior underwriter in New York to lead a team of 5-6 people that underwrites secured loans to institutional clients, including fund managers and REITs. Contact Marlene Schwartz at marlene.schwartz@capitalone.com.



DivcoWest Seeks Loan for Cambridge Project

Fri, 30 Nov 2018
DivcoWest is looking to secure some $700 million of construction debt for a portion of a massive mixed-use project in Cambridge, Mass.The proceeds from the floating-rate loan would be used to develop two buildings, encompassing nearly 800,000 square feet of office and laboratory space, in the sprawling Cambridge Crossing complex. DivcoWest began shopping for the debt within the past week or so, via Eastdil Secured.Plans call for one building with...



High-Yield Lender Raises Equity to Expand

Fri, 30 Nov 2018
Acres Capital has lined up $500 million of equity for its expanding bridge-loan program.The Westbury, N.Y., shop targets the high-yield end of the bridge-loan market. For example, it finances properties that are under construction, in “heavy” transition or are being adapted to other uses. The focus is the middle market, with loans typically ranging in size from $5 million to $50 million.Acres just closed on the equity commitment from...



Tight Supply Propping Up Yields on B-Pieces

Fri, 30 Nov 2018
Spreads on mezzanine commercial MBS have widened in recent weeks, but B-pieces are bucking the trend.The below-investment-grade portions of conduit deals are being insulated from the price softening by a combination of tight supply and strong demand.Since Labor Day, the spreads on triple-B-minus conduit paper have consistently drifted wider, from about 250 bp over swaps to about 310 bp. Normally, movement of that magnitude would push B-piece...



Key Spread Widens; Deal Flow Slows

Fri, 30 Nov 2018
The benchmark conduit spread hit its highest level of the year this week, while the pace of commercial MBS issuance slowed sharply after a busy month.The spread was 100 bp over swaps on the long-term super-senior bonds from a $650.9 million offering, led by UBS, Societe Generale, Cantor Fitzgerald and Natixis, that priced on Tuesday (UBSCM 2018-C14). That was up from dealers’ guidance of 98-bp area and marked the first triple-digit print on...



LBBW Circles Manhattan Office Loan

Fri, 30 Nov 2018
A German bank is in line to provide around $160 million of debt backed by the leasehold interest in a new office building at 61 Ninth Avenue in Manhattan.Landesbank Baden-Wurttemberg is expected to originate the mortgage for a partnership between Vornado Realty and Aurora Capital Associates, both based in New York. The 165,000-square-foot building, in the Meatpacking District, was completed this year.Specific terms of the loan couldn’t be...



Chicago Builder Taps Mack, JP Morgan

Fri, 30 Nov 2018
Mack Real Estate and J.P. Morgan have originated a $125.5 million loan aimed at enabling a Sterling Bay Cos. partnership to complete pre-development work for a massive mixed-use project in Chicago’s Lincoln Park neighborhood.The floating-rate debt refinanced a loan from Mack and another lender that backed the acquisition of the 31.7-acre site and initial pre-development. Chicago-based Sterling Bay and its partner, Lone Star Funds of Dallas,...



Sabal Debt Fund Holds a First Close

Fri, 30 Nov 2018
Sabal Capital has raised $110 million of initial equity for its second debt fund.The vehicle, SIH Debt Opportunities Fund 2, will invest in small-balance bridge and fixed-rate loans, as well as Freddie Mac B-pieces. Roughly $75 million of the capital is expected to be invested by yearend. The overall equity goal is $500 million.The fund’s investment parameters reflect an expanded scope for Sabal. The unleveraged predecessor vehicle, which...



Crescit Unveils Bridge-Loan Program

Fri, 30 Nov 2018
Crescit Capital Strategies is rolling out a bridge-loan program that’s expected to write $750 million to $1 billion of middle-market loans over the next year.The New York shop, founded in March by chief executive Joseph Iacono and three other industry veterans, will originate mortgages of $5 million to $50 million for acquisitions and recapitalizations of various property types in and around primary and major secondary markets. The mostly...



Gramercy Buyout Loan Has Mezz Piece

Fri, 30 Nov 2018
The balance-sheet financing tied to Blackstone’s takeover of Gramercy Property includes a $450 million mezzanine component.That debt is subordinate to a $1.2 billion floating-rate mortgage backed by 96 properties, a portion of the mainly industrial portfolio Blackstone assumed via its $7.6 billion acquisition of Gramercy, a New York REIT.As previously reported, three banks are in the process of syndicating the senior loan, which has a...



Mesa West Finances Calif. Rental Deal

Fri, 30 Nov 2018
Mesa West Capital has written a $79.5 million mortgage to help finance the acquisition of a new apartment property in California’s Orange County.The floating-rate loan runs five years. It’s backed by the 280-unit Fusion, an upscale complex in Irvine. The borrower, Olympus Property of Fort Worth, Texas, bought the complex from developer 360 Residential of Atlanta. CBRE arranged the financing, which closed when the property changed...



Annaly Backs Medical Offices in Calif.

Fri, 30 Nov 2018
Annaly Commercial Real Estate has originated a $47 million floating-rate loan on a medical-office complex in Southern California.The borrower, Meridian Property of San Ramon, Calif., used most of the proceeds to retire existing debt on the 115,000-square-foot Cotton Medical Center, in Pasadena. It will draw down the balance over time to defray the cost of upgrades. The mortgage has a four-year term and a one-year extension option. Annaly, a New...



Trade Groups Seek Bank-Rule Tweaks

Fri, 30 Nov 2018
Industry groups are calling on federal regulators to revise or clarify some of the proposed new rules for risk-based capital charges tied to commercial real estate construction loans.The CRE Finance Council, Mortgage Bankers Association and Real Estate Roundtable praised the bulk of the proposal in separate letters sent just ahead of Tuesday’s deadline for public comment. The new rules would resolve many long-standing questions about what...



The Grapevine

Fri, 30 Nov 2018
Clarion Partners has added a senior vice president to its special-situations debt group. Noam Sheps started last month at the New York investment manager’s headquarters, sourcing and managing debt investments. He reports to managing director Donald Sheets, who serves as the strategy’s portfolio manager. Sheps came from fund manager Westport Capital of Wilton, Conn., where he spent 12 years working on distressed, opportunistic and...



The Grapevine

Fri, 30 Nov 2018
Senior vice president Dave Sondesky has resigned from Morningstar’s commercial MBS group in Horsham, Pa. His last day is today. Sondesky starts Monday with the same title at Arbor Realty in nearby Conshohocken, Pa. Reporting to senior vice president Bill O’Brien, Sondesky will help arrange, underwrite and structure Fannie Mae and Freddie Mac loans. He’s among several CMBS staffers that have recently left Morningstar’s...



The Grapevine

Fri, 30 Nov 2018
Cushman & Wakefield hired two debt brokers on the West Coast last week. Director Brian Share and senior associate Joseph Lieske joined the brokerage’s debt, equity and structured-finance group in Los Angeles. Both jumped from the local origination office of Deutsche Bank. Share had spent seven years with the bank, while Lieske was there for three-and-a-half years. They report to executive managing director Rob Rubano, who joined over the...



The Grapevine

Fri, 30 Nov 2018
David Browne joined Sabal Capital this week as chief financial officer. The hiring comes as the Irvine, Calif., company gears up for expansion following the recent acquisition of a majority stake by Stone Point Capital of Greenwich, Conn. (see article on Page 4). Browne most recently was chief financial officer of a restaurant-franchise company Mountain Mike’s Pizza of Newport Beach, Calif. Before that, he was a partner at private equity...



The Grapevine

Fri, 30 Nov 2018
Shidler Group has dropped plans to issue a roughly $500 million securitization of floating-rate hotel debt. The two-year loan, with three one-year extension options, would have replaced existing debt on some four or five dozen limited-service hotels around the U.S., mostly in secondary markets. It’s unclear why Shidler changed course, and whether the properties have been or will be refinanced another way. Honolulu-based Shidler was expected...



The Grapevine

Fri, 30 Nov 2018
Waypoint Residential has hired Ryan Carlson to head up acquisition financing. He started a week ago at the Stamford, Conn., headquarters of the multi-family investment and development shop. Carlson previously spent about nine months at New York brokerage MLK Real Estate Capital, and before that worked at Cushman & Wakefield for several years. At Waypoint, he’s responsible for lining up debt for acquisitions and for refinancings of the...



The Grapevine

Fri, 30 Nov 2018
Goldman Sachs is looking for real estate finance professionals at the associate and vice-president levels to join its expanding European operation. The recruits would join a team in London that underwrites and distributes commercial mortgage debt across Europe. Candidates need at least four years of experience for the associate roles and eight years for the vice-president posts. Apply at...



Lenders: Loan-Spread Slide May Be Ending

Fri, 16 Nov 2018
Balance-sheet originators are seeing encouraging signs that spread compression, which has been eating into their profitability over the last year, is finally beginning to ease.While benchmark interest rates have been rising, stiff competition for commercial mortgages has restrained pricing on new loans, squeezing lenders’ margins. But in recent weeks, that trend of tightening spreads has appeared to level off, a number of lending pros...



B-Piece Buyers Explore Risk-Rule Flexibility

Fri, 16 Nov 2018
High-yield investors are exploring a way to reduce their equity outlays for nontradable B-pieces, which are becoming more prevalent in the conduit sector.Investors are consulting with lawyers to determine the feasibility of bringing in a minority partner without subjecting that party to the restrictions imposed by risk-retention regulations.The move is being prompted by a shift in the conduit market toward deal structures that enable an issuer to...



Developer Seeks Loan on New DC Complex

Fri, 16 Nov 2018
The owner of a big mixed-use development in Washington is looking to line up an $800 million mortgage on the completed first phase.The 2.2 million-square-foot complex, called The Wharf, lies on 24 acres of city-owned land along Maine Avenue in the South Waterfront section of Southwest Washington. The developer is a joint venture among PSP Investments, Madison Marquette and PN Hoffman. The trio is shopping for a five-year loan via broker Eastdil...



Rialto Employs Twist in Conduit Deal

Fri, 16 Nov 2018
Rialto Capital took an unusual route to being named the “retaining sponsor” of a $770.2 million conduit deal that Credit Suisse was marketing this week.Normally, a retaining sponsor originates a portion of a conduit offering’s collateral pool. But in this case, Rialto is contributing $109.7 million of loans that it acquired from another originator — Benefit Street Partners. It’s evidently the first time that maneuver...



Conduits Dominate Flurry of Deals

Fri, 16 Nov 2018
Bond buyers had plenty to choose from this week as commercial MBS dealers marketed four conduit offerings and a single-borrower deal backed by a loan on the Fontainebleau Miami Beach hotel.One of the conduit deals was on the verge of pricing yesterday. That $1.1 billion offering is backed by loans supplied by Morgan Stanley, Wells Fargo, Bank of America and NCB (BANK 2018-BNK15). The spread on the benchmark bonds was tentatively set at 90 bp over...



Loan Sought to Recap Virginia Offices

Fri, 16 Nov 2018
A newly formed Rockpoint Group partnership is seeking $248 million of debt in connection with the recapitalization of a Northern Virginia office portfolio.The Boston fund operator and Brandywine Realty have tapped Eastdil Secured to line up floating-rate financing with a total term of five years. The loan would be backed by 1.3 million square feet at eight properties near Dulles International Airport, valued together at $312 million.About $208...



Deutsche, Artemis Lend on Calif. Hotel

Fri, 16 Nov 2018
Deutsche Bank and Artemis Real Estate have originated a $71 million fixed-rate debt package on a hotel in California’s Orange County.The 10-year, interest-only loan is backed by the 375-room Embassy Suites by Hilton Anaheim South, in Garden Grove, Calif. The debt is split into a $56 million senior mortgage that Deutsche is likely to securitize and a $15 million junior component taken down by Artemis, a Chevy Chase, Md., fund operator.The...



Buyers Pounce on Fresh REIT Paper

Fri, 16 Nov 2018
Investors scooped up the first two REIT-bond deals in almost a month, enabling dealers to achieve higher prices than expected on a $1 billion offering by Boston Properties and a $400 million issue by Kilroy Realty.Both office REITs marketed the 10-year paper as “green” bonds. While the proceeds will be used to refinance outstanding debt, the companies pledged to allocate equivalent amounts of capital to environmentally friendly...



Kroll Sets Sights on European CMBS

Fri, 16 Nov 2018
With a methodology for rating European commercial MBS now in place, Kroll has begun fielding requests for preliminary feedback on upcoming deals in that market.The methodology, unveiled Nov. 7, enables the agency to evaluate European deals for the first time. Kroll entered the CMBS sector in 2011 and ranked second at midyear among the six rating agencies that graded U.S. transactions.It’s now seeking to break into a market that has shown...



Omega Shops B-Note on Georgia Mall

Fri, 16 Nov 2018
Omega Advisors is selling an $18.2 million B-note that could allow the buyer to purchase the $103.9 million of senior securitized debt on an overleveraged mall near Atlanta.The 1.2-million-square-foot Sugarloaf Mills is owned by a joint venture between Simon Property of Indianapolis and Farallon Capital of San Francisco. While continuing to make monthly payments on both notes, the borrower hasn’t been able to refinance the $122.1 million of...



Key Finances Northern Calif. Hotel

Fri, 16 Nov 2018
KeyBank originated a $55 million fixed-rate loan this week on a beachfront hotel 75 miles south of San Francisco.The 165-room Dream Inn, in Santa Cruz, Calif., is owned by a joint venture between Boston investment manager AEW Capital and Ensemble, a Phoenix real estate investor.The interest-only loan has a 10-year term. Key will securitize it in an upcoming conduit deal.The Dream Inn is at 175 West Cliff Drive. The hotel has been renovated and...



Dallas Shop, PGIM Form Alliance

Fri, 16 Nov 2018
PGIM Real Estate Finance has formed a correspondent-lender relationship with Hamilton Realty Finance in an effort to boost its multi-family originations.Hamilton, a Dallas advisory shop and brokerage, will line up deals that fit PGIM’s investment criteria. The unit of Prudential could then fund the mortgages via any one of its multiple balance-sheet or agency-lending programs.Hamilton was started in late 2016 by Randy Fleisher and Hutton...



Acore Backs Industrial Recap in NJ

Fri, 16 Nov 2018
Acore Capital wrote a $90 million debt package this month that financed the recapitalization of an industrial portfolio in Carteret, N.J.Under the recap, V. Paulius & Associates gained full ownership of the portfolio, which encompasses four properties totaling 791,000 square feet that it developed. The Allendale, N.J., shop bought out its partner, Phoenix mining conglomerate Freeport McMoRan, which held a 50% leasehold interest and sole ownership...



The Grapevine

Fri, 16 Nov 2018
Industry veteran Mary Kunka joined Hunt Real Estate Capital last month as a managing director in New York. She previously spent five years at UBS, where she was a managing director and head of structuring. She worked for 20 years at Lehman Brothers before leaving in 2010.



The Grapevine

Fri, 16 Nov 2018
Structured-product trader Raphael Gonzalez left Performance Trust Capital this week to join Monticello Asset Management as a managing director and portfolio manager in the bridge lender’s New York headquarters. As a director in Performance Trust’s Greenwich, Conn., office, Gonzalez helped underwrite Monticello’s securitizations of bridge loans on properties that are likely to be refinanced later via HUD mortgages. He had started...



The Grapevine

Fri, 16 Nov 2018
Three debt specialists jumped this month to CBRE from Marcus & Millichap in the Pacific Northwest. Bob Morey, a senior vice president, is splitting his time between Seattle and Portland, Ore., and reporting to executive managing director Jeff Majewski. Morey was a capital-markets specialist at Marcus & Millichap for nearly two years, and before that worked at HFF and Johnson Capital. Also joining CBRE were vice presidents Ryan Mattingly in...



The Grapevine

Fri, 16 Nov 2018
After eight years at Fannie Mae, former commercial MBS trader Ryan Hill is leaving the agency’s Washington headquarters at the end of next week. He’ll start immediately as head of lender relations at RealAtom, a Tysons, Va., startup that connects commercial real estate borrowers and lenders via its online marketplace. He will report to co-founder and chief executive Yulia Yaani. Hill was an agency CMBS trader at Fannie for six years,...



The Grapevine

Fri, 16 Nov 2018
Sarah Bernhisel has left JLL to return to San Francisco advisory firm Barry Slatt Mortgage. She’s a vice president, tasked with lining up debt on a range of property types. She reports to chief executive Dan Friedeberg and president Michael Kaplan. Bernhisel was at JLL for about three and a half years, most recently as a vice president in San Francisco. Before that, she worked for three and a half years in Barry Slatt’s Los Angeles...



The Grapevine

Fri, 16 Nov 2018
Lending veterans Zan Hamilton and Sonny Ko joined Ready Capital last month in Seattle. Both are executive directors focusing on small-balance commercial mortgages in the Pacific Northwest and California. Hamilton was formerly a managing partner at Pacific Lending in Beaverton, Ore., and spent several years as chairman of High Desert Bank in Bend, Ore. Ko was chief executive and managing principal of Commercial Capital Resource in Bellevue, Wash.,...



The Grapevine

Fri, 16 Nov 2018
Brian Osganian left Liberty Mutual last month after spending nearly 10 years at the insurer, most recently as investment finance and operations support manager. The word is he has a new position lined up, but the details couldn’t be learned. Osganian previously worked at SunLife and State Street.



The Grapevine

Fri, 16 Nov 2018
Greystone has an opening for an underwriter in Ohio who would work mostly on HUD-insured loans on multi-family and healthcare properties. The recruit should have at least five years of experience with multi-family lending, preferably including debt on senior-housing properties.



The Grapevine

Fri, 16 Nov 2018
New York brokerage PMZ Realty Capital is looking to hire an associate. Candidates should have at least five years of experience in the hospitality financing business. Contact principal Michael Sonnabend at sonnabend@pmzcapital.com.



Slow CMBS Issuance Seen Through Yearend

Fri, 09 Nov 2018
It looks like the commercial MBS market is going to end the year with a whimper.Only 10 transactions totaling $8.9 billion remain in the pipeline through yearend, according to a survey by Commercial Mortgage Alert. While a few single-borrower transactions could still be added, fourth-quarter issuance is shaping up as disappointing, setting the stage for a year-over-year decline in volume (see “CMBS Deals in the Works,” on Page 9).At...



Goldman Lends $1 Billion on Fontainebleau

Fri, 09 Nov 2018
Goldman Sachs has refinanced the landmark Fontainebleau Miami Beach hotel with a debt package of about $1 billion.The floating-rate package, which just closed, encompasses an $850 million senior loan and roughly $200 million of mezzanine debt.Goldman will securitize the senior component in a stand-alone offering slated to hit the market next week. The mezzanine debt will be placed with high-yield investors. The loan term can range up to five...



Citi Team Syndicating Gramercy Buyout Loan

Fri, 09 Nov 2018
A trio of banks led by Citigroup is looking to syndicate a $1.2 billion loan to Blackstone, part of the financing for the fund shop’s takeover of Gramercy Property.The five-year, floating-rate debt is backed by 96 of the 355 industrial and other properties that made up the holdings of Gramercy, a New York REIT. Citi was joined by Bank of America and Barclays in originating the mortgage, and the three are now talking to other lenders about...



Wider Conduit Spreads Anticipated

Fri, 09 Nov 2018
The prevailing spread on benchmark conduit paper is poised to widen again.As two offerings began marketing this week, “whisper talk” from the dealers late yesterday indicated the benchmark bonds could be shopped at a spread of 90-bp area over swaps. That’s up from the range of 84-87 bp achieved by the long-term, super-senior classes in the previous four conduit issues, which priced from Sept. 21 to Oct. 17.The two deals are a...



Acore Writes $170 Million Loan

Fri, 09 Nov 2018
Acore Capital originated a $170 million floating-rate debt package last month on a portfolio consisting primarily of industrial properties.The borrower, a joint venture between Northstar Commercial of Denver and ALTO Real Estate Funds of New York, used the proceeds to retire existing debt. Walker & Dunlop brokered the loan, which has a five-year term, including extension options. An unspecified portion of the package was structured as mezzanine...



Blackstone Lends on Atlanta Complex

Fri, 09 Nov 2018
Blackstone Mortgage has originated $278.4 million of debt on an Atlanta office/retail complex that’s slated for expansion and repositioning.The loan was closed two weeks ago for a joint venture between Lionstone Investments of Houston and Cincinnati-based North American Properties. It’s backed by Colony Square, an 860,000-square-foot property in the Midtown submarket.A portion of the floating-rate debt was reserved as future funding...



5 Banks Join Citi Syndicate in LA

Fri, 09 Nov 2018
Citigroup lined up five other banks to participate in a $400 million floating-rate loan that it led last week for Brookfield Property on the North Tower of Wells Fargo Center in Los Angeles.The other members of the syndicate are Aozora Bank, Bayerische Landesbank, China Construction Bank, Landesbank Baden-Wurttemberg and Natixis.The loan has a five-year term, including extension options. Citi’s lead role was reported in a Nov. 2 article,...



Buyer Seeks Floater on Midwest Hotels

Fri, 09 Nov 2018
An investment shop is seeking a $103 million floating-rate debt package to finance its pending acquisition of a Midwest hotel portfolio.Lodging specialist Walker Reynolds has agreed to pay the unidentified seller roughly $125 million for eight select-service hotels in Illinois, Nebraska, Minnesota and Wisconsin, totaling 990 rooms. The Littleton, Colo., firm is looking for a five-year loan, with $92 million of the proceeds funded upfront. The...



Invesco Financing NY Office Deal

Fri, 09 Nov 2018
Invesco Real Estate has agreed to lend roughly $150 million to the buyer of a Midtown Manhattan office property.Broad Street Development has agreed to purchase the 312,000-square-foot building, at 370 Lexington Avenue, from Japanese investment manager Unizo Holdings for about $190 million, or $610/sf. Cushman & Wakefield is brokering the sale for Unizo and advising New York-based Broad Street on the loan.Dallas-based Invesco’s floating-rate...



CapitalSource Backs Nevada Project

Fri, 09 Nov 2018
CapitalSource has provided a $41 million loan for the development of an apartment property just outside Las Vegas.The borrower, a partnership between local firm Schulman Properties and Watt Cos. of Santa Monica, Calif., will use the debt to finance construction of a 304-unit complex dubbed Tuscan Highlands. The floating-rate debt from CapitalSource, a unit of Pacific Western Bank, has a total term of five years, including extension options. It...



Special-Servicing Rate Dips to 4.1%

Fri, 09 Nov 2018
The special-servicing rate for securitized commercial mortgages dropped again last month, following the sale of several office properties collateralizing a particularly large loan.The percentage of commercial MBS loans in the hands of special servicers dipped by 8 bp to 4.14%, according to Trepp.Meanwhile, another key measure of CMBS loan performance remained virtually flat last month. The past-due rate among loans collateralizing deals rated by...



Square Mile Backs Chicago Rentals

Fri, 09 Nov 2018
Square Mile Capital originated a $149 million mortgage this week on a new high-rise apartment tower in Chicago.The developer, a group led by Magellan Development of Chicago, used the proceeds to retire construction financing and preferred equity on the 442-unit Gallery on Wells, at 167 West Erie Street in the trendy River North district. The rate type and term couldn’t be learned.The luxury apartments range in size from studios to three...



The Grapevine

Fri, 09 Nov 2018
Matt R. Jacobs joined Benefit Street Partners last week as a director, reporting to commercial real estate chief Michael Comparato. Jacobs’ duties include originating and underwriting conduit and bridge loans, as well as assisting in the formation of the firm’s new equity-investment platform. Jacobs left Hodges Ward Elliott’s capital-markets group last month after about a year and a half. Previously, he worked with Comparato...



The Grapevine

Fri, 09 Nov 2018
John Marshall started this week as a director at HFF. He moved over from NorthMarq Capital, where he worked for about two and a half years. He remains based in Newport Beach, Calif. Marshall reports to executive managing director Kevin MacKenzie, who helps oversee HFF’s Orange County office. At NorthMarq, Marshall helped line up debt from a variety of lenders, including insurers, agency originators and securitization shops. Before that, he...



The Grapevine

Fri, 09 Nov 2018
Marcus Perry joined Ready Capital this month as a director on the loan-originations team. He focuses on fixed-rate, bridge and Freddie Mac small-balance loans. Perry spent the past year as an originator at Inland Mortgage Capital. He had earlier stints at Barclays, UBS and Credit Suisse in loan-structuring, underwriting and origination roles. Ready Capital was formerly known as ReadyCap...



The Grapevine

Fri, 09 Nov 2018
Tishman Speyer is seeking an associate or director with 3-6 years of experience to work in its debt capital-markets group in New York. The recruit would assist in marketing, negotiating, and closing loans on properties and development projects nationally. Applicants can submit resumes atwww.tishmanspeyer.com/careers.



The Grapevine

Fri, 09 Nov 2018
The national lending group at Pacific Western Bank would like to hire two staffers in New York to underwrite and analyze bridge-loan transactions. One of those openings, for a senior loan associate, calls for 3-5 years experience in commercial-mortgage closings. The other, for a loan administrator/closer, requires at least three years of experience in that area. The Los Angeles bank also seeks to add an analyst in Beverly Hills with a one-year...



The Grapevine

Fri, 09 Nov 2018
Ladder Capital is looking for two mid- to senior-level commercial mortgage underwriters to work at its New York headquarters. The positions require 7-10 years of relevant experience. Apply at careers@laddercapital.com.



The Grapevine

Fri, 09 Nov 2018
Silverpeak Argentic wants to hire a capital-markets analyst with 1-3 years of experience. The recruit would help with securitization and pricing/structuring, reporting to capital markets head Mike Schulte. Candidates can submit resumes to Christina Kuch at ckuch@argenticmgmt.com.



The Grapevine

Fri, 09 Nov 2018
Natixis has an opening on its commercial MBS syndicate desk in New York. The recruit would help prepare marketing materials, distribute new issues and syndicate related subordinate debt. Duties also include maintaining relationships with investors and assisting in determining marketing and pricing strategies. Applicants should have two years of relevant experience. Contact recruiting manager Susan Bella at...



The Grapevine

Fri, 09 Nov 2018
Bank of America is looking to add several associates and analysts to its CMBS team. One opening is in New York, where the recruit would help with structuring and securitizing loans. The others would work in Newport Beach, Calif., supporting senior bankers in the origination, underwriting and closing of conduit loans. Send resumes to managing director Leland Bunch at...



Tighter Curbs on Agencies Expected for 2019

Fri, 02 Nov 2018
Agency lenders expect the Federal Housing Finance Agency to take another crack at reducing the multi-family mortgage shares of Fannie Mae and Freddie Mac.In a bid to curb record-breaking loan purchases by the two agencies, the regulator this year reduced the purchase limits on some types of debt and narrowed the eligibility rules for fast-growing “green” loans. But the changes have seemingly had little impact, leaving the sector on...



JP Morgan, Wells Land 4 Times Square Loan

Fri, 02 Nov 2018
The lending syndicate is starting to take shape for a $900 million floating-rate mortgage on the Durst Organization’s leasehold interest in the office building at Four Times Square in Manhattan.Durst has tapped J.P. Morgan and Wells Fargo as co-leads of the floating-rate loan. A third co-lead may also be in the mix. The lead banks are talking to other lenders that might take down pieces of the loan. New York-based Durst is arranging the...



Nonbanks Win Growing Share of Loan Market

Fri, 02 Nov 2018
Nonbanks doubled their share of commercial mortgage originations over the past year, according to a survey by CBRE.Debt funds and other “alternative” lenders accounted for 27% of the volume of nonagency loans brokered by CBRE in the third quarter, up from a 12.9% market share a year earlier. Commercial banks also posted an increase. But commercial MBS shops and, to a lesser extent, insurers, saw their pieces of the pie shrink.The...



Citi, Others Back Brookfield Complex

Fri, 02 Nov 2018
Brookfield Property has lined up more than $800 million of floating-rate loans from multiple balance-sheet lenders to refinance Wells Fargo Center, a two-building office complex in downtown Los Angeles.Citigroup is lending about $550 million on the property’s North Tower. And three lenders — Barclays, Helaba Bank and Natixis — are supplying roughly $290 million on the South Tower.Citi’s loan was expected to close in the...



3 CMBS Offerings in the Market

Fri, 02 Nov 2018
Commercial MBS dealers are expected to price at least two conduit offerings and a single-borrower deal totaling $2.5 billion next week.The conduit transactions include a $1.2 billion offering by Citigroup, J.P. Morgan and Deutsche Bank (BMARK 2018-B7). The other is a $1.1 billion offering by Morgan Stanley, Bank of America, Wells Fargo and NCB (BANK 2018-BNK15).New-issue conduit spreads widened sharply last month amid volatility in the broader...



DBRS "Doubling Down' on CMBS

Fri, 02 Nov 2018
DBRS is ramping up ongoing efforts to raise its profile in the commercial MBS sector.The rating agency has hired longtime Fitch analyst Christopher Bushart to focus on CMBS business development. He starts Monday as a senior vice president in New York, where DBRS has been expanding its presence.Bushart will report to managing director Mary Jane Potthoff, the Chicago-based head of business development for North American CMBS. A big part of his job,...



Mortgages Post Skimpy 0.2% Return

Fri, 02 Nov 2018
Returns on commercial real estate loans barely stayed in positive territory in the third quarter — gaining 0.17%, according to the Giliberto-Levy Commercial Mortgage Performance Index.For the fourth quarter in a row, values of outstanding loans fell as Treasury yields rose. Loans tracked by the index saw a 92 bp decline in capital value between July and September, while income clocked in at 1.08%.The lackluster result followed a...



CBRE Inks Freddie Loan in Cambridge

Fri, 02 Nov 2018
CBRE has written a $120.2 million Freddie Mac mortgage on an upscale apartment property in Cambridge, Mass.The loan was originated last week for a joint venture including Greystar Real Estate. The fixed-rate debt, with a term of 10 years, is backed by the Zinc Apartments, a 392-unit complex that was completed in 2015. Most of the proceeds were used to retire a previous mortgage.The property was developed by a partnership between Wood Partners of...



Annaly Backs Buyer of 2 Texas Hotels

Fri, 02 Nov 2018
Annaly Capital has written a $49 million acquisition loan on two full-service hotels, totaling 870 rooms, in Houston’s airport submarket.The floating-rate loan has a two-year term and a pair of one-year extension options. The borrower, a joint venture between Driftwood Hospitality of North Palm Beach, Fla., and H.I.G. Realty of New York, put most of the proceeds toward its purchase of the hotels, one a Hilton and the other a Marriott. It...



Morningstar Revising Conduit Criteria

Fri, 02 Nov 2018
Morningstar wants to make it easier for issuers and investors to understand how it rates conduit offerings.The proposed new commercial MBS ratings methodology that Morningstar unveiled for public comment on Monday includes some changes in the data and criteria the agency uses to calculate the probability of defaults among collateral mortgages. Written feedback is due Nov. 12 on the proposal, which would also apply to Freddie Mac’s...



Hartford to Write Boston Retail Loan

Fri, 02 Nov 2018
Hartford Financial is in line to provide the financing for Asana Partners’ purchase of a Boston retail portfolio.The 21 properties are along Boston’s high-end Newbury Street shopping corridor. Charlotte-based Asana has agreed to buy them from Jamestown of Atlanta for about $300 million. Details of the mortgage couldn’t be learned, but Asana was seeking about $165 million of debt with a term of 7-10 years. Eastdil Secured is...



The Grapevine

Fri, 02 Nov 2018
Kurt Woolley has landed at Regions Bank as a managing director in Charlotte. Woolley was among a number of senior syndications staffers at Wells Fargo who were let go a couple of months ago. The cuts apparently stemmed from a recent reduction in syndication activity. Woolley had been at Wells for more than a decade, and previously worked at Capital One for a couple of...



The Grapevine

Fri, 02 Nov 2018
Hunt Real Estate has hired Tyler Griffin as chief operating officer, based in its New York headquarters. Griffin moved over from Dwight Capital of New York, where she held the same title. Before joining Dwight in 2014, she was a senior director in Capital One’s apartment-lending unit and head of its FHA programs. At Hunt, Griffin reports to president and chief investment officer James...



The Grapevine

Fri, 02 Nov 2018
Commercial MBS trader Michael Kreicher left Wells Fargo on Monday for a buy-side role at Brigade Capital at its New York headquarters. Following a gardening leave, he’ll start in January as a senior CMBS trader in the fund shop’s structured-credit product unit. He’ll be the eighth staffer on that team, led by partners Steven Bleier and Dylan Ross. Before joining Wells as a director in March 2017, Kreicher spent a year at Brevan...



The Grapevine

Fri, 02 Nov 2018
After 13 years at Alston & Bird, commercial-mortgage attorney Michael Cecka has jumped to another law firm. He started Oct. 23 at K&L Gates in Charlotte as a partner in the finance practice led by partner Stacy Ackermann. Cecka was also a Charlotte-based partner at Alston & Bird.



The Grapevine

Fri, 02 Nov 2018
AEW Capital has hired former KKR and LNR Partners underwriting and servicing pro Richard Le. He’ll start in December in the Boston firm’s debt-investment unit, but his future duties are unknown. Le spent the last five months as a managing director at Biproxi, a New York startup that runs an online exchange for commercial real estate sales and leasing. He was a principal at KKR for two and a half years ending in January and, before...



The Grapevine

Fri, 02 Nov 2018
Dana Baines joined Varde Partners in recent weeks as a director and mortgage-product specialist. She spent the past year at Rialto Capital and the previous three years on the capital-markets team at Thor Equities.



The Grapevine

Fri, 02 Nov 2018
David Carswell joined brokerage Largo Capital several weeks ago as a managing director in Manhattan. He spent the previous four and a half years at McGuire Development of Buffalo, overseeing large projects and lining up financing for the shop’s medical-office and industrial portfolio. At Largo, Carswell focuses on financing and advisory services for owners of properties in New York, Long Island and...



The Grapevine

Fri, 02 Nov 2018
Buy-side CMBS analyst John Hyland joined New York Life Real Estate Investors last month as a senior associate in New York. He reports to CMBS portfolio manager Adam Hayden. Hyland came from AIG’s New York office, where he worked since 2016. He had previous stints at Sorin Capital and Ernst & Young. Hayden, meanwhile, is still looking to hire an associate with up to five years of experience. The recruit would help with CMBS surveillance and...



The Grapevine

Fri, 02 Nov 2018
Asset-management shop Lord Abbett of Jersey City, N.J., is looking for a CMBS analyst to underwrite new investments and perform surveillance on its conduit portfolio. Candidates need at least five years of experience at a debt-investment firm or investment bank. To apply, go to lordabbett.com and click on “careers.”



MetLife to Back Purchase by Beacon, Allianz

Fri, 26 Oct 2018
A Beacon Capital partnership has lined up a $422 million financing commitment from MetLife for its planned acquisition of a Boston office property.Beacon is teaming up with Allianz Real Estate of America to buy the 1.2 million-square-foot Exchange Place complex from UBS Asset Management for about $845 million.MetLife’s fixed-rate loan will have a 10-year term. The financing will close in conjunction with the purchase, scheduled to be...



Goldman Seeks Floater for Unico Office Deal

Fri, 26 Oct 2018
Goldman Sachs’ merchant-banking division is seeking a roughly $500 million floating-rate debt package to finance its pending acquisition of an office portfolio from Unico Properties.Goldman has agreed to pay in the vicinity of $740 million for the 1.8 million-square-foot bundle, encompassing 17 properties in the Denver area and Seattle.Goldman prefers a five-year term, including extension options, with about $450 million of the loan amount...



Dell's Shop Eyes Loan for Hotel Acquisition

Fri, 26 Oct 2018
MSD Capital is looking to line up a roughly $425 million mortgage on a high-end Miami Beach hotel it has agreed to buy from a Starwood Capital partnership.The investment shop, headed by billionaire Michael Dell, will pay around $600 million, or $1.4 million/room, for the 426-room property, called 1 Hotel South Beach. It’s shopping the loan assignment via broker Hodges Ward Elliott, which is also advising the Starwood group on the sale.New...



M&T Wins Loan on Brooklyn Project

Fri, 26 Oct 2018
M&T Bank has been picked to lead a roughly $230 million loan on a mixed-use property under development in Brooklyn.The borrower, Steiner NYC, is building a 523,000-square-foot complex of office, light-industrial and retail space in the Brooklyn Navy Yard industrial park. The specific structure of the financing package couldn’t be learned, but the developer was known to be looking for short-term, floating-rate debt.The deal is expected to...



Morningstar Still Adding CMBS Staff

Fri, 26 Oct 2018
Morningstar has hired two vice presidents as it continues to reorganize its commercial MBS ratings group under new chief Kurt Pollem.Kyle Stein started this week and Steven Stowers arrives Monday, both joining the new-issue ratings team headed by senior vice president Rob Grenda. That team is being consolidated in New York, which has led to some departures by staffers who were based in Horsham, Pa.The agency is looking to hire up to five more...



TD Group Refinances Miami Tower

Fri, 26 Oct 2018
A TD Bank syndicate has originated a $175 million fixed-rate loan on a Miami office tower.TD led the 10-year mortgage, which closed last week. The other lenders are IberiaBank, Mercantile Bank and Santander Bank.The 615,000-square-foot Brickell World Plaza, at 600 Brickell Avenue, is owned by Elm Spring, a Miami investment shop that runs money for foreign clients, according to its website.Construction of the 40-story tower kicked off in 2007, but...



Buyers Gorge on Blackstone CMBS

Fri, 26 Oct 2018
Commercial MBS investors this week gobbled up a $2.5 billion offering backed by a floating-rate loan on a large industrial portfolio just acquired by Blackstone.The bonds were well oversubscribed by a broad field of buyers even before the formal marketing campaign began last week, traders and investors said. By the time the deal priced Monday, additional demand had caused spreads on all but the most-junior class to tighten by 5-10 bp from the...



Clorox Eyes Loan for Oakland Purchase

Fri, 26 Oct 2018
KKR has taken bids on a floating-rate loan of about $200 million for its pending acquisition of the Clorox Building in downtown Oakland.The investment manager is buying the 521,000-square-foot office property from UBS Asset Management for $255 million, or $489/sf. That exceeds the city’s current price record of $235.5 million.The potential size of the loan, which could include a future-funding component, may still be in flux. Some...



CMBX Investors Grow More Bearish

Fri, 26 Oct 2018
Spreads on commercial MBS derivatives have reversed direction in the past few weeks, reflecting growing pessimism among investors on both sides of those trades.After reaching or coming close to their tightest levels of the year in late September and early this month, spreads on credit-default swaps tracked by the three most-recent series of IHS Markit’s CMBX index have widened sharply amid turbulence in global financial markets.The widening...



Brookfield Team Seeks DC Office Loan

Fri, 26 Oct 2018
A Brookfield Property partnership wants to put $130 million of fresh debt on an office building it repositioned in downtown Washington.The New York investment manager and an unidentified partner are talking to lenders about refinancing the 285,000-square-foot property at 2001 M Street NW. Via Eastdil Secured, the duo is taking bids on a seven- or 10-year mortgage with either a fixed or floating rate. The loan-to-value ratio would be roughly...



REIT Backs Buyer of NJ Warehouse

Fri, 26 Oct 2018
Granite Point Mortgage has originated a $52.2 million loan for the acquisition of an industrial property in Northern New Jersey.The floating-rate debt is backed by a 540,000-square-foot warehouse in Parsippany, about 30 miles west of Manhattan. The purchase price was $60.2 million, but some $6.5 million of the proceeds will be set aside for lease-up expenses and other improvements. That pegs the up-front loan-to-value ratio at around 75%.Granite...



M&T Team Funds Pittsburgh Tower

Fri, 26 Oct 2018
An M&T Bank syndicate has originated an $80.5 million mortgage to refinance a Pittsburgh office tower that Davis Cos. has repositioned.Santander Bank and First Commonwealth Bank also took down pieces of the floating-rate mortgage on the 459,000-square-foot Union Trust Building, at 501 Grant Street in the Central Business District.The loan has a five-year term, including two one-year extension options. The M&T syndicate funded $58.5 million of the...



Loan for Penn State Project Syndicated

Fri, 26 Oct 2018
Fifth Third Bank and KeyBank have syndicated an $89 million loan they originated two months ago for the construction of a student-housing property in State College, Pa.First Commonwealth Bank of Indiana, Pa., and TriState Capital Bank of Pittsburgh took down portions of the loan about a week ago. The floating-rate debt has a term of three-and-a-half years, with two one-year extension options.Chicago-based CA Student Living is developing the...



The Grapevine

Fri, 26 Oct 2018
Bill Suenkens has joined U.S. Bank as a market manager in Chicago. He moved over a few weeks ago from Fifth Third Bank, also in Chicago, where he was a senior vice president and relationship manager. He spent five years at Fifth Third, after working for RBS Citizens for seven years, also in originations.



The Grapevine

Fri, 26 Oct 2018
After seven years at Kroll, attorney Robin Regan started Oct. 16 as an associate at law firm Hunton Andrews in New York. Regan joined the commercial real estate lending team led by partners Brett Gross, Peter Mignone, Don Simone and Rob Brusco. It’s part of Hunton’s 85-member real estate development and finance practice, headed by partners Carl Schwartz and Howard Schreiber, which includes about 30 lawyers in New York. It was...



The Grapevine

Fri, 26 Oct 2018
Fitch has added a third staffer to its New York team that rates commercial-mortgage servicers in North America. Daniel Stallone, who moved over this week from S&P, will work alongside fellow director James Bauer, reporting to senior director Adam Fox. Stallone spent the last two years in the residential MBS group at S&P, also in New York, where his responsibilities included rating new deals and preparing originator assessments. He previously...



The Grapevine

Fri, 26 Oct 2018
It turns out that Kroll CMBS research associate Taeho Lee is jumping to Trepp. He’s leaving the rating agency on Nov. 2 and will start the following Monday in Trepp’s New York headquarters, as a product-management associate on the research, data and analytics firm’s CMBS team. As previously reported, Kroll is seeking a researcher with at least three years of experience to replace him. After joining Kroll’s...



The Grapevine

Fri, 26 Oct 2018
Dwight Capital is looking to hire several underwriters to work in New York, Washington or Cleveland. Candidates should have at least three years of experience underwriting HUD, Fannie Mae or Freddie Mac loans, or debt on nursing facilities. Resumes can be mailed to Kim Gift at kg@dwightcap.com. Dwight was founded in New York about four years ago by brothers Adam and Josh Sasouness, both former Greystone...



The Grapevine

Fri, 26 Oct 2018
Chicago brokerage Alpha Capital CRE has hired Nicole Schmidt as an analyst. She moved over a month ago from JLL. At Alpha, she reports to managing director Trisha Connolly. Schmidt’s duties include underwriting and analysis across asset classes. The firm, which changed its name last year from Alpha Alternatives, was founded in 2008 by Anthony Longo and Michael Riley. It arranges debt and equity for...



The Grapevine

Fri, 26 Oct 2018
PGIM Real Estate Finance has added an investment analyst. Timothy Willis joined last month in Atlanta. He was previously an acquisitions and asset-management analyst for Newport US RE, the American arm of German investor Newport Holding.



The Grapevine

Fri, 26 Oct 2018
Robert Gargiulo has joined Morningstar’s New York office as head of business development for the residential mortgage-bond rating group. The group’s purview includes securitizations of loans on single-family rental homes. Gargiulo had been working in an analytical role at S&P since 2015. He also had stints at RBS and predecessor Greenwich Capital, along with Bloomberg. At Morningstar, he reports to managing director Brian...



Citi, ING Eye Giant Loan on 666 Fifth Avenue

Fri, 19 Oct 2018
Citigroup and ING Real Estate Finance are in talks to lead a $1.1 billion floating-rate debt package for Brookfield Asset Management on the office condominium at 666 Fifth Avenue in Midtown Manhattan.One or two additional lenders could still be selected. Barclays, for one, appears to be in the mix.The debt package would be divided into a $750 million senior loan and $350 million of mezzanine debt. The lead banks would share the senior loan. The...



SL Green Seeks Discount on Vanderbilt Loan

Fri, 19 Oct 2018
SL Green Realty is looking for a price break on the $1.5 billion of construction debt for its One Vanderbilt office skyscraper in Midtown Manhattan.The New York REIT is asking the banks that provided the loan in mid-2016 to lower the spread, while increasing the proceeds slightly. The lending group, headed by Wells Fargo as administrative agent, is considering the amendment request, which could prompt changes in the lineup of participating...



Banks May Sweeten NY Loan for Brookfield

Fri, 19 Oct 2018
The bank group behind the $1.25 billion construction loan for Brookfield Property’s One Manhattan West is expected to boost its size and lengthen the term, while trimming the spread.The giant floating-rate loan was originated in 2015 by Wells Fargo, BNY Mellon, TD Bank and Deutsche Bank. In all, 20 banks ultimately participated in the financing. The group held a meeting a week ago to discuss tacking on another year to the debt’s...



Kayne Targets "Niche' Bridge Loans

Fri, 19 Oct 2018
Kayne Anderson Real Estate has set up a bridge-loan operation focusing on niche property types.The Boca Raton, Fla., shop is aiming to originate some $200 million of mortgages over the rest of the year and $1 billion next year.The loans will be written through a new affiliate called Saperean Capital (from the Latin word “sapere,” which means “to be wise”). Longtime Kayne Anderson executives Karen Kulvin and Andrew Smith...



Key CMBS Spread Hits 2-Month High

Fri, 19 Oct 2018
The spread on the benchmark class of a $1.1 billion conduit deal widened sharply from price talk this week amid financial-market volatility.Deutsche Bank and Goldman Sachs initially shopped the long-term, super-senior bonds at 78-bp area over swaps, but ended up pricing them on Wednesday at 87 bp.That matched last Friday’s print on the benchmark paper of the previous conduit offering, backed by $900.6 million of loans contributed by Morgan...



REIT Taps Into Strong Bond Demand

Fri, 19 Oct 2018
UDR found ready buyers for its first REIT-bond offering of the year.The multi-family REIT’s $300 million of 10.3-year bonds, with a 4.4% coupon, flew off the shelves on Wednesday with a 4.401% yield. That was pegged to a spread of 123 bp over U.S. Treasurys, well below the initial price guidance of 135-bp area that was circulated by dealers.Citigroup and Bank of America ran the books. The bonds are rated Baa1/BBB+/BBB by Moody’s, S&P...



JP Morgan Finances Tenn. Complex

Fri, 19 Oct 2018
J.P. Morgan Asset Management has originated an $85 million long-term mortgage on a recently redeveloped mixed-use property in Memphis.The fixed-rate loan, with a 20-year term, is backed by Crosstown Concourse, a roughly 1 million-square-foot building encompassing offices, apartments and retail space. The bank provided the debt on behalf of one or more of its clients. It was originated last month for a joint venture among several local investors,...



Benefit Street Shops Subordinate Debt

Fri, 19 Oct 2018
Benefit Street Partners is looking to sell $33.9 million of seasoned subordinate debt backed by multi-family, student-housing and office properties in eight states.As part of its ongoing effort to shed subordinate loans so it can focus on senior debt, the New York investment firm is offering four floating-rate loans and two fixed-rate notes on nine properties. On a weighted average basis, the notes have a coupon of 12.36%, a loan-to-value ratio...



Key Finances Arizona Apartments

Fri, 19 Oct 2018
KeyBank has originated a $58.4 million Freddie Mac mortgage on three adjacent apartment complexes in Flagstaff, Ariz.The 509-unit portfolio is owned by local investment firm Real Property Investment Services. The fixed-rate loan, which closed two weeks ago, has a 10-year term.The package encompasses the 200-unit Country Club Terrace Apartment Homes, the 177-unit Country Club Meadows Apartment Homes and the 132-unit Country Club Vista Apartment...



Floater Sought for Brooklyn Hilton

Fri, 19 Oct 2018
The developer of a Brooklyn hotel is in the market for a $76 million mortgage.Flank, a New York architecture and development shop, is seeking floating-rate debt with a three-year term and a couple of one-year extension options on the 195-room Hilton Brooklyn New York. JLL is showing the assignment to lenders.The hotel, in the Boerum Hill neighborhood, opened in December. Its cashflow is projected to hit $7.4 million next year. The debt yield on...



Tough Competition Continues to Weigh Down Conduit Profits

Fri, 19 Oct 2018
Conduit profit margins were relatively flat in the third quarter as commercial MBS programs continued to face fierce competition for loans.The weighted average gross profit margin was a modest 1.38% on conduit transactions, in line with the 1.31% average in the second quarter, according to calculations by Commercial Mortgage Alert.Profitability is way down this year. The average gross margin was 1.27% over the first nine months of the year, down...



The Grapevine

Fri, 19 Oct 2018
U.S. Bank has added a senior vice president in New York. Jeffrey Genuino started in the last couple of weeks. He was previously at real estate finance shop Acres Capital of Westbury, N.Y., for nearly three years. Before that, he had stints at HSH Nordbank, Aareal Financial and Credit Lyonnais. Genuino’s hiring is part of U.S. Bank’s ongoing push to expand in New York. In June, it hired former Wells Fargo executive Kim McKee as market...



The Grapevine

Fri, 19 Oct 2018
Ryan Ledwith has joined Genesis Capital as a senior vice president and regional credit officer in New York. He moved over three weeks ago from J.P. Morgan’s commercial term-lending group, where he spent three years. He’ll be focusing on construction and bridge loans on commercial properties for Los Angeles-based Genesis, which was acquired several months ago by Goldman Sachs. Ledwith’s hiring comes as the firm plans to increase...



The Grapevine

Fri, 19 Oct 2018
Joshua Sabzevari has joined CBRE in New York as a vice president, focused on lining up debt on various types of assets. He moved over within the last few weeks from Cushman & Wakefield, where he’d worked for the better part of three years as a senior associate. Before that, he spent roughly the same amount of time at Meridian Capital.



The Grapevine

Fri, 19 Oct 2018
Managing director Brian Sheldrick has left Largo Real Estate to join CAP COM Federal Credit Union. Sheldrick started last month as vice president of business services at the Albany, N.Y., institution, whose lending activities include a focus on commercial real estate. He spent the last eight years at the commercial-mortgage-banking affiliate of Largo Group, which is based in the Buffalo suburb of Getzville, N.Y. Sheldrick was previously a senior...



The Grapevine

Fri, 19 Oct 2018
Kroll is looking to hire a research associate with at least three years of experience, as well as a quantitative analytics analyst with a one- to five-year background, for its commercial MBS group in New York. The researcher, reporting to senior director Larry Kay, would replace Taeho Lee, who is leaving next month after five years at Kroll. The other recruit would join the CMBS ratings team and report to senior managing director Nitin Bhasin,...



The Grapevine

Fri, 19 Oct 2018
Pimco is seeking associates with 2-4 years of experience to work on its recently launched Pimco Commercial Real Estate Debt Fund 1, which originates floating-rate loans on transitional properties. The recruits would be based in New York and report to the vehicle’s portfolio managers. Argus experience and proficiency in Excel is preferred. Candidates can send resumes to Mary Beth Mahdik at marybeth.mahdik@pimco.com. The Newport, Calif.,...



The Grapevine

Fri, 19 Oct 2018
LoanCore Capital wants to add an analyst in its Chicago office. Candidates need at least 1-2 years of experience. Send resumes to Paul Stepan at pstepan@loancore.com.



The Grapevine

Fri, 19 Oct 2018
Wells Fargo has openings for an associate and an analyst on its CMBS team in New York. The recruits would help senior bankers with the origination, structuring and securitization of commercial mortgages for the bank and its clients, reporting to managing director A.J. Sfarra. Apply at wellsfargo.com by searching for job openings 5439779 and 5439791.



Fresh Debt Sought for New Manhattan Rentals

Fri, 12 Oct 2018
The owners of a recently completed, upscale apartment property on Manhattan’s East Side are seeking up to $825 million of new debt.A JDS Development partnership is talking to lenders via Eastdil Secured about refinancing the 761-unit American Copper Buildings, a two-tower complex a few blocks south of the United Nations headquarters. The preference is for a five-year loan with proceeds between $725 million and $825 million.The new debt...



Borrowers Seek Quick Refis to Trim Pricing

Fri, 12 Oct 2018
Emboldened by heated competition for their business, borrowers are increasingly asking lenders for early refinancings of floating-rate loans at reduced pricing.A wide cross-section of bank and insurance-company lenders surveyed over the past week said they’ve seen a significant rise over the past few months in such requests — presenting them with tough choices between trimming profits or losing loans to their rivals.The typical...



REIT-Bond Volume Still Far Behind 2017

Fri, 12 Oct 2018
Despite a third-quarter uptick in REIT-bond issuance, volume remains on track to finish the year at just over half the 2017 total.Amid rising interest rates and a dearth of maturing debt that needs to be refinanced, 32 U.S. REITs floated only $21.3 billion of unsecured bonds during the first nine months of the year. The Sept. 30 tally was down by 40% from $35.4 billion a year earlier, according to Commercial Mortgage Alert’s REIT-Bond...



KKR Taps Patterson to Lead New Unit

Fri, 12 Oct 2018
KKR’s real estate finance group has hired former Blackstone executive Christine Patterson to lead a new asset-management unit.In her new role, Patterson will have oversight of the company’s portfolio of commercial MBS B-pieces, as well as the bridge and mezzanine loans that it originates for its own books.Patterson will join the firm as a director next month, after finishing up a gardening leave. For the past three years, she’s been a...



Spreads Diverge On Benchmark CMBS

Fri, 12 Oct 2018
Benchmark spreads on conduit deals continued to reflect price tiering this week, as commercial MBS dealers priced one transaction and pitched two others.The long-term, super-senior bonds in a $1.1 billion offering by Deutsche Bank and Goldman Sachs (DBGS 2018-C1) were being marketed with spread guidance of 78-bp area over swaps. But the equivalent price talk was 84-bp area in a $900.6 million offering by Morgan Stanley, KeyBank, Starwood Mortgage...



Kroll: Loan Defaults Plummeting

Fri, 12 Oct 2018
A Kroll analysis shows that defaults among conduit loans dropped sharply during the first half.Some 67 conduit loans with initial securitized balances totaling $1.5 billion defaulted as of June 30, down from 378 ($6.7 billion) during the same period last year. The decline paves the way for a big drop in the full-year default tally, which in 2017 consisted of 560 loans with an aggregate balance of $9.5 billion, according to a draft of a research...



Agency Lender Adding More Staff

Fri, 12 Oct 2018
Ginnie Mae lender X-Caliber Capital continues to expand its staff to handle the increasing volume of agency mortgages and related bridge loans that it is originating and servicing.The HUD-approved lender wants to add two loan professionals with at least seven years of experience to its 14-member roster, which has grown from only a handful of staffers over the last year.One of the recruits would join X-Caliber as its fourth loan underwriter,...



LNR, Rialto Circle B-Pieces

Fri, 12 Oct 2018
High-yield investors LNR Partners and Rialto Capital have agreed to buy the junior portions of two upcoming conduit-loan securitizations.Miami Beach-based LNR, a subsidiary of Starwood Property, circled the subordinate bonds of an upcoming commercial MBS issue (BBCMA 2018-C2) conducted by Barclays, CCRE, KeyBank and Starwood.LNR’s investment will take the form of the “L-shape” structure permitted under federal risk-retention rules, which...



Key Lends on Arizona Retail Center

Fri, 12 Oct 2018
KeyBank has written an $82 million mortgage on a shopping center near Phoenix.The floating-rate loan is backed by the 386,000-square-foot Superstition Gateway in Mesa, Ariz. The bank closed the loan two weeks ago for developer Desert Troon of Scottsdale, Ariz. The debt has an initial term of four years, with an option to extend it for one additional year.The shopping center was developed in phases, with the bulk of the work completed by 2008. Key...



Past-Due CMBS Tally Drops Further

Fri, 12 Oct 2018
The aggregate balance of past-due mortgages in commercial MBS deals dipped again last month, bringing down the delinquency rate for the fifth month in a row.Some $9.6 billion of CMBS loans collateralizing deals rated by Fitch were at least 60 days behind on payments, matured and non-performing, or in foreclosure at the end of September. Factoring in paydowns, the agency’s delinquency tally was down from $9.8 billion a month earlier and from...



The Grapevine

Fri, 12 Oct 2018
TD Bank is adding three vice presidents to its originations team in New York. The bank has recruited Michael Rogers from MUFG Union Bank, along with Paul Kesicki and Gianna Gioia from Capital One. They will start next week, reporting to David Friedman. TD hired Friedman in May from Bank of America and named him regional director for the New York area. Rogers was a director with Union Bank for nearly four years, and before that had been with...



The Grapevine

Fri, 12 Oct 2018
Moody’s and Annelise Osborne, a former member of the rating agency’s commercial MBS group, have tentatively agreed to settle a wrongful termination suit she filed against the company last year in a U.S. District Court. Terms of the settlement were undisclosed. Judge Andrew Carter had already dismissed substantial portions of Osborne’s case in March, including allegations that her late-2015 firing stemmed partly from her...



The Grapevine

Fri, 12 Oct 2018
Jennifer Cherney left her senior lending post at J.P. Morgan to join Greystone a couple of weeks ago as a managing director in Seattle. She was recruited to focus on developing a multi-family origination business in the region, where for the past three years she played a similar role as executive director in J.P. Morgan’s term lending and multi-family finance group. Before that, she worked at Extell Development and Meridian Capital. Cherney...



The Grapevine

Fri, 12 Oct 2018
Analysts Roberto Jimenez and Jonathan Cohen recently joined fund manager Benefit Street Partners. Jimenez started last month in the firm’s securitization group, reporting to group head Tiffany Putman. He formerly did stints at Deloitte and Morgan Stanley. Cohen joined the originations group of Benefit Street shortly before Labor Day, working under managing director Brian Nowakowski. Cohen formerly worked in the New York office of Princeton,...



The Grapevine

Fri, 12 Oct 2018
Benefit Street Partners, meanwhile, is looking to add more senior originators to its growing commercial-mortgage business. Candidates can contact Michael Comparato, managing director and head of real estate, at m.comparato@benefitstreetpartners.com.



The Grapevine

Fri, 12 Oct 2018
Mortgage originator Anthony Candela joined Annaly Capital last month as an associate in the real estate finance group led by Timothy Gallagher. Candela works in the REIT’s New York headquarters. He previously spent three-and-a-half years at Bank of America and, before that, did a three-year stint at Ernst & Young.



The Grapevine

Fri, 12 Oct 2018
Jessica Mallaghan joined Berkeley Point Capital in August as a vice president in Boston. She’s part of the FHA lending team that reports to senior managing director Eric Keifer. Mallaghan, who most recently worked at solar-energy companies, previously spent three years in mortgage sales at Jefferies.



The Grapevine

Fri, 12 Oct 2018
Delonta Drake joined due-diligence firm Armada Analytics several weeks ago as an underwriter, working in Nashville for the Greenville, S.C. firm. He spent the past three years at Arbor Realty. Before that, Drake worked as an analyst at Boston Financial.



The Grapevine

Fri, 12 Oct 2018
Meanwhile, Armada Analytics is still working to fill openings in Dallas and Nashville. Candidates may send resumes to Anne Shoemake at ashoemake@armadaanalytics.com.



Sagging Conduit Lending Hits CMBS Volume

Fri, 05 Oct 2018
It’s tough sledding out there.That’s the sentiment of commercial MBS lenders, who say they are having a hard time digging up conduit loans.The difficult conditions took a toll on CMBS issuance in the third quarter. Only $17.7 billion of offerings priced, down sharply from $25.7 billion a year earlier. As a result, after being up 13% at midyear, volume is now running 5% behind last year’s pace. And an early look at the...



CMBS Shops Chase $1.2 Billion Hotel Loan

Fri, 05 Oct 2018
Commercial MBS lenders are vying for a $1.2 billion refinancing assignment on a big hotel portfolio owned by Hospitality Investors.The nontraded REIT would use most of the proceeds to refinance a $915 million floating-rate debt package that it lined up last year from Deutsche Bank, Citigroup and J.P. Morgan. That package becomes eligible for prepayment without penalty next month.The 10,040-room portfolio, which was appraised at $1.3 billion last...



Goldman Wins Floater on Maui Ritz-Carlton

Fri, 05 Oct 2018
Goldman Sachs has agreed to write a $215 million floating-rate loan to refinance a resort hotel on the Hawaiian island of Maui.The bank will securitize the loan on the Ritz-Carlton Kapalua in a stand-alone offering next month. The borrower, Blackstone, is expected to purchase the property this week from a partnership that includes Ares Management of Los Angeles and Square Mile Capital of New York.The luxury beachfront property encompasses 404...



Loan Eyed for Boston Retail Purchase

Fri, 05 Oct 2018
A retail-property investor is in the market for some $165 million of debt to finance the purchase of a cluster of buildings in Boston’s high-end shopping district.Asana Partners has agreed to pay about $300 million for 21 properties along Newbury Street in the Back Bay neighborhood. It’s seeking a mortgage with a term of 7-10 years. The relatively low leverage and long term could give commercial MBS lenders and insurers a leg up in...



Buyers Kick Tires on 2 Conduit Deals

Fri, 05 Oct 2018
Commercial MBS dealers this week rolled out two conduit offerings and a single-borrower deal backed by a loan on a self-storage portfolio.Dealers yesterday circulated price guidance of 80-bp area over swaps on the benchmark class of one conduit deal — a $951.6 million offering by Wells Fargo, Barclays, Ladder Capital, Rialto Capital and C-III Commercial Mortgage (WFCM 2018-C47).Formal price guidance was unavailable for the other conduit...



Cassin Still Beefing Up Loan Practice

Fri, 05 Oct 2018
Cassin & Cassin aims to keep expanding, after adding eight attorneys to its commercial real estate finance group already this year.The New York law firm intends to bring on about six more attorneys over the next six months or so, to join the 24-member unit led by partner Michael Hurley. Plans call for hiring at least five senior associates with 4-7 years of experience, although one of them could come aboard as a partner if qualified, Hurley said....



Buyers Nab REIT Bonds in US, Europe

Fri, 05 Oct 2018
Camden Property’s first REIT-bond issue in four years and the latest from Vereit were snapped up by U.S. investors this week, while W.P. Carey also encountered strong demand for an offering in Europe.Reflecting the recent choppy issuance in the sector, Camden’s $400 million of 10-year notes and W.P. Carey’s €500 million ($575 million) of 7.5-year paper were the first public offerings of corporate bonds by U.S. issuers in...



Varde Backs Buyer of Chicago Offices

Fri, 05 Oct 2018
Varde Partners wrote a $77.7 million loan last month for the buyer of a two-building office complex near O’Hare International Airport.The floating-rate loan to Alliance HSP financed its $143 million acquisition of the 636,000-square-foot Triangle Plaza from Chicago-based Equity Commonwealth. The three-year loan has two one-year extension options. CBRE arranged the debt for the buyer, an affiliate of Honolulu-based Shidler Group.The complex...



BayernLB Takes Slice of NY Loan

Fri, 05 Oct 2018
A second German lender has taken a piece of the $200 million mortgage on a Midtown Manhattan office building.Helaba Bank originated the 10-year loan, backed by the 275,000-square-foot building at 505 Fifth Avenue, about three months ago. Within the past couple of weeks, Bayerische Landesbank signed on for around $40 million of the debt.The property, at the northeast corner of East 42nd Street, is estimated to be worth north of $450 million,...



Stamford Shop Offers Workout Advice

Fri, 05 Oct 2018
A workout and restructuring unit that Building and Land Technology formed last year to support its own investments in distressed real estate is now offering advisory services to third-party investors.Paving the way for the expansion, the unit has won a special-servicer rating from Fitch. The unit, called Building and Land Technology Capital Real Estate Advisors, is rated “CLLSS3” (which stands for Commercial Loan-Level Special...



HFF Inks Loan on New Denver Rentals

Fri, 05 Oct 2018
HFF has originated a $50 million Freddie Mac loan for the developer of an upscale residential complex in Denver.The fixed-rate mortgage was closed this week for local firm BMC Investments. It’s backed by an 81-unit building that was completed a couple of months ago, the first phase of a residential and retail complex called St. Paul Collection. The nonrecourse debt runs 11 years, with interest-only payments for the entire term.The property...



Torchlight Finances Phila. Offices

Fri, 05 Oct 2018
Torchlight Investors last week originated a $101 million floating-rate loan on a Philadelphia office building.The 416,000-square-foot property, at 100 South Independence Mall West, is owned by Keystone Property of Conshohocken, Pa.The interest-only loan, brokered by JLL, has a three-year term, with a one-year extension option.The nine-story building, which was completed in 1965, is at Market and South Sixth Streets, across from Independence...



Special-Servicing Counts Shrink Again

Fri, 05 Oct 2018
The volume and percentage of commercial MBS loans in the hands of special servicers dropped again last month.The aggregate balance of CMBS debt in that category plunged by $1.2 billion to $18.8 billion during September, according to Trepp. That helped drive down the special-servicing rate by 25 bp, to 4.22%. Neither tally has been lower in more than nine years. Both measures have declined fairly steadily for the last year and a half.The latest...



JP Morgan Keeps Lead in Bookrunner, Contributor Rankings

Fri, 05 Oct 2018
With one quarter to go, J.P. Morgan continues to lead the high-profile annual rankings for U.S. commercial MBS bookrunners and loan contributors.The bank is seeking to dethrone defending champion Goldman Sachs in both league tables, which it has led all year long. Deutsche Bank is in second place in the two rankings, followed by Goldman (see tables on Pages 20-35).Meanwhile, CMBS issuance in the U.S. fell by 5% in the first nine months of the...



KKR, Silverpeak Take Down Most Risk-Retention Bonds

Fri, 05 Oct 2018
KKR was the most-active holder of risk-retention bonds from commercial MBS transactions in the first nine months of the year, according to a ranking by Commercial Mortgage Alert.KKR acquired $479.5 million of the $4 billion of risk-retention bonds, or 12% of the total. Silverpeak Argentic ranked second, with $401.3 million, followed by Rialto Capital ($382.1 million) and MassMutual ($253.8 million). All the bonds held by those shops were from...



The Grapevine

Fri, 05 Oct 2018
Brian Buffone joined Benefit Street Partners as a managing director last month, reporting to commercial real estate chief Michael Comparato. Buffone and Comparato have worked together off and on for two decades, most recently at Ladder Capital. Buffone left Ladder earlier this year after a four-year stint. He previously worked at Park Manor Capital and Compson Holding Corp., both in Boca Raton, Fla. Buffone is wearing two hats at Benefit:...



The Grapevine

Fri, 05 Oct 2018
Silverstein Capital, the financing platform just launched by Silverstein Properties, is aiming to have at least $1 billion of commercial real estate debt on its books by the end of 2019. With leverage, its lending volume could be higher. The shop will write senior, bridge and construction loans of $25 million and up on a range of properties, with loan-to-cost ratios of up to 85%. Silverstein, a New York developer and equity investor, hired former...



The Grapevine

Fri, 05 Oct 2018
Originator David Froschauer joined Societe Generale last month in the bank’s Newport Beach, Calif., office. He spent the last year at UBS, and worked at Jefferies LoanCore before that. From 2011 through 2014, he worked at RBS, as did much of the commercial MBS team at SocGen, including its chief, Wayne Potters.



The Grapevine

Fri, 05 Oct 2018
BMO Harris Bank has hired an originator in Boston. David Heller joined the bank a few weeks ago as a director. He previously worked for 12 years in a commercial-lending unit of U.S. Bank that focuses on REIT debt, most recently as a senior vice president. Before that, he was chief financial officer of Boston advisory shop GFI Partners.



The Grapevine

Fri, 05 Oct 2018
Andy Roland joined M&T Realty Capital in late August as a director on the capital-markets team in Florham Park, N.J. He focuses on deals in the Northeast and reports to managing director for capital markets John Taylor. Roland spent five years as an associate director at HFF and before that was a REIT analyst at Bloomberg for three years.



The Grapevine

Fri, 05 Oct 2018
White & Williams has hired Harrison Kaufman as counsel in New York. He started Monday at the Philadelphia-based law firm, joining the real estate and institutional finance practice led by partners Nancy Frantz and Steven Ostrow. Kaufman spent the last six months as general counsel at Churchill Real Estate Holdings, also in New York. He previously worked on commercial real estate transactions — including financings, acquisitions and loan...



The Grapevine

Fri, 05 Oct 2018
Trepp is expanding its staff, which provides a wide array of data and analytics to the commercial real estate finance industry. It’s looking to add a CMBS product manager, as well as a sales director who would focus on marketing the firm’s products to banks. Both of those openings require 5-8 years of relevant experience. Meanwhile, Trepp also has openings for about 12 software developers with 3-5 years of experience. All of the...



Bayview Rolls Out $2 Billion Lending Program

Fri, 28 Sep 2018
Bayview Asset Management has launched a program that is aiming to originate $2 billion of commercial mortgages over the next 24 months, with a focus on middle-market loans that will be parked on its balance sheet.The effort is being overseen by Matt Philip, who joined Bayview as head of commercial real estate lending late last year after a nearly five-year stint at now-defunct conduit shop MC-Five Mile. Philip also had lengthy tours in the...



CrossHarbor Fund Targeting High-Yield Loans

Fri, 28 Sep 2018
CrossHarbor Capital is rolling out a high-yield lending program with former Prudential executive Richard Flohr at the helm.CrossHarbor, a Boston investment manager that pursues a broad range of alternative investments, has given Flohr a mandate to originate a mix of commercial real estate debt — bridge and construction loans, conversion financing and mezzanine debt.The originations will be made via an open-end debt fund that was seeded late...



Giant Batch of Seasoned Conduit Bonds Sold

Fri, 28 Sep 2018
Western Asset Management sold roughly $1.5 billion of seasoned conduit paper in the secondary market over a 15-day stretch, culminating with an auction of almost $900 million on Wednesday.Commercial MBS traders and investors described the disposition as the largest by a single investor over such a short period in at least a few years.The bonds changed hands at prices that met or exceeded the Pasadena, Calif., fund giant’s expectations,...



Rockwood Seeks Giant Rental Loan

Fri, 28 Sep 2018
A Rockwood Capital partnership is seeking $700 million of debt on 11 luxury apartment properties.The 3,196-unit portfolio encompasses five stabilized properties, four still in their initial leasing phases and two scheduled to be completed next year.New York-based Rockwood and its partner, Mill Creek Residential of Dallas, prefer a mix of fixed- and floating-rate debt with terms of 7-10 years. The loan-to-value ratio at the requested balance was...



Rockpoint Pursues NY Office Mortgage

Fri, 28 Sep 2018
Rockpoint Group is in the market for roughly $400 million of debt on a Midtown Manhattan office tower it has agreed to purchase.The mortgage would be backed by the 815,000-square-foot building at One Dag Hammarskjold Plaza, one block from the United Nations. Rockpoint struck a deal in recent weeks to buy the property from New York developer Ruben Cos. for about $600 million. The proposed financing would represent leverage of about 67%.Rockpoint,...



Debt Pro Offers Data-Sharing Service

Fri, 28 Sep 2018
Portfolio manager John Sherman has left Morgan Stanley to build a business that aims to make it easier for commercial real estate pros to share due-diligence information for debt and equity transactions.Sherman was most recently an executive director at Morgan Stanley in New York, managing a commercial MBS portfolio. He left a month ago to focus on running his own shop, Prokore of New York, which plans to launch its internet-based subscription...



Loan Sought for SF-Area Tech Campus

Fri, 28 Sep 2018
A PGIM Real Estate partnership is shopping for some $375 million of fresh debt on a Bay Area office/laboratory complex.The loan would be backed by the 1 million-square-foot Bayshore Technology Park in Redwood City, Calif. HFF is pitching the assignment to lenders for PGIM and its partner, Harvest Properties of San Francisco. It’s unclear what loan structure they’re looking to lock in.PGIM and Harvest bought the sprawling complex in...



Silverpeak Adds 3 Real Estate Pros

Fri, 28 Sep 2018
Silverpeak Argentic has filled three new positions.The real estate finance shop hired an originator, a loan closer and an underwriter — after bringing in an underwriter in July for another new position.Chief executive Doug Tiesi said the recruiting push reflected growth in multiple business lines. Silverpeak originates conduit loans and floating-rate mortgages on transitional properties. It also buys conduit B-pieces and floats commercial...



Goldman Team Backs Hotel Project

Fri, 28 Sep 2018
Goldman Sachs and Lionheart Strategic Management have teamed up to provide $133 million of debt for the development of an upscale hotel in Nashville.Goldman originated the senior loan and Lionheart provided mezzanine debt to finance construction of a 346-room, W-branded hotel. The sizes of the pieces couldn’t be learned, but the debt has an initial term of three years and is believed to be set up as a standard floating-rate construction...



Mack Inks Mezz on NY Condo Project

Fri, 28 Sep 2018
Mack Real Estate has provided a $66 million mezzanine loan on the unsold inventory of a residential condominium project in Manhattan’s Financial District.The floating-rate loan, with a maximum term of two-and-a-half years, is subordinate to some $120 million of senior debt previously provided by Bank Leumi for development of the 98-unit luxury property, at 161 Maiden Lane. Construction is due to be completed early next year.The new...



Morningstar Loses 3 CMBS Analysts

Fri, 28 Sep 2018
Three seasoned commercial MBS analysts left Morningstar for other firms over the past two weeks.Brian Snow moved over to rival Moody’s, remaining based in New York. Jennifer Jones and Luke Trainer, who worked in Morningstar’s Horsham, Pa., office, jumped to Hanover Street Capital in Blue Bell, Pa.All three are vice presidents, the same title they held in Morningstar’s CMBS group, where they worked on the new-issue ratings team...



Berkeley Point Inks Calif. Fannie Loan

Fri, 28 Sep 2018
Berkeley Point Capital has originated a $52 million Fannie Mae loan to refinance an affordable-housing complex in San Diego.The fixed-rate mortgage on the 380-unit Latana Hills Apartment Homes has a 12-year term and a coupon of 4.5%. Payments are interest-only for eight years, and there is a yield-maintenance requirement if the loan is retired in less than 10 years.The borrower, Convermat Corp. of Great Neck, N.Y., used part of the proceeds to...



The Grapevine

Fri, 28 Sep 2018
Hunt Real Estate Capital has hired Chad Hagwood as Southeast regional manager. Hagwood, a senior managing director, is based in Birmingham, Ala., for the Hunt Cos. unit, known until last month as Hunt Mortgage. He oversees originations of mortgages on multi-family properties in the Southeast, as well as on manufactured housing nationally, for placement with Fannie Mae, Freddie Mac, FHA and private-label commercial MBS platforms. Hagwood...



The Grapevine

Fri, 28 Sep 2018
Garrett Thelander is moving to CIT Real Estate Finance. His start date is unknown, but the word is he’ll be a managing director in the firm’s New York originations operation. Thelander held the same title at Centennial Property Finance, a unit of Centennial Bank he joined last December. Before that, he spent a combined six years at Cushman & Wakefield and New York brokerage Massey Knakal, which Cushman bought in 2015. He previously...



The Grapevine

Fri, 28 Sep 2018
Greg Grant has moved over to CBRE Capital Markets from Eastdil Secured. He started Monday as a senior vice president for debt and structured finance, based in El Segundo, Calif., and focusing on West Coast deals. He reports to executive managing director Jeff Majewski. Grant spent 11 years at Eastdil, most recently as a vice president.



The Grapevine

Fri, 28 Sep 2018
After three years at Moody’s, CMBS analyst Natalia Sosnina joined Fitch this week. As an associate director reporting to managing director Eric Rothfeld, she will remain in New York and continue to focus on new-issue ratings. Sosnina was an associate at Moody’s. Previously, she was a senior real estate analyst for two years at Case Property Services, also in New York. Before that, she was a financial advisor at Wells Fargo for almost...



The Grapevine

Fri, 28 Sep 2018
Meanwhile, Moody’s this month tapped Shivani Kak as head of new-business development for its U.S. structured-finance group. She fills the opening created when Mark DiRienz retired at yearend. Kak, an associate managing director in New York, joined Moody’s in 2008 as a mortgage-bond analyst and moved into its business-development group in 2011. She also has worked at Lehman Brothers and...



The Grapevine

Fri, 28 Sep 2018
Investment manager Conning is looking to hire a buy-side CMBS trader with 3-5 years of experience. The recruit would work in the firm’s Hartford headquarters, focusing on investments in private-label and agency paper in the new-issue and secondary markets. The position will require daily contact with CMBS broker-dealers and regular trips to New York to meet with them and with research analysts. Founded in 1912, Conning had $132 billion of...



The Grapevine

Fri, 28 Sep 2018
Mike Lytle joined Oz Management’s structured-credit group in New York this week. He helps manage the firm’s investments in commercial real estate debt, primarily focusing on CMBS. He reports to CMBS portfolio manager Matt Tuten. Lytle spent the past eight years at C-III Capital. Oz Management was previously known as Och-Ziff Capital.



The Grapevine

Fri, 28 Sep 2018
Varde Partners is looking for two senior analysts to support its growing mortgage-origination team. The openings are in New York and Minneapolis. Candidates should have 4-8 years of experience in mortgage banking, real estate credit underwriting or related activity. Varde, a Minneapolis fund operator, manages a series of mortgage-investment vehicles.



GreenOak Taps Adler for US Loan Program

Fri, 21 Sep 2018
Fund operator GreenOak Real Estate has hired former Deutsche Bank executive Ed Adler to oversee a U.S. debt operation.The goal is to scale up the business over time to match or exceed the size of GreenOak’s European lending operation, which has raised about $2 billion of equity for three debt funds over the past five years. The New York shop also has a sizable property-investment business in the U.S. and overseas.GreenOak expects to launch...



Surging Competition Impacts Syndications

Fri, 21 Sep 2018
Shifting sands in the loan-syndication market are prompting some lenders and borrowers to change tactics.The number of lenders pursuing loan participations is up, increasing competition. As a result, some lenders are now seeking to take down larger chunks of loans or entire mortgages in order to maintain their market share. That, in turn, is reducing the supply of syndication opportunities for others.What’s more, the scramble to line up...



Benchmark CMBS Spread Hits 6-Month Low

Fri, 21 Sep 2018
The benchmark conduit spread fell this week to the lowest level in six months amid pent-up demand and a broad rally in the fixed-income market.The long-term, super-senior bonds of two conduit deals — the first to price in more than a month — flew off the shelves at a spread of 78 bp over swaps. That was down from the range of 86-91 bp on the four previous conduit offerings, in early August. It was the first time that the key spread...



Blackstone Seeks Industrial Financing

Fri, 21 Sep 2018
Blackstone is looking to line up as much as $508 million of debt to fund its acquisition of an industrial portfolio.The proposed mortgage would be backed by roughly 10.3 million square feet of space at mostly small warehouses across the Southeast. That’s the bulk of a 13.3 million-sf pool of properties Blackstone has agreed to buy from MDH Partners and Harvard University’s endowment for some $950 million, or $71/sf.The fund giant is...



Insurer Eyes $430 Million Hotel Loan

Fri, 21 Sep 2018
MassMutual is trying to line up a $430 million floating-rate loan on a recently repositioned resort on the Gulf Coast of Florida.The 820-unit hotel is on Marco Island, just south of Naples. The property, which MassMutual has owned since the 1970s, was long known as the Marco Island Marriott Beach Resort. But between 2015 and 2017, the insurer pumped in about $330 million of equity to expand and upgrade the property, lifting it to luxury status...



Quartet of Lenders Splits Atlanta Loan

Fri, 21 Sep 2018
Four lenders have divided up a $150 million mortgage on an Atlanta office complex.Aozora Bank and Dai-ichi Life Insurance were the latest to take down chunks of the debt on the 915,000-square-foot Atlanta Financial Center. Credit Agricole led the financing, as previously reported, and Regions Bank joined in to fund a portion at the closing in July. They subsequently syndicated pieces to the two Japanese lenders. The sizes of the lenders’...



Key Touts "Streamlined' Service

Fri, 21 Sep 2018
KeyBank has launched a small-balance conduit program that promises to provide borrowers with better customer service than is typical on securitized loans.Under the “Streamlined” program, Key will directly handle all contacts with borrowers during the life of mortgages.“The important thing to know here is that we are lender, co-manager, special servicer, master servicer and risk-retention holder,” said Joe DeRoy, senior...



Hungry Buyers Snap Up REIT Bonds

Fri, 21 Sep 2018
The REIT-bond market perked up this week, with two issuers floating $1.8 billion of fresh paper.Both transactions benefited from pent-up demand, enabling dealers to achieve spreads well below their initial price guidance. After snapping up a $1.1 billion offering by Gaming & Leisure Properties on Monday, buyers also lined up for a $700 million issue by National Retail Properties on Tuesday.Gaming & Leisure sold $750 million of bonds, with a 5.3%...



CMBS Issuers Address New LLC Law

Fri, 21 Sep 2018
A recent change in Delaware’s law governing limited liability companies is prompting commercial MBS lenders and their attorneys to revise the standard language in loan agreements and other deal documents.Many industry attorneys are recommending changes to head off potential legal problems arising from a bill that Gov. John Carney signed into law in late July. The legislation allows limited liability companies registered in Delaware to split...



Eightfold Circles Another B-Piece

Fri, 21 Sep 2018
Eightfold Real Estate Capital has agreed to buy its third B-piece of the year.The Miami investment shop circled the junior bonds from an upcoming conduit deal by Morgan Stanley, Bank of America and Wells Fargo (BANK 2018-BNK15).The three banks will satisfy risk-retention rules by retaining 5% of each class. Eightfold will take down the remaining 95% of the below-investment-grade classes and will be free to trade the bonds at any time.Eightfold...



Oaktree Lends on New Calif. Offices

Fri, 21 Sep 2018
Oaktree Capital has written a $64 million bridge loan on a recently completed office property in Silicon Valley.The 178,000-square-foot building, in Campbell, Calif., was developed on a speculative basis by a joint venture between Carlyle Group and South Bay Development. HFF arranged the floating-rate loan, which closed Aug. 31 and has a term of five years.Carlyle, a Washington asset manager, and the Los Gatos, Calif., developer began...



Key Backs Senior-Housing Buyer

Fri, 21 Sep 2018
KeyBank Real Estate Capital has originated a $63 million Freddie Mac loan for the buyer of a senior-housing property in Portland, Ore.Strategic Student & Senior Housing acquired the 286-unit Courtyard at Mount Tabor on Aug. 31 for $92 million. The fixed-rate mortgage has a 10-year term. There is a four-year interest-only period, after which it amortizes on a 30-year schedule.The seller was a private partnership that developed the property’s...



The Grapevine

Fri, 21 Sep 2018
Commercial real estate finance veteran David Dysenchuk retired last week from his latest post, as a senior advisor at Aozora Bank in charge of loan syndications. Before joining Aozora in 2014, he was a managing director at SunTrust, also in a syndications role. He previously spent five years at Credit Agricole and had stints at Capmark Finance, ABN Amro, Merrill Lynch and UBS. Dysenchuk may soon set up a consulting practice, and is in talks with...



The Grapevine

Fri, 21 Sep 2018
Michael Mestel jumped from Square Mile Capital to H.I.G. Realty of New York last week as a managing director and head of U.S. real estate debt originations. The buzz is he’ll map out a bridge-lending business for the unit of Miami-based H.I.G. Capital that will write loans of $20 million to $150 million. Mestel ran West Coast originations for Square Mile, where he spent about two years. Before that, he was an originator at Citigroup for five...



The Grapevine

Fri, 21 Sep 2018
U.S. Bank added a couple of originators in the past few weeks. John Roach joined as market manager in Boston. He’s a senior vice president, the same title he previously had at PNC, where he worked for nearly a decade. Meanwhile, Rob Grudzinski joined U.S. Bank as a vice president in New York. He spent the past four years at Wells Fargo, where he had the same...



The Grapevine

Fri, 21 Sep 2018
Steven Sperandio started at nascent New York brokerage B6 Real Estate Advisors on Sept. 4 as a partner and senior managing director to lead its capital-advisory division. He reports to Paul Massey, who founded the company this summer after leaving Cushman & Wakefield, which had bought his previous firm, Massey Knakal Realty, in 2015. Sperandio spent two years as a director of debt and structured finance at Newmark before leaving in July. Newmark...



The Grapevine

Fri, 21 Sep 2018
Capital-markets pro Greggory Applefield joined Barings last month as a director in Newport Beach, Calif. He reports to Nasir Alamgir, head of real estate debt capital markets. Applefield moved to the MassMutual unit after about a year as an originator at Rialto Mortgage Finance. He previously worked at Mission Capital and Eastdil Secured.



The Grapevine

Fri, 21 Sep 2018
Attorney Michael Jo has joined Carlton Fields as of counsel in New York. He’s part of the 35-member real estate and commercial finance practice led by partner Greg Null. Jo came from Kroll, where he was hired in April as a managing director to head the rating agency’s real estate legal team. Until last year, he was a managing director heading the legal department at Annaly Capital. Before joining Annaly in 2013, Jo spent almost two...



The Grapevine

Fri, 21 Sep 2018
Meanwhile, Kroll is seeking to hire an attorney in New York to handle legal aspects of commercial MBS and commercial real estate CLO ratings. Candidates should have at least 8-10 years of commercial-mortgage experience. The recruit could start with a title as high as senior director, and would report to senior managing director Eric Thompson. To apply, go to kbra.com, click on “careers” and scan the job postings for “CMBS...



The Grapevine

Fri, 21 Sep 2018
Citigroup has added vice president Christopher Iacurto to its CMBS team in New York. Iacurto moved over last month from Moody’s to work on structuring large-loan deals and handling interactions with rating agencies. He reports to managing director David Bouton. Iacurto had two stints in Moody’s CMBS group, totaling seven years. In between, he was a portfolio manager in Nippon Life’s real estate investments unit for six...



Goldman Hires GGP Pro as Borrower Advocate

Fri, 14 Sep 2018
Goldman Sachs’ conduit operation has hired former GGP executive Andrew Oshman as its first dedicated liaison between borrowers and servicers.Oshman, who started on Monday, will help property owners navigate interactions with master and special servicers. Commercial borrowers have long complained about red tape in dealing with servicers, prompting some to shun loans from securitization programs.The move is a new tack in the conduit sector....



Timbercreek Mapping Big Bridge-Loan Fund

Fri, 14 Sep 2018
Timbercreek Asset Management is soliciting equity for a fund with the goal of originating $1 billion of bridge loans in the U.S.The Toronto investment manager has hired veteran lender Patrick Maroney as an executive director to lay the groundwork for the lending program and oversee originations. Maroney previously was a managing director at New York-based Annaly Capital for three years, focusing on office and multi-family loans.Before that,...



Pension Halts Search for NY Office Mortgage

Fri, 14 Sep 2018
New York Common Fund has dropped its effort to line up as much as $700 million of debt on a Midtown Manhattan office tower that it has almost finished redeveloping.The pension system had asked lenders a couple of months ago for quotes on a long-term, fixed-rate debt package on the 932,000-square-foot building, at 390 Madison Avenue. Roughly $600 million to $700 million was sought, representing leverage of less than 50%.A number of commercial MBS...



Pimco Hawks Agency B-Pieces

Fri, 14 Sep 2018
Pimco is shopping $352 million of seasoned B-piece paper from three Freddie Mac securitizations.Commercial MBS traders and investors have been buzzing about the bid list since it started making the rounds via a wide network of Wall Street dealers early this week. Offerings of Freddie B-pieces typically only happen about a dozen times a year, and are rarely so large. What’s more, rather than hold broad-based auctions, the sellers more often...



Blackstone Seeks Loan on NY Rentals

Fri, 14 Sep 2018
Blackstone is shopping for as much as $304 million of fixed-rate debt to finance its pending purchase of a large apartment complex in Queens, N.Y.The giant fund operator has agreed to buy the 1,308-unit Parker Towers, in the Forest Hills neighborhood, for $506 million from local developer Jack Parker Corp. The complex has three 20-story residential towers and a five-story commercial building with 61,000 square feet.Blackstone is seeking a...



Freddie to Lock In Rates for Builders

Fri, 14 Sep 2018
Seeking to boost the construction of workforce and affordable housing, Freddie Mac has launched a program that provides developers with forward commitments for permanent loans at a guaranteed interest rate.The goal is to encourage development by eliminating the risk that interest rates will climb during construction and leave builders unable to refinance construction loans economically.The program is an extension of a Freddie product that...



Related Eyes Debt for Tribeca Deal

Fri, 14 Sep 2018
Related Cos. is hunting for a $165 million loan for its pending acquisition of a luxury apartment building in Manhattan’s Tribeca neighborhood.The New York firm has agreed to pay $265 million for the 291-unit Truffles Tribeca, which overlooks the Hudson River at 34 Desbrosses Street. Seller Jack Parker Corp., also of New York, is liquidating its commercial real estate portfolio.Related has hired Newmark to line up floating-rate financing...



Prime Backs Buyer of Vegas Offices

Fri, 14 Sep 2018
Prime Finance has written an $83 million floating-rate loan to finance the acquisition and stabilization of a Las Vegas office portfolio.The loan, with a two-year term and three single-year extension options, is backed by 444,000 square feet at seven properties that Moonwater Capital bought from two separate sellers. Las Vegas-based Moonwater tapped Dekel Capital of Los Angeles to arrange the financing, which also included $21 million of...



Conduit Issuance Restarts With 3 Deals

Fri, 14 Sep 2018
Commercial MBS dealers are expected to price at least three conduit offerings totaling $3.2 billion over the next week, ending a late-summer issuance drought that lasted for more than a month.The largest of the new deals is a $1.4 billion offering by Morgan Stanley, Wells Fargo, Bank of America and NCB that started making the rounds with investors on Wednesday (BANK 2018-BNK14). The other two were still in the premarketing phase yesterday: a $1.1...



SocGen, Walton Street Refi SF Rentals

Fri, 14 Sep 2018
Societe Generale and Walton Street Capital have provided about $114 million of debt on a San Francisco apartment portfolio.The floating-rate loan is backed by 12 properties scattered around the city, with a combined 455 units. The French bank originated the senior portion and Walton Street, a Chicago fund operator, provided mezzanine debt. The sizes of those components couldn’t be learned.Some $107 million of the proceeds was funded at the...



CMBS Delinquencies Shrink to 2.5%

Fri, 14 Sep 2018
The past-due rate for securitized commercial mortgages dipped again last month.The percentage of delinquent commercial MBS loans collateralizing deals rated by Fitch dropped by 16 bp to 2.48% during August. The rate has been declining steadily from its year-earlier level of 3.59%, with the exception of a 1-bp uptick in April. It hasn’t been lower since May 2009, when it stood at 2.07%.The latest decrease reflected the addition of only $115...



Blackstone Pursues SF Office Loan

Fri, 14 Sep 2018
Blackstone is in the market for a floating-rate loan of up to $151 million for its purchase of a San Francisco office property.The New York fund operator has agreed to buy the 279,000-square-foot office portion of Embarcadero Square, a mixed-use waterfront complex, from Hong Kong investment shop Gaw Capital for around $245 million.Blackstone is seeking a seven-year mortgage and asking for quotes with at least two proceeds levels: $126 million,...



MetLife Lends on Luxury Rentals in SF

Fri, 14 Sep 2018
MetLife has originated a $61 million fixed-rate mortgage on a San Francisco multi-family property near the Golden Gate Bridge.The 10-year loan is backed by the Presidio Landmark, a 161-unit luxury complex within the Golden Gate National Recreation Area. The mortgage was closed and funded two weeks ago for owner Forest City Realty.The property encompasses a main building with 154 luxury apartments and an adjacent cluster of seven townhomes. The...



The Grapevine

Fri, 14 Sep 2018
Lincoln National has tapped John Foley to head its commercial-mortgage operation. Foley will join the insurer in a couple of weeks as a senior vice president. He’s coming from Mutual of Omaha, where he spent about five years and was responsible for the commercial-loan business. Before that, he worked at Voya Investment and its predecessor, ING Commercial Real Estate, for eight years. Foley replaces Donald Dibble, who departed in...



The Grapevine

Fri, 14 Sep 2018
Trimont Real Estate Advisors has hired servicing and asset-management veteran Bill Sexton as senior managing director for Europe. The newly created position gives Sexton oversight of the shop’s expanding European platform, which provides asset management, underwriting and other advisory services from offices in London and Amsterdam. Sexton previously co-founded Mount Street, a London servicing and workout shop, as well as fund manager...



The Grapevine

Fri, 14 Sep 2018
Greystone has hired Brian Jones as a managing director in Cleveland, tasked with lining up agency loans on affordable housing nationally. He started Sept. 4, reporting to Jeff Englund, Greystone’s head of affordable-housing lending. Jones was previously a regional managing director at Arbor Realty for two years and also logged a year as a vice president at Walker &...



The Grapevine

Fri, 14 Sep 2018
Broker-dealer Bay Crest Partners has hired Tadeusz “Ted” Jachowicz to handle commercial MBS sales and trading and to help build a loan-trading platform. Jachowicz joined the New York firm last month as a managing director. He spent the last two years as a principal at KDL Capital, a New York debt-fund startup. Jachowicz was previously a CMBS portfolio manager at Metacapital Management, where he worked from 2012 to 2016. Before that,...



The Grapevine

Fri, 14 Sep 2018
Meanwhile, former Bay Crest Partners trader Weston Friedman has joined BTIG, another broker-dealer in New York. Friedman, who will continue to trade CMBS, started there last week as a managing director. As previously reported, Friedman resigned from Bay Crest about a month ago. He had come aboard in 2016, after almost three years as a CMBS trader at RBC in New York. He was previously a buy-side CMBS analyst in a Brookfield Investment unit...



The Grapevine

Fri, 14 Sep 2018
Senior vice president Kathleen Olin has left CWCapital Asset Management for a staff position at the CRE Finance Council. The CMBS veteran joined the trade group’s Washington office on Sept. 4 as a managing director of industry initiatives, reporting to executive director Lisa Pendergast. Olin’s responsibilities include coordinating CREFC’s efforts to establish or improve industry standards and best practices. She has been a...



The Grapevine

Fri, 14 Sep 2018
Tal Bar-or, formerly a senior managing director at Meridian Capital, launched his own real estate shop last week. Manhattan-based Lantern Real Estate will focus on advising and partnering with commercial real estate companies, particularly on retail and mixed-used projects. Bar-or spent nearly eight years at Meridian.



The Grapevine

Fri, 14 Sep 2018
Wells Fargo is seeking two commercial mortgage associates to join its multi-family capital team. One opening, based in New York, requires five years of experience. The other recruit, with at least a three-year background, could work in New York, Carlsbad, Calif., or McLean, Va. Responsibilities include sizing, structuring and pricing potential transactions. Knowledge of Fannie Mae and Freddie Mac products is preferred. Send resumes to Brianna...



Foreign Banks Increase Pace of US Lending

Fri, 07 Sep 2018
Foreign-owned banks have been increasing their holdings of U.S. commercial mortgages more rapidly than their domestic counterparts, expanding their still-small share of the market, federal data show.Banks owned by foreign entities reported holding $226.2 billion of commercial real estate loans in the States as of March 31, according to a Commercial Mortgage Alert’s inaugural analysis of data compiled by Trepp Bank Navigator.That tally was...



CCRE Taps Wheeler for Senior Strategy Role

Fri, 07 Sep 2018
Cantor Fitzgerald has hired another prominent commercial MBS veteran as part of an effort to reinvigorate and expand its CCRE securitization arm.Former S&P researcher Darrell Wheeler has joined the shop as a managing director and senior strategist, based in New York. CCRE aims to tap his expertise in data-driven analytics and deal modeling to support lending, as well as bond distribution in the U.S. and Asia. While CCRE declined to comment, the...



SocGen's McGarvey Jumping to BNP Paribas

Fri, 07 Sep 2018
Managing director Daniel McGarvey has resigned as head of securitization banking and syndication at Societe Generale to join rival BNP Paribas.McGarvey, who left SocGen last week, will assume a similar role at BNP following a gardening leave of undisclosed length. He will remain based in New York.At SocGen, McGarvey reported to managing director Fouad Farah, head of the U.S. asset-backed products group. His oversight responsibilities included the...



Loan Sought on Central Loop Tower

Fri, 07 Sep 2018
A South Korean investment syndicate is seeking a roughly $220 million mortgage to refinance the office building at 161 North Clark Street in Chicago’s Central Loop.Eastdil Secured is pitching the assignment for the syndicate, led by Korea Post, South Korea’s postal system. Fixed- and floating-rate proposals will be considered. The requested term is 5-7 years.The 1.1 million-square-foot property, at West Randolph Street, is called the...



Vornado Team Eyes NY Office Loan

Fri, 07 Sep 2018
A Vornado Realty partnership is in the market for a mortgage of up to $160 million on an office building in Manhattan’s Meatpacking District.The 165,000-square-foot property, at 61 Ninth Avenue, was completed a few months ago. Most of the space is leased to Aetna — although the health insurer has canceled its plan to move in.Vornado and Aurora Capital Associates, both of New York, are taking quotes on a broad menu of financing...



Varde Pitches Mixed-Quality Portfolio

Fri, 07 Sep 2018
Varde Partners is shopping $200.8 million of mixed-quality seasoned mortgages with an average balance of $1.3 million.The 151-loan portfolio is divided into nine pools. Indicative bids are due Oct. 3. Varde, a Minneapolis fund operator, is pitching the loans via HFF, which started the marketing campaign yesterday. Investors can bid on individual pools or any combination. Winning bidders are expected to be selected on Oct. 18.The mortgages are...



Acore Backs Buyer of Calif. Offices

Fri, 07 Sep 2018
Acore Capital has provided a $130.2 million loan for Rockpoint Group’s purchase and planned renovation of a Southern California office complex.The 486,000-square-foot Summit Office Campus is in Aliso Viejo, in the southern part of Orange County. Rockpoint acquired the property from Deutsche Asset Management for $157 million. The Boston fund operator has indicated it plans some $8 million of upgrades to the complex. Newmark lined up the...



Annaly Inks Floater on Dallas Tower

Fri, 07 Sep 2018
Annaly Capital has written a $185 million floating-rate loan on a prominent office skyscraper in Dallas.The mortgage on the 1.5 million-square-foot Comerica Bank Tower closed last month. The borrower, a joint venture between local firm TriGate Capital and M-M Properties of Houston, used a portion of the proceeds to retire existing debt and will draw down the remainder over time for capital improvements and leasing costs.Comerica Bank, which has...



Loan Sought on Revamped NY Offices

Fri, 07 Sep 2018
A Chinese investment firm is seeking a $130 million fixed-rate loan on a landmark office building in Manhattan that it has renovated and fully leased up.CL Investment recently completed a gut renovation of the 118,000-square-foot property, formerly called the United Charities Building, at 287 Park Avenue South in the Flatiron District. Workspace provider IGW of Switzerland has leased all 103,000 sf of the offices for its Spaces affiliate. British...



Riskier Debt Gained 2.1% in Quarter

Fri, 07 Sep 2018
An index of high-yield commercial real estate debt showed a 2.1% return in the second quarter.That marked an improvement from the 1.8% return logged during the first three months of the year by the Giliberto-Levy High-Yield Real Estate Debt Index.The index, which is compiled by investment manager Michael Giliberto and mortgage banker John Levy from data supplied by investment managers advising institutional investors, measures the performance of...



Special-Servicing Rate Drops to 4.5%

Fri, 07 Sep 2018
The special-servicing rate for securitized commercial mortgages resumed its long-running slide last month.Following a 3-bp uptick in July, the percentage of commercial MBS in the hands of special servicers dropped by 24 bp, to 4.47%, on Aug. 31, according to Trepp.The rate hasn’t been lower since April 2009, when it stood at 3.18%. It has mostly declined on a monthly basis for the last year. The latest drop reflected last month’s $854...



The Grapevine

Fri, 07 Sep 2018
Former AIG executive Keith Honig has landed in a senior position at Pacific Life. He started a couple of weeks ago as managing director and head of commercial mortgage origination in the U.S. and Canada. He’s based in Newport Beach, Calif., reporting to Tony Premer, who oversees all real estate investments for the insurer. Honig spent 23 years at AIG. He had been serving as head of U.S. commercial-mortgage lending when he was one of a...



The Grapevine

Fri, 07 Sep 2018
Jeff Titherington has moved from Bank of America to BBVA Compass. He started a few weeks ago as a managing director based in Charlotte, specializing in syndications. Titherington was at BofA for more than two decades. He had several commercial real estate debt roles at the bank, including relationship manager and syndicator.



The Grapevine

Fri, 07 Sep 2018
Longtime Wells Fargo debt pro Jack Boyl jumped to LoanCore Capital late last month as a director in Irvine, Calif. Boyl spent the past 12 years at Wells, where he rose through the ranks after joining as an analyst before the downturn. At LoanCore, he focuses on both floating-rate bridge loans and fixed-rate conduit debt, as well as on restructuring debt and managing distressed loans and securities. The Greenwich, Conn., firm is looking to add an...



The Grapevine

Fri, 07 Sep 2018
Stephen Feinberg joined Newmark on Monday as a director, focused on lining up debt and joint-venture equity for property owners nationally. He reports to Dustin Stolly and Jordan Roeschlaub, co-heads of the brokerage’s national debt practice. Feinberg spent the past two years at JLL, where he was a vice president of capital markets. Before that, he put in two years as a director of acquisitions at EverWest Real Estate of New...



The Grapevine

Fri, 07 Sep 2018
CWCapital has promoted Dave Iannarone to chief executive. Iannarone took on the new title over the summer, following a 13-year stint as president. At the same time, James Shevlin moved up from managing director to president and chief operating officer. Iannarone is responsible for corporate strategic growth while Shevlin’s focus is day-to-day operations of the firm and its subsidiaries, including its special-servicing...



The Grapevine

Fri, 07 Sep 2018
The commercial real estate banking group at Bank of America wants to hire a seasoned sales pro in New York. The opening for a senior vice president requires at least 10 years of experience in project lending and institutional finance. The senior relationship manager would report to senior vice president Brad Dubeck, who leads business development in the sector for the New York-New Jersey region. The recruit would replace senior vice president...



The Grapevine

Fri, 07 Sep 2018
Brokerage Largo Capital opened a Montreal office this week, expanding its efforts to line up debt from U.S. lenders for property owners and developers in Canada. Largo, based in the Buffalo suburb of Getzville, N.Y., opened a Philadelphia-area office in July. It also has outposts in Albany, N.Y., Sarasota, Fla., and Toronto.



The Grapevine

Fri, 07 Sep 2018
Silverpeak Argentic is seeking to add an associate to its asset-management team. The recruit would help to manage fixed- and floating-rate loans that are backed by transitional and stabilized properties. Candidates should have 1-4 years of relevant experience. Send resumes to Christina Kuch at ckuch@argenticmgmt.com.



Duo to Buy Boca Raton Resort, Seeking Loan

Fri, 17 Aug 2018
A Lubert-Adler partnership has struck a deal to buy a prominent South Florida hotel from Blackstone and is seeking $675 million of floating-rate debt financing.Lubert-Adler is teaming up with RIDA Development on the acquisition of the 1,047-room Boca Raton Resort & Club, in Boca Raton. The purchase price couldn’t be learned, but market pros expected the property to trade for about $1 billion, or $955,000 a room.The partnership plans to...



Brown to Retire; Starwood Maps Transition

Fri, 17 Aug 2018
Prominent commercial MBS executive Larry Brown will retire from Starwood Mortgage Capital early next year and be succeeded as president by chief credit officer Rich Highfield.Under a transition plan announced internally yesterday, Highfield will become president on Jan. 1. Brown will then continue to oversee the shop for three months under the new title of executive chairman. He will give up his day-to-day responsibilities and effectively retire...



Deutsche Shifts UK Loan Chief Kogan to US

Fri, 17 Aug 2018
Deutsche Bank has tapped Roman Kogan, who was head of its European commercial real estate group, to oversee commercial real estate lending in the U.S.Kogan, a managing director, will assume the new post shortly after Labor Day. He is in the process of relocating to New York from London.His appointment was announced internally on Tuesday. Kogan will continue to report to managing director Matt Borstein, global head of commercial real estate.Kogan...



Moderate Activity in CMBS Pipeline

Fri, 17 Aug 2018
Commercial MBS issuance will be modest over the rest of the third quarter, according to a survey by Commercial Mortgage Alert.One more transaction is expected to price this month: a $250 million single-borrower offering. And $5.7 billion of transactions are tentatively scheduled for next month — slightly less than this year’s monthly average. That encompasses five conduit deals and a single-borrower issue.However, sources said that a...



Extell Eyes Loan for Texas Hotel Deal

Fri, 17 Aug 2018
Extell Development is looking to line up a $225 million floating-rate debt package to finance its pending purchase and planned renovation of a Four Seasons resort outside Dallas.Extell has agreed to buy the 405-room Four Seasons Resort & Club Dallas at Las Colinas from Blackstone. People familiar with the deal pegged the purchase price at about $235 million, or $580,000/room. Hodges Ward Elliott is Blackstone’s broker on the sale.Eastdil...



Rialto Bond Sale Comes With Catch

Fri, 17 Aug 2018
Rialto Capital this week shopped the B-pieces of two 2012 conduit deals with an unusual condition that almost certainly dampened the bids.The auction, led by Morgan Stanley, raised eyebrows in the secondary market because buyers had to agree to retain Rialto as special servicer of the two securitizations.“That’s just bizarre,” said one buy-side commercial MBS trader. “A decent amount of the value in buying the first-loss...



Freddie's Small-Loan Volume Up 37%

Fri, 17 Aug 2018
Freddie Mac’s small-balance-loan program continues to grow.Over the first seven months of this year, the program’s volume soared by 37% from a year earlier, to $4.3 billion, accounting for roughly 12% of Freddie’s overall loan purchases. That was on top of a 76% increase last year, when Freddie purchased $7.8 billion of small-balance loans from its agency lenders.Started four years ago, the program is aimed at supporting...



REGULATORY ROUNDUP

Fri, 17 Aug 2018
Fall Elections Could Impede Deregulatory PushCommercial-mortgage professionals who have welcomed Republican-led efforts to scale back post-crash regulations are now wondering if the midterm elections could cause Washington to change course again.“There have been a lot of constructive steps taken lately,” including a number of legislative initiatives that are already in the process of being implemented by regulators, said Lisa...



REGULATORY ROUNDUP

Fri, 17 Aug 2018
HVCRE — OCC, Fed, FDICBanks are hoping regulators will soon introduce revised rules on risk-based capital charges for construction loans, to reflect the Dodd-Frank rollback legislation enacted in May.A portion of the new law aims to clarify regulations that took effect for acquisition, development and construction debt in 2015. Those rules increased the risk weighting for “high volatility commercial real estate” assets by half,...



REGULATORY ROUNDUP

Fri, 17 Aug 2018
Multi-Family Disclosures — BCFPU.S. lawmakers haven’t gone as far as some industry trade groups had hoped in relieving multi-family lenders from stringent data-reporting requirements imposed by the Bureau of Consumer Financial Protection. But CREFC, the MBA and others continue to press the issue with the agency, maintaining their long-running argument that business-to-business loans shouldn’t be subject to consumer-protection...



REGULATORY ROUNDUP

Fri, 17 Aug 2018
Tax Reform — Treasury, IRSNew rules proposed last week by the Department of the Treasury and IRS should make it easier for owners of “pass-through” businesses to determine whether they qualify for a 20% deduction under the income-tax revisions President Trump signed into law late last year.The law defined broad categories of business activities that would or wouldn’t be eligible for the tax break, and industry pros had...



REGULATORY ROUNDUP

Fri, 17 Aug 2018
Libor Replacement — New York FedWith the phase-out of Libor still three and a half years away, commercial-mortgage pros see the Secured Overnight Financing Rate as the most likely replacement benchmark for spreads on floating-rate loans and securities in the U.S. But industry groups say major adjustments are needed to make the new rate a suitable replacement.The daily SOFR, which the Federal Reserve Bank of New York began publishing on...



REGULATORY ROUNDUP

Fri, 17 Aug 2018
Volcker Rule — Fed, CFTC, FDIC, OCC, SECFederal regulators want to simplify and clarify the so-called Volcker Rule, a Dodd-Frank measure that prohibits banks from engaging in proprietary trading and limits their dealings with hedge funds or private equity funds.While the rule allows bond trading for market-making purposes, banks have reduced such activity for fear of inadvertently running afoul of the rule, amid widespread uncertainty over...



REGULATORY ROUNDUP

Fri, 17 Aug 2018
Flood Insurance — Congress, FEMACREFC and the MBA are lobbying Congress for a long-term extension of the National Flood Insurance Program that would allow owners of commercial properties to opt out of the mandatory purchase requirements.The government-backed flood insurance program, run by the Federal Emergency Management Agency, underwrites policies on homes, commercial properties and businesses in communities that comply with certain...



REGULATORY ROUNDUP

Fri, 17 Aug 2018
Mortgage Agency Reserves — FHFAThe Federal Housing Finance Agency has raised eyebrows among commercial-mortgage pros with its plan to reinstate capital-reserve requirements for Fannie Mae and Freddie Mac if they are eventually released from conservatorship. That’s largely because the regulator’s proposal, which was released for public comment last month, appears to put more of a potential constraint on Fannie’s...



Loeb Adds 3 Real Estate Attorneys

Fri, 17 Aug 2018
Loeb & Loeb continues to expand its U.S. real estate practice.The law firm recently added three seasoned attorneys to that group, which is led by partner Raymond Sanseverino. His team now encompasses 36 lawyers in the firm’s Los Angeles headquarters and New York, including three others hired within the last six months.The most-recent additions included Kevin Garland, who started late last month, and Frayda Ginsburg, who came aboard Aug. 7,...



Capital One Writes Big Fannie Loan

Fri, 17 Aug 2018
Capital One originated a $178.3 million Fannie Mae loan last week on a new apartment complex in Menlo Park, Calif.The 394-unit property, at 3639 Haven Avenue, was developed by a partnership between Anton Development of Foster City, Calif., and St. Anton Capital of Sacramento.The fixed-rate loan has a 10-year term. The developers used some of the proceeds to retire a $96 million construction loan that U.S. Bank originated in 2014.The four-story...



Colony Seeks Medical-Office Floater

Fri, 17 Aug 2018
Colony Capital is looking to line up a $120 million mortgage on a nationwide portfolio of medical-office properties.The Los Angeles company is shopping for floating-rate debt with an initial term of three years and up to three single-year extension options. The 633,000-square-foot portfolio’s exact valuation is unclear, but one person familiar with the financing proposal put it in the area of $180 million.Colony is circulating the loan...



Bahrain Bank Hires US Lending Chief

Fri, 17 Aug 2018
Bank ABC of Bahrain has hired an experienced originations executive to build a commercial real estate lending operation in the U.S.Kate Stentebjerg-Olesen started a couple of weeks ago as head of real estate finance, based in New York. She had been a senior relationship manager at HSBC, where she’d worked for more than 12 years. Before that, she spent about a decade at Canada-based Scotiabank.Bank ABC is expected to follow a course similar...



Acore Finances San Jose Office Park

Fri, 17 Aug 2018
Acore Capital has originated a $92.2 million floating-rate loan on an office park in San Jose.A joint venture between Westbrook Partners of New York and San Francisco-based Four Corners Properties used the proceeds to retire existing debt on the 375,000-square-foot RioTech Office Park, at 3545 North First Street.The loan, which closed this month, has a six-year term, including extension options.The Westbrook team bought the complex in November...



The Grapevine

Fri, 17 Aug 2018
Managing director Warren Geiger departed about two weeks ago from Societe Generale, where he ran secondary-market trading of commercial MBS. Geiger is headed to a similar role at KeyBank, also in New York, where he’ll report to fixed-income trading chief Tom Goodrick. Geiger will start later this year, following a gardening leave. SocGen said a more-junior CMBS trader, Kevin Lu, remains on staff, and it plans to move quickly to find a...



The Grapevine

Fri, 17 Aug 2018
Originator Ed Balazs is moving to Bank of the West next week. He will remain based in Los Angeles, where he’s been an executive vice president at CBRE Capital Markets for more than a year, writing commercial mortgages in Southern California. Balazs previously spent about four years at Citibank and before that was a senior executive at Eurohypo for more than a decade. At Bank of the West, a subsidiary of BNP Paribas, he rejoins Clifford...



The Grapevine

Fri, 17 Aug 2018
CMBS trader Weston Friedman resigned last week from New York broker-dealer Bay Crest Partners. There’s no word on his plans. Friedman joined Bay Crest in 2016 from RBC, where he was head of CMBS trading, also in New York. Before going to the Toronto bank in 2013, Friedman spent almost five years as a buy-side CMBS analyst in a Brookfield Investment unit that was later acquired by London-based...



The Grapevine

Fri, 17 Aug 2018
A seasoned originator who left HSBC a little over a month ago has surfaced at Shanghai Commercial Bank. Feng Tian is chief lending officer in the U.S. for the Hong Kong institution, working to boost its lending in the States. Tian was at HSBC in New York for more than 15 years, most recently as a senior vice president. Before that, she worked for several years at J.P....



The Grapevine

Fri, 17 Aug 2018
Jonathan Shapiro joined Dallas-based Revere Capital this month in New York. He’s a senior vice president focused on lining up, underwriting and structuring bridge loans. Shapiro previously was an originator at Maxim Capital and NorthStar Realty Finance.



The Grapevine

Fri, 17 Aug 2018
J.P. Morgan is seeking a senior underwriter for its commercial-mortgage group in New York. The recruit would handle all aspects of underwriting term loans. Candidates need at least five years’ experience in commercial real estate lending, underwriting and loan workouts, and knowledge of the New York regional market. To apply, go to jobs.jpmorganchase.com and search for job number 180075675. CORRECTION (9/7/18): This article has been revised....



The Grapevine

Fri, 17 Aug 2018
AIG wants to hire a real estate credit analyst for its CMBS and loan-syndications group, led by managing director Joseph Romano. The opening in New York requires 3-5 years of experience. Send resumes to Nadia Gonzalez at nadia.gonzalez@aig.com.



The Grapevine

Fri, 17 Aug 2018
Morningstar has added a junior quantitative analyst to work on modeling various types of structured products, including CMBS. Qiao Wang started Aug. 6 in the rating agency’s New York headquarters, reporting to quantitative research director Olgay Cangur.



The Grapevine

Fri, 17 Aug 2018
KKR is looking for an associate to join its real estate credit group in New York and assist with underwriting bridge loans on transitional properties. Candidates should have 2-4 years of relevant experience. The contact is Sun-Sun de Swaan of Glocap Search, at deswaan@glocap.com.



Brookfield Maps CMBS for Forest City Deal

Fri, 10 Aug 2018
Brookfield Asset Management’s financing package for its pending takeover of Forest City Realty will include about $3 billion of floating-rate debt from four commercial MBS lenders.Bank of America, Barclays, Citigroup and Deutsche Bank will divide all or most of that debt into multiple single-borrower transactions, with the lead-lender roles possibly alternating. It’s unclear whether the banks will securitize the full amount or carve...



Pimco Fund Corrals $700 Million at First Close

Fri, 10 Aug 2018
Pimco last week closed on $700 million of initial equity for a fund that focuses on writing floating-rate loans on transitional properties.Pimco Commercial Real Estate Debt Fund 1 has a $1.5 billion overall goal. Leverage will potentially boost its total origination power to around $4.5 billion.The closed-end fund also has the capacity to invest in B-notes, mezzanine loans and preferred equity. But its emphasis is bridge loans. The financing of...



Debt Sought for Expanding South Florida Mall

Fri, 10 Aug 2018
The owner of the top-performing retail center in the U.S. is seeking some $600 million of debt to refinance and expand the property.The mortgage would be backed by the 460,000-square-foot Bal Harbour Shops, a luxury open-air mall just north of Miami Beach. Some of the proceeds would go toward financing a project that would add more than 340,000 sf in phases over about five years.The owner, Whitman Family Development of Miami Beach, is talking to...



BofA to Lead Another Shidler Deal

Fri, 10 Aug 2018
Bank of America has agreed to arrange roughly $500 million of floating-rate financing in the commercial MBS market for Shidler Group on a portfolio of limited-service hotels.Honolulu-based Shidler will use the proceeds to retire existing debt. The underlying loan will have a two-year term and three one-year extension options.The portfolio contains four or five dozen hotels scattered around the country. Most are in secondary markets, in states...



Waterton Taps CBRE for Freddie Loan

Fri, 10 Aug 2018
CBRE has originated a $470 million Freddie Mac loan that financed Waterton’s purchase of an apartment portfolio.Waterton, a Chicago fund operator, acquired the 3,685-unit package from a partnership led by CBRE Global Investors of Los Angeles for about $660 million. The loan and the sale closed on July 25.The seven-year Freddie loan, backed by eight properties in four states, was divided into two equal tranches. One tranche carries a fixed...



Conduit Shopped Within Recent Range

Fri, 10 Aug 2018
The dog days of summer are here, as commercial MBS dealers are pitching the last conduit deal until September and the pace of single-borrower issuance has tapered off.Price guidance circulating yesterday for the conduit transaction included a projected spread of 87-bp area over swaps for the long-term super-senior bonds. The $692.1 million offering by Wells Fargo, Barclays, Benefit Street Partners, Silverpeak Argentic and Rialto Capital (WFCM...



Kalikow Taps BofA on 101 Park Avenue

Fri, 10 Aug 2018
Developer Peter Kalikow has refinanced the office building at 101 Park Avenue in Midtown Manhattan with a low-leverage $365 million mortgage from Bank of America.Kalikow used most of the proceeds to defease a $300 million fixed-rate mortgage — also originated by BofA — that wasn’t slated to mature until December 2022.BofA is expected to securitize all or most of the new fixed-rate loan in a stand-alone offering this month. A...



Wells Provides Calif. Industrial Loan

Fri, 10 Aug 2018
Wells Fargo has written a $125 million loan on a West Coast industrial portfolio.The floating-rate mortgage, with a term of three years, was originated two weeks ago for a fund managed by DRA Advisors of New York. The collateral is a pool of industrial and research-and-development properties in Silicon Valley, concentrated around San Jose and Santa Clara.The individual properties backing Wells’ mortgage couldn’t be learned, but at...



Credit Agricole Backs Tishman in SF

Fri, 10 Aug 2018
Credit Agricole has originated a $239 million floating-rate mortgage on a San Francisco office condominium.The 543,000-square-foot block of space is owned by a Tishman Speyer partnership. It’s on the lower 31 floors of the 42-story building at 333 Bush Street. The upper floors are separately owned residential condos.Credit Agricole is talking to lenders about a possible syndication. The loan, which closed last week, has a five-year term,...



London Shop Preps Construction Fund

Fri, 10 Aug 2018
Chenavari Investment is mapping plans for the latest in a series of European real estate debt vehicles.The London firm, which runs about $6 billion via a mix of debt-focused hedge funds and private equity vehicles, plans to begin marketing Chenavari Real Estate Fund 3 later this month with a £200 million ($260 million) fund-raising goal. An initial equity close is slated for December.The fund would shoot for an 11-13% return by originating...



Mesa West Backs Buyer of NY Rentals

Fri, 10 Aug 2018
Mesa West Capital has agreed to provide $225 million of floating-rate debt to a partnership that’s buying a Midtown Manhattan apartment tower.The collateral is the Biltmore, a 464-unit upscale property at 271 West 47th Street in the Theater District. New York investors GreenOak Real Estate and Slate Property have struck a deal to purchase the property from Jack Parker Corp. for about $290 million. Newmark, which is brokering the sale, also...



Capital One Lands Freddie Loan

Fri, 10 Aug 2018
Capital One has written a $56 million Freddie Mac loan on a Seattle apartment complex.The owner, DevCo of Bellevue, Wash., used the proceeds to refinance debt on the 476-unit Creston Point, at 13445 Martin Luther King Junior Way South.The fixed-rate loan, which closed on July 31, has a 15-year term. Freddie will securitize it via a K-series offering.The affordable-housing complex encompasses 18 buildings and 20 “carriage houses.” The...



Loan Returns Improved in 2nd Quarter

Fri, 10 Aug 2018
Commercial real estate loans produced a 0.61% return in the second quarter, rebounding from a fall into negative territory in the previous three months, according to the Giliberto-Levy Commercial Mortgage Performance Index.Loan income ticked up slightly, to 1.09%, but valuations dipped by 0.47%. That was an improvement over a 1.46% drop in valuations in the first quarter, which led to an overall negative-0.38% return.Over the past 12 months,...



Past-Due CMBS Tally Declines Again

Fri, 10 Aug 2018
The volume of delinquent mortgages collateralizing commercial MBS deals contracted again last month, mostly due to a steady pace of resolutions among troubled loans that were originated before the crash.The aggregate balance of past-due mortgages backing deals rated by Fitch dropped to $10.3 billion as of July 31, down $240.6 million from a month earlier. The percentage of CMBS loans in that category followed suit, falling by 8 bp to 2.64% last...



The Grapevine

Fri, 10 Aug 2018
Veteran originator David Sotolov joined Annaly Capital two weeks ago as a managing director in Los Angeles. He’s leading loan production in the West as part of the New York firm’s commercial real estate finance team, which is helmed by Tim Gallagher. Sotolov spent the last decade at New York-based iStar, also in Los Angeles.



The Grapevine

Fri, 10 Aug 2018
PGIM has hired Kathy Thurston as an executive director in its debt-strategies group. She’s an assistant portfolio manager for the insurer’s U.S. real estate debt holdings. She’s based in New York, reporting to Steve Bailey, who heads the group. Thurston arrived a few weeks ago from PrivateBank, where she was most recently a managing director and head of the institutional real estate group. Chicago-based PrivateBank was acquired...



The Grapevine

Fri, 10 Aug 2018
Managing director Robin Regan has resigned from Kroll, where she oversaw the legal aspects of rating commercial MBS, commercial real estate CLOs, single-family rental deals and distressed-asset securitizations. Regan, who left on good terms last Friday, seeks to go beyond her longtime focus on securitization and pursue broader work as a commercial real estate finance attorney. Kroll hired Regan in 2011 from law firm SNR Denton, now known as...



The Grapevine

Fri, 10 Aug 2018
Chicago brokerage Alpha Capital CRE hired a senior vice president last month. Scott Modelski started July 16, helping place loans and equity for the shop’s clients. He came from the local office of Wells Fargo’s commercial real estate group. Modelski spent 11-plus years at the bank, where his duties included loan origination and working on special situations. Alpha, which changed its name last year from Alpha Alternatives, was founded...



The Grapevine

Fri, 10 Aug 2018
ReadyCap Commercial wants to add five originators across the country. The recruits would focus on Freddie Mac multi-family mortgages and small-balance CMBS loans. Candidates may contact Erica Carver at erica.carver@rclending.com. ReadyCap is a division of Sutherland REIT, which is managed by Waterfall Asset Management of New York.



The Grapevine

Fri, 10 Aug 2018
Law firm Andrascik & Tita added J. Keith Jones as a partner last month. Based in Charlotte, he specializes in loan origination and servicing. Jones spent the last 10 months as a partner at Troutman Sanders and was previously a partner at Nelson Mullins for about four years. Andrascik & Tita, founded in 2009 by managing partner Kimberly Andrascik, focuses on commercial real estate finance. It now has seven attorneys in four states, including two...



The Grapevine

Fri, 10 Aug 2018
DBRS has openings for two CMBS analysts in New York. Both would help rate new issues under senior vice president Edward Dittmer, who joined DBRS from Morningstar in June. One of the recruits, who would start as a vice president, should have 7-10 years of experience. The other opening, for a senior financial analyst, requires 3-5 years of experience.



The Grapevine

Fri, 10 Aug 2018
S&P is looking to hire two CMBS research assistants in Centennial, Colo. The recruits would support the analysts that work on new-issue ratings and surveillance. They would report to senior director James Digney, the New York-based head of the U.S. CMBS ratings team. Contact Morgan Bergstrom at morgan.bergstrom@spglobal.com.



Single-Borrower Deals Dominating Issuance

Fri, 03 Aug 2018
July was a record-breaking month for single-borrower securitizations.Thirteen of the 16 commercial MBS transactions that priced were single-borrower deals — the most ever for a single month. And they accounted for 66.1% of the total dollar volume, the largest percentage of single-borrower issues for any month in the market’s history.The heavy issuance continued an ongoing trend. The next two busiest months ever by deal count also...



Invesco Gives KKR $500 Million of Facilities

Fri, 03 Aug 2018
Invesco Real Estate has agreed to lend $500 million to KKR as part of a new emphasis on providing credit facilities to funds and other property owners.The $2 billion KKR Real Estate Partners Americas 2 fund will tap the secured floating-rate facilities to finance acquisitions of core-plus and value-added properties, primarily in the multi-family and warehouse sectors.Invesco closed on the two facilities last month. KKR can borrow up to 75% of a...



Banks Finance Vegas Luxury Retail Property

Fri, 03 Aug 2018
A group of banks has provided $615 million of debt on a newly expanded, high-end retail property in Las Vegas.United Overseas Bank of Singapore was the lead lender on the floating-rate mortgage, which is backed by 162,000 square feet of space connected to the Wynn Las Vegas and Encore hotels. UOB funded about two-thirds of the loan, while Credit Agricole, Fifth Third Bank and Sumitomo Mitsui Banking split the rest when the deal closed within the...



AIG Circling Loan on Chicago Tower

Fri, 03 Aug 2018
AIG has the inside track to provide a roughly $435 million mortgage on a new office tower in Chicago.The 1.1 million-square-foot River Point, at 444 West Lake Street, is owned by a joint venture between Hines and Ivanhoe Cambridge.AIG could syndicate the loan, which is expected to close in a few weeks. Market pros said the assignment was aggressively pursued by a number of lenders, which led pricing to tighten to around 120 bp over one-month...



German Bank Taps US Lending Chief

Fri, 03 Aug 2018
Deutsche Pfandbriefbank has hired a veteran lender to head up its U.S. office as it builds its presence in the States.David McNeill is moving over from another German institution, DekaBank, where he was a managing director in New York, in charge of U.S. real estate financing operations. He spent more than a decade at Deka, and worked at Hypo Real Estate before that.McNeill resigned from Deka about a week ago and will start at Pfandbriefbank, also...



Credit Suisse Funds Healthcare Shop

Fri, 03 Aug 2018
Credit Suisse last week closed a $400 million floating-rate credit facility for a skilled-nursing portfolio in California.The 28 properties, with 3,200 beds, are owned by Plum Healthcare of San Marcos, Calif. The credit line has a two-year term, with a one-year extension option.Plum was advised on the facility by Lancaster Pollard, a Columbus, Ohio, shop owned by ORIX USA of Dallas. It used the proceeds to retire a corporate term-loan credit...



Mack Finances Senior-Housing Project

Fri, 03 Aug 2018
Mack Real Estate has provided a $129 million loan for the repositioning of a senior-living property in the affluent Westwood section of Los Angeles.A substantial portion of the floating-rate debt was funded at closing last week, with the rest to be released as the project hits prescribed benchmarks.The borrower, a joint venture between Kayne Anderson Real Estate of Los Angeles and the Freshwater Group of Tucson, is using the proceeds to convert...



Buyers Clamor for REIT-Bond Floaters

Fri, 03 Aug 2018
The recent surge in demand for short-term securities with floating rates has reached the REIT-bond market, where fixed-rate issues with terms of 5-10 years have long been the norm.Some large institutional investors have reached out to REIT-bond underwriters with “reverse inquiries” for short-term floaters. So it’s unsurprising that buyers lapped up a $350 million offering of floating-rate bonds, with three-year terms, that SL...



Conduit Deals Show Price Tiering

Fri, 03 Aug 2018
Price tiering was in evidence once again this week in the conduit market.The benchmark class of a $717.4 million offering by CCRE, Deutsche Bank, Starwood Mortgage and Citigroup priced yesterday at 87 bp over swaps, in line with the dealers’ guidance (CD 2018-CD7).Meanwhile, the spread guidance was 91-93 bp for the equivalent long-term super-seniors of an $804.9 million offering by UBS, Societe Generale, Ladder Capital, Natixis, Rialto...



Loan Sought on Historic DC Building

Fri, 03 Aug 2018
The American Pharmacists Association is seeking a $117 million fixed-rate loan to refinance its landmark headquarters in Washington.The trade group prefers to line up a 15-year mortgage on the 245,000-square-foot property, at 2215 Constitution Avenue NW. The loan-to-value ratio would be about 55%, pegging the building’s value at roughly $213 million.The proceeds would be used to retire a loan from HypoVereinsbank that matures next year....



Special-Servicing Rate Hovers at 4.7%

Fri, 03 Aug 2018
The percentage of commercial MBS loans in the hands of special servicers has gone up for the first time in 10 months, but not by much.The special-servicing rate increased by 3 bp to 4.71% during July, following an average drop of 18.6 bp per month since October, according to Trepp.The aggregate balance of CMBS debt in that category also increased slightly to $20.8 billion, up $240.9 million since June 30. Both tallies have contracted fairly...



The Grapevine

Fri, 03 Aug 2018
Katie Plett joined KeyBank Real Estate Capital on July 31 as a senior mortgage banker, originating multi-family loans in the Pacific Northwest. She reports to regional executive Jon Reible. Plett had been a vice president at HomeStreet Capital of Seattle, where she spent over seven years.



The Grapevine

Fri, 03 Aug 2018
Barclays says its hiring of industry veteran Scott Eichel to lead trading and sales of securitized products won’t prompt any near-term staffing changes in its U.S. commercial MBS group. He starts Monday in New York, reporting to global macro-trading chief Michael Lublinsky. The creation of the new position marks a big step in Barclays’ ongoing expansion of its securitization business. Eichel has worked on the buy side since 2015,...



The Grapevine

Fri, 03 Aug 2018
In a separate move, CMBS trader Brian La Belle left Barclays this week, and the word is he’s pursuing a buy-side opportunity. La Belle was a director in charge of distributing CMBS offerings. He also was responsible for originating and placing mezzanine debt, pricing and hedging loans warehoused for securitization and syndicating balance-sheet mortgages. Before joining Barclays as a vice president in New York in mid-2015, La Belle spent 10...



The Grapevine

Fri, 03 Aug 2018
Commercial-mortgage attorney John Tucker has jumped to Frost Brown, after just over three years at Greenberg Traurig. He started July 26 as a partner in Dallas, joining the 26-member CMBS lending and servicing practice led by partners Barry Hines and John Gragg. Tucker had been a Dallas-based partner at Greenberg since 2015. He previously was at Cassin & Cassin, Andrews Kurth and Bellinger &...



The Grapevine

Fri, 03 Aug 2018
Former Talmage vice president Robert Looloian has joined TIAA as a buy-side trader in New York, focusing on both new issues and secondary-market trading of CMBS. Looloian started July 23 as a director. He reports to managing director Tim Gigliotti, head of fixed-income trading, and works closely with structured-product trading chief Steve Virgilio and portfolio manager Chris Jeltrup. Looloian was a CMBS trader and assistant portfolio manager at...



The Grapevine

Fri, 03 Aug 2018
M&T Realty Capital wants to add a multi-family production analyst in New York. Candidates should have three years of experience in commercial real estate, ideally in underwriting agency multi-family transactions. Apply at careers.mtb.com.



The Grapevine

Fri, 03 Aug 2018
Jeffrey Goldman is heading to Bayerische Landesbank to join the U.S. lending team the German bank is building under BNY Mellon alumna Helga Blum. Goldman starts in two weeks as a vice president. He was most recently an assistant vice president at Bank of China, where he spent about three years working on originations and syndications of commercial mortgages. His previous stops included Investors Bank, Guggenheim and Arbor...



The Grapevine

Fri, 03 Aug 2018
Kroll has hired Christina Chou as a CMBS associate in New York. Chou joined the new-issue ratings team July 30, reporting to senior director James Wang. She previously worked on conduit offerings and commercial real estate CLO issues as an associate at Benefit Street Partners, also in New York. Before joining that debt-investment arm of Providence Equity in March 2017, Chou was an advisory senior associate at...



The Grapevine

Fri, 03 Aug 2018
Benefit Street Partners is seeking an analyst to join its securitization group in New York. The recruit would work on CMBS and commercial real estate CLO transactions. Applicants should have 1-2 years of experience. Send resumes to Sarah Kurash at recruiting@benefitstreetpartners.com.



Blackstone Eyes $5.1 Billion for Gramercy Deal

Fri, 27 Jul 2018
The jumbo debt package that will finance Blackstone’s pending $7.6 billion takeover of Gramercy Property is starting to take shape.All told, Blackstone plans to raise some $5.1 billion of floating-rate debt. Citigroup and Bank of America have already agreed to supply about $3 billion, most of which will be securitized. Blackstone is soliciting another $2.1 billion from balance-sheet lenders.New York-based Gramercy, which primarily owns...



Tough Competition Squeezes Conduit Profits

Fri, 27 Jul 2018
Conduit operators continued to face a profit squeeze in the second quarter.The weighted average gross profit margin was a modest 1.31% on conduit transactions, according to calculations by Commercial Mortgage Alert. While that was up slightly from 1.14% in the first quarter, it remained well below last year’s 3.43% average (see table on Page 11).Market pros attributed the pressure on profits to fierce competition for loans. That has forced...



Quick Refi Sought for Chicago Office Trophy

Fri, 27 Jul 2018
Less than a year after locking in a mortgage on a new office tower in Chicago, the owner is looking for about $470 million of fresh financing.The 1.2 million-square-foot building, at 150 North Riverside Plaza, was completed early last year. The ownership group, which includes Riverside Investment & Development and Wanxiang America Real Estate, is seeking fixed-rate debt with a term of 7-10 years. HFF is pitching the assignment to a range of...



Big Loan Sought on 200 Fifth Avenue

Fri, 27 Jul 2018
A J.P. Morgan Asset Management partnership is seeking to borrow up to $600 million on the office building at 200 Fifth Avenue in Manhattan’s Flatiron District.J.P. Morgan and its partner, L&L Holding of New York, want a fixed-rate loan with a 10-year term. Eastdil Secured is pitching the assignment to lenders.The proposed leverage is in the neighborhood of 50%, which would peg the 878,000-square-foot property’s value at roughly $1.2...



Kroll: Appraisal Reductions Increasing

Fri, 27 Jul 2018
Reductions in the appraised value of properties backing commercial MBS loans are becoming more frequent, foreshadowing a rise in losses to bondholders, according to Kroll.Among post-crash conduit loans in the hands of special servicers, 38 mortgages totaling $828 million were hit with “appraisal reduction amounts” during the first half. Those reductions totaled $229 million, according to a draft of a research report that Kroll plans...



MetLife in Line for Seattle Office Loan

Fri, 27 Jul 2018
MetLife has the inside track to take down a roughly $200 million acquisition loan on a Seattle office property.The debt would be backed by Metropolitan Park East & West, a 709,000-square-foot complex in the South Lake Union neighborhood. A partnership between California State Teachers and Boston-based Beacon Capital has agreed to buy it from CBRE Global Investors for about $435 million.The low leverage of about 45%, along with the...



Agency Purchases Still at Strong Pace

Fri, 27 Jul 2018
Purchases of multi-family mortgages by Fannie Mae and Freddie Mac dipped 3.2% in the first half, but some market pros think another record year is still within reach.“Business has been picking up for both of them,” said Donald King, executive vice president of multi-family lending at Walker & Dunlop. “Momentum is building.”The two agencies’ purchases moved in different directions in the first half. Freddie’s...



Jay Paul Seeks Loan for San Jose Deal

Fri, 27 Jul 2018
Jay Paul Co. is scouting for a floating-rate loan of up to $185 million to finance its just-completed purchase of an office complex in downtown San Jose.The San Francisco real estate company acquired the 534,000-square-foot Cityview Plaza from Equus Capital for $283 million, or $530/sf. It’s unclear if Jay Paul paid all cash or tapped a credit line for short-term financing when the transaction closed on Tuesday.Jay Paul wants a mortgage of...



Key CMBS Spread Hits 2-Month Low

Fri, 27 Jul 2018
The benchmark spread on new-issue conduit paper contracted this week to its lowest level in two months as commercial MBS buyers lined up for two offerings backed almost entirely by loans from large banks.The long-term, super-senior bonds in a $944.2 million offering by Morgan Stanley, Bank of America, Wells Fargo and NCB flew off the shelves on Monday with a spread of 85 bp over swaps (see Initial Pricings on Pages 13-22).The dealers had shopped...



CBRE: Banks Gain Market Share

Fri, 27 Jul 2018
Commercial real estate lending slumped year-over-year in the second quarter as property sales slowed, but banks significantly increased their market share, according to CBRE.Banks originated 48% of nonagency loans, up from 18% a year earlier and 26% in the previous quarter. Meanwhile, the market shares of the three other lender categories declined.“The regulatory environment has given bankers the ability to get back in without being...



Calif. Portfolio Buyer Hunts for Loan

Fri, 27 Jul 2018
An Angelo, Gordon & Co. partnership is seeking to borrow about $128 million to finance its pending acquisition of four Southern California office properties from Blackstone.New York-based Angelo Gordon and its operating partner, Lincoln Property of Dallas, have agreed to pay just over $160 million for the Orange County portfolio, which encompasses 538,000 square feet of space that’s 82.6% leased.The duo prefers a floating-rate loan with a...



Loan Sought for Zuckerberg Offices

Fri, 27 Jul 2018
Lane Partners is seeking a loan of up to $85 million to retire construction financing on a California office tower pre-leased to the philanthropy of Facebook chief executive Mark Zuckerberg.The 116,000-square-foot property, at 2075 Broadway in Redwood City, is slated to be completed by next May.Lane, a real estate developer in Menlo Park, Calif., has tapped Newmark to line up a fixed-rate loan with a term of 10-20 years. It would use the proceeds...



M&T Team Refinances Harlem Parcel

Fri, 27 Jul 2018
An M&T Bank syndicate has originated a $95 million floating-rate loan for the Durst Organization on a vacant lot at Park Avenue and East 125th Street in the Harlem section of Manhattan.The loan, which closed at the end of June, is pegged to one-month Libor plus 250 bp. It matures in September 2020 and has a one-year extension option. M&T brought in two unidentified banks as co-lenders.Durst acquired the parcel in 2016 for $91 million. The New...



Wells Maintains Lead in Key Trust-Shop Ranking

Fri, 27 Jul 2018
Wells Fargo continues to dominate the small field of banks that provide trust-administration services for commercial MBS issues.As first-half issuance of private-label CMBS swelled to $40.5 billion — up 13% from a year ago — Wells was hired by issuers to serve as certificate administrator on 84.9% of those offerings by dollar volume. That was down slightly from 86.7% in the first six months of last year, according to Commercial...



Cadwalader, Sidley Dominate Small Field of Legal Advisors

Fri, 27 Jul 2018
U.S. issuers hired Cadwalader Wickersham to advise them on two-thirds of their commercial MBS offerings during the first half, while underwriters on those 64 deals showed a slight preference for Sidley Austin.As the number of private-label transactions jumped by a third from the same period last year, Cadwalader won the more-coveted role of issuer counsel 43 times, according to Commercial Mortgage Alert’s CMBS Database. That gave it a 67%...



Rising Deal Count Boosts Operating Advisors; Park Bridge Leads

Fri, 27 Jul 2018
An increase in the number of securitizations is boosting business for the two dominant operating advisors — Park Bridge Lender Services and Pentalpha Surveillance.In the first half, operating advisors were appointed on 51 commercial MBS offerings and commercial real estate CLOs, up from 36 offerings a year earlier.While the aggregate balance of those transactions rose 22%, the deal count grew almost twice as fast — 42%.Operating...



JP Morgan Team Funds Calif. Offices

Fri, 27 Jul 2018
A J.P. Morgan syndicate has originated a $300 million mortgage for the buyer of a Southern California office complex.The floating-rate mortgage on the 1.2 million-square-foot Santa Monica Business Park has a term of seven years. It was priced at 128 bp over Libor and swapped to a 4.1% fixed rate at the closing this week. Landesbank Baden-Wurttemberg and U.S. Bank also took down pieces of the debt.The loan to a partnership between Boston...



The Grapevine

Fri, 27 Jul 2018
Agency lending veteran Daniel Sullivan joined SunTrust last month as a senior vice president in Vienna, Va. As head of HUD credit, Sullivan oversees the origination and underwriting of FHA loans. He reports to Rick Moe, executive risk officer for the Atlanta bank’s commercial real estate division. Sullivan was most recently acting director of FHA multi-family loan production at HUD, where he’d been since 2009. Before that, he worked...



The Grapevine

Fri, 27 Jul 2018
Meanwhile, SunTrust is looking to hire up to five multi-family loan originators to focus on Fannie Mae, Freddie Mac and HUD mortgages. The openings, across the U.S., require at least five years of experience. Contact Sonja Vallillo at sonja.a.vallillo@suntrust.com.



The Grapevine

Fri, 27 Jul 2018
After nine months at Sidley Austin, attorney Tai Liu is headed back to Cadwalader Wickersham. He’ll rejoin the firm in New York next week as a mid-level associate in its 74-member CMBS practice, which is part of the global capital-markets group led by partners Michael Gambro and Stuart Goldstein. Liu previously worked at Cadwalader from 2013 until last October, when he joined Sidley’s CMBS team in New...



The Grapevine

Fri, 27 Jul 2018
Lisa Chen has moved from Fitch to a syndications role at Credit Agricole. She started this week as a vice president in a group that focuses on real estate, lodging and casino debt in the U.S. and Canada. She reports to managing director Karen Ramos. Chen worked at Fitch for more than two years, specializing in analysis of structured financings, including new-issue commercial MBS. She previously had stints at several lenders, including Natixis,...



The Grapevine

Fri, 27 Jul 2018
New York Life Real Estate Investors seeks a buy-side analyst to work on CMBS investments. The recruit would be a director in New York, reporting to CMBS portfolio manager Adam Hayden. Applicants need at least five years of experience in underwriting or analyzing commercial real estate debt and equity investments. Contact Glenn Padewski at glenn_padewski@newyorklife.com.



The Grapevine

Fri, 27 Jul 2018
Ares Management has hired Lilly Kaufmann as a senior associate in New York, to focus on commercial-mortgage originations. She starts Monday and will report to partner Jamie Henderson, head of the Los Angeles money manager’s real estate debt group. Kaufmann, formerly known as Lilly Hu, was previously an associate on the capital-markets team at TPG Real Estate Finance, also in New York, where her duties included CMBS trading. Before joining...



The Grapevine

Fri, 27 Jul 2018
Armada Analytics, an advisory and due-diligence shop in Greenville, S.C., is looking to hire agency-loan underwriters in its home office as well as in Dallas and Nashville. Candidates may send resumes to Anne Shoemake atashoemake@armadaanalytics.com.



The Grapevine

Fri, 27 Jul 2018
Wells Fargo is seeking a few asset managers to handle low-income housing tax credits for its community lending and investment team. Candidates may be based in Boston, Charlotte, New York or Washington and should have commercial real estate lending experience, knowledge of affordable-housing loans and experience with tax credits in the low-income housing sector. To apply, go to www.wellsfargo.com/careers and search for job ID 5414418 or...



Fitch Leads Ranking; S&P Gains on Moody's

Fri, 20 Jul 2018
S&P has broken Moody’s stranglehold on conduit ratings, giving Fitch clear sailing to capture the top spot in the overall ranking of rating agencies in the first half.Over the past four years, Moody’s held a 97% market share on conduit deals. But in the first half, S&P was assigned to rate eight of the 22 conduit offerings, supplanting Moody’s on those transactions. That drove Moody’s share of the deal volume down to 58.4%...



"Tradable' B-Pieces Wane; Rialto Tops Table

Fri, 20 Jul 2018
Defending champ Rialto Capital was the most-active buyer of conduit B-pieces in the first half, but three other shops were close behind — KKR, Silverpeak Argentic and MassMutual.Meanwhile, sagging conduit issuance and a shift in risk-retention structures crimped the supply of tradable B-pieces. The B-pieces in only 19.8% of first-half conduit volume were tradable, down from 35.5% in full-year 2017. At the same time, conduit issuance fell by...



Mack Lends $503 Million on 3 Luxury Hotels

Fri, 20 Jul 2018
Mack Real Estate has originated three loans, totaling $503 million, to a Qatari investor on a trio of luxury hotels.The floating-rate loans are backed by a total of 1,049 rooms and seven condo-hotel units at properties in New York, Washington and Miami. The borrower, Al Rayyan Tourism Investment, tapped HFF to line up the debt. It used the proceeds to retire existing loans totaling roughly the same amount written by Goldman Sachs.The Mack loans...



Key to Lead Loan on Retail Portfolio

Fri, 20 Jul 2018
KeyBank is in line to provide $300 million of debt on a portfolio of fully leased retail properties in the Midwest.The loan to Davidson Kempner Capital would be backed by 29 Mills Fleet Farm stores totaling 5.5 million square feet. The floating-rate debt would have a term of three years plus two one-year extension options. The leverage is around 65%, pegging the portfolio’s valuation at about $460 million.Key is looking to syndicate a chunk...



Single-Borrower Deals Flood Market

Fri, 20 Jul 2018
Single-borrower transactions are dominating the action in the commercial MBS market.Two single-borrower deals totaling $1.5 billion priced last Friday. Four more totaling $2.2 billion priced Wednesday and Thursday. And another two transactions, totaling $730 million, were on track to price today or Monday (see Initial Pricings on Pages 22-30).The record for the most single-borrower offerings to price in one calendar week is five, set last July....



Rialto Circles Another B-Piece

Fri, 20 Jul 2018
Rialto Capital has struck a deal for its fifth B-piece acquisition of the year.The Miami shop has agreed to buy the subordinate portion of an upcoming deal backed by collateral from Citigroup, Deutsche Bank, Starwood Mortgage and CCRE (CD 2018-CD7).Rialto will acquire the “horizontal strip” at the bottom of the capital stack and take on the risk-retention role for the securitization. That means it will be unable to trade the bonds,...



Bidder Seeks Financing for SF Offices

Fri, 20 Jul 2018
A California State Teachers partnership is looking to line up $120 million of debt as it negotiates to buy a San Francisco office building.CalSTRS and San Francisco-based DivcoWest are in talks to buy the 319,000-square-foot building, at 301 Howard Street, for around $290 million. The joint venture has tapped Eastdil Secured to ask lenders for quotes on a fixed-rate loan with a term of 10 years. Given the proposed low leverage and long term,...



New Venture Eyes Construction Debt

Fri, 20 Jul 2018
Och-Ziff Real Estate and Streamline Realty Funding have formed a partnership with plans to originate some $500 million of high-yield construction debt in the next year.Streamline, a New York shop headed by lending veteran Lou Mirando, will arrange and underwrite the deals, drawing on its relationships nationwide. Och-Ziff, also of New York, will fund the loans via vehicles it manages. Those include its first dedicated, high-yield...



Floater Sought on New Seattle Hotel

Fri, 20 Jul 2018
The developer of a new hotel in downtown Seattle is seeking an $80 million mortgage as the property nears completion.A partnership between Widewaters Hotels and Rockbridge Capital is circulating the debt request while putting the finishing touches on the 229-room Charter Hotel, at 1610 Second Avenue. The preference is for a floating-rate loan with a term of five years, including extension options. Eastdil Secured is pitching the assignment to...



Starwood Finances Pa. Complex

Fri, 20 Jul 2018
Starwood Mortgage has originated a $90 million fixed-rate loan on an office complex near Pittsburgh.The 486,000-square-foot Zenith Ridge Corporate Campus, in Canonsburg, Pa., is owned by a partnership that includes Burns Scalo Real Estate of Pittsburgh. HFF advised the borrower on the 10-year loan, which closed on July 13. Starwood plans to securitize it.Burns Scalo developed, leased and manages the three-building office campus, at 2400 Ansys...



Oaktree Taps Citi for Dallas Mortgage

Fri, 20 Jul 2018
Citigroup has agreed to lend Oaktree Capital $150 million on a Dallas office portfolio the investment manager bought last month.The two recently repositioned properties total 505,000 square feet in the Uptown/Turtle Creek submarket, an emerging “live-work-play” area. The portfolio consists of the 393,000-sf office condominium at a mixed-use building called The Centrum and a 112,000-sf building, Hall Street at Centrum, across the...



ING Plants Its Flag in Western US

Fri, 20 Jul 2018
ING Real Estate Finance has hired a veteran originator to helm its West Coast office.Jerry Lynch started this week as a director, based in Los Angeles. He moved over from U.S. Bank, where he was a vice president and relationship manager for more than two years. Previously, he held a similar position at OneWest Bank, before and after its 2015 acquisition by CIT, and worked in a commercial-property financing unit of Anglo Irish Bank on the East...



Wells Still Dominates Master Servicers; Key Pulls Ahead of Midland

Fri, 20 Jul 2018
Wells Fargo prolonged its run as the most successful bidder for master-servicing contracts on commercial MBS offerings in the first half, while KeyBank moved ahead of Midland Loan Services into second place.As first-half issuance of private-label CMBS swelled to $40.5 billion — up 13% from a year earlier — Wells won the master-servicer contracts on 50.8% of U.S. offerings by dollar volume. That was down from a 61.9% share for the same...



The Grapevine

Fri, 20 Jul 2018
Hunt Mortgage has added a managing director in Dallas. Patrick McFarland started last month, originating debt for Hunt’s balance sheet and for Fannie Mae and Freddie Mac, mostly on properties in the Southwest. He reports to senior managing director Vic Clark. McFarland came from investor and brokerage Churchill Capital of Dallas, where he spent more than two decades, most recently as a senior vice...



The Grapevine

Fri, 20 Jul 2018
After seven-plus years at CCRE, Corey Hall moved this month to Brookfield Asset Management’s high-yield debt-fund arm. He’s a senior vice president in Los Angeles, originating loans in the Western U.S. and reporting to managing partner Chris Reilly. Hall was a managing director at CCRE, focused on commercial MBS loans. He previously worked in the real estate consulting group at Deloitte. Toronto-based Brookfield runs debt investments...



The Grapevine

Fri, 20 Jul 2018
Scott Yerkes joined JLL last week as a senior vice president in Nashville, specializing in multi-family loans. He reports to Faron Thompson, an international director who heads the brokerage’s capital-markets platform in the Southeast. Yerkes spent the past three years as a Nashville-based vice president for Capstone Capital of Fayetteville, N.C. Before that, he was a director of multi-family lending at Legacy Financial in Nashville for...



The Grapevine

Fri, 20 Jul 2018
Jeremy Burton started last week as a director at Calmwater Capital in Los Angeles. He lines up, underwrites and executes loans of all types in the Midwest, reporting to co-founder and senior portfolio manager Larry Grantham. Burton spent the past few months as a director at TerraCotta Group of El Segundo, Calif., following six years at New York-based Garrison Investment, where he was a vice president. CORRECTION (7/26/18): This article has been...



The Grapevine

Fri, 20 Jul 2018
Broker Adam Mengacci joined Dallas-based Hamilton Realty Finance last week to help the firm expand by recruiting new debt and equity clients. He spent the past five years at JLL, plus a year at Quadrant Realty Finance, which JLL acquired in 2013.



The Grapevine

Fri, 20 Jul 2018
Former Situs executives Eugene Venanzi and Jon Feirman joined Cushman & Wakefield’s diligence-advisory group this month in New York. Venanzi, a managing director, ran the loan-advisory team at Situs in New York and had an earlier stint at Pembrook Capital. Feirman, a senior director, worked with Venanzi at Situs and was previously at Basis Investment, Santander Real Estate Capital and UBS. At Cushman, they report to senior managing director...



The Grapevine

Fri, 20 Jul 2018
Originator Shira Levy joined Societe Generale two weeks ago as a vice president. She previously spent five years at Barclays and three years at J.P. Morgan. She works on fixed-rate conduit loans and floating-rate balance-sheet debt, reporting to managing director Wayne Potters, who runs SocGen’s commercial real estate finance team.



The Grapevine

Fri, 20 Jul 2018
Jeffrey Berenbaum and Stav Gaon, co-heads of CMBS strategy and analysis at Citigroup, have just been named the top CMBS researchers in an annual survey by Institutional Investor. Alan Todd of Bank of America ranked second, after nabbing the top spot for six years in a row. Morgan Stanley’s Richard Hill dropped a notch to third place. Among analysts of investment-grade REIT debt, longtime frontrunners Thierry Perrein of Wells Fargo and Mark...



The Grapevine

Fri, 20 Jul 2018
KeyBank Real Estate Capital has several openings on its commercial-mortgage servicing team in Overland Park, Kan. It’s seeking two senior asset managers with at least three years of experience, as well as up to three loan-surveillance analysts. Contact Jennifer Goskey at jennifer_goskey@keybank.com.



Loan Sought to Expand Disney World Resort

Fri, 13 Jul 2018
A Tishman Hotel & Realty partnership is shopping for a $627 million floating-rate loan to refinance and expand the Swan & Dolphin Resort at Walt Disney World in Orlando.Tishman and its partner, MetLife, plan to add a 350-room hotel to the property, which currently encompasses the 758-room Swan Hotel and the 1,509-room Dolphin Hotel.The duo prefers a seven-year loan, a portion of which could be structured as mezzanine debt. The proposal calls for...



Blackstone Taps Deutsche Pro for New Gambit

Fri, 13 Jul 2018
Blackstone has hired veteran originator Kevin Pivnick as part of its plan to become a major investment manager for insurance companies.Pivnick was named a managing director in the real estate debt strategies platform, which encompasses Blackstone’s mortgage REIT and debt funds. He’ll start in September, reporting to senior managing director and global originations chief Tim Johnson.Pivnick spent the past 14 years at Deutsche Bank,...



Pros See Stable Conduit Spreads in 2nd Half

Fri, 13 Jul 2018
Industry pros expect conduit prices to be relatively flat in the second half of the year.The spread on benchmark triple-A bonds is projected to be 93 bp over swaps at yearend, just 2 bp higher, according to the average prediction of 14 specialists surveyed by Commercial Mortgage Alert. Ten of the respondents had forecasts within 3 bp of that average, leaving only four outliers (see list on Page 14).The pros also foresee limited movement at other...



Pension to Finance Expanded Tower

Fri, 13 Jul 2018
New York Common Fund is seeking to borrow as much as $700 million on a Midtown Manhattan office tower that’s near the end of a massive redevelopment.The pension system’s broker, HFF, is taking proposals for a long-term, fixed-rate loan on the 932,000-square-foot building, at 390 Madison Avenue, a few blocks north of Grand Central Terminal.The size of the mortgage is expected to range from $600 million to $700 million. That would be...



Normandy Seeks Loan for NY Project

Fri, 13 Jul 2018
A Normandy Real Estate partnership is shopping for a $185 million loan to construct an office building in the Greenwich Village section of Manhattan.The site, at 799 Broadway, is currently occupied by a six-story building, which was developed in 1853 as the St. Denis Hotel and converted to offices in the 1920s. The Normandy team plans to tear down that 128,000-square-foot structure and construct a 12-story building encompassing 182,000 sf.A...



Atalaya Backing Ritz-Carlton Project

Fri, 13 Jul 2018
Atalaya Capital has originated $315 million of financing for the development of a Ritz-Carlton hotel in Manhattan.Flag Luxury Group of New York plans to construct the 250-room property at the northwest corner of Broadway and West 28th Street.The financing was divided into three components. Atalaya placed the $150 million senior portion with CapitalSource, a division of Pacific Western Bank. Atalaya retained a $100 million B-note and also supplied...



Pennybacker Buys Lending Shop

Fri, 13 Jul 2018
Property-buyer Pennybacker Capital is expanding into the lending business.The Austin fund shop last week acquired StoneBeck Capital, a New York firm that originates high-yield debt. Terms of the deal weren’t disclosed.StoneBeck founder Alexander Zabik will continue to oversee the debt platform, which will operate under the Pennybacker name.The merged company hopes to benefit from the sharing of market intelligence by both business lines,...



High-Yield Lender Lines Up Capital

Fri, 13 Jul 2018
Broadsword Investors, which originates bridge and mezzanine loans, said it has lined up a $350 million capital commitment from an unidentified investor to expand its high-yield lending operation.The Irving, Texas, shop opened late last year with an undisclosed amount of seed capital from local developer Wolverine Interests. While Wolverine is still on board, Broadsword said the new commitment significantly increases its investment power.The...



McDermott Adds 6 More Lawyers

Fri, 13 Jul 2018
McDermott Will recently hired another six attorneys, as the law firm continues to expand its global real estate finance group.There are now about 80 lawyers on that team, led by partner Jeffrey Steiner. The new arrivals include partners David Broderick, Brian Donnelly and Rachel Kelly. The others are associates David Brigleb, Harrison Kleinman and Shane Goodhue.Kelly will start in the Chicago-based firm’s London office on Aug. 1. The others...



Helaba Lends on Midtown NY Offices

Fri, 13 Jul 2018
Helaba Bank this week was expected to close on a $200 million mortgage on a Midtown Manhattan office building.The 275,000-square-foot property, at 505 Fifth Avenue, is owned by Stawski Partners, a New York firm run by developer Axel Stawski. The building’s value is estimated at well north of $450 million.Market pros said Helaba may syndicate a portion of the 10-year loan to at least one other lender. Stawski used some of the proceeds to...



Tidal Wave of REIT-Bond Issuance Starts to Subside

Fri, 13 Jul 2018
The REIT sector’s six-year string of rising bond issuance appears to be over.The volume of unsecured debt plunged by 30% from January to June, to $14.7 billion from $20.9 billion a year earlier. That was the lowest total for a first half since 2013, according to Commercial Mortgage Alert’s REIT-Bond Database.Even if the pace of offerings were to pick up sharply in the second half, industry pros said there’s virtually no chance...



CMBS Delinquencies Dip Below 2.8%

Fri, 13 Jul 2018
The past-due rate for securitized commercial mortgages dropped again last month.The percentage of delinquent commercial MBS loans collateralizing deals rated by Fitch fell to 2.72% on June 30, down by 9 bp from a month earlier.The rate hasn’t been lower since mid-2009, when it stood at 2.55%. At the cyclical peak in 2011, it reached 9.01%.At the end of last year, when the delinquency rate was 3.22%, Fitch predicted that the gauge would fall to...



MetLife Funds Beverly Hills Offices

Fri, 13 Jul 2018
MetLife has originated a $70 million fixed-rate mortgage on two office buildings in Beverly Hills.The properties, which total about 115,000 square feet, are owned by Kennedy Wilson, a real estate services firm and fund operator. MetLife’s 10-year loan closed two weeks ago.The buildings face each other across South El Camino Drive. Each has three floors and a glass exterior. The building at 151 South El Camino Drive, where Kennedy Wilson is...



Forecasters Didn't Foresee Spread-Widening

Fri, 13 Jul 2018
Market experts were too bullish in their outlook for benchmark conduit spreads in the first half.The spread on long-term, super-senior paper was projected to tighten to 79 bp over swaps on June 30, from 85 bp at the end of last year, according to the average forecast of 16 pros surveyed by Commercial Mortgage Alert at the start of the year. But the spread actually widened to 91 bp.Two prognosticators virtually nailed the result. Dan Bennett of...



The Grapevine

Fri, 13 Jul 2018
Veteran originator Justin Wilbur joined KeyBank’s real estate lending team this week as a senior vice president and senior banker, based in Dallas. He reports to Alex Buecking, who runs the Central region. Wilbur previously had stints at Goldman Sachs and CCRE.



The Grapevine

Fri, 13 Jul 2018
UBS alumnus Jackson Sastri started at JLL last week as an executive vice president on the New York capital-markets team. He will line up debt and equity for clients in the New York region, reporting to vice chairman Aaron Appel. Sastri spent 11 years at UBS, where he was an originator and executive director before resigning last year. His resume also includes stops at Credit Suisse and...



The Grapevine

Fri, 13 Jul 2018
Vikram Killampalli joined HSBC last week as a syndications officer in New York following a six-year stint at Santander Bank. He was a relationship manager most recently at Santander, working out of Boston for part of his tenure there. Killampalli previously worked at Arbor Commercial Mortgage and GEMSA Loan Services.



The Grapevine

Fri, 13 Jul 2018
HFF has hired Stella Pappas as a director in its Chicago office. Pappas, who started on June 29, will broker loans and property sales. She spent the past eight years at Allstate Investments, most recently as a senior associate working on property investments.



The Grapevine

Fri, 13 Jul 2018
Bayerische Landesbank continues to rebuild its presence in New York. Sylvia Szawrycka rejoined the bank this week, as a vice president. She had worked at BayernLB for four years, until 2011. She then joined PB Capital and stayed on when Deutsche Bank sold that affiliate to MUFG Union Bank in 2013. She most recently was a senior real estate officer at MUFG. BayernLB is in the process of re-entering the U.S. commercial-mortgage market. In May the...



The Grapevine

Fri, 13 Jul 2018
Originator Patrick Fisher has left Bank of America to join StormHarbour as a managing director. Fisher, who started on Tuesday, is the first member of a New York team that will raise debt and equity for commercial real estate projects. StormHarbour is looking to hire up to five more originators with at least 10 years of experience apiece. Like Fisher, they would report to managing principal Sohail Khan. Fisher spent three years at BofA, where he...



The Grapevine

Fri, 13 Jul 2018
Ryan Malatesta started at high-yield fund operator Latitude Real Estate Investors this month as a vice president, based at the firm’s Beverly Hills headquarters. He is responsible for sourcing and closing loans across asset classes. Malatesta spent the past two-and-a-half years at Los Angles debt-fund operator Calmwater Capital and had a prior stint as an investment manager at LS Capital of Sherman Oaks, Calif. Latitude, led by president...



The Grapevine

Fri, 13 Jul 2018
Justin Scarborough joined Armada Analytics this week as a vice president and senior underwriter. He reports to Mike Fissette, head of underwriting services at the Greenville, S.C., firm. Scarborough spent the past few years running his own shop and previously worked at Situs, ING Investment and Hyperion Brookfield Asset Management.



The Grapevine

Fri, 13 Jul 2018
Meanwhile, Armada hired two staffers for its insurance-review unit over the past two weeks: senior analyst Alisa Jefferson in Kansas City, Mo., and analyst Brenda Rowley in Washington. Both report to Becky Browning, who oversees loan closings and insurance reviews.



CMBS Volume Up 13%, but Worries Persist

Fri, 06 Jul 2018
U.S. commercial MBS issuance climbed 13% to $40.5 billion in the first half, but some securitization lenders aren’t happy.Volume was bolstered by low-margin single-borrower transactions, which soared by 61%. But the core part of the market — conduit issuance — fell by 8%, putting the squeeze especially on nonbanks that don’t have the capacity to handle the giant mortgages that collateralize single-borrower offerings.In the...



Issuers Pass Risk to Third Parties More Often

Fri, 06 Jul 2018
Commercial MBS issuers are increasingly selling risk-retention bonds to high-yield investors, rather than retaining the paper themselves.Issuers passed off the risk-retention requirement for 49.5% of CMBS volume in the first half, up from 38.2% in full-year 2017, according to an analysis by Commercial Mortgage Alert. That meant issuers assumed the risk on just 50.5% of issuance, down from 61.8%.The trend was most prevalent in the conduit sector,...



CMBS Loan "Triggers' Causing Headaches

Fri, 06 Jul 2018
Complaints are rising about confusion and red tape surrounding bondholder-protection provisions that authorize commercial MBS servicers to take direct control of rent payments when property performance slips.Borrower advocates and other industry pros contend that the confusion stems from the wide variety of such “lockbox” provisions and inconsistency about how they are being implemented — problems they say have contributed to...



Morgan Stanley Wins Big Debt Package

Fri, 06 Jul 2018
Morgan Stanley has originated a $710 million fixed-rate debt package on seven retail and office properties owned by a joint venture led by Millennium Partners.The bank will securitize the senior portion of the long-term package in a stand-alone securitization, which will likely hit the market this month. The size is expected to be around $525 million. Morgan Stanley will structure the rest as mezzanine debt and place it with high-yield...



SL Green Eyes 2 Herald Square Loan

Fri, 06 Jul 2018
SL Green is close to lining up about $150 million of debt on the office-retail building at Two Herald Square in Midtown Manhattan.The New York REIT took over the leasehold interest in the 369,000-square-foot building from Sitt Asset Management in mid-May after foreclosing on defaulted debt. SL Green then began shopping for a floating-rate mortgage. A number of lenders have pursued the assignment, and MUFG Union Bank appears to be a finalist in...



Credit Agricole Nabs Atlanta Mortgage

Fri, 06 Jul 2018
Credit Agricole has been tapped by Sumitomo Corp. of America to provide a $150 million mortgage on an Atlanta office complex.The collateral is the 915,000-square-foot Atlanta Financial Center, in the Buckhead neighborhood. The floating-rate loan, with a term of four years, was slated to close this week. Ackman-Ziff Real Estate advised the borrower. There’s word a second bank may be taking a piece of the debt, but those details are...



Refi Sought for Long Island Center

Fri, 06 Jul 2018
Ashkenazy Acquisition is talking to lenders about an $80 million fixed-rate mortgage on a shopping center on Long Island.The New York shop is seeking a 10-year loan on the 309,000-square-foot Bay Harbour Mall in Lawrence, N.Y. It’s taking bids from a variety of lenders via broker Newmark.The leverage on the proposed loan would be in the neighborhood of 63%, which pegs the property’s value at around $127 million. The bulk of the...



Ratings Reviewed Under New Criteria

Fri, 06 Jul 2018
Morningstar has affirmed its ratings on the first of 14 commercial MBS deals that it targeted for review as it began using a new methodology for grading single-borrower transactions.The agency last week decided against changing its original ratings on all five classes of subordinate bonds in a $290 million retail-loan securitization (DBWF 2015-LCM). The agency assigned grades ranging from “AA+” to “BB-” to those notes when...



Morningstar Moves More Staff to NY

Fri, 06 Jul 2018
Morningstar plans to consolidate its new-issue commercial MBS team in New York, requiring 10 analysts to transfer from its office in Horsham, Pa.The unit, led by senior vice president Rob Grenda, primarily works on rating fresh offerings. It currently has 14 analysts in Manhattan and two in Mumbai, in addition to Grenda and the other nine in Horsham.Those Horsham staffers were informed last week that they have seven months to make the move...



Buyer Taps Berkadia for Freddie Loan

Fri, 06 Jul 2018
Berkadia originated a $48 million Freddie Mac loan last week for the buyer of an apartment complex in Central Florida.Advenir acquired the 328-unit property, in Clermont, for $68.5 million, or $209,000/unit. The seller was a partnership between Real Capital Solutions of Louisville, Colo., and Quivet Creek Development of Orlando. The sale and loan closed on June 26.The 328-unit apartment community, called Veve at Castle Hill, is at 13600 Hartle...



Banks Finance Dallas Rental Project

Fri, 06 Jul 2018
Fifth Third Bank and SunTrust have originated $96.3 million of floating-rate debt to finance a Dallas apartment development.The loan has an initial term of three and a half years and a one-year extension option. It was closed last week for a partnership among Zom Holding of Orlando and two Asian entities.The developer plans a 364-unit upscale apartment building, called Atelier, in Dallas’ Arts District. The 41-story tower would be the...



Special-Servicing Tally Shrinks Again

Fri, 06 Jul 2018
The volume of commercial MBS loans in special servicing dropped again last month, to its lowest level in more than nine years.The aggregate balance of CMBS debt in the hands of special servicers totaled $20.5 billion as of June 30, down $1.1 billion from a month earlier, according to Trepp. The tally hasn’t been lower since March 2009, when it stood at $19.7 billion. It has contracted fairly steadily on a monthly basis since peaking at...



JP Morgan Ahead in Bookrunner, Loan-Contributor Rankings

Fri, 06 Jul 2018
At the halfway mark, J.P. Morgan continues to lead the annual race in the two highest-profile commercial MBS league tables — for U.S. bookrunners and loan contributors to U.S. deals.The bank, which is seeking to dethrone Goldman Sachs in both categories, has maintained the leads it had built up in the first quarter (see rankings on Pages 13-24).Meanwhile, CMBS issuance in the U.S. rose by 13%, to $40.5 billion. Agency volume exceeded the...



The Grapevine

Fri, 06 Jul 2018
Managing director Andy Taylor, the longtime head of loan trading for J.P. Morgan’s commercial MBS group, logged his last day at the bank last Friday. Neither his reasons for leaving nor his plans could be learned. Taylor spent the past two decades at the bank in a variety of roles. Executive director Avinash Sharma, who has been leading CMBS structuring and distribution, is expected to take on some of Taylor’s...



The Grapevine

Fri, 06 Jul 2018
Hunt Mortgage continues building its senior-housing and healthcare platform. Andrew Kitts joined last month as a managing director and chief credit officer, based in Irvine, Calif. Kitts had been a managing director at Red Capital, where he spent 17 years. Other recent additions include Heath Coryell as a director and deputy chief underwriter in Richmond, Va., and director Wendy Lord in Washington. Both came from Arbor Commercial Mortgage. Hunt...



The Grapevine

Fri, 06 Jul 2018
High-yield debt-fund operator Revere Capital has added a senior vice president in Chicago to lead its Midwest originations. Sybil Ellis started two weeks ago at the Dallas firm, reporting to founder and principal Clark Briner. Ellis has served as an advisor and consultant to multiple firms in recent years, but she’s best known for a nearly 18-year stint at Equity Office Properties of Chicago. She had been executive vice president and...



The Grapevine

Fri, 06 Jul 2018
One of UBS’ top credit-risk executives left late last month. Mia Koo had been with the bank for nearly eight years, most recently as an executive director and credit risk analyst. Her next move is unknown. In 2016, Koo assumed the duties of Jim Palmisano, UBS’ chief credit risk officer for commercial real estate lending, when he retired. Before joining UBS in 2010, Koo was a managing director at Fitch, where she worked for 13...



The Grapevine

Fri, 06 Jul 2018
Rialto Capital is looking for a CMBS analyst to join its investment-management team in New York. The new hire would work under managing directors Joe Bachkosky and Josh Cromer. Candidates may send resumes to myrialtocareer@rialtocapital.com.



The Grapevine

Fri, 06 Jul 2018
Helaba Bank is in line to take down a piece of a $270 million mortgage on a Seattle office property. ING Real Estate Finance and Wells Fargo originated the floating-rate loan on the 754,000-square-foot Madison Centre in early June. The word then was that they would likely sell a piece of the debt to a third lender. The 37-story office tower was completed last year by a partnership between Barings Real Estate of Charlotte and Seattle-based...



The Grapevine

Fri, 06 Jul 2018
Apollo Global Management wants to add an analyst to its real estate debt team. The recruit would be based in New York and work on all aspects of the unit’s investment activities, including originations, underwriting, due diligence, execution and asset management. Candidates should have 1-3 years of related experience. Contact Rachel Hunter at...



The Grapevine

Fri, 06 Jul 2018
Morrison Street Capital is seeking an analyst/associate to work in its New York office. The recruit would review and underwrite debt and equity investments in commercial real estate throughout the U.S. for the Portland, Ore., fund operator. Two years of analytical experience is required, and an advanced degree and/or proficiency with Argus is preferred. Candidates may apply at careers@morrisonstreetcapital.com. Managing director Andy Taylor, the...



The Grapevine

Fri, 06 Jul 2018
Hunt Mortgage continues building its senior-housing and healthcare platform. Andrew Kitts joined last month as a managing director and chief credit officer, based in Irvine, Calif. Kitts had been a managing director at Red Capital, where he spent 17 years. Other recent additions include Heath Coryell as a director and deputy chief underwriter in Richmond, Va., and director Wendy Lord in Washington. Both came from Arbor Commercial Mortgage. Hunt...



The Grapevine

Fri, 06 Jul 2018
High-yield debt-fund operator Revere Capital has added a senior vice president in Chicago to lead its Midwest originations. Sybil Ellis started two weeks ago at the Dallas firm, reporting to founder and principal Clark Briner. Ellis has served as an advisor and consultant to multiple firms in recent years, but she’s best known for a nearly 18-year stint at Equity Office Properties of Chicago. She had been executive vice president and...



The Grapevine

Fri, 06 Jul 2018
One of UBS’ top credit-risk executives left late last month. Mia Koo had been with the bank for nearly eight years, most recently as an executive director and credit risk analyst. Her next move is unknown. In 2016, Koo assumed the duties of Jim Palmisano, UBS’ chief credit risk officer for commercial real estate lending, when he retired. Before joining UBS in 2010, Koo was a managing director at Fitch, where she worked for 13...



The Grapevine

Fri, 06 Jul 2018
Rialto Capital is looking for a CMBS analyst to join its investment-management team in New York. The new hire would work under managing directors Joe Bachkosky and Josh Cromer. Candidates may send resumes to myrialtocareer@rialtocapital.com.



The Grapevine

Fri, 06 Jul 2018
Helaba Bank is in line to take down a piece of a $270 million mortgage on a Seattle office property. ING Real Estate Finance and Wells Fargo originated the floating-rate loan on the 754,000-square-foot Madison Centre in early June. The word then was that they would likely sell a piece of the debt to a third lender. The 37-story office tower was completed last year by a partnership between Barings Real Estate of Charlotte and Seattle-based...



The Grapevine

Fri, 06 Jul 2018
Apollo Global Management wants to add an analyst to its real estate debt team. The recruit would be based in New York and work on all aspects of the unit’s investment activities, including originations, underwriting, due diligence, execution and asset management. Candidates should have 1-3 years of related experience. Contact Rachel Hunter at...



The Grapevine

Fri, 06 Jul 2018
Morrison Street Capital is seeking an analyst/associate to work in its New York office. The recruit would review and underwrite debt and equity investments in commercial real estate throughout the U.S. for the Portland, Ore., fund operator. Two years of analytical experience is required, and an advanced degree and/or proficiency with Argus is preferred. Candidates may apply at...



Principal Forms Conduit Alliance With MUFG

Fri, 29 Jun 2018
Principal Real Estate Investors is back in the conduit game.The insurer moved to the sidelines last year after its former lending partner, Macquarie, decided to wind down its involvement in their joint venture, called Principal Commercial Capital.Now, Principal has found a new partner: MUFG Union Bank, a unit of Japanese bank Mitsubishi.With the move, Principal is bucking the trend. Over the past few years, about a dozen shops have exited the...



GIC Team Seeks Fresh Debt on SF Skyscraper

Fri, 29 Jun 2018
The owner of a San Francisco office trophy is looking for a mortgage of up to $825 million.The loan would be backed by the 1.3 million-square-foot building at 101 California Street, in the Financial District. The owner, a partnership among Singapore sovereign wealth fund GIC, Hong Kong Monetary Authority and Hines, is in the market for fixed-rate debt with a term of 10 years. It’s taking bids on a range of proceeds — from $690 million...



Ares Shops Big Package of Freddie B-Pieces

Fri, 29 Jun 2018
Ares Management is marketing $460 million of seasoned subordinate bonds from several Freddie Mac securitizations.The bid list is unusual. Buyers typically hold Freddie B-pieces until maturity, and the infrequent secondary-market offerings typically involve smaller batches.But Ares evidently hopes to capitalize on a recent spike in demand for high-yielding paper. Market pros said the New York investment manager, which has $112 billion of assets...



HSBC to Back Office Purchase in DC

Fri, 29 Jun 2018
HSBC is in the lead to provide about $280 million of debt to the buyer of the office and retail portions of a Washington mixed-use property.Global Holdings, led by Israeli billionaire Eyal Ofer, has agreed to pay about $415 million for the 562,000 square feet of space at Washington Harbour, alongside the Potomac River in Georgetown. At least one or two other banks would likely join HSBC in providing financing.The collateral is 477,000 sf of...



Mesa West Finances Aon Center in LA

Fri, 29 Jun 2018
Mesa West Capital has originated a $246 million bridge loan on Aon Center in Los Angeles.The 1.1 million-square-foot office building, at 707 Wilshire Boulevard in the Financial District, is owned by Shorenstein Properties.Mesa West, which was acquired in March by Morgan Stanley Investment Management, funded $211 million of the balance when the floating-rate loan closed last week. The Los Angeles lender will provide the rest over time to defray...



CalSTRS, Beacon Eye Seattle Loan

Fri, 29 Jun 2018
A California State Teachers partnership is seeking to line up some $200 million of debt financing for its pending purchase of a Seattle office property.CalSTRs and its partner, Beacon Capital of Boston, are under contract to pay CBRE Global Investors roughly $435 million for the 709,000-square-foot Metropolitan East & West complex, near the intersection of the South Lake Union and Capitol Hill neighborhoods.The partnership has asked lenders for...



Situs Hires Advisory, Servicing Pros

Fri, 29 Jun 2018
Situs has hired 15 staffers over the last seven weeks to focus on loan-advisory, servicing or asset-management work, as part of an ongoing reorganization of the Houston-based firm.The most-recent arrival is Edward Mikus, who came aboard last week from World Class Capital. He remains based in New York, handling portfolio-management duties as a vice president at Hanover Street Capital, the asset-management unit of Situs that supports Deutsche...



Freddie Gobbling Up "Green' Loans

Fri, 29 Jun 2018
Freddie Mac’s purchases of “green” loans surged in the first five months of the year, defying expectations that stricter requirements would curb activity.The mortgage agency acquired $7.3 billion of green loans from January through May, up a whopping 78% from $4.1 billion a year earlier.Meanwhile, according to the latest-available data, Fannie Mae purchased $4.5 billion of green loans in the first quarter, down slightly from $5...



Vaccaro, Schwartz Open Own Shop

Fri, 29 Jun 2018
Real estate veterans Jon Vaccaro and Eric Schwartz have formed an advisory and investment firm.The two pros have worked together for more than 20 years, first at Deutsche Bank and later at Ranieri Partners and Cantor Fitzgerald.Their New York shop, V4 Partners, will primarily focus on advisory and consulting services. Vaccaro and Schwartz will seek to drum up assignments by tapping the extensive book of contacts they built up over their...



Sorin Sells Big Lot of Legacy CMBS

Fri, 29 Jun 2018
An unusually large amount of mezzanine conduit paper issued before the crash went up for grabs in the secondary market this week.The $103.1 million of bonds shopped by Sorin Capital of Stamford, Conn., consisted largely of commercial MBS paper that was originally issued with ratings ranging from double-A to triple-B. Word has it that multiple buyers picked up most of the notes in Tuesday’s auction, at prices that ranged from just below to...



Jamestown Seeking LA Office Loan

Fri, 29 Jun 2018
Jamestown is looking to place a $58 million mortgage on a downtown Los Angeles office and retail complex it has renovated over the last few years.The debt would be backed by Brunswig Square, a 140,000-square-foot property that lies near the border of the Arts District and Little Tokyo neighborhoods. Jamestown is seeking a floating-rate package with a term of 5-7 years. Newmark is pitching the assignment to lenders.Jamestown acquired the property...



CMBX Bears Step Up as Bulls Retreat

Fri, 29 Jun 2018
Spreads on commercial MBS derivatives widened out over the past few weeks as investor sentiment took a cautious turn.The spreads on credit-default swaps tracked by the most-recent series of IHS Markit’s CMBS index have been fluctuating all year. The latest widening, especially at the subordinate levels, generally reflects a recent wave of financial-market volatility. That, in turn, stems largely from buy-side concerns about the impact of...



KeyBank Funds Healthcare Properties

Fri, 29 Jun 2018
KeyBank Real Estate Capital has originated a $67.2 million Federal Housing Administration loan on three skilled-nursing facilities in West Virginia.The properties, with 306 total beds, are owned by two Chinese investors — private equity firm Cindat Capital and Best Years, an affiliate of Union Life Insurance — and Welltower, a senior-housing REIT in Toledo, Ohio.The fixed-rate loan, which closed on May 31, fully amortizes over its...



The Grapevine

Fri, 29 Jun 2018
Barclays’ large-loan originations chief, Eric Wu, resigned this week and is headed to Blackstone. Wu had been at Barclays since 2013, following an 11-year stretch at Morgan Stanley. He’ll start in September as a managing director to help with the expansion of Blackstone’s capital-markets unit, which lines up debt financing for the New York fund operator’s vast property portfolio. Wu will report to managing director Michael...



The Grapevine

Fri, 29 Jun 2018
CCRE managing director Matt Brody resigned this week as originations head in the Washington office to join brokerage Savills Studley. His last day will be next Friday, and he’ll start later in July as a senior managing director at Savills, also in Washington. He’ll work alongside senior managing director Lindsay Stroud. Brody joined CCRE in 2009 from Credit Suisse. He was one of a group of lending pros who jumped from the bank to the...



The Grapevine

Fri, 29 Jun 2018
Meanwhile, CCRE is looking to add a handful of experienced originators in New York and Los Angeles. The securitization-lending shop will soon be headed by former Citigroupcommercial MBS co-chief Paul Vanderslice, who’s due to start next month. The contact for job applicants is Tim Groves at timothy.groves@cantor.com.



The Grapevine

Fri, 29 Jun 2018
After eight-and-a-half years as a vice president in Moody’s commercial MBS group, senior credit officer Gregory Reed plans to retire from the industry in mid-July and move back to his hometown of Madison, Wis. Reed focuses on CMBS surveillance and servicing. He joined the rating agency in New York following a 14-year run at MetLife Real Estate Investments, where he was a director on the committee that reviewed and approved purchases of...



The Grapevine

Fri, 29 Jun 2018
Vice president Travis Goad has left New York fund shop MKP Capital, where he was an associate portfolio manager focusing on CMBS investments. There’s no word on his plans. Before joining MKP in 2014, Goad spent almost four years at LNR Property of Miami, also as a vice president. Before that, he was a vice president at multi-family property owner New Dawn of Davie, Fla., and an analyst at Integra Realty Resources of Denver. As recently...



The Grapevine

Fri, 29 Jun 2018
Freddie Mac is looking to hire a senior producer in its multi-family division in Dallas. The recruit would be responsible for originations of over $2 billion of mortgages annually in the Central U.S. Duties also would include overseeing some of Freddie’s loan-seller relationships in the region. Candidates should have 5-10 years of multi-family or other commercial real estate finance experience. To apply, go to www.freddiemac.jobs and search...



The Grapevine

Fri, 29 Jun 2018
Walton Street Capital wants to add an associate to its debt platform. The recruit would work at the firm’s Chicago headquarters, assisting with originations, underwriting, due diligence and loan closings. Candidates should have at least 3-5 years of related experience. Contact Luke Goodwin at 312-915-2767 or goodwinl@waltonst.com.



CMBS Pros Cite Progress on Borrower Gripes

Fri, 22 Jun 2018
Commercial MBS lenders and the industry’s trade group have made some progress addressing long-running complaints from borrowers about poor customer service, but the path forward is unclear.The subject came to the forefront two years ago when nine major issuers and bond buyers expressed concern that red tape, unexpected fees and other servicing problems during the life of loans were driving borrowers away from the CMBS market.The industry...



Freddie Eyes Mezz Affordable-Housing Loans

Fri, 22 Jun 2018
Freddie Mac is preparing to launch an affordable-housing program designed to provide landlords with lower-cost mezzanine loans in exchange for limiting rent increases during the life of the loan.Word of the initiative has begun circulating among agency lenders. It would mark the first time that the agency is purchasing mezzanine loans. The buzz is that Freddie hopes to eventually purchase and securitize $500 million of mezzanine loans a year.The...



Banks "Stretch' to Mezz Debt to Win Loans

Fri, 22 Jun 2018
Amid fierce competition for business, the balance-sheet lending operations of some banks have grown more willing to originate higher-leverage loans.Shops that previously limited loan-to-value ratios to 65% have lifted the ceiling to 70-75%, structuring the added component as mezzanine debt that will be sold to third parties. The goal is to attract borrowers by providing “one-stop shopping.”“The borrowers love that execution,...



TIAA Unit, PCCP Map Open-End Fund

Fri, 22 Jun 2018
TH Real Estate and fund operator PCCP are co-sponsoring an open-end debt fund with an initial equity target of $1 billion.The vehicle, dubbed U.S. Core-Plus Real Estate Debt Fund, will target returns of 6-8%. Some 70-80% of the capital is earmarked for the origination of senior mortgages, and the balance will be used to write subordinate debt. Both sponsors will line up borrowers.The senior debt will fall into three categories: fixed-rate loans...



Loan Sought for DC Waterfront Project

Fri, 22 Jun 2018
The developer of a huge mixed-use complex in Washington is asking lenders for quotes on $760 million of financing for the project’s second phase.The debt would back construction of some 1.1 million square feet of space at The Wharf, a sprawling development on city-owned land in the Southwest Waterfront district.A joint venture among PSP Investments, Madison Marquette and PN Hoffman is asking lenders for quotes on a floating-rate loan with a...



Prime Circles Another Horizontal Strip

Fri, 22 Jun 2018
Prime Finance has tied up its third B-piece acquisition of the year.The high-yield investment shop has agreed to take down the subordinate portion of an upcoming conduit offering from Deutsche Bank, J.P. Morgan and Citigroup (BMARK 2018-B5).Prime will serve as the risk-retention party in the transaction, using the so-called horizontal structure. It will buy 5% of the bonds in the deal, all from the bottom of the capital stack, and will hold them...



4 Conduit Deals to Price Next Week

Fri, 22 Jun 2018
Weekly conduit issuance is on track to reach a year-to-date high next week.Four conduit transactions totaling $3.6 billion are poised to price. The early “whisper talk” circulated by dealers indicates that the transactions’ benchmark bonds could be shopped at spreads that reflect the market’s ongoing price-tiering.Prevailing spreads on long-term super-seniors have ranged from 79-92 bp over swaps since late March. For the...



Morgan Stanley to Refi 2 Calif. Hotels

Fri, 22 Jun 2018
The owner of two Southern California beachfront hotels has again tapped Morgan Stanley to refinance them, to the tune of $430 million.The floating-rate loan, with a term of seven years, would be backed by Shutters on the Beach and Casa del Mar, adjacent luxury properties in Santa Monica with a total of 327 rooms. The bank plans to securitize the debt in an upcoming stand-alone offering. A portion may be carved off as mezzanine financing, but...



Blackstone Seeks Vegas Office Loan

Fri, 22 Jun 2018
Blackstone is in talks with lenders about refinancing a large office property in Las Vegas.The New York fund operator has been taking quotes on $325 million of floating-rate debt to be backed by the 1.5 million-square-foot Hughes Center complex. The package would likely include a future-funding piece of about $25 million, earmarked for leasing and related costs.Banks and securitization shops are both pursuing the assignment, which could be...



Capital One, M&T to Lead NY Project

Fri, 22 Jun 2018
Capital One and M&T Bank are poised to lead a loan of roughly $425 million for a Brooklyn condominium project.The debt would finance Extell Development’s construction of a 458-unit residential tower within a mixed-use complex in Downtown Brooklyn. The two banks have been lining up other lenders to participate in the deal, and could complete the process in the coming weeks. The debt would be structured as a typical floating-rate construction...



US Bank Names NY Lending Chief

Fri, 22 Jun 2018
U.S. Bank has hired an experienced originator to lead commercial real estate lending in the New York region, and plans to expand its team there over the coming year.The bank this week brought aboard Kim McKee as market manager for the region, based in Midtown Manhattan. She spent the past six years at Wells Fargo as a senior vice president and market manager in New Jersey, overseeing a team that handled commercial mortgages in that state and...



JP Morgan Backs Virginia Office Deal

Fri, 22 Jun 2018
J.P. Morgan has originated a $104 million floating-rate loan for the buyer of an office park in Tysons, Va.Velocis, a Dallas fund operator, teamed up with Altus Realty of Washington to acquire the 505,000-square-foot Greensboro Park from Beacon Capital of Boston on June 7 for $142 million, or $281/sf.The balance-sheet loan, which HFF arranged, has a five-year term and an option for a one-year extension.The Northern Virginia office park, at...



Overby Leaves Morningstar for Wells

Fri, 22 Jun 2018
Commercial MBS ratings chief Lea Overby has left Morningstar and is headed to Wells Fargo to lead its research in the sector.Meanwhile, the rating agency has promoted three members of its structured-finance staff, two of whom will split the duties formerly handled by chief operating officer Joe Petro, who left last month.Overby, a managing director, departed last Friday. It’s unclear when she will start at Wells, where she will have the...



The Grapevine

Fri, 22 Jun 2018
Industry veteran Brett Katz joined the capital-markets team at Hodges Ward Elliott last month, reporting to its chief, Lawrence Britvan. Katz, a director, is setting up a West Coast unit to arrange debt and equity for clients. He’s joined by another new hire, vice president Jordan Kirkbride. They’re based in the brokerage’s Los Angeles office, which up to now has focused on investment sales. Katz and Britvan previously worked...



The Grapevine

Fri, 22 Jun 2018
Todd Hirsch has joined Ladder Capital as a senior originator, the latest in a string of hires at the New York shop. Hirsch most recently worked at Benefit Street Partners but is best known for his 17-year tenure at Credit Suisse, where he held a number of senior roles, finishing in 2011 as London-based head of European real estate finance. Other recent recruits at Ladder include director Michael Bontumasi, who arrived last month from Societe...



The Grapevine

Fri, 22 Jun 2018
CIBC has hired Mauricio Duran to help lead its syndications team in New York. Duran is moving over from Bank of America, which he left two weeks ago after about three years. As a director at BofA, his responsibilities included structuring and writing acquisition, project and other commercial real estate loans. Duran had a previous stint at BofA before spending more than six years as a relationship manager at TD Bank. He also had tours at LaSalle...



The Grapevine

Fri, 22 Jun 2018
Law firm Loeb & Loeb has added two associates with commercial-mortgage experience. Marley Strauss arrived last month from Cassin & Cassin, where she had been since 2015. A few weeks earlier, Thomas Hand joined from Duval & Stachenfeld, where he spent about a year and a half. Both work in New York as part of the firm’s U.S. real estate practice, which is led by partner Raymond...



The Grapevine

Fri, 22 Jun 2018
Rialto Capital is seeking a handful of analysts/associates in Miami and Las Vegas. Candidates may send resumes to myrialtocareer@rialtocapital.com.



The Grapevine

Fri, 22 Jun 2018
Sterling National Bank has added a senior executive. Steve Silverberg started a couple of weeks ago as a managing director in White Plains, N.Y. An attorney, Silverberg previously helped develop commercial-mortgage business in the New York area for Customers Bank of Wyomissing, Pa. His prior stops included J.P. Morgan and Legg Mason Real Estate, where he worked before and after its 2003 acquisition by Northmarq...



The Grapevine

Fri, 22 Jun 2018
Silverpeak Argentic is looking to hire a syndications pro in New York, and 2-4 analysts/underwriters in Los Angeles, Dallas and Chicago. The syndications staffer will work on both fixed- and floating-rate senior loans and subordinate debt, and should have 5-10 years of experience. Candidates for the other slots should have 3-6 years of experience. The contact is Christina Kuch at...



The Grapevine

Fri, 22 Jun 2018
S&P has an opening in London, Madrid, Milan or Dublin for an associate on its servicer evaluation team. The recruit would focus primarily on grading servicers of commercial and residential mortgages in Europe, reporting to senior director Robert Radziul in New York. The position requires at least four years of experience, and fluency in Spanish or Italian is a plus. To apply, go to careers.spglobal.com and search for job...



How Brookfield Plans to Recap 666 Fifth Ave.

Fri, 15 Jun 2018
Brookfield Asset Management’s roadmap for rescuing the Kushner family’s heavily overleveraged Midtown Manhattan office tower is starting to emerge.The investment manager, which has been in talks to buy a roughly 50% interest in the 1.4 million-square-foot property, plans to pump in as much as $700 million of equity and line up a $1 billion floating-rate debt package. That capital would be used to retire the $1.4 billion of outstanding...



Hines Team Eyes Loan on New Chicago Tower

Fri, 15 Jun 2018
Hines and Ivanhoe Cambridge are seeking a $435 million mortgage to pay off construction financing on a skyscraper they completed last year in Chicago’s West Loop.The Hines team prefers a term of 7-10 years and will consider fixed- and floating-rate proposals for the 1.1 million-square-foot River Point, at 444 West Lake Street, along the Chicago River. The requested leverage was described as about 55%, pegging the office building’s...



Brookfield Syndicate Swells to a Dozen Banks

Fri, 15 Jun 2018
Six more banks have joined a $1.15 billion floating-rate loan on the redeveloped Five Manhattan West office building, doubling the size of the foreign-bank-dominated syndicate.The original six lenders closed the mortgage in April for a Brookfield Property partnership. As previously reported, Landesbank Baden-Wurttemberg, the administrative agent, was joined by Bank of China, DekaBank, ING Real Estate Finance, Natixis and Societe Generale.Those...



Financing Sought for New NY Rentals

Fri, 15 Jun 2018
A Taconic Investment partnership is seeking to refinance $200 million of debt that backed the construction of an apartment complex on Manhattan’s West Side.The 392-unit property, at 525 West 52nd Street, was completed last year by Taconic and its partner, Tokyo investment firm Mitsui Fudosan. They’re pitching the assignment via advisory shop Greystone Bassuk.After laying the groundwork for the two-building complex, New York-based...



Loan Eyed for NJ Shore Condo Project

Fri, 15 Jun 2018
An Extell Development partnership is looking to line up some $128 million of financing for a seaside condominium project in New Jersey.The debt would back construction of more than 240 high-end residential condos in Long Branch. Extell is teaming up with Kushner Cos. on the project, called The Lofts Pier Village, that extends an existing rental and retail complex. The preference is for floating-rate debt with a term of three years and a couple of...



Investors Scoop Up Fresh REIT Bonds

Fri, 15 Jun 2018
Buysiders lined up this week for the first REIT-bond issues in almost a month, enabling Alexandria Real Estate, Digital Realty and Prologis to place $2.3 billion of offerings at much higher prices than dealers anticipated.In each case, the amount of bonds to be sold wasn’t set until the deals were close to pricing, apparently because of uncertainty about demand for fresh paper. Typically, the size of a REIT-bond offering is announced at the...



Two Single-Borrower Deals Price

Fri, 15 Jun 2018
Commercial MBS dealers priced two single-borrower transactions totaling $810 million this week and began paving the way for an $828.8 million conduit offering.In their single-borrower issue, Goldman Sachs and J.P. Morgan encountered uneven demand for the three classes offered for widespread distribution. The transaction is backed by a $635 million floating-rate loan to Atrium Holding on 24 hotels (AHPT 2018-ATRM).Meanwhile, investors accepted a...



Silverpeak Finances Calif. Office Deal

Fri, 15 Jun 2018
Silverpeak Argentic has written a $94 million mortgage for the buyer of a California office complex.The fixed-rate loan, with a 10-year term, is backed by the 573,000-square-foot Torrance Technology Campus, in Torrance. Silverpeak closed the loan two weeks ago and is expected to include it in the collateral pool of an upcoming commercial MBS offering.The borrower is FRM Associates, a Minneapolis investment and development firm that bought the...



EagleBank Backs DC Office Project

Fri, 15 Jun 2018
EagleBank has originated a $95 million construction loan for a speculative office building in Washington’s Central Business District.Lenkin Co., a local family-owned shop, will build the roughly 145,000-square-foot property at 1050 17th Street NW. The projected cost is $150 million.EagleBank, based in Bethesda, Md., closed the floating-rate loan on May 30. Cushman & Wakefield arranged the financing, which has a three-year term and two...



Morningstar Aims to Join CLO Party

Fri, 15 Jun 2018
Morningstar is ready to start rating commercial real estate CLOs.Amid soaring issuance in the sector, the rating agency has tapped senior vice president Chandan Banerjee and vice president Greg Haddad to spearhead the initiative. The groundwork was laid by former senior vice president Edward Dittmer, who left the firm last week for a position in the commercial MBS group at DBRS (see article on Page 6).Banerjee and Haddad work in...



Seattle Office Loan Being Split 3 Ways

Fri, 15 Jun 2018
ING Real Estate Finance has joined Wells Fargo in originating a $270 million mortgage on a new office building in Seattle, and a third bank is expected to take a piece of the deal.The floating-rate debt is backed by Madison Centre, a 754,000-square-foot downtown property that opened late last year and is still in its initial lease-up phase. The financing closed about a week ago, with Wells originating about two-thirds of the debt and ING...



Varde Lends on Texas Office Park

Fri, 15 Jun 2018
Varde Partners has originated a $61.5 million floating-rate mortgage on a San Antonio office park.The 729,000-square-foot Brass Professional Center is owned by local operator Brass.The loan, brokered by NorthMarq Capital, has a term of up to four years, including extension options. Brass used the proceeds to retire a loan of roughly the same size that it lined up two years ago.The 15-building office park is on a 45-acre site at 4400 NW Loop 410,...



PGIM Funds Suburban DC Rentals

Fri, 15 Jun 2018
PGIM Real Estate Finance has originated $175 million of fixed-rate Fannie Mae loans on 13 apartment properties owned by Kay Apartment Communities.The properties, which encompass about 5,000 units, are in Maryland and Virginia.The loans, which closed on May 31, have 15-year terms and 30-year amortization schedules. Kay, which was advised by Cushman & Wakefield, used the proceeds to refinance existing Fannie loans originated by PGIM, a Prudential...



DBRS Planting CMBS Flag in NY

Fri, 15 Jun 2018
DBRS is adding a New York team to its Chicago-based commercial MBS group.The expansion will be led by former Morningstar senior vice president Edward Dittmer, who starts Monday with the same title at DBRS. Immediate plans call for adding up to four analysts to his unit, including one or two with 5-7 years of experience.Dittmer will report to managing director Erin Stafford, who oversees CMBS ratings, surveillance and research for the U.S. and...



The Grapevine

Fri, 15 Jun 2018
Industry veteran Marty Lanigan just joined TPG Real Estate Finance as a senior advisor to help expand the unit’s multi-family debt investments. Lanigan spent the past several years at Greystone Servicing, where he led the portfolio-lending group. He previously worked at Meridian Capital and, before the downturn, founded and led Mezz Cap.



The Grapevine

Fri, 15 Jun 2018
David Kadin has joined TH Real Estate as a managing director in Newport Beach, Calif. He started a few weeks ago at the unit of TIAA’s asset-management group, Nuveen. Kadin previously was an originator at Ares Management, where he spent nearly seven years. He also worked at Wrightwood Capital and Merrill Lynch.



The Grapevine

Fri, 15 Jun 2018
Kroll has hired two senior staffers in New York. Attorney Michael Jo started last month as a managing director, focusing on the legal aspects of commercial and residential MBS ratings. He reports to CMBS chief Eric Thompson. Jo was previously a managing director at Annaly Capital, where he spent four years. On Monday, Roy Chun joined the CMBS ratings surveillance team as a senior director, reporting to managing director Bill Petersen. Chun had...



The Grapevine

Fri, 15 Jun 2018
Benjamin Stacks is headed to BankUnited. As previously reported, Stacks last week left Capital One after nearly a decade. Most recently, he was a senior vice president in New York, heading a team focused on commercial property lending in the Northeast. The word is he’ll have similar duties at BankUnited.



The Grapevine

Fri, 15 Jun 2018
Madison Realty Capital has hired Bradley Ross to open a Los Angeles outpost for the New York fund shop. Ross, a vice president, scouts out lending opportunities in Southern California and other Western U.S. markets. He started about six weeks ago, reporting to co-founders and managing principals Josh Zegen and Brian Shatz. Ross previously was a senior originator at Calmwater Capital of Los...



The Grapevine

Fri, 15 Jun 2018
Some 1,201 industry pros turned out this week for the CRE Finance Council’s midyear conference, which returned to its usual venue in New York. That was up from about 1,100 people who registered for the same event last year, when it was held in Washington. Attendance peaked at 1,295 in 2016.



The Grapevine

Fri, 15 Jun 2018
CMBS researcher Adrian Wirt has joined TIAA as a director in New York. He started May 29, reporting to structured-finance research head Victor Bhagat. Wirt was an associate at Morgan Stanley for nine months and spent four years before that at AllianceBernstein, finishing as an assistant vice president.



The Grapevine

Fri, 15 Jun 2018
Meanwhile, buy-side CMBS trader Winnie Chan left TIAA about three weeks ago for a similar role at Wellington Management in Boston. Chan, who came aboard in 2013 as a mortgage-bond analyst, previously focused on fixed-income sales at broker-dealer KGS-Alpha Capital. TIAA is looking for a trader with 5-7 years of experience to replace Chan in New York. The recruit would work closely with structured-product trading chief Steve Virgilio and CMBS...



The Grapevine

Fri, 15 Jun 2018
Brokerage Cooper Horowitz wants to add a handful of support staffers to the debt team at its New York headquarters. Candidates need 3-5 years of experience. Contact David Horowitz at davidhorowitz@cooper-horowitz.com.



The Grapevine

Fri, 15 Jun 2018
Trimont Real Estate has several openings for analysts and asset managers at its Atlanta headquarters and in Seal Beach, Calif. It’s also seeking an associate director of asset management who specializes in construction. Apply at trimontrea.com.



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
3650 REITShin Bowers310-862-9993Ken Dickey212-390-9283REIT originates B-notes, mezzanine loans, stretch loans and preferred equity on transitional properties across the major asset classes in the U.S. Loans are serviced in-house.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Acore CapitalBoyd Fellows415-917-4400Investment manager operates funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on transitional properties of all types in North America. Target gross IRR: 9-12%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
AEW Capital ManagementDan Jacobson617-261-9248Investment manager originates B-notes, mezzanine loans, stretch loans and preferred equity with focus on high-quality transitional office, industrial, retail and hotel properties in the top-25 U.S. markets. Target gross IRR: 5-15%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Annaly Commercial Real EstateMichael Quinn212-696-0100REIT originates B-notes, mezzanine loans, stretch loans and preferred equity on transitional properties of all types in liquid U.S. markets. Target gross IRR: 8-10+%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Apollo GlobalScott Weiner212-822-0418Investment manager operates a REIT and separate accounts. Originates B-notes, mezzanine loans and preferred equity on all property types in the U.S. and Europe, with focus on major markets. Will write pre-construction, construction and stabilized loans. Target gross IRR: 5.5-12%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Arbor RealtyFred Weber516-506-4595REIT originates mezzanine loans and preferred equity on office, retail and multi-family properties in the U.S. Target gross IRR: 9-15%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine Lenders.”



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Archbell CapitalScott Shepherd213-266-5986Greg Levitan213-266-5987Finance company originates mezzanine loans and stretch loans on all property types in primary and secondary U.S. markets, with an emphasis on the Western U.S. Focus on “light” to “heavy” transitional properties. Target gross IRR: 8-15%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Arden GroupDouglas Harmon646-639-8486Investment manager operates Arden Credit Fund. Originates B-notes, mezzanine loans, stretch loans and preferred equity on transitional properties of all types in the top-35 U.S. markets. Will write construction and land loans. Target gross IRR: 11%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Ardent FinancialDaniel Siegel678-248-6539Finance company and fund operator originates B-notes, mezzanine loans, stretch loans and preferred equity on major property types in the U.S. Focuses on complex opportunities such as land, rehabilitation, construction and transitional properties with destabilized cashflow. Target gross IRR: 10+%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Ares Real EstateJamie Henderson212-710-2178Investment manager operates a REIT, funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on properties of all types in the U.S., with an emphasis on transitional properties in liquid markets. Target gross IRR: 10-15%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Aria Development CapitalJoshua Benaim212-400-0500 ext.101Jay Lee212-400-0500 ext.104Subsidiary of Aria Investment. Originates B-notes, mezzanine loans and preferred equity on urban infill projects, with a focus on New York, Washington and Miami. Target gross IRR: 10+%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Atalaya CapitalYoung Kwon212-201-1917Fund operator originates B-notes, mezzanine loans, stretch loans and preferred equity on most major property types in the U.S., Canada and Western Europe. Focuses on transitional, pre-development, entitlement, condo-inventory and construction loans across all asset classes. Target gross IRR: 11-15%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Avant CapitalAdam Luysterborghs203-612-9580Finance company originates B-notes, mezzanine loans, stretch loans and preferred equity on office, multi-family and industrial properties in major U.S. markets. Target gross IRR: 14%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Axonic CapitalBrendan McCormick212-828-7208Tyler Kimball212-828-7274Investment manager operates funds and separate accounts. Originates and acquires B-notes, mezzanine loans and preferred equity on major property types in the U.S. Target gross IRR: 7-12%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Bank of AmericaJon Rymsha646-855-2461Its investment-banking unit arranges B-notes, mezzanine loans and preferred equity on U.S. properties in conjunction with the origination of senior mortgages it retains, securitizes or syndicates. Target gross IRR: 4-9+%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
BarclaysBrian La Belle212-526-1809Investment bank arranges B-notes, mezzanine loans, stretch loans and preferred equity on U.S. properties in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates. Target gross IRR: 4-12+%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Barings Real EstateTony Soldi860-509-2281MassMutual subsidiary operates funds and separate accounts. Writes B-notes, mezzanine loans, stretch loans and preferred equity on properties in major U.S. metropolitan areas, the U.K., Ireland, the Netherlands and Spain. Focuses on high-quality transitional properties and large development projects with top-tier sponsors. Target gross IRR: 6-15%.NOTE: Complete listing appeared in June 8, 2018, issue of...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Basis InvestmentTammy JonesShaunak Tanna212-915-0699Investment manager operates funds, separate accounts and a REIT. Originates B-notes, mezzanine loans, stretch loans and preferred equity on all property types in the U.S., with a focus on transitional assets. Will consider construction loans and an IRR “look back” for loans. Target gross IRR: 9-12%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Bedrock CapitalFrank PreziosoMichael Santini212-957-2525Subsidiary of One William Street Capital. Originates B-notes, mezzanine loans, stretch loans and preferred equity on U.S. properties. Focuses on middle-market properties with institutional sponsors. Risk-based approach allows pricing and structuring flexibility. Will finance opportunistic, special-situation and distressed properties. Target gross IRR: 8-15%.NOTE: Complete listing appeared in...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Benefit Street PartnersMichael Comparato212-588-9404Investment manager operates a REIT, Benefit Street Partners Realty (formerly Realty Finance). Originates mezzanine loans and preferred equity on major property types in the U.S. in conjunction with the origination of senior mortgages. Will consider increasing mezzanine position when joining with third-party senior lender.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
BlackRockClinton SooseKaty MaoMark Kramer212-810-5300Investment manager operates funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on stabilized and transitional properties in primary and secondary markets in the U.S. and Western Europe.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
BlackstoneTim Johnson212-583-5625Investment manager operates funds and a REIT. Supplies B-notes, mezzanine loans, stretch financing and preferred equity on a wide range of property types in major metropolitan areas globally. Target gross IRR: 6-12%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Bridge InvestmentJim Chung646-453-7101Investment manager operates Bridge Debt Strategies Fund 2. Originates B-notes, mezzanine loans, stretch loans and preferred equity. Focus is office and multi-family properties in secondary U.S. markets and senior housing throughout the U.S. Target gross IRR: 7-12%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Brookfield Real EstateAndrea Balkan212-417-7277Investment manager operates funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on all property types in North America, Europe and Australia.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Canyon Partners Real EstateRobin Potts310-272-1500Investment manager operates funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity for transitional properties across the major asset classes, as well as senior housing and student housing. Geographic focus is primary and secondary U.S. markets. Target gross IRR: 10-18%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
CarVal InvestorsPaul Mullaney952-444-4821Subsidiary of agricultural giant Cargill. Fund operator originates B-notes, mezzanine loans, stretch loans and preferred equity on all property types in North America. Focuses on value-added and transitional opportunities. Will finance development for qualified sponsors. Target gross IRR: 10+%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
CBRE Global InvestorsRobert Perry213-683-4200Investment manager originates and purchases mezzanine loans on properties across all asset classes in primary and secondary U.S. markets. Focuses on collateral with core-plus or value-added risk profiles.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
CCREKiran MandaBaz Preston212-829-5490Subsidiary of Cantor Fitzgerald originates B-notes, mezzanine loans and preferred equity in conjunction with senior mortgages it writes on U.S. properties.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
CIM GroupKelly Eppich323-860-4973Fund operator originates B-notes, mezzanine loans and stretch loans on all property types. Focus is construction and “heavy” transitional projects in core U.S. urban markets. Financing is generally nonrecourse.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
CitigroupBrad Bloom212-723-5483Bank arranges B-notes, mezzanine loans, stretch loans and preferred equity on properties in major U.S. and European markets, in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Clarion PartnersDrew Fung212-808-2145Investment manager operates funds and separate accounts. Originates B-notes, mezzanine loans and preferred equity on core-plus, transitional properties and certain ground-up development opportunities across a wide range of asset classes in U.S. markets. Target gross IRR: 8-15+%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Colony NorthStarSujan Patel212-547-2616Investment manager operates a REIT, funds and separate accounts. Originates and acquires B-notes, mezzanine loans, stretch loans and preferred equity on all property types in primary and secondary U.S. markets. Target gross IRR: 12-18%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Credit SuisseStefanos Arethas212-325-0736Brendan Jordan212-325-1924Investment bank arranges B-notes, mezzanine loans and unrated bonds on all property types in the U.S. and Europe, in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Crescit Capital StrategiesJoseph Iacono212-332-1960Nik Chillar949-200-5201Fund operator originates B-notes, mezzanine loans, stretch loans and preferred equity on all property types in the U.S. Focuses on construction, transitional and term financing.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Criterion Real Estate CapitalChuck Rosenzweig212-259-0414Adam Falk212-259-0411Investment manager originates B-notes, mezzanine loans, stretch loans and preferred equity on all property types, primarily in “gateway” U.S. markets. Focus is larger value-added or opportunistic deals, including development, redevelopment and repositioning. Flexible on structure, duration and cashflow. Target gross IRR: 11-18%.NOTE: Complete listing...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Deutsche BankThomas Rugg212-250-3541Bank arranges B-notes, mezzanine loans, stretch loans and preferred equity on properties in the U.S. and major European markets in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
DWS Real Estate Debt InvestmentsMarc FelicianoJoe RadoPat Kennelly312-537-0111Investment manager, formerly known as Deutsche Asset Management, operates funds and separate accounts. Originates B-notes, mezzanine loans and preferred equity on core, core-plus, transitional and value-added properties across major asset classes in primary and secondary U.S. markets. Target gross IRR: 6-12%.NOTE: Complete listing appeared in June 8, 2018, issue of...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Edgewood CapitalMichael HouseChris Whittleton203-255-1700Finance company originates B-notes, mezzanine loans, stretch loans and preferred equity on all property types in the U.S. and the Caribbean, with a focus on value-added and distressed plays. Target gross IRR: 12-17%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Eightfold Real Estate CapitalIsaac Pesin305-503-4053Investment manager originates B-notes, mezzanine loans and preferred equity on U.S. properties across asset classes that need repositioning. Also finances buyers of defaulted notes and borrowers seeking capital for restructurings or discounted payoffs. Target gross IRR: 15+%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
EJS Real EstateTed Segal212-615-3456Finance company originates mezzanine loans, stretch loans and preferred equity on multi-family and mixed-use projects with strong sponsors in the New York area and other primary U.S. markets. Finances pre-development, construction and conversion of properties.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Essex PropertyKeith Guericke650-655-7929Cory Zimmerman650-655-7844REIT originates mezzanine loans and preferred equity for the construction, redevelopment and recapitalization of multi-family properties on the West Coast. Yields accrue on ground-up construction until property is stabilized.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Exantas CapitalPaul Hughson212-705-5046Subsidiary of C-III Capital. The REIT, formerly known as Resource Capital, originates B-notes, mezzanine loans, stretch loans and preferred equity on all types of properties in the U.S. Target gross IRR: 8-12%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
FCPE.J. Corwin240-395-2029Fund operator, formerly known as Federal Capital Partners, originates B-notes, mezzanine loans and preferred equity on development, value-added and stabilized properties on the East Coast and in Texas. Emphasizes flexibility and speed. Target gross IRR: 12-15%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Goldman SachsMark Romanczuk212-902-0290Investment bank arranges B-notes, mezzanine loans, stretch loans and preferred equity on U.S., Caribbean and Mexican properties, primarily in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates. Target gross IRR: 4.5-13%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Goldman Sachs Merchant BankingPeter Weidman212-902-1000Goldman’s investment-management unit’s $4.2 billion Broad Street Real Estate Credit Partners 3 fund invests in B-notes, mezzanine loans and stretch loans on all property types in North America and Europe. Target gross IRR: Mid-teens.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
GreystoneJohn Palmer212-649-9746Finance company arranges mezzanine loans on acquisitions and cash-neutral refinancings of U.S. properties in conjunction with the origination of CMBS loans. Target gross IRR: 12%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
H.I.G. Realty PartnersJeff Wiseman212-294-7194Investment manager operates funds and separate accounts. Originates and invests in B-notes, mezzanine loans, stretch loans and preferred equity on quality transitional properties, including construction, in primary and secondary U.S. markets. Target gross IRR: 10-15+%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
HeitmanGreg Leadholm312-849-4174Investment manager operates funds and separate accounts. Originates mezzanine loans, stretch loans and preferred equity for high-quality operators in the U.S. Finances all major property types, as well as student housing and self-storage. Target gross IRR: 10-13%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
HinesAndrew Cooper347-837-3807Janice Walker713-966-7755Investment manager invests in B-notes, mezzanine loans, stretch loans and preferred equity on all property types in the U.S., including financing for construction, repositioning and acquisition.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Hunt MortgageBrent Feigenbaum212-317-5730Finance company operates a REIT and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on commercial and multi-family U.S. properties. The multi-family originations are generally in conjunction with Fannie Mae first mortgages that it writes. Target gross IRR: 10-14%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Invesco Real EstateCharlie Rose310-310-0315Yorick Starr212-278-9047Investment manager operates funds and separate accounts. Originates mezzanine loans, stretch loans and preferred equity on core, core-plus and transitional properties in primary and secondary U.S. markets. Target gross IRR: 5-9%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
iStarDavid Sotolov310-315-7070REIT originates B-notes, mezzanine loans, stretch loans and preferred equity on stabilized and transitional properties, as well as development projects. Geographic focus is the top-50 metropolitan areas. Target gross IRR: 10-15%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
J.P. MorganCandace Chao212-648-2121Bank’s investment-management arm, J.P. Morgan Asset Management, operates funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on stabilized properties, transitional properties and select construction projects in the U.S.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
JCR CapitalSam Isaacson303-531-0215Finance company manages funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on U.S. properties across asset classes. Target gross IRR: 15-20%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Kayne Anderson Real EstateCaroline Lewittes561-300-6243Investment manager operates Kayne Anderson Real Estate Debt 3 fund. Invests in B-notes, mezzanine loans, stretch loans and preferred equity on senior housing, student-housing, medical-office and self-storage properties in the U.S. Target gross IRR: 10-14%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
KKRPatrick Mattson212-519-1656Private-equity shop operates a REIT and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on U.S. properties of all types. Target gross IRR: 8-12%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
KSL Capital PartnersCraig Henrich203-989-3900Investment manager operates funds that invest in B-notes, mezzanine loans, stretch loans and preferred equity on stabilized and transitional hotel and recreational properties in the U.S., Canada, the Caribbean and the U.K. Target gross IRR: 13-16%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
LibreMax CapitalMichael McLarney212-612-1558Investment manager operates funds that originate and purchase B-notes and mezzanine loans on stabilized and transitional properties in primary and secondary markets in the U.S. and the Caribbean. Target gross IRR: 8-15%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Lionheart Strategic ManagementBilly Jacobs646-744-2288Fisher Brothers affiliate operates funds that originate B-notes, mezzanine loans, stretch loans and preferred equity on transitional properties and development projects for high-quality sponsors in the top-20 metropolitan areas and high-growth markets. Target gross IRR: 10-15%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com,...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
LoanCore CapitalJordan Bock203-861-6065Dan Bennett203-861-6037Investment manager operates a REIT and finance company. Originates B-notes, mezzanine loans, stretch loans and preferred equity on all property types in the U.S., the U.K. and Ireland, often in conjunction with senior debt from its conduit operation. Will consider accruals, payment-in-kind and toggle structures. Target gross IRR: 5-10%.NOTE: Complete listing appeared in June 8, 2018,...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Mack Real Estate Credit StrategiesPeter Sotoloff212-484-0035Investment manager operates a REIT and funds. Originates B-notes, mezzanine loans, stretch loans and preferred equity on transitional properties in major markets in North America and Europe. Target gross IRR: 15%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Madison Realty CapitalJosh Zegen646-442-4200Fund operator originates B-notes, mezzanine loans, stretch loans and preferred equity on value-added properties in major U.S. markets. Focuses on “special situations.” Target gross IRR: 10-20%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Marathon Asset ManagementScott Schwartz212-500-3105Fund operator originates B-notes, mezzanine loans, stretch loans and preferred equity on stabilized and transitional U.S. properties across major asset classes.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Mesa West CapitalJeff Friedman310-806-6300Finance company operates separate accounts. Originates and purchases B-notes, mezzanine loans, stretch loans and preferred equity on major property types in the U.S. Focuses on transitional, value-added projects in “gateway” markets. Target gross IRR: 6-10%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
MetLifeMike Amoia973-355-4502Jim Brusco973-355-4438Insurer’s investment-management arm, MetLife Real Estate Investors, originates B-notes, mezzanine loans, stretch loans and preferred equity on stabilized and transitional properties in primary and secondary U.S. markets. Will provide future funding.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Moinian CapitalJonathan Chassin646-254-6326Finance company originates B-notes, mezzanine loans, stretch loans and preferred equity on office, retail, multi-family and hotel properties in major U.S. markets and metropolitan areas. Focuses on flexible financing for premier commercial real estate assets. Target gross IRR: 10%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Morgan StanleyKwasi Benneh212-761-3255Investment bank arranges B-notes and mezzanine loans on U.S. properties, often in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates. Target gross IRR: 5-12%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Morrison Street CapitalDavid Tindall503-952-0790Ryan Norwood503-952-0746Fund operator originates B-notes, mezzanine loans and preferred equity on existing, cash-flowing assets in top-100 U.S. metropolitan areas. Prefers multi-family and multi-tenant commercial properties. Will also lend on hotels. Target gross IRR: 10-12%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
NatixisJerry TangAndrew FlorioDavid Perlman212-891-6100Investment bank provides B-notes, mezzanine loans, stretch loans and preferred equity on transitional and stabilized properties of all types in the U.S. and its territories, in conjunction with the origination of senior loans that it retains, securitizes or syndicates. Target gross IRR: 4.5-13+%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
New York MortgageJoe Kunzon224-848-4028Reed Levy980-224-4185The REIT, through its RiverBanc subsidiary, originates B-notes, mezzanine loans and preferred equity on transitional, development and stabilized multi-family properties in the U.S. Target gross IRR: 10.5-13%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
NY Urban FundingChris Lama212-527-7130Family-owned finance company originates B-notes, mezzanine loans, stretch loans and preferred equity across property types in the Mid-Atlantic. Will finance construction. Emphasizes ability to close loans quickly. Target gross IRR: 8-20%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Oaktree CapitalKeith Gollenberg212-284-1975Justin Guichard213-830-6363Investment manager operates funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on all property types. Geographic focus is global, with an emphasis on the top-35 U.S. markets and Western Europe.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
ORIX Real Estate AmericasRon Lawrie214-237-2078Adam Diamond214-237-2103Finance company originates B-notes, mezzanine loans, stretch loans and preferred equity on properties in primary and secondary U.S. markets. Focuses on multi-family and self-storage properties as well as pre-leased retail, office and industrial properties.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Oxford PropertiesKevin Egan212-986-6106Varuth Suwankosai646-376-3114Real estate arm of Ontario Municipal Employees. Provides B-notes, mezzanine loans, stretch loans and preferred equity on properties in primary U.S. markets and Europe. Will finance stabilized and transitional properties, construction and special situations. Target gross IRR: 5-12+%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Pacific Life InsuranceHyung Kim949-219-5085Insurer originates mezzanine loans, stretch loans and preferred equity for high-quality sponsors with a focus on top U.S. markets. Will finance transitional and stabilized properties in most asset classes, as well as construction. Will also write low-leverage B-notes (6-9% coupons). Flexible on structure, duration and cashflow. Target gross IRR: 10-14%.NOTE: Complete listing appeared in June 8, 2018,...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Paramount GroupDavid Zobel212-237-3141Michael Nathan212-237-2933Investment manager operates a REIT and the $775 million Paramount Group Real Estate Fund 8. Originates B-notes, mezzanine loans, stretch loans and preferred equity on office and retail properties in “gateway” markets, such as New York, Washington and San Francisco. Emphasis on transitional office properties. Target gross IRR: 6-10%.NOTE: Complete listing appeared in June...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Parse CapitalNick Killebrew858-472-2720Finance company originates B-notes, mezzanine loans, stretch loans and preferred equity on multi-family properties in the U.S., including senior housing and both market-rate and affordable buildings. Will selectively look at financing value-added properties. Target gross IRR: 13-17%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
PCCPBrian Heafey415-732-7548Finance company operates funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on all property types in the U.S. Target gross IRR: 10%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Pearlmark Real EstateDoug Lyons312-499-1952Investment manager operates funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on all property types in the top-25 U.S. markets plus Toronto and Vancouver. Finances stabilized and transitional properties as well as development projects. Target gross IRR: 8-13%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Pensam FundingRay Cleeman786-879-8829Investment manager originates B-notes, mezzanine loans, stretch loans and preferred equity. Focuses on financing for value-added, lease-up, recapitalization, construction, transitional and repositioning situations. Will consider properties whose cashflow doesn’t initially cover debt service.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
PGIM Real EstateSteve Bailey212-515-8101Investment-management arm of Prudential operates funds and separate accounts. Originates mezzanine loans, stretch loans and preferred equity across most property types in major U.S. markets. Focuses on institutional-quality real estate and strong sponsorship. Target gross IRR: 7-14%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Prima CapitalNilesh Patel914-725-2657Investment manager operates funds and separate accounts. Originates B-notes and mezzanine loans on institutional-quality properties in primary U.S. markets. Focuses on investment-grade subordinate debt. Target gross IRR: 5.5%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Prime FinanceJon Brayshaw212-231-9071Finance company originates B-notes, mezzanine loans, stretch loans and preferred equity on all property types in the U.S.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine Lenders.”



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Principal Real EstateBill May515-247-0772Jason Franzen515-362-1423Investment-management arm of insurer operates funds and separate accounts. Invests in B-notes, mezzanine loans, stretch loans and preferred equity on institutional-quality properties. Focuses on the top-25 U.S. markets, but will selectively look wider. Target gross IRR: 5-10%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Quadrant Finance PartnersRoddy O’Neal214-540-0528Investment manager operates funds. Originates mezzanine loans and stretch loans on all property types in the U.S. Focuses on stabilized and light-transitional assets, providing flexible terms and structured prepayment options. Limited construction financing. Target gross IRR: 9-14%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Quadrant Real EstateTom Mattinson770-752-6714Walt Huggins770-752-6712Investment advisor operates separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on core and light value-added properties of all types in primary and secondary U.S. markets. Target gross IRR: 5-8%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Ramsfield Hospitality FinanceAdam Maisel212-421-1488Investment manager originates and acquires B-notes, mezzanine loans, stretch loans and preferred equity on hotels of all classes in the U.S. and the Caribbean. Will finance stabilized and transitional properties and construction. Target gross IRR: 7-12%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
RCG LongviewRichard Gorsky212-356-9282Investment manager operates funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on transitional, value-added and stabilized properties throughout the U.S. Target gross IRR: 7-13%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Red CapitalJohn O’Toole312-453-7709Finance company originates B-notes and mezzanine loans on both market-rate and affordable multi-family properties in the U.S. Often provides mezzanine debt in conjunction with Fannie Mae loans originated by affiliate Red Mortgage Capital.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Related Cos.Brian Sedrish212-596-3999Development giant’s debt platform, Related Real Estate Debt Strategies, operates funds and separate accounts. Invests in B-notes, mezzanine loans, stretch loans and preferred equity on all types of properties in the U.S. Will finance development, pre-development and transitional properties. Target gross IRR: 10+%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
RexmarkMichael Rebibo212-575-0047Investment manager operates funds and separate accounts. Originates B-notes, mezzanine loans and preferred equity on properties across all asset classes in major “gateway” markets in the U.S. Provides financing that covers the entire risk spectrum. Target gross IRR: 5.5+%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Rialto CapitalJoseph BachkoskyJosh Cromer212-751-5323Investment manager operates funds, separate accounts and a REIT. Originates B-notes, mezzanine loans, stretch loans and preferred equity on all property types in the U.S. Focuses on properties with cashflow that is ramping up or near stabilization. Target gross IRR: 6-15%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Rimrock Real Estate VenturesTony JaffeEric Nelson424-369-4702Finance company originates mezzanine loans, stretch loans and preferred equity on most major property types in the U.S. Target gross IRR: 9-15%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Rockwood CapitalNiraj Shah212-402-8524Investment manager operates funds and separate accounts. Supplies B-notes, mezzanine loans, stretch loans and preferred equity on stabilized and transitional properties in key coastal “gateway” markets in the U.S. Target gross IRR: 8-10+%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Seven Valleys CapitalJason Bordenick212-235-1244U.S. family office of Chinese investor Zhang Xin. Originates B-notes, mezzanine loans, stretch loans and preferred equity on a wide range of properties in the top-10 metropolitan areas in the U.S. Target gross IRR: 10+%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
SG Capital PartnersRoger Boone203-355-6121Finance company, affiliated with Shelter Growth Capital, originates B-notes, mezzanine loans, stretch loans and preferred equity on all property types in primary and secondary U.S. markets.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Silverpeak ArgenticJohn Burke646-560-1730Mike Schulte646-560-1744Finance company originates B-notes, mezzanine loans, stretch loans and preferred equity on a wide range of properties in the U.S. Provides fixed-rate permanent financing on stabilized properties and floating-rate financing on transitional properties. Target gross IRR: 8-14%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
SL Green RealtyDavid Schonbraun212-216-1602Robert Schiffer212-216-1650REIT originates B-notes, mezzanine loans, stretch loans and preferred equity on office, retail and multi-family properties in New York. Target gross IRR: 7-20+%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Societe GeneraleAdam Ansaldi212-278-6126Bank arranges B-notes, mezzanine loans and preferred equity on U.S. properties, in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Sound Mark PartnersJi Won Sin203-413-4266Jenna Gerstenlauer203-413-4270Operates open-end fund that originates B-notes, mezzanine loans and preferred equity on a wide range of properties in the U.S.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Square Mile CapitalMichael Lavipour212-616-1572Investment manager, an affiliate of USAA Real Estate, runs funds and separate accounts. Writes B-notes, mezzanine loans, stretch loans and preferred equity on all property types in the U.S. Lends on properties that are stabilized, transitional or under construction. Target gross IRR: 6+%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Starwood PropertyDennis Schuh203-485-5108REIT originates B-notes, mezzanine loans, stretch loans and preferred equity on all types of properties in North America and Europe. Often lends in conjunction with senior debt. Target gross IRR: 12-13%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
SteepRock CapitalMatt Mitchell212-218-5077John Bucci212-218-5081Finance company operates separate accounts. Originates and acquires B-notes, mezzanine loans, stretch loans and preferred equity on a wide range of properties in North America and the Caribbean, with a focus on institutional-quality assets in major U.S. markets. Target gross IRR: 7-12%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
StoneBeck CapitalAlexander Zabik212-335-0237Fund operator originates B-notes, mezzanine loans, stretch loans and preferred equity on all property types in primary and secondary U.S. markets. Focus includes financing for value-added and transitional properties, construction takeouts, condo inventory and restructurings. Target gross IRR: 12%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Stonehill Strategic CapitalMichael Harper404-953-4959Fund operator, a unit of Peachtree Hotel Group, originates B-notes, mezzanine loans, stretch loans and preferred equity on limited-, select- and full-service hotels in the U.S. Focuses on premium brands, such as Marriott, Hilton, Starwood and Hyatt. Target gross IRR: 12+%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Terra CapitalDan Cooperman212-753-5100Finance company originates B-notes, mezzanine loans, stretch loans and preferred equity for pre-development, construction, value-added and stabilized properties of all types in primary and secondary U.S. markets. Target gross IRR: 10-14%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
TH Real EstateMike Lembo212-916-4488Shanthi Pothacamury212-916-4276Investment-management arm of TIAA manages separate accounts and funds. Originates B-notes, mezzanine loans and preferred equity on stabilized and transitional properties across most asset classes. Focuses on strong sponsors in primary and secondary U.S. markets. Target gross IRR: 6-10%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Torchlight InvestorsMike Butz212-488-5616Fund operator originates B-notes, mezzanine loans, stretch loans and preferred equity on all property types in the U.S. Focuses on high-leverage financing. Target gross IRR: 12-15%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
TPG Real Estate FinancePeter Smith212-430-4129REIT originates B-notes, mezzanine loans and stretch loans on a wide range of property types in the U.S. Target gross IRR: 10%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Trawler CapitalRich SpinelliBrendan DriscollJoe Laderer516-274-9855Fund operator originates and acquires B-notes, mezzanine loans and preferred equity on stabilized properties in the U.S. Target gross IRR: 9.5-10.5%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Tremont Realty CapitalRick Gallitto617-658-0753Investment manager operates separate accounts and REITs. Originates B-notes, mezzanine loans, stretch loans and preferred equity on U.S. properties. Focuses on middle-market loans on value-added properties with cashflow at least 80% of debt service and whose future advances typically don’t exceed 20% of loan commitment. Target gross IRR: 9-13%.NOTE: Complete listing appeared in June 8, 2018,...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Triantan Select IncomeDan Goelz224-234-6404Finance company manages funds and separate accounts. Provides and acquires mezzanine loans and preferred equity on multi-family, retail and industrial properties in major Mid-Western U.S. markets. Focus is in the workforce multi-family sector. Target gross IRR: 10-14%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
UBSNicholas Galeone212-713-8832Bank arranges B-notes and mezzanine loans on all types of properties in the U.S., often in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates. Target gross IRR: 2-15%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
UC FundsJoe Ambrose857-288-2819Finance company originates B-notes, mezzanine loans, stretch loans and preferred equity on major property types in the U.S., sometimes in conjunction with senior mortgages. Focus includes transitional properties, gut renovations and ground-up development. Target gross IRR: 8-15%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Varde PartnersJon Miller952-374-5166Alek Roomet212-321-3790Investment manager originates and acquires B-notes, mezzanine loans, stretch loans and preferred equity on all property types in the U.S.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Walker & DunlopGeoff Smith646-438-7715Finance company originates B-notes, mezzanine loans, stretch loans and preferred equity on all property types in the U.S., generally in conjunction with the origination of senior mortgages. Focuses on value-added and distressed properties and recapitalizations.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Walton Street CapitalRich Ratke312-915-2904Investment manager operates funds and separate accounts. Writes B-notes and mezzanine loans on major property types in major U.S. markets. Target gross IRR: 11-13%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Washington HoldingsDavid Millard310-301-0100Investment manager originates mezzanine loans and preferred equity on hotels and R&D properties, primarily on the West Coast, and on multi-family properties in the state of Washington. Target gross IRR: 10-15%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Waterfall Asset ManagementJamie Scholz212-257-4651Investment manager operates a REIT, separate accounts and funds. Originates B-notes, mezzanine loans, stretch loans and preferred equity on institutional-quality properties of all types in the U.S. Target gross IRR: 6-15%.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 09 Jun 2018
Wells FargoRoyer Culp704-715-7006Bank arranges B-notes, mezzanine loans and preferred equity on all types of properties in the U.S., in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates.NOTE: Complete listing appeared in June 8, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Mezzanine...



Roster of Mezz Lenders Soars as Sector Booms

Fri, 08 Jun 2018
Nontraditional lenders continued to flood into the mezzanine-loan market over the past year, attracted by relatively high returns.“There’s a lot of new capital in the commercial real estate debt space in general, but especially for the mezz space,” said one veteran investment manager. “The longer we get into the cycle, the more capital that migrates in.”Several factors are contributing to the boom. The flexible terms...



WeWork's Lord & Taylor Deal Advancing

Fri, 08 Jun 2018
Details are emerging about how a WeWork partnership plans to finance its pending acquisition of the flagship Lord & Taylor department store on Fifth Avenue in Midtown Manhattan.WeWork and private equity shop Rhone Capital struck a deal last fall to buy the 658,000-square-foot building from Hudson’s Bay Co. of Toronto for $850 million. The Wall Street Journal reported last month that the partnership intended to line up $767 million of debt...



Ivanhoe Seeking Big Loan on SF Apartments

Fri, 08 Jun 2018
A partnership between Ivanhoe Cambridge and Veritas Investments wants to line up a $600 million mortgage on a San Francisco multi-family portfolio.The loan would be backed by 66 properties with a combined 1,512 units scattered across the city. The preference is for floating-rate debt with a term of 5-7 years. Eastdil Secured is showing the assignment to a variety of lenders.Some $450 million of the loan would be funded initially. The remaining...



Barclays Syndicating Big Office Loan

Fri, 08 Jun 2018
Barclays is in talks with other lenders to sell pieces of an $850 million debt package it originated on a Blackstone office portfolio.The floating-rate mortgage is backed by 25 properties that Blackstone acquired from GE Capital in 2015. It has a two-year term plus three one-year extension options.Barclays wrote the loan several weeks ago. It structured $100 million of the total as mezzanine debt and placed it with an unidentified insurer. The...



Buyer Seeks Loan on LA-Area Offices

Fri, 08 Jun 2018
Boston Properties is looking for about $350 million of debt to back its acquisition of a Southern California office complex.The firm has agreed to buy the 1.2 million-square-foot Santa Monica Business Park from Blackstone for $616 million. It’s now shopping for a mortgage with a term of about seven years. A number of banks, insurers and other lenders are known to be kicking the tires on the deal.Eastdil Secured is marketing the loan...



Loan Sought for Texas Retail Center

Fri, 08 Jun 2018
A J.P. Morgan Asset Management partnership is seeking an $80 million loan to refinance a shopping center in a tony suburb of Dallas.The roughly 450,000-square-foot Preston Towne Crossing, in Plano, Texas, is about 90% occupied.J.P. Morgan and its partner, Edens of Columbia, S.C., will consider proposals for a five-year loan with either a fixed or floating rate. Eastdil Secured is pitching the assignment to insurers and banks.Cowboys Fit, a luxury...



Conduit Prices Within Recent Range

Fri, 08 Jun 2018
Bookrunners Citigroup and Cantor Fitzgerald priced the benchmark bonds of a $668.2 million conduit offering yesterday in the middle of the recent spread range.The long-term super-seniors went out the door at a spread of 87 bp over swaps, after being shopped at 85-bp area. The transaction (CGCMT 2018-C5) is backed by loans supplied by Citi, Rialto Capital, Cantor subsidiary CCRE and Ladder Capital (see Initial Pricings on Pages 39-42).The...



Acore, Brookfield Back Swift Deals

Fri, 08 Jun 2018
Swift Real Estate lined up two loans last month — from Acore Capital and a Brookfield Asset Management debt fund — to back separate office purchases in California.The floating-rate mortgages, both with seven-year terms, total just over $250 million.Acore provided $150 million of debt on a 550,000-square-foot office complex in El Segundo. Swift, a San Francisco fund manager, paid $170 million for the property, called AirFlyte, where a...



Staffing Changes Continue at Situs

Fri, 08 Jun 2018
Continuing its reorganization, Situs has disbanded an advisory unit that helped clients analyze the value and risk of commercial real estate debt and other assets, and has turned those duties over to a recently acquired subsidiary.Managing director Ed Robertson, the Seattle-based co-head of the financial institutions group, resigned last Friday, following last month’s departure of the other co-head, Charles Rierson in Atlanta.Robertson will...



Shop Eyes Loans on 2 Buildings in SF

Fri, 08 Jun 2018
An investment firm is looking to line up at least $125 million of debt on two retail/office buildings near Union Square in San Francisco.The properties, which encompass 154,000 square feet, are within a block of each other, at 111 Maiden Lane and 201-209 Post Street.The owner, local firm Trinity Properties, has tapped Newmark to line up loans of 12-15 years. The request is for $65 million on the seven-story Maiden Lane building and $60 million on...



CMBS Loan Quality Improves Again

Fri, 08 Jun 2018
Two key measures of credit quality for securitized commercial mortgages showed improvement again last month, dropping to their lowest levels since the downturn.The percentage of past-due loans collateralizing commercial MBS deals rated by Fitch dipped by 16 bp to 2.81% in May, after hovering around 3% since February. The delinquency rate hasn’t been lower since mid-2009, when it was on its way up amid the credit crunch. It reached an...



Invesco Eyes Floater on Calif. Offices

Fri, 08 Jun 2018
An Invesco Real Estate partnership is weighing bids for a $180 million loan to finance its acquisition of a Bay Area office complex.The Dallas investment manager and its partner, Harvest Properties of Emeryville, Calif., have struck a deal to buy the 447,000-square-foot Peninsula Office Park in San Mateo, Calif., for about $210 million. They’re looking for a floating-rate mortgage with a term of 5-7 years. Eastdil Secured is advising the...



Acore Finances Complex in Napa

Fri, 08 Jun 2018
Acore Capital originated a $42 million floating-rate loan last week on a completed portion of a redevelopment project in Napa, Calif.The mortgage is backed by 128,000 square feet of retail and office space at the three-block-long project, on First Street in downtown Napa. The complex also encompasses the 183-room Archer Hotel Napa, which opened late last year, and is slated to include another 197,000 sf of mixed-use space when completed.The...



The Grapevine

Fri, 08 Jun 2018
Greystone has hired George Kenny as a managing director, filling a newly created position in New York. He started a few weeks ago, helping originate debt for institutional clients. He reports to Chip Hudson, head of production for conventional and affordable agency loans. Kenny moved over from Starwood Property, where he was head of business development for the REIT’s investment and servicing unit. Before that he was head of mortgage and...



The Grapevine

Fri, 08 Jun 2018
Lending veteran Josh Westerberg has opened a San Francisco office for Mesa West. The Los Angeles firm, acquired by Morgan Stanley three months ago, has been increasing its activity in Northern California. Westerberg, a director, was previously a partner and head of structured finance at Palmer Capital of Roseville, Calif., and earlier worked at Legg Mason Real Estate and Wells...



The Grapevine

Fri, 08 Jun 2018
Originator Thomas Fuchsman left J.P. Morgan this week after about a decade. The word is he has another job lined up, but details are unknown. As a vice president on the commercial MBS team in New York, he reported to originations chief Joseph Geoghan. Fuchsman started as an analyst at Bear Stearns in 2007, and stayed on when that bank was taken over by J.P. Morgan the following...



The Grapevine

Fri, 08 Jun 2018
Originations pro Gregory Breskin joined Torchlight Investors this week. He spent the past two years at his own New York advisory shop, Ossipee Capital. Before that, he helped start private equity shops StoneBeck Capital and WestRiver Capital and did stints at Brookfield Asset Management and Ocwen Financial. Torchlight also recently added chief operations officer Felipe Dorregaray, who arrived in April from Carlyle Group, and senior vice president...



The Grapevine

Fri, 08 Jun 2018
Veteran originator Roger Nussenblatt joined Mission Capital of New York last week as a managing director. He focuses on debt and equity financing, but is also involved with the asset-sales group. He was most recently a consultant at Glimcher Capital and previously worked at J.P. Morgan, RBS Greenwich and Credit Suisse.



The Grapevine

Fri, 08 Jun 2018
Managing director Stuart Silberberg left Acore Capital several weeks ago after nearly three years. His plans couldn’t be learned. Silberberg joined the San Francisco lender in mid-2015 after a stint at Starwood Property, where Acore’s four founders had worked.



The Grapevine

Fri, 08 Jun 2018
Senior vice president Edward Dittmer is jumping to DBRS from Morningstar. Monday was his last day in Morningstar’s Horsham, Pa., office, where he recently spearheaded ongoing efforts to start rating commercial real estate CLOs. Vice president Beth Forbes has assumed his former duties as head of credit risk services. It’s unclear when Dittmer starts at DBRS or what his duties will be. He joined Morningstar in 2010 after about three and...



The Grapevine

Fri, 08 Jun 2018
CBRE is adding Jen Kairuz as deputy chief underwriter on a team that supports its Freddie Mac small-balance lending platform. Kairuz was previously a director at Charlotte advisory firm MCube Financial, and before that worked at Situs and Freddie. She’s expected to join CBRE’s business-lending unit next week, working in Oakbrook, Ill.



The Grapevine

Fri, 08 Jun 2018
Societe Generale is looking for an underwriter to join its balance-sheet lending business in New York. Candidates need 2-3 years of experience. Contact Jennifer Jamin at jennifer.jamin-ext@sgcib.com.



Crossover Buyers Boost Size, Appeal of CLOs

Fri, 01 Jun 2018
Growing investor demand for commercial real estate CLOs is creating more flexibility for issuers.The buy-side influx is supporting larger securitizations, enabling the sponsors to write bigger loans. It’s also paving the way for more “managed” deals, which permit issuers to recycle repaid principal into new loans, increasing both the potential pace of originations and the appeal of CLOs as a financing vehicle.CLO issuance has...



As Situs Adjusts Operations, Staff Turns Over

Fri, 01 Jun 2018
More than a dozen senior and mid-level staffers have left or been laid off from Situs over the past six months as the Houston advisory and due-diligence firm’s private-equity parent has streamlined some operations and expanded others.Former employees attributed the voluntary departures to several factors, including unexpectedly large reductions in yearend bonuses and concern about the impact of the streamlining.Chief executive Steven Powel...



Related Team Seeks Financing for LA Project

Fri, 01 Jun 2018
A Related Cos. joint venture is seeking a $456 million loan to finance the construction of a long-planned mixed-use complex in Los Angeles.The floating-rate loan would fund the hotel and retail portions of the $1 billion-plus project, on South Grand Avenue, across from the Walt Disney Concert Hall. The joint venture is pitching the assignment to lenders directly, without using a broker.Related and its partner, China-backed CCCG Overseas Real...



Retail/Office Loan Sought Near LA

Fri, 01 Jun 2018
The owner of a mixed-use complex near Los Angeles that includes a large retail center is taking bids for a $450 million mortgage.Craig Realty is seeking a debt package of 7-10 years on The Citadel, in Commerce, Calif. The property consists of the 420,000-square-foot Citadel Outlets shopping center, 220,000 sf of office space and the land under a 201-room hotel. Eastdil Secured is showing the assignment to lenders. Banks and insurers are believed...



KKR Seeks to Refi Utah Tech Campus

Fri, 01 Jun 2018
A KKR partnership is looking to line up a $185 million mortgage on an office/research-and-development property in Salt Lake City.The roughly 1 million-square-foot Airport Technology Park, adjacent to Salt Lake City International Airport, is fully leased. The preference is for floating-rate debt with a total term of five years. Eastdil Secured is advising KKR and its partners, which include Drawbridge Realty of San Francisco.The leverage on the...



MetLife Lends on Charleston Rentals

Fri, 01 Jun 2018
MetLife has written a $44.5 million floating-rate mortgage on an upscale multi-family property in Charleston, S.C.The three-year loan is backed by the Wharf 7 apartments on Daniel Island, north of downtown Charleston. It was originated last week for a joint venture between PGIM Real Estate and local shop Woodfield Development.The 312-unit complex was completed last summer on nearly 13 acres at 515 Robert Daniel Drive. Citizens Financial provided...



Schroders Maps Debt-Fund Series

Fri, 01 Jun 2018
Schroders is laying the groundwork for its first fund exclusively targeting commercial real estate debt, part of an ongoing effort to expand its investments in the sector.There’s no word on the projected size of the unleveraged, closed-end vehicle, which would invest in both fixed- and floating-rate loans. It’s slated to be the first in a series that could also include vehicles using leverage and/or an open-end structure. The London...



Debt Eyed for DC Mixed-Use Project

Fri, 01 Jun 2018
A local developer is seeking roughly $80 million in financing for a mixed-use project in a hip Washington neighborhood.Madison Investments is planning to build 233 apartments and 39,000 square feet of office and retail space at 1400 W Street NW, in the U Street Corridor. The cost of construction is estimated at $126.5 million. Walker & Dunlop is marketing the loan request for Madison, which has also tapped the brokerage to line up an equity...



LBBW Aims for Expansion in Canada

Fri, 01 Jun 2018
Landesbank Baden-Wurttemberg’s opening of an outpost in Toronto could lead to further expansion down the line.The German lender announced a couple weeks ago it had set up the office to increase its commercial-property lending activity in Canada. It hired Steve Gagro as chief representative officer, reporting on real estate activities to managing director Alexander Joerg in New York.Gagro is joined by Nick Sitt, who most recently was head of...



Oaktree to Lend on San Jose Complex

Fri, 01 Jun 2018
Oaktree Capital has agreed to provide some $120 million of floating-rate debt to finance a PCCP partnership’s acquisition of a San Jose office/research-and-development complex.PCCP, a Los Angeles investment manager, and Dallas-based Lincoln Property are buying the 464,000-square-foot Valley Technology Centre for roughly $145 million, or $313/sf. The loan-to-value ratio would be about 83%, but some $20 million of the proceeds will be held...



Natixis Backs Student-Housing Buyer

Fri, 01 Jun 2018
Natixis has provided a $69.5 million floating-rate loan for the acquisition of a student-housing portfolio in Santa Barbara, Calif. A joint venture among Ladder Capital of New York, Rimrock Real Estate Ventures of Irvine, Calif., and Encore Capital of Santa Barbara, Fla., put the proceeds toward its purchase last month of 40 buildings with 600 beds from local owner/operator James Gelb. The price couldn’t be learned. The loan was split into...



Riskier Debt Returned 1.8% in Quarter

Fri, 01 Jun 2018
An index of high-yield commercial real estate debt showed a 1.78% return in the first quarter.Revenue from interest and fees produced a 2.14% return, partly offset by a 0.36% decline in capital value for the loans in the Giliberto-Levy High-Yield Real Estate Debt Index.The index tracks some $10 billion of mezzanine, construction and bridge loans, B-notes and other instruments tied to various commercial property types. It’s compiled by...



The Grapevine

Fri, 01 Jun 2018
Veteran originator Alan Flatt will join Wells Fargo’s real estate capital-markets group in August as a managing director. He’ll be based in Irvine, Calif., reporting to managing director and senior originator Eric Gunderson. Flatt just finished a 16-year run at Bank of America, and earlier worked at Northmarq Capital, Nomura and General Electric. At Wells, he’ll focus on large-loan, balance-sheet and conduit originations, as well as on...



The Grapevine

Fri, 01 Jun 2018
Hunt Mortgage has added a senior managing director in New York. Precilla Torres started last week, heading up Hunt’s proprietary-lending group. She works on the firm’s balance-sheet financing and investment business. She reports to president James Flynn. Torres came from Ares Management, where she’d worked for nearly six years, most recently as a portfolio manager and co-head of that Los Angeles shop’s commercial MBS...



The Grapevine

Fri, 01 Jun 2018
Meanwhile, Shirley Prada-O’Reilly moved over from Hunt Financial’s structured-product sales desk to join its Hunt Mortgage affiliate as a director on the capital-markets team in New York. Prada-O’Reilly was among a group of former Jefferies personnel who jumped to Hunt in 2017. She also worked at J.P. Morgan and Bear Stearns.



The Grapevine

Fri, 01 Jun 2018
Industry veteran Paul Fitzsimmons has joined Ginnie Mae lender X-Caliber Capital to help arrange agency mortgages and bridge loans on multi-family, senior housing and healthcare properties. He started two weeks ago as an executive vice president in the firm’s Irvington, N.Y., headquarters, reporting to chief executive Chris Callahan. From mid-2015 to September 2016, Fitzsimmons was a managing director in charge of commercial real estate...



The Grapevine

Fri, 01 Jun 2018
KPMG has hired a senior associate to work in its advisory group. Graeme Pfunder started last month in Washington, consulting clients on risk related to agency and private-label CMBS. He reports to director Khuram Babar. Pfunder previously spent six years at CWCapital, where he worked on portfolio management for CMBS and underlying defaulted assets.



The Grapevine

Fri, 01 Jun 2018
Brokerage Largo Capital plans to open a Philadelphia-area office in July. The firm, based in the Buffalo suburb of Getzville, N.Y., has tapped managing director Neal Colligan to head the new outpost in Devon, Pa., and hired vice president Jared Cobert from HFF to join him. Colligan started at Largo earlier this year after a two-decade stint at CKPP & Associates, a Radnor, Pa., division of M&T Realty. CORRECTION (6/6/18): This article has...



The Grapevine

Fri, 01 Jun 2018
CMBX trader Michael Ajayi resigned last month from Deutsche Bank, where he was a director in New York. He’s headed to a similar role on the CMBS trading desk at J.P. Morgan, also in New York. Ajayi joined Deutsche’s commercial real estate group in 2004.



The Grapevine

Fri, 01 Jun 2018
Analyst Ben Sacks joined advisory and brokerage shop Hamilton Realty Finance last week at its Dallas headquarters. He previously worked at Bill and Melinda Gates Investments. Meanwhile, Hamilton is looking to add a few staffers to its Lake Tahoe, Nevada office, which opened in February.



The Grapevine

Fri, 01 Jun 2018
Pensam Funding is seeking a seasoned mortgage originator and a loan underwriter to work in its Miami headquarters. Pensam originates first mortgages, mezzanine loans and preferred equity nationwide, primarily on multi-family properties. Contact Viviana Angulo at vangulo@pensamresidential.com.



Corrections

Fri, 01 Jun 2018
A May 25 article, “Oaktree Targets Loan for Office Deal,” incorrectly said that an Oaktree Capital partnership was under contract to buy Ygnacio Center in Walnut Creek, Calif., from LaSalle Investments. The partnership is in discussions to acquire the office complex.



Corrections

Fri, 01 Jun 2018
A May 25 article, “Citi, Natixis Ink Floater on Union Station in DC,” incorrectly described a $430 million debt package on the retail and office space at Union Station in Washington as a short-term floater. The debt package has a fixed rate and a 10-year term. Also, Citigroup and Natixis originated only the $330 million senior portion. KTB Asset Management of South Korea originated the $100 million junior...



Starwood Taps Goldman, Israeli Bonds for Refi

Fri, 25 May 2018
Starwood Capital has lined up a $550 million low-leverage mortgage from Goldman Sachs to complete an unorthodox refinancing of five malls that it may reposition.The mortgage supplements $264 million of unsecured bonds that Starwood floated in Israel in early March. Those bonds, which are trading on the Tel Aviv Stock Exchange, carry a 5.7% coupon.Starwood used most of the proceeds from the two financings to retire a $760 million floating-rate...



In Big Win, Banks Get Construction-Loan Relief

Fri, 25 May 2018
Banks that write construction loans on commercial properties notched a major victory this week with the enactment of a law that rolls back or modifies a wide range of post-crash regulations imposed by the Dodd-Frank Act.President Trump yesterday signed the legislation (S.2155), which passed the Senate in March and cleared the House on Tuesday by a 258-159 vote. The most significant provision for commercial real estate pros will make it easier for...



Citi, Natixis Ink Loan on Union Station in DC

Fri, 25 May 2018
Citigroup and Natixis have originated a $430 million floating-rate loan on the retail and office space at Union Station in Washington.The short-term loan is backed by a master lease to Ashkenazy Acquisition on 383,000 square feet of space at the historic train station, which is both a transportation hub and a tourist destination.The banks will securitize the senior portion of the loan — likely about $330 million — in a stand-alone offering...



REIT Eyes Loan to Build Marriott HQ

Fri, 25 May 2018
A Boston Properties partnership is talking to lenders about $300 million of financing for the development of Marriott International’s new headquarters in downtown Bethesda, Md.The Boston REIT and its partner, Bernstein Cos. of Washington, would put the debt toward construction of an 825,000-square-foot office building that’s fully pre-leased to the hotel company. The project’s cost is pegged at about $400 million.The preference...



JP Morgan Leads Seattle Office Loan

Fri, 25 May 2018
J.P. Morgan and a partner have agreed to lend roughly $250 million to refinance an office tower in downtown Seattle.The bank is teaming up with an unidentified Asian lender, described as a bank whose presence in the U.S. has been limited up to now. The borrower, a partnership between Ivanhoe Cambridge and Bentall Kennedy, will use the proceeds to retire $240 million of debt on the 945,000-square-foot U.S. Bank Centre.The specifics of the loan are...



Spreads Diverge on 2 Conduit Deals

Fri, 25 May 2018
Price-tiering continued this week in the commercial MBS market.The spreads on the benchmark classes of the two latest conduit issues were 10 bp apart, reflecting a clear buy-side preference for offerings backed by loans from banks that are both major lenders and dealers (see Initial Pricings on Pages 8-13).The spread was 82 bp over swaps on the long-term, super-senior class of a $713.1 million offering, led by J.P. Morgan and Deutsche Bank (JPMDB...



Steiner Seeks Brooklyn Project Loan

Fri, 25 May 2018
A developer is seeking $233 million of debt financing for a mixed-use property under construction in Brooklyn.Steiner NYC is building the 523,000-square-foot office, light-industrial and retail complex at the Brooklyn Navy Yard industrial park. It’s reaching out to lenders via JLL for a short-term, floating-rate loan package. A number of banks and debt funds are reviewing the proposal, which has been circulating for more than a...



Dune Aiming to Refi Virginia Offices

Fri, 25 May 2018
A Dune Real Estate partnership is looking for a $96 million floating-rate mortgage on an office building in Northern Virginia.The mortgage, on the 249,000-square-foot property at 1500 Wilson Boulevard in Rosslyn, would have a term of up to five years. Eastdil Secured is advising Dune and its partner, Penzance Cos. of Washington.Penzance acquired the property in 2006 for $63.4 million. The main tenant, the U.S. Defense Department, moved out in...



Annaly Finances Student Housing

Fri, 25 May 2018
Annaly Capital has originated bridge loans totaling $110.7 million on two student-housing complexes.The recently completed properties, in Louisiana and Texas, are owned by Park7 Group, a New York operator that specializes in student rentals.A $65.7 million loan is backed by the 745-bed Park Place Baton Rouge in Baton Rouge, La., and a $45 million mortgage is secured by the 727-bed Park Place Waco in Waco, Texas. Both floating-rate loans have...



Oaktree Targets Loan for Office Deal

Fri, 25 May 2018
An Oaktree Capital partnership is seeking a floating-rate mortgage of about $167 million to finance its pending acquisition of a Class-A office complex in an East Bay suburb of San Francisco.Los Angeles-based Oaktree and its partner, Houston investment manager Hines, are in discussions to buy the 515,000-square-foot Ygnacio Center from LaSalle Investment for roughly $220 million, or $427/sf.The loan term would likely be 5-7 years. Eastdil...



Loan Sought for NY Redevelopment

Fri, 25 May 2018
Vanbarton Group is seeking $141 million of floating-rate debt to finance the redevelopment of a mixed-use building in Lower Manhattan.The six-story property, at 15 Laight Street, will be converted to about 110,000 square feet of boutique office space and 16,000 sf of street-level retail space. It formerly encompassed nine residential units and housed Tribeca Cinemas, which hosted the annual Tribeca Film Festival.Vanbarton prefers a three-year...



The Grapevine

Fri, 25 May 2018
Real estate finance veteran Warren Friend has left Situs. There’s no word on the reason or his plans. His last day at the Houston company was April 11. Friend, an executive managing director in New York, was hired in mid-2015 to lead the servicing and advisory firm’s product-strategy and client-development efforts. He was a managing director at BlackRock from 2010 to 2015 and at Deutsche Bank for almost two years before that. Friend...



The Grapevine

Fri, 25 May 2018
Veteran originator Rob Treleven has joined Blue Vista Finance as a senior vice president, tasked with expanding the shop’s footprint nationally. He formerly led the institutional real estate finance unit at First Midwest Bank, and before that worked at Countrywide, Allstate, RBS and Nomura. He reports to a former Nomura colleague, Blue Vista president Shawn Townsend. The Chicago bridge lender is looking to hire an analyst or associate with...



The Grapevine

Fri, 25 May 2018
Managing director Mark Root has jumped from Cushman & Wakefield to HFF in San Francisco. He started this week, lining up debt on a range of asset types in the region. He reports to senior managing director Charles Halladay, who co-heads HFF’s San Francisco outpost. Root had been at Cushman since its 2007 purchase of Sonnenblick-Goldman, which he had joined the year...



The Grapevine

Fri, 25 May 2018
Marathon Asset Management has hired servicing pro Jacob Baron to oversee asset management for its portfolio of commercial real estate loans. Baron started last week as a senior vice president at the fund shop’s New York headquarters. He was previously a vice president in the special-servicing unit at Torchlight Investors, also in New York. He spent 10 years at Torchlight and its predecessor, ING Clarion. At Marathon, Baron reports to senior...



The Grapevine

Fri, 25 May 2018
Former Sidley Austin partner Mark Rogers will rejoin the law firm in New York early next month. He’s coming back as a senior attorney on the team that advises CMBS issuers and underwriters, part of the roughly 200-member global finance group led by partner Kevin Blauch. Rogers left Sidley on good terms in 2013 to pursue personal interests. He had spent 16 years at the firm and, before that, worked at Cadwalader...



The Grapevine

Fri, 25 May 2018
J.P. Morgan wants to add a seasoned specialist in analytics and modeling to its global index research group. The unit develops and supports proprietary indexes that buysiders use to invest in a wide variety of assets, and is expanding its fixed-income coverage to include more emphasis on securitized products. Candidates should have at least five years of experience. The recruit would come aboard with a title as high as vice president and report...



The Grapevine

Fri, 25 May 2018
New York brokerage Cooper Horowitz is setting up an office in North Miami as part of an expansion of its business in Florida and the South, and is looking to add a handful of staffers to its debt team in the region. Responsibilities include helping to research and underwrite financings and supporting negotiations and closings. Candidates need 2-5 years of experience. Contact David Horowitz at...



The Grapevine

Fri, 25 May 2018
Credit Agricole wants to hire a junior staffer to focus on syndications. The candidate should have at least two years of related experience, such as underwriting balance-sheet loans. Contact Karen Ramos at karen.ramos@ca-cib.com.



The Grapevine

Fri, 25 May 2018
Starwood Property is seeking a senior analyst to join its San Francisco underwriting team with a focus on construction and bridge loans. Candidates should have 1-3 years of experience. Apply at www.starwoodpropertytrust.com/careers.



Correction

Fri, 25 May 2018
A May 18 listing of rated servicers gave an incorrect phone number for Alan Kronovet of Wells Fargo. His number is 704-715-5980.



Refinancing Sought for Santa Monica Hotels

Fri, 18 May 2018
The owner of two beachfront hotels in Santa Monica, Calif., is in the market once again for a big mortgage.Edward Thomas Cos. is seeking $405 million of floating-rate debt to refinance its signature properties: Shutters on the Beach and Casa del Mar. The luxury hotels, side by side a few blocks from the Santa Monica Pier, have a total of 327 rooms.The Beverly Hills company, controlled by brothers Edward and Thomas Slatkin, would use the proceeds...



More Single-Borrower Deals Being Pre-Placed

Fri, 18 May 2018
Issuers are increasingly pre-placing single-borrower offerings, frustrating some bond buyers.The trend is being driven by strong buy-side demand for substantial chunks of fresh paper.In some cases, dealers are pushing the strategy, seeking to limit their risk by placing bonds as soon as possible. At other times, investors themselves are approaching dealers in order to lock up bonds before securitizations hit the open market. And there have even...



Sutton, Sitt Aim to Refinance SoHo Complex

Fri, 18 May 2018
A Wharton Properties partnership is seeking to line up $300 million of debt on a trio of office/retail buildings in Manhattan’s SoHo neighborhood.Wharton, headed by investor Jeff Sutton, and its partner, Joe Sitt’s Thor Equities, are talking to lenders about a floating-rate mortgage with a term of three years on the adjacent properties, at 530-536 Broadway. JLL is marketing the assignment.The interconnected buildings, at Spring...



Natixis to Refinance 850 Third Avenue

Fri, 18 May 2018
Natixis has agreed to write a $342 million floating-rate loan that will refinance the office building at 850 Third Avenue in Midtown Manhattan.The 615,000-square-foot property, between East 51st and East 52nd Streets, is owned by a partnership among HNA Group of China, MHP Real Estate Services of New York and ATCO Properties & Management of New York.Natixis will fund $320 million of the balance at the closing, expected within a couple of weeks....



NY Rental Shop Seeks Batch of Loans

Fri, 18 May 2018
A New York apartment shop is looking for $450 million of loans on a variety of properties scattered across Manhattan and Brooklyn.Icon Realty is taking bids for individual loans on 47 buildings encompassing 743 apartments and 63 commercial units, mostly street-level retail space. The preference is for fixed-rate mortgages with terms of five years. The loans wouldn’t be cross-collateralized. Most of the proceeds would be used to refinance...



CapOne Funds Wall Street Offices

Fri, 18 May 2018
Capital One has written a $100 million long-term mortgage on a newly renovated office building in Lower Manhattan.The 10-year, fixed-rate loan is backed by the 300,000-square-foot property at 40 Exchange Place, near the New York Stock Exchange. Newmark lined up the debt for a joint venture between GFP Real Estate and Northwind Group, both of New York.GFP, formerly known as Newmark Holdings, and Northwind acquired the building in 2015 from...



Low-LTV Deal Achieves Tight Spread

Fri, 18 May 2018
Investors lined up this week for a low-leverage conduit offering led by Wells Fargo, Bank of America and Morgan Stanley, enabling the dealers to place most of the bonds at tighter spreads than they expected.The benchmark notes in that $901.2 million transaction (BANK 2018-BNK12) went out the door Tuesday with a spread of 79 bp over swaps, after being shopped with price guidance of 80-82 bp. That was down sharply from the 90-bp print on the...



Servicing Vets Head for the Exits

Fri, 18 May 2018
Four senior servicing executives recently left their longtime posts.The latest to depart was Jacob Baron, a vice president of Torchlight Investors. He jumped from the company’s New York headquarters to another, unidentified servicing shop within the past few weeks.In March, Tim Mazzetti took a buyout package from Cohen Financial, and Michael Carp exited Strategic Asset Services. Both plan to take at least a few months off before returning...



Financing Set for SF Student Housing

Fri, 18 May 2018
CapitalSource has originated an $82.3 million construction loan package for a San Francisco student-housing project.Local firm Panoramic Interests will use the proceeds to finance development of a 200-unit complex at 333 Twelfth Street, in the South of Market neighborhood. CapitalSource, a division of Pacific Western Bank, originated the floating-rate loan last month. It has a three-year term and a pair of one-year extension options.The...



Morningstar Gives Peek Behind Curtain

Fri, 18 May 2018
Morningstar wants to shed more light on how its commercial MBS ratings team underwrites property cashflows and values.The rating agency has prepared a detailed set of guidelines that “tells market players how we look at commercial real estate properties and how we think about qualitative factors like tenant quality, lease rollover exposure and leasing costs and commissions,” said senior vice president Rob Grenda, who oversees ratings...



MetLife Backs San Jose Office Deal

Fri, 18 May 2018
Beacon Capital has tapped MetLife for a $68 million floating-rate mortgage to finance its acquisition of an office building in downtown San Jose.The Boston fund shop bought the 226,000-square-foot property, at 160 West Santa Clara Street, for $101.5 million, or $449/sf. The seller was AFL-CIO Building Investment Trust, which is advised by PNC Realty Investors of Washington.Beacon completed the purchase last month, either by tapping a credit line...



Griffin REIT Taps BofA, KeyBank

Fri, 18 May 2018
Bank of America and KeyBank have teamed up to provide a $250 million fixed-rate mortgage on four office and industrial properties.The 2.7 million-square-foot portfolio is owned by Griffin Capital Essential Asset REIT 2, which is sponsored by Griffin Capital of El Segundo, Calif.BofA and Key each funded half of the interest-only loan, which has a 10-year term and closed a few weeks ago. The banks are expected to securitize it via multiple conduit...



Annaly Funds Silicon Valley Offices

Fri, 18 May 2018
Annaly Capital originated a $71.6 million bridge loan last week on a Silicon Valley office/research-and-development complex.The 262,000-square-foot property, in San Jose, is owned by a joint venture between Rockwood Capital of New York and Four Corners Properties of San Francisco.The floating-rate loan has a four-year term, with a one-year extension option. Annaly immediately funded $45 million, which the Rockwood team used to retire a loan from...



3 High-Yield Shops Snag B-Pieces

Fri, 18 May 2018
Prime Finance, Silverpeak Argentic and Rialto Capital have separately circled the B-pieces of three upcoming conduit deals.Prime will buy the junior portion of a transaction led by Wells Fargo and Barclays (WFCM 2018-C45). A few other lenders will also contribute loans to the collateral pool. Prime has acquired one other B-piece this year.Silverpeak will take down the subordinate portion of a deal backed by loans supplied by Morgan Stanley,...



Approved Primary, Master and Special Servicers

Fri, 18 May 2018
The listing below shows commercial mortgage servicers rated by S&P, Fitch, DBRS, Morningstar and Kroll.Primary servicers, also called sub-servicers or loan servicers, handle individual mortgages that collateralize commercial MBS. Master servicers oversee primary servicers. Special servicers are responsible for securitized mortgages that become distressed and any resulting foreclosed properties.S&P rates servicers as: “Strong,”...



The Grapevine

Fri, 18 May 2018
Senior vice president Benjamin Stacks is leaving Capital One after nearly a decade. As a New York-based market manager, Stacks’ responsibilities include oversight of commercial property lending in the Northeast. The word is he’ll depart in the coming weeks, but his plans couldn’t be learned. Before joining CapOne in 2009, Stacks spent time at Eurohypo and...



The Grapevine

Fri, 18 May 2018
Donald Dibble left the investment unit of insurer Lincoln National within the past week. Dibble, a senior vice president in Greensboro, N.C., had been head of the insurer’s commercial-mortgage business for many years. The circumstances surrounding the move and his future plans are unknown. His duties are being handled on an interim basis by John Barber, vice president of mortgage and real estate. Lincoln was No. 12 on Commercial Mortgage...



The Grapevine

Fri, 18 May 2018
Voya Investment has hired an originator to focus on short-term loans. Rob Jones started at the insurer two weeks ago. Based in Phoenix, he will write bridge loans on commercial properties throughout the West. Jones previously worked at Phoenix lending shop RRA Cos. At Voya, he reports to Mike Cale, head of capital markets and alternative assets. Voya has raised $2.5 billion from third-party investors over the past couple of years as it ramped up...



The Grapevine

Fri, 18 May 2018
CIBC Real Estate Finance wants to add a senior commercial MBS originator in New York. The recruit would come in at the executive-director leveland be responsible for developing new strategic relationships in the Eastern region. Contact Mark Brewer at mark.brewer@cibc.com.



The Grapevine

Fri, 18 May 2018
Jeffrey Henry joined Morgan Stanley’s commercial real estate finance team in Dallas this month to focus on structuring, underwriting and credit- and asset-management duties. He previously spent two years at Bank of the Ozarks and, before that, worked as a senior underwriter at MC-Five Mile. Henry was part of the structured-finance team at Fitch from 2012 to...



The Grapevine

Fri, 18 May 2018
Wells Fargo is seeking an asset manager for its low-income-housing tax-credit lending business in Boston. Candidates should have experience in affordable-housing lending and low-income-housing tax credits. Apply at wellsfargo.com/careers and search for job ID# 5393072.



The Grapevine

Fri, 18 May 2018
HFF is seeking an analyst to fill a new position on its debt-placement team in Seattle. Responsibilities include helping to research, underwrite and prepare offering memos for commercial-property financings, along with assisting in deal negotiations and closings. Candidates should have 1-3 years of experience in financial analysis, debt or real estate. HFF opened the Seattle outpost in December to build its business in the Pacific Northwest. The...



The Grapevine

Fri, 18 May 2018
Fitch is looking for an associate for the team that rates commercial-mortgage servicers. Applicants should have 3-5 years in loan servicing. The recruit would work in Chicago or New York, under senior director Adam Fox. Contact him at adam.fox@fitchratings.com.



The Grapevine

Fri, 18 May 2018
Guggenheim Commercial Real Estate Finance wants to hire one or two servicing/asset-management pros in Atlanta, to help with the company’s expanding servicing portfolio. Candidates with 1-2 years of experience may apply at guggenheimpartners.com/firm/careers.



The Grapevine

Fri, 18 May 2018
Allianz Real Estate has an opening for an analyst with 1-3 years of experience on its originations team in Los Angeles, reporting to debt-origination chief Mike Krawiec at the firm’s New York headquarters. Contact Maggie Mulhern at maggie.mulhern@azoa.com.



Corrections

Fri, 18 May 2018
A May 11 list of REIT credit ratings omitted Morningstar’s “BBB” rating on senior unsecured notes issued by American Tower. Also, Morningstar’s rating for Crown Castle is “BBB-,” not “BBB.”



CMBS Volume Solid, but Some Worries Loom

Fri, 11 May 2018
Commercial MBS issuance is running ahead of last year’s pace, but lenders report that cutthroat competition is squeezing profits, and they express concern about the outlook for origination volume over the rest of the year.Some $26 billion of CMBS transactions have priced so far this year, and another $12.7 billion are in the pipeline through the end of next month, according to a survey by Commercial Mortgage Alert (see “CMBS Deals in...



Morgan Stanley Leading 2nd Big Ashford Deal

Fri, 11 May 2018
A trio of lenders will soon tee up the second large-loan commercial MBS deal in as many months backed by Ashford Hospitality hotels.Morgan Stanley, Bank of America and Barclays have agreed to originate a floating-rate debt package of roughly $1.3 billion, backed by 34 hotels with 7,270 rooms. The banks will securitize the senior portion — likely in the vicinity of $1 billion — in a stand-alone offering that’s expected to hit the...



TIAA Unit Taps Acore Exec as Lending Chief

Fri, 11 May 2018
Continuing to reshape its staff as it expands its focus, TIAA unit TH Real Estate has hired veteran lender Jason Hernandez as head of originations in the U.S.Hernandez spent the past three years at Acore Capital, where he was a managing director based in New York. His duties there included sourcing and originating mortgages. During a previous 11-year stint at GE Capital Real Estate, he was a senior director in the strategic capital group.TH Real...



Deutsche Takes Lead on BioMed Loan

Fri, 11 May 2018
Deutsche Bank has won the nod to lead a $960 million loan on nearly two dozen office and laboratory properties owned by BioMed Realty, a portfolio company of Blackstone.Deutsche will fund the bulk of the seven-year floater, with Goldman Sachs providing the rest. The two will securitize the senior portion in an upcoming stand-alone commercial MBS deal, after carving off a mezzanine piece whose size is still being determined.The loan will refinance...



Morgan Stanley Nabs Big Retail Loan

Fri, 11 May 2018
Morgan Stanley has agreed to provide the senior portion of a $740 million loan to Blackstone on a shopping-center portfolio.The floating-rate mortgage would be backed by 23 shopping centers in multiple states that Blackstone bought two years ago as part of a larger deal with RioCan REIT of Toronto.In addition to the floating-rate loan from Morgan Stanley, the financing would include a slug of mezzanine debt, whose size was still being negotiated...



Bank Syndicate Set for Chicago Project

Fri, 11 May 2018
A group of nine lenders has come together to provide $533 million of construction financing for an office project in Chicago’s West Loop.Bank of America and J.P. Morgan co-led the deal, which will back development of a 1.4 million-square-foot building at 110 North Wacker Drive. They brought in six banks and an insurer to take pieces of the debt at the closing this week: Associated Bank, Fifth Third Bank, Helaba Bank, MidFirst Bank, Regions...



Bondholders Pitch High-Yield CMBS

Fri, 11 May 2018
Almost $250 million of seasoned high-yield conduit paper has been put up for sale since late last week, as bondholders in that once-sleepy corner of the secondary market seek to capitalize on an influx of yield-hungry buyers.Three separate bid lists of below-investment-grade bonds were circulated by commercial MBS dealers on behalf of different, undisclosed sellers. The word is that multiple buyers purchased large amounts of the paper, but some...



Tight Spread Seen for Low-LTV Deal

Fri, 11 May 2018
A conduit offering by Wells Fargo, Bank of America and Morgan Stanley will test the degree to which investors are willing to pay up for low-leverage paper.The $901.2 million offering (BANK 2018-BNK12) boasts an underwritten loan-to-value ratio of just 49.8% on a weighted-average basis. That’s the third-lowest LTV ever seen in a conduit pool, after CSAIL 2017-CX9 (47.7%) and CSAIL 2017-CX10 (49.5%).The BANK deal’s stressed LTV, as...



RFR Eyes Loan on 350 Madison Ave.

Fri, 11 May 2018
An RFR Holding joint venture is seeking a mortgage of about $255 million on the office building at 350 Madison Avenue in Midtown Manhattan.RFR and its partner, Qatar Investment Authority, prefer a floating-rate loan with a term of five years. Newmark has begun speaking to lenders about the assignment.Most of the proceeds would be used to retire a $235 million debt package that SL Green Realty of New York provided in 2015.The 394,000-square-foot...



LNR Cuts Staff as Legacy Loans Melt

Fri, 11 May 2018
LNR Partners laid off 27 staffers on Wednesday.The cuts reflected an effort to “right-size” the special-servicing operation because the volume of troubled pre-crash loans that it oversees has dwindled.“It’s the ‘melting iceberg’ of maturing contracts that everybody talks about in special servicing,” said one source familiar with the situation. “It’s hitting LNR just like it’s hitting...



KKR Seeks Backing for Miami Deal

Fri, 11 May 2018
A KKR partnership is seeking a floating-rate debt package of about $200 million to finance its pending acquisition of a Miami office tower.The partnership has agreed to buy the 523,000-square-foot Sabadell Financial Center, at 1111 Brickell Avenue, from PGIM Real Estate for some $250 million.CBRE, the KKR team’s representative, is circulating the financing request to banks and debt funds. The package, with a term of up to seven years, could...



Wells to Lend on New Seattle Offices

Fri, 11 May 2018
Wells Fargo has won the mandate to provide a roughly $265 million mortgage on a recently completed office tower in downtown Seattle.The 754,000-square-foot building, at 505 Madison Street, opened last fall and is in its initial lease-up phase. The borrower, a partnership between Barings Real Estate of Charlotte and local developer Schnitzer West, will use some of the proceeds to retire construction debt.The specific details of Wells’ loan...



CMBS Late-Pay Rate Pauses Near 3%

Fri, 11 May 2018
The delinquency rate among securitized commercial mortgages increased slightly last month, after declining slowly but steadily for almost a year.The percentage of past-due loans collateralizing commercial MBS deals rated by Fitch reached 2.97% as of April 30, up 1 bp from a month earlier. The rate had previously decreased by an average of 8 bp per month since last June, when it stood at 3.72%. That compared with a post-crash low of 2.90% in March...



CMBX Bears Seek Greener Pastures

Fri, 11 May 2018
Investors have recently pulled back from using derivatives to hedge against commercial MBS risk, signaling that a popular strategy has largely played out.The spreads on credit-default swaps tracked by the most-recent series of IHS Markit’s CMBX index have tightened over the past few weeks, after a big run-up in February. That reflects lower demand for the short side of those swaps.At the same time, demand increased on the long side,...



Morgan Eyes More Freddie Bonds

Fri, 11 May 2018
Morgan Properties is looking to broaden its approach to investing in B-piece bonds from Freddie Mac deals.The apartment operator, based in King of Prussia, Pa., plans to buy bottom tranches from various types of Freddie offerings, including fixed-rate deals with seven- and 10-year terms, floating-rate transactions and those backed by loans to a single borrower.“We think it’ll be a great way for us to diversify within the multi-family...



The Grapevine

Fri, 11 May 2018
Two originators left UBS this week: executive directors Brian Selander in Salt Lake City and Gregory Porter in New York. Selander had been at the bank for five years, after more than a decade at CIBC. Porter joined UBS two years ago after stints at KGS-Alpha Capital and Barclays. The buzz is they were caught up in a round of layoffs at UBS. CORRECTION (5/18/18): This article has been revised. The original version incorrectly said Gregory Porter...



The Grapevine

Fri, 11 May 2018
Industry veteran Dakar Gibbs joined Pembrook Capital a few weeks ago as a managing director. He previously spent more than two decades at Bank of America and was a senior client manager. He’s based in Houston, overseeing originations in the South and Midwest for New York-based Pembrook. Gibbs reports to chief executive Stuart Boesky.



The Grapevine

Fri, 11 May 2018
Greystone has promoted two veteran originations executives to newly created top posts. The New York investment shop appointed Billy Posey as chief executive of its overall lending platform and Mordecai Rosenberg as president. Chip Hudson moved up to replace Posey as head of large agency loans, and Nikhil Kanodia has taken over from Rosenberg to oversee FHA-loan production. CORRECTION (5/18/18): This article has been revised. The original version...



The Grapevine

Fri, 11 May 2018
EquiTrust Life has added a senior originator in Chicago. Brad Feine, who started last month as a director, structures and writes mortgages on commercial properties across the U.S. for the Des Moines, Iowa, insurer. He reports to managing director Connell Hasten. Feine had a similar role at Bank of America, where he spent the last 16 years. Guggenheim sold a controlling interest in EquiTrust to Magic Johnson Enterprises in...



The Grapevine

Fri, 11 May 2018
After four years at TIAA in New York, senior commercial MBS analysts Rajesh Bansal and Adam Haya left separately last month. Bansal, a senior director, joined DoubleLine as a CMBS and commercial real estate analyst in the money manager’s Los Angeles headquarters. Before TIAA, Bansal spent two years at White Mountains Advisors of Guilford, Conn. Haya, who was a director at TIAA, starts Monday at Barclays as the CMBS strategist on its New...



The Grapevine

Fri, 11 May 2018
Kroll seeks to fill two positions on its CMBS ratings surveillance team. The openings require 1-4 years of experience. One recruit would work in New York as an analyst, senior analyst or associate, focusing on credit modeling and analytics and reporting to senior director Pramit Sheth. The other would come aboard as an associate in Dresher, Pa., tasked with analyzing property cashflows and valuations under managing director Bill Petersen. Apply...



The Grapevine

Fri, 11 May 2018
New York Life is looking to hire a CMBS credit analyst with around five years of experience to focus on conduit issues and single-borrower offerings. The recruit would start as a senior associate in New York, reporting to CMBS portfolio manager Adam Hayden. Contact Glenn Padewski at glenn_padewski@newyorklife.com.



The Grapevine

Fri, 11 May 2018
The fourth annual “Laugh To Remember” comedy show to benefit Alzheimer’s re-search, hosted by Broadacre Fincancial, has drawn a number of sponsors heavily involved in real estate finance. They include Amtrust, Apollo Global, Bank of America, CIBC, Polsinelli, Stewart Title and Stroock & Stroock. The fund-raiser for Columbia University Medical Center’s Taub Institute takes place June 6 at the Gotham Comedy Club in New York, headlined...



Growth of Loan Portfolios Slows at Big Banks

Fri, 04 May 2018
The commercial real estate loan holdings of the largest U.S. banks continued to grow last year, but at a slower rate than the previous two years.The 100 banks with the largest portfolios held $1.24 trillion of commercial real estate loans at yearend, according to regulatory data compiled by Trepp Bank Navigator. That was up 7% from $1.16 trillion at the same institutions a year earlier.The increase compared with jumps of 10% in 2016 and 11% in...



JP Morgan to Lead $1.5 Billion Mall Loan

Fri, 04 May 2018
A Turnberry Associates partnership has given a J.P. Morgan syndicate the mandate for a roughly $1.5 billion fixed-rate debt package on the recently expanded Aventura Mall, just outside Miami.J.P. Morgan will fund the largest slice of debt, with the rest supplied by Deutsche Bank, Morgan Stanley and Wells Fargo. The four banks will securitize the senior portion of the package in a stand-alone offering and place the junior debt with high-yield...



Ellington Targeting Bridge Loans, Plans CLO

Fri, 04 May 2018
Add Ellington Management to the growing list of shops that have jumped into the booming bridge-loan market.The hedge-fund operator plans to write $300 million to $500 million of middle-market bridge loans over the next 12 months. It will package the loans into a CLO.The Old Greenwich, Conn., investment manager has hired originator Brian Neilinger to focus on the lending activity. Neilinger, a managing director, reports to senior portfolio manager...



Quadrant Expanding Beyond Mezz

Fri, 04 May 2018
The mezzanine-loan unit of Quadrant Capital is expanding into whole-loan originations, and is seeking to raise $150 million of equity for a fund that will capitalize the effort.The Dallas shop has hired Andrew Zeitman as the unit’s president, a new position. He was previously senior vice president of capital markets at Howard Hughes Corp. of Dallas.In conjunction with the expansion, the unit is changing its name to Quadrant Finance Partners...



Financing Sought for SF-Area Project

Fri, 04 May 2018
The developer of a large residential/office complex near San Francisco is looking for about $375 million of debt to finance the project.A firm led by local investor Vincent Muzzi is planning to build a 309,000-square-foot office building and 444 residential units alongside a train station in Millbrae, Calif. The leverage on the proposed construction loan would be around 65%, putting the projected cost at $580 million.Side-by-side with the debt...



German Bank Names US Loan Chief

Fri, 04 May 2018
Bayerische Landesbank has hired a veteran originator in New York as it maps out a return to the U.S. commercial-mortgage market within a few months.Helga Blum started this week at the German bank as executive director and head of U.S. real estate finance. Blum most recently was a managing director at BNY Mellon, also in New York, where she helped oversee the underwriting of a wide range of mortgages and credit facilities, as well as business...



Benchmark Conduit Spread Widens

Fri, 04 May 2018
Investors this week were looking at a $1 billion conduit offering backed heavily by loans from a nonbank.LoanCore Capital contributed 64% of the collateral pool. The rest was supplied by Deutsche Bank (22.4%), Citigroup (8.1%) and J.P. Morgan (5.5%), which are also serving as the bookrunners of the transaction (COMM 2018-COR3).The price guidance for the benchmark class, released yesterday, was 90-bp area over swaps. That was wider than the 88-bp...



Takeover Boosts DCT's Bond Prices

Fri, 04 May 2018
The price of DCT Industrial’s bonds jumped sharply this week following word that Prologis had agreed to buy the Denver REIT for $8.4 billion.The prevailing spread on DCT’s largest batch of outstanding corporate bonds tightened by around 11 bp following the Sunday announcement, to about 125 bp over U.S. Treasurys on Wednesday.Those 4.5% notes, totaling $325 million, had been trading mostly in the 135-145 bp range since March. The...



Loan Returns Negative in 1st Quarter

Fri, 04 May 2018
Commercial mortgage returns sagged last quarter to negative 0.38%, as interest rates on new loans rose, according to the Giliberto-Levy Commercial Mortgage Performance Index.The quarterly return was down sharply from a modestly positive 0.36% in the final three months of 2017, and far below the 2.01% first-quarter return last year.The clear reason for the drop was an upward turn in Treasury yields, dinging the values of mortgages in...



ING Finances Apartments Near SF

Fri, 04 May 2018
ING Real Estate Finance last week originated a $100 million floating-rate mortgage on an apartment property in Northern California.The 342-unit complex, in Larkspur, is controlled by a partnership that includes Maximus Real Estate of San Francisco. The floater has a four-year term.The garden-style property, at 700 Lincoln Village Circle, is more than 90% occupied. The units, spread across 16 buildings, have 1-2 bedrooms. The amenities include two...



NY Life Writes Calif. Office Floater

Fri, 04 May 2018
New York Life has written a $144 million mortgage on a renovated office complex in California’s Orange County that’s being leased up.The floating-rate loan on the 452,000-square-foot Intersect campus, in Irvine, has an initial term of three years and at least two extension options. It was originated last week for the owner, a joint venture between Hines and Pimco. HFF brokered the financing.Hines teamed up with Pimco to buy the...



Jamestown Eyes Loan on DC Rentals

Fri, 04 May 2018
Jamestown, which paid $120 million in cash for a Washington, D.C., apartment building several weeks ago, is now seeking to line up about $76 million of debt financing.The Atlanta investment manager acquired the 190-unit Ellington, at 1301 U Street NW, from TH Real Estate, a unit of TIAA.Jamestown prefers a loan term of 7-10 years. It may take floating-rate bids at the shorter end of that range. Eastdil Secured, which brokered the sale for TH Real...



CBRE: 1st-Quarter Lending Dipped

Fri, 04 May 2018
Commercial real estate lending slowed a bit in the first quarter from last year’s brisk pace, as competition continued to push down spreads, according to CBRE data.In its quarterly report on U.S. lending, the brokerage noted that demand for real estate investments, especially debt, remains strong despite recent financial-market instability. Borrowers are expected to continue to have an edge in negotiating terms as lenders compete for a...



Special-Servicing Rate Declines

Fri, 04 May 2018
The special-servicing rate for securitized commercial mortgages declined again last month, showing improvement in every major property sector.The overall percentage of commercial MBS loans in the hands of special servicers decreased by 23 bp to 5.01% during April, according to Trepp. The rate has dipped by an average of 19 bp per month since September, and has never been lower since May 2009, when it stood at 4.92%. It later soared to a record...



The Grapevine

Fri, 04 May 2018
Helaba has hired Brad Bitting to set up a syndications platform. He’ll start in the German bank’s New York offices in about two weeks. Establishing a dedicated team to sell off pieces of large mortgages will improve the bank’s ability to lead sizable deals. Bitting previously was a director of syndications at BNY Mellon, where he worked for the last five years, and before that held posts at First Niagara Bank and...



The Grapevine

Fri, 04 May 2018
Syndications pro John Montesi joined People’s United Bank within the past week. He worked at Annaly Capital until last summer, when he was caught in a round of layoffs at the New York REIT. Montesi had joined Annaly two years earlier, after spending 17 years at GE Real Estate and nearly a decade at BNY Mellon.



The Grapevine

Fri, 04 May 2018
After almost 13 years at Dechert, commercial-mortgage attorney Kahlil Yearwood started Wednesday at Gibson Dunn as a partner in San Francisco. There, he works alongside partner Erin Rothfuss, who co-chairs the firm’s 98-member real estate practice. Yearwood represents commercial real estate lenders on all types of debt originations, sales, acquisitions and workouts. He signed on with Dechert, also in San Francisco, as an associate in 2005...



The Grapevine

Fri, 04 May 2018
Originator Elizabeth Roy joined Morgan Stanley’s commercial real estate finance team in New York last month, after a five-and-a-half-year run at Bancorp. Before that, she worked at Nomura and Merrill Lynch. Bancorp, meanwhile, is seeking an originator with at least three years of experience for its bridge-lending program. It also wants to add an underwriter in New York. Contact Ron Wechsler at...



The Grapevine

Fri, 04 May 2018
Commercial MBS structuring pro George Kaleh joined Bank of America’s real estate finance team late last month as a director. He moved over from a similar role at Citigroup, where he spent five years. He also had a three-year run at Fitch.



The Grapevine

Fri, 04 May 2018
DeAnna Galente started at the syndications group at Israel Discount Bank a few weeks ago as a vice president. Galente spent the past seven years at Credit Agricole, also in a syndications role, and previously worked at Morgan Stanley.



The Grapevine

Fri, 04 May 2018
CIBC Real Estate Finance has an opening for a senior CMBS originator at the executive- director level in New York. The recruit would be responsible for developing new business and strategic relationships in the Eastern region. The contact is Mark Brewer at mark.brewer@cibc.com.



The Grapevine

Fri, 04 May 2018
Morningstar has added two junior CMBS analysts to focus on credit-risk services. Grace Li and Rayen Rojas came aboard April 16 as associates in the rating agency’s Chicago office. They joined the team, led by vice president Beth Forbes, that produces monthly DealView CMBS Monitoring reports for subscribers on outstanding transactions.



The Grapevine

Fri, 04 May 2018
Oz Management seeks an investment analyst for its structured-products business in New York. Candidates need two years of experience in property acquisitions, CMBS investing including B-piece purchases, or underwriting commercial properties. The contact is Matt Tuten at matthew.tuten@ozm.com.



The Grapevine

Fri, 04 May 2018
Silverpeak Argentic wants to add an associate to its CMBS B-piece investment team in New York. Candidates should have at least two years of investment-management or related commercial real estate experience. Send resumes to recruiting@argenticmgmt.com.



The Grapevine

Fri, 04 May 2018
Tishman Speyer is seeking an analyst with 1-3 years of experience to work in its debt capital-markets group in New York. The recruit would help with marketing, negotiating and closing loans on properties and developments across the U.S. Contact Haleigh Novick-Eckhardt at tsdcm@tishmanspeyer.com.



Citi, Goldman Land $1.9 Billion Resort Loan

Fri, 27 Apr 2018
Citigroup and Goldman Sachs have agreed to originate a $1.85 billion floating-rate debt package for Brookfield Asset Management on the sprawling Atlantis resort in the Bahamas.Each bank will fund half of the seven-year package. Citi and Goldman will securitize the senior portion in a stand-alone deal, probably in June. A sizeable, still-to-be determined piece will be structured into multiple tranches of mezzanine debt and placed with high-yield...



New Kroll Index Tracks Shaky Conduit Loans

Fri, 27 Apr 2018
Kroll has created a monthly index intended to serve as an early-warning system for conduit loans facing credit risks.The index, based on the rating agency’s research, tracks not only conduit loans that are already delinquent or in default, but also those that face a heightened risk of default in the near-to-intermediate term. As of last month, such “loans of concern” accounted for 7.90% of the outstanding collateral pools of...



Douglas Emmett Seeks Floater on LA Offices

Fri, 27 Apr 2018
Douglas Emmett Inc. is in the market for $400 million of fresh debt on four Los Angeles office buildings.The properties encompass nearly 1.2 million square feet of space in the Brentwood, Century City and Encino submarkets. The borrower prefers a floating-rate mortgage with a term of five years and prepayment flexibility in the final two years. Eastdil Secured is pitching the assignment for the Santa Monica, Calif., REIT.Market sources expect the...



Deutsche Wins $440 Million Loan

Fri, 27 Apr 2018
Savanna is tapping Deutsche Bank for a $440 million fixed-rate loan to finance its pending acquisition of the office building at Five Bryant Park in Midtown Manhattan.Savanna has agreed to buy the 682,000-square-foot property from Blackstone for about $640 million, or $938/sf. JLL and HFF are advising the New York investment shop on the loan search and brokering the sale for Blackstone.Deutsche will securitize the 10-year loan, although the...



Dealers Shop Higher-Leverage Conduit

Fri, 27 Apr 2018
Investors began kicking the tires this week on a $766.7 million conduit offering, led by Wells Fargo and Barclays, that carries the highest leverage of any deal in more than a year.The collateral for the offering (WFCM 2018-C44) was contributed by the two banks and by Ladder Capital and Silverpeak Argentic. The weighted average loan-to-value ratio is 62.9%, well above the year-to-date range of 53.9-60.9%. Commercial MBS buyers and traders were...



Bridge Backs Buyer, Revamp Plan

Fri, 27 Apr 2018
Bridge Investment has originated a $120.3 million floating-rate loan for the buyer of a Westchester County office complex slated for mixed-use redevelopment.The 571,000-square-foot Westchester Financial Center, in White Plains, N.Y., was acquired by a joint venture between Ginsburg Development of Valhalla, N.Y., and Robert Martin Co. of Elmsford, N.Y. The seller was Mack-Cali Realty of Jersey City, N.J.The Ginsburg partnership drew down an...



Mesa West Finances KKR Acquisition

Fri, 27 Apr 2018
Mesa West Capital has originated a $110 million floating-rate loan for a KKR partnership that acquired a new apartment property in suburban Atlanta.KKR teamed up with Carter-Haston Real Estate of Nashville to buy the 560-unit Juncture complex, in Alpharetta, Ga., for $141.7 million, or $253,000/unit. The seller was developer JLB Partners of Dallas.Mesa West, a Los Angeles fund manager, closed the loan in late March, in conjunction with the...



Midland Adds Pros to Servicing Team

Fri, 27 Apr 2018
Midland Loan Services has hired one senior executive and tapped another from parent PNC to help manage its expanding commercial-mortgage servicing business.Tim Steward and Linda Bechtel will start next week as senior vice presidents at Midland’s Overland Park, Kan., headquarters. They will join senior vice president Valerie Nichols to form a new management team for servicing operations, reporting to Midland co-head Steve Smith.Steward...



JLL Hires Multi-Family Pros in West

Fri, 27 Apr 2018
JLL hired more than a dozen staffers in the Western U.S. during the past two weeks, as part of a push to build out its multi-family capital-markets practice.The recruits — in Denver, Phoenix and Seattle — include several senior executives with expertise on both the debt and equity sides of commercial-property transactions. The goal is to boost services the brokerage offers to owners of apartment properties, said Brian Ranallo, an...



Consultant Advises on Insurance "Gap'

Fri, 27 Apr 2018
Harbor Group Consulting has unveiled what it describes as a more-accurate way for lenders to ensure that borrowers have adequate insurance to cover the cost of rebuilding after a storm.Lenders often use the same firm to obtain both property appraisals and calculations of the amount of insurance needed to replace or repair properties damaged by wind, flooding, earthquakes or other natural disasters. But, according to Miami-based Harbor, often...



Avant Capital Eyes Mezz Lending

Fri, 27 Apr 2018
Small-balance bridge lender Avant Capital has added mezzanine debt and preferred equity to its line-up of financing options.The Westport, Conn. shop, led by managing partner Adam Luysterborghs, has long focused on originating floating-rate bridge loans of up to $25 million, primarily on properties within the five boroughs of New York.Starting this month, Avant is expanding its focus to include mezzanine loans and preferred equity, usually within...



Morningstar's Petro Calls It Quits

Fri, 27 Apr 2018
After getting passed up for a promotion to president, Joe Petro is leaving Morningstar’s credit-rating division.Petro resigned as chief operating officer last Friday, effective May 16. Sources said he will take some time off before deciding on his next move.As Morningstar Credit Ratings’ number-two executive, Petro was considered the leading candidate to replace president Vickie Tillman when she retired on Dec. 31. But after interviewing...



KeyBank Inks Calif. Residential Loans

Fri, 27 Apr 2018
KeyBank has originated almost $373 million of Freddie Mac mortgages on three residential properties in California.The largest loan, for $247.8 million, is on a student-housing complex in Los Angeles. The others are backed by apartment properties in that city and Montclair. All were originated at the end of last month for G.H. Palmer Associates of Beverly Hills.The 913-unit student-housing property is at 325 West Adams Boulevard, on the edge of...



Prime Circles First B-Piece in 2018

Fri, 27 Apr 2018
Prime Finance has agreed to buy its first B-piece of the year.The shop will take down the bottom 5% of an upcoming conduit deal from Citigroup (CGCMT 2018-C5).Citi typically uses that shelf to securitize loans from multiple lenders, including CCRE, the conduit-lending arm of Cantor Fitzgerald. The lineup of contributors, other than Citi, couldn’t be learned.By acquiring the 5% “horizontal” strip at the bottom of the capital...



The Grapevine

Fri, 27 Apr 2018
Another Citigroup executive is headed for CCRE. Tim Groves, who left the bank last week, will start in mid-summer as a senior managing director at the securitization-lending unit of Cantor Fitzgerald. He will concentrate on exploring opportunities for coordinating with Cantor’s other real estate arms — its debt REITs, agency-lending platform and Newmark brokerage affiliate. As reported last week, CCRE will soon be headed by industry...



The Grapevine

Fri, 27 Apr 2018
Industry veteran Kurt Kaline has joined Natixis as a commercial MBS trader in New York. Kaline came aboard April 11 from broker-dealer AdCap Securities’ New York office, where he primarily focused on CMBS as head of structured-product trading and sales. Before signing on with AdCap last June, he was a senior CMBS trader at Hilltop Securities and its predecessor, Southwest Securities, and had stints on the trading desks at Brean Capital,...



The Grapevine

Fri, 27 Apr 2018
Michael White joined JLL as a Denver-based managing director two weeks ago. He lines up and structures debt on a range of property types in Denver, Salt Lake City and the surrounding region. White spent the past two years as managing principal at Plum Creek Capital and worked before that at CBRE, Hendricks & Partners and HFF.



The Grapevine

Fri, 27 Apr 2018
Barnett “Bart” Zucker joined Los Angeles advisory shop George Smith Partners this month as a vice president. He previously worked at Pacific Southwest Realty for five years and, before that, was at O’Neill & Associates for more than four years. George Smith is in expansion mode, having recently added Antonio Hachem as a principal and Reuven Risch as a vice president. Hachem is also an alumnus of Pacific Southwest. Risch formerly...



The Grapevine

Fri, 27 Apr 2018
Capital-markets pro Samir Tejpaul joined Square Mile Capital of New York last week as a vice president. He spent the past six years at Deutsche Bank, where he arranged B-notes, mezzanine loans, stretch loans and preferred equity on properties in the U.S. and Europe. He has similar duties at Square Mile, where he reports to senior managing director Jeff...



The Grapevine

Fri, 27 Apr 2018
DoubleLine wants to add an asset-management specialist to its Los Angeles team. Candidates should have at least 10 years of experience managing performing, subperforming, and nonperforming loans. Apply at doubleline.com/openings.



The Grapevine

Fri, 27 Apr 2018
Continuing to expand its commercial-mortgage division, C-III Capital seeks a seasoned originator in New York to write fixed-rate CMBS loans and floating-rate bridge debt. The recruit, with at least five years of experience, would report to executive managing director Paul Hughson. Contact Michael Pierro at mpierro@c3cp.com.



The Grapevine

Fri, 27 Apr 2018
Credit Agricole wants to hire a couple of financing staffers in New York. One opening is for a portfolio manager in its real estate, lodging and gaming group. Applicants should have 7-10 years of experience. The bank also seeks a mid-level syndications pro to assist in structuring and distributing real estate debt. Candidates need more than three years of experience in banking and capital markets. Contact Frank Argano at...



The Grapevine

Fri, 27 Apr 2018
New York Life is seeking an analyst with 3-5 years of experience to work in its strategy and research group. The recruit would conduct research on property markets, as well as the broader capital markets and economy, for the insurer’s various investment, portfolio- and asset-management groups. Contact Marine Dumortier at Marine_Dumortier@newyorklife.com.



Vanderslice's Mandate: Reboot Sagging CCRE

Fri, 20 Apr 2018
By recruiting high-profile Citigroup executive Paul Vanderslice this week, Cantor Fitzgerald is signaling its determination to bolster its CCRE securitization arm.Vanderslice resigned as co-head of Citi’s commercial MBS group to take the top post at CCRE, which lost luster after a protracted lawsuit filed by former partner CIM Group. The legal battle was settled last year, but CCRE’s origination activity sagged during the dispute and hasn’t...



Loan Chief Adler Takes Buyout From Deutsche

Fri, 20 Apr 2018
Ed Adler resigned as Deutsche Bank’s head of commercial real estate lending on Tuesday.Adler, a managing director, accepted a separation package in connection with a round of layoffs bank-wide. He was evidently the only member of the real estate finance team affected. Adler is said to be actively exploring job opportunities.His duties are expected to be assigned to other staffers. While Deutsche’s financial performance is under severe...



TIAA Unit Lays Off US Lending Chief, Others

Fri, 20 Apr 2018
TH Real Estate laid off about a dozen staffers this week, including Ted Norman, who oversaw the origination of U.S. commercial mortgages.The action was part of the TIAA affiliate’s growing emphasis on the management of higher-yielding investments for third parties, according to people familiar with the matter. That pivot, in conjunction with a reorganization two years ago that merged some investment units, has led to dozens of departures...



Pearlmark Shops for NY Office Loan

Fri, 20 Apr 2018
Pearlmark Real Estate is looking to lock in a new $125 million mortgage on the Tower 56 office property in Midtown Manhattan.The Chicago fund operator is taking quotes on a debt package carrying either a fixed or floating rate, with a preference for a five- or seven-year term. Newmark is advising Pearlmark on the financing.The loan-to-value ratio would be about 55-60%. About $5 million of the proceeds would be set aside as a future-funding...



Higher-Leverage Conduit Deal on Deck

Fri, 20 Apr 2018
Commercial MBS pros will closely watch the pricing of an upcoming $766.7 million conduit issue led by Wells Fargo and Barclays that will have much higher leverage than usual.The formal marketing campaign for the deal (WFCM 2018-C44) is expected to kick off next week. Premarketing materials circulated by dealers this week indicate that the collateral loans, contributed by the two banks and by Ladder Capital and Silverpeak Argentic, will have a...



Wells to Back Buyer of NY Offices

Fri, 20 Apr 2018
Wells Fargo has won the assignment to originate a $320 million fixed-rate loan on the office condominium at 1745 Broadway in Midtown Manhattan.The 10-year loan will finance the pending $633 million acquisition of the condo by an institutional client of Dallas-based Invesco. The 685,000 square feet of office space is fully occupied, mostly on a long-term lease to publisher Penguin Random House.Wells will securitize the low-leverage loan later this...



Ivanhoe Seeking Seattle Office Loan

Fri, 20 Apr 2018
An Ivanhoe Cambridge partnership is looking to refinance U.S. Bank Centre in Seattle.Ivanhoe, a Canadian pension fund advisor, and its partner, Bentall Kennedy, want a loan of about $250 million on the 945,000-square-foot office building, at 1420 Fifth Avenue. They are seeking a term of 5-7 years and will consider both fixed- and floating-rate proposals. The initial discussions indicate the team is pitching the assignment to lenders directly,...



Builder Eyes Loan for Seattle Condos

Fri, 20 Apr 2018
The developer of a Seattle condominium project is shopping for $100 million of construction debt.Taiwan-based Da Li Development is looking for a floating-rate package with a term of five years, including extensions, to finance the planned 204-unit building. CBRE is marketing the assignment and taking bids through the first week of May.The deal could take the form of a “stretch-senior” loan, in which a high-yield shop underwrites the...



MetLife Finances Pasadena Rentals

Fri, 20 Apr 2018
MetLife has originated an $81 million fixed-rate mortgage on an upscale apartment complex in Pasadena, Calif.The 374-unit Holly Street Village Apartments, at 151 East Holly Street, is controlled by TH Real Estate. The investment manager’s parent, TIAA, acquired the property in 2013 from a joint venture between Sares-Regis of Irvine, Calif., and Capri Capital of Chicago for $123.8 million. The seven-year loan closed two weeks ago.The...



Guggenheim to Refi San Diego Offices

Fri, 20 Apr 2018
Guggenheim has agreed to originate a $45 million mortgage on a San Diego office building.The 10-year loan, with a fixed rate, will be backed by the 160,000-square-foot Manchester Financial Centre, at 2550 Fifth Avenue in the Bankers Hill neighborhood. CBRE arranged the debt for the owner, Manchester Financial, which has its headquarters in the building.Some of the proceeds will go to retire existing debt. The details of that loan are unknown, but...



2 Foreign Banks Backing DC Project

Fri, 20 Apr 2018
Credit Agricole and OCBC Bank have originated a construction loan of about $150 million for an office building in Washington.The 338,000-square-foot property, at 2050 M Street NW, is being developed by a joint venture between Tishman Speyer and Abu Dhabi Investment Authority.The floating-rate loan, which closed this week, has a four-year term, plus two one-year extension options. Credit Agricole, the administrative agent, and Singapore-based OCBC...



Fitch: CMBS Defaults Poised to Drop

Fri, 20 Apr 2018
Fitch predicts that defaults among conduit loans will drop this year, after leveling off in 2017 as more borrowers than expected succeeded in refinancing maturing debt.Some $8.03 billion of commercial MBS mortgages in Fitch-rated conduit deals defaulted during 2017, down slightly from $8.15 billion the year before, according to a draft of an annual report the rating agency plans to publish on Monday. The annual default rate dipped to 1% as a...



Berkeley Point Inks Fannie Mortgage

Fri, 20 Apr 2018
Berkeley Point Capital has written a $59.4 million Fannie Mae loan on a Charlotte apartment complex.The 586-unit Autumn Park Apartments, at 1801 Interface Lane, is controlled by principals of Rambleside Real Estate Capital of New York.The fixed-rate loan, which closed two weeks ago, has a 15-year term and is interest-only for 10 years. Berkeley Point originated it through Fannie’s Green Rewards program, which offers discounted interest...



Narrowed Moody's Lawsuit Proceeds

Fri, 20 Apr 2018
Former Moody’s executive Annelise Osborne is moving ahead with her wrongful-termination lawsuit against the rating agency even though a federal judge has dismissed substantial portions of her complaint.The former senior vice president in the agency’s commercial MBS group can proceed with claims that her November 2015 firing violated whistle-blower protection provisions under the Sarbanes-Oxley and Dodd-Frank Acts.In response to...



M&T Financing Buyer of UN Offices

Fri, 20 Apr 2018
M&T Bank has agreed to lend $80 million to finance Vanbarton Group’s pending acquisition of a Manhattan office building fully leased to the United Nations.Vanbarton, a New York investment shop led by Richard Coles and Gary Tischler, has agreed to pay $117 million for the 187,000-square-foot Albano Building, at 305 East 46th Street. The seller is Government Properties Income Trust of Newton, Mass.M&T’s floating-rate mortgage will have...



The Grapevine

Fri, 20 Apr 2018
PGIM Real Estate Finance this week added Christopher Fenton to its senior-housing finance team. He’s a principal in Lenox, Mass., concentrating on FHA and other agency loans. He reports to managing director Hal Collett. Fenton previously was on a senior-housing lending team at Berkadia Commercial Mortgage and had earlier stints at Deutsche Bank Berkshire Mortgage, Love Funding and Lehman...



The Grapevine

Fri, 20 Apr 2018
Managing director Kevin McCullough left the syndications unit at BBVA Compass a couple of weeks ago for a similar post at TCF Bank. He remains in Denver, overseeing distribution of real estate and corporate debt for the Wayzata, Minn., bank. TCF is looking to boost its commercial-mortgage business, targeting loans of up to $75 million. McCullough joined BBVA in 2015, after several years as a managing director working on syndications at CIBC in...



The Grapevine

Fri, 20 Apr 2018
Originator John DePasquale and analyst Chris Bougere joined Basis Investment in the past few weeks. DePasquale is a senior vice president in New York and Bougere is a senior underwriting analyst in California’s Orange County. DePasquale came from Sabal Capital and Bougere was most recently at PennyMac. Basis is looking to hire additional originators, underwriters and analysts in New York, Atlanta, Los Angeles, Chicago and Dallas for its...



The Grapevine

Fri, 20 Apr 2018
Red Capital added to its lending operation last month by hiring three staffers from Sabal Capital. Originators John Darrow and James Martin joined the agency and small-balance loan team, both as directors. Darrow is in New York and Martin is in Newport Beach, Calif., as is the third Red Capital hire, underwriter/analyst Harris O’Connell. They report to senior managing director Scott...



The Grapevine

Fri, 20 Apr 2018
Berkeley Point Capital has hired Peggy Lawrence as chief underwriter for its FHA lending program. She started a few days ago in the shop’s Bethesda, Md., headquarters. Lawrence previously was deputy chief underwriter for Wells Fargo’s multi-family platform. Berkeley Point also added Will Andersen as a director in New York as part of a push to expand its affordable-housing originations. Andersen arrived a couple of weeks ago from Hunt...



The Grapevine

Fri, 20 Apr 2018
Former TIAA staffer Shirley Cheng started last week at Natixis in New York. She’s a director in a syndication group that places bonds and subordinate debt tied to the bank’s commercial MBS issues, reporting to executive director Jerry Tang. Before leaving TIAA last September, Cheng was a director in its TH Real Estate unit. She joined TIAA in 2007 after stints at Deloitte, UBS and...



The Grapevine

Fri, 20 Apr 2018
Trader Marcello Cricco-Lizza left Goldman Sachs last week and is headed to BlueCrest Capital. He’ll start in a few months as a portfolio manager in New York, focusing on CMBX swaps and CMBS. Cricco-Lizza spent almost seven years at Goldman, most recently as a vice president in charge of trading CMBX swaps and other CMBS derivatives.



The Grapevine

Fri, 20 Apr 2018
Analyst Christina Rossi has jumped from S&P’s CMBS group in New York to its counterpart at Fitch. She started this week as a director on the new-issue ratings team, reporting to senior director Tara Sweeney. Rossi was an associate at S&P, which she joined in 2013 after six years at Morgan Stanley.



The Grapevine

Fri, 20 Apr 2018
Citigroup’s large-loan group has an opening for a senior analyst/junior associate with 2-3 years of underwriting experience on standalone CMBS offerings. Contact Phil Holmes at philip.g.holmes@citi.com.



Giant Loans Sought for SF Rental Complex

Fri, 13 Apr 2018
A Maximus Real Estate partnership is seeking to line up more than $3 billion of debt to refinance and expand the Parkmerced apartment complex in San Francisco, already one of the largest properties of its kind in the U.S.The financing would include a $1.6 billion mortgage on the existing buildings and a roughly $1.5 billion loan to back the development of a multi-phase addition that would triple the size of the complex.Ackman-Ziff Real Estate and...



Flood of REIT Bonds Subsided in 1st Quarter

Fri, 13 Apr 2018
After getting off to a strong start this year, REIT-bond offerings slowed sharply last month amid widespread volatility in the financial markets.Sixteen U.S. REITs floated $8.9 billion of unsecured corporate bonds in the first quarter, according to Commercial Mortgage Alert’s REIT-Bond Database. That was down 18% from a year earlier, despite robust issuance in January and February. It was also far below the record-setting levels of $14.5...



Barings Offering 'Bridge' to Agency Loans

Fri, 13 Apr 2018
Barings Real Estate is rolling out a program that aims to originate bridge loans for property owners that plan to ultimately line up permanent agency loans.Over the next 12-18 months, the Charlotte unit of MassMutual expects to write some $300 million of floating-rate loans on apartment buildings, student housing and other types of properties eligible for Fannie Mae and Freddie Mac financing.In some cases, loans will be geared toward transitional...



HIG Tees Up Bridge-Loan Program

Fri, 13 Apr 2018
H.I.G. Capital is the latest player to enter the increasingly crowded bridge-loan arena.The Miami private equity shop has recruited veteran lender Jeff Wiseman to run a real estate finance operation.The business line, part of the firm’s H.I.G. Realty Partners unit, will focus on originating bridge loans and mezzanine debt. Construction loans and preferred equity are also on the menu.H.I.G. is aiming to make $300 million to $400 million of...



Freddie Adds Wrinkle to Deal Ratings

Fri, 13 Apr 2018
Freddie Mac is introducing a different way of presenting the ratings for its K-series multi-family securitizations, in a move aimed at increasing the field of eligible buyers for its guaranteed paper.K-series deals, which are generally backed by seven- and 10-year fixed-rate loans, are Freddie’s predominant type of multi-family securitization. The agency typically divides the offerings into three guaranteed classes, which account for 86% of...



"BANK' Issuers Shop Conduit Deal

Fri, 13 Apr 2018
The benchmark class of the latest conduit deal was being shopped this week at a tighter level than its counterpart in the previous transaction.The price guidance was 83-85 bp over swaps on the long-term, super-senior tranche of the $688.2 million transaction, backed by loans from Wells Fargo, Bank of America, Morgan Stanley and NCB (BANK 2018-BNK11).That projected spread was inside the 88-bp level achieved on comparable bonds in a $952.9 million...



Buyer Eyes Loan for Boston Offices

Fri, 13 Apr 2018
Related Beal is seeking about $230 million of debt financing for its pending acquisition of a Boston office building.The firm has agreed to buy the 461,000-square-foot Seaport Center for about $330 million from a partnership between GE Capital and Meritage Properties of Scarsdale, N.Y.Related Beal, a joint venture formed in 2013 by Related Cos. of New York and Boston-based Beal Cos., is asking lenders for a floating-rate loan with a term of up to...



Pembroke Planning Refi of SF Offices

Fri, 13 Apr 2018
Pembroke Real Estate is talking to lenders about lining up a $125 million long-term mortgage on a San Francisco office property.The debt would be backed by the 273,000-square-foot building at 100 California Street, near the center of the Financial District. Pembroke prefers a term of seven or 10 years and is taking both fixed- and floating-rate proposals via Eastdil Secured.Pembroke, a subsidiary of Fidelity Investments, bought the property in...



Ellington Returns to B-Piece Market

Fri, 13 Apr 2018
Ellington Management has circled its first B-piece in more than a year.The firm agreed to buy the subordinate bonds from an upcoming conduit offering (BANK 2018-BNK12), co-led by Wells Fargo, Morgan Stanley and Bank of America. The buzz is that Ellington will retain the entire B-piece, rather than split it with a partner, as it sometimes does.The issuers will assume the risk-retention responsibility by taking down a 5% vertical strip. That means...



MetLife Writes Calif. Apartment Loan

Fri, 13 Apr 2018
MetLife has originated a $49 million fixed-rate mortgage on an upscale apartment complex in Silicon Valley.The seven-year loan is backed by Township Apartments, a 132-unit property in Redwood City owned by TH Real Estate, an affiliate of investment manager Nuveen.TIAA, the parent of Nuveen, bought the property upon completion in 2014 from developer Sares-Regis of Irvine, Calif., for $83 million, or $629,000/unit. At the time, it was described as...



Trimont Exits as Operating Advisor

Fri, 13 Apr 2018
Trimont Real Estate is bowing out of the operating-advisor business.A company spokeswoman said the firm is no longer bidding on assignments because risk-retention rules have created conflicts with other business lines.The rules, which went into effect at the end of 2016, prevent the operating advisor of a commercial MBS transaction from underwriting any loans in the collateral pool, acquiring any bonds or acting as the special servicer....



CMBS Resistant to Lower Rents in NY

Fri, 13 Apr 2018
Securitized commercial mortgages on Manhattan properties are concentrated in submarkets that are relatively insulated from declining performance, according to a Kroll study.Following several years of steady increases, “Manhattan rents are either declining or experiencing nominal growth,” according to a draft of an upcoming report by the rating agency. “In addition to lowering rents, landlords are handing out generous concessions...



The Grapevine

Fri, 13 Apr 2018
CBRE has recruited Brad Wilmot from Goldman Sachs to help expand its large-loan capital-markets business. Wilmot will join the brokerage in Los Angeles within the next couple of months, after finishing a gardening leave. He was a managing director at Wells Fargo before joining Goldman’s commercial MBS team in 2015 as head of large-loan production on the West Coast. He’ll be an executive vice president at CBRE, working under president...



The Grapevine

Fri, 13 Apr 2018
Capital One continues to search for a senior executive to lead its commercial real estate group after current chief Richard “Rick” Lyon retires next month. The buzz is that the bank has interviewed as least one prominent CMBS senior executive, but hasn’t reached a final decision. Before joining Capital One in 2008, Lyon spent 16 years at...



The Grapevine

Fri, 13 Apr 2018
Senior buy-side pro Marc Freschl has joined Tishman Investment of New York as a portfolio manager. He started last month as a managing director, reporting to senior executives Daniel Tishman, John Vickers and Charles Song. Freschl’s purview includes construction, special-situation and other loans, CMBS and CMBX swaps, as well as stocks, corporate bonds and derivatives tied to real estate companies. Freschl previously was a managing director...



The Grapevine

Fri, 13 Apr 2018
KeyBank has hired two affordable-housing debt pros. John Sabatier and Tabare Borbon started a couple of weeks ago as senior mortgage bankers, reporting to senior vice president Al Beaumariage. Sabatier, based in Tampa, was previously at JLL, where he originated agency loans on properties in the Southeast U.S. Borbon joined Key in New York from Fannie Mae, where he was a multi-family account manager. Meanwhile, Key wants to add a senior mortgage...



The Grapevine

Fri, 13 Apr 2018
Two more senior managing directors have left troubled RAIT Financial, which shuttered its lending operation in February. As co-heads of securitization, Tony Butler and Greg Laughton worked on developing and structuring deals for the Philadelphia REIT’s commercial real estate CLOs and its former conduit-lending operation. Their last day was a week ago. Based in Charlotte, they reported to former chief executive Scott Davidson, who left RAIT...



The Grapevine

Fri, 13 Apr 2018
Midland Loan Services is seeking a senior sales pro to manage marketing activities for its commercial-mortgage servicing and asset-management business, as well as for a technology platform that integrates a number of loan-management services. The opening in the PNC unit’s Overland Park, Kan., headquarters requires eight years of experience. The recruit would report to executive vice president Stacey Berger. Contact Aneta Cislak at...



The Grapevine

Fri, 13 Apr 2018
JLL has added an appraisal expert to its team in Detroit. Brett Suszek started two weeks ago, helping oversee valuation advisory services connected to debt and equity transactions on various property types. Suszek was previously a director at Dallas-based valuation firm BBG, and before that, had similar appraisal duties at Flagstar Bank of Troy, Mich.



The Grapevine

Fri, 13 Apr 2018
Meanwhile, JLL wants to add an analyst to its capital-markets staff in Los Angeles. The recruit would join a team that lines up debt and equity on commercial properties. One to three years of experience is preferred. To apply, go to us.jll.com, click on Careers and search for job number REQ4300.



Sagging Loan Demand Slows CMBS Pipeline

Fri, 06 Apr 2018
U.S. commercial MBS issuance climbed sharply in the first quarter, but the near-term outlook is bleaker.Some $19.4 billion of transactions priced from January through March, up 39% from a revised $14 billion a year earlier. But last year’s tally was depressed by the implementation of risk-retention rules. Activity in the latest quarter was well below the $24.6 billion average for the last three quarters of last year. What’s more, the...



Cobb, Kennedy Buck Trend, Join Conduit Fray

Fri, 06 Apr 2018
A team of real estate veterans led by Toby Cobb and Justin Kennedy has raised $300 million of equity for a REIT that will originate and service conduit loans, as well as retain the B-pieces of resulting securitizations.Most of the capital was supplied by private-equity giant TPG, via its TPG Sixth Street Partners debt-investment unit. The equity, combined with a generous amount of leverage, will enable the private REIT to plow some $5 billion...



BofA to Lead $1 Billion Ashford Hotel Loan

Fri, 06 Apr 2018
Ashford Hospitality has tapped Bank of America to lead a roughly $1 billion floating-rate debt package on 22 hotels.BofA will fund half of the balance, with Morgan Stanley and Barclays each supplying 25%. The three banks will securitize the senior portion — likely about $800 million — in a stand-alone offering.Ashford will use the loan proceeds to retire the roughly $970 million balance on a $1.1 billion debt package that it lined up...



Debt Sought on 3 Philadelphia Offices

Fri, 06 Apr 2018
A partnership is seeking to line up $350 million of total debt on three Philadelphia office buildings in conjunction with a recapitalization.Wafra Investment has agreed to buy an unspecified stake in the buildings, at 1500 Spring Garden Street, and 1635 and 1835 Market Street. Nightingale Properties currently owns the properties either solely or with partners. The recap values 1500 Spring Garden Street at some $246 million and the Market Street...



Buyer Eyes Floater on Calif. Offices

Fri, 06 Apr 2018
Rockpoint Group is shopping for around $110 million of financing for the purchase and renovation of a Southern California office complex.The fund operator has agreed to buy the 479,000-square-foot Summit Office Campus, in Aliso Viejo, for $158 million. The seller, Deutsche Asset Management, mapped out a plan to upgrade the property and secured the necessary approvals. Boston-based Rockpoint is expected to proceed with the project, at an estimated...



Brookfield Reworks NY Loan Request

Fri, 06 Apr 2018
Brookfield Property may be changing the plans for part of its Manhattan West development, and that’s affecting its search for financing.The investment firm began preliminary talks with select lenders a few months ago about some $200 million of debt for construction of a hotel/condominium building called Four Manhattan West. But Brookfield has put those discussions on hold, and apparently is looking at eliminating the residential...



High-Yield Debt Gained 10.2% in 2017

Fri, 06 Apr 2018
High-yield real estate debt generated a 10.24% return last year, according to a recently launched index.The Giliberto-Levy High-Yield Real Estate Debt Index tracks some $10 billion of mezzanine, construction and bridge loans, B-notes and other instruments tied to various commercial property types. It’s compiled by investment manager Michael Giliberto and mortgage banker John Levy, the team behind the 22-year-old Giliberto-Levy Commercial...



Bloom Is Latest to Leave CLO Issuer

Fri, 06 Apr 2018
Another industry veteran has left Resource America, the latest in a series of staffing changes since the firm was taken over by C-III Capital a year and a half ago.David Bloom, who left two weeks ago, was a senior vice president at the Philadelphia firm and had worked there since 2001. There’s no word on his plans.Based in New York, Bloom simultaneously held senior positions at various Resource America subsidiaries. He was head of real...



Demand Boosts REIT-Bond Pricing

Fri, 06 Apr 2018
The two latest REIT-bond offerings met with strong demand that enabled the issuers to achieve higher-than-expected pricing and increase the deal sizes.Spreads dropped sharply from initial guidance on offerings this week from Welltower and last week from Realty Income. Traders said that even with that tightening, the spreads were still more attractive to yield-hungry buyers than prevailing prices a month ago. Each issuer increased the size of its...



Special-Servicing Tally Dips Again

Fri, 06 Apr 2018
The volume of securitized commercial mortgages in the hands of special servicers dropped again last month, reaching its lowest level in nine years.The aggregate balance of commercial MBS loans in that category decreased by $60.6 million, to $22.5 billion, according to Trepp. The total has declined fairly steadily on a monthly basis since reaching a record high of $89.9 billion in September 2010.The multi-family sector saw the biggest drop last...



Banks Share Large NY Office Loan

Fri, 06 Apr 2018
A group of foreign lenders has closed on $1.15 billion of financing for the massive Five Manhattan West office building in New York, and is now looking to syndicate part of the debt.Landesbank Baden-Wurttemberg is acting as administrative agent on the mortgage. Other team members are Bank of China, DekaBank, ING Real Estate Finance, Natixis and Societe Generale. The seven-year loan was originated with a floating rate, but sources said it was...



Madison Finances Manhattan Condos

Fri, 06 Apr 2018
Madison Realty Capital has originated a $72 million short-term mortgage on a luxury condominium building that’s nearing completion on Manhattan’s West Side.Local firm Highline Development is developing the 19-unit property, at 550 West 29th Street in the Chelsea neighborhood. The site is a couple of blocks south of the Hudson Yards redevelopment project, which has been driving the construction or repositioning of other properties in...



CMBS Volume Totals Revised

Fri, 06 Apr 2018
Commercial Mortgage Alert no longer includes nonguaranteed agency securities in its tabulation of private-label commercial MBS volume.Instead, nonguaranteed agency bonds are being merged with guaranteed agency securities into an aggregate agency category.The change is reflected in the first-quarter issuance summary (see table on Page 14). Figures for earlier time periods have been revised in light of the new policy.The newsletter traditionally...



The Grapevine

Fri, 06 Apr 2018
Commercial mortgage veteran Steven Copulsky retired this week after 15 years at Prima Capital. He was head trader at the Scarsdale, N.Y., shop, which he and Greg White founded in 2003 via the purchase of a commercial-mortgage advisory business from Swiss Re unit Conning Asset Management. White remains at Prima as chief executive, along with chief investment officer Nilesh Patel and chief financial officer Julia...



The Grapevine

Fri, 06 Apr 2018
Chris Kramer has joined Newmark as a managing director in New York. Kramer previously was a vice president at Societe Generale, where he originated commercial MBS loans. He was one of several staffers who migrated to SocGen in January 2015 from RBS, which had shut down its conduit-lending platform. The hires enabled SocGen to build a CMBS program. Kramer started two weeks ago at Newmark, where he arranges debt on a variety of property types for...



The Grapevine

Fri, 06 Apr 2018
HFF has hired Rick Salinas as a director in San Francisco. He started last week, lining up debt and equity on apartment properties. Salinas spent the past five years at Berkadia, where he was a senior director and helped oversee agency and other multi-family loan production in the Western region. Previously, Salinas worked at Wells Fargo for a decade. At HFF, he reports to senior managing director Charles Halladay, co-head of the San Francisco...



The Grapevine

Fri, 06 Apr 2018
Veteran originator Don Haber joined the Resource Real Estate unit of C-III Capital last week as a managing director in New York. He writes bridge and conduit loans, mezzanine debt and preferred equity. Haber formerly worked at Ladder Capital, and spent four years before that at Annaly Capital, where he was a managing director and head of commercial real estate credit. He had earlier stops at CCRE, GMAC Commercial Mortgage and Lehman Brothers. At...



The Grapevine

Fri, 06 Apr 2018
After two years at broker-dealer Bay Crest Partners, Mark Lee will re-join Barclays next week as a CMBS trader in New York. He’ll report to Will Zak, head of securitized products trading. At Bay Crest, also in New York, Lee handled trading and sales of CMBS and non-agency residential MBS. His previous run on Barclays’ trading desk lasted from mid-2010 to early 2016, except for a brief stint at MKP Capital of New York in...



The Grapevine

Fri, 06 Apr 2018
TIAA has an opening for a senior CMBS research analyst, following the departure today of director Rajesh Bansal, who’s heading to an undisclosed asset-management firm. Bansal started at TIAA in 2014, after two years at White Mountains Advisors of Guilford, Conn. TIAA is now looking for applicants with 5-10 years of experience, preferably including a loan underwriting or special servicing background. The recruit would be based in New York or...



The Grapevine

Fri, 06 Apr 2018
Capital One is seeking an originator to focus on multi-family loans. The candidate would originate agency and balance-sheet mortgages, mainly on properties in the Northeast. Some eight years of experience is preferred. Contact Pauline Hayes at pauline.hayes@capitalone.com.



The Grapevine

Fri, 06 Apr 2018
TD Securities is looking to add a syndications staffer at the associate level. The recruit would join a unit that structures and distributes pieces of commercial mortgages, reporting to director Jonathan Oh. Resumes can be sent to Bridgette McAlphin at bridgette.mcalphin@td.com.



4 B-Piece Buyers Offer $1.1 Billion of Bonds

Fri, 23 Mar 2018
Four B-piece holders have put roughly $1.1 billion of seasoned below-investment-grade conduit paper up for sale in recent weeks.The four separate bid lists — from Eightfold Real Estate Capital, Ellington Management, KKR and Seer Capital — have created a rare opportunity for investors to buy large batches of high-yield commercial MBS.The offerings are also unusual because the sellers have all hired a Wall Street dealer — Morgan...



Insurer Lending Kept Up Strong Pace in 2017

Fri, 23 Mar 2018
The biggest insurance-company lenders put up robust production numbers again in 2017, marking their third straight year at or near record volume.Originations by the top 30 insurers came in at just under $72.2 billion last year, according to an annual review by Commercial Mortgage Alert. That was virtually unchanged from the nearly $72.3 billion of commercial real estate loans the same companies wrote in 2016.Market pros generally expect insurers...



Nonbanks Seen Boosting Construction Loans

Fri, 23 Mar 2018
Nonbank lenders plan to step up the origination of construction loans this year, attracted by higher returns and reduced competition from commercial banks.Banks continue to dominate the sector, but their appetite has waned since higher capital charges were imposed on construction debt in early 2015. That has opened the door for debt funds, mortgage REITs, private-equity shops and other nonbanks, which have been gradually increasing construction...



Brookfield Seeks Big Loan on Atlantis

Fri, 23 Mar 2018
Brookfield Asset Management has kicked off talks with lenders about lining up some $1.9 billion of debt on the Atlantis Resort in the Bahamas.The Toronto investment manager is asking for quotes on a fixed- or floating-rate loan package with a term of seven years. The collateral is a sprawling, 2,917-room resort on Paradise Island, just off the coast of New Providence, the most populous island in the Bahamas chain.Brookfield is pitching the...



Investors Kick Tires on Conduit Deals

Fri, 23 Mar 2018
Dealers pitched two conduit offerings this week at asking prices that suggested the benchmark spread has stabilized.Citigroup, J.P. Morgan and Deutsche Bank yesterday released price guidance of 79-80 bp over swaps for the long-term, super-senior class of a $1.1 billion transaction (BMARK 2018-B3). That was right in line with the 79-bp spread achieved in the previous conduit issue: an $887.1 million offering by Goldman Sachs that priced on March...



Lenders Bid on Midtown Office Refi

Fri, 23 Mar 2018
A partnership led by Angelo, Gordon & Co. is taking proposals for a mortgage of around $400 million on a Midtown Manhattan office building.The loan would be backed by the 745,000-square-foot property at 575 Lexington Avenue. The preference is for floating-rate debt with a total term of five years. Cushman & Wakefield is pitching the assignment on behalf of Angelo Gordon and its partners, Normandy Real Estate and George Comfort & Sons.The group...



Debt Sought for Phila. Office Recap

Fri, 23 Mar 2018
The planned recapitalization of a downtown Philadelphia office/retail building could include roughly $110 million of fresh debt.A partnership including Madison International Realty is marketing a 75% interest in the 746,000-square-foot Lits Building, a landmark former department store that’s valued at roughly $175 million. In conjunction with the stake offering, the group is contacting lenders about financing.The debt would likely be a...



Loeb Expanding Real Estate Practice

Fri, 23 Mar 2018
Law firm Loeb & Loeb plans to keep expanding its U.S. real estate practice on the East and West Coasts, after adding six attorneys since early last year.Chaired by partner Raymond Sanseverino, the group currently encompasses 24 attorneys in New York and 11 in Los Angeles. Plans call for adding five associates with 2-6 years of experience by yearend, including at least two at the upper end of that range, he said.One or two of the recruits would...



Correction

Fri, 23 Mar 2018
An Initial Pricings table, published on March 16, misidentified one of the two rating agencies that graded a $304.3 million commercial real estate CLO floated by Bancorp Bank (BANC 2018-CRE3). In addition to Moody’s, the transaction was rated by DBRS, not Kroll.



Dechert Hires 5 Lawyers From Rivals

Fri, 23 Mar 2018
Dechert has beefed up its U.S. commercial real estate practice this year by luring five associates from several other law firms.The new arrivals joined the global finance group led by partner Rick Jones, boosting the size of his team to 110 attorneys. Their responsibilities include helping the firm represent banks and nontraditional lenders on complex transactions.Four of the recruits started in the past three weeks. Among them were James Saeli...



Morningstar Slices Up CMBS Criteria

Fri, 23 Mar 2018
Morningstar wants to make it easier to understand how it grades single-borrower offerings.Unlike the other five agencies that rate commercial MBS offerings, Morningstar currently doesn’t have separate methodologies for different types of issues in the sector. By drawing up new single-borrower criteria, which it unveiled for comment this week, it seeks to raise its profile in that segment of the market by making it possible for issuers and...



Jamestown Taps Helaba, JP Morgan

Fri, 23 Mar 2018
Jamestown, which lined up a $140 million loan on a Boston mixed-use property two years ago from Helaba and J.P. Morgan, has now refinanced with a $200 million mortgage from the same two lenders.The three-year floater is backed by the leasehold interest in 1.4 million square feet of office, retail and showroom space at the sprawling Innovation and Design Building, which stretches for several blocks along Drydock Avenue in the Seaport District. The...



The Grapevine

Fri, 23 Mar 2018
Marc Dolfman signed on last month as a fixed-income portfolio manager in the New York headquarters of Millennium Management, a $36 billion hedge-fund shop led by Izzy Englander. Dolfman, whose focus will include commercial MBS, previously spent a year running CMBS and whole-loan investments at TPG Real Estate Finance. Before joining that New York REIT in September 2016, he was a CMBS portfolio manager for three and a half years in the New York...



The Grapevine

Fri, 23 Mar 2018
Rob Bernstein is joining Aries Conlon Capital next month as head of capital markets and placement. He starts April 2, opening a New York office for the Chicago advisory boutique. Bernstein will oversee placing debt and equity for the shop’s clients, maintain relationships with existing capital sources and develop new ones. He will also help recruit for the firm. He’ll report to chief executive Rushi Shah. Bernstein is moving over from...



The Grapevine

Fri, 23 Mar 2018
Robert Tutag joined Benefit Street Partners this week as a vice president and senior underwriter in San Francisco. The move reunited Tutag with originator Aaron Derby, who is now a managing director in that office for New York-based Benefit Street. The two worked together at Redwood Trust in 2013 and 2014. Tutag left Redwood to join Prime Finance, where he spent the past four years. At Benefit Street, the debt-investment arm of Providence Equity,...



The Grapevine

Fri, 23 Mar 2018
CMBS analyst Ahlam Oughla has jumped from Moody’s to Fitch, where she will continue to work on new-issue ratings. Oughla started this week as an associate director in Fitch’s New York office, reporting to senior director Jonathan Teichmann. She spent the last nine and a half years at Moody’s, also in New York, including the last five years as an associate analyst on the CMBS team that rates new conduit...



The Grapevine

Fri, 23 Mar 2018
Mark Blaha has opened a Chicago outpost for ReadyCap Commercial’s bridge-lending unit. He joined the Irving, Texas, lender this month as a director, covering the Midwest region. Blaha previously spent seven years at MB Financial Bank, also in Chicago. ReadyCap this week added two other staffers to the bridge-lending operation, both in New York. Originator Fernando Mendez came aboard as an associate director after nearly three years at RAIT...



The Grapevine

Fri, 23 Mar 2018
Ryan Carlson joined New York brokerage MLK Real Estate Capital last week as a vice president. His duties include arranging debt and equity for middle-market deals in the New York metropolitan area. He reports to managing principal Sol Kinraich. Carlson spent the past two and a half years at Cushman & Wakefield, in its equity, debt and structured finance group. Before that, he was an associate at...



Dry Powder at Debt Funds Hits Record High

Fri, 16 Mar 2018
The amount of equity raised by active debt funds has soared by 21% over the past year, to a record $50.7 billion, leaving their operators with a hoard of capital to invest. So far, the fund managers have invested less than one-quarter of the total. So they have a record $39.2 billion of dry powder, up 14% from a year ago and more than double the level just three years ago, according to an annual review of high-yield real estate funds by sister...



PGIM, NY State Teachers Back Industrial Deal

Fri, 16 Mar 2018
PGIM Real Estate Finance and New York State Teachers teamed up this week to originate a $1.1 billion fixed-rate loan that financed Blackstone’s acquisition of an industrial portfolio from Cabot Properties.TIAA also supplied $200 million of mezzanine debt, rounding out the financing package.Blackstone paid $1.8 billion for the 21.7 million-square-foot portfolio. The investment manager made by purchase via its nontraded REIT, Blackstone Real...



Four Pros Team Up to Enter Bridge-Loan Fray

Fri, 16 Mar 2018
Four industry veterans are seeking to raise several hundred million dollars to invest in bridge and mezzanine loans.The quartet, operating under the banner Crescit Capital Strategies, is led by Joseph Iacono, a longtime lieutenant of commercial MBS pioneer Andy Stone. The group also includes former Belgravia Capital executive Nik Chillar; Kim Diamond, who formerly held senior posts at S&P and Kroll; and Edmund Taylor, a Credit Suisse alumnus.A...



JP Morgan Leads 2 Big Resort Loans

Fri, 16 Mar 2018
J.P. Morgan will lead two loans, totaling just over $1.1 billion, to finance Blackstone’s purchase of luxury resorts in Hawaii and Arizona.Deutsche Bank will fund a portion of the floating-rate debt, to be backed by the 780-room Grand Wailea, on the island of Maui, and the 738-room Arizona Biltmore, in Phoenix. The banks will securitize the senior portion of the $800 million Grand Wailea loan and all or part of the $320 million Biltmore...



Dealers at Odds Over Toys R Us Bids

Fri, 16 Mar 2018
As word spread late last week that Toys R Us might liquidate its business, two dealers initially offered to buy back the retailer’s commercial MBS at sharply different prices.Toys R Us sold $506.6 million of floating-rate bonds in 2016 via Goldman Sachs and Bank of America (TRU 2016-TOYS). The dealers, which underwrote the offering on an agent basis, stepped up as market-makers for the bonds over the past week or so. But BofA’s...



Demand Softens for Triple-A CMBS

Fri, 16 Mar 2018
Demand for conduit bonds continued to erode this week, leading Goldman Sachs to price the benchmark class of an $887.1 million offering at the widest spread this year.The long-term super-seniors went out the door at 79 bp over swaps yesterday, in line with price talk for the transaction (GSMS 2018-GS9). That was up from a spread of 76 bp on the comparable class of a $722.4 million offering that Wells Fargo and Barclays priced on Monday (WFCM...



NY Office Buyer Eyes Long-Term Debt

Fri, 16 Mar 2018
Savanna is shopping for some $460 million of long-term debt to back its acquisition of the office building at Five Bryant Park in Midtown Manhattan.The New York fund operator has agreed to purchase the 682,000-square-foot property from Blackstone for about $640 million. It’s talking to lenders about a mortgage with a seven- or 10-year term, via broker JLL, which together with HFF is also handling the sale for Blackstone.Securitization shops...



MetLife Finances Boston Office Tower

Fri, 16 Mar 2018
MetLife has originated a $277 million fixed-rate mortgage on an office property in Boston’s Financial District.The 730,000-square-foot building, at 99 High Street, is owned by TH Real Estate, an investment unit of TIAA. The 12-year loan closed a few weeks ago.The Class-A building is about 90% occupied. It includes a conference center and a 180-space underground garage.TIAA bought the 32-story property in 2005 from a Walton Street Capital...



Starwood Backs Rental Project in Va.

Fri, 16 Mar 2018
Starwood Property has inked a $140 million loan to finance a residential redevelopment project in Alexandria, Va.Perseus Realty will use the proceeds of the floater, which closed this month, to fund its conversion of a vacant, 610,000-square-foot office property into a 525-unit apartment building.Washington-based Perseus acquired the 49-year-old building last year from Rubenstein Partners of Philadelphia for an undisclosed price. The property had...



Fresh Debt Sought on Conn. Offices

Fri, 16 Mar 2018
The owner of an office property in Greenwich, Conn., wants to refinance it to the tune of $54 million.Fareri Associates is taking proposals for a fixed-rate loan, with a term of five or 10 years, on the 123,000-square-foot building, at 500 West Putnam Avenue. Newmark is pitching the assignment to a mix of lenders.The property is along U.S. Highway 1, just south of Greenwich’s downtown district. Locally based Fareri bought it in 2016 for $41...



Defeasance Volume Continues to Slide

Fri, 16 Mar 2018
Defeasance of commercial MBS loans declined sharply again last year, despite a jump in the volume of securitized multi-family mortgages getting that treatment.Some $12.2 billion of loans collateralizing U.S. conduit transactions and Freddie Mac deals were defeased last year. That marked a 29% drop from $17.2 billion in 2016, when the annual tally decreased by 23%, according to a Moody’s report to be released today.The drop-off over the last...



Senate Bank Bill Offers Lenders Relief

Fri, 16 Mar 2018
Two measures that could benefit commercial real estate lenders were included in the sweeping legislation approved by the Senate this week to ease regulations imposed under the Dodd-Frank Act.One part of the bill, S.2155, which passed Wednesday by a 67-31 vote, would make it easier for banks to exempt loans from the elevated risk-based capital charges that generally apply to acquisition, development and construction debt. The other would grant...



Fidelity Unit Eyes Boston Office Loan

Fri, 16 Mar 2018
A Fidelity Investments affiliate is seeking to line up about $60 million of fixed-rate debt on the office building at 255 State Street in Boston.Eastdil Secured is brokering the loan for Pembroke Real Estate, which invests the private capital of Fidelity.The 220,000-square-foot property, which dates back to 1913, was formerly owned by Nynex. The telephone company used it to house telephone switching equipment and infrastructure. Pembroke bought...



The Grapevine

Fri, 16 Mar 2018
Another industry veteran has left troubled RAIT Financial, which shut down its lending operation late last month. Chief credit officer Glenn Riis worked on loans that were securitized via the Philadelphia REIT’s series of commercial real estate CLOs. Yesterday was his last day. Based in New York, Riis was a senior managing director reporting to former chief executive Scott Davidson, who left about two weeks ago. Before joining RAIT in mid-2013,...



The Grapevine

Fri, 16 Mar 2018
Originator Deepak Peruvemba and originator/underwriter Sean Kim have signed up with Bridge Investment to work on its Bridge Debt Strategies fund series. They’re slated to start next month in Los Angeles, where Peruvemba is opening an office for the Salt Lake City firm. Both are coming over from Rialto Capital — Peruvemba as a managing director and Kim as a vice president. Peruvemba spent two years at Rialto and, before that, worked at...



The Grapevine

Fri, 16 Mar 2018
Capital One has added an originator in its multi-family finance group. Drew Ades started last week as a senior vice president in Bethesda, Md. His focus is on writing Freddie Mac small-balance loans and FHA mortgages. Ades most recently ran his own firm, Triple Line Strategies. From 2011-2016 he was chief executive of Housing Partnership Equity, a Washington-based special-purpose REIT that invests alongside nonprofits to preserve affordable...



The Grapevine

Fri, 16 Mar 2018
Meanwhile, Capital One is looking to add a staffer to its syndication team, most likely at the analyst or associate level. The recruit would help research and syndicate mortgages and report to Elizabeth Strader, head of commercial and healthcare syndications. Resumes can be sent to Mary Attardo atmary.attardo@capitalone.com.



The Grapevine

Fri, 16 Mar 2018
Director Ryan Lebrecht left the CMBS group at Kroll last month for SG Capital of Stamford, Conn., an affiliate of Shelter Growth Capital. He’ll focus on credit underwriting and asset management, as part of a group that originates commercial mortgages and invests in CMBS on behalf of the firm and its clients. Lebrecht worked on Kroll’s new-issue ratings team in New York, where he came aboard in October 2016. He was previously head of...



The Grapevine

Fri, 16 Mar 2018
Richard Le recently left KKR, where he was a principal in the B-piece investment group. Le joined the firm in 2015 after a 12-year run at LNR Property. The buzz is he’s on gardening leave and headed for a new spot, but his plans couldn’t be learned.



The Grapevine

Fri, 16 Mar 2018
Buy-side credit analyst Chris Harnett, who most recently focused on CMBS and REIT stocks at Long Pond Capital, left the New York fund shop last month. There’s no word on his plans. He joined the firm in late 2015, after working as a CMBS analyst for two years at BlueCrest Capital, also in New York. Harnett was previously an associate portfolio manager at Lord, Abbett & Co., where he worked for almost four...



Turnberry Team Eyes Huge Loan on Fla. Mall

Fri, 09 Mar 2018
A joint venture between Turnberry Associates and Simon Property is seeking up to $2 billion to refinance the newly expanded Aventura Mall, just outside Miami.The Turnberry team would use the bulk of the proceeds to retire two slugs of existing debt: a $1.2 billion securitized loan and a $167.4 million construction loan, which funded a just-completed wing.The Turnberry partnership is seeking proposals for fixed-rate loans of $1.5 billion to $2...



Builder Seeks Floater for LA Rental Project

Fri, 09 Mar 2018
JMB Realty is asking lenders for up to $350 million of debt to develop a high-end apartment tower in Los Angeles.The Chicago firm plans to build a 237-unit building in the Century City district, about 12 miles west of downtown Los Angeles.JMB is taking bids on a five-year floater at two proceeds levels: $250 million, representing leverage in the neighborhood of 45%, and $350 million, for a loan-to-cost ratio a bit over 60%. Those numbers peg the...



Coretrust Ready to Refinance Phila. Offices

Fri, 09 Mar 2018
An investment shop wants to put $237 million of fresh debt on a Philadelphia office condominium it purchased a year and a half ago.Coretrust Capital is seeking to refinance the 940,000 square feet of office space at Two Liberty Place, in the Center City district. It prefers a floating-rate loan with a total term of up to five years. A portion of the balance, around $45 million, would be held back as future funding for leasing and...



Key Conduit Spread Widens Further

Fri, 09 Mar 2018
The prevailing spread on benchmark conduit paper widened again yesterday, amid ongoing financial-market turmoil that has erased much of the tightening commercial MBS dealers achieved early this year.The long-term, super-senior bonds in a $1.1 billion offering by Morgan Stanley, Citigroup, Starwood Mortgage and Bank of America (CGCMT 2018-B2) priced at 78 bp over swaps, in line with dealers’ price talk. That was up sharply from the...



Big Loan Sought on New DC Rentals

Fri, 09 Mar 2018
A J.P. Morgan Asset Management partnership is seeking up to $145 million of long-term debt on a new apartment building in Washington.The Apollo, at 600 H Street NE, encompasses 431 high-end apartments, ground-floor retail space anchored by a 47,000-square-foot Whole Foods grocery store and 32,000 sf of offices leased to shared-workspace provider WeWork.J.P. Morgan and its partner, Insight Property of Arlington, Va., prefer a mortgage with a term...



KKR Buying Non-Tradable B-Piece

Fri, 09 Mar 2018
KKR has circled its third B-piece of the year.The private equity shop agreed to buy the subordinate bonds from an upcoming conduit offering by Citigroup, Deutsche Bank and J.P. Morgan (BMARK 2018-B3). The B-piece will be subject to risk-retention rules, meaning that KKR can’t trade them.The risk-retention structure hasn’t yet been determined. KKR will buy either the bottom 5% of the deal (a so-called horizontal strip) or the bottom...



SEC to Reduce Spring Hill Penalty

Fri, 09 Mar 2018
An SEC order requiring Spring Hill Capital founder Kevin White to forfeit $4 million of trading commissions must be scaled back sharply, an administrative law judge has determined.White and his New York firm, which he shut down in early 2015, were ordered later that year to forfeit fees made from securitized-product trades before the firm received a broker-dealer license from Finra in February 2010. The SEC also imposed $82,500 in fines.While an...



Harbor Taps Wells for Va. Office Deal

Fri, 09 Mar 2018
Wells Fargo has originated a $152 million fixed-rate loan for the buyer of a Northern Virginia office building that’s fully leased to Amazon.com.Harbor Group International acquired the 407,000-square-foot One Dulles Tower, in Herndon, last week from Federal Capital of Chevy Chase, Md., for $226 million, or $555/sf.Wells is expected to securitize the 10-year loan via one or more offerings. CBRE brokered the interest-only mortgage for Harbor...



CMBS Credit Quality Still Improving

Fri, 09 Mar 2018
The performance of securitized commercial mortgages continues to improve steadily, according to two key credit-quality measures.The percentage of past-due loans collateralizing commercial MBS deals rated by Fitch dipped by another 11 bp last month, to 3.01%. The delinquency rate has declined every month since hitting 3.72% in June. It hasn’t been lower since it dipped below 3% in early 2016.Meanwhile, the special-servicing rate decreased by...



Key Inks Senior-Housing FHA Loan

Fri, 09 Mar 2018
KeyBank has originated a $90.8 million FHA loan on eight senior-housing properties scattered across Texas.The skilled-nursing facilities, encompassing 541 units and 1,063 beds, are owned by a joint venture between Capital Senior Ventures, which is an affiliate of Baltimore-based Capital Funding, and BlueMountain Capital of New York.The duo used the proceeds to retire the outstanding balance of a $315 million bridge loan from a Key-led syndicate....



Invesco Backs Seattle-Area Hotel Deal

Fri, 09 Mar 2018
Invesco has provided a $58 million loan to the buyer of a newly upgraded hotel in suburban Seattle.The floating-rate debt, with a term of five years, was originated two weeks ago for AllianceBernstein. The New York investment shop bought the 262-room Seattle Marriott Redmond, in Redmond, Wash., from Blackstone affiliate BRE Select Hotels for about $70 million, or $267,000/room. Eastdil Secured advised BRE on the sale and helped line up the...



Seasoned Triple-A Bonds Draw Interest

Fri, 09 Mar 2018
The secondary market for commercial MBS perked up this week with an auction of $438 million of super-senior conduit paper.The bid list of triple-A bonds was put up for grabs on Tuesday by an undisclosed bank. Each of the 13 batches of notes came from a single tranche of a different deal. Some $229 million of the bonds were issued in 2014 via six transactions, and another $125 million came from four 2015 deals. The rest consisted of $54 million of...



The Grapevine

Fri, 09 Mar 2018
Veteran originator Ravi Anand joined Pimco last week as a senior vice president and portfolio manager. Anand spent the past three years at a mortgage REIT sponsored by Los Angeles-based CIM Group. Before that, he was at GE Capital for 10 years. Pimco just created Anand’s position as part of an ongoing expansion of its debt-investment business.



The Grapevine

Fri, 09 Mar 2018
After a year at Sorin Capital, industry veteran Steve Gordon has joined HPS Investment as a commercial MBS trader in the fund shop’s New York headquarters. He’s a managing director on the structured-credit investment team led by managing director Scott Eichel. Gordon held the same title at Sorin, where he concentrated on lining up investments, developing products and forging strategic relationships for the Stamford, Conn., firm. He...



The Grapevine

Fri, 09 Mar 2018
CMBS trader Josh Myers was caught in a round of layoffs last week at Cantor Fitzgerald, where he focused on lower-rated bonds in the secondary market. Myers worked in the firm’s Philadelphia office, reporting to head CMBS trader Stephen Gargiulo. Before joining New York-based Cantor in 2012, he handled structured-product sales and trading as a senior vice president for a year and a half at broker-dealer Boenning & Scattergood of West...



The Grapevine

Fri, 09 Mar 2018
The word is CIT Real Estate Finance is looking to add one or two originators, most likely in New York. The recruits could start at the director level, depending on experience and other factors. The lending unit, headed by Bank of Ireland alumnus Matt Galligan, is an arm of CIT Group of Livingston, N.J.



The Grapevine

Fri, 09 Mar 2018
Alex Hagen started as an associate this week at correspondent lender R3 Funding of White Plains, N.Y. He formerly worked as an analyst at Standard Bank. At R3, he reports to managing partner Ray Potter.



The Grapevine

Fri, 09 Mar 2018
Hunt Mortgage has hired an originator to work on boosting its production in the Southeast. Owen Bouton started at the New York-based firm last month. He’s a director, working out of Hunt’s offices in Charleston, S.C., and Atlanta. Bouton previously was an originator at LStar Capital, a lending division of Lone Star Funds. His background also includes stints at CIBC and J.P. Morgan. Bouton’s focus is mainly on writing mortgages...



The Grapevine

Fri, 09 Mar 2018
Guggenheim Commercial Real Estate Finance wants to add two originations associates to its Los Angeles team. Candidates need at least three years of loan-underwriting experience, and a California mortgage-brokers license is preferred. Apply at guggenheimpartners.com/firm/careers.



The Grapevine

Fri, 09 Mar 2018
Acore Capital is seeking to recruit a loan closer/transaction manager to work on bridge and construction loans. The opening is in the San Francisco firm’s Dallas office. Candidates need at least three years of experience closing loans or handling related duties as a paralegal or in an asset-management role. Candidates can send applications to...



CCRE Shakeup: Orso Reassigned, 3 Others Out

Fri, 02 Mar 2018
The new head of Cantor Fitzgerald’s fixed-income division purged the top management of CCRE this week and merged the lending unit with Cantor’s securitized-products platform.Anthony Orso, who had been chief executive of CCRE, was transferred to Newmark, Cantor’s brokerage affiliate. And Cantor let go Orso’s three top lieutenants — chief operating officer Michael May; and Michael Brown and Brett Katz, who were...



New Fitch Scale Shows Impact of Higher LT

Fri, 02 Mar 2018
Fitch is providing the commercial MBS industry with a sneak peek at how it might increase subordination levels for conduit offerings if issuers start boosting leverage, as some market pros expect.Leverage levels dropped sharply over the past two years, driven down in large part by the implementation of risk-retention rules. The weighted average loan-to-value ratios cited by issuers of Fitch-rated conduit transactions plummeted from 64.1% in 2015...



Deutsche Lands Big Loan on Apartments in SF

Fri, 02 Mar 2018
Deutsche Bank has won the mandate for a $550 million fixed-rate loan on the Gateway apartment complex in San Francisco.Bank of America will also participate in the 10-year financing. Deutsche will fund about 80% of the balance, and BofA will kick in the rest. It’s unclear if the debt will be divided into senior and junior portions. The lenders will securitize all or most of it, probably via a single-borrower offering and one or more conduit...



Banks Bid to Finance Boston Project

Fri, 02 Mar 2018
The group behind a large hotel development in Boston’s Seaport District is seeking $330 million of construction debt.The borrower, a joint venture that includes Omni Hotels & Resorts of Dallas and Boston-based Davis Cos., plans a 1,054-room hotel across from the Boston Convention and Exhibition Center.Lenders including U.S. Bank and Bank of America have been bidding hard for the assignment. U.S. Bank has the inside track to lead the...



CMBS Issuers Pitch 2 Large Offerings

Fri, 02 Mar 2018
Commercial MBS dealers kicked off the marketing campaigns this week for a $1.1 billion conduit issue and the largest single-borrower transaction to make the rounds in four months.Morgan Stanley, Citigroup, Starwood Mortgage and Bank of America contributed the collateral for the conduit offering, which is slated to price next week (CGCMT 2018-B2).Price guidance wasn’t out yet yesterday. The benchmark bonds in the last two conduit...



Industry Seeks Guidance on Tax Law

Fri, 02 Mar 2018
The Real Estate Roundtable is urging the U.S. Treasury Department to clarify the new income-tax law’s effect on the deductibility of interest on commercial real estate debt.The tax code changes that took effect this year generally limit a business’ deduction for net interest expenses to 30% of its adjusted taxable income — but allow an exemption for interest tied to commercial mortgages. In a Feb. 21 letter to Treasury Secretary...



Banks, Insurers Divvy Large NY Loan

Fri, 02 Mar 2018
The syndication of an $800 million loan on a Lower Manhattan office tower is close to wrapping up, with at least seven lenders joining the four already in the deal.Deutsche Bank and HSBC originated the floating-rate mortgage in November to refinance Fosun International’s 2.1 million-square-foot building at 28 Liberty Street. They brought in Credit Agricole and Natixis as co-arrangers to take down large slices shortly afterward.The word is...



Capital One Wins NY Office Loan

Fri, 02 Mar 2018
Capital One is in line to lead a roughly $175 million loan on the office tower at 600 Third Avenue in Midtown Manhattan.A number of lenders competed heavily for the assignment to finance the 575,000-square-foot building, owned by a partnership between BlackRock and L&L Holding. The property, which is almost fully occupied, is valued in the neighborhood of $390 million, putting the leverage at about 45%.While CapOne won the mandate, the word is...



Walker & Dunlop Shifts Investments

Fri, 02 Mar 2018
While continuing its efforts to raise money for a program that would invest in Freddie Mac B-pieces, Walker & Dunlop is putting some other capital to work buying the agency’s guaranteed bonds.Heading the effort is managing director Mitch Resnick, who joined the Bethesda, Md., lender as capital-markets chief in 2016 after five years in a similar role at Freddie. Resnick was just moved into the position of treasurer. He reports to chief...



RAIT Shops $100 Million of Floaters

Fri, 02 Mar 2018
RAIT Financial, which last week announced that it was halting its lending operation, is marketing roughly $100 million of floating-rate loans.The embattled REIT originated the middle-market loans in the past few months. It intended to include them in its next CLO, but that plan has been scrapped. There are about 10 loans in total.The company is shopping the portfolio directly, without using a broker. The collateral is said to include all major...



MetLife Backs Ariz. Apartment Deal

Fri, 02 Mar 2018
MetLife has provided a $48 million fixed-rate mortgage to finance the acquisition of an upscale apartment property in Arizona.The loan on the 290-unit Vela Luxury Apartments, in Tempe, has a term of 10 years. It was originated last week for Pacific Development Partners of Santa Monica, Calif., which bought the property from a Transwestern Development partnership for an undisclosed price.Houston-based Transwestern completed the complex in 2016....



Mack Inks Denver Apartment Floater

Fri, 02 Mar 2018
Mack Real Estate has written an $87.5 million loan on a new apartment building in Denver.The floating-rate mortgage, with a three-year term and two one-year extension options, is backed by the 252-unit Atelier at University Park, near the main campus of the University of Denver. The borrower, New York-based Tessler Developments, is putting the finishing touches on the property.Proceeds of the loan went to retire construction debt, and some will...



REITs Target US, European Buyers

Fri, 02 Mar 2018
Corporate-bond issuance by U.S. REITs picked up sharply this week on both sides of the Atlantic Ocean.All told, four firms sold $2.1 billion of paper at higher prices than expected. Essex Property and Regency Centers each placed $300 million of bonds with U.S. investors. Meanwhile, Equinix and W.P. Carey pitched a total of €1.25 billion ($1.5 billion) to European bond buyers.The two dollar-denominated offerings flew off the shelves at...



Barings Seeks Loan on LA Warehouse

Fri, 02 Mar 2018
A Barings Real Estate partnership is seeking a $50 million floating-rate loan on a recently completed industrial complex in Los Angeles.The Barings team will use the proceeds to retire about the same amount of construction debt on the 353,000-square-foot property, called Sun Valley Business Center. Both fixed- and floating-rate proposals will be considered, but the borrower is expected to go with a floater. HFF is advising on the...



The Grapevine

Fri, 02 Mar 2018
Douglas Wilberding joined Pembrook Capital in Washington last week as a senior originator. He lines up, prices and structures loans in the Mid-Atlantic and Northeast regions for New York-based Pembrook, which is helmed by Stuart Boesky. Wilberding was previously a senior vice president at the National Community Reinvestment Coalition, a nonprofit organization in Washington that promotes private investment in underserved communities. He managed...



The Grapevine

Fri, 02 Mar 2018
JLL has hired Jeff Ogden to help expand its business in the Denver area. Ogden started a few weeks ago as a senior vice president, tasked with lining up debt and equity for multi-family investors. He came to the brokerage after working independently buying and repositioning apartment properties. He also has worked at Glendale, Colo., investment shop Forum Real Estate and at Denver REIT Aimco, where he managed a platform that originated and...



The Grapevine

Fri, 02 Mar 2018
Hunt Mortgage has hired a director as it builds out its group concentrating on FHA loans and the financing of affordable multi-family properties. Kevin Deegan started about three weeks ago at the firm’s New York headquarters. He was previously a director of real estate advisory services at Denver-based National Valuation Consultants. Before that, he worked at Harmony Housing, a nonprofit offshoot of Greystone & Co., and at Hunt predecessor...



The Grapevine

Fri, 02 Mar 2018
Two more former Goldman Sachs staffers joined Bank of the Ozarks last month. Nick Whiston and Trey Lohse signed on as assistant vice presidents in Dallas. Both work with vice president Matt Auste, a former Goldman securitization pro who joined the bank in January.



The Grapevine

Fri, 02 Mar 2018
Helaba is seeking a syndications specialist to join its team in New York. Like some other lenders, the German bank has relied on members of its originations team to also handle distribution of pieces of commercial mortgages. It now plans to hire an executive within the next couple of months who would be dedicated to syndicating loans.



The Grapevine

Fri, 02 Mar 2018
J.P. Morgan trader Christopher Reich has left the bank to work on the buy-side, where he will continue to focus on CMBX swaps. He started Monday as a vice president at One William Street Capital, a New York fund shop led by former Lehman Brothers executive David Sherr. Reich was an associate on J.P. Morgan’s New York trading desk, which he joined in...



The Grapevine

Fri, 02 Mar 2018
Moody’s wants to add two staffers to its commercial MBS group in New York. The recruits would help rate new issues under associate managing directors Joe Baksic and Robb Paltz. One opening is for an assistant vice president and requires seven years of experience in commercial real estate. The other is for an analyst with five years of experience.



The Grapevine

Fri, 02 Mar 2018
Capital One is looking to add a senior analyst or associate to its real estate investment banking team in New York. The recruit would focus on the public capital markets and on mergers and acquisitions. The contact is Bryan Giuntini at bryan.giuntini@capitalone.com.



Blackstone Taps Barclays Again for Big Loan

Fri, 23 Feb 2018
Barclays has won the mandate to lead a roughly $1 billion floating-rate loan on 27 office properties that Blackstone acquired from GE Capital a few years ago.Blackstone will likely bring in an additional lender on the mortgage, most of which is expected to be securitized on a stand-alone basis.This is the second giant financing assignment that Barclays has won this month — and the other one also came from Blackstone. As previously reported,...



Spreads Tighten on Balance-Sheet Mortgages

Fri, 23 Feb 2018
Spreads on floating-rate commercial mortgages have fallen sharply in recent weeks, in some cases to levels that haven’t been seen in years, according to balance-sheet lenders.While spreads vary across property types, originators say that some have fallen by 50 bp or more since the beginning of the year. They cite a variety of causes, ranging from competitive pressures to the effects of the new federal tax law, which is expected to boost the...



Rate Rise Seen Squeezing CMBS Loan Sizes

Fri, 23 Feb 2018
Conduit lenders say that rising long-term interest rates are likely to lead to a “pinch in proceeds” for borrowers before long.The 10-year Treasury yield has spiked by 55 bp since Dec. 1, to 2.92% yesterday. For borrowers, some of that increase has been offset by a decline in loan spreads driven by the bond-market rally. But there is more sentiment now than a month ago that long-term rates will continue to rise, fueled by an expanding...



BlackRock Team Eyes NY Office Refi

Fri, 23 Feb 2018
A BlackRock partnership is working to line up about $175 million of new debt on a Midtown Manhattan office tower.Banks and insurers are among those competing for the mortgage on the 575,000-square-foot building, at 600 Third Avenue. The details of the financing request are unknown, but the bidding has been heated, and as a result the pricing is expected to be relatively thin. BlackRock and its partner, L&L Holding, could lock in the debt within...



Freddie B-Pieces Still a Hot Ticket

Fri, 23 Feb 2018
The big rally in Freddie Mac B-pieces shows no signs of slowing.Strong investor demand has driven down fixed-rate yields by 350 bp over the past 12 months, to about 9.5%.“These deals have a history of basically zero losses,” said one Freddie investor, “so there is a mass of investors who are willing to pay anything for them now.”“It’s just supply and demand,” added another pro. “There is a strong...



After Deluge, New-Issue Market Slows

Fri, 23 Feb 2018
Commercial MBS issuers mostly took a break this week following a big wave of activity.Only two, small single-borrower transactions were in the market, both backed by floating-rate debt originated by Natixis.The collateral for a $210 million offering is debt on the Presidential City apartment complex and a neighboring office property in Philadelphia (NCMS 2018-PREZ). The other deal is secured by $179 million of debt on four hotels just acquired by...



Loan Sought for Chicago Office Project

Fri, 23 Feb 2018
Sterling Bay Cos. is looking for $175 million of financing to develop an office building in Chicago.Sterling Bay has already lined up a lead tenant for the roughly 500,000-square-foot tower, at 333 North Green Street in the Fulton Market district, one of the city’s hottest areas for construction and redevelopment over the past few years.Global advertising giant WPP has agreed to lease 233,000 sf. That agreement will help smooth the way for...



Firing of UBS Analyst Still Disputed

Fri, 23 Feb 2018
Both sides have challenged a federal jury’s recent award of almost $1 million to former commercial MBS strategist Trevor Murray, who sued UBS for firing him six years ago.In post-trial motions filed Feb. 12, the bank is asking a judge to reject the verdict or to sharply reduce the award. Murray is seeking either reinstatement or additional compensation.The jury in Manhattan found that UBS violated whistle-blower provisions under the...



Small Single-Borrower Deals Multiply

Fri, 23 Feb 2018
The commercial MBS market has recently seen a flurry of single-borrower offerings with unusually small balances, with Natixis leading the charge.Since the beginning of the year, eight transactions of $200 million or less have hit the market, including four from Natixis. By contrast, there were only six such transactions on average in each of the past three years.Market pros are hard-pressed to single out a reason for the surge or say whether...



Northwestern Backs Arizona Recap

Fri, 23 Feb 2018
Northwestern Mutual has originated a $100 million fixed-rate mortgage in conjunction with the recapitalization of an upscale apartment complex in Scottsdale, Ariz.Under the recap, Principal Real Estate Investors acquired a majority stake in the Optima Sonoran Village complex from developer Optima, which retained the remaining interest. The transaction, which closed about three weeks ago, valued the 592-unit property at $210.4 million, or...



Eightfold Circles Liquid B-Piece

Fri, 23 Feb 2018
Eightfold Real Estate Capital has circled its second B-piece investment of the year.The high-yield investment shop agreed to buy the subordinate bonds from an offering by Bank of America, Morgan Stanley and Wells Fargo (BANK 2018-BNK11) that’s expected to surface in the market next month.Eightfold will be free to trade the bonds, as the issuers will satisfy risk-retention rules by holding a vertical slice of the deal, amounting to 5% of...



The Grapevine

Fri, 23 Feb 2018
Senior managing director Joshua Mason has left Blackstone. He was a portfolio manager in New York, focusing primarily on commercial MBS. The word is he departed on good terms, effective Jan. 31. His plans are unknown. Mason’s responsibilities were assumed by managing director Michael Wiebolt, who was promoted at yearend to head of liquid strategies. Wiebolt reports to Jonathan Pollack, global head of the real estate strategies group. Before...



The Grapevine

Fri, 23 Feb 2018
Phillips Realty Capital has hired a senior executive. Mark Remington started in the firm’s Bethesda, Md., headquarters two weeks ago as a senior managing director. He oversees teams that line up debt and equity on various types of assets for the boutique brokerage’s clients, reporting to chief executive Stephen Shaw Jr. Remington previously was a managing director at HFF in Washington, where he worked for about 14 years. Before that,...



The Grapevine

Fri, 23 Feb 2018
DLA Piper has recruited two seasoned industry attorneys from another law firm. Bruce Saber, who spent the last five years as counsel at Arnold & Porter, joined DLA’s New York real estate practice as a partner yesterday. Gerald Shepherd, of counsel, started there Feb. 8. He had been a partner at Arnold since joining that firm in 2015. Saber previously worked at several other law firms and real estate investment companies, and Shepherd was...



The Grapevine

Fri, 23 Feb 2018
German bank Deutsche Pfandbriefbank is seeking to hire a few U.S. lending pros as it pursues commercial real estate debt investments in the States. The bank is among a few German institutions — along with Munchener Hypothekenbank and Bayerische Landesbank — that have ramped up U.S. programs over the past few months, initially focusing on buying participation interests in mortgages led by other lenders. Pfandbriefbank would be going a...



The Grapevine

Fri, 23 Feb 2018
Sidley Austin continues to add attorneys to its global finance practice. Barom “Ben” Yang started Tuesday as an associate in the group’s New York unit, which is led by partners Kevin Blauch and Edward Fine. Yang, whose responsibilities include working on CMBS transactions, spent the past year and a half at Schulte Roth, also in New...



The Grapevine

Fri, 23 Feb 2018
DBRS wants to add two assistant vice presidents to its CMBS group in Chicago. Both would focus primarily on U.S. transactions. One recruit would help rate new issues, as part of a 25-member team led by senior vice president Kevin Mammoser. The other would join the 11-member surveillance unit headed by senior vice president Richard Carlson. The openings call for 5-7 years of real estate experience. Send resumes to...



The Grapevine

Fri, 23 Feb 2018
Fitch is looking to add an associate to its three-member team that rates commercial-mortgage servicers in North America. The recruit would work in New York or Chicago and report to senior director Adam Fox, who leads the team. The opening requires 3-5 years of loan-servicing experience and strong writing skills. Contact Fox at adam.fox@fitchratings.com.



The Grapevine

Fri, 23 Feb 2018
Guggenheim Commercial Real Estate Finance wants to hire two analysts to support its Los Angeles origination team. Candidates need at least two years of experience in underwriting bridge and permanent loans. Apply at guggenheimpartners.com/firm/careers.



CMBS Issuance on Track for a Solid Quarter

Fri, 16 Feb 2018
Although some lenders are complaining about sluggish originations, commercial MBS issuance is shaping up as relatively strong for the first quarter.Some $9.8 billion of conduit and single-borrower transactions have priced since the start of the year, and another $12.8 billion of offerings are in the pipeline through March, according to a survey by Commercial Mortgage Alert (see “CMBS Deals in the Works” on Page 6).That projects to...



CMBS Industry Mulls Impact of CLO Ruling

Fri, 16 Feb 2018
An appeals court ruling that excuses many CLO issuers from risk-retention requirements has sparked industry discussions about whether other deals could qualify for the exemption, including securitizations of commercial mortgages.Last Friday’s decision by a three-judge panel on the U.S. Court of Appeals for the District of Columbia Circuit doesn’t affect commercial MBS or commercial real estate CLOs as they are currently structured....



GGP Seeks $400 Million Loan on Hawaii Mall

Fri, 16 Feb 2018
A GGP partnership wants to borrow about $400 million on an addition to its prized Ala Moana Center mall in Honolulu.Chicago-based GGP and its partners will entertain fixed- and floating-rate bids. They are pitching the assignment directly to securitization lenders, without using a broker.The 650,000-square-foot addition, dubbed the Ewa wing, was completed in late 2016 on the north end of the giant mall, increasing its size to 2.6 million sf....



Bond Buyers Absorb Wave of Deals

Fri, 16 Feb 2018
Investors had plenty to choose from this week as dealers priced five securitizations totaling $3.1 billion and marketed two others backed by $665 million of loans.The largest deal, a $1 billion conduit offering led by UBS, Societe Generale, Barclays and Cantor Fitzgerald, priced on Monday (UBSCM 2018-C8). The benchmark bonds went out the door with a spread of 77 bp over swaps, after being shopped with price guidance of 75-bp area (see Initial...



Property Firm Expands Into Lending

Fri, 16 Feb 2018
A New York shop that has focused on property investments is expanding into lending.Turnbridge Equities is launching an affiliate that will originate senior and mezzanine loans on commercial properties, mainly in large U.S. cities. It will also invest in preferred equity.The company has recruited industry veteran Scott Cohen to oversee the financing affiliate, called Turnbridge Real Estate Credit Strategies. Cohen, who was named a principal, was...



Denver Hotel Buyer Seeks Financing

Fri, 16 Feb 2018
An investment shop is seeking about $95 million of debt to finance the purchase and renovation of a Denver hotel complex.Crescent Real Estate of Fort Worth, Texas, has struck a deal to acquire the historic Brown Palace Hotel and Spa, along with an adjacent Holiday Inn Express, from Crow Holdings. The sale price isn’t known, but the loan request pegs the cost of the purchase and planned renovations at $135 million, for a loan-to-cost ratio...



Loan Sought for Seattle-Area Project

Fri, 16 Feb 2018
A Shorenstein Properties partnership is looking to line up $98 million of financing for the construction of an office building that will be part of a large mixed-used development under way in Bellevue, Wash.The 324,000-square-foot building, at 124th Avenue NE and Northeast District Way, will include street-level retail space and 1,100 parking spaces. The leverage would be about 55%, putting the cost of developing the 11-story property at some...



Freddie Exec Jumps to Red Capital

Fri, 16 Feb 2018
Red Capital has hired a former top executive at Freddie Mac to head its small-balance lending program.J. Scott Croul started this week, one of several recent additions at the Columbus, Ohio, firm. Croul, who is based in Newport Beach, Calif., spent seven years at Freddie and was most recently a senior managing director in charge of production in the Western region. He was responsible for originations, pricing and structuring in a 13-state area,...



Axonic Solicits Capital for Debt Fund

Fri, 16 Feb 2018
High-yield shop Axonic Capital is seeking to raise up to $300 million of equity to expand its investments in Freddie Mac B-pieces and mezzanine loans.The capital would be added to Axonic Special Opportunities SBL Fund, which currently has $435 million of assets.Axonic is an established buyer of Freddie B-pieces. It owns about $437 million of B-piece bonds from the agency’s small-balance program and $87 million from bread-and-butter K-series...



Acore Inks Floater on Indiana Offices

Fri, 16 Feb 2018
Acore Capital originated a $106.4 million debt package two weeks ago on the bulk of a suburban Indianapolis office campus that recently changed hands.The borrower, a joint venture between Rubenstein Partners of Philadelphia and Strategic Capital of Indianapolis, acquired the 1.1 million-square-foot Precedent Office Park in Carmel, Ind., last month from LaSalle Investment for $133 million.The loan from Acore is backed by 14 of the property’s...



Senate Eyes Construction-Loan Relief

Fri, 16 Feb 2018
U.S. lawmakers are moving forward with proposed legislation, favored by banks and commercial real estate developers, that would ease the risk-based capital rules for construction loans.A Senate bill introduced last Friday would make it easier for banks to exempt loans from the elevated capital charges that generally apply to acquisition, development and construction debt. The bill, currently pending before the Senate Banking Committee, is...



The Grapevine

Fri, 16 Feb 2018
S&P this week laid off more than a dozen executives in its structured-finance division. Among them were at least three senior staffers whose duties included developing ratings criteria for commercial MBS: Felix Herrera, global chief credit officer for structured finance, managing director Belinda Ghetti and senior director James Traynor. The dismissals came three months after executive managing director Jim Wiemken was given a new role overseeing...



The Grapevine

Fri, 16 Feb 2018
KeyBank Real Estate Capital added two originators last week. John Ward joined as a senior vice president in New York, focusing on loans backed by manufactured-housing properties across the U.S. He was previously a managing director at Rialto Mortgage Finance. Steven Hamm was hired as a vice president to write multi-family loans for CMBS deals and for placement with agencies, insurers and others. He’s based in Philadelphia, where he was...



The Grapevine

Fri, 16 Feb 2018
Originator Dan Schmitz joined Aegon USA Realty late last month as an associate director in Chicago, covering the Ohio Valley region. He reports to managing director Karissa Anderson, who oversees the Mid-States region. Schmitz primarily focuses on writing fixed-rate loans on behalf of Aegon’s clients. Schmitz spent the past four years at Inland Mortgage, where he concentrated on writing bridge...



The Grapevine

Fri, 16 Feb 2018
The turnout for the Mortgage Bankers Association’s 28th annual convention for commercial real estate and multi-family finance professionals, held this week, was about the same as last year. Just over 3,300 industry pros turned out for the trade group’s four-day gathering, dubbed CREF18, at the Marriott Marquis San Diego Marina. Attendance peaked at 4,858 in...



The Grapevine

Fri, 16 Feb 2018
Fund shop Marathon Asset Management is looking to fill several openings on its lending team — two senior originators, two underwriters and an asset manager. One of the senior originator spots is in New York. The other positions can be based in various cities. The contact is senior managing director Scott Schwartz.



The Grapevine

Fri, 16 Feb 2018
Harbor Group Consulting added Craig Harris this week as an associate in its CMBS and balance-sheet lending practice. Harris is stationed in Irvine, Calif., for the Miami-based shop. He previously worked at James G. Parker Insurance of Irvine.



The Grapevine

Fri, 16 Feb 2018
The lending group for the roughly $500 million financing of a Chicago office development is expected to be firmed up within a few weeks. Bank of America and J.P. Morgan are leading the loan to Howard Hughes Corp. and Riverside Investment & Development. The proceeds would fund construction of a 1.4 million-square-foot tower at 110 North Wacker Drive. The two banks are moving quickly to line up commitments from other lenders to come aboard at the...



The Grapevine

Fri, 16 Feb 2018
Insurer EquiTrust is looking to hire a director or vice president for its Chicago investment team. The recruit would originate, underwrite and manage a commercial real estate loan portfolio for the firm’s general account. Candidates need at least seven years of experience in principal investing, commercial real estate lending or investment banking. The contact is Megan Tompkins at...



The Grapevine

Fri, 16 Feb 2018
Systima Capital is seeking to add a financial analyst and a senior associate. They would work on acquisitions and surveillance of high-yield real estate investments, including structured debt products. The contact is Kathleen Danilchick at kathleen.danilchick@systimacapital.com.



Conduits Mull Raising LTVs to Spur Business

Fri, 09 Feb 2018
Conduit originations have gotten off to a slow start this year, adding to speculation that lenders might raise leverage ratios to attract business.The introduction of risk-retention regulations last year led lenders to tighten credit standards. While the levels of individual loans can vary widely, the weighted average loan-to-value ratio of conduit transactions fell to 57%, from 60% in 2016 and 64.5% in 2015, according to Commercial Mortgage...



New Sponsors to Lift CLO Volume This Year

Fri, 09 Feb 2018
Commercial real estate CLO issuance could double this year, according to a survey by Commercial Mortgage Alert.The spike in activity will be fueled partly by new entrants to the sector. The first four CLOs of the year are each being sponsored by debut issuers — Bridge Investment, Silverpeak Argentic, TPG Real Estate Finance and Varde Partners.At least one more new sponsor — Guggenheim — is considered likely to come to market...



Barclays Nabs $1.5 Billion Willis Tower Loan

Fri, 09 Feb 2018
Barclays has won the plum assignment to lead a $1.5 billion loan to Blackstone on Chicago’s Willis Tower.Deutsche Bank will fund a portion of the seven-year floater, and the two banks will securitize $1.2 billion of the debt in a stand-alone commercial MBS deal sometime next month. The remaining $300 million will be structured as future funding, to be provided over time as improvements are made to the iconic, 3.8 million-square-foot...



2 Conduit Deals Get Mixed Reaction

Fri, 09 Feb 2018
Commercial MBS buyers this week were embracing the largest conduit offering floated in three years, while dealers struggled to price a competing deal.The marketing campaigns were being conducted amid turmoil in the financial markets, but the spillover effect seemed to be muted.The larger offering (BMARK 2018-B2) is backed by $1.5 billion of loans supplied by Deutsche Bank, J.P. Morgan and Citigroup. The trio was shopping the benchmark bonds...



Apollo Finances Project Near Seattle

Fri, 09 Feb 2018
Apollo Commercial Real Estate Finance has agreed to provide $265 million of construction debt for an office project in a suburb of Seattle.The floating-rate loan will finance the development of a 717,000-square-foot complex in Renton, Wash. The debt, with a three-year term and a single one-year extension option, closed two weeks ago. Cushman & Wakefield arranged it for the local borrower, SECO Development.The Southport office campus is under...



Annaly Taps Gallagher, Eyes Growth

Fri, 09 Feb 2018
Industry veteran Timothy Gallagher joined Annaly Capital this week as head of its commercial real estate unit.The New York REIT plans to add several more staffers to the group, which currently has about two dozen members. The unit originates bridge loans, trades commercial MBS, acquires Freddie Mac B-pieces and makes equity investments in properties.The group’s top spot had been vacant since late 2016, when Jeffrey Thompson left to become a...



Allianz Writes Seattle Office Mortgage

Fri, 09 Feb 2018
Allianz Real Estate of America has written an $82 million fixed-rate mortgage on a recently completed and fully leased office building in Seattle.The 15-year loan, which closed about two weeks ago, is backed by the 182,000-square-foot property at 200 Occidental Avenue South. The borrower, local developer Urban Visions, was advised by HFF.The building is in the Pioneer Square submarket, a few blocks from Puget Sound. Urban Visions finished the...



BBVA Inks Indiana Construction Loan

Fri, 09 Feb 2018
BBVA Compass has written a $50.1 million construction loan for an office project in suburban Indianapolis.The borrower, U.S. Realty Advisors, will use the debt to finance the development of a 250,000-square-foot building in Carmel, Indiana. The loan, which closed a few weeks ago, is structured as construction/permanent financing, with a two-year initial term and a five-year extension option. CBRE Capital Markets arranged the debt for U.S....



Bears Halt Long-Running CMBX Rally

Fri, 09 Feb 2018
Wide-ranging turmoil in the financial markets took its toll on CMBX spreads this week, driving up the cost of using those derivatives to hedge against commercial MBS risk.Credit-default swap spreads tracked by the latest series of IHS Markit’s CMBX index widened amid gyrating stock prices and jumps in U.S. Treasury yields. That put an end to a strong CMBX rally that got underway in mid-2017. One result is that it’s more costly for...



Tishman Seeks Loan for DC Rentals

Fri, 09 Feb 2018
Tishman Speyer wants to line up about $133 million of debt for the development of an apartment property in Washington.The New York firm is seeking floating-rate debt, with a term of around three years, to finance construction of a 440-unit complex in the Capitol Riverfront submarket. The proposed leverage is in the neighborhood of 55%, putting the cost of construction at some $240 million. Eastdil Secured is pitching the assignment to a range of...



Pine River Backs Boston Office Rehab

Fri, 09 Feb 2018
Pine River Capital is providing $47 million of financing for a project to modernize two historic buildings on Boston’s Long Wharf.Borrower Capital Properties will use the proceeds to renovate a 70,000-square-foot office building known as the Custom House Block and the adjacent 8,000-sf Gardiner Building, also known as the John Hancock Counting House and occupied by the Chart House Restaurant. Portions of the floating-rate debt will be drawn...



Townhouse Push Targets New Clients

Fri, 09 Feb 2018
Advisory shop Townhouse Partners is expanding its menu of services in a bid to broaden its client base.New York-based Townhouse has worked mainly with commercial MBS lenders, providing underwriting, due-diligence and other support, but is now looking to advise other market players such as alternative lenders, insurers and B-piece buyers, as well as property owners and buyers.The new products include asset-management services, data analytics and...



Loan Team Jumps to Newmark Realty

Fri, 09 Feb 2018
Newmark Realty Capital has hired a team of experienced commercial-mortgage pros to expand its operation.The five-member team moved over in the last week or so from another San Francisco advisory firm, Barry Slatt Mortgage. Ryan Gray, Jeff Matlock and Andrew Mekjavich joined Newmark Realty as vice presidents of loan production. Benjamin Johnson came aboard as a production associate, and Murphy Osborne as a vice president and business-development...



LNR Teams With New B-Piece Buyer

Fri, 09 Feb 2018
A new player in the B-piece sector — Stream Asset Management — is joining forces with LNR Partners to buy the subordinate portion of an upcoming conduit deal by Bank of America, Citigroup, Morgan Stanley and Starwood Mortgage.LNR will acquire the majority portion of the B-piece and be special servicer of the transaction (CGCMT 2018-B2). Stream will hold a minority interest.Stream, of Red Bank, N.J., is backed by the Stream family of...



Refi Eyed for Silicon Valley Portfolio

Fri, 09 Feb 2018
Liberty Mutual is shopping for a $150 million mortgage on four Silicon Valley properties.The insurer is asking for quotes on a loan of about seven years, indicating it will consider both fixed- and floating-rate bids. The collateral encompasses some 586,000 square feet of fully leased office, research/development and flex/industrial space in San Jose and Sunnyvale, Calif. The loan-to-value ratio would be roughly 70%.Boston-based Liberty Mutual...



CMBS Credit Quality Still Improving

Fri, 09 Feb 2018
The amount of troubled debt in the collateral pools of commercial MBS deals dipped again last month.The aggregate balance of CMBS loans in the hands of special servicers dropped by $628.8 million, to $23 billion in January, according to Trepp. The total hasn’t been lower since hitting $19.7 billion in March 2009, and it has declined fairly steadily since reaching a record high of $89.9 billion in September 2010. The latest dip pushed the...



The Grapevine

Fri, 09 Feb 2018
Industry veteran Stephen Holmes left Morgan Stanley late last month after a 17-year run. Holmes headed the bank’s conduit operation for much of his tenure. He also performed the role of asset-management chief for the real estate finance group as it worked out troubled assets after the downturn. Before joining Morgan Stanley in 2001, Holmes spent 17 years at J.P. Morgan. His plans include helping to manage a family real estate...



The Grapevine

Fri, 09 Feb 2018
Two longtime originators left Ladder Capital in recent weeks. Don Haber was a managing director, and Dan Coakley worked as a consultant. Their plans couldn’t be learned. Haber joined Ladder in 2016 after a stint at Annaly Capital, where he ran the commercial real estate debt unit. Before that, he was chief credit officer at CCRE and worked in the commercial MBS unit at Barclays. Coakley previously worked at NorthStar Realty Finance and at...



The Grapevine

Fri, 09 Feb 2018
Meanwhile, Ladder Capital wants to hire a handful of senior originators for its bridge- and conduit-lending programs. Candidates with six years of experience may contact Pamela McCormack at pamela.mccormack@laddercapital.com. The New York shop is also looking for a few analysts with 1-2 years of experience, and for an experienced tax attorney. Contact Nicholas Berg at...



The Grapevine

Fri, 09 Feb 2018
Sidley Austin has hired attorneys Rachel Kwon and Jason Sosnik as associates in New York. They will focus largely on CMBS transactions as part of the firm’s global finance practice, which is led by partners Kevin Blauch and Edward Fine. Kwon is slated to join the Chicago-based law firm on Feb. 12 from Cadwalader Wickersham. Sosnik will start a week or two later from Pillsbury Winthrop. Both spent just under a year and a half at their...



The Grapevine

Fri, 09 Feb 2018
Industry veteran Meg Blakey joined Triple Five this week as executive vice president in charge of lining up financing on the firm’s high-profile malls. She’s working in East Rutherford, N.J., for the Canadian firm, which is controlled by the Ghermezian family. Triple Five owns the 2.8 million-square-foot Mall of America in suburban Minneapolis and is developing the American Dream complex in East Rutherford. Blakey previously was a...



The Grapevine

Fri, 09 Feb 2018
John Moynihan is leaving CIBC. Moynihan worked on originations and syndications in New York for the bank for more than five years. He was most recently a director, focusing on the distribution of portions of commercial mortgages. The word is he’s headed to BNY Mellon. CIBC bought Chicago-based PrivateBank in June for $5 billion and combined the two banks’ lending arms, which resulted in a number of...



The Grapevine

Fri, 09 Feb 2018
Ginnie Mae lender X-Caliber Capital has lured another senior servicing pro away from Capital Funding of Baltimore. Krista Boblitz started Jan. 31 as a vice president in Timonium, Md. She reports to executive vice president Amber Howard, who moved over from Capital Funding in July to lead X-Caliber’s servicing and asset-management operation. Boblitz spent over 10 years at Capital Funding, departing as an assistant vice president and director...



The Grapevine

Fri, 09 Feb 2018
Goldman Sachs wants to add a few associates to its origination teams in New York and Dallas. Candidates can apply at refg-info@gs.com.



Goldman's Large-Loan Chief Jumps to KKR

Fri, 02 Feb 2018
Rene Theriault resigned last week as head of large-loan originations in Goldman Sachs’ commercial real estate finance unit to join KKR.Theriault will lead the private-equity shop’s B-piece investment unit. He will start in a few months, after a gardening leave.Theriault spent 12 years at Goldman, where he was a managing director and worked closely with commercial MBS chief Ted Borter. He also shared some responsibilities for East...



Banks Poised to Fund Chicago Office Project

Fri, 02 Feb 2018
Bank of America and J.P. Morgan are teaming up to lead a roughly $500 million loan for the development of an office tower in Chicago’s West Loop.The two banks are in discussions with a Howard Hughes Corp. partnership that’s planning a 1.4 million-square-foot skyscraper on the site of the former General Growth Properties headquarters. While the details are still being negotiated, the loan is expected to be structured as typical...



Wheeler Leaves Top Research Post at S&P

Fri, 02 Feb 2018
Darrell Wheeler resigned as S&P’s research chief for global structured finance last week.Wheeler, who was a managing director, said he wants to explore opportunities around the application of new analytical tools to loans, including blockchain technology and machine learning.“There are some extraordinary opportunities opening up in these areas, both in the United States and overseas,” he said.Wheeler is a well-known figure in...



Aareal Team Lends on Sheraton Dallas

Fri, 02 Feb 2018
Aareal Bank and Walton Street Capital have teamed up to originate a $217 million floating-rate loan on a Texas hotel that changed hands in October.The 1,840-room Sheraton Dallas Hotel is owned by a joint venture between Elliott Capital of New York and Chartres Lodging of San Francisco.The lenders funded about $157 million of the balance when the loan closed, in the past couple of weeks. The Elliott team can draw down the balance over time to...



ING Backs Buyer of Chicago Offices

Fri, 02 Feb 2018
ING Real Estate Finance led a nearly $300 million debt package that financed the purchase last week of a Chicago office tower.Starwood Capital acquired the 830,000-square-foot building, at One South Dearborn Street, from Olen Properties. The price was undisclosed, but is believed to be just under $400 million.The five-year, floating-rate loan was divided into two pieces. ING provided $235.1 million of senior debt and is the administrative agent....



Wider Spreads Seen for Next Conduit

Fri, 02 Feb 2018
Commercial MBS dealers kicked off marketing this week for a $1 billion conduit offering and a small single-borrower deal, while TPG Real Estate Finance started pitching its first commercial real estate CLO.The early “whisper talk” on the conduit deal pointed to slightly wider spreads than those seen in this year’s previous two transactions.Ladder Capital contributed almost a quarter of the collateral to the offering, while UBS...



"Green' Lender Continues Hiring Push

Fri, 02 Feb 2018
A shop that finances energy-efficiency improvements to commercial properties is looking to add staff as it expands its territory.Counterpointe Sustainable Real Estate plans to push into Texas this year. It’s seeking a pro with at least five years of originations experience to establish an office in Dallas or Houston.This week, the Greenwich, Conn., firm added to its presence in California by opening an outpost in San Francisco. It has hired...



MetLife Finances Portland Offices

Fri, 02 Feb 2018
MetLife has originated a $51.4 million floating-rate mortgage on the Commonwealth Building in Portland, Ore.The 220,000-square-foot office property, at 421 Southwest Sixth Avenue, is owned by KBS Realty of Newport Beach, Calif.The loan, which closed two weeks ago, has a five-year term, including extension options.The 14-story property was developed in the late 1940s as the headquarters of Equitable Savings and Loan. One of the first...



Changes Floated for CMBS Loan Docs

Fri, 02 Feb 2018
After more than a year of work, the CRE Finance Council’s Servicing and Issuer Task Force is rolling out initial recommendations for adjusting loan documents to address long-running complaints from commercial MBS borrowers.The group today will unveil a set of 10 voluntary guidelines for lenders to follow in crafting those agreements, to improve consistency and remove ambiguities that can later lead to disagreements between borrowers and...



Greystone Hires Alicea for Mezz Push

Fri, 02 Feb 2018
Greystone has begun offering mezzanine loans on transitional properties in the multi-family and healthcare sectors.The short-term mezzanine financing is designed to supplement senior bridge loans written by Greystone. Borrowers can use the subordinate debt to raise the loan-to-cost ratios on their financing packages to 85-90%.The New York shop has hired industry veteran Anthony Alicea to promote the program to clients. He started last month as a...



GTIS, Ullico Back Boston Conversion

Fri, 02 Feb 2018
Two lenders have teamed up to originate a $160 million floating-rate loan for a Boston redevelopment of two connected buildings into luxury residential condominiums.GTIS Debt Capital underwrote the loan and retained the junior portion. It brought in Union Labor Life to fund the senior piece. The loan, which closed last month, has a three-year term, with at least one option to extend it by a year.The borrower, Center Court Properties of New York,...



The Numbers Are In: Fannie, Freddie Shattered Records Again in 2017

Fri, 02 Feb 2018
Another year, another string of broken records in the roaring agency multi-family market.In 2017, for the third year in a row:Fannie Mae and Freddie Mac set an annual high for aggregate loan purchases, with each also achieving individual records.Structured-bond issuance by the two agencies reached a new high.Meanwhile, for the fourth time in five years, CBRE was the most-active originator of agency multi-family mortgages. CBRE also led the way in...



Mortgages Gained 5.7% Last Year

Fri, 02 Feb 2018
Commercial mortgages produced a hefty 5.66% return last year, the best result since 2014, according to the Giliberto-Levy Commercial Mortgage Performance Index.The strong performance reflected low interest-rate volatility through most of 2017, although that began to change in the fourth quarter. The index posted positive results in all four quarters for the first time in three years. The gain for the year was up from 2.89% in 2016.The...



Investors Snap Up Hotel-REIT Bonds

Fri, 02 Feb 2018
Strong investor demand enabled Hospitality Properties to increase its latest corporate-bond offering while still fetching a higher-than-expected price.The hotel REIT floated $400 million of 12-year bonds on Tuesday, $100 million more than initially sought. The 4.375% securities, rated Baa2/BBB- by Moody’s and S&P, were priced to yield 4.649%. That translated to a spread of 192 bp over U.S. Treasurys, down sharply from the initial price...



The Grapevine

Fri, 02 Feb 2018
Originator Aaron Casden joined J.P. Morgan last month as an executive director. He had been a managing director at Benefit Street Partners, serving at the debt-investment arm of Providence Equity for the past three years. Before that, he spent more than five years at Ladder Capital.



The Grapevine

Fri, 02 Feb 2018
HFF has added two directors to work on lining up debt and equity across property types. Patrick Keefe started this week in Boston and Adam Mallory joined two weeks ago in Indianapolis. Keefe previously worked at M&T Bank for a couple years, and before that spent several years at First Niagara Bank. He reports to senior managing director Lauren O’Neil Goff. Mallory previously worked in the commercial mortgage group of insurance advisory firm...



The Grapevine

Fri, 02 Feb 2018
The Mortgage Bankers Association has added two seasoned servicing pros to its commercial real estate finance group in Washington. Sharon Walker joined from Red Mortgage Capital as an associate vice president on Jan. 22, reporting to group head Tom Kim. Her responsibilities include managing MBA’s multi-family committees. Former Fitch analyst Andrew Foster starts Monday as a director focusing on member engagement. He reports to vice president...



The Grapevine

Fri, 02 Feb 2018
Matthew Amato has joined Capital One as an originator of multi-family mortgages. He moved over this week from HSBC, where he spent more than three years and most recently was a vice president working in loan syndications. Before that, Amato spent about seven years at Freddie Mac. He reports to Joel Willard, a senior vice president in Capital One’s multi-family finance...



The Grapevine

Fri, 02 Feb 2018
Midland Loan Services is looking to hire a senior asset manager for the PNC unit’s real estate solutions group in Overland Park, Kan. Reporting to group head David Spotts, the recruit would help provide due-diligence, special-servicing and asset-management services for commercial MBS B-piece buyers. The position, which requires 10 years of experience, would also involve asset management for balance-sheet lenders that write construction...



The Grapevine

Fri, 02 Feb 2018
Originator Christina Langrall started last month at the CMBS and balance-sheet lending unit in Wells Fargo’s Charlotte office. A vice president, she previously worked in the bank’s corporate net-lease group. Langrall covers North and South Carolina, Tennessee and Georgia. She reports to John Tinkey, who oversees the Southeast and portions of the...



The Grapevine

Fri, 02 Feb 2018
Matthew O’Brien joined Barclays last month as an analyst in the bank’s CMBS and structured-products unit. He previously spent three years at Home Point Financial in Parsippany, N.J. Before that, he worked at Caliber, an Edison, N.J., lender.



The Grapevine

Fri, 02 Feb 2018
Pillar Financial wants to add a couple of staffers. It’s looking for an originator with 1-5 years of experience to write multi-family mortgages across the U.S. and develop new client relationships. Candidates should be familiar with commercial-property markets and with Fannie Mae, Freddie Mac and FHA lending programs. Pillar is also seeking a mortgage broker with a similar background. Both recruits could work in any of the New York...



Morgan Stanley to Back Chicago Office Deal

Fri, 26 Jan 2018
Morgan Stanley is poised to lead a debt package of around $425 million for the buyer of a Chicago office property.A joint venture between J.P. Morgan Asset Management and Sterling Bay Cos. has agreed to purchase the 1.6 million-square-foot building, at 600 West Chicago Avenue, for $510 million. The seller is Equity Commonwealth, a Chicago REIT led by Sam Zell.Morgan Stanley has the inside track to arrange the financing, with a floating rate and a...



Bridge, Silverpeak Set to Launch Debut CLOs

Fri, 26 Jan 2018
Bridge Investment and Silverpeak Argentic are the latest issuers in the growing commercial real estate CLO market.Both firms are expected to introduce their debut CLOs early next month, backed by floating-rate mortgages that they originated.The collateral pools of both offerings will be in the vicinity of $500 million. Wells Fargo will lead the Bridge deal, while Goldman Sachs will shepherd the Silverpeak transaction.Market pros think real estate...



CMBS Runs With Bulls as Spreads Plummet

Fri, 26 Jan 2018
It’s not just the stock market that’s roaring.Commercial MBS spreads have fallen to the tightest level since the financial crisis, driving down the cost of capital for securitization programs.The rally is in line with surging investor demand in the broader bond market, as well as in equities. “There’s just strong demand across all asset types,” said one trader, noting that bond buyers have fresh annual allocations of...



Loan Sought for Phila. Office Deal

Fri, 26 Jan 2018
An investment team is looking for about $105 million of floating-rate debt to finance its pending purchase of the office tower at 1600 Market Street in Philadelphia.American Real Estate and Independencia Asset Management have agreed to buy the 826,000-square-foot property from Equity Commonwealth for roughly $160 million.Debt funds and banks are expected to be the leading contenders for the debt assignment. The buyers are seeking a term of about...



Wells Lends on Calif. Business Park

Fri, 26 Jan 2018
Wells Fargo is leading a $170 million refinancing of an office/industrial complex in California’s Orange County.The collateral is the 1.2 million-square-foot Airport Business Center in Irvine, close to John Wayne Airport. The 10-year debt package consists of a $150 million, fixed-rate senior mortgage from Wells and a $20 million mezzanine loan provided by a Brookfield Asset Management fund.The financing was expected to close this week, with...



MetLife Inks San Diego Office Floater

Fri, 26 Jan 2018
MetLife has written a $127 million floating-rate mortgage on a recently purchased San Diego office building.The five-year loan is backed by DiamondView East Village, a 313,000-square-foot downtown property that overlooks the San Diego Padres’ baseball stadium. The insurer closed the mortgage three weeks ago for the owner, DivcoWest Properties of San Francisco.DivcoWest bought the 15-story building in September, paying $207 million to a...



KeyBank Finances Senior Apartments

Fri, 26 Jan 2018
KeyBank has put together a $161.5 million debt package for the owner of a portfolio of age-restricted apartment properties.The financing consists of $113.35 million of Fannie Mae mortgages and a $48.25 million bridge loan that Key originated for its balance sheet. The 13 collateral properties, encompassing around 1,500 units, can be occupied only by seniors. The owner, Calamar Enterprises of Wheatfield, N.Y., owns and develops properties in the...



KKR, MassMutual Circle B-Pieces

Fri, 26 Jan 2018
The issuers of three upcoming conduit deals have placed their B-pieces — two with KKR and one with MassMutual.In each case, the acquired bonds are expected to be subject to risk-retention rules, meaning that the buyers can’t trade them.KKR will purchase the junior portion of an offering by Wells Fargo, Barclays, Rialto Capital and C-III Commercial Mortgage (WFCM 2018-C43). The transaction is likely to employ an L-shape risk-retention...



CBRE: Loan Trends Favor Borrowers

Fri, 26 Jan 2018
Lending activity tailed off a bit at the end of last year, according to CBRE data, while some measures of credit quality weakened.Those were among the findings in the brokerage’s quarterly survey of commercial mortgages originated or brokered by the firm. Overall, the report indicates the lending market will probably continue to be favorable for borrowers in the near future.On the underwriting front, one of the most notable movements was an...



Calif. Hotel Buyer Taps Colony REIT

Fri, 26 Jan 2018
A debt REIT managed by Colony NorthStar has originated a $173.5 million floating-rate mortgage for an investment shop that acquired the Fairmont San Jose.Eagle Canyon Capital bought the 805-room hotel from St. Louis developer Maritz, Wolff & Co. for $223.5 million, or $216,000/room.The New York REIT, NorthStar Real Estate Income Trust, funded $166.6 million of the balance at the closing on Jan. 2. Eagle Canyon can draw down the balance over 18...



Cadwalader Still Dominates Small Field of CMBS Legal Advisors

Fri, 26 Jan 2018
Cadwalader Wickersham topped the list of legal advisors to U.S. issuers and underwriters of commercial MBS again last year, while Sidley Austin retained second place in both rankings and pulled farther ahead of its other rivals.In a year marked by the introduction of new risk-retention rules, the annual deal count jumped by 18% to 157. Cadwalader landed the more-coveted role as issuer counsel on 104 of those offerings, up from 89 the previous...



Wells' Market Share Tops 80% in Key Trust-Shop Ranking

Fri, 26 Jan 2018
Commercial MBS issuers have shown a heightened preference for consistency when choosing providers of trust-administration services, enabling Wells Fargo to pull even further ahead of its few rivals for that business.As CMBS issuance soared by 26% to $95.3 billion last year, the perennial market leader was tapped by issuers to serve as certificate administrator on 81.6% of new deals by dollar volume. That was up from 73.2% in 2016, according to...



The Grapevine

Fri, 26 Jan 2018
Market pros are watching to see what Jim Buccola’s arrival at Cantor Fitzgerald as head of the fixed-income division will mean for the firm’s CCRE lending unit. CCRE’s conduit activity plummeted by 58% last year as Cantor was buying out partner CIM Group after a contentious legal battle. The cost of that buyout, coupled with the disappointing IPO of affiliate Newmark, has left Cantor’s leverage ratio elevated, according to...



The Grapevine

Fri, 26 Jan 2018
Barclays has dismissed managing director Christopher Haid from his post as head of both commercial MBS and asset-backed bond trading. Haid was let go on Tuesday, amid broader staff cuts. An earlier round of layoffs two years ago had sharply reduced his CMBS team. Haid had been at Barclays since 2004. Before then, he was a portfolio manager at Merrill Lynch Investment...



The Grapevine

Fri, 26 Jan 2018
Wells Fargo and Deutsche Bank are advising homebuilder Lennar on the potential sale of its Rialto Capital subsidiary. Market pros say the banks have contacted prospective buyers and will soon launch a formal bidding process. Rialto’s interests in the debt funds it manages, as well as its servicing and B-piece investment units, would be part of the offering, but the shop’s conduit lending arm, Rialto Mortgage Finance, wouldn’t be...



The Grapevine

Fri, 26 Jan 2018
David Burt and Kathy Anderson joined Basis Investment’s agency-lending unit this month. Burt is a managing director and head of West Coast production, based in Los Angeles. He spent the past three years at Red Capital. Anderson, a senior vice president, is based in Greensboro, N.C. She formerly worked for BNC Bancorp, which was acquired last September by Pinnacle...



The Grapevine

Fri, 26 Jan 2018
Meanwhile, Basis Investment is looking to add a handful of originators across all of its commercial real estate lending businesses in New York, Atlanta, Los Angeles, Chicago and Dallas. Basis originates agency, CMBS, bridge and mezzanine loans, as well as preferred equity.



The Grapevine

Fri, 26 Jan 2018
CMBS trader Yahli Becker has left J.P. Morgan, where she focused on agency paper. She’s headed to a similar role at Cantor Fitzgerald. Becker, who departed J.P. Morgan within the last month, spent more than 10 years on the bank’s CMBS desk.



The Grapevine

Fri, 26 Jan 2018
CBRE has added a loan-servicing specialist in Atlanta. David Sullivan began a couple of weeks ago as a director. He’ll concentrate on primary servicing of highly structured loans, including construction debt, syndicated loans, mezzanine debt and mortgages on transitional assets. Sullivan previously spent 16 years at Trimont Real Estate, heading a team with a similar...



The Grapevine

Fri, 26 Jan 2018
A memorial service is planned Feb. 3 in Connecticut for Ron Rapp, a former top executive with Allied Irish Bank. Rapp, 60, died unexpectedly about a week ago. He worked for the Irish bank for about a decade and headed up its originations team in New York before leaving in 2011, as it wound down operations in the U.S. Since 2012, Rapp had been a managing director in a real estate investment unit at Raymond James in St. Petersburg, Fla. The Real...



Rialto Puts B-Piece, Fund Operations on Block

Fri, 19 Jan 2018
Homebuilder Lennar has put its Rialto Capital subsidiary up for sale.Market pros estimate the Miami shop could be worth as much as $1.5 billion.The offering includes Rialto’s interests in debt funds that it manages — both the management rights and its equity stakes in the vehicles — as well as the company’s servicing and B-piece investment units, according to people familiar with the matter.But Lennar plans to retain the...



Foreign-Bank Group Eyes Big Brookfield Loan

Fri, 19 Jan 2018
A foreign-bank syndicate has the inside track to provide a Brookfield Property partnership with a $1.15 billion mortgage on the cornerstone office building at its massive Manhattan West development.The lending group comprises Bank of China, DekaBank, ING Real Estate Finance, Landesbank Baden-Wurttemberg, Natixis and Societe Generale, according to several people with knowledge of the matter.While a formal agreement hadn’t been reached this...



Rialto, KKR Led Shuffled B-Piece Market in '17

Fri, 19 Jan 2018
Risk retention shook up the ranks of conduit B-piece buyers last year.While Rialto Capital remained the most-active buyer, three other shops — KKR, Silverpeak Argentic and Prime Group — surged up the league table.Meanwhile, Eightfold Real Estate, Torchlight Investors and C-III Capital — which had finished 2-3-4 in 2016 — slid down or off the table.In a separate ranking of special servicers, Midland Loan Services reclaimed...



Benchmark Spread Nears New Low

Fri, 19 Jan 2018
Commercial MBS buyers were lining up this week for the first conduit offering to hit the market in a month, prompting dealers to market the benchmark bonds with the tightest projected spread since the crash.The price guidance was 69-bp area over swaps on the long-term, super-senior class of the $1.2 billion offering, which is being floated by Deutsche Bank, J.P. Morgan and Citigroup under their new “Benchmark” brand (BMARK 2018-B1)....



RCG Eyes Equity for Junior-Debt Plays

Fri, 19 Jan 2018
RCG Longview is seeking to raise $250 million of equity to invest in subordinate debt.That would double the capacity of a commercial mortgage investment program it launched in November with a $250 million commitment from the U.S. arm of an unidentified global insurance company. The operator is talking to potential limited partners about setting up either another separate account or a commingled fund.RCG is pitching the offering as a...



Mesa West Lends on Calif. Apartments

Fri, 19 Jan 2018
Mesa West Capital has originated $125 million of debt on a pool of California apartment properties that recently changed hands.The floating-rate financing, with a term of five years, was closed a few weeks ago. Records show the borrower is Pacific Urban Residential of Palo Alto, Calif. The collateral encompasses four complexes, with 520 units, that the investment firm acquired over the past five or six months. Two properties are south of Los...



MetLife Writes LA Office Mortgage

Fri, 19 Jan 2018
MetLife has written a $120 million loan on a Los Angeles office property recently acquired by Rockpoint Group.The fixed-rate mortgage, with a term of 10 years, is backed by the 445,000-square-foot tower at 5670 Wilshire Boulevard, in the Miracle Mile district. Boston-based Rockpoint Group bought the Class-A building from Blackstone in October, for $215 million. Eastdil Secured advised Blackstone on the sale, and helped line up the financing for...



Loan Sought for East Bay Office Deal

Fri, 19 Jan 2018
Rockwood Capital is looking for about $63 million of debt to finance its purchase of an office complex in an East Bay suburb of San Francisco.The New York investment firm has agreed to buy Growers Square, a 193,000-square-foot property in Walnut Creek, Calif., from Nevada Public Employees. The price would be in the neighborhood of $95 million.Rockwood is seeking floating-rate financing, with a term of about five years, via Newmark, which is also...



Floater Finances Pa. Office Purchase

Fri, 19 Jan 2018
LoanCore Capital has originated $79.3 million of floating-rate debt for the buyer of a suburban Philadelphia office portfolio.Most of the loan to MLP Ventures went to finance its acquisition of 641,000 square feet of office and flex space in King of Prussia, Pa., from Liberty Property for about $77 million. Some $14 million of the debt will be drawn down over time for leasing and other expenses.The three-year loan, with a one-year extension...



Kroll Sees Private REIT-Bond Growth

Fri, 19 Jan 2018
Kroll expects private issuance of REIT bonds to increase this year, as investors warm up to the smaller, lower-leverage firms taking that route.An analysis by the rating agency found REITs that privately placed bonds in the first three quarters of 2017 generally had lower overall and unsecured leverage than companies that floated public offerings. Their conservative profiles are attractive to bond-buyers, adding to the reasons for mid-sized REITs...



Debt Fund Lining Up More Capital

Fri, 19 Jan 2018
Hedge fund operator 400 Capital is boosting the buying power of one of its vehicles.The firm’s 400 Capital Asset Based Term Fund is scheduled to close on more than $40 million of fresh equity this month, on top of the $150 million it lined up from Cambridge Associates in an initial capital-raising round in August.The plan is to raise at least $250 million for the fund, with a limit of $300 million, according to sister publication Hedge Fund...



Fitch Dethrones Moody's as Most-Active Agency on CMBS Deals

Fri, 19 Jan 2018
Fitch edged out defending champ Moody’s in the ranking of rating agencies that graded U.S. commercial MBS transactions last year, although both firms saw their market shares fall.Fitch rated 62% of U.S. issuance, down from a 70% market share in 2016, when the agency ranked second. Meanwhile, Moody’s slipped to second place, ending its seven-year run atop the U.S. league table. Moody’s market share dropped sharply, to 58.5% from...



Wells Leads Master Servicers Again; Photo Finish for Key, Midland

Fri, 19 Jan 2018
Wells Fargo snagged more than half the master-servicing contracts on commercial MBS offerings again last year, while KeyBank and Midland Loan Services landed in a near-tie for second place.As U.S. issuance soared by 26% to $95.3 billion in 2017, Wells received 59.5% of the master-servicing assignments on new deals by dollar volume, according to Commercial Mortgage Alert’s CMBS Database.The other two major players in the field each captured...



The Grapevine

Fri, 19 Jan 2018
Originators Marco Lainez and Jake Bierly joined Bancorp Bank this month from RAIT Financial. Lainez is a managing director in New York, while Bierly is a director in the Philadelphia area. Both focus on writing floating-rate bridge loans. Lainez had been at RAIT for about three-and-a-half years and was at Citigroup before that. Bierly was at RAIT for more than four years, and his previous stops included Wells...



The Grapevine

Fri, 19 Jan 2018
The CRE Finance Council has hired Raj Aidasani to fill a new position as the trade group’s research director. His responsibilities include working with CREFC’s committees and forums to improve and promote its work on industry standards and best practices. He starts Jan. 29 in New York, reporting to executive director Lisa Pendergast. Aidasani spent the last six years at KPMG, also in New York, where he was a director with duties...



The Grapevine

Fri, 19 Jan 2018
Former Morgan Stanley underwriter Martha Agarwal joined Bridge Investment this week as a vice president. She’s based in New York for the Salt Lake City firm. Agarwal has been working as a consultant since leaving Morgan Stanley in 2008. She had earlier stints at PricewaterhouseCoopers and Bank of America. At Bridge, her focus is asset management. She reports to debt-investment chief Jim...



The Grapevine

Fri, 19 Jan 2018
Fitch is seeking to hire up to five commercial MBS analysts to work in New York or Chicago. The associate-director openings require 4-8 years of experience. Three or four of the recruits would help rate new issues, as part of a roughly 45-member team run by managing director Huxley Somerville. At least one would join about 25 analysts in another unit, led by managing director Mary MacNeill, that maintains surveillance onFitch-rated CMBS. Contact...



The Grapevine

Fri, 19 Jan 2018
Kroll, meanwhile, wants to add three CMBS analysts, with at least three years of experience, to its new-issue ratings team in New York. They would come in at the associate or associate director level, reporting to managing director Yee Cent Wong. Managing director Steve Kuritz, head of Kroll’s subscription-based CMBS surveillance operation in Dresher, Pa., is also looking to fill an opening for a senior analyst with 1-2 years of experience....



The Grapevine

Fri, 19 Jan 2018
KeyBank Real Estate Capital wants to hire a production analyst with at least two years of experience to work in Chicago. Duties include working with brokers on origination and structuring of commercial mortgages. Contact Morgan Pease, morgan_e_pease@keybank.com.



The Grapevine

Fri, 19 Jan 2018
Wells Fargo is looking for two commercial-mortgage analysts for its community lending and investment unit. The openings are in Addison, Texas, and McLean, Va. Candidates should have at least three years of experience with commercial real estate lending or CMBS. Contact Brianna Johnson, brianna.johnson@wellsfargo.com, and refer to job numbers 5364572 and...



The Grapevine

Fri, 19 Jan 2018
Acore Capital is seeking several analysts, associates and vice presidents to join its asset-management team, based in Dallas. The recruits would focus on construction loans and mortgages on transitional properties. The contact is David Homsher, head of asset management, at careers@acorecapital.com.



The Grapevine

Fri, 19 Jan 2018
R3 Funding of White Plains, N.Y., is looking for an associate to work on underwriting and loan closings. The contact is managing partner Ray Potter, ray.potter@r3-funding.com.



Blackstone Seeks $1.5 Billion on Willis Tower

Fri, 12 Jan 2018
Blackstone is seeking to refinance Willis Tower in Chicago less than one year after lining up a $1 billion securitized mortgage from a Goldman Sachs syndicate.The fund operator wants to borrow $1.51 billion, including a $330 million future-funding component to cover renovation expenses. Blackstone plans to kick in another $110 million of equity for the upgrades.Under the proposal, some $1.18 billion would be funded up-front. That would be $160...



Experts Foresee Tighter Benchmark Spreads

Fri, 12 Jan 2018
Commercial MBS pros have a generally bullish outlook for benchmark spreads in the first half, but the sentiment is more mixed on conduit pricing further down the capital stack.The average forecast floated by a panel of CMBS traders, investors and lenders calls for the spread on long-term super-senior bonds to contract by 6 bp, to 79 bp over swaps at midyear, continuing a trend that started in the fourth quarter. The predictions average out to...



Can REIT-Bond Issuance Keep On Climbing?

Fri, 12 Jan 2018
REITs have now issued a record volume of unsecured bonds for six straight years, but there are reasons to doubt that the trend can continue.With conditions for unsecured bond sales remaining favorable, a record 68 issuers floated $51.3 billion of fresh paper in 2017. That marked a 36% jump from $37.7 billion issued by 55 REITs the year before, according to Commercial Mortgage Alert’s REIT-Bond Database. The tally was boosted by a continuing...



Lenders Chase $600 Million SF Loan

Fri, 12 Jan 2018
An investment group is close to choosing the lender for a fixed-rate loan of roughly $600 million on the high-rise Gateway apartment complex in San Francisco.The 1,254-unit property is owned jointly by Oak Hill Investments of Menlo Park, Calif., CM Capital of Hong Kong and Prime Residential of Los Angeles.The partnership’s broker, Eastdil Secured, has already taken bids on the long-term assignment. Lenders were asked to make proposals at...



Acore Backing Seattle Office Project

Fri, 12 Jan 2018
Acore Capital has originated a $227.6 million loan for the construction of a high-rise apartment/office building in Seattle that is pre-leased to shared-workspace provider WeWork and its WeLive offshoot.The 36-story property, planned by local developer Martin Selig, will encompass 363 furnished apartments on 23 floors and almost 200,000 square feet of office space on other floors. There will also be ground-floor retail space and five floors of...



Calmwater Fund Corrals $636 Million

Fri, 12 Jan 2018
A bridge-lending shop locked in $636 million of equity at the yearend final close for its third fund.Los Angeles-based Calmwater Capital began soliciting capital two year earlier, setting a $750 million target.The vehicle, U.S. Real Estate Credit Fund 3, could originate some $2.5 billion of loans, factoring in leverage and recycled capital. Tapping capital from interim closes, it has already written 44 senior loans totaling $528 million.Calmwater...



Prime Markets Pair of Debt Funds

Fri, 12 Jan 2018
Prime Finance is seeking to raise a combined $1.3 billion of equity for its next two debt funds.The New York shop has set a $900 million target for Prime Finance Partners 6, which would mostly originate bridge loans. In addition, it’s looking to corral $400 million of equity for Prime Finance CMBS B-Piece Fund 2, which targets the below-investment grade portion of commercial MBS deals. Each fund would be the largest of its type for the...



Yearend Spreads Were Tighter Than Predicted

Fri, 12 Jan 2018
A fourth-quarter rally caused commercial MBS spreads to finish 2017 at tighter levels than market experts had predicted.The average forecast of pros surveyed by Commercial Mortgage Alert at midyear was that the prevailing issuance spread on long-term, super-senior bonds would hold steady at 94 bp over swaps. Instead, it tightened to 85 bp. Mark Buono of Global Atlantic Financial, Stephen Gargiulo of Cantor Fitzgerald and John Levy of John B. Levy...



Wells to Lend on Big Calif. Campus

Fri, 12 Jan 2018
Wells Fargo has originated a debt package of more than $300 million on a sprawling office/industrial campus outside Sacramento.The floating-rate mortgage is backed by some 7 million square feet of space at the property, in McClellan, Calif. The owner, LDK Ventures, has its headquarters at the campus, called McClellan Park, which is the site of the former McClellan Air Force Base.The exact size of the loan is unclear, but LDK was seeking $310...



Mack Funds Oaktree Hotel Purchase

Fri, 12 Jan 2018
An Oaktree Capital partnership tapped Mack Real Estate this week for a $157 million bridge loan that financed its acquisition of a Marriott hotel in Arlington, Va.Oaktree teamed up with another Los Angeles investment shop, Woodridge Capital, to acquire the 583-room Key Bridge Marriott from Host Hotels & Resorts for $190 million, or $326,000/room. Eastdil Secured brokered the sale for Host, a REIT in Bethesda, Md., and also advised the Oaktree...



Troubled-Loan Rates Continue to Fall

Fri, 12 Jan 2018
Two key indicators of credit quality for securitized commercial mortgages improved in 2017, contrary to widespread expectations.Coming off a slow but steady rise in 2016, the monthly special-servicing and delinquency rates for commercial MBS loans bounced up and down within narrow ranges before finishing the year lower.The percentage of CMBS debt in the hands of special servicers sank to 5.76% at yearend, down 21 bp since the end of November and...



MetLife Backs Orlando Office Buyer

Fri, 12 Jan 2018
MetLife has originated a $143.5 million floating-rate loan for the buyer of an Orlando office portfolio.Southwest Value Partners, a San Diego fund operator, acquired the 1 million-square-foot package three weeks ago from Cousins Properties for $208.1 million, or $200/sf. Eastdil Secured brokered the loan, which has a term of up to five years. The brokerage also advised Atlanta-based Cousins on the sale.The mortgage is backed by three properties:...



Speaker Lineup Set for Rutgers Forum

Fri, 12 Jan 2018
The Center for Real Estate at Rutgers University has finalized the speaker list for its annual commercial real estate forum, scheduled for March 8.The first session, on issues in the construction-lending sector, will be led by Meggan Walsh, deputy group head of CIT Real Estate; PNC senior vice president Tom Hyland; and John Gunther-Mohr, a senior vice president of Santander Bank.The second session, focusing on the state of balance-sheet lending,...



The Grapevine

Fri, 12 Jan 2018
Bob Restrick recently resigned as head of the investment platform at Walker & Dunlop. Restrick joined the company in 2016, when it was retooling its commercial MBS unit after its partner, Fortress investment, left the conduit-lending market. When Walker & Dunlop later shut the unit, Restrick was tapped to help build a Freddie Mac B-piece investment platform. Fund raising for that strategy apparently is still under way. Restrick is eyeing...



The Grapevine

Fri, 12 Jan 2018
Berkeley Point Capital has hired lending veteran Jim Rice to help expand its multi-family financing platform nationwide. He started last week as a managing director in Portland, Ore., moving over from Berkadia Commercial Mortgage, where he was a senior managing director heading the Portland office. Rice previously spent time at Barings Multifamily Capital and CBRE Capital Markets. He reports to executive managing director Mike May at Berkeley...



The Grapevine

Fri, 12 Jan 2018
Meanwhile, Berkeley Point Capital is looking for a chief underwriter for its FHA lending platform. Duties include leading a team that underwrites new loans according to HUD requirements. The recruit would report to senior managing director Eric Keifer. Candidates need 10-15 years of underwriting experience, at least seven in a supervisory role. Apply at...



The Grapevine

Fri, 12 Jan 2018
Sidley Austin has added associate Graham Travaglini to its CMBS practice in New York, the third recent addition to the team led by partner Kevin Blauch. Travaglini started last month, after almost three years in the New York office of PricewaterhouseCoopers. The other associates, who came aboard in October, were Tai Liu and Or Alcon. Liu spent the last four years at Cadwalader Wickersham. Alcon was an associate at law firm Erdinast Ben Nathan of...



The Grapevine

Fri, 12 Jan 2018
Turnout at the CRE Finance Council’s annual January conference hit a new peak. Registrations for this week’s gathering in Miami Beach totaled 1,801, up by 13% from last year’s 1,599. The previous record was 1,792, set in 2016.



The Grapevine

Fri, 12 Jan 2018
Asset manager Matt Auste joined Bank of the Ozarks’ Dallas office this month as a vice president. He spent the past five years at Goldman Sachs, where he worked on securitizations with the CMBS unit, and had previous stints at Bank of America and RBC.



The Grapevine

Fri, 12 Jan 2018
Atlanta-based consulting firm Birdsey Group wants to add five staffers to its 20-member team of commercial-mortgage underwriters. The openings require at least three years of experience with agency debt or private-label CMBS loans. The recruits would join a division that handles underwriting, due diligence and field-service work. It’s led by managing director Jeff Walker, who was promoted Jan. 1 from director of commercial...



The Grapevine

Fri, 12 Jan 2018
Real Estate Credit Solutions, the debt-fund platform co-managed by Related Fund Management and HPS Investment Partners, is seeking an acquisitions pro with at least 10 years of experience to join its New York headquarters as a director. The recruit would line up and close high-leverage first mortgages, B-notes, mezzanine loans and preferred-equity investments on properties in select markets nationally. The shop is in expansion mode, and is also...



The Grapevine

Fri, 12 Jan 2018
Wells Fargo has an opening on its CMBS team in New York for an associate with at least three years of experience. The recruit would help senior bankers with origination, structuring and securitization of commercial mortgages, reporting to managing director A.J. Sfarra. Apply at wellsfargo.com, referring to job number 5378844.



CMBS Pros Bullish Despite Refinancing Dip

Fri, 05 Jan 2018
While a cyclical downturn in refinancing opportunities is likely to depress commercial MBS issuance this year, securitization lenders are still generally bullish about the outlook for 2018.The reason for the optimism? They are selling a product that’s priced quite competitively.Strong investor demand for CMBS has driven down lenders’ cost of capital, enabling them to offer plain-vanilla, middle-market conduit loans with coupons of...



Citi, Goldman to Ink $530 Million Hotel Loan

Fri, 05 Jan 2018
Citigroup and Goldman Sachs have agreed to originate a $530 million loan to finance Brookfield Asset Management’s acquisition of about 100 extended-stay WoodSpring Suites hotels.Brookfield has agreed to buy the portfolio, encompassing some 12,500 rooms, for an undisclosed price. The Toronto firm is acting via its $9 billion Brookfield Strategic Real Estate Partners 2 fund. The seller, WoodSpring Hotels, is controlled by New York...



Agency Lenders Foresee Yet Another Big Year

Fri, 05 Jan 2018
After three years of explosive growth in purchases of multi-family loans, Fannie Mae and Freddie Mac may temper their activity in 2018 — but not by much.Many pros suspect that 2017 was the cyclical high-water mark for the mortgage agencies. “I think the expectation is things can’t get a whole lot better,” noted Brian Stoffers, global president of debt and structured finance for CBRE, one of the largest agency lenders.That...



Banks, Insurers See Stiff Competition

Fri, 05 Jan 2018
Balance-sheet lenders are expecting another year of steady production amid increasingly fierce competition.Originators at banks and insurance companies describe 2017 as a year of mixed results, with lending totals up a bit for some and slightly down for others. But executives across the board paint a picture of a crowded market where aggressive bidding is leading to narrower profit margins and a loosening of credit standards.The field of active...



Brookfield Eyes Loan on NY Project

Fri, 05 Jan 2018
Brookfield Property is seeking construction financing for another component of its massive Manhattan West project.The firm has started preliminary talks about lining up some $200 million of construction debt. The 30-story building, dubbed Four Manhattan West, will encompass a 164-room boutique hotel, 45 high-end residential condominiums and one or more restaurants. Completion is scheduled for 2020.Brookfield is developing the 7...



Shop Adds Loan-Sale Service

Fri, 05 Jan 2018
Lotus Capital has hired a veteran real estate pro to help build its loan-sale and placement business.Tim Taylor joined the New York shop a couple of weeks ago. He most recently was head of special situations at Ten-X and from 2011 to 2016 worked at CCRE as a managing director specializing in distribution of high-yield debt.Lotus was founded in late 2016 by Faisal Ashraf, former head of capital markets at CCRE. To date, the firm has primarily...



Acore Inks $212 Million of Loans

Fri, 05 Jan 2018
High-yield lender Acore Capital has originated two floating-rate debt packages totaling $212 million on properties slated for extensive redevelopments.A $165 million debt package is backed by the 346-room Mauna Lani Bay Hotel and Resort on Hawaii’s Big Island. Acore also wrote a $47 million loan on a Fort Lee, N.J., office building that will be partially converted to apartments.A partnership led by ProspectHill Group of San Francisco bought...



Mesa West Lends on San Diego Rentals

Fri, 05 Jan 2018
Mesa West Capital has provided $165 million of debt on two high-end apartment properties in San Diego.The floating-rate loan to local developer Sunroad Enterprises closed two weeks ago. It’s backed by the two complexes, Vive on the Park and Ariva, with a combined 555 apartments.The five-year mortgage was divided into two pieces. Los Angeles-based Mesa West retained the $145 million A-note and placed the $20 million B-note with New York...



Debt Sought for Hudson Yards Rentals

Fri, 05 Jan 2018
A Related Cos. partnership is talking to lenders about placing a $235 million mortgage on a new high-end apartment building in New York’s Hudson Yards district.The debt would be backed by the 178-unit One Hudson Yards, which was completed last summer. The complex is part of a 28-acre mixed-use project on Manhattan’s West Side that Related is developing with Oxford Properties, the real estate arm of Ontario Municipal Employees.The...



Moody's: Loan Safeguards Weakening

Fri, 05 Jan 2018
Moody’s has noticed a general slide in the quality of bondholder protections in commercial MBS loans, especially those collateralizing single-borrower deals.In a report to be released today, the rating agency says it has seen a gradual deterioration over the past year or so in a number of standard provisions in loan documents that are designed to protect the interests of lenders, and therefore of CMBS buyers.The changes reflect a successful...



REGULATORY ROUNDUP

Fri, 05 Jan 2018
Commercial-Mortgage Pros See Signs of Regulatory Relief AheadAs President Trump embarks on his second year in office, commercial-mortgage professionals are increasingly hopeful that his administration and Republican lawmakers will scale back many post-crash regulations.While the White House has made slow progress in filling many senior vacancies at regulatory agencies, industry pros speculate that the cumulative effect of those critical...



REGULATORY ROUNDUP

Fri, 05 Jan 2018
Tax Reform — CongressThe Republican-backed tax bill that President Trump signed into law Dec. 22 will allow some real estate investors to take advantage of a new break for partnerships, limited liability companies and other “pass-through” businesses. Commercial-mortgage pros figure the industry will benefit if the measure promotes investment in the sector and if the broader package stimulates the overall economy.Specifics about...



REGULATORY ROUNDUP

Fri, 05 Jan 2018
Risk Retention — SEC, CongressThe CMBS market has fared well under the federal risk-retention rules that took effect in the sector just over a year ago, despite widespread fears that the regulations would drive up borrowing costs and constrain issuance. Issuers have generally been able to adapt to the changes, although they remain frustrated by a lack of feedback from regulators on a raft of compliance-related questions.One break in that...



REGULATORY ROUNDUP

Fri, 05 Jan 2018
Capital Reserves — Congress, Bank Regs.Regulators and lawmakers are working separately to address banks’ complaints about risk-capital requirements for construction loans on commercial properties.The Comptroller of the Currency, Federal Reserve and FDIC increased the capital charges for most construction debt at the start of 2015. Last year, they proposed simplifying the rules in a way that would partially roll back those charges. But...



REGULATORY ROUNDUP

Fri, 05 Jan 2018
Step-In Risk — Bank RegulatorsU.S. regulators will have to decide how to implement a recommendation from the Bank for International Settlements that could boost risk-based capital charges for banks that write and securitize commercial mortgages.The BIS’ Basel Committee on Banking Supervision in October finalized its guidelines for banks to account for “step-in risk” when they set up certain financial entities, including...



REGULATORY ROUNDUP

Fri, 05 Jan 2018
Multi-Family Disclosures — CFPB, CongressMulti-family lenders are looking to the Consumer Financial Protection Bureau or Congress to grant some relief from stringent data-reporting requirements that took effect Jan. 1.Although the CFPB and bank regulators announced late last month that they won’t penalize lenders for errors during the first year of compliance, they disappointed industry pros who were hoping for a delay in...



REGULATORY ROUNDUP

Fri, 05 Jan 2018
Volcker Rule — Congress, ComptrollerThe Volcker Rule could be repealed or at least revised this year, in response to widespread complaints that it has sharply reduced liquidity in the fixed-income markets by prohibiting banks from engaging in proprietary trading.Although the rule allows trading for market-making purposes, banks have reduced such activity because the boundaries are unclear. That has contributed to a sharp decline in...



Goldman's Borter Nailed Forecast

Fri, 05 Jan 2018
Commercial MBS issuance last year significantly outperformed the expectations of a panel of market pros.The average prediction of 12 specialists surveyed by Commercial Mortgage Alert was that U.S. volume would be $75 billion, roughly flat with 2016. Instead, issuance soared by 26%, to $95.3 billion. Ted Borter of Goldman Sachs was right on target, with a projection of $95 billion. The next-closest prognosticators were Lisa Pendergast of the CRE...



Goldman Snatches Bookrunner Ranking, Loan-Contributor Crown

Fri, 05 Jan 2018
Goldman Sachs won the two most-prestigious league tables in the commercial MBS industry last year, dethroning J.P. Morgan as the sector’s top U.S. bookrunner and loan contributor.In the bookrunner ranking, J.P. Morgan held the lead at the three-quarter mark. But Goldman pulled ahead in the fourth quarter, narrowly defeating its rival in one of the most hotly contested battles in years. Wells Fargo was close behind, finishing third. Morgan...



KKR Took Down Most Risk-Retention Bonds in First Year

Fri, 05 Jan 2018
During the first year of risk-retention regulations, KKR retained more risk to commercial MBS transactions than any other party, according to an analysis by Commercial Mortgage Alert.KKR took down $948.8 million of risk-retention bonds, or 16.2% of the $5.9 billion total (see rankings on Pages 31-32). Rialto Capital was second, with $562.3 million of retained paper, followed by Silverpeak Argentic ($516 million).The risk-retention regulations are...



Profit Margins Slid in 4th Quarter

Fri, 05 Jan 2018
The weighted average gross profit margin of conduit deals fell again in the fourth quarter, according to calculations by Commercial Mortgage Alert.The average margin was 2.53% on the 10 transactions for which data were available. That was down from 3.31% on third-quarter offerings and 4.77% in the second quarter. The declining margins indicate that conduit shops tightened spreads to make their loans more attractive in the wake of greater...



Nominees Sought for Diversity Award

Fri, 05 Jan 2018
The Mortgage Bankers Association is seeking nominees for it second annual award recognizing a member company that fosters diversity in the commercial-mortgage industry.The trade group is aiming to acknowledge initiatives designed to increase diversity and inclusion in management ranks and throughout member companies. Consideration will be given to recruitment and retention initiatives, mentorship programs, internal training and efforts to pursue...



Voya Finances NJ Apartments

Fri, 05 Jan 2018
Voya Investment originated a low-leverage $40 million loan on a New Jersey apartment complex last month.The 752-unit Brookchester Apartment complex, in New Milford, is owned by the Brunetti Organization of Old Bridge, N.J.Berkadia arranged the fixed-rate mortgage, which has a 15-year term and a 3.72% coupon. The loan-to-value ratio is only 35%.The complex, at 915A River Road, was built in 1948. It comprises 47 low-rise buildings that are 98.3%...



The Grapevine

Fri, 05 Jan 2018
Senior managing director Jignesh Patel resigned Dec. 31 as commercial MBS portfolio manager at C-III Capital. He’d been there since 2012, trading new-issue B-pieces and other securities. Patel previously spent nearly three years at National Australia Bank and, before the downturn, was at Bear Stearns for seven years. His plans are unknown. Patel’s duties have been assumed by senior managing director Ed...



The Grapevine

Fri, 05 Jan 2018
A partnership between Turnberry Associates and Simon Property talked with CMBS lenders last month about a loan of between $1.4 billion and $2 billion on the Aventura Mall in suburban Miami — but then sidelined the discussions, sources said, for reasons that are unclear. The existing debt on the 2.1 million-square-foot mall doesn’t mature until 2020, but the Turnberry team was factoring defeasance costs into its calculations. Mall debt...



The Grapevine

Fri, 05 Jan 2018
Pinnacle Financial has hired Jim Going to open an office in Dallas and build a staff there to analyze, underwrite and originate debt via Freddie Mac’s small-balance loan program. He joined the Nashville bank last month as a senior vice president and financial advisor, reporting to commercial real estate manager Frank Stallworth. Going spent the last eight months at Birdsey Group, also in Dallas, as president and chief operating officer of...



The Grapevine

Fri, 05 Jan 2018
After more than eight years at Cassin & Cassin, attorney Bill Seligman joined McGuireWoods last month as senior counsel, based in Los Angeles for the Richmond, Va., firm. Seligman was a partner at Cassin, also in Los Angeles. He’s the latest of eight commercial real estate finance attorneys that have jumped to McGuireWoods from Cassin since November. Before signing on at Cassin in 2009, Seligman spent nine years at Winston & Strawn and four...



The Grapevine

Fri, 05 Jan 2018
HFF this week added Zack Goodwin to its team in Seattle. He’s a director, reporting to senior managing director Thomas Wilson, who co-heads the brokerage’s Seattle and Portland offices. Goodwin will help line up debt on a variety of property types in the region. He spent the past three years at JLL, most recently as a senior associate.



The Grapevine

Fri, 05 Jan 2018
Former Moody’s analyst Eric Wisman joined Fitch’s CMBS group last month to help rate new issues. He’s a director in New York, reporting to senior director Jonathan Teichmann. Wisman came from advisory firm Greenberg Group of Hewlett, N.Y., where he’d been an associate since October 2016. He previously spent about a year as a CMBS loan underwriter at Hunt Mortgage, following a four-year stint in the new-issue ratings group...



The Grapevine

Fri, 05 Jan 2018
Advisory shop Townhouse Partners is seeking to hire three analysts for its New York office. For more information, contact Janine Santoro at jsantoro@townhousepartners.com. Meanwhile, the firm is developing proprietary software that will let lenders and borrowers improve and customize the analysis of their assets. The rollout is planned by the end of the first...



One Year Later: How Risk Rules Changed CMBS

Fri, 15 Dec 2017
The commercial MBS industry has largely digested the risk-retention regulations that took effect one year ago, but not without some upheaval and surprises along the way.Perhaps most notable is the fact that some of the worst fears of industry pros didn’t materialize: CMBS issuance didn’t become uneconomical, borrowing costs didn’t soar and demand didn’t dry up for B-pieces that are subject to long-term holds.In fact, bond...



Goldman Poised to Snatch Bookrunner Crown

Fri, 15 Dec 2017
The race for the U.S. commercial MBS bookrunner crown is headed for a photo finish, but Goldman Sachs has the inside track.With only two weeks to go, Goldman, J.P. Morgan and Wells Fargo are tightly bunched at the top of the league table, creating the most hotly contested battle in years. Including two pending transactions, Goldman has $12.3 billion of bookrunner volume, only slightly ahead of defending champ J.P. Morgan ($12 billion) and Wells...



First Look at 2018 Pipeline: Slow Start Seen

Fri, 15 Dec 2017
All signs point to commercial MBS issuance getting off to a slow start next year.Only four transactions totaling $3.1 billion are in the queue for January, well below this year’s $8 billion monthly average, according to a survey by Commercial Mortgage Alert. But that isn’t so unusual: January has had the lowest monthly volume in two of the past three years.Activity will pick up in February, but not dramatically. There are currently...



BioMed Seeking $1.9 Billion Loan

Fri, 15 Dec 2017
Blackstone is in the process of lining up a $1.9 billion loan on a pool of office and laboratory properties owned by its BioMed Realty division.Continuing its step-by-step refinancing of the massive BioMed portfolio, Blackstone is seeking floating-rate debt on 3.9 million square feet of space in various locations across the country. The fund giant is taking bids directly, without a broker, for a package with either a five- or seven-year term. The...



Morgan Stanley Lands Big Floater

Fri, 15 Dec 2017
Morgan Stanley has agreed to write a $350 million loan on two Atlanta office buildings.The floating-rate mortgage, with a total term of five years, will be backed by the so-called King and Queen towers at the sprawling Concourse Corporate Center complex.The buildings account for about two-thirds of the space at the 2.2 million-square-foot campus, which is owned by a partnership between Building and Land Technology of Stamford, Conn., and Abu...



Goldman to Write Cold-Storage Loan

Fri, 15 Dec 2017
Goldman Sachs has agreed to provide a $360 million floating-rate loan to a Blackstone joint venture on 19 cold-storage warehouses scattered across eight states.The debt will finance the recapitalization of Cloverleaf Cold Storage of Sioux City, Iowa, which owns and operates the properties. Blackstone struck a deal last month to buy a majority stake in the company from the Feiges and Kaplan families, which have owned the company since 1952. The...



Financing Sought for Va. Office Recap

Fri, 15 Dec 2017
The joint venture recapitalizing a Northern Virginia office complex is seeking a $175 million mortgage.MetLife Real Estate Investors and an unidentified partner have struck an agreement to buy a 95% stake in the 635,000-square-foot Boro Station, in Tysons. The seller, Meridian Group, will keep the remaining 5% interest. The deal values the property, also known as Greensboro Station, at some $245 million, or $385/sf.The group is looking for a...



LBBW to Lead Midtown Office Loan

Fri, 15 Dec 2017
Two European lenders are lining up to provide some $130 million of debt for Brookfield Property’s purchase of a Midtown Manhattan office building.Landesbank Baden-Wurttemberg is expected to lead the loan on the 347,000-square-foot property, at 333 West 34th Street. Brookfield agreed a month ago to buy the building from New York REIT for $255 million.LBBW will likely bring in a second lender. One source who isn’t involved in the deal...



Vornado Catches REIT-Bond Wave

Fri, 15 Dec 2017
REIT-bond buyers this week snapped up Vornado Realty’s first offering in more than three years, culminating a recent flood of issuance that has pushed the annual total far beyond last year’s record.The New York office REIT’s offering of seven-year notes, with a 3.5% coupon, was increased by $100 million to $450 million. Rated Baa2/BBB/BBB by Moody’s, S&P and Fitch, the bonds priced on Tuesday to yield 3.565%, or 125 bp...



MetLife Lends on Seattle Offices

Fri, 15 Dec 2017
MetLife has provided a $99 million mortgage on an iconic office property in the heart of Seattle.The floating-rate debt has a three-year initial term, with a pair of one-year extension options. It’s backed by the 275,000-square-foot Smith Tower, an adjacent 8,000-sf mixed-use building and a garage. The loan was closed last week for the owner, fund operator Unico Properties of Seattle.Constructed in 1914, the 38-story Smith Tower was the...



Bloomfield Fund Exceeds Equity Goal

Fri, 15 Dec 2017
High-yield debt-fund operator Bloomfield Capital has wrapped up fund raising for its third vehicle after surpassing its equity target.The Birmingham, Mich., lender held a final close last month on $100 million for Bloomfield Capital Income Fund 3. The operator began soliciting equity in 2015 with a $75 million goal and set $100 million as its ceiling.The vehicle already is nearly two-thirds invested. It shoots for a return of 10-11% via the...



Floater Sought on New Seattle Offices

Fri, 15 Dec 2017
A Barings Real Estate partnership is seeking $265 million of floating-rate debt on a newly completed office building in downtown Seattle.Barings, which invests on behalf of MassMutual, owns the 754,000-square-foot building, at 505 Madison Street, in partnership with local developer Schnitzer West. The duo is talking to lenders directly, asking for bids on a three-year loan with two one-year extension options.Proceeds would go to retire...



Principal Backs Santa Monica Offices

Fri, 15 Dec 2017
Principal Real Estate Investors has originated $57.2 million of debt on four office and mixed-use buildings in Santa Monica, Calif.The properties, encompassing 127,000 square feet, are owned by Houston-based Lionstone Investments, which was advised by HFF.Principal wrote a 15-year floater on a building at 2415 Michigan Avenue. The other three buildings collateralize a fixed-rate loan with a 15-year term and a 3.74% coupon. They are within a few...



CMBX Players Grow More Bullish

Fri, 15 Dec 2017
Spreads on CMBX swaps contracted sharply over the past month, especially on derivatives tied to junior bonds, extending a rally that got underway around mid-year.The credit-default swap spreads tracked by the most-recent series of IHS Markit’s CMBX index tightened even as spreads on the so-called cash bonds referenced by those derivatives widened slightly. The result is a drop in the cost of using the CMBX index to hedge commercial MBS...



The Grapevine

Fri, 15 Dec 2017
Veteran originator Larney Bisbano joined Ares Real Estate of New York a few weeks ago as a vice president. He came from Deutsche Bank, where he worked in a unit tasked with winding down the bank’s pre-crash commercial real estate holdings. Bisbano had worked at Deutsche affiliate PB Capital from 2010 until it was sold in 2013. He had earlier stints at other lending shops, including Hypo Real Estate and Chase Manhattan. Ares invests in a...



The Grapevine

Fri, 15 Dec 2017
Morningstar has hired six commercial MBS analysts over the last month, expanding its new-issue ratings team in anticipation of increased issuance. Two signed on as vice presidents: Audrey Lee, who previously worked at Rialto Capital, and Greg Haddad, who moved over from Moody’s. Former S&P analyst Walter Johnston joined as an assistant vice president, as did Amanda Moses, a former BNY Mellon staffer who was most recently an adjunct faculty...



The Grapevine

Fri, 15 Dec 2017
Meanwhile, Morningstar recently added three associates to its CMBS credit-risk services team. That unit, led by senior vice president Edward Dittmer, monitors the vast majority of outstanding transactions in the sector and produces monthly performance reports for subscribers. The new staffers, who started in October, are Greg Baker in New York, Milad Nourmohammadi in Chicago and Zach Schreffler in Horsham, Pa. Baker previously worked at KPMG and...



The Grapevine

Fri, 15 Dec 2017
Scott Childs jumped to BBVA Compass from Huntington Bank a couple of weeks ago. He’s a senior vice president based in Denver, focusing on originations for BBVA’s institutional clients under the supervision of institutional real estate chief Jeff Journey. Before working with Huntington for about four years, Childs spent several years at KeyBank.



The Grapevine

Fri, 15 Dec 2017
Alliant Credit Union has hired originator Peter Margolin at its Chicago headquarters. He started a few weeks ago, originating mortgages on various types of commercial properties across the U.S. Margolin previously worked in Chicago for Ladera, Calif., lender Money360. Before that, he spent time at PennyMac Commercial Real Estate Finance and at the former Centerline Capital, now known as Hunt Mortgage. Alliant typically writes debt packages...



The Grapevine

Fri, 15 Dec 2017
Related Cos. and Highbridge Principal Strategies are seeking an originator with at least 10 years of experience to join their debt-fund platform. The recruit would work at New York-based Related’s Chicago office, lining up and originating higher-leverage loans for the joint venture, called Real Estate Credit Solutions. The shop invests in senior loans, B-notes, mezzanine debt and preferred equity backed by commercial real estate across the...



The Grapevine

Fri, 15 Dec 2017
Goldman Sachs has hired an associate in its real estate finance group to help structure CMBS offerings. Nan Su started Monday in New York. He reports to managing director Brian Liloia. Su spent the last two and a half years at Hunt Cos., most recently as a CMBS trading associate in the Hunt Financial Securities broker-dealer unit.



The Grapevine

Fri, 15 Dec 2017
Torchlight Investors wants to add a vice president at its New York headquarters, as it continues expanding its CMBS B-piece investment platform. The recruit would seek out and analyze potential investments, and report to partner Sam Chang, who leads the group. Contact bpiecehiring@torchlightinvestors.com.



"True Sale' Ruling by SEC Bolsters CMBS

Fri, 08 Dec 2017
The commercial MBS industry has dodged a bullet.The SEC has confirmed that an issuer can sell risk-retention bonds to a third party without hampering its ability to classify a securitization as a “true sale” for accounting purposes.A dispute about the accounting treatment arose over the summer when issuers were given conflicting guidance from different accounting firms. The question was a major concern for bank issuers, since...



Blackstone Eyes Big Loan for Industrial Deal

Fri, 08 Dec 2017
Blackstone is seeking to line up $1.4 billion of debt to finance its pending acquisition of an industrial portfolio from Cabot Properties.The giant fund operator has agreed to pay roughly $1.8 billion for the 21 million-square-foot package.Blackstone’s advisor, Eastdil Secured, is pitching the financing assignment to banks and commercial MBS programs. The preference is for a seven-year term. Both fixed- and floating-rate proposals will be...



Walton Street Seeks $345 Million Hotel Loan

Fri, 08 Dec 2017
Walton Street Capital is aiming to line up a $345 million floating-rate loan on four full-service hotels.The Chicago fund operator bought the properties in separate transactions from different sellers in 2014 and 2015. They are in downtown areas of Nashville, New Orleans, Philadelphia and St. Louis, and together have 1,827 rooms.Walton Street now wants a single mortgage backed by all four properties, with a two- or three-year term and options to...



BBVA Finances Industrial Portfolio

Fri, 08 Dec 2017
BBVA Compass has originated a $175 million floating-rate loan on a large package of industrial properties.The five-year loan to IDI Gazeley closed about a week ago. BBVA is talking with other lenders about syndicating part of the debt.The collateral encompasses 4.2 million square feet at eight properties that are about 90% leased overall. The composition of the entire pool couldn’t be learned, but it includes:The 454,000-sf Antioch...



Thorofare Launches Open-End Fund

Fri, 08 Dec 2017
Thorofare Capital has lined up nearly $200 million of initial equity for an open-end debt fund.The Los Angeles investment manager, which has previously sponsored four closed-end debt funds, is aiming to raise $300 million to $500 million of equity overall during the first round of marketing for the new vehicle, Thorofare Asset Based Lending Fund 5.Thorofare closed on the initial commitments and made its first two investments last month.The...



Banks Bid for Pieces of Big NY Loan

Fri, 08 Dec 2017
Talks got under way this week for the syndication of the $800 million mortgage on 28 Liberty Street in Lower Manhattan.The floating-rate loan on the 2.1 million-square-foot office tower was originated by Deutsche Bank and HSBC and closed within the past couple of weeks. Credit Agricole and Natixis have since joined as lead arrangers, and the foursome met this week with other banks interested in taking down pieces of the debt. The syndication is...



Freddie Targets Home-Rental Sector

Fri, 08 Dec 2017
The first agency securitization of debt on single-family rental homes priced this week, marking the latest effort by Freddie Mac to boost lending on affordable and workforce housing.The $202.7 million offering, which priced Wednesday via bookrunners Morgan Stanley and Wells Fargo, was backed by 59 fixed-rate loans to multiple borrowers on 2,355 properties in 20 states (see Initial Pricings on Page 26). The fixed-rate loans were originated or...



Pensam Maps Lending Push in 2018

Fri, 08 Dec 2017
Multi-family lender Pensam Capital is aiming to double its loan production next year, to around $200 million.The Miami shop invests in apartment properties around the country. It writes bridge, mezzanine and construction loans; acquires properties; injects preferred equity; and invests in the subordinate portions of Freddie Mac multi-family deals.The expansion of the lending program is being driven largely by borrower demand, according to...



Big Loan Sale Boosts Credit Gauges

Fri, 08 Dec 2017
Two key measures of credit quality for securitized commercial mortgages showed improvement again last month, partly due to the liquidation of a large distressed mortgage on a Connecticut office building.Some 5.97% of commercial MBS loans were in the hands of special servicers as of Nov. 30, down 15 bp from a month earlier, according to Trepp. The monthly rate hasn’t been lower since May 2016, when it stood at 5.75%. The latest dip reflected...



Approved Primary, Master and Special Servicers

Fri, 08 Dec 2017
The listing below shows commercial mortgage servicers rated by S&P, Fitch, DBRS, Morningstar and Kroll.Primary servicers, also called sub-servicers or loan servicers, handle individual mortgages that collateralize commercial MBS. Master servicers oversee primary servicers. Special servicers are responsible for securitized mortgages that become distressed and any resulting foreclosed properties.S&P rates servicers as: “Strong,”...



Bridge Tees Up $1.5 Billion Fund 3

Fri, 08 Dec 2017
Bridge Investment is getting ready to start marketing its third debt fund, and is setting its sights higher after exceeding fund-raising expectations for its previous vehicle.The Salt Lake City firm is aiming to raise $1.5 billion of equity for Bridge Debt Strategies Fund 3. The predecessor Fund 2, which was launched in 2016 with a $750 million equity goal, held a final close in August on $1 billion. In addition, the firm lined up $830 million...



Apartment Buyer Taps KeyBank

Fri, 08 Dec 2017
KeyBank has written a $73.3 million Freddie Mac loan for the buyer of a Kentucky apartment property.Lifestyle Communities acquired the 600-unit Mallard Crossing apartment complex, in Louisville, last month from Blackstone subsidiary LivCor for $86.3 million, or $144,000/unit. The Freddie floater, which has a four-year term, closed in conjunction with the sale.Mallard Crossing was developed in phases, beginning in 1991. Chicago-based LivCor...



MetLife Backs Warehouses in Southeast

Fri, 08 Dec 2017
MetLife originated a $60 million fixed-rate mortgage this week on 10 industrial buildings in the Southeast.The 1.8 million-square-foot portfolio is owned by Graham Commercial Properties of Birmingham, Ala. Speake Financial advised the firm on the 10-year loan.The properties, which are in four states, include:The 451,000-sf Distribution Center 1&2, at 2200 and 2225 Cedars Road in Lawrenceville, Ga., about 35 miles northeast of Atlanta.The...



The Grapevine

Fri, 08 Dec 2017
Centennial Property Finance has added a senior originator. Garrett Thelander joined the unit of Centennial Bank of Conway, Ark., last week as a managing director in New York, focusing on large loans nationally. Thelander spent the past two years at Cushman & Wakefield and the previous four years at New York brokerage Massey Knakal, which Cushman acquired in 2015. Earlier, he worked at Anglo Irish Bank’s New York office for six years. His...



The Grapevine

Fri, 08 Dec 2017
Commercial mortgage attorney Thomas Lansen started this week as a partner in the real estate practice at McGuireWoods. He’s one of seven real estate finance attorneys that have jumped to the Richmond, Va., law firm from Cassin & Cassin over the last month or so. Lansen was a partner in Cassin’s New York headquarters, which he joined in 2012 following a two-year stint at Sankel Skurman. The other attorneys who recently moved over from...



The Grapevine

Fri, 08 Dec 2017
Voya Investment is looking to hire a couple of experienced originators in the coming months. They would report to Mike Cale, vice president of real estate capital markets and alternative assets for the life company. Duties would include reviewing and structuring new mortgages, along with maintaining relationships with the company’s correspondents. Both recruits would likely work in Atlanta, although one could be based on the West Coast....



The Grapevine

Fri, 08 Dec 2017
Dechert has hired three associates to represent investment banks and alternative lenders on commercial real estate financings. Eric Glickman joined the firm on Nov. 27, Rebekah Ha starts on Monday and Cameron Schladenhauffen will arrive Dec. 18. They’ll be part of the 106-member global finance practice led by partner Rick Jones. Glickman and Ha, who have structured-product backgrounds, will work in Dechert’s Philadelphia headquarters....



The Grapevine

Fri, 08 Dec 2017
Walker & Dunlop last week hired Michael Shvarzblat as an assistant vice president. He works on lining up debt on various property types, concentrating on owners and assets in New Jersey. Shvarzblat reports to managing director David Rosenberg, who helps manage the brokerage’s debt-placement activities across the U.S.



The Grapevine

Fri, 08 Dec 2017
BNY Mellon is seeking a real estate relationship manager with 7-10 years of experience. The recruit would work in New York and originate, underwrite and manage balance-sheet loans. The bank also has an opening for an associate with up to four years of experience. Apply at BNYMellon.com/careers.



Correction

Fri, 08 Dec 2017
An Initial Pricings table published on Dec. 1 misidentified one of the two rating agencies that graded a $1.3 billion Freddie Mac securitization (FHMS 2017-K070/FREMF 2017-K70). In addition to Moody’s, the transaction was rated by Kroll, not Morningstar.



REITs Set Weekly Record for Bond Issuance

Fri, 01 Dec 2017
Simon Property floated $1.35 billion of unsecured bonds yesterday, capping the second record-breaking week of issuance by REITs this year.All told, eight companies priced $5 billion of paper, eclipsing the previous weekly record of $4.3 billion, set only two months ago, according to Commercial Mortgage Alert’s REIT-Bond Database. All of the issuers found strong demand, achieving higher prices than dealers expected.The burst of activity...



Conduit Issuers Split Loans Into More Pieces

Fri, 01 Dec 2017
For a J.P. Morgan conduit syndicate, the $1.2 billion senior loan it originated this year on the office building at 245 Park Avenue in Midtown Manhattan was the gift that kept on giving.After securitizing $500 million of the balance in a stand-alone transaction, the syndicate divided the remaining $700 million into tranches that were sprinkled across a record 13 conduit deals.While that’s an extreme example, it reflects a growing trend in...



JP Morgan Lands $475 Million Hotel Floater

Fri, 01 Dec 2017
J.P. Morgan has agreed to supply $475 million of floating-rate debt on the Hilton Orlando.The bank will likely securitize the senior portion of the debt package on the 1,417-room property, which is owned by a partnership among Ares Management of Los Angeles, RIDA Development of Houston and Park Hotels & Resorts of McLean, Va. Eastdil Secured is advising the group.The Ares partnership, which built the hotel in 2009, would use most of the proceeds...



Rockwood Eyes Loan on NY Tower

Fri, 01 Dec 2017
Rockwood Capital is close to lining up about $260 million of financing on an office building near Grand Central Terminal in Midtown Manhattan.The investment shop has quietly pitched the assignment for Two Grand Central Tower to a relatively small group of lenders. Those in the hunt are believed to include one or more members of the J.P. Morgan syndicate that provided the existing debt package of about $200 million in early 2015. The loan spread...



Issuers Pitch 4 CMBS Offerings

Fri, 01 Dec 2017
Dealers this week began marketing $3.5 billion of commercial MBS issues, split evenly between two conduit offerings and two single-asset transactions backed by loans on hotels owned by Blackstone.One of the conduit deals, a $1.1 billion offering by Bank of America, Morgan Stanley and Wells Fargo, is expected to price next week (BANK 2017-BNK9). The other is a $684.7 million offering by UBS, Rialto Capital, Ladder Capital, CCRE, KeyBank and...



Deka to Lend on Midtown NY Tower

Fri, 01 Dec 2017
A Blackstone partnership has tapped Deka Bank to originate a mortgage of about $265 million on the office building at 1330 Avenue of the Americas in Midtown Manhattan.Deka may bring in another lender to take down part of the balance, according to market pros, who cited Helaba Bank as a likely candidate.Blackstone and its partner, RXR Realty of Uniondale, N.Y., began shopping for the loan in October via Eastdil Secured. The duo preferred a...



Beacon Taps Aareal for Chicago Loan

Fri, 01 Dec 2017
Aareal Capital has originated about $180 million of floating-rate debt on a Chicago office tower.Beacon Capital owns the 940,000-square-foot property, at One North Dearborn Street in the Central Loop.The mortgage, which closed a couple of weeks ago, has a five-year term. Eastdil Secured brokered the financing.Beacon, a Boston fund shop, acquired the building in October 2015 from Chetrit Group of New York for $202 million. The occupancy rate at...



Brookfield Pursues Acquisition Loan

Fri, 01 Dec 2017
Brookfield Asset Management is seeking a floating-rate loan of about $90 million to finance its pending acquisition of a San Jose office property.The Toronto investment manager has agreed to buy the 412,000-square-foot complex, called Towers @ 2nd, for $128 million, or $311/sf. The seller is a partnership between Dallas-based Invesco and Harvest Properties of Emeryville, Calif.Because the two-building property is only about 65% occupied, the loan...



Beacon Wants Loan for SF Office Deal

Fri, 01 Dec 2017
Beacon Capital is looking for a $115 million fixed-rate loan to finance its pending purchase of a San Francisco office building.The Boston fund shop struck an agreement a couple of weeks ago to buy the 243,000-square-foot building, at 201 California Street, from Barings Real Estate for about $180 million, or $740/sf. The proposed loan size is about 64% of the purchase price.Beacon, which is circulating the assignment via Eastdil Secured, prefers...



Loan Sought on New Google Offices

Fri, 01 Dec 2017
A developer is seeking a $150 million floating-rate loan on a nearly completed Silicon Valley office building that will be fully occupied by Google.The 246,000-square-foot property is at 1625 Plymouth Street in Mountain View, Calif. It’s along the southern end of the technology company’s massive headquarters complex, known as the Googleplex, which encompasses some 3 million sf of offices in dozens of buildings at the southern edge of...



Silverpeak Circles Another B-Piece

Fri, 01 Dec 2017
Silverpeak Argentic has agreed to buy its seventh B-piece of the year.The high-yield shop will take down the subordinate portion of the conduit deal, led by Morgan Stanley (MSC 2017-H2). Silverpeak will also contribute loans to the collateral pool, along with Morgan Stanley, Citigroup and Starwood Mortgage Capital.The issue will hit the market this month. It hasn’t yet been decided whether the B-piece will be structured as tradeable or...



Cassin Adds Veteran CMBS Attorney

Fri, 01 Dec 2017
Cassin & Cassin has hired veteran commercial-mortgage attorney Rand Boyers Peppas with an eye toward boosting its ongoing effort to attract a wider variety of lenders to its client roster.Peppas, who spent the past nine years at DLA Piper, joined Cassin’s New York headquarters on Nov. 16 as a partner in the 20-member real estate finance team. Plans call for adding several more attorneys with various levels of experience next year, said...



Capital One Financing Calif. Complex

Fri, 01 Dec 2017
Capital One has agreed to write a $50 million floating-rate loan on an industrial complex in San Fernando, Calif.The 591,000-square-foot San Fernando Business Center, currently unencumbered by debt, is owned by a fund managed by Barings Real Estate of Hartford. The floating-rate loan, equal to about 50% of the property’s value, has a three-year term and two one-year extension options. It is expected to close by yearend.The 33-acre complex...



BBVA to Back Mass. Office Buyer

Fri, 01 Dec 2017
BBVA Compass has agreed to provide $94 million of debt on a suburban Boston office complex that recently changed hands.Spear Street Capital of San Francisco acquired the 500,000-square-foot Center at Corporate Drive, in Burlington, Mass., for about $133 million on Oct. 11 from a joint venture between Principal Real Estate Investors of Des Moines, Iowa, and Davis Cos. of Boston.Spear Street evidently tapped a credit line to complete the...



The Grapevine

Fri, 01 Dec 2017
Industry veteran Ken Dickey has joined Grass River Credit REIT as a managing director. He is overseeing the origination of 10-year, fixed-rate mortgages by the Coconut Grove, Fla., shop. Dickey most recently was a managing partner in BNY Mellon’s real estate lending business and previously spent 15 years at Deutsche Bank, where he oversaw conduit-loan originations. While at Deutsche, he worked with Toby Cobb and Justin Kennedy, who are now...



The Grapevine

Fri, 01 Dec 2017
Morgan Stanley has added an originator on the West Coast. Curtis Brunton joined the bank a few weeks ago in San Francisco. He previously was a principal with PGIM Real Estate Finance, where he worked for about 15 years. His stay at the insurer was interrupted by a stint as a managing director at Redwood Trust from 2009 to 2011. He helped oversee debt activity in the Central and Western U.S. for the Mill Valley, Calif.,...



The Grapevine

Fri, 01 Dec 2017
Citigroup added two pros to its securitization group last month. Julia Nachman joined as a vice president in Los Angeles. She spent the past two-and-a-half years at Ladder Capital and previously worked at Colony Capital. Julie Thiesfeldt was hired as an analyst in New York, reporting to director Rick Simpson. She previously worked at PricewaterhouseCoopers.



The Grapevine

Fri, 01 Dec 2017
Tobi Abereoje joined Basis Investment’s New York office several weeks ago as a vice president in the multi-family finance group. He spent the past two years at J.P. Morgan and previously worked at Banco Santander and KeyBank Real Estate Capital. Meanwhile, Basis continues to seek originators for its conduit, agency and high-yield lending programs in New York, Atlanta, Los Angeles, Chicago and Dallas. Candidates can apply to...



The Grapevine

Fri, 01 Dec 2017
A third former Kelley Drye attorney has joined Sullivan & Worcester’s expanding real estate debt and equity practice in New York. Teresa Long started as counsel a few days after the Nov. 16 arrival of attorneys Joseph Forte and Barbara Shachnow, who were named partners. The seven-member New York practice, now led by Forte, represents lenders, property owners and other clients on commercial real estate finance transactions. Long spent a year...



The Grapevine

Fri, 01 Dec 2017
Law firm Kirkland & Ellis has hired David Perechocky, a corporate-finance attorney who advises real estate companies on bond offerings, mergers and acquisitions and other transactions. Perechocky started last month as an associate in the Chicago-based firm’s New York office. He spent the past five years at Goodwin Procter, also in New York.



The Grapevine

Fri, 01 Dec 2017
BedRock Capital is looking to add analysts/associates in New York, Los Angeles and Denver. Duties include supporting underwriting, origination and asset management. BedRock is also seeking a seasoned closing coordinator/transaction manager in New York. Candidates for that position need 3-5 years of experience with both CMBS and floating-rate loans on transitional properties. BedRock is a subsidiary of One William Street Capital. The contact is...



Brookfield Eyes Loan on Revamped NY Offices

Fri, 17 Nov 2017
A Brookfield Property Partners joint venture is seeking to line up more than $1 billion of debt on a giant office building on Manhattan’s West Side.The 1.7 million-square-foot property, at 450 West 33rd Street, was built in 1968, but the Brookfield team completed a $350 million redevelopment this year in order to make it the cornerstone of its Manhattan West mixed-used project, still under construction.The 17-story building, rebranded Five...



High-Yield Shop Sets $200 Million Loan Goal

Fri, 17 Nov 2017
A New York investment firm has mapped out plans to originate $200 million of high-yield loans over the next 12-18 months.EJS Real Estate will primarily write floating-rate senior and subordinate loans on land and construction projects. In addition, it may originate preferred equity and bridge loans on transitional properties, and buy and sell nonperforming loans.The firm was founded in 2015 by Ted Segal, with backing from principals of LS Power,...



Law Firm Taps Forte to Spearhead Expansion

Fri, 17 Nov 2017
Law firm Sullivan & Worcester has hired veteran industry attorney Joseph Forte to lead an expansion of its real estate debt and equity practice in New York.Forte and colleague Barbara Shachnow joined an existing four-member team yesterday, following stints as partners at Kelley Drye. Plans call for recruiting up to four more seasoned attorneys within six months or so, at the level of partner, associate or of counsel.Forte’s team is part of...



Dealers Pitch $6.3 Billion of CMBS

Fri, 17 Nov 2017
The pace of commercial MBS issuance picked up this week, as dealers priced or marketed five conduit deals totaling $4.7 billion and three single-borrower transactions with an aggregate balance of $1.7 billion.The heavy supply showed no signs of slowing the recent CMBS rally, which has pulled in benchmark spreads to the tightest levels in more than three years.The long-term, super-senior bonds in a $1.1 billion offering led by Deutsche Bank and...



Spread Widens on Prepayable CMBS

Fri, 17 Nov 2017
Buy-side tolerance for prepayment risk turned out to be lower than Goldman Sachs expected this week, forcing the dealer to drop its asking price on a unique class of bonds in its latest conduit offering.The super-senior bonds in Goldman’s $1 billion issue (GSMS 2017-GS8) included a $10 million tranche whose cashflows are tied to part of a retail loan that can be paid off early without penalty. While it isn’t unheard-of for commercial...



Orlando Apartment Buyer Taps BofA

Fri, 17 Nov 2017
Bank of America wrote a $65.7 million floating-rate loan this week for the buyer of a new apartment complex in Orlando.Harbor Group International acquired the 449-unit property, at 990 Warehouse Road in the Audubon Park district, for $97.1 million, or $216,000/unit.The mortgage is pegged to 185 bp over Libor and has a five-year term, including extension options. The loan-to-cost ratio is 68%. Berkadia advised Harbor, of Norfolk, Va.The complex,...



KKR Writes Floater on Minn. Offices

Fri, 17 Nov 2017
KKR has agreed to provide about $180 million of floating-rate debt on a Minneapolis office complex that’s been repositioned to attract new tenants.The fund shop’s five-year loan will be backed by the 1 million-square-foot Fifth Street Towers. The borrower, a partnership between Pimco and Zeller Realty, is wrapping up a renovation program and working to lift the occupancy rate, currently around 56%.A portion of the debt would be...



Wells Finances Offices in Austin

Fri, 17 Nov 2017
Wells Fargo originated a $64 million floating-rate mortgage last week on most of an Austin office complex.The loan is backed by nine of the 10 buildings that constitute the 648,000-square-foot Amber Oaks Corporate Center. It has a five-year term, including extension options. HFF advised the borrower, Menlo Equities of Menlo Park, Calif.Menlo bought the entire complex in 2015 from CBRE Global Investors of Los Angeles for $116 million. Within a...



Key Originates 2 FHA Mortgages

Fri, 17 Nov 2017
KeyBank has written nearly $182 million of FHA debt on assisted-living and apartment properties in New England.The two fixed-rate loans closed in the past few weeks. A $99.8 million mortgage is backed by six skilled-nursing facilities, encompassing 664 beds, in New Hampshire, Rhode Island and Vermont. An $82 million loan is on five rental properties with 574 units in suburban Boston.The larger loan was written for a joint venture among two...



BofA, Deka Join M&T on Brooklyn Loan

Fri, 17 Nov 2017
Bank of America and Deka Bank are joining M&T Bank in the origination of a $250 million floating-rate mortgage on the leasehold interest in the Empire Stores office/retail complex along Brooklyn’s waterfront.As previously reported, M&T agreed to lead the loan for a Rockwood Capital partnership that redeveloped seven contiguous warehouses on the site, at 53-83 Water Street, near the foot of the Brooklyn Bridge. Eastdil Secured is advising...



PGIM Debt Fund Sets Growth Goals

Fri, 17 Nov 2017
PGIM Real Estate, which closed on $300 million of initial equity for an open-end debt fund in July, hopes to more than triple the vehicle’s size by the end of next year.The Madison, N.J., investment manager is telling investors that it expects to have $500 million of equity by yearend and is shooting to reach $1 billion a year later.The vehicle, PGIM Real Estate U.S. Debt Fund, originates senior and subordinate loans of up to $100 million...



Rare REIT-Bond Floater Creates Buzz

Fri, 17 Nov 2017
The first floating-rate REIT bonds issued in the U.S. in more than 10 years raised eyebrows last week, but there’s little chance the move by AvalonBay Communities will start a significant trend.The Arlington, Va., apartment REIT set out to sell $400 million of fixed-rate unsecured corporate bonds. An enthusiastic reception from investors prompted it to increase that offering by $50 million — and add $300 million of three-year...



Foreign Banks Back Brooklyn Project

Fri, 17 Nov 2017
Three foreign banks have originated a $170 million loan for the construction of a Brooklyn apartment tower by Brookfield Property Partners and Park Tower Group.Industrial and Commercial Bank of China, Bank of Nova Scotia and TD Bank wrote the floating-rate debt package, which has a four-year term and closed two weeks ago. Some of the proceeds were used to refinance a land loan that ICBC had supplied.The Brookfield partnership is already well...



MetLife Lends on Miami-Area Rentals

Fri, 17 Nov 2017
MetLife has written a $43 million mortgage on a recently completed apartment property in South Florida.The fixed-rate loan, with a 10-year term, is backed by the 240-unit Azura Kendall, in the suburban Miami community of Three Lakes. The insurer originated the loan a couple of weeks ago for the property’s developer, Richman Group of Greenwich, Conn.Richman completed the luxury complex last year. When it began construction in 2015, the firm...



Morningstar Cut From Rental Deal

Fri, 17 Nov 2017
Investors in securitizations of rental-home cashflows were scratching their heads after the latest deal to hit the market didn’t carry ratings from Morningstar.As it turns out, the issuer, Pretium Partners, initially engaged Moody’s, Kroll and Morningstar to rate the $251 million offering — the same agencies that worked on its seven previous transactions. But just days before the deal hit the market on Nov. 13, Pretium and...



The Grapevine

Fri, 17 Nov 2017
Commercial MBS trader Michael Regan has jumped to Piper Jaffray from Janney Montgomery Scott, where he had served for almost three years. He was named a managing director at Minneapolis-based Piper, the same title he held at Janney, and continues to work out of Charlotte. Regan joined Philadelphia-based Janney from Amherst Pierpont in early 2014. He previously worked at Cortview Capital, Cross Point Capital and FTN...



The Grapevine

Fri, 17 Nov 2017
CBRE Capital Markets has added a senior vice president to its debt-placement team in Florida. Yakhin Israel started three weeks ago in Tampa, lining up financing for clients and working to expand the brokerage’s business in the region. He previously was founder and principal at Twin Pillar Capital of Tampa, a boutique real estate advisory and brokerage firm that concentrated on commercial properties in the Southeast. Before opening that...



The Grapevine

Fri, 17 Nov 2017
Longtime Five Mile Capital staffer Rakshiet Jain started Monday as a director on Bank of America’s CMBS trading desk in New York. Jain was most recently a managing director at Five Mile, where his responsibilities included managing investments in commercial real estate debt and securities. He had joined the Stamford, Conn., fund shop as an associate director 11 years ago, following a brief stint as a trading analyst at GMAC’s...



The Grapevine

Fri, 17 Nov 2017
Allison Recker and Sarah Johnson have joined KeyBank Real Estate Capital as senior vice presidents in Denver. They started in recent weeks, working on commercial mortgages in the surrounding region. Recker came from UMB Bank of Denver, where she worked for two years as a relationship manager. Before that, she spent more than eight years at Vectra Bank Colorado. Johnson joined Key from Triton Investment of Greenwood Village, Colo., where she was...



The Grapevine

Fri, 17 Nov 2017
Hollis Park Partners has hired Sudeep Walvekar as a senior analyst. He started last month at the New York fund shop, which focuses on investments in a broad range of securitized products, including CMBS. Walvekar spent the last four years at broker-dealer Cross Point Capital of Kingston, N.J., where he was a vice president focusing on CMBS sales and trading. He previously worked on the structured-product sales and trading desks at National...



The Grapevine

Fri, 17 Nov 2017
Veteran agency-loan originator Jane Harrison has been hired by Basis Investment as a senior vice president. She started this month in Atlanta as head of multi-family finance in the Southeast. Her career has included stints at Collateral Mortgage Capital of Birmingham, Ala., and Arbor Realty of Uniondale, N.Y. Harrison’s hiring was part of an ongoing staff expansion at New York-based Basis. The firm continues looking for originators for its...



The Grapevine

Fri, 17 Nov 2017
Adam Lipkin joined Counterpointe Sustainable Real Estate this month as an executive director. Lipkin covers the Miami/Fort Lauderdale region for the Old Greenwich, Conn., shop. Counterpointe is a C-PACE (Commercial Property Assessed Clean Energy) lender, specializing in “green” loans for infrastructure improvements at commercial properties. Lipkin spent the past three years at the Miami office of Grandbridge Real Estate Capital, which...



CMBS Issuance to End Year on a Strong Note

Fri, 10 Nov 2017
A second-half surge is putting commercial MBS issuance on track to approach $100 billion for the year.A review of the deal pipeline by Commercial Mortgage Alert indicates that issuance will remain strong through December, with $13.7 billion of transactions scheduled to price by yearend. That would lift the year’s volume to $94.4 billion. And some additional single-borrower transactions are likely to emerge, boosting that total further (see...



Agencies Seen Facing Tighter Limits in 2018

Fri, 10 Nov 2017
Agency lenders expect Fannie Mae and Freddie Mac to trim their purchases of multi-family mortgages next year.Under guidelines set by the Federal Housing Finance Agency, the two mortgage agencies shoot to originate 40% of all multi-family originations. But their joint market share has crept up close to 50% this year.As a result, lenders say, the FHFA is leaning toward adjusting its parameters for loan purchases, with the goal of shrinking the...



Credit-Quality Metrics Sending Mixed Signals

Fri, 10 Nov 2017
While leverage ratios have steadily declined since conduit issuers began preparing last year for the implementation of risk-retention regulations, other metrics cast doubt on the degree to which credit quality has improved.On the one hand, the weighted average loan-to-value ratios reported by issuers have fallen steadily, to 55.7% last quarter from 62.6% in the second quarter of last year, according to Commercial Mortgage Alert’s CMBS...



Deutsche to Lead $1.8 Billion Loan

Fri, 10 Nov 2017
Deutsche Bank is leading a group of five lenders that will originate a $1.8 billion financing package for Blackstone on the Cosmopolitan of Las Vegas hotel and casino.Goldman Sachs, Citigroup, Bank of America and J.P. Morgan will team up with Deutsche, each putting up 20% of the proceeds to refinance the 3,974-room property. They will securitize the senior portion of the floating-rate loan in an upcoming stand-alone offering and structure the...



Bridge-Loan Vehicle Raising Equity

Fri, 10 Nov 2017
A joint venture between BNY Mellon and Amherst Holdings is seeking an initial $500 million of equity for an open-end debt fund focused on transitional properties.The vehicle, Amherst RECAP Leveraged CRE Fund 1, would target a 9-10% return via loans on middle-market properties across the U.S. Using leverage of up to 60%, it would have up to $1.25 billion of initial lending capacity.The manager is Amherst Capital, a bridge lender formed in 2015 as...



Guggenheim Writes 2 Bridge Loans

Fri, 10 Nov 2017
Guggenheim Commercial Real Estate has originated two fixed-rate bridge loans, for a total of $77 million, on a Nashville hotel and a California warehouse.The five-year loans, to separate borrowers, closed during the past few weeks. The larger, for $56 million, is backed by the 192-room Courtyard Nashville Downtown, a Marriott-branded select-service hotel. The borrower was Carey Watermark Investors 2, a nontraded REIT run by W.P. Carey of New York...



Issuers Float $3.9 Billion of CMBS

Fri, 10 Nov 2017
Commercial MBS dealers began marketing two conduit offerings totaling $2.1 billion this week, while pricing $1.8 billion of fresh paper via a pair of single-borrower issues.One of the conduit deals, a $1.1 billion offering by Deutsche Bank, Citigroup and Silverpeak Argentic, is expected to price today (CD 2017-CD6). The other, slated to price next week, is a $1 billion transaction collateralized by loans from Goldman Sachs (GSMS 2017-GS8).The...



BofA to Finance High-End Hotels

Fri, 10 Nov 2017
Bank of America just won assignments from Blackstone and Tishman Realty to write floating-rate loans totaling $575 million on upper-upscale hotels.BofA will securitize the two loans in separate, stand-alone commercial MBS offerings next month.The larger loan, for $325 million, will by backed by four Club Quarters hotels owned by Blackstone. The properties, in Chicago, San Francisco, Philadelphia and Boston, together have 1,228...



Refi Sought for Midtown NY Tower

Fri, 10 Nov 2017
A partnership between Blackstone and RXR Realty wants to put $265 million of fresh debt on a Midtown Manhattan office building.The duo is looking for a floating-rate loan with a term of five years on the 526,000-square-foot building, at 1330 Avenue of the Americas. Banks and others types of lenders are considering the lending assignment, which is being pitched by Eastdil Secured.The property, which spans the block between West 53rd and West 54th...



Heitman Lends on Brooklyn Offices

Fri, 10 Nov 2017
Heitman has originated a $50.2 million floating-rate loan on a recently repositioned office property in Brooklyn.The 80,000-square-foot building is at 109 South Fifth Street in the Williamsburg neighborhood. The loan from Heitman, a Chicago investment manager, has an initial three-year term and two one-year extension options. Eastdil Secured brokered the financing for the owner, Meadow Partners.The loan-to-value ratio is in the area of 70%,...



MetLife Writes Tampa Office Floater

Fri, 10 Nov 2017
MetLife has originated an $80.4 million floating-rate loan on two Class-A office buildings in Tampa.The five-year mortgage is backed by the 495,000 square feet of space at Island Center and Waterford Plaza, both on the bayfront in the upscale Rocky Point neighborhood. Eastdil Secured arranged the financing for a joint venture between Partners Group and Parmenter Realty. The loan closed three weeks ago.Parmenter, a Miami fund shop, bought the two...



CMBS Measures Show Improvement

Fri, 10 Nov 2017
The percentage of securitized commercial mortgages in the hands of special servicers dropped last month to its lowest level in more than a year.Some 6.12% of commercial MBS loans were in special servicing as of Oct. 31, down 23 bp from a month earlier, according to Trepp. The rate hasn’t been lower since July 2016, when it stood at 6.07%.Meanwhile, the delinquency rate for CMBS loans, as measured by Fitch, decreased by 3 bp to 3.5% last...



Goldman Funds Self-Storage Portfolio

Fri, 10 Nov 2017
Goldman Sachs has written a $52 million fixed-rate mortgage on eight self-storage properties in Pennsylvania and Virginia.The 555,000-square-foot portfolio is owned by Space Mart Development of State College, Pa. JLL brokered the 10-year loan, which closed late last month. Goldman will securitize the mortgage.The properties encompass 4,711 units. Four are in the Philadelphia area, two are in central Pennsylvania and the other two are in Richmond,...



The Grapevine

Fri, 10 Nov 2017
Veteran originator Ken Margala has just signed up with Grass River Credit REIT, a new outfit led by managing partners Toby Cobb, Justin Kennedy and Jonathan Roth. Margala has been a securitization pro since the 1990s, working at various Wall Street shops including UBS, Goldman Sachs, Deutsche Bank, Merrill Lynch and Cantor Fitzgerald. In 2015, he shifted to New York-based Iron Hound Capital, for which he handled West Coast originations out of...



The Grapevine

Fri, 10 Nov 2017
After two years at Alston & Bird in Los Angeles, Susannah Keagle has joined Kroll’s commercial MBS group as a senior director in New York. She started Nov. 1 as the third attorney on a team that handles legal issues related to CMBS ratings and surveillance. Led by managing director Robin Regan, that unit also includes senior director Dayna Carley. At Alston & Bird, Keagle was a senior associate focusing on real estate finance and CMBS loan...



The Grapevine

Fri, 10 Nov 2017
Bridge Investment is dispatching originator Patrick Petersen from its New York office to open a regional lending outpost in Dallas. Petersen, a vice president, will relocate later this month. He joined Salt Lake City-based Bridge in 2014.



The Grapevine

Fri, 10 Nov 2017
Commercial real estate lender Harvest Small Business Finance has hired Heidi Borneo as its first business-development officer on the East Coast. Borneo joined the Small Business Administration lender on Nov. 1 as a senior vice president in Falls Church, Va., where she will concentrate on the Greater Washington area. She reports to managing directors Todd Massas and Adam Seery, co-chief origination officers at the Laguna Hills, Calif., firm....



The Grapevine

Fri, 10 Nov 2017
MidFirst Bank wants to add an originator to its New York outpost. The Oklahoma City bank is seeking a seasoned lender, preferably with 5-10 years of experience. The recruit would work with managing director Doug Rutley, who heads the office. Candidates can contact him at doug.rutley@midfirst.com. MidFirst has been building up its lending activity. According to an annual survey by Commercial Mortgage Alert, it increased its loan portfolio by 28.3%...



The Grapevine

Fri, 10 Nov 2017
The Mortgage Bankers Association has hired Grant Carlson as a policy advisor in its commercial/multi-family group. Carlson, who reports to associate vice president Bruce Oliver, started Oct. 23 in the trade group’s Washington headquarters. He spent the last three years as a government affairs specialist at the Electronic Transactions Association, also in...



The Grapevine

Fri, 10 Nov 2017
Bruce Goldman joined M.Y. Safra Bank within the last couple of weeks as a business-development director. He previously worked at BCB Community Bank. At New York-based M.Y. Safra, Goldman focuses on originating loans on a range of property types. The bank typically writes mortgages ranging up to $5 million on New York multi-family, mixed-use and other commercial properties, as well as residential real...



Distressed Conn. Office Loan Sold to Tenant

Fri, 03 Nov 2017
Special servicer C-III Asset Management sold a distressed $265 million mortgage on a Connecticut office building to one of the tenants at a steep discount this week, the latest step in a contentious battle with the owner, Landis Group.Charter Communications acquired the defaulted loan for roughly $100 million, sources said. The 527,000-square-foot building, at 400 Atlantic Street in Stamford, was appraised last month at just $119.4 million...



Starwood Drops CMBS Plan, Gets Extensions

Fri, 03 Nov 2017
Starwood Capital, which originally planned to refinance $1.5 billion of maturing mall loans in the commercial MBS market via a Bank of America syndicate, decided instead to exercise extension options this week on the existing floating-rate debt.The Greenwich, Conn., investment shop evidently shifted gears primarily out of concern that it wouldn’t be possible to disclose a pending change in the management of its malls to bond buyers within...



Brookfield Taps Citi for Houston Office Deal

Fri, 03 Nov 2017
Citigroup has won the mandate for an $850 million floating-rate loan that will help Brookfield Asset Management finance its pending acquisition of the Houston Center office complex.Citi will hold a portion of the debt on its balance sheet and likely syndicate the rest.Brookfield, a Toronto investment manager, has agreed to buy the 4.2 million-square-foot property from J.P. Morgan Asset Management for about $875 million, or $208/sf.Brookfield...



MetLife, TIAA Unit Fund NJ Mall Loan

Fri, 03 Nov 2017
Two insurers have provided $400 million of fixed-rate debt to refinance a large New Jersey mall.MetLife and TH Real Estate, a subsidiary of TIAA, originated the 12-year mortgage on Freehold Raceway Mall two weeks ago for a joint venture between Macerich and Heitman. The interest rate is 3.9%. Macerich, a REIT in Santa Monica, Calif., used $217 million of the proceeds to retire a 4.2% mortgage.The 1.7 million-square-foot super-regional mall is in...



German Banks Mapping Return to US

Fri, 03 Nov 2017
Some German banks that halted U.S. commercial real estate lending after the financial crisis are making plans to return to the market.Munchener Hypothekenbank and Bayerische Landesbank are likely to start originating mortgages in the States in the near future, according to multiple sources. Several other German lenders are considering similar moves as well, nearly a decade after the crash forced them to retrench.MunchenerHyp is believed to be...



Syndicate Backs Toronto Hotel Deal

Fri, 03 Nov 2017
A syndicate led by Wells Fargo and Credit Agricole has financed Brookfield Asset Management’s acquisition of the Sheraton Centre Toronto Hotel.Brookfield acquired the 1,372-room property from Marriott International of Bethesda, Md., for C$335 million ($260 million). The sale was announced last week, but details about the financing weren’t disclosed.The syndicate, which also includes Aozora Bank, Deka Bank and Raymond James, originated...



Benchmark Spread Tightens Again

Fri, 03 Nov 2017
The prevailing spread on benchmark commercial MBS contracted again over the past week, as two conduit offerings achieved the tightest levels in more than three years.Reflecting a CMBS rally that got underway in mid-October, the long-term super-seniors flew off the shelves with spreads of 76 bp over swaps in a transaction last Friday and 78 bp in a deal that priced on Wednesday (see Initial Pricings on Pages 13-18). In both cases, the spread beat...



Buyers Eye Loan for Virginia Marriott

Fri, 03 Nov 2017
The team that’s in line to purchase the Key Bridge Marriott in Arlington, Va., is seeking about $135 million of debt to finance the deal.Oaktree Capital and Woodridge Capital have agreed to buy the property from Host Hotels & Resorts for just over $180 million. They’re in the market for a floating-rate loan with an initial term of three years and a couple of extension options. Debt funds are taking a look at the lending assignment,...



Varde Shops Senior, Mezz Performers

Fri, 03 Nov 2017
Varde Partners is marketing $79.5 million of performing senior and mezzanine loans.The offering encompasses 19 senior loans totaling $31.4 million and 14 mezzanine loans totaling $48.1 million. All have fixed rates.On a weighted average basis, the senior loans have a 6% coupon, a 4.8-year remaining term and a 66% original loan-to-value ratio. The collateral consists of office, retail, hotel and multi-family properties in 11 states.The mezzanine...



CMBS Secondary Market Wakes Up

Fri, 03 Nov 2017
The recent commercial MBS rally has given a shot in the arm to the sleepy secondary market.Since mid-October, surging demand for seasoned paper has increasingly tempted bond holders to take profits. CMBS traders estimated that at least $750 million of paper was shopped in the secondary market each of the past two weeks, up from roughly $600 million a week earlier. For the previous several months, the weekly volume of such bid lists usually...



Financing Sought for Seattle Condos

Fri, 03 Nov 2017
A Chinese investment firm is seeking about $120 million of financing to develop a condominium tower in downtown Seattle.ZhongJi Holdings is asking for quotes on a floating-rate loan with a term of 3-5 years. The preference is for nonrecourse debt. JLL is marketing the lending assignment.The Beijing firm and its local operating partner, Daniels Real Estate, have begun construction on the 40-story building, at 1613 Second Avenue. It’s slated...



EagleBank Backs Offices Near DC

Fri, 03 Nov 2017
EagleBank has provided $103.5 million of debt in connection with the trade of a majority stake in an office building in a Maryland suburb of Washington.The floating-rate mortgage is backed by the 366,000-square-foot Montgomery Tower, in downtown Bethesda. AXA Investment Management of Paris purchased a 95% interest in the property in a transaction that valued it at about $140 million. Washington-based MRP Realty retained the remaining 5% interest,...



Simon Leads Rally in REIT Bonds

Fri, 03 Nov 2017
Spreads on Simon Property bonds have tightened sharply over the past few weeks, leading a rally of high-rated REIT paper.The run-up in the mall giant’s unsecured paper has come despite buy-side concerns about the headwinds faced by retail properties. Ten-year bonds that Simon floated on May 22 at 120 bp over Treasurys were changing hands on Wednesday at a spread of 87 bp, down from 89 bp last week and 106 bp on Sept. 29.Seven other...



Loans Returned 1.07% in 3rd Quarter

Fri, 03 Nov 2017
Commercial real estate loans generated a 1.07% return in the third quarter, according to the Giliberto-Levy Commercial Mortgage Performance Index.That was down sharply from the 2.11% gain recorded in the previous three months, but marked the third consecutive quarter of positive returns. That brought year-to-date performance for the index of fixed-rate mortgages to 5.28%. Over the past 12 months, the index was up 2.67%.Loan payments produced a...



Key Inks $70 Million Hotel Loan

Fri, 03 Nov 2017
KeyBank originated a $69.9 million fixed-rate loan last month on eight extended-stay and limited-service hotels in Indiana and Michigan.The 694-room portfolio is owned by HRC Hotels of East Lansing, Mich.HRC used the proceeds to help retire an $80 million loan that Prudential Mortgage Capital securitized in 2007 (BSCMS 2007-PW18). That loan was backed by 13 hotels, including the eight backing Key’s 10-year loan.Key will securitize the...



The Grapevine

Fri, 03 Nov 2017
Buy-side veteran Julie Madnick jumped to Ares Management from Ranieri Partners a month ago, joining the Los Angeles fund shop as a commercial MBS portfolio manager in New York. Madnick spent eight years as a managing director at Ranieri, also in New York, where she was responsible for structured-product investments including CMBS, residential MBS and asset-backed securities. Madnick previously focused on CMBS, mezzanine loans, B-notes and real...



The Grapevine

Fri, 03 Nov 2017
Managing director Aaron Casden left Benefit Street Partners this week. He’s started a 90-day gardening leave while considering his next move. Casden joined the debt-investment arm of Providence Equity in early 2015. Before that, he spent more than five years at Ladder Capital.



The Grapevine

Fri, 03 Nov 2017
Meanwhile, New York-based Benefit Street Partners is looking for an experienced originator to open a lending office in the Los Angeles area. It’s also seeking to hire a handful of originators to work in New York and possibly other markets. The real estate team is headed by managing director Michael Comparato.



The Grapevine

Fri, 03 Nov 2017
The CRE Finance Council’s Servicing and Issuer Task Force has drawn up some proposals for adjusting CMBS loan documents to improve communication with borrowers. The changes would include clarifying conflicting or confusing provisions in the documents and streamlining overly complicated review procedures for certain borrower requests. Task force chairman Joseph Franzetti, senior vice president of capital markets at Berkadia, will present the...



The Grapevine

Fri, 03 Nov 2017
Industry veteran Clay Sublett joined Mutual of Omaha Bank in recent weeks as a managing director in the commercial mortgage group. He’s based in Kansas City. Sublett previously spent 17 years at KeyBank, leaving earlier this year as a senior vice president.



The Grapevine

Fri, 03 Nov 2017
The Intercontinental Exchange has informally indicated that it plans to start clearing credit-default swaps that are tracked by IHS Markit’s CMBX index during the second half of next year. The initiative stems from a federal mandate requiring Wall Street dealers to clear all derivatives transactions through third-party clearinghouses or face stringent margin requirements. As previously reported, the nine banks authorized to trade CMBX swaps...



The Grapevine

Fri, 03 Nov 2017
TF Cornerstone has an opening for an analyst in its New York office. Along with general analytics, the recruit would assist with negotiating, documenting and closing construction and permanent debt for residential and commercial properties. Candidates should have 3-5 years of experience. Apply at hr@tfc.com.



The Grapevine

Fri, 03 Nov 2017
Guggenheim Commercial Real Estate Finance is looking for two or three servicing/asset management pros to join its team in Atlanta. Candidates should have at least two years of experience, and can apply at www.guggenheimpartners.com/firm/careers.



Macerich Seeks $300 Million Retail Mortgage

Fri, 27 Oct 2017
Macerich is close to picking a commercial MBS shop to provide a $300 million loan on a high-end shopping center in Southern California.The fixed-rate mortgage would refinance the 520,000-square-foot Santa Monica Place, an open-air property a couple of blocks from the oceanfront in Santa Monica. The word is that insurers as well as CMBS lenders were in the running for the assignment. Eastdil Secured is arranging the financing.The expectation is...



Bank Takeover Prompts More Exits at CIBC

Fri, 27 Oct 2017
Three more managing directors have left CIBC’s commercial real estate lending operation in the wake of the bank’s takeover of Chicago-based PrivateBank.James Baranello, Eli Hattem and Susan Robinson exited the Canadian bank’s New York outpost within the past week or so. Their departures came as CIBC continued reorganizing its team following the $5 billion acquisition of PrivateBank in June.The latest moves follow the midyear...



Chinese Family Office Opens Lending Shop

Fri, 27 Oct 2017
Seven Valleys, the U.S. family office of Chinese investor Zhang Xin, is rolling out a lending platform that aims to originate $2 billion of bridge and mezzanine loans and other commercial real estate debt over the next two years.The New York lender, Seven Valleys Capital, is likely to close its first loan in a few weeks. Headed by managing principal Jason Bordenick, it plans to invest $500 million of equity in the program and use leverage to fund...



Floater Lined Up on Gannett HQ in Va.

Fri, 27 Oct 2017
AllianceBernstein has committed to provide a $248 million mortgage on the headquarters of news company Gannett in Northern Virginia.The floating-rate debt is expected to have a five-year term. The word is about $180 million would be funded initially, with the remaining $68 million set aside as future funding for leasing and other costs. Eastdil Secured is advising the owner, a partnership between London-based Tamares Real Estate and Finnish...



Benchmark Spread Still Contracting

Fri, 27 Oct 2017
The commercial MBS rally continued this week, shrinking the projected benchmark spread in a $1.1 billion conduit transaction that also benefitted from a lack of competition during its first few days of marketing.Dealers were aiming for today to price the latest joint offering by Bank of America, Wells Fargo, Morgan Stanley and NCB (BANK 2017-BNK8), after shopping the long-term, super-senior bonds with price guidance of 78-bp area over swaps. That...



Key Lines Up Loan on Retail Portfolio

Fri, 27 Oct 2017
KeyBank has arranged $195 million of financing on a 2.1 million-square-foot portfolio of grocery-anchored retail properties.The 10-year loan, backed by 14 properties across the U.S., was funded by insurer Guardian Life of New York. The non-recourse debt doesn’t amortize. It was originated three weeks ago for Cincinnati retail investment shop Phillips Edison. Key lined up the debt via a platform that represents institutional investors...



SunTrust to Refinance Industrial Pool

Fri, 27 Oct 2017
SunTrust has agreed to provide $108 million of debt to refinance a portfolio of industrial properties scattered across the U.S.The floating-rate mortgage would be secured by eight properties owned by a joint venture between IDI Gazeley, which is a unit of Brookfield Property, and J.P. Morgan Asset Management. Cushman & Wakefield is advising the borrowers on the refinancing, an assignment that SunTrust landed within the past couple of weeks.The...



Basel Gives Leeway on "Step-In Risk'

Fri, 27 Oct 2017
The Bank for International Settlements has finalized its guidelines on how banks and their regulators should handle “step-in risk,” allowing for more flexibility than it had proposed earlier.If adopted by U.S. regulators, the recommendations unveiled on Wednesday by the BIS’ Basel Committee on Banking Supervision still have the potential to boost risk-based capital charges for banks that write and securitize commercial...



Refinancing Sought for Calif. Offices

Fri, 27 Oct 2017
The partnership that owns the San Mateo Gateway office complex south of San Francisco is seeking to lock in $75 million of fresh debt.The three-building property, encompassing 218,000 square feet, is owned by a joint venture between Angelo, Gordon & Co. and Hines. Eastdil Secured is working to arrange the refinancing for the partners, who prefer floating-rate debt with a total term of five years.The proposed mortgage is described as representing...



Buyer Seeks Financing on LA Offices

Fri, 27 Oct 2017
A Rockwood Capital partnership wants to line up some $155 million of debt to finance the purchase and expansion of an office complex in Los Angeles’ Playa Vista neighborhood.The New York investment shop has agreed to purchase the 260,000-square-foot Water’s Edge for about $191 million, and is expected to bring in Singapore sovereign wealth fund GIC as its 50-50 partner. The team plans to develop additional office space adjacent to the...



With Fewer Bears, Hedging Costs Fall

Fri, 27 Oct 2017
The cost of using derivatives to hedge commercial MBS risk has fallen this month, reflecting a recent flood of issuance and investors’ increasing reluctance to bet against the sector.“There’s just no reason to go short right now,” one trader said. “There hasn’t been much volatility in CMBS cash spreads lately,” he added. “They just keep grinding tighter, and volatility is what you want if...



SBA Lender Preps Debut CMBS Issue

Fri, 27 Oct 2017
A rapidly growing Small Business Administration lender that focuses on commercial real estate debt expects to float the first in a planned series of securitizations by January.The initial commercial MBS offering by Harvest Small Business Finance of Laguna Hills, Calif., will total around $55 million. The collateral will consist of the unguaranteed portions of small-balance mortgages on owner-occupied properties that Harvest originates under the...



Berkadia Lends on Fla. Apartments

Fri, 27 Oct 2017
Berkadia originated a $43.3 million Freddie Mac loan last week on a new luxury apartment property in South Florida.The 282-unit complex, in Margate, opened last year and is still in its initial lease-up phase. The fixed-rate loan has an unusual 11-year term, providing an initial year for stabilization tacked on to a typical 10-year mortgage. The coupon is below 4% and the payments are interest-only for part of the term.The bulk of the loan was...



The Grapevine

Fri, 27 Oct 2017
Ken Rogozinski re-joined Greystone this week as an executive managing director in its Greystone Bassuk real estate advisory unit. His focus is on developing structured-debt products for borrowers on various types of commercial properties. Rogozinski most recently was co-founder and chief credit officer of Dreadnought Capital, an advisory and investment shop in Stamford, Conn. Before that, he put in stints at J.P. Morgan and Morgan Stanley. His...



The Grapevine

Fri, 27 Oct 2017
After almost nine years as a rating-agency executive, attorney Troy Doll has joined the New York office of law firm Carlton Fields. Doll, of counsel, started Monday as part of the 50-member real estate and commercial finance practice led by partner Greg Null. Until leaving Kroll six months ago, Doll was a managing director in charge of the team that handles surveillance of commercial MBS deals rated by the agency at issuance. He had joined Kroll...



The Grapevine

Fri, 27 Oct 2017
Andrew Kurnit joined Trez Forman Capital last month as a senior originator in Boynton Beach, Fla. He scouts, underwrites and structures balance-sheet loans for the joint venture formed a year ago by Forman Capital of Boynton Beach and Trez Capital of Canada. He reports to president Brett Forman. Kurnit previously held lending positions at UBS, Citigroup and Nomura. Earlier this year, Trez Forman hired former Torchlight Investors staffer Ryan...



The Grapevine

Fri, 27 Oct 2017
Commercial-mortgage attorney Christopher Fernandez has switched law firms. He started Oct. 10 as counsel at K&L Gates, joining the finance practice led by partner Stacy Ackermann. Fernandez spent the last six years in the real estate finance and capital-markets practice at Kilpatrick Townsend, also in Charlotte, where he held the same title. He primarily represents servicers of performing and defaulted loans, focusing on cash management and...



The Grapevine

Fri, 27 Oct 2017
JLL has added a real estate evaluation pro to its advisory team in Atlanta. Blake Fine joined the brokerage a couple of weeks ago as a senior vice president. He reports to Atlanta market director Mike Sivewright. Fine was previously an Atlanta-based director at Integra Realty Resources of Denver. At JLL, he joins a growing team that works on appraisals and advises commercial-property owners on raising debt and equity, financial reporting,...



The Grapevine

Fri, 27 Oct 2017
Matthew Gnad joined HSBC this week as a senior underwriter in Miami. Gnad moved to the bank from Estreich & Co. He’d been with that firm in New York for about seven years, helping to line up debt and equity for the brokerage’s clients. At HSBC, he reports to Ronald Prunesti, a senior vice president based in New York.



The Grapevine

Fri, 27 Oct 2017
Ares Management is looking to hire a capital-markets associate in New York. Candidates should have 3-5 years of commercial real estate experience. The recruit would report to Sumit Sasidharan, who was hired last month as managing director and head of real estate debt capital markets for subsidiary Ares Commercial Real Estate. Send resumes to Christina Yu at...



Deutsche, HSBC Poised to Lead Big NY Loan

Fri, 20 Oct 2017
A group of European lenders, including Deutsche Bank and HSBC, is coming together to take down a nearly $800 million loan on the former Chase Manhattan headquarters building in Lower Manhattan.Deutsche has the inside track to lead the mortgage, most likely alongside HSBC. Two or more banks may join in originating the debt on the 2.1 million-square-foot building, at 28 Liberty Street. Among the lenders in talks about coming into the deal are...



Benchmark CMBS Spread Hits 2-Year Low

Fri, 20 Oct 2017
A sudden rally has pushed the benchmark commercial MBS spread to its tightest level in two and a half years.The long-term, super-senior classes of the two latest conduit deals priced at 83 bp over swaps, down sharply from the range of 88-96 bp that had prevailed since late June. The last time a benchmark tranche priced at a lower level was March 2015 (see Initial Pricings on Pages 10-14 and Scorecard for CMBS Spreads on Page 9).Reflecting the...



Morgan Stanley Lands Giant Loan to BioMed

Fri, 20 Oct 2017
Morgan Stanley has agreed to originate an $840 million floating-rate debt package for Blackstone’s BioMed Realty on a fully leased office/laboratory property in Boston.The bank will securitize the senior portion in a stand-alone offering and place the junior component with one or more investors. The debt package will have a five-year term, including extension options.The collateral is the 704,000-square-foot Center for Life Science Boston....



Starwood, JP Morgan Back SF Tower

Fri, 20 Oct 2017
Starwood Property and J.P. Morgan have teamed up to provide a $575 million bridge loan on a nearly completed skyscraper in San Francisco.The 684,000-square-foot building, at 181 Fremont Street, encompasses office space entirely pre-leased to Facebook, along with residential condominiums. The floating-rate loan, which closed this month, has a maximum term of four years if extension options are exercised. A portion of the proceeds will be funded...



CLOs on Rise; Benefit Street Up Next

Fri, 20 Oct 2017
Benefit Street Partners is on track to float its second commercial real estate CLO within a few weeks.The offering will be the 13th CLO this year, up from six in full-year 2016.New York-based Benefit Street, the debt-investment arm of Providence Equity, issued its first CLO in June, a $339.5 million transaction backed by floating-rate loans. The upcoming offering will likely be about the same size, according to market pros.So far, 10 lenders have...



CBRE Refis Student Housing in Calif.

Fri, 20 Oct 2017
CBRE Capital Markets has written a $110 million Fannie Mae loan on a student-housing complex in California.The fixed-rate loan on the 506-unit Mustang Village Apartments in San Luis Obispo has a 10-year term. The borrower, Reliant Group of San Francisco, will make interest-only payments for the life of the loan, which closed about three weeks ago.The investment firm purchased the complex in 2015, paying $88.3 million to a joint venture between...



CIBC Lends on Northern Va. Offices

Fri, 20 Oct 2017
CIBC has originated a $99 million loan on a Northern Virginia office complex that recently changed hands.The five-year, floating-rate mortgage is backed by Tysons International Plaza. Rockpoint Group bought the 448,000-square-foot property in July, paying $136 million to a partnership between New York-based Tishman Speyer and Abu Dhabi Investment Authority.Rockpoint, a Boston fund operator, either used all cash for the purchase or tapped a credit...



Pool of Small-Balance Loans on Block

Fri, 20 Oct 2017
A lender is looking to sell a $74.6 million portfolio of performing small-balance mortgages, backed mostly by multi-family properties across the U.S.The average balance on the 133 loans is $561,000 and the weighted average loan-to-value ratio is 64.2%. The annual cashflows from borrower payments are $7.5 million. The mortgages have a weighted-average coupon of 6.05% and a weighted-average remaining term of 12.1 years.The portfolio is...



SoCal Office Buyer Seeking Mortgage

Fri, 20 Oct 2017
Lincoln Property is looking to line up about $65 million of debt to back its pending acquisition of an office property in California’s Orange County.The Dallas investor has agreed to buy the 324,000-square-foot Orange Center Tower, in the city of Orange. The price is believed to be in the neighborhood of the $97 million the property was expected to command when it went on the block a few months ago. The seller is Starwood Capital of...



SocGen Finances Industrial Complex

Fri, 20 Oct 2017
Societe Generale has originated a $105 million floating-rate loan on a new industrial property near Los Angeles.The 1 million-square-foot Brickyard, in Compton, Calif., is owned by Los Angeles County Employees, which is advised by Clarion Partners of New York. HFF brokered the seven-year mortgage, which closed about two weeks ago.The loan assignment attracted strong interest from lenders, fueled by the property’s 100% occupancy rate,...



HFF Inks Freddie Loans on Md. Rentals

Fri, 20 Oct 2017
HFF has originated $65 million of Freddie Mac debt on four apartment complexes in Washington’s Maryland suburbs.The package consists of four mortgages backed by individual properties in Beltsville and Suitland. The loans, which closed three weeks ago, all have fixed rates and run for 10 years, with interest-only payments for their full terms. The borrower is a partnership that includes Donald Brown and Joseph Gildenhorn, two of the three...



Starwood Lends on New Boston Hotels

Fri, 20 Oct 2017
Starwood Property has originated a $140 million mortgage on two new hotels in Boston’s Seaport District.The floating-rate debt, with a term of three years, is backed by leasehold interests in the Aloft Boston Seaport and the adjacent Element Boston Seaport, which have a combined 510 rooms. They are about a block from the Boston Convention and Exhibition Center.HFF brokered the financing for a joint venture between Ares Management and CV...



CMBX Clearinghouse Hits New Snag

Fri, 20 Oct 2017
After working for more than a year to set up a clearinghouse for CMBX credit-default swaps, dealers have had to start over with a different exchange operator.The nine Wall Street banks authorized to trade swaps tracked by IHS Markit’s CMBX index are now in talks with the Intercontinental Exchange about clearing the transactions. That follows last month’s surprising announcement that the Chicago Mercantile Exchange, which had been...



Ladder Alumnus Eyes "Green' Loans

Fri, 20 Oct 2017
Former Ladder Capital originator Rafi Golberstein has launched a shop that will originate loans for “green” infrastructure improvements at commercial properties.Minneapolis-based Pace Loan Group will securitize the loans in an emerging branch of the sector: the “C-PACE” (Commercial Property Assessed Clean Energy) market.C-PACE programs, which have been approved by 32 states, are aimed at encouraging owners to make their...



The Grapevine

Fri, 20 Oct 2017
Originations veteran R.J. Richter joined PGIM this month as an executive director in New York, working on real estate debt investments. He reports to senior portfolio manager Steve Bailey. Richter was previously a principal at TPG Real Estate and a senior originator for TPG Real Estate Finance, a nontraded REIT. Before that, he was a principal and senior originator at Latitude Management Real Estate Investors of Beverly Hills and had a stint at...



The Grapevine

Fri, 20 Oct 2017
Meanwhile, Marc Dolfman has left TPG Real Estate Finance, where he was head of commercial MBS and whole-loan investing. There’s no word on his plans. He departed the REIT’s New York headquarters early this month, about a year after he signed on. Dolfman previously was a CMBS portfolio manager at BTG Pactual for almost four years, until leaving the Sao Paulo investment bank’s New York hedge-fund unit in early 2016. Earlier, he...



The Grapevine

Fri, 20 Oct 2017
Madison Realty Capital has hired Aryeh Friedman as a managing director focused on loan originations. He started in the past month, reporting to Josh Zegen, co-founder of the New York fund operator. Friedman previously spent three-plus years at Canadian lender Romspen Investment, where he headed up Eastern U.S. originations. He had earlier stops at Park Avenue Funding and JDI...



The Grapevine

Fri, 20 Oct 2017
John Hancock has added an investment officer in Chicago. Taylor Dunlap started a couple of weeks ago. He came over from another insurer, Aegon USA Realty Advisors, where he most recently was an associate director helping originate mortgages in Ohio, Michigan and Pennsylvania. Dunlap has originations and portfolio-monitoring duties at John Hancock, where he reports to assistant vice president Justin Lata, the regional director in...



The Grapevine

Fri, 20 Oct 2017
Raymond James has hired lending pro Kenneth Miller. He started in New York about three weeks ago. His duties include originating debt for clients that own commercial properties. Miller spent the past three years at Israel Discount Bank, where he was a first vice president in a New York commercial mortgage group. He had an earlier stint as a loan officer at Berkshire...



The Grapevine

Fri, 20 Oct 2017
Originators Richard Kourbage and Gary Woods have joined Greystone as directors. Kourbage works in Los Angeles, focusing on securitization lending under CMBS production chief Rob Russell. Kourbage previously worked at Guggenheim. Woods, based in Irving, Texas, concentrates on multi-family financing, including agency, HUD and CMBS loans. He reports to managing director Tony Spaeth. Woods previously worked at A10 Capital, NorthStar Realty Finance...



The Grapevine

Fri, 20 Oct 2017
Cadwalader Wickersham continues to beef up its U.S. CMBS practice. It’s looking to add five attorneys with 4-6 years of experience to the 84-member team, which is part of the global capital-markets group led by partners Michael Gambro and Stuart Goldstein. The recruits would work in New York or Charlotte. Contact Kelly Sinclair at kelly.sinclair@cwt.com.



The Grapevine

Fri, 20 Oct 2017
Former Wells Fargo vice president Vanna Truong has joined Harvest Small Business Finance of Laguna Hills, Calif., which writes SBA loans tied to commercial real estate. Truong started this month as a senior vice president in San Jose, reporting to managing directors Todd Massas and Adam Seery. Truong was a vice president at Plaza Bank of Irvine, Calif., from January 2016 until a few months ago. She previously spent about 11 years at Wells,...



US Plan Could Benefit Single-Borrower Deals

Fri, 13 Oct 2017
A Treasury Department plan to relax risk-retention rules could provide relief for single-borrower transactions — but not anytime soon.As part of a sweeping report released last Friday, Treasury Secretary Steve Mnuchin called on regulators to broaden the definition of high-quality loans exempt from the nearly year-old regulations, which require issuers or B-piece buyers to retain long-term exposure to commercial MBS transactions.Under the...



REIT-Bond Issuance Heads for Another Peak

Fri, 13 Oct 2017
The long-running boom in the REIT-bond market rolled on during the third quarter, making it a certainty that annual issuance will hit a record high for the sixth consecutive year.Driven by still-low interest rates and the need to finance a wave of corporate takeovers and portfolio acquisitions, 53 REITs floated $35.4 billion of unsecured corporate bonds during the first nine months of the year. That was just $1.7 billion shy of the $37.2 billion...



JP Morgan Beefing Up Balance-Sheet Lending

Fri, 13 Oct 2017
J.P. Morgan has hired a senior executive to oversee originations in the Central U.S., the latest in a series of moves aimed at expanding its balance-sheet lending operation.Michelle Herrick joined the bank two weeks ago as a managing director and the head of the operation’s Chicago office. She previously was a senior client manager at Bank of America, where she had held various posts for nearly a decade.Over the past few months, J.P....



Changes to Project-Loan Rule Floated

Fri, 13 Oct 2017
Federal bank regulators are proposing a partial rollback of the higher risk-based capital charges they imposed nearly three years ago on most construction loans.But the proposal, unveiled two weeks ago, would also eliminate a significant exemption to those charges, while carving out a new one. Industry lawyers and trade groups are trying to assess whether the changes would encourage banks to write more loans for development projects — or...



Mack Inks $85 Million Hotel Loan

Fri, 13 Oct 2017
Mack Real Estate has written an $85 million bridge loan on a new luxury hotel in San Diego.The 317-room Pendry San Diego was developed by a joint venture among Robert Green Co. of Encinitas, Calif., Montage Hotels & Resorts of Laguna Beach, Calif., and investor Dan Kloiber of Austin.The floating-rate loan, which closed last week, has a four-year term and a one-year extension option. The partnership used the proceeds to retire construction...



Dealers Aim to Push In CMBS Spread

Fri, 13 Oct 2017
J.P. Morgan and Deutsche Bank are shooting for the lowest benchmark spread in more than two years as they market a $1.1 billion conduit offering that’s expected to price today or early next week.Amid surging demand for fresh paper, the dealers were shopping the long-term, super-senior bonds from the offering (JPMDB 2017-C7) with price guidance of 85-bp area over swaps. Comparable new-issue pricing has been running between 88 bp and 96 bp...



Otera Backs Builder of Calif. Rentals

Fri, 13 Oct 2017
Otera Capital has originated a $201 million loan to finance the development of a luxury apartment complex in Silicon Valley.The floating-rate mortgage, with a 3-5 year term, closed last week. HFF advised the borrower, fund operator Greystar Real Estate of Charleston, S.C. Montreal-based Otera is a real estate lending arm of Canadian pension fund advisor Caisse de Depot et Placement du Quebec.Greystar will use the proceeds to build a 636-unit...



Greystone Enters Mezz-Lending Field

Fri, 13 Oct 2017
Greystone has added small-balance mezzanine loans to its menu.The New York investment shop has begun offering subordinate debt to supplement senior mortgages written by its conduit-lending platform. The mostly fixed-rate mezzanine loans will generally range in size from $500,000 to $5 million.Greystone is using its existing staff and infrastructure to line up and underwrite the junior loans, overseen by Rob Russell, head of commercial MBS...



Key Writes Senior-Housing Loans

Fri, 13 Oct 2017
KeyBank has originated $74.6 million of FHA-insured loans on a senior-housing portfolio in Texas.The six skilled-nursing properties, with 806 total beds, are owned by a joint venture between BlueMountain Capital of New York and Capital Senior Ventures, which is an affiliate of Baltimore-based Capital Funding. The duo used the proceeds to refinance existing debt.The fixed-rate loans closed two weeks ago. Five have 35-year terms, and the other one...



Sumitomo Seeks Atlanta Office Loan

Fri, 13 Oct 2017
Sumitomo Corp. of Americas wants to line up a $150 million mortgage on an Atlanta office complex it acquired late last year.The company bought the 915,000-square-foot Atlanta Financial Center from a Hines partnership for $222.5 million in cash. It’s now seeking to leverage the investment. The proposed loan would equal 67% of the purchase price.Sumitomo prefers a floating rate and a term of about five years. Ackman-Ziff Real Estate is...



Walton Street Funds Phoenix Offices

Fri, 13 Oct 2017
Walton Street Capital has originated a $52 million floating-rate mortgage on a Phoenix office building.The 260,000-square-foot Biltmore Commerce Center is owned by a partnership between Oaktree Capital of Los Angeles and Lincoln Property of Dallas. Eastdil Secured brokered the financing.Chicago-based Walton Street originated the loan via its $654 million Walton Street Real Estate Debt Fund. It has a three-year term and two one-year extension...



Silverpeak Tees Up B-Piece Deal

Fri, 13 Oct 2017
Silverpeak Argentic has lined up its fourth B-piece acquisition of the year.The high-yield investment shop has agreed to take down the subordinate portion of an upcoming conduit offering that Wells Fargo will lead next month (WFCM 2017-C41). Silverpeak also will contribute loans to the transaction, along with Barclays, Ladder Capital and Basis Investment.Silverpeak will serve as the risk-retention party, committing to hold the B-piece effectively...



35%-Leased Va. Complex Financed

Fri, 13 Oct 2017
AllianceBernstein originated a $47 million loan last week on a Northern Virginia office complex owned by a Coretrust Capital partnership.HFF brokered the floating-rate mortgage on the 186,000-square-foot Reston Metro Center 1&2, at 12120 and 12180 Sunrise Valley Drive in Reston. Most of the balance was funded at the closing. The rest can be drawn down over time to cover leasing expenses at the property, which is only 35% occupied.The Coretrust...



The Grapevine

Fri, 13 Oct 2017
Cushman & Wakefield has hired a senior director in Atlanta to line up financing for clients. Blake Cohen started last week, arranging senior mortgages, mezzanine debt, preferred equity and joint-venture equity. His focus is on multi-family deals in the Southeast. He reports to executive managing director Michael Ryan. Cohen moved over from the local office of Voya Investment, where he spent over six years, most recently as a commercial real...



The Grapevine

Fri, 13 Oct 2017
Wendy Yam and Spencer Hollerith joined the capital-markets team at Silverpeak Argentic last month. Yam just finished a six-year term at Citigroup, where she was part of the commercial MBS and real estate finance group for the last three years. Before that, she put in stints at GE Capital and Eurohypo. Hollerith spent the past five-and-a-half years at LoanCore Capital and had a previous two-and-a-half-year tour at Trepp. At Silverpeak, both report...



The Grapevine

Fri, 13 Oct 2017
Credit Agricole has wrapped up syndication of a $275 million loan to Tishman Speyer on a Beverly Hills office portfolio. The word is that AXA Equitable and HSBC picked up pieces of the debt in recent weeks. The sizes are unknown. The seven-year mortgage, originated about six months ago, is backed by three properties encompassing 590,000 square feet, valued in the neighborhood of $410 million. The buildings are within a few blocks of one another,...



The Grapevine

Fri, 13 Oct 2017
Citigroup is looking for an underwriter to join its CMBS team in either New York or Chicago. Applicants need at least three years of related experience. The contact is Christopher Pilat at chris.pilat@citi.com.



The Grapevine

Fri, 13 Oct 2017
BBVA Compass wants to add a relationship manager in Houston and another in Chicago. They would be responsible for working with existing clients, developing new contacts and originating mortgages on a range of property types. The recruits would join BBVA’s originations staff in the Central U.S. The bank added another senior staffer in the region in May, when it hired former KeyBank executive Chuck Butterworth in...



The Grapevine

Fri, 13 Oct 2017
AIG is seeking two buy-side credit analysts to add to a nine-member team of underwriters focusing on CMBS collateral, syndicated debt and portfolio loans. One of the openings, requiring 10 years of experience, is in Los Angeles. The other, in New York, calls for 2-5 years of experience. Both recruits would report to managing director Tricia Hall, who oversees the team as head of commercial-mortgage underwriting. Contact her at...



The Grapevine

Fri, 13 Oct 2017
Acore Capital has an opening for a transaction manager in Dallas. The recruit would help close complex bridge and construction loans, sometimes accompanied by mezzanine debt or preferred equity. Candidates need at least three years of experience. Candidates can apply at careers@acorecapital.com.



JP Morgan Leads Ranking as Issuance Soars

Fri, 06 Oct 2017
Defending champ J.P. Morgan leaped to the top of the ranking of commercial MBS bookrunners as bond issuance soared in the third quarter.Some $27.9 billion of CMBS priced in the U.S. from July to September — the largest quarterly total in three years. That lifted the nine-month total to $66.6 billion, up 34% from a year earlier. The surge in issuance was fueled by single-borrower volume, which more than doubled. Conduit activity, on the...



Issuers Retain 61% of Risk, Pass Off the Rest

Fri, 06 Oct 2017
During the first nine months under risk-retention rules, commercial MBS issuers retained the risk themselves on 61% of issuance and passed off that responsibility to B-piece buyers on the remaining 39%, according to an analysis by Commercial Mortgage Alert.Meanwhile, Rialto Capital has inched ahead of KKR in a ranking of parties that have taken on the most exposure to CMBS transactions under the rules (see rankings on Pages 27-28).The analysis...



Builder Seeks Debt for Big San Diego Project

Fri, 06 Oct 2017
A development group is in the market for $650 million of floating-rate debt to finance a massive mixed-use project in downtown San Diego.The joint venture, led by local firm Manchester Financial, plans to build 2.8 million square feet of office, hotel and retail space on four blocks along the city’s waterfront. The group is looking for a nonrecourse loan with a term of either seven years or five years with two one-year extensions.Dubbed...



Morgan Stanley Writing Hotel Floater

Fri, 06 Oct 2017
Morgan Stanley has won a $475 million assignment from Ashford Hospitality to refinance 17 hotels.The bank will securitize the senior portion of the floating-rate loan in an upcoming stand-alone deal. The remainder — perhaps as much as 20% of the total — will be structured as mezzanine debt and placed with private investors. The loan will have a five-year term if all the extension options are used.The collateral encompasses 3,128 rooms...



Loan Sought to Build Chicago Tower

Fri, 06 Oct 2017
A Howard Hughes Corp. partnership is shopping for around $500 million of debt to finance the development of an office skyscraper in Chicago.The Dallas company and its partner, Riverside Investment & Development of Chicago, are talking to banks about a floating-rate loan, likely with a 3-5 year term, for the 1.4 million-square-foot project at 110 North Wacker Drive. The team has tapped Hamilton Realty Finance of Dallas as an advisor on the...



Apartment Buyer Taps Berkadia

Fri, 06 Oct 2017
Berkadia originated $98.9 million of Freddie Mac loans yesterday for the buyer of two South Florida apartment communities.The fixed-rate loans are backed by the 360-unit Crown Pointe in Coconut Creek and the 358-unit Gateway Lakes in Sarasota.Advenir, a real estate shop in Aventura, Fla., acquired the properties from Wood Partners of Sarasota. Based on the 80% loan-to-value ratios of both mortgages, Advenir paid roughly $124 million. The loans...



Insurer Backs Buyer of Ga. Rentals

Fri, 06 Oct 2017
Principal Life has provided a $74 million floating-rate loan to finance the purchase of four apartment properties in Atlanta’s outer suburbs.The insurer wrote the four-year loan for TerraCap Management of Bonita Springs, Fla., which last week purchased the 1,100-unit portfolio for $116 million, or $105,000/unit. The seller was NexPoint Residential, a Dallas multi-family REIT.CBRE arranged the financing for TerraCap. The sale price puts the...



CCRE Wins DreamWorks HQ Loan

Fri, 06 Oct 2017
CCRE has written a $200 million fixed-rate loan for the acquisition of DreamWorks Animation’s headquarters in suburban Los Angeles.The real estate finance arm of Cantor Fitzgerald is expected to securitize the five-year mortgage in an upcoming conduit offering.Other commercial MBS shops, as well as insurers, competed for the assignment.The borrower, a joint venture between South Korean investment manager Hana Asset Management and Ocean West...



TIAA Unit Funds Calif. Office Buyer

Fri, 06 Oct 2017
TH Real Estate has originated a $68 million mortgage for the buyer of a suburban Los Angeles office property.The fixed-rate loan is backed by the 246,000-square-foot building at 800 Corporate Pointe in Culver City, Calif. Northwood Investors of New York purchased the property about two weeks ago from Vornado Realty for about $150 million, or $276/sf.The loan from the TIAA unit, representing modest leverage of 45%, has a 12-year term. It closed...



CBRE Exec in Line to Lead MBA

Fri, 06 Oct 2017
Commercial mortgage veteran Brian Stoffers is poised to join the line of succession for the chairmanship of the Mortgage Bankers Association.Stoffers, who is based in Houston as CBRE’s global president of debt and structured finance, is expected to start a one-year term as MBA vice chairman Oct. 22, during the trade group’s annual convention in Denver. Stoffers is already a member of the MBA’s board of governors and previously...



High-Yield-Debt Index Set to Launch

Fri, 06 Oct 2017
A long-planned index of returns on high-yield real estate investment debt will go live next week.The index, compiled by investment manager Michael Giliberto and mortgage banker John Levy, will be a companion to the 22-year-old Giliberto-Levy Commercial Mortgage Performance Index, which tracks returns on senior mortgages.“For the first time, investors with high-yield real estate investments will be able to benchmark their performance against...



CMBS Credit-Quality Rates Diverge

Fri, 06 Oct 2017
Two key measures of credit quality for securitized commercial mortgages moved in separate directions last month.The percentage of commercial MBS loans in the hands of special servicers rose by 7 bp to 6.35%, according to Trepp. That was still below the year-to-date high of 6.6% in April. The aggregate balance of mortgages in that category was $25.7 billion as of Sept. 30, an increase of $175.8 million from a month earlier.Meanwhile, the...



Gross Profit Margins of Conduit Deals Fell in Third Quarter

Fri, 06 Oct 2017
The weighted average gross profit margin of conduit deals that priced in the third quarter fell to 3.3%, from 4.1% in the first half, according to calculations by Commercial Mortgage Alert.The margins on eight third-quarter transactions ranged from 2.37% to 3.74%, generally lower than in the first half, when margins on 14 transactions ranged from 2.54% to 6.35%. The lower margins suggest that heightened competition for loans forced lenders to...



TPG Refinances Phila. Landmark

Fri, 06 Oct 2017
TPG Real Estate Finance has originated a $173.2 million floating-rate loan on a landmark mixed-use building in Philadelphia.The 912,000-square-foot property, called The Curtis, is owned by Keystone Property, which is in the midst of converting a large block of the existing office space into 63 luxury apartments. The building, at 601 Walnut Street, also includes retail space.TPG, a New York REIT, funded most of the balance when the loan closed...



Performing Fla., Texas Loans Offered

Fri, 06 Oct 2017
A lender is pitching a $52.9 million portfolio of performing mortgages on three properties in Florida and Texas, including the historic Security Building in downtown Miami.The fixed-rate, senior loans have a weighted-average coupon of 4.87% and a weighted-average remaining term of 8.5 years. On average, the loan-to-value ratio is 67% and the debt service coverage ratio is 1.4 to 1.HFF is advising the undisclosed lender on the sale. Bidders can...



The Grapevine

Fri, 06 Oct 2017
Ted Holmes has joined CBRE Capital Markets’ debt and structured-finance team as a senior vice president in Minneapolis. Most recently, he served as chief financial officer and executive vice president of IRET Properties of Minot, N.D. Holmes focuses on loan origination and equity placement for all property types throughout the Midwest. He reports to executive managing director Jeff...



The Grapevine

Fri, 06 Oct 2017
After just over 10 years at TIAA in New York, director Shirley Cheng was caught in a round of layoffs last month at its TH Real Estate unit. There’s no word on her plans. Cheng underwrote and analyzed investments in junior debt tied to commercial MBS transactions. Her duties included working with CMBS lenders on single-borrower deals whose subordinate bonds were pre-placed with TIAA. Cheng also handled loan workouts stemming from...



The Grapevine

Fri, 06 Oct 2017
Benefit Street Partners is expected to make its first B-piece acquisition early next year. The shop would contribute loans to the collateral pool of a conduit deal and take down the risk-retention bonds via a REIT that it manages. Under the current plan, those bonds would be structured as an L-shape strip.



The Grapevine

Fri, 06 Oct 2017
Grandbridge Real Estate Capital this week brought on G. Alex Haw to lead its debt origination team in Miami. He’s a senior producer and reports to Matt Rocco, executive vice president and national production manager. Haw spent the last four years at TD Bank. Before that, he put in nine years at Bank of America, also in Miami.



The Grapevine

Fri, 06 Oct 2017
Kevin Connolly joined Aegon USA Realty Advisors’ Chicago office last month as a senior director in the commercial mortgage group, which provides senior and subordinate debt on all property types. Connolly helps to cover the Eastern region and reports to managing director Jim Grant. Connolly was formerly at LStar Capital, the loan-origination arm of Lone Star...



The Grapevine

Fri, 06 Oct 2017
Scott Gilson joined HFF’s Portland office this week as a director, handling debt transactions in Seattle and other Pacific Northwest markets. He formerly worked at NorthMarq Capital.



The Grapevine

Fri, 06 Oct 2017
Ares Management is looking to hire senior originators in San Francisco, Atlanta and New York. Candidates should have 7-10 years of commercial real estate investment or underwriting experience, preferably including loan origination and execution. The positions report to co-heads of real estate debt Jamie Henderson and John Jardine. Send resumes to Christina Yu at...



The Grapevine

Fri, 06 Oct 2017
The CRE Finance Council wants to add a research director to its staff in New York. Reporting to executive director Lisa Pendergast, the recruit would work with committees to improve and promote the trade group’s work on industry standards and best practices. Other duties would include helping to develop CREFC’s educational offerings, preparing conference presentations and maintaining a weekly compendium of industry statistics. The...



The Grapevine

Fri, 06 Oct 2017
Thorofare Capital of Los Angeles is looking to hire an asset manager with at least five years of experience. The recruit would report to chief investment officer Brendan Miller. Send resumes to recruiting@thorofarecapital.com.



Deutsche to Lead Office Recap by Blackstone

Fri, 29 Sep 2017
A Blackstone joint venture has tapped Deutsche Bank to lead a $660 million mortgage in conjunction with the recapitalization of five office buildings in Burbank, Calif.UBS will join Deutsche in originating the seven-year loan, which could have both fixed- and floating-rate components. Deutsche will fund the lion’s share. The banks will securitize most of the balance in a stand-alone offering by yearend and funnel the rest into one or more...



Decline in Outstanding CMBS Almost Over

Fri, 29 Sep 2017
The long-running contraction of the commercial MBS universe will soon be over.The current trend indicates that the aggregate balance of outstanding CMBS will bottom out at around $450 billion by early next year and then slowly start increasing, as CMBS issuance finally begins to outstrip the amount of maturing seasoned bonds.That outlook is more rosy than a year ago, when the trend line indicated that outstandings could plummet to as low as $400...



Lenders Compete to Refinance Orlando Hotel

Fri, 29 Sep 2017
The owners of the Hilton Orlando resort are close to lining up a mortgage of some $475 million.The 1,417-room hotel is owned by a joint venture among Ares Management of Los Angeles, RIDA Development of Houston and Park Hotels & Resorts of McLean, Va. The group is shopping for floating-rate debt with a term of five years. Eastdil Secured has been pitching the proposal to a variety of lenders over the past few weeks.The partners are expected to...



Probed Developer Active in CMBS

Fri, 29 Sep 2017
A developer under scrutiny by the FBI over his loan practices has borrowed at least $1.6 billion from conduit shops and Freddie Mac, according to a preliminary tally by Kroll.The rating agency has identified 142 loans either sponsored by the developer, Robert C. Morgan, or backed by properties controlled by one of his companies, Morgan Communities of Pittsford, N.Y. The collateral primarily consists of multi-family and self-storage properties.Two...



Debt Eyed for Chicago Office Upgrade

Fri, 29 Sep 2017
A John Buck Co. partnership is looking for some $230 million of debt on a Chicago office tower that’s on the verge of a major renovation coinciding with tenant turnover.The Chicago developer and its partner, Morgan Stanley, want to line up a floating-rate loan with a total term of five years on the 1.1 million-square-foot building, at 333 South Wabash Avenue. Eastdil Secured is marketing the assignment, with banks and debt funds as the...



Big Loan Sought on Calif. Portfolio

Fri, 29 Sep 2017
A real estate shop is seeking a $250 million fixed-rate loan to refinance a California portfolio.The 29 industrial, office and retail properties represent the bulk of the holdings of Abbey Co. of Garden Grove, Calif. The company prefers a 10-year term. Its broker, CBRE, is pitching the assignment to banks, commercial MBS lenders and insurance companies.The portfolio is 88% occupied. About 42% of the space is in the Inland Empire, east of Los...



Issuers Float $2.8 Billion of CMBS

Fri, 29 Sep 2017
Commercial MBS dealers marketed two conduit transactions totaling $1.5 billion this week, while pricing $1.3 billion of bonds via two single-borrower issues.The conduit deals included an $818.3 million offering by UBS, Societe Generale, Ladder Capital, Rialto Capital, CIBC and Natixis (UBSCM 2017-C4). The long-term, super-senior bonds were poised to price today in line with guidance, at 93 bp over swaps. New-issue spreads have been running...



REIT's First Public Bond Sale Upsized

Fri, 29 Sep 2017
Investors lined up this week for Hudson Pacific Properties’ first public offering of unsecured corporate bonds, enabling the West Coast office REIT to boost the size of the issue and achieve a higher price than expected.Hudson Pacific floated $400 million of 10-year bonds with a 3.95% coupon, after boosting the size of the offering by $100 million. The triple-B-minus paper priced Monday to yield 3.972%. The spread was 175 bp over Treasurys,...



Starwood Taps Morgan Stanley Again

Fri, 29 Sep 2017
Morgan Stanley has committed to provide about $270 million of debt for Starwood Capital’s purchase of a Texas office portfolio.The Greenwich, Conn., investment shop has agreed to buy five properties in Austin, encompassing 1.2 million square feet, from a joint venture between DRA Advisors and Brandywine Realty. The purchase price would be around $360 million, putting the leverage at 75%. The loan is likely to have a mezzanine portion, but...



Voya Inks Loan on Honolulu Offices

Fri, 29 Sep 2017
Voya Investment has provided a $75 million mortgage on an office property in Hawaii.The insurer wrote the loan late last month on the 484,000-square-foot Topa Financial Center in Honolulu. The fixed-rate debt has a 10-year term. Brokerage Newmark Realty Capital arranged the financing for the owner, Duesenberg Investment of Los Angeles. The leverage is described as about 55%, pegging the property’s value in the neighborhood of $136...



LNR, Eightfold Taking Down B-Pieces

Fri, 29 Sep 2017
LNR Property and Eightfold Real Estate Capital have separately circled the tradeable B-pieces of two upcoming conduit deals.LNR’s B-piece is from a deal backed by loans supplied by Morgan Stanley, Bank of America, Starwood Mortgage and KeyBank.LNR will divide the bonds with Prime Finance. The split is unknown, but sources said that LNR will keep the lion’s share of the B-piece and act as special servicer of the securitization (MSBAM...



Floater Sought on Park Ave. Offices

Fri, 29 Sep 2017
A J.P. Morgan Asset Management partnership is looking to line up about $50 million of fresh debt on a Midtown Manhattan office property.The floating-rate mortgage would be backed by the leasehold interest in the 260,000-square-foot building at 400 Park Avenue. J.P. Morgan and its partner, New York investment firm Waterman Interests, prefer a five-year loan with interest-only payments for most or all of that term.The property’s value is...



Chicago Office Loan Syndicated

Fri, 29 Sep 2017
Bank of America, Helaba Bank and RBS Citizens have wrapped up the syndication of a $470 million loan on the new office building at 150 North Riverside Plaza in Chicago.The trio originated the floating-rate mortgage in mid-August and subsequently placed pieces with three lenders: Associated Bank of Green Bay, Wis., Regions Bank and Raymond James. The syndication closed in the past few weeks.The 1.2 million-square-foot tower was completed about six...



Agencies Offer Hurricane Relief

Fri, 29 Sep 2017
Fannie Mae and Freddie Mac are providing relief to borrowers that own multi-family properties in communities hit by Hurricanes Harvey, Irma and Maria.The agencies are permitting some borrowers in affected areas to delay monthly loan payments for up to 90 days and then make them up over 12 months without incurring late fees or default interest.In addition, both agencies are working with renters and owners to approve short-term apartment leases...



Alden Global Alums Pitch CMBS Fund

Fri, 29 Sep 2017
Three former Alden Global Capital executives are marketing a hedge fund that invests in commercial MBS.Jamie Kelner, who previously ran the event-driven Alden Global CRE Opportunities Fund, is now trading from Shrewsbury River Capital, a Red Bank, N.J., firm he founded earlier this year. His new vehicle, Shrewsbury River Capital CMBS Event-Driven Fund, launched in June with an undisclosed amount of capital from an anchor investor, according to...



The Grapevine

Fri, 29 Sep 2017
Originator Marcus Perry joined Inland Mortgage Capital this month as Eastern region chief of its bridge-lending platform. It’s a new position created as part of the Oak Brook, Ill., lender’s ongoing expansion. Perry, a senior vice president, spent the past two years at Barclays and previously worked at UBS for five years. Meanwhile, Kevin Blaha joined Inland as a senior analyst focusing on portfolio management. He had spent nearly eight years...



The Grapevine

Fri, 29 Sep 2017
Basis Investment of New York added three real estate pros to its investment-management team this month. Basil Starr, formerly a vice president at PennyMac Commercial Real Estate Finance, joined as chief underwriter of agency multi-family finance. Eyan Mitchell moved over from GreenOak Real Estate of New York as director of investor relations. And one-time Bedrock Capital executive director Jason Shukofsky signed on as senior vice president for...



The Grapevine

Fri, 29 Sep 2017
Anthony Alicea recently left World Class Capital, where he had been a director in the debt-investment unit. He was based in New York. His plans couldn’t be learned. Before joining Austin-based World Class earlier this year, Alicea spent three years at Pensam Funding. He had previous stints at Centerline Capital and Nomura Credit & Capital.



The Grapevine

Fri, 29 Sep 2017
Suzanne Cope has re-joined the affordable housing/FHA team at Hunt Mortgage as a senior vice president in Denver, working on originations primarily in and around Colorado. She reports to senior managing director Paul Weissman. Cope most recently was a senior vice president at Bellwether Enterprise Real Estate. Before that, she worked from 2010-2014 at Centerline Capital, which Hunt purchased in...



The Grapevine

Fri, 29 Sep 2017
Correspondent-lending shop R3 Funding wants to add several staffers: an analyst or associate to work at its White Plains, N.Y., headquarters, plus a handful of originators in mid-sized markets such as Kansas City, Pittsburgh and Cleveland. The contact is managing partner Ray Potter atray.potter@r3funding.com.



The Grapevine

Fri, 29 Sep 2017
DoubleLine is looking for an experienced analyst in Los Angeles to help with underwriting, due diligence and asset management for its commerical MBS portfolios. Applicants should have 3-5 years of experience with a bank or buy-side shop. Candidates may email resumes to Melanie Aprato atmelanie.aprato@doubleline.com.



The Grapevine

Fri, 29 Sep 2017
Sidley Austin seeks to add up to four associates, preferably with 2-4 years of experience, to the law firm’s CMBS practice in New York. That team, led by partner Kevin Blauch, advises issuers and underwriters on new issues, including single-family rental securitizations.



The Grapevine

Fri, 29 Sep 2017
New York Life is seeking an associate to join its real estate investors unit. The opening is in the Western regional office, in San Francisco. Duties include assisting debt and equity originators with underwriting, research, due diligence and closings. Candidates with 1-4 years of experience may contact Glenn Padewski at glenn_padewski@newyorklife.com.



The Grapevine

Fri, 29 Sep 2017
Berkeley Point Capital wants to hire one or more underwriters to work on agency loans. Candidates should have at least three years of experience. The recruits could work at its offices in Irvine, Calif., Boston, Dallas, or Bethesda, Md. Contact Mariangela Mascali at mariangela.mascali@berkpoint.com.



Goldman to Finance Worldwide Plaza Recap

Fri, 22 Sep 2017
Goldman Sachs has won the mandate for a $1.2 billion fixed-rate mortgage in conjunction with the recapitalization of One Worldwide Plaza in Midtown Manhattan.The borrower, a New York REIT partnership, has the option to bring in an additional lender, which would fund up to 25% of the balance.The 10-year loan will likely be divided into senior and mezzanine components, whose relative sizes are still being determined. Goldman and the second lender,...



Brookfield Eyes Giant Loan for Houston Deal

Fri, 22 Sep 2017
Brookfield Asset Management is seeking a $921 million fixed-rate mortgage to finance its planned acquisition and renovation of the Houston Center office complex.The investment manager has agreed to buy the 4.2 million-square-foot complex from J.P. Morgan Asset Management for about $875 million, or $208/sf.During the sales process, most bidders factored in the cost of renovating the four-building complex and recruiting additional tenants. The 4...



Ex-Credit Suisse Pros Open Bridge-Loan Shop

Fri, 22 Sep 2017
Industry veterans Mark Brown, Paul Smyth and Cary Williams have formed a high-yield lending shop in Irving, Texas, with backing from local developer Wolverine Interests.The firm, Broadsword Investors, will focus on originating fixed- and floating-rate bridge and mezzanine loans, mostly on properties in the Southwest. The target is the middle market, with loans typically having balances of less than $25 million.The three principals recently worked...



Bank Backs Big Calif. Office Purchase

Fri, 22 Sep 2017
Morgan Stanley has agreed to provide about $550 million of debt to help Starwood Capital buy a large office complex near Los Angeles.The floating-rate loan would back the investment shop’s purchase of the 1.6 million-square-foot Pacific Corporate Towers in El Segundo, Calif., for a price sources put between $600 million and $625 million. The seller is a partnership that includes an investment client of BlackRock and a General Motors pension...



JP Morgan to Refinance SF Complex

Fri, 22 Sep 2017
J.P. Morgan Asset Management is trying to line up $400 million to refinance a San Francisco office complex.The investment manager is seeking a fixed-rate loan on the 927,000-square-foot China Basin Landing, in the Mission Bay district. Eastdil Secured is shopping the 10-year assignment.The leverage is described as only about 50%. That could give insurance companies the inside track, although commercial MBS lenders will also compete.J.P. Morgan...



Buyer of DC Offices Taps Brookfield

Fri, 22 Sep 2017
Brookfield Asset Management has agreed to provide $93 million of floating-rate debt to the buyer of a Washington office building.A partnership between New York firms Meadow Partners and Georgetown Co. has agreed to buy the 407,000-square-foot building, at 370 L’Enfant Promenade SW, from CIM Group for around $128 million.A portion of the five-year loan would go to capital expenses and leasing costs aimed at filling a large chunk of vacant...



Freddie Snapping Up Small Loans

Fri, 22 Sep 2017
Freddie Mac’s three-year-old program for small-balance apartment loans continues to grow.The agency has purchased $4.1 billion of mortgages via the program so far this year, already eclipsing the $3.7 billion record set last year.Stephen Johnson, vice president of Freddie’s small-balance loan business, said the growth has been spurred by a strong economy, Freddie’s stable of 11 approved lenders and, most importantly, its...



Loan Sought for 5 Offices in LA Area

Fri, 22 Sep 2017
A Douglas Emmett partnership is looking to put a $400 million mortgage on five recently acquired office properties in and around Los Angeles.The team is asking for quotes on fixed- and floating-rate debt, preferably with a seven-year term. The leverage is described as roughly 45%, pegging the value of the 948,000-square-foot portfolio at just shy of $890 million.The conservative loan-to-value ratio could draw attention from insurance companies,...



Spreads Diverge Amid Flood of Deals

Fri, 22 Sep 2017
Commercial MBS dealers encountered a bit of uneven demand as they priced four conduit offerings totaling $4.1 billion this week, ending a month-long issuance drought for such deals.The result was that benchmark spreads varied among the deals. The long-term, super-senior paper went out the door with spreads of 89-96 bp over swaps, which was in line with the dealers’ price guidance — or slightly lower in one case (see Initial Pricings...



Freddie Targets Non-Agency Lenders

Fri, 22 Sep 2017
Freddie Mac expects to increase its annual volume of commercial MBS offerings backed by multi-family mortgages originated by non-agency lenders.A $626.1 million issue that priced last week was only its fourth such deal in as many years, totaling $1.5 billion. But Freddie is aiming to float another transaction of at least $500 million before yearend and hopes to conduct a few more next year.The uptick in bonds issued via Freddie’s “Q” series...



Blackstone Taps Deka for Seattle Loan

Fri, 22 Sep 2017
Deka Bank has provided a mortgage of about $97 million on a downtown Seattle office property.Blackstone used the five-year floater, which closed a week ago, to finance its $156.5 million acquisition of the Exchange Building from Boston fund operator Beacon Capital. Eastdil Secured advised Beacon on the sale and helped line up the debt for Blackstone.Beacon had bought the 317,000-square-foot building in 2013, paying $66 million to a partnership...



SEC Unit Won't Appeal Duka Ruling

Fri, 22 Sep 2017
The SEC’s Enforcement Division has closed its case against Barbara Duka, the former head of commercial MBS ratings at S&P, declining to appeal a recent ruling that cleared her of civil securities-fraud charges.James Grimes, an administrative law judge who handles SEC cases, ruled largely in Duka’s favor last month — rejecting the investigators call for her to be banned from working at a rating agency or in the securities...



Lenders Refinance NJ-NY Apartments

Fri, 22 Sep 2017
Greystone and Customers Bank have originated $69.3 million of fixed-rate loans to refinance 11 multi-family properties in New Jersey and New York.The collateral, owned by New Jersey investor Steven Breitman, encompasses more than 970 units, primarily in low-rise complexes in Southern New Jersey.Greystone wrote individual loans on nine properties under Freddie Mac’s small-balance loan program. Those total $39.8 million, all with coupons of...



The Grapevine

Fri, 22 Sep 2017
Bank of America has added an originator in New York. Managing director Joshua Freedman moved over about two weeks ago from RBC, where he’d been for the last seven years. Freedman had a previous stint at Spring Hill Capital.



The Grapevine

Fri, 22 Sep 2017
Managing director Mary Kunka recently left UBS, where she was head of structuring for the commercial MBS group. Her plans are unknown. Kunka joined the bank in 2012 after a two-year stint at G2 Investment. Before that, she spent 17 years at Lehman Brothers.



The Grapevine

Fri, 22 Sep 2017
The recent hiring of an advisor to help one of Mesa West Capital’s partners explore a sale of his minority stake sparked a rumor that the high-yield lender was for sale — but sources close to the company say that’s false. “They’ve been approached by a number of people who wanted to buy the whole company, but that’s a non-starter,” said one industry pro. The minority partner, meanwhile, “decided to...



The Grapevine

Fri, 22 Sep 2017
Newmark has hired Nicholas Scribani as a director. Previously a vice president at Citigroup, he joined the brokerage this week in New York to work on originating debt across asset classes. Scribani reports to vice chairmen Jordan Roeschlaub and Dustin Stolly. Newmark is looking to add other staffers with 1-5 years of experience to its New York debt and structured-finance team.Send resumes to Steven Sperandio at...



The Grapevine

Fri, 22 Sep 2017
Capital-markets pro Enoch Lawrence has joined Cushman & Wakefield as a director in New York. He’ll work to build up its middle-market practice lining up debt, equity and structured financing. He reports to executive managing director Garrett Thelander, who heads the capital services team. Lawrence spent the last five years at CCP Global Investors of New York, where he was a managing principal. Before that, he was a senior vice president at...



The Grapevine

Fri, 22 Sep 2017
Sara Kelly Anzinger has joined Fitch’s CMBS group to help rate new issues. She started Monday as a director in New York, reporting to managing director Eric Rothfeld. Anzinger previously was a managing director at the Amsterdam headquarters of GRESB, an organization that assesses the sustainability of investments. Fitch, meanwhile, wants to add up to six CMBS analysts in New York or Chicago, with 3-7 years of experience. Contact managing...



The Grapevine

Fri, 22 Sep 2017
Wells Fargo has two openings in its multi-family capital unit in New York. It’s seeking a relationship manager with at least seven years of experience in FHA and agency lending. The recruit would report to executive vice president Vince Toye. Wells also wants to hire an associate with at least two years of experience to work on multi-family transactions, reporting to managing director Daniel Warshaw. Send resumes to Layna Shields at...



The Grapevine

Fri, 22 Sep 2017
MetLife is looking for a CMBS analyst to help manage its investments in new issues and outstanding bonds. The opening for an associate director in Whippany, N.J., requires at least five years of experience underwriting and analyzing CMBS loans. Send resumes to Brian Barrios at brian.j.barrios@metlife.com.



The Grapevine

Fri, 22 Sep 2017
Meanwhile, MetLife wants to add an associate in its debt unit in Washington to assist with originating mortgages and managing its portfolio. Candidates should have at least five years of experience, including with originations. Contact Yvonne Dixon at yvonne.dixon@metlife.com.



The Grapevine

Fri, 22 Sep 2017
Barings Real Estate is looking for an analyst with 1-3 years of experience to work in New York on bridge-loan and equity investments. Contact Maria Miller at maria.miller@barings.com.



Colony Eyes $1 Billion Loan on Seized Hotels

Fri, 15 Sep 2017
Colony NorthStar is seeking to borrow about $1 billion to refinance a hotel portfolio that it seized this summer after an Abu Dhabi Investment Authority partnership defaulted on $289 million of junior mezzanine debt.The Abu Dhabi sovereign wealth fund and its partners — two Goldman Sachs funds — surrendered the 148-property portfolio last month. The limited-service and extended-stay hotels, many with Marriott brands, are in 31 states....



UK Insurer Maps US Expansion, Taps Swartz

Fri, 15 Sep 2017
U.K. insurer Rothesay Life plans to step up its real estate lending and has hired Wall Street pro Kevin Swartz to open a New York office.The insurer has originated about $1.5 billion of European and U.S. commercial mortgages over the past three years and plans to double its portfolio within 18 months. It will focus on large fixed-rate originations — $100 million to $300 million — on a range of property types in the U.S. and Europe,...



Four High-Yield Shops Circle Caesars Mezz

Fri, 15 Sep 2017
A J.P. Morgan syndicate has placed the lion’s share of the $650 million mezzanine portion of a debt package on Caesars Palace in Las Vegas with four high-yield investors.The investors are Canyon Partners Real Estate of Los Angeles and three New York shops: Oz Management, Solus Alternative Asset Management and Soros Fund Management.The J.P. Morgan syndicate has agreed to supply the overall $2.2 billion debt package to a new REIT, VICI...



Blackstone Eyes Debt for Warehouses

Fri, 15 Sep 2017
Blackstone is seeking about $240 million of debt to finance its pending acquisition of a large industrial portfolio.The New York fund operator has agreed to pay Prologis roughly $325 million for a 4.6 million-square-foot package of warehouses and light-industrial properties. Blackstone wants to line up a floating-rate loan with a term of 5-7 years. The preference is for leverage of 70-75%, which would mean proceeds in the range of $228 million to...



Floater Wanted on Calif. Business Park

Fri, 15 Sep 2017
The owner of a sprawling office/industrial campus near Sacramento is looking to lock in a $310 million mortgage.LDK Ventures is seeking floating-rate debt with a total term of five years on about 7 million square feet at the property, in McClellan, Calif. LDK has its headquarters in the campus, called McClellan Park. It has tapped Eastdil Secured to advise it on the financing. The proposed leverage of 65% pegs the value of the collateral at about...



$5.6 Billion of CMBS Deals Arrive

Fri, 15 Sep 2017
Commercial MBS buyers had plenty of transactions to pick over this week, as dealers began marketing four conduit offerings totaling $4.1 billion and $1.5 billion of paper via two single-borrower issues.The early “whisper” talk indicated that the benchmark bonds of a $1.2 billion conduit offering by Wells Fargo, Morgan Stanley, Bank of America and NCB (BANK 2017-BNK7) could be shopped at a spread of 92-bp area over swaps.The...



"Pre-Placed' Deals Irk Buysiders

Fri, 15 Sep 2017
Some commercial MBS buyers were surprised and disappointed that J.P. Morgan sold all the bonds from two single-borrower offerings to select investors before announcing the deals.While it isn’t unusual for some classes of a securitization to be pre-placed before an offering is unveiled, it’s rare for the initial announcement of a deal to list every tranche as “not available.” Yet that’s what happened with a $2.1...



Builders Want Loan for Mass. Project

Fri, 15 Sep 2017
A development group is trying to line up about $220 million of construction financing for the first phase of a large mixed-use complex near Boston.A partnership among Boylston Properties and Wilder Cos., both of Boston, and an unidentified institutional investor plans to build about 1 million square feet of retail, office and residential space just off Interstate 90 in Watertown, Mass. The group is seeking quotes on a floating-rate loan...



Pimco Team Seeks Minn. Office Loan

Fri, 15 Sep 2017
The owner of a newly renovated office complex in downtown Minneapolis is looking for a mortgage of about $180 million.A partnership between Pimco and Zeller Realty is seeking a floating-rate loan with a term of 5-7 years on the 1 million-square-foot Fifth Street Towers. Eastdil Secured is showing the assignment to lenders. The proposed leverage would be around 75%, valuing the property in the neighborhood of $240 million.The two-building complex...



Freddie in Novel Tax-Exempt Deal

Fri, 15 Sep 2017
Freddie Mac has floated the first of what it hopes will be an occasional series of single-borrower commercial MBS offerings backed partly by tax-exempt debt on affordable housing.The $550 million transaction, which priced Tuesday via bookrunners Wells Fargo and Jefferies, was backed by 10-year debt on a 1,175-unit apartment building in Midtown Manhattan (FHMS 2017-KSKY). Greystone arranged the floating-rate financing of the Sky Apartments for the...



BofA Backs KBS Deal in Oakland

Fri, 15 Sep 2017
Bank of America originated a $100 million floater two weeks ago that financed KBS Realty’s acquisition of two adjacent office buildings in Oakland.KBS paid $155 million for the 367,000-square-foot package. The properties are at 505 14th Street and 1300 Clay Street. The seller was a partnership between Rubicon Point of San Francisco and Canyon Capital of Los Angeles.Newmark brokered the five-year loan, which BofA parked on its balance sheet....



Agency Plans Unsolicited REIT Ratings

Fri, 15 Sep 2017
Morningstar plans to herald its debut as a rater of REIT bonds by publishing unsolicited grades on the largest and most-frequent issuers in the sector.The agency today will unveil its ratings on six U.S. REITs that regularly float senior unsecured debt, using criteria that it put out for public comment in June and finalized last month. Morningstar anticipates covering about 40 issuers by yearend.By demonstrating its capabilities in the REIT...



Wells Refinances Pittsburgh Offices

Fri, 15 Sep 2017
Wells Fargo has originated a $127.5 million floating-rate loan that refinanced a sprawling office complex in Pittsburgh.The 1.3 million-square-foot Nova Place, at 100 South Commons in the North Shore neighborhood, is owned by Faros Properties of New York. The collateral also includes a small office building nearby. HFF arranged the five-year mortgage, which Wells is keeping on its balance sheet.Faros bought Nova Place in 2015 for an estimated $70...



Loan Sought for SF Rental Project

Fri, 15 Sep 2017
A development team is shopping for about $96 million of construction debt for a San Francisco apartment building.War Horse Cities, of Baltimore, and San Francisco-based Tidewater Capital plan a 193-unit building on the site of a former pool hall at 1028 Market Street, in the Mid-Market neighborhood. The partnership is seeking a loan with a term of up to five years and either a fixed or floating rate. The leverage would be 80%, pegging the...



JP Morgan Lends on Hotel Portfolio

Fri, 15 Sep 2017
J.P. Morgan wrote a $136 million floating-rate loan last week on 11 hotels spread across three states.The borrower, Cooper Hotels of Memphis, used the proceeds to retire existing debt. The two-year loan has three one-year extension options. Sonnenblick-Eichner arranged the financing, which closed last week.Five hotels in the 2,037-room portfolio are in Tennessee, and three apiece are in Florida and Michigan. The loan closed just days before...



Greystar Taps Wells for Virginia Deal

Fri, 15 Sep 2017
Wells Fargo has agreed to write a $72.3 million Freddie Mac loan to finance Greystar Real Estate’s acquisition of a luxury apartment complex in Northern Virginia.Greystar has agreed to buy the 454-unit Ashton at Dulles Corner, in Herndon, from Bentall Kennedy for about $110 million, or $242,000/unit. The closing is expected within a few weeks.Freddie will securitize the seven-year floater. The loan-to-value ratio is about 66%. Eastdil...



The Grapevine

Fri, 15 Sep 2017
Industry veteran Aaron Welsh will join Apollo Global next week as a managing director. He just finished a three-year run at Ladder Capital. Before that, he spent four years at Bank of America, as originations chief and later as co-head of the real estate structured finance group. At Apollo, he’ll report to commercial real estate debt chief Scott...



The Grapevine

Fri, 15 Sep 2017
Former CRE Finance Council chief executive Stephen Renna started last week at the Department of Commerce in Washington as director of its Advocacy Center, which helps U.S. companies win procurement contracts from foreign governments. After leaving CREFC in March 2016, Renna tried launching a trade group for nontraditional investors in commercial properties and mortgages. But it didn’t gain traction. He had been working as a Washington-based...



The Grapevine

Fri, 15 Sep 2017
After three years at Hatfield Philips International in London, Rupert Gill has joined BlackRock as a portfolio manager heading its European real estate debt team. Gill started Sept. 4 in the New York fund shop’s London office, reporting to global real estate investment chief Dan Sefcik. Gill was a managing director at Hatfield. He previously worked at Lloyds Banking, Cantor Fitzgerald, RBS and ABN...



The Grapevine

Fri, 15 Sep 2017
Invesco Real Estate hired Yorick Starr last week as a senior director in New York, originating senior and subordinate debt in the Northeast. Starr spent the past 15 years at Wells Fargo, in the real estate merchant banking unit and the special situations group.



The Grapevine

Fri, 15 Sep 2017
JLL has hired Hal Kempson as an executive vice president in Charlotte. He started last week, arranging debt and equity across asset classes and reporting to Carolinas market director Chase Monroe. Kempson previously was a first vice president at CBRE in Charlotte.



The Grapevine

Fri, 15 Sep 2017
Robert Records joined Cohen Financial last week as a vice president and senior asset manager in charge of its special-servicing unit. He’s based in Dallas for the Chicago-based division of SunTrust. He reports to Ted Wright, chief of asset management for the investor-services group. Records came from KeyBank, where he worked for four years following 13 years at...



The Grapevine

Fri, 15 Sep 2017
Josh Egert this week rejoined Newmark’s debt and structured-finance team in New York as an associate director. He spent about a year and a half at Newmark before leaving in March to work as a vice president at Meridian Capital. Back at Newmark, Egert reports to vice chairmen Jordan Roeschlaub and Dustin Stolly.



The Grapevine

Fri, 15 Sep 2017
Originator Michael Tacorian will start next week as a director at TPG Real Estate Finance. He spent the past six-plus years at CCRE, and previously worked at Square Mile Capital for three years. At TPG, he’ll report to originations chief Peter Smith.



The Grapevine

Fri, 15 Sep 2017
Arbor Realty this week added Sam Gold as a vice president in Chicago. He focuses on originating FHA, Fannie Mae and Freddie Mac small-balance loans in the Midwest and reports to John Caulfield, chief operating officer for agency lending. Gold most recently worked at J.P. Morgan as an executive director of multi-family loans in the Chicago area.



The Grapevine

Fri, 15 Sep 2017
Guggenheim is seeking an analyst for its CMBS team in Santa Monica, Calif. Duties include reviewing all collateral and structural aspects of transactions. Candidates should have 2-3 years of related experience. Contact Nayeon Shim at nayeon.shim@guggenheimpartners.com.



Blackstone Eyes Another Big BioMed Loan

Fri, 08 Sep 2017
Blackstone is looking to line up an $840 million floating-rate mortgage on a fully leased office/laboratory property in Boston.The proposal is the latest move by the giant fund operator to refinance properties acquired via its $8 billion buyout of BioMed Realty in October 2015. Blackstone financed that purchase with multiple loans on the San Diego REIT’s 18.8 million-square-foot portfolio and has been refinancing those mortgages over the...



Barclays Staffing Up for Balance-Sheet Push

Fri, 08 Sep 2017
Barclays is laying the groundwork to significantly increase its balance-sheet originations.The bank has hired syndications pro Kristin Larson Khanna as a director to take a senior role in the effort. Khanna was at HSBC for the past three years as head of U.S. syndications and previously spent about a decade at Wells Fargo. At Barclays, she’ll build a syndications team that will enable the bank to pursue large loans and sell down portions to...



M&T Financing Converted Brooklyn Complex

Fri, 08 Sep 2017
M&T Bank has agreed to lend $250 million to a Rockwood Capital partnership that redeveloped seven contiguous warehouses along Brooklyn’s waterfront into office and retail space.The 443,000-square-foot complex, called Empire Stores, has an estimated value of about $415 million, putting the leverage at about 60%. The floating-rate loan will have a term of five years, including extension options. Eastdil Secured is arranging the financing for...



CMBS Issuers Creep Back Into Market

Fri, 08 Sep 2017
The expected September surge of commercial MBS offerings got off to a slow start with just one deal in the market this week.The pace of fresh offerings should pick up next week, including two conduit transactions that yesterday were still in the pre-marketing phase.The first post-Labor Day deal, an $800 million single-borrower issue, could price by today. It’s backed by a floating-rate acquisition loan to Stonemont Financial on 95...



Deka Lends on Luxury Hotel in SF

Fri, 08 Sep 2017
Deka Bank has originated a roughly $80 million mortgage on the St. Regis San Francisco hotel.The five-year floater was swapped to a fixed rate at the closing, three weeks ago.Qatar Investment Authority acquired the 260-room property late last year for $175 million, or $673,000/room, from Marriott International of Bethesda, Md. It’s unclear if the sovereign wealth fund used debt financing at the time.Marriott had assumed the luxury property...



Loan Sought on New Rentals in NJ

Fri, 08 Sep 2017
An LCOR partnership is seeking a $60 million fixed-rate loan on a new apartment complex in New Jersey.Most of the proceeds would be used to retire an approximately $49 million loan that Wells Fargo originated in 2013 for the construction of the 258-unit Valley & Bloom complex, at 34 Valley Road in Montclair.LCOR, a Berwyn, Pa., developer that is majority-owned by California State Teachers, teamed up on the apartment project with Pinnacle Cos. of...



M&T Lends on Manufactured Homes

Fri, 08 Sep 2017
M&T Realty Capital has provided $74.1 million of Fannie Mae funding to refinance 11 manufactured-housing communities in upstate New York.The individual floating-rate loans have 10-year terms, with interest-only payments for the first five years. After that, they amortize on a 30-year schedule.The collateral encompasses 2,391 pad sites owned and operated by a joint venture between Horizon Land of Crofton, Md., and Federal Capital of Chevy Chase,...



Normandy Seeks NJ Office Mortgage

Fri, 08 Sep 2017
The owner of a New Jersey office park wants to refinance it with $75 million of fixed-rate debt.Normandy Real Estate is seeking a 10-year mortgage on the 351,000-square-foot Park Place, a Class-A complex in Florham Park, about 30 miles west of Manhattan. HFF is pitching the deal to insurance-company lenders.The proposed debt would replace a three-year floating-rate loan of $65.5 million provided in 2015 by First Niagara Bank and Principal Real...



Bridge Corrals $1.8 Billion of Equity

Fri, 08 Sep 2017
Bridge Investment completed raising $1 billion of equity for its second debt fund late last month.The Salt Lake City shop has also lined up an additional $830 million from limited partners that can be co-invested alongside the fund in specific plays. Such “sidecar” investments boost the buying power of fund operators. Bridge has already invested about half of the combined equity.With the final close, Bridge exceeded its $750 million...



HFF Recruits 3 Debt Pros in DC

Fri, 08 Sep 2017
HFF has hired three loan brokers in Washington.Dan Martin and Chris Hew, who both previously worked at Walker & Dunlop, will place debt on all property types. Martin is a managing director, and Hew is a senior director. At Walker & Dunlop, Martin was a senior vice president, and Hew was vice president.Meanwhile, Jamie Leachman joined the multi-family team as a senior director, focusing on private-label and agency loans. He previously was a...



Marathon Debt Fund Holds First Close

Fri, 08 Sep 2017
Marathon Asset Management has raised $215 million of initial equity for a close-end fund that originates bridge loans on transitional properties.The vehicle, Marathon Real Estate Debt Fund, began investing on June 30, and the word is the sponsor plans to solicit up to $300 million of total equity, according to sister publication Hedge Fund Alert.Marathon is targeting unleveraged returns of 500 bp over Libor by writing short-term, senior...



Benefit Street Shops More Mezz Debt

Fri, 08 Sep 2017
Benefit Street Partners is looking to sell another portfolio of performing mezzanine debt that it acquired via its takeover of the former Realty Finance last year.The latest offering consists of four cross-collateralized loans, totaling $31.6 million, on 13 select- and full-service hotels encompassing 2,083 rooms in eight states. The interest-only loans to Shaner Hotels of State College, Pa., were originated in 2014 with 10-year terms and 10%...



Troubled-Loan Tallies Dip Again

Fri, 08 Sep 2017
Two key gauges of commercial MBS loan performance showed slight improvement again last month.The percentage of CMBS loans in the hands of special servicers decreased by 8 bp, to 6.28%, according to Trepp. The figure is at its lowest level this year, after peaking at 6.6% in April. The volume of mortgages in that category slipped to $25.5 billion as of Aug. 31, down from $25.9 billion a month earlier — marking a sixth straight monthly...



ORIX Exits Special-Servicing Arena

Fri, 08 Sep 2017
ORIX USA shuttered its special-servicing unit last week, citing the negative impact of accounting rules that went into effect after the market downturn.Managing director Mark Pakes, who headed the eight-person unit, will be leaving to take a similar job with an unidentified company. The other staffers were transferred to asset-management and related roles.ORIX is retaining the B-pieces it has acquired, but has transferred its unspecified amount...



The Grapevine

Fri, 08 Sep 2017
Carlyle Group has hired Mathew Feldman as a managing director in its credit-opportunities unit, whose investments include commercial real estate debt. Feldman started this week in the Washington fund shop’s New York office. He reports to Alex Popov, who heads the unit within Carlyle’s global credit business. Feldman was previously an investment professional at Davidson Kempner Capital of New York. He had a prior stint at Square Mile...



The Grapevine

Fri, 08 Sep 2017
Originator Charles Kim joined Narrative Capital of Los Angeles last month as a managing director. He’ll write bridge and mezzanine loans and preferred equity. Kim spent the past two years in a similar role at Realty Mogul, also in Los Angeles, and before that, was a vice president at Colony Mortgage Capital. The move reunites Kim with his former boss at Colony, Todd Sammann, founder and managing principal of Narrative. The firm is looking...



The Grapevine

Fri, 08 Sep 2017
BB&T unit Grandbridge Real Estate Capital has tapped Gordon R. White 3d to head its BB&T Real Estate Funding platform, which originates balance-sheet bridge loans and other commercial mortgages. White, an executive vice president, replaced Kirk Booher, who departed in July. White formerly was Grandbridge’s market leader in Raleigh. He’s now based in the firm’s Charlotte headquarters, reporting to chairman Tom...



The Grapevine

Fri, 08 Sep 2017
HFF has hired Rebecca Van Reken as a managing director in Orlando. She handles debt and equity transactions in Central and Northern Florida under senior managing director Michael Weinberg. Van Reken most recently was executive vice president at A10 Capital, and previously worked at CapitalSource and CNL Real Estate, all in the Orlando area.



The Grapevine

Fri, 08 Sep 2017
Lee Levy joined Goldman Sachs’ merchant-banking unit last month. Levy spent the past two-and-a-half years at TPG Real Estate Finance, where he was a managing director. His background also includes stints at Deutsche Bank and Morgan Stanley.



The Grapevine

Fri, 08 Sep 2017
Varde Partners has added a director of structured finance in New York. Missy Dolski, who joined the Minneapolis investment firm last month, lines up deals and builds relationships for its Varde Mortgage platform. Dolski reports to managing director Matt Kennedy. She was previously at Wells Fargo.



The Grapevine

Fri, 08 Sep 2017
Robert Tonnessen this week joined Newmark’s debt and structured-finance team in New York as associate director. He spent the past two years at LoanCore Capital, where he was an associate working on originations of commercial MBS, mezzanine and short-term loans and arranging debt-fund acquisitions. At Newmark, Tonnessen reports to vice chairmen Jordan Roeschlaub and Dustin...



The Grapevine

Fri, 08 Sep 2017
KeyBank is in the market for up to six senior originators to write mortgages on multi-family, affordable housing, healthcare and other property types. Candidates should have at least three years of experience and could be based in Seattle, Philadelphia, Chicago, Washington or New Haven, Conn. Contact Morgan Pease at morgan_e_pease@keybank.com.



The Grapevine

Fri, 08 Sep 2017
Prime Finance wants to hire a capital-markets analyst in New York to work on financial modeling, analytics, structuring and transactional support. Candidates should have 1-3 years of experience. Contact Karen Sieverding at karen.sieverding@primegrp.com.



The Grapevine

Fri, 08 Sep 2017
Citigroup is looking for an analyst to join its CMBS team in New York. The recruit would report to director Rick Simpson. Applicants should have 1-2 years of related experience. Send resumes to Elizabeth Merino at elizabeth.merino@citi.com.



CMBS Issuance Surge on Tap for September

Fri, 18 Aug 2017
Get ready for a flood of commercial MBS issuance after Labor Day.Almost $16 billion of U.S. transactions are in the pipeline for September, according to a survey by Commercial Mortgage Alert. While some of those deals could slip into October, the month is shaping up as the busiest of the year for the sector, on track to surpass the previous high of $10.7 billion in June (see “CMBS Deals in the Works,” on Page 12).The heavy post-Labor...



Cloudy Retail Outlook Makes Lenders Wary

Fri, 18 Aug 2017
Growing concern about the retail property sector has lenders increasingly shying away from providing debt on malls and shopping centers.As the migration of shoppers from physical stores to e-commerce continues to build momentum, some originators are boosting coupons and tightening credit requirements on retail loans — while others are simply taking a pass.“The herd mentality just seems to blackball almost anything retail,” said...



Libor Sunset Has CMBS Pros Scrambling

Fri, 18 Aug 2017
While the phase-out of Libor as a benchmark for spreads on floating-rate loans and securities is four-plus years away, commercial-mortgage pros are recognizing they need to move quickly to adapt.Discussions between lenders and their attorneys are just getting under way, following the U.K. Financial Conduct Authority’s July 27 decision to phase out the widely used benchmark by the end of 2021. But it’s already clear they must...



Goldman Snags Starwood Hotel Loan

Fri, 18 Aug 2017
Goldman Sachs has agreed to provide Starwood Capital with an $862 million loan to refinance a national hotel portfolio.The collateral consists of 138 hotels, representing the bulk of the properties Starwood assumed in its 2015 purchase of TMI Hospitality. Starwood, of Greenwich, Conn., is still negotiating with Goldman over details of the financing, including whether it will have a fixed or floating rate and whether it will include mezzanine...



Brief Pause in CMBS Deluge Expected

Fri, 18 Aug 2017
Commercial MBS dealers made the rounds with another $2.7 billion of fresh offerings this week, the latest in a recent flood of deals that’s expected to dry up briefly before resuming after Labor Day.The latest transactions included two conduit issues: a $941.6 million offering by Citigroup, Morgan Stanley and Bank of America that priced Tuesday (CGCMT 2017-B1) and a $708.6 million issue, led by UBS and Societe Generale, that priced...



Schwartz to Start Debt Team at HIG

Fri, 18 Aug 2017
Industry veteran Steven Schwartz, who resigned from Torchlight Investors last month, is joining private equity shop H.I.G. Capital to set up a distressed-debt unit.Schwartz will start next week as a managing director in the special-situations group at H.I.G.’s Bayside Capital unit. Bayside has long invested in many types of distressed debt, but Schwartz’s mandate is to build out its first team dedicated to plays in distressed...



Citi Leads Blackstone Showroom Loan

Fri, 18 Aug 2017
Citigroup is taking the lead on a $950 million floating-rate loan that will help finance Blackstone’s takeover of International Market Centers, one of the nation’s biggest owner/operators of showroom space.Citi will be joined by J.P. Morgan and Credit Suisse in originating the debt, backed by 78% of the company’s 12.2 million-square-foot showroom portfolio. The trio will securitize the loan in a stand-alone offering next...



Big Mortgage Sought on Gannett HQ

Fri, 18 Aug 2017
A Tamares Real Estate partnership is looking for a $254 million floater to refinance Gannett’s headquarters complex in McLean, Va.The requested five-year loan would include a future-funding component of about $74 million. Eastdil Secured, which is representing the borrower, is pitching the lending assignment to debt funds.London-based Tamares teamed up with Finnish insurer Ilmarinen Mutual to acquire the 842,000-square-foot property in 2015...



Fannie to Expand Small-Balance Effort

Fri, 18 Aug 2017
Fannie Mae plans to expand its lineup of small-balance multi-family loans next month to better compete against Freddie Mac, which has been dominating that arena.Fannie will unveil a hybrid adjustable-rate loan product after Labor Day, according to small-balance lenders. They describe it as similar to Freddie’s hybrid 20-year loans, which start with fixed rates and then convert to floaters. The initial fixed-rate term can be five, seven or...



Barings Eyes Fresh Debt on NY Rentals

Fri, 18 Aug 2017
Barings is looking to line up $155 million of debt on an upscale apartment building on Manhattan’s West Side.The mortgage would be backed by the 418-unit Riverbank West, at 560 West 43rd Street. Barings will consider fixed- or floating-rate debt with a term of five or seven years.The company is renovating the property, upgrading units as they become vacant in order to raise rents. It’s unclear if any of the debt would be structured as...



Buyer of Md. Complex Shops for Debt

Fri, 18 Aug 2017
CBRE Global Investors is looking for some $127 million of debt to finance its purchase of a suburban Maryland apartment/retail complexThe investment manager is poised to buy North Bethesda Market, which encompasses 397 rental units and 183,000 square feet of retail space, for about $195 million. The seller is a joint venture led by Capri Investment of Chicago.CBRE’s brokerage arm is showing the debt assignment to lenders. The preference is...



Fitch Shuffles Securitization Execs

Fri, 18 Aug 2017
The transfer of Fitch’s senior securitization executive touched off a round of musical chairs at the agency this week.Kevin Duignan, who had been the worldwide structured-finance head, shifted into the lead role of the global financial-institutions rating business.He was replaced by Marjan van der Weijden, previously the head of European structured-finance ratings. At her new post, van der Weijden has oversight responsibility for all...



Karasick Team Settles LNR Lawsuit

Fri, 18 Aug 2017
Investors Mark Karasick and Michael Silberberg last week settled a closely watched lawsuit filed by special servicer LNR Property over a $410 million restructured loan on Chicago’s Prudential Plaza office complex.The terms of the agreement were undisclosed, but the buzz is that Karasick and Silberberg agreed to make a payment to the securitization trust represented by LNR.The special servicer had accused the Karasick team of getting off the...



Ex-Goldman Exec's Shop Maps Fund

Fri, 18 Aug 2017
Shelter Growth Capital, led by former Goldman Sachs executive Dan Sparks, is seeking to raise at least $150 million of equity for a fund that would invest in bridge loans, mezzanine debt and risk-retention bonds.With $700 billion of commercial real estate debt maturing in the next two years, the Stamford, Conn., firm anticipates a surge in demand for bridge and mezzanine financing from owners looking to recapitalize or reposition properties.The...



MetLife to Finance Broadway Offices

Fri, 18 Aug 2017
MetLife has agreed to originate a $150 million fixed-rate mortgage on the office building at 100 Broadway in Lower Manhattan.The owner, Northwood Investors of New York, will use most of the proceeds to retire a $130 million mortgage that CIBC wrote in 2014.The 400,000-square-foot property is valued in the neighborhood of $250 million, putting the loan-to-value ratio at roughly 60%. Eastdil Secured is brokering MetLife’s seven-year...



Chinese Firm Seeks Loan for NJ Deal

Fri, 18 Aug 2017
A Chinese developer is shopping for up to $70 million of fixed-rate debt to finance its purchase of an office condominium at One Newark Center in Newark, N.J.Beijing Ideal Development has agreed to buy the 416,000-square-foot block of office space for $100 million, or $240/sf, from a partnership between Praedium Group of New York and Mack-Cali Realty of Edison, N.J.Beijing Ideal is seeking quotes for a 10-year mortgage via Cushman & Wakefield. It...



Big Hudson Yards Loan Nears Close

Fri, 18 Aug 2017
The $1.5 billion construction-debt package for the 50 Hudson Yards project in Midtown Manhattan is expected to close within a day or two.The loan is being assembled for a Related Cos. partnership that’s constructing the 2.9 million-square-foot office tower on the West Side. As previously reported, the seven-year, floating-rate debt is being led by Bank of China, Deutsche Bank, HSBC, Sumitomo and Wells Fargo. Wells is administrative agent.At...



The Grapevine

Fri, 18 Aug 2017
Lending veteran Jonathan Greenhouse has opened a West Coast office for Credit Suisse. He started this week in Los Angeles, overseeing loan production for the region. Greenhouse most recently was an executive director at CIBC. He had worked there for several years before the downturn, and later spent a year and a half at Guggenheim before rejoining CIBC early last year. At Credit Suisse, he reports to commercial real estate originations chief...



The Grapevine

Fri, 18 Aug 2017
Eric Keifer, a multi-family and healthcare mortgage veteran, has joined Berkeley Point Capital of Boston as a senior managing director. He most recently was general counsel and senior vice president at Rockport Mortgage of Gloucester, Mass., and previously worked as a senior vice president at both Berkadia and Capmark. At Berkeley Point, Keifer leads its FHA lending program, reporting to chief executive Jeff...



The Grapevine

Fri, 18 Aug 2017
Grandbridge Real Estate Capital has hired Paul Donahue as a senior vice president to head a new office in Boston. He’ll arrange debt and equity on multi-family and other commercial properties for clients of the Charlotte firm. Donahue previously was a managing director at Red Capital’s Boston outpost. He’s joined in the move from that firm to Grandbridge by vice president Mitch Printz. They report to executive vice president...



The Grapevine

Fri, 18 Aug 2017
After almost five years at Seyfarth Shaw, counsel Ian Lane has jumped to another law firm in Boston. He started Aug. 1 as a partner at Sherin & Lodgen, joining the real estate practice led by partner Robert Carney. Lane represents lenders, borrowers and investors in commercial-property financings, loan workouts and acquisitions. Before going to Seyfarth Shaw in 2012, Lane had two stints as a Dechert associate, totaling five years in New York and...



The Grapevine

Fri, 18 Aug 2017
Kroll has four openings in its commercial MBS group. In New York, it’s looking for an associate with 3-4 years of experience and an analyst with 1-2 years of experience. It also seeks two analysts to work in Dresher, Pa. The associate and one analyst in Dresher would work on credit modeling and analytics for Kroll-rated deals. Another analyst would join the agency’s subscription-based CMBS surveillance operation, and the analyst in...



The Grapevine

Fri, 18 Aug 2017
Former trading-desk strategist Adam Moriwaki has moved to the buy side by joining Beach Point Capital’s New York office, where he will continue to focus on CMBS and other commercial real estate debt products. He came aboard Tuesday as a vice president on the Santa Monica, Calif., fund shop’s structured-credit investment team, led by portfolio manager Ben Hunsaker. Moriwaki also evaluated, underwrote and analyzed the credit quality of...



The Grapevine

Fri, 18 Aug 2017
CBRE wants to add multi-family loan originators as vice presidents in Boston, Baltimore, Miami, Dallas and Los Angeles. Candidates should have a minimum of five years of experience originating small-balance multi-family loans. Contact managing director Dan Winzeler at dan.winzeler@cbre.com.



The Grapevine

Fri, 18 Aug 2017
HFF is looking to hire a capital-markets advisor in Tampa. The recruit would arrange loans and joint-venture equity on all types of commercial properties. Candidates should have at least five years of experience. Contact managing director Matt Mitchell at mmitchell@hfflp.com.



"True Sale' Dispute Leaves Cloud Over CMBS

Fri, 11 Aug 2017
An unexpected dispute has arisen between accounting firms over whether a commercial MBS issuer can sell risk-retention bonds to a third party and still classify the securitization as a “true sale” under generally accepted accounting principles.The issue is a top concern of bank issuers, because true-sale treatment is required to book profits immediately and to avoid the need to set aside capital against the total balance of a...



Property-Giant Hines Sets Sights on Lending

Fri, 11 Aug 2017
Hines is making a concerted push into real estate lending and has hired an experienced originator to spearhead the move.The big Houston developer and investment manager plans to raise up to $250 million of equity for a fund that would originate mortgages and mezzanine debt on a range of property types across the U.S. The sponsor would likely use leverage to increase its origination capacity.Hines has recruited Westdeutsche Immobilienbank alumnus...



Westbrook Eyes Loan on Central Park Ritz

Fri, 11 Aug 2017
Westbrook Partners is seeking a $300 million floating-rate loan on the Ritz-Carlton hotel that faces Central Park in Manhattan.New York-based Westbrook, which isn’t using a broker, prefers a five-year term.The 259-room property is one of the city’s most-prominent hotels. Westbrook acquired a controlling stake in 2012 from New York-based Millennium Partners, which retained a small interest.Westbrook would use some of the proceeds to...



Spreads Rise on Junior Conduit Paper

Fri, 11 Aug 2017
Softer-than-expected demand prompted commercial MBS dealers to lower their asking prices on some of the subordinate investment-grade bonds in a $1.1 billion conduit issue that priced yesterday.Nevertheless, the benchmark bonds in the offering, led by Wells Fargo and Barclays, achieved a spread in line with the dealers’ price guidance, at 90 bp over swaps. That matched the level seen on the equivalent long-term, super-senior class of the...



Office Buyer Lines Up CMBS Mortgage

Fri, 11 Aug 2017
Citigroup and Morgan Stanley this week originated a $221.2 million fixed-rate loan for the buyer of a sprawling office campus in suburban Kansas City.Group RMC acquired the 2.2 million-square-foot Corporate Woods complex, in Overland Park, Kan., for $295 million, or $136/sf. The seller was a Stoltz Real Estate partnership.Citi and Morgan Stanley each funded half of the 10-year loan, which they plan to securitize. JLL brokered the mortgage for New...



HSBC, ICBC Back LA Rental Project

Fri, 11 Aug 2017
HSBC and Industrial and Commercial Bank of China have teamed up to provide some $200 million of construction debt for a luxury apartment development in downtown Los Angeles.The banks are jointly funding the floating-rate loan to Canadian developer Onni Group, which began work around yearend on the planned 730-unit complex. The financing agreement was finalized in the last couple of weeks. HSBC is the administrative agent. The term is unknown, but...



Banks Split Miami Beach Retail Debt

Fri, 11 Aug 2017
Two banks have provided roughly $100 million of debt to Vornado Realty on a Miami Beach retail property it currently is upgrading.Credit Agricole and Societe Generale originated the floating-rate loan, with an initial term of three years and two one-year extension options. The two French banks evenly split the debt, which closed two weeks ago.The 127,000-square foot property is at 1100 Lincoln Road, on the western end of an eight-block pedestrian...



Apartment Buyer Taps KeyBank

Fri, 11 Aug 2017
KeyBank Real Estate Capital has originated a $50 million bridge loan for the buyer of a Florida apartment property.Axonic Properties acquired the 456-unit Alvista at Laguna Bay complex, in Naples, from Blackstone for $71.8 million, or $157,000/unit. The loan-to-value ratio is 70%.KeyBank’s floating-rate mortgage, which closed on July 19, provided short-term financing for New York-based Axonic. The loan, pegged to one-month Libor plus 200...



Allegiant Lends on Honolulu Complex

Fri, 11 Aug 2017
Allegiant Real Estate Capital has provided $165 million of fixed-rate debt on an office/warehouse complex in Honolulu.The New York lender originated the 15-year mortgage for local owner AIPA Properties on the 912,000-square-foot Airport Industrial Park. The debt, which closed about a week ago, carries interest-only payments for part of its term. Sonnenblick-Eichner advised AIPA on the financing.The two-building complex, at 3375 Koapaka Street...



Goldman, Ohana Finance Calif. Hotel

Fri, 11 Aug 2017
Goldman Sachs has teamed up with an affiliate of Ohana Real Estate Investors to originate a $62 million floating-rate debt package on a new luxury hotel in Napa Valley.The 68-room Las Alcobas Napa Valley, in St. Helena, Calif., was converted from apartments by Presidio Cos. of Sacramento, Calif. Presidio used the loan proceeds to take out construction financing led by U.S. Bank.Goldman parked the $41 million senior portion on its balance sheet,...



Fannie Floats First "All-Green' Deal

Fri, 11 Aug 2017
Fannie Mae lenders have originated far more “green” multi-family loans than expected this year, paving the way for this week’s first-ever commercial MBS offering backed entirely by such debt.Fannie acquired $10.8 billion of green loans in the first half, or a whopping 36% of its multi-family volume. That was a sharp jump from $3.6 billion, or a 6.5% share, in full-year 2016.Green loans offer borrowers lower interest rates and...



Loan Sought for Oakland Office Deal

Fri, 11 Aug 2017
KBS Realty is seeking $100 million of floating-rate debt to finance its purchase of two office buildings in downtown Oakland.The Newport Beach, Calif., investment manager is shopping for a loan with a term of 3-5 years, to be backed by adjacent properties at 505 14th Street and 1300 Clay Street that total 367,000 square feet. A portion of the proceeds would be set aside for tenant improvements and other costs. The overall loan-to-cost ratio would...



Benefit Street Hawks Mezz Portfolio

Fri, 11 Aug 2017
Benefit Street Partners is looking to sell $24 million of performing mezzanine loans on office and retail properties in four states, as part of an ongoing effort to shed debt originated by the former Realty Finance.The four loans to unidentified borrowers have a blended coupon of 11.9%. One is on a retail center in San Antonio, and the others are backed by office properties in San Diego, Raleigh and Reading, Pa.JLL, which has the marketing...



The Grapevine

Fri, 11 Aug 2017
Richard Kirikian rejoined Morgan Stanley several weeks ago as head of non-recourse lending on commercial real estate for the bank’s private wealth-management group. In the newly created post, he’ll hire originators and analysts in New York, Los Angeles, Dallas and Chicago. The team’s loans could be held on the bank’s balance sheet or securitized. Kirikian previously worked at Morgan Stanley from 1995 to 2002. Most...



The Grapevine

Fri, 11 Aug 2017
Lending veteran Perry Gershon is phasing out his duties as a managing director at Jefferies LoanCore, as he prepares to retire from the industry and run for Congress. Gershon began his real estate career in 1993 at Nomura and later headed structured finance at RBS Greenwich. In 2008, he joined LoanCore Capital, which formed its joint venture with Jefferies in 2011. Gershon served as chief investment officer before transitioning to special...



The Grapevine

Fri, 11 Aug 2017
Capital-markets veteran Shannon Stotts joined Resource Real Estate last month as a managing director in New York. She’s helping oversee originations for the Philadelphia mortgage REIT. Stotts spent the past two-plus years at Ten-X as head of capital markets. She had prior lending stints at Natixis and Lehman Brothers.



The Grapevine

Fri, 11 Aug 2017
Greystone has added a managing director to its ranks and is bringing on another. Dan Wolins, formerly of Hunt Mortgage, started Wednesday in New York. Joe Mosley will join Greystone Aug. 21 after five years at UBS. Both are tasked with originating agency and commercial MBS loans. They report to Rob Russell, head of CMBS production.



The Grapevine

Fri, 11 Aug 2017
Steve Cho will start at Blue Vista Finance next week as chief operating officer and head of credit. Cho formerly worked at MC-Five Mile, RBS and Fortress Investment. At Blue Vista, he’ll report to president Shawn Townsend. The Chicago bridge lender is also looking to hire one or two analysts or associates.



The Grapevine

Fri, 11 Aug 2017
Jason Bordenick joined Seven Valleys Capital last month as a managing principal and head of a new debt platform. The New York investment firm is headed by Zhang Xin, who controls Chinese developer Soho China. Bordenick spent the past five years at NorthStar Realty Finance, and was at Natixis before that.



The Grapevine

Fri, 11 Aug 2017
After three years at Carlyle Group in New York, senior associate Skylar Hochberg has jumped to Atalaya Capital. He started Aug. 1 with the same title in the hedge fund’s Manhattan headquarters. He reports to managing director Young Kwon, who oversees commercial real estate investments. Hochberg will focus on debt originations. He will also work on equity transactions, as he did at Carlyle. Before joining that Washington firm in 2014,...



The Grapevine

Fri, 11 Aug 2017
John Hancock wants to add an investment officer in Chicago to work on underwriting, originating and closing mortgages as well as monitoring the insurer’s loan portfolio. Candidates should have at least five years of commercial-lending experience. The recruit would report to assistant vice president Justin Lata, regional director in Chicago.



The Grapevine

Fri, 11 Aug 2017
Silverpeak Argentic is looking to hire underwriters in Dallas and New York to work on CMBS originations and floating-rate balance-sheet loans. Candidates need at least seven years of experience. Contact Christina Kuch at ckuch@argenticmgmt.com.



Barclays Lands Floater on Hotel del Coronado

Fri, 04 Aug 2017
Barclays has agreed to originate a $700 million floating-rate debt package for Blackstone on the landmark Hotel del Coronado near San Diego.The bank will securitize the senior portion via a stand-alone offering this month. The rest of the package will be structured as mezzanine debt, which Barclays will place with one or more investors. The sizes of the two components are still being worked out.Blackstone will use the proceeds to retire a $700...



AIG Cuts US Lending Chief, Other Staffers

Fri, 04 Aug 2017
Several top commercial-mortgage executives exited AIG within the last two weeks as part of a reorganization of some of the insurer’s investment units.Keith Honig, head of U.S. commercial real estate lending, was the most-senior staffer to depart. Also caught up in the layoffs were Todd Bedingfield, a managing director in charge of originations in the Western region, and a senior loan officer, Jack Hall.The moves put managing director...



ORIX Strikes Deal to Buy Healthcare Lender

Fri, 04 Aug 2017
ORIX USA has agreed to buy Lancaster Pollard, a senior-housing and healthcare lender, from Stone Point Capital for slightly more than $300 million.The transaction, which is subject to regulatory approval, will give ORIX control of two of the biggest originators of FHA and Ginnie Mae loans. The Dallas investment and asset-management shop already owns Red Capital, which ranked third in that sector last year, with $1.5 billion of originations,...



CMBS Deals, CLOs Pour Into Market

Fri, 04 Aug 2017
Bond buyers had a lot of choices this week, picking over five commercial MBS deals and two commercial real estate CLOs.The CMBS line-up consisted of two floating-rate issues backed by loans to single borrowers, two conduit offerings and a pooled floating-rate transaction. All but one of the conduit deals priced (see Initial Pricings on Pages 12-18).The largest single-borrower offering, which priced yesterday, was an $825 million transaction...



Starwood Close to Refinancing 4 Malls

Fri, 04 Aug 2017
Starwood Capital is weighing proposals from lenders for about $700 million of debt on four regional malls.The Greenwich, Conn., investment shop took quotes via Eastdil Secured for either a fixed- or floating-rate mortgage with a term of 5-7 years. The proposed leverage is about 75%, pegging the portfolio’s value at roughly $933 million. A decision on the assignment is believed to be near.The properties were among seven malls, totaling 7.3...



Buyers Soak Up Flood of REIT Bonds

Fri, 04 Aug 2017
REIT-bond investors snapped up a whopping $5.4 billion of fresh paper in the past 10 days, enabling at least four of the five issuers to achieve higher prices than dealers expected.Capitalizing on pent-up demand for investment-grade offerings, cell-tower owner Crown Castle International kicked off the deluge by floating $1.8 billion of unsecured corporate bonds on July 25. The next-largest transaction came Wednesday, when data-center REIT Digital...



Credit Agricole Sells Down NY Loan

Fri, 04 Aug 2017
Credit Agricole has syndicated senior portions of the $300 million mortgage it recently provided to Westbrook Partners on a Midtown Manhattan office building.The French bank led the refinancing of the building, at 1375 Broadway, in May. It originated a senior loan of $230 million, while Brookfield Asset Management of Toronto kicked in $70 million of mezzanine debt.Three other lenders — China Construction Bank, Deutsche Pfandbriefbank and...



Trade Groups Want Clarity on Volcker

Fri, 04 Aug 2017
With its membership strongly opposed to the Volcker Rule in its current form, the CRE Finance Council is preparing to respond to a federal regulator’s request for input on potential changes.The Comptroller of the Currency on Wednesday called for public comment on revising the controversial rule. Designed to prevent institutions whose deposits are insured by the government from taking on risky investments, it’s been blamed for...



Goldman Funds Texas Power Center

Fri, 04 Aug 2017
Goldman Sachs has originated a $78 million bridge loan on a redeveloped Texas power center near the border with Mexico.The borrower, Houston-based Levcor, used the proceeds to retire construction debt on the 467,000-square-foot Pharr Town Center, in Pharr. JLL arranged the two-year floater, which has no extension options.Levcor acquired the property in 2006, when it was known as El Centro Mall. The development firm intended to raze the site and...



Blackstone Seeks Seattle Office Loan

Fri, 04 Aug 2017
Blackstone wants to line up roughly $100 million of debt for its pending acquisition of a Seattle office building.The New York fund operator has agreed to purchase the Exchange Building for about $150 million. Blackstone is asking lenders for quotes at two leverage points, 60% and 70%, for proceeds in the range of $90 million to $105 million. It prefers a floating-rate loan with a term of five years. Eastdil Secured is brokering the downtown...



Loans Posted 2.1% Gain in Quarter

Fri, 04 Aug 2017
Commercial real estate loans produced a 2.11% return in the second quarter, according to the Giliberto-Levy Commercial Mortgage Performance Index.Helped by a decrease in long-term Treasury yields, valuations of the fixed-rate loans in the index rose by 1.01% during the April-June stretch, while loan payments provided a 1.11% return. The overall return was up slightly from 2.01% in the first quarter. That brought the year-to-date return to 4.16%...



Fewer CMBS Loans Facing Trouble

Fri, 04 Aug 2017
The volume of commercial MBS loans in distress declined last month, according to two measures of credit quality.The tally of mortgages in special servicing dropped by $758.4 million in July, to $25.9 billion, according to Trepp. It was the fifth straight month of decline for that figure, which stood at $28.3 billion at yearend. By Trepp’s count, 6.36% of the aggregate balance of securitized commercial real estate debt was in the hands of...



CMBX Clearinghouse Delayed Again

Fri, 04 Aug 2017
The Chicago Mercantile Exchange is taking longer than expected to establish a clearinghouse for trading credit-default swaps tracked by IHS Markit’s CMBX index.The Merc is now targeting April for the launch, which has been delayed at least twice due to technical implementation issues, according to CMBX dealers. Initial plans tentatively called for the unit of Chicago-based CME Group to start clearing CMBX swaps via its exchange by Sept. 1,...



PCCP Finances New Seattle Complex

Fri, 04 Aug 2017
PCCP this week originated an $80 million floating-rate loan for the developer of a year-old hotel/apartment complex in Seattle.The 184,000-square-foot property encompasses the 158-room Thompson Seattle Hotel and the 93-unit Sequel Apartments. HFF arranged the financing.The two-building complex, which opened in June 2016, was constructed by a joint venture between Geolo Capital of San Francisco and local developers Douglas Howe and Shawn Parry....



M&T Backs Brooklyn Film Studio

Fri, 04 Aug 2017
M&T Bank has originated a $66 million fixed-rate mortgage on a building at a film-production studio in Brooklyn.The 225,000-square-foot building, at 25 Washington Avenue, is part of Steiner Studios, located in the former Brooklyn Navy Yard, along the East River. The studio is owned by developer and investor Douglas Steiner, who also controls Steiner Equities of Roseland, N.J.JLL brokered the 10-year loan on the Art Deco building, which was...



MetLife Taps PNC for Calif. Purchase

Fri, 04 Aug 2017
PNC originated a $79.5 million fixed-rate loan last month to finance MetLife Investment’s acquisition of a power center in California’s Inland Empire.MetLife bought the 459,000-square-foot Chino Spectrum Towne Center, in Chino, for roughly $145 million, or $316/sf. The seller was a joint venture between Vestar Development of Phoenix and UBS.The five-year mortgage closed July 13. The loan-to-value ratio is about 55%.Chino Spectrum is...



The Grapevine

Fri, 04 Aug 2017
J.P. Morgan has hired a veteran lending executive in Boston. Michael Pomposelli will start in the next few weeks. He was most recently a senior vice president at Bank of America, where his duties included relationship management and leading a team that structures and originates debt. He’s expected to have a similar role at J.P. Morgan. Before joining BofA nine years ago, he had stints at KeyBank and Fleet Securities. Pomposelli is the...



The Grapevine

Fri, 04 Aug 2017
Michael Doran joined Greystone this week as a managing director in Atlanta, following some 20 years at Prudential. He focuses on agency originations as well as bridge and construction financing. Doran started at Pru in 1995, working on asset management of equity investments before switching to real estate finance. His tenure at the insurer was interrupted by a 2003-2004 stint at...



The Grapevine

Fri, 04 Aug 2017
UBS has added originators David Froschauer and Mike Birajiclian as executive directors. Froschauer came over last month from Jefferies LoanCore and Birajiclian joined this week from Barclays. They report to originations chief Chris LaBianca. Meanwhile, UBS is looking to add one or two traders to its mortgage-sales operation. Applicants should contact David Nass, head of real...



The Grapevine

Fri, 04 Aug 2017
Arbor Realty has hired Jason Scott as a regional managing director, tasked with originating agency and structured loans in the Southeast. He’s based in Atlanta, reporting to John Caulfield, chief operating officer for agency lending. Scott most recently was director of originations at Regions Bank in Atlanta. Before that, he worked at RBC in Atlanta and FTI Capital in New...



The Grapevine

Fri, 04 Aug 2017
Another Berkadia vice president has jumped to Phares Co., the HUD-approved Ginnie Mae lender that veteran commercial MBS trader Christopher Callahan bought last month and is renaming X-Caliber Capital. Loan underwriter Jan Roman started Tuesday as a vice president in Birmingham, Ala. She reports to chief loan underwriter Sandra Rothe, who came aboard from Berkadia as an executive vice president two weeks ago. Roman had worked at Berkadia and its...



The Grapevine

Fri, 04 Aug 2017
Attorney Leanne Lispi joined Broadacre Financial several weeks ago as executive director and transaction manager. She oversees loan closings, reporting to president Christopher Haynes. Lispi spent the past four years at UBS and previously worked at Amalgamated Bank, Merrill Lynch and Thacher Proffitt.



The Grapevine

Fri, 04 Aug 2017
Alan Todd of Bank of America was named top CMBS researcher again this year in an annual survey by Institutional Investor. Morgan Stanley’s Richard Hill repeated as runner-up, and Citigroup’s Jeffrey Berenbaum came in third. Todd has won eight of the last nine rankings — missing 2011, when he left J.P. Morgan for BofA just after ballots were collected and the top spot went to his successor. Among analysts who focus on...



The Grapevine

Fri, 04 Aug 2017
Newmark has openings for an associate and an analyst on its debt and structured-finance team in New York. The recruits would report to vice chairmen Jordan Roeschlaub and Dustin Stolly. Candidates should have 1-5 years of experience. Send resumes to Steven Sperandio at steven.sperandio@ngkf.com.



Deutsche Leading CMBS Loan on 280 Park

Fri, 28 Jul 2017
Deutsche Bank will lead a $1.2 billion fixed-rate debt package to refinance the office complex at 280 Park Avenue in Midtown Manhattan.Barclays, Goldman Sachs and Bank of China will join in originating the long-term financing, with Deutsche funding 40% of the proceeds and the others taking down 20% apiece. A portion is likely to be structured as mezzanine debt. The banks plan to securitize the senior debt in an upcoming stand-alone offering.The...



Big Loan Eyed for Recap of Worldwide Plaza

Fri, 28 Jul 2017
SL Green Realty and RXR Realty are asking lenders to bid on a mortgage of up to $1.2 billion in conjunction with a proposed recapitalization of the massive One Worldwide Plaza in Manhattan.Under the recap being discussed, New York REIT, which has a 98.8% interest in the office building, would sell a 49% interest to SL Green and RXR. The deal, which is being brokered jointly by CBRE and Eastdil Secured, would value the 2.1 million-square-foot...



Half of Issuers Retaining Single-Borrower Risk

Fri, 28 Jul 2017
In a surprising development, issuers held on to the risk-retention portions of half of the single-borrower offerings that priced from January to June, instead of selling the bonds to high-yield investors.Many observers had expected the 5% retention slice of such deals to find strong investor demand, especially from insurance companies. But for the 22 transactions during the first six months under the new regulations, dealers handed off the...



CMBS Buyers Absorb Flood of Issues

Fri, 28 Jul 2017
Amid an ongoing deluge of commercial MBS offerings, dealers priced $3.3 billion of transactions this week and rolled out two more deals totaling $1.4 billion.The fresh offerings included an $898.7 million conduit transaction backed by loans from Societe Generale, Deutsche Bank, Natixis, Rialto Capital and CIBC (UBSCM 2017-C2). The other was a $500 million securitization of a fixed-rate mortgage that Wells Fargo wrote on a Midtown Manhattan office...



Loan Sought to Add Offices to Mall

Fri, 28 Jul 2017
Starwood Capital is seeking $214 million of floating-rate debt on a Texas mall that it plans to expand into an office/retail complex.Starwood will construct a speculative 200,000-square-foot office building on the site of the 1.5 million-sf Shops at Willow Bend, in Plano. The Greenwich, Conn., investment manager is also adjusting the mall’s tenant mix.Starwood is pitching the proposed five-year loan via Eastdil Secured. It is seeking about...



Floater Eyed for SF Condo Project

Fri, 28 Jul 2017
A developer is seeking $300 million of debt to construct a high-end residential building in San Francisco.A partnership among SRE Group of China, Chicago-based John Buck Co. and New York’s Paramount Group plans to build a condominium tower at 75 Howard Street, on the southern edge of the Financial District. The team is seeking floating-rate debt with a total term of five years. Eastdil Secured is marketing the lending assignment.The...



Bridge Taking Down Freddie B-Piece

Fri, 28 Jul 2017
Bridge Investment has circled the subordinate portion of a single-borrower offering that Freddie Mac will bring to market next week.The $1.1 billion floating-rate deal (FHMS K-SW3/FREMF 2017-KSW3) will be backed by loans on 38 apartment properties that Starwood Capital of Greenwich, Conn., assumed in April via its $2.9 billion takeover of Toronto-based Milestone Apartments.The loans were part of a $2.2 billion floating-rate debt package that...



Silverpeak Circles Horizontal Strip

Fri, 28 Jul 2017
Silverpeak Argentic has agreed to buy the B-piece of an upcoming conduit deal led by Wells Fargo.The transaction (WFCM 2017-C39) will be backed by loans contributed by Wells, Barclays, Silverpeak, Basis Investment and Natixis.Silverpeak will buy the junior 5% portion of the transaction and serve as the risk-retention party. That means it effectively must retain that horizontal strip for the life of the deal.Silverpeak is technically the...



Loan Sought to Rework Vermont Mall

Fri, 28 Jul 2017
A joint venture is seeking $180 million of floating-rate debt for the first phase of the redevelopment of a shopping center in Burlington, Vt.The team of Devonwood Investors and Rouse Properties, both of New York, plans to demolish most of Burlington Town Center and construct two 14-story towers with residential, office and retail space.The duo prefers a three-year loan, with two one-year extension options. The loan-to-value ratio would be about...



Wells Backs Buyer of Virginia Rentals

Fri, 28 Jul 2017
Wells Fargo has agreed to write a $104 million Freddie Mac loan for the buyer of an apartment community near the Pentagon in Arlington, Va.Waterton will acquire the 404-unit Windsor at Shirlington Village from Boston advisory shop GID for roughly $144 million, or $356,000/unit. At that price, the loan-to-cost ratio is 72%. Eastdil Secured is brokering the sale and the loan.Freddie will securitize the fixed-rate mortgage, which has a seven-year...



NAIC Unveils New CMBS Risk Charges

Fri, 28 Jul 2017
Insurance companies will have to hold a little more risk-based capital against their commercial MBS investments from now on, under new loss projections sanctioned by the National Association of Insurance Commissioners.The loss metrics and resulting capital charges stem from a financial model that was created and recently overhauled by BlackRock. Under contract to the NAIC, BlackRock projects expected losses and assigns valuations to commercial...



Positive View on CMBS Rental Loans

Fri, 28 Jul 2017
Most commercial MBS loans on multi-family properties seem well-positioned to withstand headwinds buffeting segments of the U.S. apartment market, according to a Kroll analysis.While the multi-family property sector has performed strongly since the crash, a flood of construction in recent years has caused overall occupancy rates to slip and rent growth to slow. But the impact of that supply-and-demand shift on securitized loans “remains...



Wells Widens Lead in Key Trust-Shop Ranking

Fri, 28 Jul 2017
With the advent of risk-retention rules for commercial MBS, Wells Fargo has strengthened its longtime position as top dog in the small field of banks that provide trust-administration services for new deals.As CMBS issuance swelled to $38.8 billion in the first half, Wells was hired by issuers to serve as certificate administrator on 82.7% of the offerings by dollar volume. That was up sharply from 65.5% in the first six months of last year,...



Cadwalader Remains Top Legal Advisor; Sidley Makes Inroads

Fri, 28 Jul 2017
Cadwalader Wickersham was again the clear favorite among law firms hired to advise U.S. issuers and underwriters of commercial MBS in the first half, even as Sidley Austin gained ground on the perennial frontrunner.Among 61 offerings in the first six months of the year, Cadwalader was retained to fill the role of issuer counsel on 38. It also led the underwriter-counsel ranking at midyear, with 30 deals under its belt, according to Commercial...



CBRE: Lending Rose in 2nd Quarter

Fri, 28 Jul 2017
Commercial real estate lending continued to grow in the second quarter, led by a surge in commercial MBS mortgages, according to a CBRE report.Originations were up 4.3% from the first quarter and 27.9% from a year earlier, according to the brokerage’s index of “lending momentum.”The index, which tracks commercial real estate loans brokered or originated by CBRE, was set at a value of 100 when it started in 2005. In the...



The Grapevine

Fri, 28 Jul 2017
Megan Goodfellow has rejoined Hunt&nbsp;<span style="background-color: initial;"&rt;Mortgage as chief credit officer for commercial real estate. Goodfellow spent the past two years at RealtyMogul.com. Before that, she put in a combined eight years at Hunt and Centerline Capital, which Hunt acquired in 2013. In her new position, Goodfellow will split time between New York and Houston, focusing on the firm’s proprietary lending group. She reports to...



The Grapevine

Fri, 28 Jul 2017
Moody&rsquo;s has tapped Keith Banhazl to replace commercial MBS surveillance chief Michael Gerdes, who retired July 7. Banhazl, a 15-year Moody&rsquo;s veteran, was Gerdes&rsquo; chief lieutenant in the U.S. surveillance group, which also covers commercial real estate CLOs. He was promoted Monday to managing director, from associate managing director. Banhazl reports to managing director Jon Polansky, head of structured-finance surveillance....



The Grapevine

Fri, 28 Jul 2017
Originator David Camins joined Chicago fund operator Blue Vista Capital a few weeks ago as a senior vice president. Camins most recently spent eight years at Merlin Real Estate, also in Chicago, after a five-year run at Eurohypo. Blue Vista primarily writes floating-rate bridge loans on mid-sized transitional properties. It wants to add one or two analysts at the associate level. The contact is Shawn Townsend, who oversees the debt...



The Grapevine

Fri, 28 Jul 2017
Originator Michael Bontumasi has joined Societe Generale as a vice president in New York. He spent the past five years at CCRE, the commercial real estate finance unit of Cantor Fitzgerald. Before that, he worked at PNC for five years. SocGen has been expanding its team, most recently bringing in senior originator Timothy Hallock as a managing director.



The Grapevine

Fri, 28 Jul 2017
Kenny Kim is leaving PGIM Real Estate to join RSM as a director in Manhattan. He&rsquo;ll lead the real estate valuation consulting practice at the accounting and advisory firm. Today&rsquo;s his last day at PGIM in Madison, N.J., which he joined as a director last year. Before that, Kim had a brief stint at Ernst & Young and worked for 12 years at GE Capital Real...



The Grapevine

Fri, 28 Jul 2017
Cadwalader Wickersham is looking to add at least five securitization attorneys with 3-6 years of experience, to work in New York, Charlotte, Washington and London. Three or four of them would join the New York-based law firm&rsquo;s 77-member CMBS team in the U.S., which is part of the global capital-markets practice led by partners Michael Gambro and Stuart Goldstein. Contact Kelly Sinclair at...



The Grapevine

Fri, 28 Jul 2017
Kirk Booher has left his position as head of a bridge-lending unit of BB&T. His plans are unknown. Until his departure two weeks ago, Booher was director of Chicago-based BB&T Real Estate Funding, which focuses on floating-rate mortgages with terms of 2-3 years. He had set up the platform about a decade ago in partnership with Collateral Real Estate Capital of Birmingham, Ala., which BB&T acquired in 2008. Booher previously worked at Merrill...



The Grapevine

Fri, 28 Jul 2017
Wells Fargo has an opening for a CMBS analyst in New York. The recruit would help senior bankers with the origination, structuring and securitization of commercial mortgages for Wells and its clients, reporting to managing director A.J. Sfarra. Applicants with at least a year of related experience can apply at wellsfargo.com by searching for job opening...



The Grapevine

Fri, 28 Jul 2017
M&T Realty Capital has openings for several staffers at its Baltimore headquarters, including an underwriter with three years of experience working on agency loans and an asset manager with a year&rsquo;s experience. To apply, visit careers.mtb.com.



Risk Rules Jumble Ranking of B-Piece Buyers

Fri, 21 Jul 2017
The introduction of risk-retention rules shook up the universe of B-piece buyers in the first half.Rialto Capital managed to remain the biggest buyer, but there were big shifts among other players. Two shops &mdash; KKR and Silverpeak Argentic &mdash; significantly increased their presence. But nine firms that bought at least one conduit B-piece last year failed to take down any. Among them were Torchlight Investors, Ellington Management,...



Fitch, Moody's Lead Way With Photo Finish

Fri, 21 Jul 2017
Fitch and Moody&rsquo;s finished in a virtual tie in the first-half ranking of agencies that rated U.S. commercial MBS transactions, although the market shares of both slipped.Fitch rated $25.4 billion of deals, a scant $27 million ahead of Moody&rsquo;s, the longtime leader. That put the market shares of both firms at 65.6%, down from the full-year 2016 levels of 70% for Fitch and 75.5% for Moody&rsquo;s, according to Commercial Mortgage...



Fannie, Freddie Head to Another Record Year

Fri, 21 Jul 2017
Fannie Mae and Freddie Mac are on track to set new records again this year for purchases of multi-family mortgages.Fannie acquired $29.7 billion of loans in the first half, up 34% from a year earlier. And while Freddie&rsquo;s $19.5 billion of purchases through May was down 19%, according to the latest data available, the agency expects to erase that shortfall over the rest of the year.&ldquo;We continue to anticipate another record year in terms...



Goldman Scores Loan on Hotel Bundle

Fri, 21 Jul 2017
Goldman Sachs has won the assignment to provide $580 million of floating-rate debt on a national portfolio of Hyatt-branded hotels.The bank will securitize the senior portion, likely about $400 million, in a stand-alone deal next month. The collateral encompasses 4,950 rooms at 38 limited-service and extended-stay hotels. Eastdil Secured lined up the debt for a joint venture between Lone Star Funds and Aimbridge Hospitality, both of Dallas. They...



CMBS Buyers Kick Tires on 3 Deals

Fri, 21 Jul 2017
Commercial MBS dealers circulated price guidance for two conduit offerings totaling $1.7 billion this week and kicked off the marketing campaign for a $1.4 billion securitization backed by floating-rate debt on a Blackstone hotel portfolio.Citigroup and Deutsche Bank set price talk at 90-bp area over swaps for the benchmark class of a $931.6 million conduit offering (CD 2017-CD5). Guidance was 91-bp area on the long-term, super-senior bonds of...



Arbor Hits Small-Balance Milestone

Fri, 21 Jul 2017
Arbor Realty this week became the first lender to reach $2 billion of aggregate originations under Freddie Mac&rsquo;s small-balance-loan program.Arbor chief executive Ivan Kaufman said the volume was &ldquo;well in excess of what we could have predicted&rdquo; when Freddie launched the program in October 2014.Arbor, a REIT in Uniondale, N.Y., was among the first three approved lenders, along with Greystone and Hunt Mortgage. Since then, eight...



Northwood Eyes Debt on Mass. Offices

Fri, 21 Jul 2017
Northwood Investors is shopping for a $115 million loan on a cluster of six suburban Boston office buildings.The New York firm has struck a deal to buy a three-building complex in Waltham, Mass., adjacent to another three-building complex it already owns. It&rsquo;s seeking a mortgage backed by the combined 781,000 square feet. The preference is for a floating rate and a term of five years, including extensions. Newmark is marketing the...



Refi Sought for 2 NY Boutique Hotels

Fri, 21 Jul 2017
The owner of the leasehold interests in two high-end boutique hotels in Manhattan is in the market for about $150 million of floating-rate debt.Firmdale Hotels wants to line up a $100 million mortgage on the Crosby Street Hotel, in the SoHo neighborhood, and a $50 million loan on the Whitby Hotel, in Midtown. JLL is pitching the assignment to lenders.London-based Firmdale developed the luxury properties, each with 86 rooms. The Whitby, at 18 West...



Silverpeak, KKR Taking Down B-Pieces

Fri, 21 Jul 2017
Silverpeak Argentic and KKR have separately circled the subordinate portions of two upcoming conduit deals.Silverpeak agreed to buy the B-piece from an offering that Citigroup, Bank of America and Morgan Stanley will market next month.The transaction, issued via a Citi shelf, will use the vertical-strip option for risk retention, with the issuing banks retaining 5% of each class for the long term. Silverpeak will buy the remaining 95% of the...



MetLife to Finance SF Office Recap

Fri, 21 Jul 2017
MetLife is poised to write a roughly $270 million loan on a San Francisco office tower where an arm of the insurer is selling its equity stake.The floating-rate mortgage would finance a recapitalization of the 596,000-square-foot building at 45 Fremont Street. Blackstone has agreed to buy a 49% interest in the property from MetLife Real Estate Investors, with Shorenstein Properties retaining the remaining 51%. The trade would value the building...



PGIM Lends on DC Office Trophy

Fri, 21 Jul 2017
PGIM Real Estate Finance has agreed to write a $192 million fixed-rate loan for the buyer of a Class-A office building in Washington.The 10-year mortgage will be backed by the 380,000-square-foot property at 1101 New York Avenue NW. Eastdil Secured arranged the financing, which is expected to close in the next month or so, for a joint venture between Oxford Properties and Norges Bank Investment.Oxford, the Toronto-based real estate investment arm...



Palmer, H/2 Capital Partner, Dies

Fri, 21 Jul 2017
Steven Palmer, a longtime partner at H/2 Capital, passed away last week after a long illness. He was 60 years old.Palmer contracted a rare form of cancer, adenoid cystic carcinoma, 13 years ago.He joined the Stamford, Conn., firm in 2004 after stints at Greenwich Capital, Deutsche Bank, J.P. Morgan and Aetna Realty.Palmer, who lived in Dallas, is survived by his wife and three children. A memorial service will be held on July 29 at 11:30 a.m. at...



Berkadia Lends on Rentals Near Dallas

Fri, 21 Jul 2017
Berkadia has originated a $51.3 million Fannie Mae loan on a recently completed apartment complex in suburban Dallas.The 10-year mortgage, with a fixed rate of 4.19%, is backed by the 423-unit Discovery at The Realm, in Lewisville, Texas. Berkadia closed the loan July 17 for the local developer, Bright Realty.The Fannie loan replaces construction financing originated in 2014. Mutual of Omaha Bank and Great Southern Bank of Springfield, Mo.,...



Lender's New Chief Taps Senior Staff

Fri, 21 Jul 2017
Former World Class Capital executive Christopher Callahan is moving quickly to expand his newly acquired agency-lending shop.Callahan has hired Berkadia vice president Sandra Rothe as chief loan underwriter for the HUD-approved Ginnie Mae lender, which he&rsquo;s renaming X-Caliber Capital. He also has recruited Amber Howard, a senior servicing pro at Capital Funding of Baltimore, to lead the servicing and asset-management operation. Both joined...



Wells Remains Busiest Master Servicer; Midland Surpasses Key

Fri, 21 Jul 2017
Wells Fargo continued its dominance of master-servicing contracts on commercial MBS offerings in the first half, while its two main rivals switched places again in the midyear ranking.Midland Loan Services held the No. 2 spot at the half-year mark, with KeyBank a distant third. Key had finished last year in second place, and the two firms have jockeyed back and forth several times in recent years.As first-half CMBS issuance swelled to $38.8...



The Grapevine

Fri, 21 Jul 2017
Veteran originator Timothy Hallock left Bancorp Bank this week after five years. The word is he&rsquo;s headed to Societe Generale, but his start date and job title couldn&rsquo;t be learned. Before the downturn, Hallock was a senior originator at Wachovia. He later worked at Centerline Capital and then Carl Marks Advisory. Bancorp is now hunting for an experienced loan pro to take Hallock&rsquo;s place, and meanwhile has reassigned his accounts...



The Grapevine

Fri, 21 Jul 2017
After eight years at Cushman & Wakefield in Atlanta, Jeff Walker has joined Birdsey Group as director of commercial services. He started July 10 in the firm&rsquo;s Atlanta headquarters, reporting to president Jim Going. Walker will run a team of 10 underwriters and more than 100 field-service pros that work for clients on commercial mortgages. Plans call for adding 10 underwriters with at least five years of experience to that unit over the next...



The Grapevine

Fri, 21 Jul 2017
J.P. Morgan last week hired James Norton to open a real estate banking outpost in Washington. He&rsquo;s focused on originating large loans nationally for developers and investors based in the Mid-Atlantic states. He reports to managing director Greg Reimers. Norton spent the past 12 years as a senior vice president at BB&T, working in Atlanta, Tampa and...



The Grapevine

Fri, 21 Jul 2017
Hunt Mortgage has opened a production office in Philadelphia and hired Harris Heller to run it. Heller started July 11 as a managing director, originating conventional and small-balance agency loans in the Mid-Atlantic states. He reports to senior managing director Vic Clark and managing director Michael Becktel. Heller previously was a managing director for loan originations at Greystone, where he worked for just over a year. Before that, he...



The Grapevine

Fri, 21 Jul 2017
Originator Oliver Striker joined Rialto Capital recently as a managing director. He came on board from UBS, where he&rsquo;d worked since 2006. Before that, he put in stints at Eurohypo and Nomura.



The Grapevine

Fri, 21 Jul 2017
Attorney Steven Rivers joined Acore Capital this week as managing director and general counsel, based in Larkspur, Calif. He moved over from LNR Property, a unit of Starwood Property. He worked at various Starwood entities for about six years, and before that had an eight-year run at Dechert.



The Grapevine

Fri, 21 Jul 2017
Debt-fund operator Morrison Street Capital is seeking to hire a senior associate/vice president. The recruit would work on underwriting and closing mezzanine loans, as well as assisting with asset management. The post will be based in the Eastern U.S., preferably in New York. Contact the firm&rsquo;s president, Marcus Parker, at careers@morrisonstreetcapital.com. Morrison Street, based in Portland, Ore., is led by chief executive Rance...



The Grapevine

Fri, 21 Jul 2017
American Family Insurance is seeking a structured products/fixed income analyst to work at its headquarters in Madison, Wis. Candidates should have at least two years of experience analyzing commercial MBS. Duties would include conducting credit and market analysis, providing monitoring and management support for the firm&rsquo;s structured-finance portfolio and preparing reports. The contact is senior fixed-income portfolio manager Neil Zamansky...



Correction

Fri, 21 Jul 2017
A list of commercial MBS deals that priced in the second quarter, published on July 7, incorrectly included a $278.1 million Canadian offering by RBC (REALT 2017-1). The transaction was pulled from the market last month and now is expected to price later this year. As a result of the error, the first-half volumes for non-U.S. and global issuance were overstated. The correct amounts are $359.1 million for non-U.S. activity and $39.1 billion for...



Blackstone Eyes Backing for Showroom Deal

Fri, 14 Jul 2017
Blackstone has started sounding out lenders about a floating-rate loan to finance its pending acquisition of showroom owner/operator International Market Centers.The giant fund shop announced last week that it had agreed to buy the High Point, N.C., company from a partnership between Bain Capital of Boston and Oaktree Capital of Los Angeles. The price was undisclosed, but the company is likely worth more than $1.5 billion, based on the value of...



CMBS Rally Nearly Over, Survey Suggests

Fri, 14 Jul 2017
The rally in commercial MBS prices that marked the first half has largely run its course, in the view of industry professionals.Following a sharp contraction over the last six months, new-issue spreads on senior notes are projected to be roughly flat in the second half, according to a panel of investors, lenders and dealers. Meanwhile, spreads on subordinate bonds are poised to reverse course and widen, the pros predicted.The average forecast...



REIT-Bond Issuance Soared Again in 1st Half

Fri, 14 Jul 2017
Chalk up another record half for REIT-bond offerings, as issuers hastened to fund expansions and refinance outstanding debt ahead of an anticipated increase in interest rates and looming troubles in the retail-property sector.Forty U.S. REITs floated $20.9 billion of unsecured corporate bonds from January through June. That was up $633.7 million from $20.3 billion during the same period last year &mdash; the previous peak for issuance in any...



JP Morgan Finances Dell's Maui Hotel

Fri, 14 Jul 2017
J.P. Morgan has originated a $600 million floater on the Four Seasons Resort Maui.The bank will securitize the senior portion of the debt &mdash; about $450 million &mdash; in a stand-alone offering and place the balance separately as mezzanine debt. The borrower is billionaire Michael Dell&rsquo;s MSD Capital, which arranged the loan via Eastdil Secured.MSD will use most of the proceeds to retire a $525 million floating-rate debt package that...



Bidder Eyes Big Silicon Valley Loan

Fri, 14 Jul 2017
A prospective buyer is seeking proposals for a mortgage of about $300 million on the final and largest phase of a sprawling office complex in Silicon Valley.Investment manager CBRE Global Investors has offered to pay some $610 million for the 940,000-square-foot Phase 3 of the property, called Campus at 3333, after its address at 3333 Scott Boulevard in Santa Clara, Calif.While CBRE Global evidently doesn&rsquo;t have a firm purchase agreement in...



Lenders Vie for Chicago Office Loan

Fri, 14 Jul 2017
Lenders are considering a $195 million financing request for a Chicago office tower that recently landed a major tenant.The 649,000-square-foot building, at 515 North State Street in the River North neighborhood, is owned by a partnership among Beacon Capital of Boston, Ivanhoe Cambridge of Montreal and Callahan Capital Properties of Chicago.The Beacon team&rsquo;s broker, Eastdil Secured, has been shopping the assignment for at least six weeks....



AXA to Finance Boston Office Condo

Fri, 14 Jul 2017
AXA Equitable has agreed to lend $160 million on a Boston office condominium owned by a Charles River Realty Investors partnership.The roughly 210,000-square-foot block of space is in the 414,000-sf Longwood Center, an office building at 360 Longwood Avenue.AXA&rsquo;s nonamortizing debt package, consisting of a mix of fixed and floating rates, will have a five-year term, with options for extensions. Eastdil Secured pitched the assignment to...



Annaly Lays Off 6 Real Estate Pros

Fri, 14 Jul 2017
Annaly Capital laid off six commercial real estate staffers this week.Among those departing were managing directors Sumit Sasidharan, Michael Jo and John Montesi.Sasidharan, who had joined the firm in 2011, had broad capital-markets duties, including oversight of the New York REIT&rsquo;s commercial MBS program. Jo, who started in 2013, was structuring and legal head of the commercial real estate group. Montesi, who joined two years ago after a...



Refi Sought for Florida Resort Hotel

Fri, 14 Jul 2017
A Brookfield Asset Management subsidiary is talking to lenders about placing $400 million of fresh debt on a luxury hotel in South Florida.The mortgage would be backed by the 1,000-room Diplomat Beach Resort in Hollywood. The borrower, Thayer Lodging of Annapolis, Md., is looking for a term of 5-7 years.Thayer acquired the hotel, along with a nearby country club, a marina and a few parcels, in 2014. It paid about $535 million for the package,...



Buyer Seeks Loan for East Bay Offices

Fri, 14 Jul 2017
Swift Realty is shopping for an $88 million loan to finance its purchase of a Northern California office complex.The San Francisco firm would use the debt for its acquisition of the 323,000-square-foot Mount Diablo Plaza, in the East Bay city of Walnut Creek.Swift is seeking a loan with a term of 3-5 years and either a fixed or floating rate. The loan-to-value ratio would be 60-65%, indicating a sale price in the neighborhood of $140 million....



Apartment Buyer Taps Berkeley Point

Fri, 14 Jul 2017
Berkeley Point Capital has originated a $100 million Freddie Mac revolving credit facility for the buyer of four apartment complexes.A fund managed by Redwood-Kairos Real Estate of Rancho Santa Margarita, Calif., tapped the floating-rate facility to finance the acquisition of three complexes in Texas and one in Florida. Kimpact Evergreen Real Estate Investment Fund closed on the package of Texas properties on June 22 and the property in Florida...



Conduit Faring Well Without Moody's

Fri, 14 Jul 2017
Buyers are stepping up for the first conduit deal in three years that wasn&rsquo;t rated by Moody&rsquo;s &mdash; a positive sign for S&P&rsquo;s efforts to regain traction in the sector.The benchmark bonds in the $933.3 million offering by Wells Fargo, Bank of America, Morgan Stanley and NCB were being shopped yesterday with a projected spread of 92-93 bp over swaps. This year&rsquo;s prevailing range for comparable long-term super-seniors has...



Triple-A Spread Predictions Came Close

Fri, 14 Jul 2017
Market experts&rsquo; forecasts for midyear commercial MBS spreads turned out to be fairly accurate &mdash; except at the triple-B-minus level.The average prediction of pros surveyed in December by Commercial Mortgage Alert was that the prevailing issuance spread on long-term, super-senior bonds would be 96 bp over swaps at the end of the first half. In fact, it stood at 94 bp, down 21 bp from its yearend level. Seven of the 16 prognosticators...



Fitch Less Bearish on Delinquencies

Fri, 14 Jul 2017
This year&rsquo;s rise in delinquencies among securitized commercial mortgages is shaping up to be less severe than Fitch anticipated.Even as it reported that its delinquency index jumped 22 bp last month, to 3.72%, the rating agency revised downward its prediction for where that measure of distress will finish the year. Fitch now expects it to be in the 4.25-4.5% range at yearend, rather than the 5.25-5.75% estimate it floated in January.The...



Jaffe, Rimrock Form Mezz-Loan Shop

Fri, 14 Jul 2017
Commercial MBS veteran Anthony Jaffe has teamed up with hedge fund shop Rimrock Capital to form a mezzanine-lending business.The Los Angeles platform, Rimrock Real Estate Ventures, will focus on originating fixed- and floating-rate mezzanine loans of $10 million to $30 million, with terms of 2-10 years. Coupons will be 8-13%. The operation will also invest in properties.The capital for investments will be supplied by Rimrock Capital, which was...



Ares Refinances NJ Office Complex

Fri, 14 Jul 2017
Ares Management has originated a $57 million floating-rate loan on a New Jersey office property.Keystone Property used the proceeds to refinance the 475,000-square-foot APX complex, at 412 Mount Kemble Road in Morris Township.The loan, which Los Angeles-based Ares closed on June 30, has a three-year term. HFF was the broker.The complex was among five New Jersey office properties totaling 797,000 sf that Keystone acquired in 2014 from Mack-Cali...



Acore Lends on US-Leased Portfolio

Fri, 14 Jul 2017
Acore Capital originated a $160 million floating-rate loan last month on 14 office properties leased largely to government agencies.The debt package, divided into senior and mezzanine components, has a five-year term, including extension options.The borrower, a partnership led by HPI Capital of Charlotte, was advised by Palladian Capital of Palo Alto, Calif. HPI, which is headed by Michael Verruto and David Givner, invests in government-leased...



The Grapevine

Fri, 14 Jul 2017
Marshall Scallan has moved from SunTrust to Cushman & Wakefield in Washington. He started a few weeks ago as a managing director, focusing on originating and structuring debt for office, multi-family, industrial and retail properties. He reports to vice chairman William Collins and managing principal Peter Carroccio. Scallan spent nearly four years at SunTrust, where he was a senior vice president. Before that, he worked at CapitalSource for more...



The Grapevine

Fri, 14 Jul 2017
HFF has hired Anthony Fertitta Jr. as a managing director in Charlotte to focus on arranging commercial real estate debt and equity in the Southeast. He started this week, reporting to senior managing director Travis Anderson. Fertitta most recently was a managing director at Bank of America.



The Grapevine

Fri, 14 Jul 2017
A former Fannie Mae pro is joining Berkeley Point Capital as a managing director. Sharon Karaffa, who was director of priority borrower relationships and head of structured transactions at Fannie, starts July 24 at Berkeley Point. She&rsquo;ll focus on debt production and managing agency relationships for the Bethesda, Md., firm, reporting to executive managing director Mike...



The Grapevine

Fri, 14 Jul 2017
Commercial MBS attorney Susan Rouchka has switched law firms, jumping to Frost Brown after almost 12 years at Polsinelli. Rouchka started June 26 in Frost Brown&rsquo;s Louisville, Ky., headquarters, joining the CMBS practice led by partners Barry Hines and John Gragg. She represents lenders in matters pertaining to securitized-loan servicing and defeasance. Before going to work in Polsinelli&rsquo;s home office in Kansas City, Mo., Rouchka spent...



The Grapevine

Fri, 14 Jul 2017
Originator Peter Shea joined J.P. Morgan last month as a vice president in New York. He spent the past two-and-a-half years at KKR, and before that, worked at Rialto Capital, Investcorp and Fortress Investment.



The Grapevine

Fri, 14 Jul 2017
New York Community Bank recently hired a seasoned asset manager. Michael Bank started a few weeks ago as a vice president, based in the Long Island town of Hicksville, N.Y. Bank previously spent about four years at another New York-area lender, Acres Capital, where his duties included underwriting loans and overseeing the shop&rsquo;s portfolio. Before that, he worked as a consultant for several lenders and advisory shops, and had a stint at...



The Grapevine

Fri, 14 Jul 2017
Goldman Sachs seeks a seasoned attorney to focus on its structured-finance activities, including the trading and securitization of bonds backed by commercial and residential mortgages, consumer debt and business loans. The opening for a vice president in New York requires at least nine years of experience and familiarity with relevant regulations. Apply at...



The Grapevine

Fri, 14 Jul 2017
Mike Amoia joined MetLife Real Estate two weeks ago as a portfolio manager. He reports to managing director Gary Otten, head of debt strategies. Amoia joined from Marathon Asset Management, where he spent over a decade.



The Grapevine

Fri, 14 Jul 2017
Narrative Capital is looking to add an originator and an associate-level underwriter. The Los Angeles shop provides bridge loans, subordinate debt and preferred equity on institutional-quality properties throughout the U.S. Originators need at least five years of experience, while underwriters need 1-3 years. The contact is Edward Paje at epaje@narrativelp.com. Narrative recently held an initial close on $40 million toward a $400 million equity...



CMBS Pipeline Strong; Goldman Tops Tables

Fri, 07 Jul 2017
U.S. commercial MBS issuance rebounded strongly in the second quarter, and the third quarter is shaping up to be even better.Meanwhile, Goldman Sachs at midyear was maintaining its lead in the two most-coveted CMBS league tables &mdash; for U.S. bookrunners and loan contributors to U.S. deals (see rankings on Pages 12-22).After depressed U.S. issuance of $15.2 billion from January to March, volume jumped to $23.5 billion in the second quarter....



Average Conduit Gross Profit Margin: 4%

Fri, 07 Jul 2017
The weighted average gross profit margin of 13 conduit deals that priced in the first half was 4.1%, according to calculations by Commercial Mortgage Alert.The margins on individual transactions generally increased as the half went on, starting at 2.5% on a deal in January and peaking at 6.4% on a $959 million offering that priced on May 31 (UBSCM 2017-C1). That issue was backed by loans contributed by UBS, Rialto Capital, Natixis, Wells Fargo,...



JP Morgan to Lead Loan on Resort Portfolio

Fri, 07 Jul 2017
J.P. Morgan has agreed to lead a $1.6 billion loan to Centerbridge Partners on a portfolio of family resorts.Citigroup, Goldman Sachs and Barclays are the other lenders participating in the financing of the Great Wolf Lodge chain of hotels and indoor waterparks. The syndicate will securitize some or all of the floating-rate debt in an upcoming stand-alone offering.The loan will replace $1.08 billion of debt originated two years ago by J.P. Morgan...



Blackstone Eyes Financing for Deal

Fri, 07 Jul 2017
Blackstone is trying to line up a $450 million floating-rate loan to back its expected acquisition of a warehouse portfolio.The fund operator last week was close to an agreement to buy the 8.7 million-square-foot package from a DRA Advisors partnership for about $600 million.Eastdil Secured is pitching the loan assignment for Blackstone, which prefers a two-year term, plus three one-year extension options.The portfolio encompasses more than 80...



Higgins Exits CIBC Amid Takeover

Fri, 07 Jul 2017
Twenty-year veteran Michael Higgins has left CIBC in a reorganization prompted by the Canadian bank&rsquo;s $5 billion takeover of Chicago-based PrivateBank.CIBC said PrivateBank&rsquo;s platform will become the driving force behind a planned expansion in the U.S. As a result, several PrivateBank executives assumed senior U.S. posts at CIBC upon the completion of the acquisition two weeks ago.John Heiberger was named head of commercial real...



Prime Lends on Midwest Offices

Fri, 07 Jul 2017
Prime Finance last week originated a $104.5 million floating-rate loan on a Midwest office portfolio.The 10 properties, which encompass 979,000 square feet, are owned by Executive Hills Management of Leawood, Kan.Prime, a New York finance shop, funded most of the balance when the mortgage closed on June 30. Executive Hills can draw down the balance over time to cover leasing expenses.The borrower used most of the proceeds to retire $98.8 million...



Buyer Taps Fannie Via KeyBank

Fri, 07 Jul 2017
KeyBank Real Estate Capital has originated a $52.5 million Fannie Mae loan for the buyer of a suburban Denver apartment complex.Inland Real Estate of Oak Brook, Ill., acquired the 480-unit Conifer Creek Apartments in Aurora, Colo., last month for $95 million, or $198,000/unit. The seller was a partnership between ColRich Multifamily of San Diego and Harbert Management of Birmingham, Ala.Key wrote the 10-year loan via Fannie&rsquo;s Green Rewards...



Advisory Shops Hires 2 Senior Execs

Fri, 07 Jul 2017
Summer Street Advisors has added two managing directors to its ranks &mdash; a GE Capital veteran to oversee a big chunk of its core business and a former TIAA executive to run a capital-markets initiative.John Mahoney spent 28 years at GE Capital before leaving last year as parent General Electric exited the commercial real estate business. He and Andrew Murray, who left TIAA late last year, joined Summer Street about six weeks ago. They report...



Heitman Backs Revamped LA Offices

Fri, 07 Jul 2017
Heitman last week originated a $60 million floating-rate loan on a Los Angeles office complex.An Alcion Ventures partnership used most of the proceeds to retire a $40.4 million construction and bridge loan originated in 2014 that financed the conversion of light-industrial buildings into &ldquo;creative&rdquo; office space.HFF lined up Chicago-based Heitman as the lender on the 158,000-square-foot Blackwelder campus, at 3101-3243 La Cienega...



Starwood Taps Goldman for Hotel Loan

Fri, 07 Jul 2017
Goldman Sachs has originated a roughly $200 million loan for Starwood Capital on 35 InTown Suites hotels.The bank will securitize the floating-rate mortgage in a stand-alone offering this month.Starwood, of Greenwich, Conn., used most of the proceeds to retire a $173.7 million mortgage that was scheduled to mature yesterday. That 5.75% loan had a balance of $186 million when RBS Greenwich originated it in 2007. RBS securitized it via a $7.6...



Fifth Third Leads LA-Area Office Loan

Fri, 07 Jul 2017
Fifth Third Bank and BBVA Compass have teamed up to write a $75 million floating-rate loan on a suburban Los Angeles office property that recently changed hands.The four-year mortgage is backed by a 390,000-square-foot building in Glendale, Calif. Fifth Third led the loan, which closed within the past couple of weeks. The borrower is Canadian developer and investor Onni Group, which acquired the property in February for $83 million.Some $58...



Loan Eyed for Part of Brooklyn Studio

Fri, 07 Jul 2017
The owner of a film production studio in Brooklyn is seeking a $70 million mortgage on a portion of the complex.The loan would be backed by a roughly 225,000-square-foot building at 25 Washington Avenue, within the Steiner Studios complex at the former Brooklyn Navy Yard. The borrower is Douglas Steiner, a developer and investor who also controls Steiner Equities of Roseland, N.J.The preference is for a floating-rate loan with a total term of...



Acore, iStar Back Calif. Office Project

Fri, 07 Jul 2017
Two lenders have provided $141.6 million of construction debt for a Southern California office campus.Acore Capital and iStar Financial originated the three-year loan for a partnership between Lincoln Property of Dallas and Alcion Ventures of Boston. The floating-rate debt will finance the development of 470,000 square feet of &ldquo;creative&rdquo; office space on a former military base in Tustin.Each lender took down half the debt and will hold...



Aareal Funds Hines' Sacramento Deal

Fri, 07 Jul 2017
Aareal Bank has provided nearly $90 million of debt to finance Hines&rsquo; purchase of a California office building.The Houston shop bought the 480,000-square-foot Park Tower in Sacramento for $120.5 million. The seller was Los Angeles fund operator CIM Group. Aareal&rsquo;s loan, with a five-year term and a floating rate, closed a couple of weeks ago in conjunction with the acquisition.A piece of the debt was likely structured as future...



Special-Servicing Tally Dips Again

Fri, 07 Jul 2017
The volume of securitized commercial mortgages in the hands of special servicers continued to dwindle last month, even as several large loans were added to the category.The aggregate balance of commercial MBS debt in special servicing slipped to $26.7 billion as of June 30, down $215 million from a month earlier, according to Trepp. The total hasn&rsquo;t been lower since January 2016 &mdash; when it plunged by $5.1 billion to $26.3 billion,...



KKR, Rialto Top Ranking of Risk-Retention Parties

Fri, 07 Jul 2017
Two high-yield investment shops &mdash; KKR and Rialto Capital &mdash; took on the most exposure to commercial MBS transactions in the first half under the new risk-retention rules, according to a ranking by Commercial Mortgage Alert.The duo was among 28 firms that served as risk-retention parties for the 45 conduit and single-borrower offerings that priced in the first half. Overall, the firms retained bonds with an aggregate face amount of $2.4...



The Grapevine

Fri, 07 Jul 2017
Managing director Scott Waynebern has stepped down as head of commercial real estate at Benefit Street Partners. A 15-year veteran of Deutsche Bank, Waynebern launched Benefit Street&rsquo;s lending business in 2013, starting with conduit loans and later adding floaters, mezzanine debt and other products. His next move is unknown. Managing director Michael Comparato was promoted from originations chief to replace Waynebern, reporting to chief...



The Grapevine

Fri, 07 Jul 2017
Senior managing director Kevin Donahue has resigned as president of C-III Asset Management, effective today, but will consult for the firm on an as-needed basis. Donahue joined parent C-III Capital in 2012 and took the helm of the asset-management unit in 2014. Barry Davis, who was chief operating officer, is taking Donahue&rsquo;s place. Davis joined C-III in 2007, when it was a subsidiary of Centerline Capital. Before that, he worked at Allied...



The Grapevine

Fri, 07 Jul 2017
The lead lenders on the $1.5 billion development loan for 50 Hudson Yards in Manhattan are looking to syndicate some $750 million of the debt. The five leads &mdash; Wells Fargo as administrative agent, Bank of China, Deutsche Bank, HSBC and Sumitomo &mdash; each are expected to originate $300 million and sell down half. They hosted a meeting two weeks ago to pitch the seven-year deal to other lenders. Related Cos. of New York, Oxford Properties...



The Grapevine

Fri, 07 Jul 2017
CBRE has added two commercial real estate finance pros in Florida. Brett Moss started this week as a vice president in Orlando, focusing on arranging debt on multi-family properties in Central Florida. Moss spent the past two and a half years at HFF. Last week, ErinEfstathion moved to CBRE from Walker & Dunlop, where she&rsquo;d worked for nearly six years. Efstathion is a vice president in Fort Lauderdale, working on commercial and multi-family...



The Grapevine

Fri, 07 Jul 2017
Dechert is seeking to add at least three attorneys with backgrounds in commercial real estate finance and commercial MBS, as it anticipates continued growth in its U.S. practice. The recruits could work in the firm&rsquo;s Philadelphia headquarters or in Boston, Charlotte, Chicago, Hartford, Los Angeles, New York or San Francisco. They would be part of the global finance and real estate group, led by partner Rick Jones, that encompasses roughly...



The Grapevine

Fri, 07 Jul 2017
Carol Mills, senior vice president of asset management at Armada Analytics, retired last week. She joined the Greenville, S.C., firm in 2011. Before that, she spent 13 years at Deutsche Bank Berkshire Mortgage, since renamed Berkeley Point Capital, ultimately serving as a director and head of asset management. She also put in 12 years at Winthrop Financial.



The Grapevine

Fri, 07 Jul 2017
Moody&rsquo;s wants to add a credit analyst to its CMBS team, led by managing director Nick Levidy. The opening for an associate analyst in New York requires at least three years of commercial real estate experience. Responsibilities would include analyzing property cashflows, modeling transactions, preparing credit opinions, presenting deals to internal ratings committees and working on research projects. To apply, visit the...



Morgan Stanley Syndicate Wins Big NY Loan

Fri, 30 Jun 2017
Brookfield Property Partners is tapping a Morgan Stanley syndicate for an $850 million floating-rate mortgage on One Liberty Plaza in Lower Manhattan.Morgan Stanley is the administrative agent and is co-arranging the seven-year loan with Landesbank Baden-Wurttemberg, ING Real Estate Finance and Deka Bank. The financing is expected to close within a few weeks.When New York-based Brookfield began seeking the loan a couple of months ago, commercial...



Banks Fielding More Requests for High LTVs

Fri, 30 Jun 2017
Increasing competition among lenders is emboldening borrowers to test the limits of leverage, bankers and brokers say.Some requests for mortgages are coming in at higher proceeds levels than were common in similar proposals just a few months ago. And while banks are reluctant to move outside their comfort zones, originators acknowledge they&rsquo;re feeling pressure from potential clients to allow leverage to inch up.In conversations over the...



Citi to Lead Loan for Recap of DDR Centers

Fri, 30 Jun 2017
A Madison International Realty partnership has tapped Citigroup to lead a $750 million debt package that will finance the recapitalization of a large shopping-center portfolio in the Eastern U.S.Citi will supply more than half of the proceeds, with Morgan Stanley kicking in the rest.The two banks will originate three loans on the 7.6 million-square-foot portfolio &mdash; two with floating rates and the other with a fixed rate. Some of the debt...



Brookfield Eyes Big Loan on LA Mart

Fri, 30 Jun 2017
Brookfield Asset Management and Jamison Properties are seeking a $362 million floating-rate mortgage in conjunction with the recapitalization of a giant office/showroom complex in Los Angeles.Brookfield acquired a controlling stake in California Market Center two weeks ago from Jamison, which retained the remaining interest. The transaction, brokered by Newmark Grubb, valued the 1.8 million-square-foot property at $437.5 million, or $243/sf.The...



Blackstone Taps Goldman, Deutsche

Fri, 30 Jun 2017
Blackstone&rsquo;s BioMed Realty has lined up floating-rate loans totaling $680 million from Goldman Sachs and Deutsche Bank on two office buildings in Cambridge, Mass.Goldman will write a $385 million mortgage on the 349,000-square-foot property at 500 Kendall Street. And Deutsche will lend $295 million on a 303,000-sf building across the street, at 675 West Kendall Street. Both loans will have five-year terms (including extension options), no...



Loan Sought on 2 New Boston Hotels

Fri, 30 Jun 2017
An Ares Management partnership is seeking a $140 million floating-rate mortgage on the leasehold interests in two new Boston hotels.The properties, which encompass 510 rooms, are across the street from each other in the Seaport District. Starwood Hotels & Resorts operates them under its Aloft and Element brands. They are the first hotels in Boston to carry those flags.Lenders are being asked to bid on an interest-only loan with a term of five...



GoldenTree, GTIS Form Loan Venture

Fri, 30 Jun 2017
Hedge fund operator GoldenTree Asset Management has teamed up with its former real estate investment unit, GTIS Partners, to write construction and bridge loans.The joint venture, called GTIS Debt Capital, launched last month under the leadership of managing director David Blum, who joined from Lone Star Funds. Blum was co-head of Lone Star’s conduit-lending platform, LStar Capital, before it was shuttered last month.GTIS Debt originates senior...



Barings, Rialto Taking Down B-Pieces

Fri, 30 Jun 2017
Barings and Rialto Capital have separately circled the junior portions of two upcoming conduit deals.Barings agreed to buy the bottom classes of a transaction by J.P. Morgan, Starwood Mortgage Capital and Benefit Street Partners (JPMCC 2017-JP7).The investment-management affiliate of MassMutual has agreed to hold the bonds for the long term, thereby fulfilling the risk-retention requirement. The price it pays will equal 5% of the total deal...



Starwood Eyes Loan for LA-Area Deal

Fri, 30 Jun 2017
A Starwood Capital partnership is seeking about $164 million of floating-rate financing for its acquisition of a suburban Los Angeles office complex.Starwood and its partner, Artisan Realty of Santa Monica, Calif., have agreed to buy the 492,000-square-foot Continental Grand Plaza, in El Segundo, Calif., from DivcoWest Properties for about $175 million.The financing request includes a hefty future-funding component, likely about $30 million, for...



Lender Lineup Set for Huge NJ Project

Fri, 30 Jun 2017
J.P. Morgan last week completed the syndication of a $1.67 billion construction-financing package for the American Dream complex in Northern New Jersey.The bank oversaw the syndication as administrative agent of the loan, which it is co-leading with Goldman Sachs. The package is divided into a $1.2 billion senior portion and $475 million of mezzanine debt.J.P. Morgan and Goldman were joined on the senior portion by Starwood Property, CIM Group,...



CREFC Eyes Options for Excess Cash

Fri, 30 Jun 2017
The CRE Finance Council is considering what to do with surplus cash.The trade group is preparing to survey its governing board about options for putting the money to work. One possibility is the creation of a foundation that could provide scholarships or career training, perhaps to disadvantaged or under-represented groups.Another possible scenario: covering the cost of attracting certain types of industry participants, such as independent...



Loan Fund Raises Initial Equity

Fri, 30 Jun 2017
A nascent debt-fund operator has held an initial equity close on its first high-yield lending vehicle.Narrative Capital of Los Angeles, led by veteran lender Todd Sammann, in the past month locked in $40 million of equity pledges for the planned $400 million fund. The seed investor is GCM Grosvenor, a Chicago multi-manager shop that has some $50 billion of assets under management.Narrative also has secured a $200 million warehouse line from...



Bears Drive Up Junior CMBX Spreads

Fri, 30 Jun 2017
Investors using derivatives to hedge against commercial MBS risk are finding it more expensive to pursue that strategy at the most-junior levels of the investment-grade capital stack.While prevailing spreads on most credit-default swaps tracked by Markit&rsquo;s CMBX index have held relatively firm this month, they&rsquo;ve jumped among swaps referencing conduit paper that was originally issued with triple-B-minus and single-A ratings. That...



Retail REIT Bonds Fly Off the Shelf

Fri, 30 Jun 2017
Two more retail REITs have issued long-term corporate bonds at higher prices than dealers initially projected, despite the headwinds buffeting the retail sector.Buyers on Wednesday jumped on a $300 million offering of 10-year bonds from Tanger Factory Outlet Centers. The notes, with a 3.875% coupon, were priced to yield 3.926%, or 170 bp over U.S. Treasurys. That spread was down sharply from initial talk of 190-bp area. Wells Fargo, SunTrust and...



The Grapevine

Fri, 30 Jun 2017
Industry veteran Howard Klein wraps up a 19-year career at Forest City Ratner today. Klein, a senior vice president, has handled capital-markets duties at the Cleveland REIT, lining up construction and permanent debt on many of the firm&rsquo;s properties. He earlier worked at Related Cos. and J.P. Morgan. His departure from Forest City Ratner coincides with a restructuring following the REIT&rsquo;s sale earlier this year of a 49% stake in 15...



The Grapevine

Fri, 30 Jun 2017
HFF has added a managing director to its loan-sales group. Tom Hall focuses on loan and portfolio sales throughout the U.S. He started this month in New York, working with Brock Cannon, Sean Ryan and Patrick Arnold. Hall came from Mission Capital, where he served as a managing director for about seven years. Before that, he put in short stints at BB&T and Colonial...



The Grapevine

Fri, 30 Jun 2017
Michael O&rsquo;Hanlon has joined KeyBank&rsquo;s loan-servicing and asset-management platform. He started this week in Dallas, reporting to vice president Tom Floyd. O&rsquo;Hanlon most recently was a managing director at special servicer Strategic Asset Services of New York. Before that, he spent 19 years at Berkadia, where he was a senior vice president, and four years as a vice president at J.E. Robert...



The Grapevine

Fri, 30 Jun 2017
Real estate valuation pro Lana Lenovitz last week joined JLL&rsquo;s valuation and advisory services team as a senior vice president. Lenovitz moved over from Integra Realty Resources, where she was an associate director in Baltimore. At JLL, she works on appraisal and consulting services for commercial lending, litigation and tax appeals, reporting to the group&rsquo;s head, Michael Welch. JLL launched its U.S. valuation and advisory platform...



The Grapevine

Fri, 30 Jun 2017
Morningstar is looking for a seasoned credit analyst to join its commercial MBS group as a vice president focusing on ratings criteria. The opening in New York requires 10 years of experience, including a CMBS background. The recruit would report to managing director Lea Overby, who was hired last year to run structured-finance research and was promoted this week to head of CMBS ratings, surveillance and research. Overby took over that role from...



The Grapevine

Fri, 30 Jun 2017
Credit Agricole is looking to add a couple of staffers in New York to help originate commercial mortgages in the U.S. The bank has openings for an associate and a senior credit analyst in its real estate, lodging and gaming group. Both recruits would report to managing director Dominique Fournier, who heads the lending group in the Americas.



The Grapevine

Fri, 30 Jun 2017
M&T Realty Capital has two openings for real estate analysts in Radnor, Pa. The recruits would join a division, formed this year when M&T acquired commercial-mortgage shop Carey Kramer, that focuses on non-agency debt origination and placement. Applicants should have at least a year of commercial-property underwriting experience and two years in finance. Apply at...



Blackstone Taps Morgan Stanley Syndicate

Fri, 23 Jun 2017
Morgan Stanley is leading a four-bank syndicate that will lend $2.5 billion to Blackstone on 147 limited-service hotels.Morgan Stanley will fund 40% of the balance. The others &mdash; Bank of America, Citigroup and J.P. Morgan &mdash; will each kick in 20%.The banks will securitize the senior portion of the floating-rate debt package in a stand-alone offering that will likely hit the market next month. The debt has a five-year term, including...



Pros Cheer Treasury's Regulatory-Relief Plan

Fri, 23 Jun 2017
Some commercial mortgage pros see a lot to be optimistic about in the Treasury Department&rsquo;s recommendations for overhauling federal laws and regulations so they don&rsquo;t hamper the U.S. financial system.Issued last week by Treasury Secretary Steven Mnuchin, the 147-page report that President Trump commissioned in February focuses most heavily on administrative approaches that could be carried out by regulators. That&rsquo;s an especially...



Tishman Team Seeks $557 Million on 2 Hotels

Fri, 23 Jun 2017
A partnership between Tishman Hotel & Realty and MetLife is seeking to line up $557 million of floating-rate debt to refinance hotels in New York and Chicago.The duo wants to borrow $312 million on the 873-room Westin New York at Times Square and $245 million on the 1,218-room Sheraton Grand Chicago. JLL is advising the partnership, which prefers terms of 3-5 years.The partnership currently has $544 million of debt on the hotels. For each...



Lone Star Eyes Loan on Hyatt Portfolio

Fri, 23 Jun 2017
A Lone Star Funds partnership is looking for $580 million of floating-rate debt on a national portfolio of limited-service and extended-stay hotels.The private equity shop and its partner, Aimbridge Hospitality, are proposing a $450 million senior mortgage and $130 million of mezzanine debt, with a term of five years including extension options. Eastdil Secured is pitching the assignment, primarily to securitization lenders. The overall leverage...



Newmark Circling Advisory Shop

Fri, 23 Jun 2017
Newmark Grubb is in talks to buy a substantial stake in New York advisory shop Spring11.The terms are expected to be finalized soon, according to people close to the situation. Spring11 founder Benek Oster would continue to run the company, with Newmark providing capital to support its ongoing expansion. A Newmark spokesman and a Spring11 executive declined to comment.Spring11 supplies contract workers, including loan underwriters and other debt...



Ladder Conduit Deal Prices Wide

Fri, 23 Jun 2017
Ladder Capital&rsquo;s first solo conduit offering faced tough sledding this week.The $625.7 million transaction&rsquo;s benchmark class priced yesterday at 110 bp over swaps &mdash; the widest spread of the year and well above the recent prevailing range of 88-98 bp (see Initial Pricings on Pages 8-13).Commercial MBS traders and investors said the offering (LCCM 2017-LC26) was hurt by liquidity concerns. Its size is relatively small, which could...



Lenders Chase LA-Area Industrial Deal

Fri, 23 Jun 2017
A Clarion Partners joint venture is shopping for a $105 million mortgage on a recently developed distribution center near Los Angeles.The 1 million-square-foot Brickyard, at 13633 South Central Avenue in Compton, Calif., is fully leased to UPS and Best Buy. Clarion and its partner, Los Angeles County Employees, are seeking a mortgage with a term of seven years or more. HFF is pitching the assignment to banks, insurers and other...



Financing Sought for Brooklyn Project

Fri, 23 Jun 2017
A partnership is seeking a $127.9 million construction loan to redevelop a Brooklyn site into a mixed-use tower.The property, in the Williamsburg section, contains what was once the headquarters of Lincoln Savings Bank and a parking lot.DDG Partners and Blesso Properties, both of New York, plan to erect a 27-story building that would incorporate portions of the historic bank office. The 258,000-square-foot structure would encompass 226 apartments...



Buyer Seeks Washington Office Loan

Fri, 23 Jun 2017
The buyer of a trophy office building in Washington is looking for $192 million of fixed-rate debt to finance the deal.A joint venture between Oxford Properties and Norges Bank Investment has agreed to purchase the 380,000-square-foot property, at 1101 New York Avenue NW, for roughly $426 million, or $1,121/sf. The loan-to-cost ratio would be just 45%.The borrower prefers a term of 7-10 years. Eastdil Secured is pitching the deal to banks and...



Grove Street Hires Asset Manager

Fri, 23 Jun 2017
Grove Street Investment has hired industry veteran Peter Jolicoeur to oversee its advisory services for high-yield investors.Jolicoeur joined the New York shop last month as a principal, reporting to founder Swati Sharma. The firm manages assets for clients and advises them on bridge loans. His mandate is to expand that business.Jolicoeur, who is based in New York, spent the past eight years at Baltoro Capital, where he was chief credit officer...



Goldman, Hines Seek Office Mortgage

Fri, 23 Jun 2017
Goldman Sachs and Hines want to line up a mortgage of about $100 million on an office property they&rsquo;re recapitalizing in Southern California.The duo is talking about a floating-rate loan with a five-year term on the 376,000-square-foot complex at 4000 MacArthur Boulevard in Newport Beach. Eastdil Secured is marketing the assignment.Hines currently owns the two-building complex in a partnership with Oaktree Capital of Los Angeles. That team...



CDO Collateral Sale Perks Up Market

Fri, 23 Jun 2017
An unusually large block of commercial MBS from 35 legacy deals changed hands this week, injecting some life into what lately has been a sleepy secondary market.Multiple buyers took part in Tuesday&rsquo;s auction and snapped up most, if not all, of the $194.6 million of bonds, at prices ranging from pennies on the dollar to just over par value.The sale, led by New York asset manager Dock Street Capital, stemmed from a decision by investors to...



Square Mile Backs KKR Acquisition

Fri, 23 Jun 2017
Square Mile Capital originated a $95.2 million floater last week that financed a KKR partnership&rsquo;s acquisition of an Oakland office tower.KKR teamed up with Harvest Properties of Emeryville, Calif., to acquire the 279,000-square-foot building, at 180 Grand Street, for about $136 million, or $487/sf. The seller was a partnership between Artemis Real Estate of Chevy Chase, Md., and Ellis Partners of San Francisco.Square Mile&rsquo;s...



Rockpoint Eyes Floater for Va. Offices

Fri, 23 Jun 2017
Rockpoint Group is shopping for an $86.4 million floating-rate loan to finance its pending purchase of a Northern Virginia office complex.The Boston fund operator, which is acquiring the 487,000-square-foot Tysons Dulles Plaza in McLean from KBS Realty, is seeking a five-year term. The loan would have a 65% loan-to-value ratio, pegging the purchase price at about $133 million, or $273/sf. Rockpoint also wants the option to draw down an additional...



Loan Sought for LA-Area Office Deal

Fri, 23 Jun 2017
Northwood Investors is looking for $68 million of debt to finance the acquisition of a suburban Los Angeles office property.The New York advisory firm has agreed to purchase the 246,000-square-foot building at 800 Corporate Pointe in Culver City, Calif., for about $150 million. Northwood prefers a fixed-rate loan with a term of 10-12 years. The roughly 45% leverage should attract lenders such as insurers that pursue conservative deals. Commercial...



Investors Snap Up Retail REIT Bonds

Fri, 23 Jun 2017
Federal Realty&rsquo;s first offering of unsecured corporate bonds in almost a year received a warm welcome from investors this week, enabling the retail REIT to sell $400 million of long-term notes at higher prices than dealers expected.The Rockville, Md., REIT marketed $300 million of 10-year paper with a 3.25% coupon, plus a $100 million &ldquo;tap issue&rdquo; of 4.5% notes that expanded an offering of 30-year bonds originally floated in...



The Grapevine

Fri, 23 Jun 2017
A whopping $1.4 billion of the $2.3 billion mortgage on New York&rsquo;s General Motors Building qualified for a triple-A rating. That&rsquo;s the largest triple-A chunk ever for a single commercial MBS loan. About half of that top-rated portion went into a $1.55 billion stand-alone deal that priced this week (BCP 2017-GM), and the other half will be sprinkled among upcoming conduit offerings. Morgan Stanley, Citigroup, Deutsche Bank and Wells...



The Grapevine

Fri, 23 Jun 2017
Longtime originator Jeff Giudice will join Ladder Capital&rsquo;s Los Angeles office next week as a managing director. Giudice spent the past seven years at CCRE, the commercial real estate finance arm of Cantor Fitzgerald. Before that, he ran his own consulting firm for nearly nine years and had an earlier stint at Mesa West Capital.



The Grapevine

Fri, 23 Jun 2017
West Coast originator David Hammerman started at the lending unit at Mack Real Estate this week as a vice president. He&rsquo;ll open a Los Angeles office for the New York firm later this year. Hammerman formerly worked at San Francisco-based Iconiq Capital and, before that, spent five years at Blackstone. At Mack, he reports to lending chief Peter...



The Grapevine

Fri, 23 Jun 2017
Former trader David Jacob has left PGIM Real Estate Finance, which shuttered its conduit-lending operation last month. Jacob&rsquo;s last day at the Madison, N.J., firm was about two weeks ago, and there&rsquo;s no word on his plans. He joined the firm, then called Prudential Mortgage Capital, in 2015. Previously, he was a CMBS trader at broker-dealers Sterne Agee and StormHarbour for a combined six years. At PGIM, Jacob was a principal...



The Grapevine

Fri, 23 Jun 2017
Goldman Sachs vice president Jeremy Woodard is leaving the bank to join advisory and investment firm PJT Partners of New York. He starts next month as a vice president. Woodard also has put in stints at Zeller Realty of Chicago and Wachovia.



The Grapevine

Fri, 23 Jun 2017
After four years in the balance-sheet lending unit at PNC in Washington, Ryan Pinson has jumped to the commercial real estate group of U.S. Bank, based in Tysons, Va. Pinson started May 31 as a vice president and relationship manager focusing on balance-sheet originations. He reports to senior vice president Nancy Petrash. Before joining PNC, where he was a vice president, Pinson spent three years at Philipps Realty Capital of Bethesda, Md., and...



The Grapevine

Fri, 23 Jun 2017
Silverpeak Argentic is seeking a New York-based transaction manager for its securitization program. Candidates should have 3-5 years of experience and strong organizational and analytical skills. Duties include attending road shows and coordinating among securitization partners, legal staff and the originations team. The contact is Christina Kuch at...



The Grapevine

Fri, 23 Jun 2017
Capital One is looking to hire a commercial real estate syndications analyst in New York. Applicants should have up to two years of syndications experience. The recruit would report to Liz Strader, head of commercial real estate and healthcare real estate loan syndications.



Citi to Lead $1.3 Billion Loan for Blackstone

Fri, 16 Jun 2017
Blackstone has selected Citigroup to lead a $1.3 billion floating-rate loan on an office-lab portfolio owned by the fund shop&rsquo;s BioMed Realty unit.Two other shops are expected to join the lending group, which will securitize the senior portion via a stand-alone offering. The term is five years, including extension options.Blackstone, which arranged the $1.325 billion loan directly, will use the proceeds to retire commercial MBS debt that it...



Issuer to Bypass Moody's on Conduit Offering

Fri, 16 Jun 2017
Moody&rsquo;s is going to be left off a conduit deal for the first time in three years.Morgan Stanley, Bank of America and Wells Fargo will bypass the agency on their next BNK offering, which will be rated by S&P, Fitch and DBRS.The move amounts to replacing Moody&rsquo;s with S&P, which has struggled to regain traction in the conduit sector since a one-year ban by the SEC ended in January 2016. In fact, S&P has rated just nine of the 77 conduit...



Blackstone, Goldman in Novel CMBS Team-Up

Fri, 16 Jun 2017
After winning the mandate to originate a $753 million debt package on a Virginia office portfolio, Blackstone Mortgage decided to team up with Goldman Sachs to securitize the senior portion, employing an unusual risk-retention strategy in the process.It&rsquo;s unclear whether Blackstone originally intended to keep the entire floating-rate package or planned all along to off-load the senior portion. Either way, after evaluating its options, the...



Ladder Debuts With 144A Deal

Fri, 16 Jun 2017
Ladder Capital&rsquo;s long-expected solo conduit offering came to market this week &mdash; with a couple of surprises.The $625.7 million offering (LCCM 2017-LC26), led by Wells Fargo, is being offered privately under SEC Rule 144A. That&rsquo;s the first time in six years that a mainstream conduit deal hasn&rsquo;t been floated in the public market.Also, Ladder has placed the horizontal component of the deal&rsquo;s L-shape risk-retention strip...



CMBS Market Awash in Fresh Paper

Fri, 16 Jun 2017
Commercial MBS dealers priced or marketed $7.7 billion of offerings this week, including four conduit transactions totaling $3.8 billion.The largest of the conduit deals was a $1.2 billion offering by Wells Fargo, Bank of America, Morgan Stanley and NCB that&rsquo;s expected to price today (BANK 2017-BNK5). The long-term, super-senior bonds were being shopped with a projected spread of 93-bp area over swaps.Equivalent benchmark paper in a $1.1...



Goldman Wins Big NY Office Loan

Fri, 16 Jun 2017
A Trinity Real Estate partnership is tapping Goldman Sachs for a $400 million fixed-rate mortgage to finance its acquisition of the leasehold interest in a Downtown Manhattan office building.New York-based Trinity is teaming up with Norges Bank Investment to buy the 1.1 million-square-foot building, at 375 Hudson Street, from Tishman Speyer for $615 million, or $560/sf.Goldman will securitize its 10-year loan in a stand-alone offering. Cushman &...



Loan Eyed for New Brooklyn Complex

Fri, 16 Jun 2017
The partnership that converted a former Brooklyn industrial site into office and retail space is in the market for a $250 million mortgage.The 443,000-square-foot complex, known as Empire Stores, was redeveloped over the past few years by Rockwood Capital, Midtown Equities and HK Organization. The group has tapped Eastdil Secured to line up fresh debt, preferably a floating-rate package with a term of five years. Banks appear to be the primary...



TIAA Unit Lends on Offices in Virginia

Fri, 16 Jun 2017
TH Real Estate has provided a $200 million loan on a recently developed office building in Northern Virginia.The long-term, fixed-rate mortgage is backed by the 476,000-square-foot property at 1775 Tysons Boulevard in Tysons, Va. The loan to Washington-based Lerner Enterprises closed within the past two weeks.The mortgage was arranged and structured by Phillips Realty Capital of Bethesda, Md., which has a correspondent-lender relationship with...



Buyer of DC Offices Seeking Financing

Fri, 16 Jun 2017
The winning bidder for a Washington office building is looking for approximately $90 million of floating-rate debt to finance the purchase.A joint venture between Meadow Partners and Georgetown Co., both of New York, is shopping for a five-year loan for the 407,000-square-foot building, at 370 L&rsquo;Enfant Promenade SW. The loan-to-cost ratio would be 70%, pegging the purchase price at roughly $128 million.The borrower is also seeking future...



Prime, Eightfold Circle L-Shape Deals

Fri, 16 Jun 2017
Prime Finance and Eightfold Real Estate Capital have separately agreed to take down the junior portions of two conduit deals using the &ldquo;L-shape&rdquo; structuring option for risk retention.In its first B-piece purchase of the year, Prime will acquire the bottom portion of an issue led by Wells Fargo (WFCM 2017-C38). Meanwhile, Eightfold will buy the junior classes of a Credit Suisse offering (CSAIL 2017-C8).The risk-retention rules require...



Northwood to Refi Lower NY Building

Fri, 16 Jun 2017
Northwood Investors is ready to refinance the office building at 100 Broadway in Lower Manhattan.The New York fund operator is seeking a $150 million mortgage on the 400,000-square-foot building. Its preference is for a term of 7-10 years, and it is considering both fixed- and floating-rate bids. Eastdil Secured is pitching the assignment to lenders.The request hit the market recently &mdash; roughly a year after Northwood informally approached...



Starwood Backs Buyer of NC Offices

Fri, 16 Jun 2017
Starwood Property has provided about $136 million of floating-rate debt to finance Arden Group&rsquo;s acquisition of a Charlotte office property.Arden paid $148.5 million this week for the 571,000-square-foot BB&T Center and its adjacent garage. JLL advised Philadelphia-based Arden on the debt, and HFF brokered the sale for Los Angeles investment manager CIM Group.Starwood, of Greenwich, Conn., didn&rsquo;t fund the entire balance up front....



30-Year REIT Bonds Gaining Favor

Fri, 16 Jun 2017
U.S. REITs have ramped up issuance of corporate bonds with terms of 30 years, far beyond the typical timeframe of 5-10 years for such unsecured debt.Four issuers have floated $1.4 billion of 30-year paper so far this year, putting the sector on track to eclipse the $2.2 billion tally of equivalent issuance during all of 2016. Last year&rsquo;s total doubled the $1.1 billion in 2015, according to Commercial Mortgage Alert&rsquo;s REIT-Bond...



Goldman Loan Refis Houston Offices

Fri, 16 Jun 2017
Goldman Sachs has provided a $163.5 million floating-rate mortgage to refinance a Houston office building that recently lost a major tenant.The loan to a Hines partnership is backed by the 697,000-square-foot tower at 717 Texas Avenue, in the Central Business District submarket. The coupon and term couldn&rsquo;t be learned. There is a provision for the borrower to draw down an unknown amount of additional proceeds as it leases up the vacant...



The Grapevine

Fri, 16 Jun 2017
Originator Walker Brown joined Ladder Capital last week as a managing director. He previously held the same title at Benefit Street Partners and at CCRE, Cantor Fitzgerald&rsquo;s real estate finance platform. Ladder has been expanding its lending team. Several weeks ago, industry veteran Dan Coakley signed on as a senior originator, after a stint at NorthStar Realty Finance. Coakley worked at Lehman Brothers before the...



The Grapevine

Fri, 16 Jun 2017
It turns out that former StormHarbour trader Stephen Schwartz is headed to Jefferies. He starts next week as a managing director and head commercial MBS trader in New York, reporting to managing director Joseph Accurso. Jefferies&rsquo; hiring of Schwartz follows last month&rsquo;s departure of CMBS trader Mark Bower, who now has a similar role at Performance Trust Capital of Greenwich, Conn. As previously reported, Schwartz left StormHarbour on...



The Grapevine

Fri, 16 Jun 2017
Justin Short joined Hunt Mortgage on June 1 as a managing director in Dallas. He focuses on originating non-agency loans, reporting to managing director Michael Becktel. Short most recently was head of whole-loan trading at investment manager Allegiant Real Estate Capital of New York. He previously worked at Blackstone and CCRE.



The Grapevine

Fri, 16 Jun 2017
Alex Buecking returned to KeyBank last month as a regional executive based in Denver. Buecking spent the past year at JLL as a managing director of capital markets. Before that, he worked at Key for eight years, serving as a senior vice president prior to his departure. As part of his new role, he&rsquo;s looking to hire two senior relationship managers and two senior bankers, to be based in Dallas and Denver. Applicants should contact Morgan...



The Grapevine

Fri, 16 Jun 2017
Credit Suisse just added three people to its real estate finance group: originator Conor D’Alton, underwriter/originator Cameron Bledsoe and securitization staffer Julia Powell. D’Alton moved over from Macquarie and Bledsoe came from MC-Five Mile. Both report to origination chief Stefanos Arethas. Powell joined the bank from PricewaterhouseCoopers. She reports to securitization and warehouse chief Chuck Lee.CORRECTION (6/16/17) This article...



The Grapevine

Fri, 16 Jun 2017
After almost seven years at Rialto Capital&rsquo;s New York office, Dan Ross is leaving to join Sorin Capital as a senior buy-side credit analyst. He starts next month as a senior vice president in the firm&rsquo;s Stamford, Conn., headquarters, reporting to managing director Joel Jasinski. Ross&rsquo; duties include analyzing and maintaining surveillance on conduit deals and Freddie Mac securitizations of multi-family loans. Ross was also a...



The Grapevine

Fri, 16 Jun 2017
Fitch is planning to hire up to five analysts for its CMBS group, to work in New York or Chicago. Two or three would come aboard with the title of director or associate director and help rate new issues, as part of a roughly 40-member team led by managing director Huxley Somerville. The others would start at the associate director or analyst level and report to managing director Mary MacNeill, who oversees about 20 CMBS surveillance staffers....



In a Twist, Borrower Assumes Risk Retention

Fri, 09 Jun 2017
A hotel owner has seized on a novel risk-retention approach in an effort to reduce its borrowing costs.Shidler Group is raising $204 million on a hotel portfolio directly in the commercial MBS market, while retaining 5% exposure to the transaction itself.The approach turns the usual process for single-borrower CMBS transactions on its head. Typically, a Wall Street shop originates and warehouses a loan, and then structures and distributes a bond...



Seer Alum's New Shop Preps Debt Vehicle

Fri, 09 Jun 2017
Hedge fund veteran Tony Barkan is marketing a vehicle that will aim to invest between $1 billion and $2 billion annually in commercial real estate debt.Barkan was a founding principal of Seer Capital and helped build that firm into an active buyer of commercial MBS B-pieces before leaving in 2015. He&rsquo;s since set up his own New York shop, Allagash Partners, and begun raising capital for a vehicle that will buy high-yielding whole loans, as...



Shorenstein, Blackstone Seek SF Office Loan

Fri, 09 Jun 2017
A partnership between Shorenstein Properties and Blackstone is seeking as much as $283 million of debt as it recapitalizes a San Francisco office building.The mortgage would be backed by the 596,000-square-foot property at 45 Fremont Street. Shorenstein owns a 51% interest in the building, and Blackstone has agreed to buy the remaining 49% stake from MetLife. The transaction values the tower at some $475 million.Shorenstein, of San Francisco, and...



Loan Sought on Minn. Hotel Portfolio

Fri, 09 Jun 2017
An investor group is seeking $140 million of fixed-rate debt to refinance four hotels within walking distance of the Mayo Clinic in Rochester, Minn.The 10-year assignment is being pitched to commercial MBS shops. CBRE is advising the group, led by Javon Bea, the chief executive of Mercy Health System of Janesville, Wis.The 1,222-room portfolio includes retail space in an attached concourse. The Bea group, which is unaffiliated with the Mayo...



Tax-Exempt Loans Back Freddie Deals

Fri, 09 Jun 2017
Freddie Mac is pitching the first two deals in a planned series of commercial MBS offerings backed mostly by tax-exempt loans on affordable housing.The floating-rate transactions include a $324.4 million securitization of fixed-rate, tax-exempt mortgages on 25 multi-family properties occupied by &ldquo;very low-income&rdquo; tenants &mdash; generally, those who earn half or less of the median income for the surrounding area.The other deal is...



Related Eyes Loan on DC Apartments

Fri, 09 Jun 2017
A Related Cos. partnership is seeking a loan of about $150 million on a luxury apartment property in Washington.The 383-unit property, at 28 K Street SE, was completed this year. The partnership is leaning toward a term of 5-7 years and is entertaining both fixed- and floating-rate quotes. It would use some of the proceeds to pay off construction financing.The project was on the drawing board for years. The site formerly housed an industrial...



ICBC Lends on Project Site Near SF

Fri, 09 Jun 2017
Industrial and Commercial Bank of China has written an $85 million loan on a Bay Area site that&rsquo;s slated for a massive mixed-use development.The floating-rate mortgage, which closed a couple of weeks ago, is backed by a 42-acre parcel off Oyster Point Boulevard in South San Francisco, Calif. The debt has an initial term of two years, with an option to extend it for a third year.The borrower is a joint venture led by Greenland USA, the U.S....



Oakland Hotel Acquirer Taps Natixis

Fri, 09 Jun 2017
Natixis originated a mortgage of about $93 million last week for the buyer of a West Coast hotel.Gaw Capital acquired the 500-room Marriott Oakland City Center from an Apollo Global partnership for about $143 million, or $286,000/room.The exact size of the loan is unknown, but lenders said it&rsquo;s in line with Gaw&rsquo;s $93 million request after the Hong Kong shop reached a purchase agreement a couple of months ago. Eastdil Secured brokered...



CBRE Writes Freddie Loan for Buyer

Fri, 09 Jun 2017
A Pacific Life partnership has tapped CBRE Capital Markets for a $57.7 million Freddie Mac loan to finance its acquisition of a Phoenix apartment complex.The team bought the 576-unit Andante from Waterton Associates on May 22 for $85.3 million, or $148,000/unit.The floating-rate mortgage has a seven-year term, with no amortization for three years. The loan-to-cost ratio is 68%. The lender&rsquo;s brokerage affiliate, CBRE, advised PacLife and its...



Distress Measures Pause Their Climb

Fri, 09 Jun 2017
The percentage of securitized mortgages in special servicing dipped last month for the first time since January, while the delinquency rate held steady.The resolution of a $201 million loan on two Mississippi casino hotels helped knock the special-servicing rate down by 26 bp in May, to 6.34%, according to Trepp. That reversed most of a 30-bp climb over the previous three months.That measure of distress has been drifting upward since reaching a...



Greystone Backs Dallas Apartments

Fri, 09 Jun 2017
Greystone has originated a $68.1 million fixed-rate loan on a large apartment complex in Dallas.The unidentified borrower used some of the proceeds to refinance debt on the 1,218-unit Vineyards at Forest Edge, at 9669 Forest Lane. Greystone plans to securitize the 10-year loan, which has a 4.7% coupon and closed two weeks ago.The property, which bills itself as the city&rsquo;s largest apartment complex, includes 11 swimming pools, a fitness...



"Green' Financing Shop Adds Staff

Fri, 09 Jun 2017
Counterpointe Sustainable Real Estate, an administrator of commercial &ldquo;green&rdquo; energy financing programs, has bolstered its senior management team as it seeks to expand its reach across the U.S.The Greenwich, Conn., firm recently hired three managing directors. Sal Tarsia, a former managing director at Bedrock Capital of New York, was named head of the sustainable group. Amanda Blade Samai, previously a managing director at PartnerRE...



Berkeley Point Funds Florida Rentals

Fri, 09 Jun 2017
Berkeley Point Capital originated a $28.8 million Freddie Mac loan two weeks ago for the buyer of a Florida apartment complex.Valhalla Holdings of Dallas used the proceeds to help finance its $52 million purchase of the 312-unit property, in Wesley Chapel, Fla., from Sherman Residential of Deerfield, Ill. Newmark Grubb brokered the fixed-rate loan, which doesn’t amortize over its seven-year term.Valhalla’s investment was part of a...



The Grapevine

Fri, 09 Jun 2017
Head commercial MBS trader Stephen Schwartz left StormHarbour on Wednesday. He&rsquo;s headed for a similar role at another New York broker-dealer, but its identity couldn&rsquo;t be learned. Schwartz joined StormHarbour in October as a managing director, reporting to managing principal Sohail Khan. Schwartz previously spent almost two years as a senior vice president in the New York CMBS group of Macquarie, where he helped price and hedge...



The Grapevine

Fri, 09 Jun 2017
Los Angeles-based originator/underwriter Karl Sohn was among those caught up in a round of layoffs at Lone Star Funds last month. Sohn, a senior vice president, had joined the Dallas fund shop last August after a six-and-a-half year run at Citigroup and stints at FundCore Finance, Merrill Lynch and Deutsche Bank. Lone Star pulled the plug on its conduit operation and laid off about a dozen...



The Grapevine

Fri, 09 Jun 2017
Shana Daby has joined Greystone as a managing director. She started several weeks ago as a deputy chief underwriter, focusing on FHA affordable-housing loans on the West Coast. Based in Vancouver, Wash., she reports to chief operating officer Nikhil Kanodia in New York. Daby previously was a deputy chief underwriter at Barings Multifamily Capital and also worked at ACRE Capital and Walker &...



The Grapevine

Fri, 09 Jun 2017
Former CMBS ratings analyst Gabriel Irizarry has joined Santander Bank. He started last week in New York, working as a commercial real estate portfolio manager in the risk-monitoring area. Irizarry previously was in the CMBS groups at S&P from 2011 to 2014 and at Moody&rsquo;s from 2004 to 2008. He was most recently an independent consultant.



The Grapevine

Fri, 09 Jun 2017
Hunt Mortgage hired Jonathan Mettel last month to open an office in Charlotte. He&rsquo;s a vice president, responsible for originating conventional, small-balance and agency loans in the Mid-Atlantic states. Mettel previously was a vice president at PennyMac Commercial Real Estate Finance of Irvine, Calif., and at B2R Finance of New York. At Hunt, he reports to managing director Owen...



The Grapevine

Fri, 09 Jun 2017
LoanCore Capital wants to hire a staffer in San Francisco and one or two at its Greenwich, Conn., headquarters, at the analyst or associate level. Candidates must have 1-2 years of experience underwriting loans and working on an origination team. Send resumes to Tiffany Gombos at tgombos@loancore.com.



The Grapevine

Fri, 09 Jun 2017
Raymond Salameh jumped this week to Mission Capital from another New York firm, HKS Capital. He&rsquo;s a vice president, responsible for arranging debt and equity for Mission&rsquo;s clients. At HKS, Salameh was a senior associate who arranged senior and mezzanine debt, bridge and construction loans, preferred equity and joint-venture capital.



The Grapevine

Fri, 09 Jun 2017
Turnout at the CRE Finance Council&rsquo;s midyear conference was down 15% from the record set at the same event last year. About 1,100 people were registered for this week&rsquo;s gathering in Washington &mdash; in line with expectations, according to a spokesman for the trade group. It compared with a 1,295 headcount last June in Manhattan. The change in location from New York, where the midyear confab is usually held, was a factor in the...



The Grapevine

Fri, 09 Jun 2017
SteepRock Capital is looking for an analyst with at least one year of experience to work on underwriting and closing mezzanine loans. The opening is at the firm&rsquo;s Greenwich, Conn., headquarters. The contact is managing partner Matthew Mitchell at mitchell@steeprockcapital.com.



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Acore CapitalWarren de Haan424-346-6100Finance company manages separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on high-quality properties in the U.S. Target gross IRR: 8-12%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
AEW CapitalDan Jacobson617-261-9248Investment manager originates B-notes, mezzanine loans, stretch loans and preferred equity through several open-end vehicles on core, core-plus and transitional properties across a wide range of asset classes. Geographic focus is the top 25 U.S. markets. Target gross IRR: 5-10+%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Allegiant Real Estate CapitalBen MildeJon SteinPeter Ginsberg646-362-0321Investment manager originates mezzanine loans and preferred equity on multi-family properties throughout the U.S., as well as senior loans and stretch loans on all property types.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Annaly Commercial Real EstateMichael Quinn212-696-0100REIT originates B-notes, mezzanine loans, stretch loans and preferred equity on transitional properties of all types in the U.S. Target gross IRR: 9-11%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Apollo GlobalScott Weiner212-822-0418Sang Yu212-822-0731Investment manager operates a REIT, separate accounts and funds. Originates B-notes, mezzanine debt, stretch loans and preferred equity on institutional-quality properties of all types in the U.S. and Europe. Target gross IRR: 5-15+%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Arbor RealtyFred Weber516-506-4595REIT originates bridge and mezzanine loans and preferred equity on office, retail and multi-family properties in the U.S. Target gross IRR: 9-15%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Ares Real EstateJohn Jardine214-302-0112Investment manager operates a REIT and funds. Originates B-notes, mezzanine loans, stretch loans and preferred equity on major asset classes in the U.S., with an emphasis on transitional properties in liquid markets.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Atalaya CapitalYoung Kwon212-201-1917Fund operator originates B-notes, mezzanine loans, stretch loans and preferred equity on major property types, predominantly in the U.S. Sometimes teams up with partners. Target gross IRR: 10-20+%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Axonic CapitalBrendan McCormick212-828-7208Tyler Kimball212-828-7274Investment manager and fund operator originates and acquires B-notes, mezzanine loans and preferred equity on major property types in the U.S.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Bank of AmericaJon Rymsha646-855-2461Its investment-banking unit, Bank of America Merrill Lynch, arranges B-notes, mezzanine loans and preferred equity on U.S. properties in conjunction with the origination of senior mortgages by its securitization program.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
BarclaysBrian La Belle212-526-1809Investment bank arranges B-notes, mezzanine loans, stretch loans and preferred equity on U.S. properties in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Barings Real EstateTony Soldi860-509-2281Subsidiary of MassMutual was formerly known as Cornerstone Real Estate. Operates funds and separate accounts. Writes B-notes, mezzanine loans, stretch loans and preferred equity on properties in major metropolitan areas of the U.S. and Europe. Focuses on high-quality transitional properties and development projects with top-tier sponsors. Target gross IRR: 6-15%.NOTE: Complete listing appeared in June 2,...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Basis InvestmentTammy JonesShaunak Tanna212-915-0699Investment manager originates B-notes, mezzanine loans, stretch loans and preferred equity on stable and transitional properties across asset classes in the U.S. Will consider an IRR &ldquo;look back&rdquo; for loans if in-place cashflow doesn&rsquo;t cover payments. Target gross IRR: 9-12%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Bedrock CapitalFrank PreziosoMichael Santini212-957-2525Subsidiary of One William Street Capital. Originates B-notes, mezzanine loans, stretch loans and preferred equity on U.S. properties across asset classes. Focuses on middle-market properties with institutional sponsors. Risk-based approach allows pricing and structuring flexibility. Will finance opportunistic, special-situation and distressed properties. Target gross IRR: 8-15%.NOTE:...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
BlackRockClinton SooseKaty MaoMark Kramer212-810-5300Investment manager operates multiple funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on stabilized and transitional properties in primary and secondary markets in the U.S. and Europe.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
BlackstoneTim Johnson212-583-5625Investment manager operates funds and a REIT. Supplies B-notes, mezzanine loans, stretch financing and preferred equity on a wide range of property types in major metropolitan areas globally. Target gross IRR: 6-12%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Bridge InvestmentJim Chung212-518-4139Investment manager operates Bridge Debt Strategies Fund 2. Originates B-notes, mezzanine loans, stretch loans and preferred equity. Focus is office and multi-family properties in secondary U.S. markets, and senior housing throughout the U.S. Target gross IRR: 8-12%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo;...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Brookfield Real EstateAndrea Balkan212-417-7277Chris Reilly212-417-7289Investment manager operates funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on all property types in North America.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Canyon Partners Real Estate310-272-1500Investment manager operates funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity for transitional properties across the major asset classes, as well as senior housing and student housing. Geographic focus is primary and secondary U.S. markets. Target gross IRR: 10-18%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
CarVal InvestorsPaul Mullaney952-984-3365Investment arm of agricultural giant Cargill operates funds and separate accounts. Originates nonrecourse B-notes, mezzanine loans, stretch loans and preferred equity on stabilized and transitional properties in primary and secondary markets of the U.S. and Puerto Rico. Emphasizes strong sponsors and a business plan achievable within 2-4 years. Target gross IRR: 11-13%.NOTE: Complete listing appeared in...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
CBRE Global InvestorsKate Sarris212-824-2187Investment manager operates funds and separate accounts. Originates B-notes, mezzanine loans and preferred equity in the top-25 U.S. metropolitan areas. Target gross IRR: 6-12%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
CIM GroupKelly Eppich323-860-4973Fund operator originates B-notes, mezzanine loans, stretch loans and preferred equity on all property types. Focus is construction and &ldquo;heavy&rdquo; transitional projects in core U.S. urban markets. Financing is generally nonrecourse.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
CitigroupBrad Bloom212-723-5483Bank arranges B-notes, mezzanine loans, stretch loans and preferred equity on properties in major U.S. and European markets in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Clarion PartnersDrew Fung212-808-2145Investment manager operates funds and separate accounts. Originates B-notes, mezzanine loans and preferred equity on stabilized and transitional institutional-quality properties across asset classes in major U.S. markets. Target gross IRR: 10-12%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Colony NorthStarSujan Patel212-547-2616Investment manager operates a REIT, funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on all property types in primary and secondary U.S. markets. Target gross IRR: 12-18%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Criterion Real Estate CapitalChuck Rosenzweig212-259-0414Adam Falk212-259-0411Investment manager originates B-notes, mezzanine loans, stretch loans and preferred equity on all property types, primarily in &ldquo;gateway&rdquo; U.S. markets. Focus is larger transactions with value-added and opportunistic business plans, including development, redevelopment and repositioning. Flexible on structure, duration and current cashflow. Target gross IRR:...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Deutsche BankSamir Tejpaul212-250-4983Bank arranges B-notes, mezzanine loans, stretch loans and preferred equity on properties in the U.S. and major European markets in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Edgewood CapitalMichael HouseChris Whittleton203-255-1700Finance company operates funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on properties in the U.S. and the Caribbean, with a focus on value-added and distressed plays. Target gross IRR: 12-17%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo;...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Eightfold Real Estate CapitalIsaac Pesin305-503-4053Investment manager originates B-notes, mezzanine loans and preferred equity on U.S. properties across asset classes that need repositioning. Also finances buyers of defaulted notes and borrowers seeking capital for restructurings or discounted payoffs. Target gross IRR: 15+%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Essex PropertyKeith Guericke650-655-7929REIT originates mezzanine loans and preferred equity for the construction, redevelopment and recapitalization of multi-family properties in coastal markets of California and Washington.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Federal CapitalE.J. Corwin240-395-2029Fund operator originates B-notes, mezzanine loans and preferred equity on development, value-added and stabilized properties along the East Coast. Handles all property types, except hotels and senior housing. Emphasizes flexibility and speed. Target gross IRR: 12-15%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Goldman SachsMark Romanczuk212-902-0290Investment bank arranges B-notes, mezzanine loans, stretch loans and preferred equity on U.S., Caribbean and Mexican properties, primarily in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates. Target gross IRR: 4.5-13%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo;...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Goldman Sachs Merchant BankingPeter Weidman212-902-1000Goldman investment-management unit&rsquo;s $2.4 billion Broad Street Real Estate Credit Partners 2 fund invests in B-notes, mezzanine loans and stretch loans on all property types in North America and Europe. Target gross IRR: Mid-teens.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Granite PropertiesAce Roman972-731-2320Office developer originates B-notes, mezzanine debt and preferred equity on office properties in California, Colorado, Georgia and Texas. Target gross IRR: 10-12%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
HeitmanGreg Leadholm312-849-4174Investment manager operates funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity for high-quality operators in the U.S. Finances all major property types, as well as student housing and self-storage. Target gross IRR: 11-13%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Hunt MortgageBrent Feigenbaum212-317-5730Finance company originates mezzanine loans in conjunction with Fannie Mae first mortgages that it writes on multi-family properties throughout the U.S. Target gross IRR: 8-15%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Invesco Real EstateCharlie Rose949-222-6365Investment manager operates funds and separate accounts. Originates mezzanine loans, stretch loans and preferred equity on all property types in primary and secondary U.S. markets. Investment parameters vary by separate account. Target gross IRR: 9%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
iStarDavid Sotolov310-315-7070REIT originates B-notes, mezzanine loans, stretch loans and preferred equity on stabilized and transitional properties, as well as development projects. Geographic focus is the top 50 metropolitan areas. Target gross IRR: 10-15%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
J.P. MorganCandace Chao212-648-2121Bank&rsquo;s investment-management arm, J.P. Morgan Asset Management, operates funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on stabilized properties, transitional properties and select construction projects in the U.S.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
JCR CapitalRobert Brown303-531-0208Finance company manages funds and separate accounts. Originates mezzanine debt, stretch loans and preferred equity on U.S. properties across asset classes. Target gross IRR: 15-20%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Jefferies LoanCore/LoanCore CapitalJordan Bock203-861-6065Dan Bennett203-861-6037Investment manager operates a REIT and finance company. Originates B-notes, mezzanine loans, stretch loans and preferred equity on all property types in the U.S., U.K. and Ireland, often in conjunction with senior debt from its conduit operation. Will consider accruals, payment-in-kind and toggle structures. Target gross IRR: 6-12%.NOTE: Complete listing appeared in...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
KeyBankMichael Keach312-730-2702Bank originates B-notes and mezzanine loans on retail and multi-family properties in the U.S.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine Lenders.&rdquo;



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
KKRPatrick Mattson212-519-1656Private equity shop operates a REIT and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on U.S. properties in major U.S. markets. Target gross IRR: 8-12%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
KSL Capital PartnersCraig Henrich203-989-3900Investment manager operates the $386 million KSL Capital Partners Credit Opportunities Fund. Invests in B-notes, mezzanine loans, stretch loans and preferred equity on stabilized and transitional hotel and recreational properties in the U.S., Canada, the Caribbean and the U.K. Target gross IRR: 13-16%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
LibreMax CapitalMichael McLarney212-612-1558Investment manager operates funds that originate and purchase B-notes and mezzanine loans on stabilized and transitional properties in primary and secondary markets in the U.S., as well as in the Caribbean. Target gross IRR: 7-14%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Lionheart Mezzanine Capital InvestorsBilly Jacobs212-940-6823Fisher Brothers affiliate originates B-notes, mezzanine loans, stretch loans and preferred equity on transitional properties and development projects for high-quality sponsors in the top 20 metropolitan areas. Target gross IRR: 7-14%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Mack Real EstatePeter Sotoloff212-484-0035Investment manager operates a REIT and funds. Originates B-notes, mezzanine loans, stretch loans and preferred equity on transitional properties in major markets in North America and Europe. Target gross IRR: 15%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Madison Realty CapitalJosh Zegen646-442-2403Fund operator originates B-notes, mezzanine loans, stretch loans and preferred equity on value-added properties across the U.S. Focuses on &ldquo;special situations.&rdquo; Target gross IRR: 15-20%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Marathon Asset ManagementScott Schwartz212-500-3105Investment manager operates funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on stabilized and transitional U.S. properties across major asset classes.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
MetLifeChris Wilson973-355-4244Insurer&rsquo;s investment-management arm, MetLife Real Estate Investors, originates mezzanine loans and stretch loans on stabilized and transitional properties in primary and secondary U.S. markets.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Morgan StanleyKwasi Benneh212-761-3255Investment bank arranges B-notes and mezzanine loans on U.S. properties, often in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates. Target gross IRR: 5-10%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
New York MortgageJoe Kunzon224-848-4028The REIT, through its RiverBanc subsidiary, originates B-notes, mezzanine loans and preferred equity on transitional, development and stabilized multi-family properties in the U.S. Target gross IRR: 11-13%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
NY Urban FundingChris Lama212-527-7130Finance company originates B-notes, mezzanine loans, stretch loans and preferred equity across property types in the Mid-Atlantic. Will finance construction. Emphasizes ability to close loans quickly.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Oaktree CapitalKeith Gollenberg212-284-1975Justin Guichard213-830-6363Investment manager operates funds and separate accounts. Originates across the capital stack on all property types. Geographic focus is global, with an emphasis on the top 50 U.S. markets.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
ORIX Real Estate AmericasRon Lawrie214-237-2078Finance company originates B-notes, mezzanine loans, stretch loans and preferred equity on U.S. properties. Focuses on multi-family and self-storage properties as well as pre-leased retail and office properties.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Pacific Life InsuranceHyung Kim949-219-5085Insurer originates mezzanine loans, stretch loans and preferred equity for high-quality sponsors with a focus on the best locations in the top U.S. markets. Will finance transitional and stabilized properties in most asset classes, as well as construction projects. Will also write low-leverage B-notes (6-9% coupons). Flexible on structure, duration and current cashflow. Target gross IRR: 10-14%.NOTE:...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Paramount GroupDavid Zobel212-237-3141Michael Nathan212-237-2933Investment manager operates a REIT and Paramount Group Real Estate Fund 8. Originates B-notes, mezzanine loans, stretch loans and preferred equity on office and retail properties in New York, Washington and San Francisco. Will finance transitional properties and redevelopment projects. Target gross IRR: 6-10+%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Parse CapitalNicholas Killebrew858-472-2720Finance company originates B-notes, mezzanine loans, stretch loans and preferred equity on multi-family properties in the U.S. Considers properties ranging from garden-style complexes to high-rises, including senior housing and both market-rate and affordable buildings. Focuses on development, but will selectively look at financing value-added acquisitions. Target gross IRR: 15%.NOTE: Complete listing...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Pearlmark Real EstateDoug Lyons312-499-1952Investment manager operates funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity across property types in the top-25 U.S. markets. Finances stabilized and transitional properties as well as development projects. Target gross IRR: 8-13%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
PGIM Real EstateSteve Bailey212-515-8101Investment-management arm of Prudential operates funds and separate accounts. Originates mezzanine loans, stretch loans and preferred equity across most property types in major U.S. markets. Focuses on institutional-quality real estate and strong sponsorship. Target gross IRR: 7-14%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Prima CapitalSteven Copulsky914-725-9390Investment manager operates funds and separate accounts. Originates B-notes and mezzanine loans on institutional-quality properties across most major asset classes in the U.S. Focuses on investment-grade subordinate debt. Target gross IRR: 5-8%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Prime FinanceJon Brayshaw212-231-9071Finance company originates B-notes, mezzanine loans, stretch loans and preferred equity on all property types in the U.S. Target gross IRR: 4-12%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Principal Real EstateBill May515-247-0772Jason Franzen515-362-1423Investment-management arm of insurer operates funds and separate accounts. Invests in B-notes, mezzanine loans, stretch loans and preferred equity on high-quality properties. Focuses on the top 25 U.S. markets, but will selectively look wider. Target gross IRR: 5-10%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com,...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Quadrant Mezzanine PartnersRoddy O&rsquo;Neal214-540-0528Grant Garlock214-855-2954Investment manager operates separate accounts. Originates mezzanine loans on all property types in primary and secondary U.S. markets. Target gross IRR: 10-14%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Quadrant Real EstateWalt Huggins770-752-6712Investment advisor operates funds and separate accounts. Originates mezzanine loans and preferred equity on Class-A office, industrial and multi-family properties in the U.S., with a focus on the top 10 markets. The maximum LTV is 80% for commercial properties and 85% for multi-family buildings. Target gross IRR: 8-10%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Rainier Realty FinanceTim Nichols214-234-8210Investment manager originates mezzanine loans and preferred equity on stabilized or nearly stabilized properties in the U.S., with an emphasis on Texas and the Southeast. Target gross IRR: 12-18%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
RCG LongviewRichard Gorsky212-356-9282Investment manager operates funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on transitional, value-added and stabilized properties throughout the U.S. Target gross IRR: 7-14%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Red CapitalJohn O&rsquo;Toole312-453-7709Kathryn Burton Gray (sr. hsg.)949-485-3240Finance company originates B-notes, mezzanine loans and stretch loans on multi-family and senior-housing properties in the U.S. Focuses on bridge financing for borrowers that will convert to permanent loans from affiliate Red Mortgage Capital.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Related Cos.Brian Sedrish212-801-1000Development giant&rsquo;s debt platform, Related Real Estate Debt Strategies, operates funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on all types of properties in the U.S. and Western Europe. Will finance development, pre-development and transitional properties. Target gross IRR: 10-15%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Rialto CapitalJosh CromerJoseph Bachkosky212-751-5323Investment manager operates funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on a wide range of property types, primarily in the U.S. Focuses on properties with cashflow that is ramping up or near stabilization. Target gross IRR: 6-15+%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Rockwood CapitalNiraj Shah212-402-8524Investment manager originates B-notes, mezzanine loans and preferred equity on stabilized and transitional properties in key coastal &ldquo;gateway&rdquo; markets in the U.S. Target gross IRR: 8-11%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Silverpeak ArgenticChristina Kuch646-560-1702Finance company originates B-notes, mezzanine loans, stretch loans and preferred equity on a wide range of properties in the U.S. Provides fixed-rate permanent financing and floating-rate financing on transitional properties.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
SL Green RealtyDavid Schonbraun212-216-1602Robert Schiffer212-216-1650REIT originates B-notes, mezzanine loans, stretch loans and preferred equity on office, retail and multi-family properties in New York. Target gross IRR: 7-20+%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Sound Mark PartnersJi Won Sin203-413-4266Jenna Gerstenlauer203-413-4270Operates open-end fund that originates B-notes, mezzanine debt and preferred equity on a wide range of properties in the U.S.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Square Mile CapitalMichael Lavipour212-616-1572Investment manager operates funds and separate accounts. Writes B-notes, mezzanine debt, stretch loans and preferred equity on all property types in the U.S. Lends on properties that are stabilized, transitional or under construction. Target gross IRR: 6+%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo;...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
Starwood PropertyDennis Schuh203-485-5108REIT originates B-notes, mezzanine debt, stretch loans and preferred equity on all types of properties in North America and Europe. Often lends in conjunction with senior debt.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Mezzanine...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
StepStone GlobalJohn Waters415-318-7985Investment manager operates the $700 million StepStone Real Estate Partners Fund 3 and a separate account. Originates B-notes, mezzanine loans, stretch loans and preferred equity on range of properties in the U.S. and Western Europe. Target gross IRR: 9-16%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the &ldquo;Rankings&rdquo;...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 03 Jun 2017
StoneBeck CapitalAlexander Zabik212-335-0237Investment manager operates funds and separate accounts. Originates B-notes, mezzanine loans, stretch loans and preferred equity on properties in the U.S. Focus includes financing for conversions, construction take-out and repositionings. Target gross IRR: 12%.NOTE: Complete listing appeared in June 2, 2017, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Lenders That Act