Article List

REIT-Bond Volume Reaches Historic Highs

Fri, 10 Jul 2020
REIT issuance of unsecured bonds leaped ahead of last year’s record pace in the first half, boosted by unprecedented monthly volume in June.The $41.1 billion floated in the half was an astonishing 69% increase from the high-water mark set in the same period last year, according to Commercial Mortgage Alert’s REIT-Bond Database. That put 2020 issuance on track to exceed 2019’s record of $67.3 billion — although market...



CMBS Pros Sharply Split on Spread Outlook

Fri, 10 Jul 2020
The average prediction of a panel of commercial MBS pros calls for spreads to tighten modestly by yearend.But coming off the most tumultuous half since the 2007-2008 credit crisis, individual views varied widely among the 16 participants in a Commercial Mortgage Alert survey. They were split evenly on whether spreads on long-term, super-senior bonds would widen or tighten in the next six months, with forecasts ranging from a low of 85 bp to a...



Crisis Complicates BofA Syndication Effort

Fri, 10 Jul 2020
Bank of America appears to be having a tough time lining up syndicate partners for a $400 million mortgage it originated on an office condominium in Manhattan, as lenders are increasingly reluctant to participate in deals with “pre-Covid” terms and pricing.The floating-rate loan, which closed around early December, is backed by a 270,000-square-foot condo in the massive office property at 30 Hudson Yards. The space is owned by New...



Amazon Warehouse Deal Hits Market

Fri, 10 Jul 2020
Investors warmly greeted the biggest commercial real estate securitization to emerge since the start of the pandemic — a $2 billion offering backed by Amazon warehouses.The unusual deal, expected to price early next week, securitizes the payments from long-term, triple-net leases on 11 distribution centers and “last-mile” delivery facilities occupied by the online-shopping giant. Goldman Sachs structured the offering (SORT...



CBRE Lends on DC-Area Apartments

Fri, 10 Jul 2020
CBRE has originated $162 million of Freddie Mac debt on a large apartment complex near Washington.The brokerage’s agency-lending arm wrote the seven-year, floating-rate loan for a partnership between UBS Realty and Roseland Residential, an affiliate of Jersey City, N.J., REIT Mack-Cali Realty. The financing closed about a week ago.The collateral is Crystal House, an upscale 825-unit property in the Crystal City neighborhood of Arlington,...



Report: Troubled-Loan Tally Flattens

Fri, 10 Jul 2020
The percentage of commercial MBS loans that have missed a payment or failed to pay off at maturity dipped last month, after soaring rapidly in the early months of the pandemic, according to an upcoming report by Ai Spark.The analytics firm calculates that 15.1% of mortgages, by balance, in the collateral pools of non-agency deals were “non-current” in June. That category includes matured nonperforming debt, past-due loans and mortgages that...



New Fund Targets REIT Securities

Fri, 10 Jul 2020
Startup Cambiar Management is preparing to launch a hedge fund that would invest in REITs and other real estate-related businesses.The New York operation, led by former Senator Investment partner Michael Simanovsky, aims to begin trading in the fourth quarter. The vehicle would pursue distressed and special-situations investments in REIT stocks and bonds, as well as securities issued by companies in the housing, casino and hotel sectors. The...



Rental Portfolio Backs Bridge Loan

Fri, 10 Jul 2020
Bridge Investment has originated a $60.2 million loan in connection with a Nashville investment firm’s acquisition of six apartment properties in Kentucky and Indiana.The Salt Lake City lender initially funded $48 million of the floating-rate debt on June 30, including closing costs and reserves. Clear Blue Co., which focuses on acquiring and repositioning multi-family assets, used the proceeds to finance its $62 million purchase of the six...



TALF Round 2 Funds CMBS Plays

Fri, 10 Jul 2020
Investment funds tapping the Federal Reserve’s Term Asset-Backed Securities Loan Facility continue to use a big chunk of the capital to finance purchases of commercial MBS.When the Fed opened the TALF subscription window for a second time on July 6, funds borrowed a combined $223.8 million to leverage investments in CMBS — or about 30% of the total amount drawn to finance purchases of triple-A-rated structured products. The other...



Eightfold, KKR Circle 2 B-Pieces

Fri, 10 Jul 2020
Eightfold Real Estate Capital and KKR have separately committed to buy the subordinate portions of two upcoming conduit issues.Eightfold will take down the first-loss piece from a roughly $1 billion planned offering by Deutsche Bank, Citigroup, J.P. Morgan and Goldman Sachs (BMARK 2020-B18).KKR has signed up as the B-piece buyer for another deal in the works (MSC 2020-L5). That transaction, probably $800 million to $850 million in size, will be...



Dwight Inks Loan on Vegas Rentals

Fri, 10 Jul 2020
Dwight Capital has originated a $40 million mortgage on an apartment property in Las Vegas.The fixed-rate, HUD-insured loan has a term of 35 years. The collateral property is the 304-unit Villas at Sunrise Mountain, owned by local investor Jon Jentz. Because the property carries an energy-efficient designation, the owner qualified for a 25-bp reduction in the interest rate.The gated community, at 6360 East Sahara Avenue, is 7 miles east of...



SitusAMC Elevates Advisory Staffers

Fri, 10 Jul 2020
SitusAMC has reassigned some responsibilities in its advisory business following the recent departure of a senior staffer in Atlanta.Managing director Robin Baker left about two weeks ago, after eight years at the firm. There’s no word on her plans. Aimee Sailor, based in the firm’s New York headquarters, was tapped to replace Baker as head of a unit that provides outsourced due-diligence, loan-advisory and underwriting services to...



KKR, Oxford, Deutsche Lead Buyers Of Risk-Retention Bonds

Fri, 10 Jul 2020
KKR is well on its way to being the top buyer of risk-retention bonds from commercial MBS issues again this year, as Oxford Properties leapt into second place during the first half and Deutsche Bank moved up to third.After leading the annual U.S. ranking for the last three years, KKR took down $292.5 million of risk-retention bonds during the first six months of 2020. The New York investment giant accounted for 15.9% of the $1.8 billion total of...



The Grapevine

Fri, 10 Jul 2020
PNC is promoting longtime commercial-mortgage executive Michael Thomas to co-head of its real estate-finance group. Thomas, who is based in the bank’s Pittsburgh headquarters, has been with PNC for more than two decades. Most recently, he was an executive vice president who directed the bank’s debt-syndication efforts. Thomas is assuming a post previously occupied by Scott Bassin, who is retiring after 30 years with the bank. Bassin...



The Grapevine

Fri, 10 Jul 2020
Commercial MBS pro Barry Polen left his post at Brean Capital last week. He joined the New York broker-dealer in late 2018 via its acquisition of Hunt Financial, where Polen had been a managing director since 2015. His next move couldn’t be learned. Polen previously was a managing director and head CMBS trader at Guggenheim. Before that, he was a managing director at Credit Suisse, where he oversaw CMBS capital...



The Grapevine

Fri, 10 Jul 2020
Carlton Group has added a director in its Miami office. Industry veteran Eric Salzinger joined the New York brokerage this week, reporting to managing director Ruth Barone. He is responsible for lining up joint-venture equity and debt financing, including loans backing bulk residential condominiums and development projects. Salzinger has run his own South Florida shop, Ejwater Advisors, since 2010. Before that, he was a vice president of...



The Grapevine

Fri, 10 Jul 2020
New York loan broker Eastern Union has stopped serving outside clients through its banking unit, QTS Services. The subsidiary was moved in-house this week and, from now on, will work only with Eastern brokers to produce quotes and term sheets. The group is led by newly promoted executive managing director Jacob Lipoff, based in Bethesda, Md. He had joined the shop in September as senior managing director from the Washington office of New York...



The Grapevine

Fri, 10 Jul 2020
Madison Realty Capital has hired Brian Chase as its first chief operating officer. Chase started Monday in the fund operator’s New York headquarters, where he will support the firm’s ongoing efforts to expand investments in commercial real estate debt and equity across the U.S. He reports to managing principals Brian Shatz and Josh Zegen, who co-founded Madison Realty in 2004. Chase came aboard from Garrison Investment, where he held...



The Grapevine

Fri, 10 Jul 2020
Michael McLarney, who oversaw investments in commercial real estate and CMBS at LibreMax Capital for the last eight years, left his post at the New York hedge fund shop on June 30. His plans are unknown. McLarney joined LibreMax in 2011 from Barclays, where he was a CMBS trader. He previously spent time at Five Mile Capital and Citigroup.



The Grapevine

Fri, 10 Jul 2020
CMBS trader Pasquale Cardone has parted ways with Citigroup. He is sitting out a short gardening leave before his next assignment. Cardone, who joined Citi in 2016, specialized in single-borrower transactions but also traded commercial real estate CLOs, CMBX swaps and other products. He previously worked on the trading desk at Wells Fargo and was a CMBS portfolio manager at...



Goldman to Lead Big Loan on Calif. Studios

Fri, 03 Jul 2020
Goldman Sachs and Barclays have agreed to lend a Blackstone joint venture $900 million to finance the recapitalization of three Hollywood production studios and adjacent offices in Los Angeles.New York-based Blackstone is acquiring a 49% stake in the 2.2-million-square-foot portfolio from Hudson Pacific Properties, a Los Angeles REIT that will retain a 51% interest and continue to operate the properties. Slated to close in a month or two, the...



CMBS Volume Down After Stormy Spring

Fri, 03 Jul 2020
Commercial MBS issuance in the U.S. plunged by a whopping 25% in the first half, the result of a crushing blow to the market triggered by the coronavirus pandemic.At the midpoint, 2020 is on course to post the smallest CMBS volume since 2012. Coming off the busiest issuance year since the Great Recession of 2008-2010, and despite a robust first quarter, the first-half total of conduit, single-borrower and other securitizations came in at $30...



And Outlook for Summer Is Cool, Very Dry

Fri, 03 Jul 2020
Commercial MBS pros see little chance that the market will bounce back substantially before September.The flow of private-label offerings in the U.S., already much diminished due to the coronavirus crisis, will slow to a trickle this summer. Just three conduit offerings appear to be in the pipeline for July and August, backed largely by pre-pandemic loans. Two single-borrower deals are being prepped, while a third is on the horizon and a handful...



Debt Sought for Phila. Development

Fri, 03 Jul 2020
A developer is in the market for $310 million of debt to finance construction of a life-science complex in Philadelphia’s University City neighborhood.A joint venture between Ventas and Wexford Science & Technology has tapped Eastdil Secured to solicit proposals for a floating-rate loan with a term of five years. The partnership plans to build two adjacent buildings totaling 860,000 square feet that would be leased to academic institutions...



Natixis to Back Buyer of Warehouses

Fri, 03 Jul 2020
Natixis has won the mandate to lead a $150 million mortgage tied to the purchase of a Southeast industrial portfolio.The floating-rate debt, which is to run five years, would be backed by 2.9 million square feet of space in five newly developed distribution centers in four states. London investment shop AGC Equity Partners has agreed to buy the package for around $250 million.Natixis may opt to bring in one or more other lenders at, or after, the...



Maneuver Rankles CMBX Investors

Fri, 03 Jul 2020
An investment shop that shorts debt on shopping malls via commercial MBS swaps has come under fire by investors on the long side of the trade.MP Securitized Credit Partners holds a substantial short position in credit-default swaps tracked by IHS Markit’s CMBX.6 series, which offers synthetic exposure to a basket of 2012-vintage CMBS underpinned by a heavy concentration of retail loans. Now comes word that the New York firm has acquired a...



Benefit Street Lends on Fla. Rentals

Fri, 03 Jul 2020
Benefit Street Partners has originated a $47 million bridge loan to refinance a new apartment complex on Florida’s Atlantic Coast.The floating-rate loan to Northshore Development closed last week as the Orlando developer completed construction of the 320-unit Aqua Residences in Palm Bay.Colliers International brokered the three-year loan, which came with two one-year extension options. The borrower is expected to take about 12-18 months to...



Jamestown Eyes Loan for NC Deal

Fri, 03 Jul 2020
Jamestown is feeling out lenders about financing its planned investment in a Charlotte office/retail property.The Atlanta investment shop is looking for up to $40 million of debt that it would use to buy a majority interest in Optimist Hall, a former textile mill converted to office space and a food hall. The size of the stake Jamestown would buy is unclear, but the deal would value the 147,000-square-foot building at about $70 million, according...



Lender Joins TSX Broadway Group

Fri, 03 Jul 2020
Add Beach Point Capital to the group of lenders, led by Goldman Sachs, that is providing $1.1 billion of debt to finance the ongoing redevelopment of a Times Square hotel and theater in Manhattan.Beach Point joined the syndicate of lenders on the $2.5 billion TSX Broadway project last week, when the Santa Monica, Calif., hedge fund purchased a $75 million loan participation from bridge lender Shelter Growth Capital of Stamford, Conn. The...



Property Investor Pursues Lending

Fri, 03 Jul 2020
An investment shop that finished marketing its first property fund last year has launched a debt platform.Brasa Capital of Los Angeles recently closed on an undisclosed amount of equity for Brasa Credit 1, a club fund backed by four unidentified pensions. The manager aims to originate or acquire about $50 million of debt by yearend and then expand the business next year.The fund targets a 9-12% return by writing bridge loans and providing...



Insurance Regulator Extends Relief

Fri, 03 Jul 2020
The National Association of Insurance Commissioners has agreed to give insurers more time to work with borrowers impacted by the pandemic.In a call this week with the Mortgage Bankers Association, NAIC representatives said insurance companies that write commercial mortgages could continue offering borrowers forbearance through yearend. In April, when the regulator first issued crisis-related guidance, the relief period was set to end June...



Lender Bets on TALF Expansion

Fri, 03 Jul 2020
Commercial-property lender Monticello Asset Management is planning a structured-product investment program with a twist.Like the managers of many newly forming vehicles, Monticello aims to finance its purchases with a combination of investor capital and borrowings from the Federal Reserve’s Term Asset-Backed Securities Loan Facility. But the New York firm is taking aim at securities that don’t currently qualify for use in the...



Thorofare Eyes "Note-on-Note' Play

Fri, 03 Jul 2020
Bridge lender Thorofare Capital sees an opportunity to pursue so-called note-on-note financing deals amid the market distress caused by the pandemic.One of the Los Angeles firm’s most recent investments was a $10.6 million loan to Briar Meads Capital of New York for the purchase of a nonperforming mortgage on a warehouse complex in Ohio. Briar Meads, which specializes in distressed-debt investments, acquired the commercial MBS loan from...



CMBS Distress Measures Skyrocket

Fri, 03 Jul 2020
Delinquencies among loans backing commercial MBS soared in June as the effects of the pandemic began showing up in the tally, while transfers into special servicing jumped for a third consecutive month.The percentage of securitized mortgages at least 60 days past due, defaulted at maturity or in foreclosure leaped 213 bp to 3.59%, according to Fitch. It was the biggest monthly jump since the rating agency started collecting data in 2004.The brunt...



The Grapevine

Fri, 03 Jul 2020
Industry veteran Adam Handwerker joined Rialto Capital in June. He is responsible for capital raising and business development for the Miami shop, which invests in equity and debt. Handwerker jumped from New York advisory firm Hodes Weill & Associates, where he held the same title. He joined that firm about a month after it launched in 2009. Before that, he had stints in Credit Suisse’s placement-agent unit and at Ernst &...



The Grapevine

Fri, 03 Jul 2020
StoneX Group, formerly known as INTL FCStone, plans to hire 10 sales and trading professionals in the coming months as part of an ongoing effort to expand its structured-product trading. As previously reported, the New York firm last month hired veteran trader Brian Vescio to oversee the initiative. Vescio, whose resume includes stops at Piper Sandler, Nomura, Deutsche Bank and ING, is scheduled to start in August. Meanwhile, StoneX last week...



The Grapevine

Fri, 03 Jul 2020
SitusAMC has added former Arbor Realty executive Daniel Kenny to its special-servicing team. Kenny started June 22 as a senior director at the New York firm, which is expanding its special-servicing unit to handle an expected wave of mortgage delinquencies and defaults resulting from the pandemic. Based in Okatie, S.C., he will report to managing director Dean Wheeler and work with him to optimize special-servicing operations. Kenny had been an...



The Grapevine

Fri, 03 Jul 2020
Apollo Global wants to hire an asset-management pro for its real estate-debt team. The candidate would join the New York investment manager as a principal and work across the firm’s U.S. debt-investment vehicles, which include an insurance company, a public mortgage REIT and private funds. Candidates should have 6-10 years of experience in debt asset management, real estate investment banking, real estate lending or principal investing. The...



The Grapevine

Fri, 03 Jul 2020
A Midwest mortgage-banking team jumped to Berkadia this week from CBRE. The four-man group, led by managing director Jason Brown, covers the region out of Indianapolis. The team reports to senior managing director Peter Benedetto, who is based in Southfield, Mich. The other team members are director Dan Gable, who spent six years at CBRE, and senior analysts Austin Katai and Samuel Orman. They join senior director Chris Bruzas, an...



The Grapevine

Fri, 03 Jul 2020
Pensam Capital vice president Noah Miller left the multi-family investment firm to join Gelt Financial in mid-May. As a vice president in the commercial real estate lender’s Delray Beach, Fla., headquarters, Miller took charge of originations, capital raising and business development. Gelt was founded in 1989 by Miller’s father, H. Jack Miller, who still leads the firm as its president. Noah Miller spent six years at Miami-based...



Banks Pull Plug on Large CMBS Office Loan

Fri, 26 Jun 2020
Deutsche Bank, Goldman Sachs and J.P. Morgan have abandoned a plan to write a $1.2 billion commercial MBS loan on an office portfolio in suburban Washington.The owner of the nine buildings, in Rosslyn, Va., is a joint venture between Goldman’s U.S. Real Estate Opportunities 1 fund and Monday Properties of New York. In late January, the partnership lined up a commitment from the three banks to refinance the 2.5 million-square-foot portfolio...



Brookfield Looks to Finance NY Office Deal

Fri, 26 Jun 2020
Brookfield is in talks to lead a roughly $320 million loan to finance Savanna’s purchase of a Manhattan office property.The floating-rate mortgage would be backed by the 513,000-square-foot building at 1375 Broadway, which Savanna agreed to buy in February from Westbrook Partners for $435 million, or $848/sf. One or more other lenders could join Brookfield ahead of the closing. Cushman & Wakefield is brokering the debt.As with many deals...



Forbearance by CLO Managers Questioned

Fri, 26 Jun 2020
Investors in commercial real estate CLOs are increasingly concerned about the way managers are granting forbearance to borrowers struggling with pandemic-related cashflow shortages.Most CLO issuers are taking the view that allowing troubled borrowers to skip a few loan payments under the circumstances doesn’t technically constitute a loan modification, several managers and investors said. The distinction is important because modifications...



Co-Working Loans Yanked From Deal

Fri, 26 Jun 2020
After pulling back a conduit offering in the face of fierce headwinds, issuers stripped out some loans with heavy exposure to co-working tenants and pushed the deal over the finish line yesterday.J.P. Morgan, LoanCore Capital, Deutsche Bank and Goldman Sachs last week began marketing a $909.4 million transaction, backed mostly by office loans. But the issue met a poor reception due to concerns about WeWork and other shared-space tenants whose...



Shop Bids Up Prices of Junior CMBS

Fri, 26 Jun 2020
One buy-side firm has taken on the role of market maker in secondary trading of subordinate bonds from top-tier commercial MBS deals.The investor this month has placed orders to buy and sell bonds from virtually every D and E class of outstanding “all-bank” deals. The bids and offers, in amounts of $2 million to $3 million, were handled privately by numerous bank desks and regional broker-dealers rather than on formal bid lists. While...



Smaller Banks More Eager to Lend

Fri, 26 Jun 2020
Regional and community banks are taking up some of the slack as large commercial real estate lenders have cut back on originations amid the coronavirus crisis.As often happens in periods of market weakness, the smaller players have stepped up to quote new financings more aggressively than the bigger banks, insurers and agency lenders. While it’s unclear how much of an impact they may have on overall activity, market pros say they have begun...



Nuveen Backing Calif. Office Trade

Fri, 26 Jun 2020
Nuveen has written a loan of about $60 million to finance the purchase of two office buildings in Silicon Valley.The fixed-rate debt package, with a term of five years, would be backed by adjacent buildings totaling 143,000 square feet in the District 237 office park in San Jose. Exan Capital, acting on behalf of an unidentified foreign investor, has agreed to buy the properties from KBS Realty for around $95 million, or $664/sf. The loan closed...



Virus Hits High-Yield Loan Returns

Fri, 26 Jun 2020
The return on high-yield debt tied to commercial properties slid in the first quarter amid early fallout from the coronavirus pandemic, according to the Giliberto-Levy High Yield Real Estate Debt Index.The three-month gross return on those loans was 1.32%, down 19 bp from the previous three months. The decline reduced the rolling 12-month total return to 7.01%, down from 9.28% a year earlier.On a monthly basis, the return on high-yield real...



Lender Group Shifts Ahead of Closing

Fri, 26 Jun 2020
A group of lenders closed on a $494 million mortgage for the developer of a Washington office complex last week, following the last-minute withdrawal of Natixis from the syndicate.The floating-rate debt is backed by the 780,000-square-foot property at 655 New York Avenue NW, which a partnership between Brookfield and Washington-based Douglas Development completed last year. The loan has an initial term of two years and three one-year extension...



CMBS Data Shop Bolsters Offering

Fri, 26 Jun 2020
An analytics firm that uses artificial intelligence to assess credit risk and assign its own ratings to outstanding commercial MBS is making its data more accessible and useful to investors.Ai Spark of Chicago employs a proprietary machine-learning algorithm to project losses on CMBS loans and provide continuous monitoring of clients’ investments. The product, called Transparent Autonomous Rating Algorithm, or TARA, has been integrated with...



First TALF Loans Mostly for CMBS

Fri, 26 Jun 2020
More than half of the first round of funding from the Federal Reserve’s Term Asset-Backed Securities Loan Facility went toward purchases of commercial MBS.The initial loans from the program, part of the Fed’s efforts to stabilize markets amid the coronavirus crisis, totaled just $252.2 million, of which $145.2 million was earmarked for CMBS. Investment-management firm MacKay Shields, an arm of New York Life, was one of the...



Insurer Pitches Colo. Office Loan

Fri, 26 Jun 2020
Sun Life is offering a $34 million fixed-rate loan on an office building outside Denver.The 10-year mortgage, which comes due in January 2023, is being pitched as performing debt under the terms of a short-term forbearance agreement.The collateral is the 257,000-square-foot property at 188 Inverness Drive West, in Englewood, Colo. The eight-story building is owned by Corporex, a real estate developer and investment manager based in Covington, Ky....



Fund Shop Targets Discounted CMBS

Fri, 26 Jun 2020
National Realty Investment, a residential condominium developer, is looking to buy discounted commercial MBS backed by multi-family properties.The Secaucus, N.J., firm has invested in bonds before, but in a marketing pitch to investors is touting the dislocation in the capital markets as a “window of price discovery.”“It is this technical re-pricing of real estate-related assets that allows for significant investment...



The Grapevine

Fri, 26 Jun 2020
SitusAMC struck a deal this week with Truist to take over the servicing contracts on an undisclosed amount of commercial mortgages assigned to the Charlotte bank’s Cohen Financial subsidiary. Expected to close in the third quarter, the agreement includes both primary- and special-servicing assignments. New York-based SitusAMC also will assume oversight of payment processing, asset management and customized reporting for those mortgages....



The Grapevine

Fri, 26 Jun 2020
Craig Krandel retired last week from Amherst Capital, where he was a managing director of capital formation and financing — a role that included arranging debt facilities to support the firm’s commercial real estate lending and commercial MBS investment businesses. He joined the New York firm in 2008 following years as a bond trader and salesman focused on residential and commercial mortgage-backed securities. His resume includes long...



The Grapevine

Fri, 26 Jun 2020
New York Life has hired an executive in Chicago. Daniel Hayes came aboard as a director in the last month. He previously spent five years at Heitman, a Chicago investment manager where he was a senior vice president. Before that, he held the same title at Hunt Cos. of El Paso, Texas, and previously spent time at Capmark Finance of Horsham, Pa. His job description at New York Life couldn’t be learned, but Hayes’ experience includes...



The Grapevine

Fri, 26 Jun 2020
Invesco Real Estate has added a senior director. Todd Scott joined the investment manager last month in its Dallas headquarters. He will oversee loan asset management for Invesco’s real estate direct-lending business, reporting to managing director and head of asset management Michael Kirby. Scott moved over from Acore Capital, a Larkspur, Calif., investment manager where he had similar duties. Before that, he ran his own advisory shop and...



The Grapevine

Fri, 26 Jun 2020
Ackman-Ziff Real Estate is looking to add 2-3 pros with backgrounds in debt, joint-venture equity placements or loan sales. The recruits, at levels ranging from director to partner, would work in New York, Los Angeles or Miami. Candidates should have relationships with property owners. Inquiries can be sent to originations@ackmanziff.com.



The Grapevine

Fri, 26 Jun 2020
Largo Capital, which writes and services commercial mortgages for insurers, banks and other institutions, wants to hire four producers in Florida with at least three years of experience. Two would come aboard in Sarasota and the others would work in Winter Park, where the Getzville, N.Y., lender established its state headquarters in February. Managing director Kevin Coscia moved to Winter Park from Sarasota last month to work with originator Ben...



The Grapevine

Fri, 26 Jun 2020
Law firm Greenberg Traurig is looking to hire a litigation specialist in its New York office. The recruit must have 3-7 years of experience in real estate litigation. Apply at gtlaw.com.



REITs Try to Avoid Debt-Covenant Triggers

Fri, 19 Jun 2020
Diminished cashflows and marked-down property values are putting some REITs at risk of breaching covenants on their unsecured bonds and credit lines.Several REITs have had to negotiate with banks for waivers of certain provisions in their revolving credit agreements, and others are expected to follow. Bond covenants, while less sensitive to short-term dips in a REIT’s revenue, are more difficult to change, requiring a vote by investors.When...



Silverstein Seeks Loan to Buy LA Skyscraper

Fri, 19 Jun 2020
Silverstein Properties is floating a request for about $327 million of debt to finance its planned purchase of U.S. Bank Tower in downtown Los Angeles.The New York firm is in advanced talks with OUE of Singapore to buy the 1.4 million-square-foot building for $425 million to $450 million, or up to $321/sf. If completed, it would be one of the largest commercial property deals in the U.S. since the pandemic brought the investment-sales market to a...



Smaller Bridge Lenders Capitalize on Crisis

Fri, 19 Jun 2020
The coronavirus pandemic has broadened origination opportunities for bridge lenders that previously saw few chances to bid on loans to large, institutional borrowers.Commercial-mortgage brokers and lending pros said smaller shops are reaping the benefit of a widespread market disruption that has prompted many banks, REITs, fund operators and other commercial real estate lenders to curtail their activities in the last three...



Floater Sought for Houston Campus

Fri, 19 Jun 2020
Lenders are looking at a request for $168 million of debt on a sprawling office complex in Houston.The loan would be backed by the 1.3 million-square-foot Post Oak Central campus, in the Uptown district. A joint venture between Canada Pension Plan and Orlando-based Parkway Property Investments is asking for quotes on floating-rate financing with a term of five years. Some $130 million of the proceeds would be funded at closing, with the remainder...



Spreads Diverge on Conduit Offering

Fri, 19 Jun 2020
Spreads moved in opposite directions on the benchmark and subordinate tranches of the latest “all-bank” conduit deal this week, as senior commercial MBS investors began to push back against the recent tightening trend.Wells Fargo, Bank of America and Morgan Stanley were poised to price a $617.9 million offering today, with dealer guidance pointing to a spread of 115 bp over swaps on the long-term, super-senior bonds (BANK 2020-BNK27)....



Property Shop Adds Debt Strategy

Fri, 19 Jun 2020
Distressed-property investor Bridge33 Capital will soon begin buying outstanding loans and commercial MBS.The Seattle fund operator will continue to focus primarily on value-added investments in the retail and office sectors. But the market disruption stemming from the coronavirus pandemic presents an additional opportunity to pursue high-yield returns via secondary-market purchases of commercial mortgages and CMBS, said Julio Siberio, the...



Senior Lenders: Mezz Comes First

Fri, 19 Jun 2020
Commercial real estate developers are finding it more difficult amid the pandemic to line up senior and junior debt that can be drawn down simultaneously, which helps reduce borrowing costs.Among the shrunken field of lenders that have continued to quote new loans since the virus struck in March, just about any shop willing to originate senior debt on a construction project will insist that the subordinate, or mezzanine, portion of the debt...



Loan on Harlem Rentals Available

Fri, 19 Jun 2020
Benefit Street Partners is offering a $42 million performing loan it originated about two years ago on eight apartment buildings in Upper Manhattan that are almost fully occupied.The floating-rate loan to Brooklyn-based investor Isaac Herskovitz is backed by two complexes totaling 199 units in the Hamilton Heights neighborhood of Harlem.Cushman & Wakefield is shopping the securitized debt for Benefit Street, a New York fund shop that’s...



Developer Seeks LA Hotel Mortgage

Fri, 19 Jun 2020
The developer of a high-end hotel in downtown Los Angeles is in the market for a $44 million mortgage.The collateral would be the 148-room Downtown LA Proper Hotel, at 1100 South Broadway on the edge of the city’s Fashion District. Kor Group of Santa Monica, Calif., recently finished redeveloping the hotel, which is due to open in the next month or so.Kor tapped Mission Capital to arrange the financing. Lenders are being told the borrower...



Debt Eyed for Mass. Rental Project

Fri, 19 Jun 2020
A development group is in the market for about $64 million of construction debt for a planned oceanfront apartment complex north of Boston.A joint venture between Carlyle Group and Post Road Residential has tapped JLL to line up the financing. The debt would back the development of a 230-unit luxury building in Revere, Mass., 7 miles north of central Boston. The property would be among several new and planned residential complexes in a...



Loan Sought on Wall Street Offices

Fri, 19 Jun 2020
Silverstein Properties is looking to refinance a Wall Street office property with $165 million of fresh debt.The New York firm is soliciting proposals for both fixed- and floating rate loans with terms of 5-10 years on its 615,000-square-foot tower at 120 Wall Street. Ackman-Ziff Real Estate is brokering the debt package for Silverstein.The 34-story building, which opened in 1931, overlooks the East River. Silverstein has owned it for four...



The Grapevine

Fri, 19 Jun 2020
Industry veteran Hal Holliday is retiring from CBRE in the coming weeks. In 1982, Holliday co-founded the real estate advisory firm Holliday, Fenoglio & Co., which later was purchased by Dallas-based Amresco. Amresco, in turn, acquired other businesses to eventually create Holliday Fenoglio Fowler, later known as HFF. That national brokerage and advisory firm was acquired last year by JLL. Holliday joined Live Oak Capital in 2000. Eight years ago...



The Grapevine

Fri, 19 Jun 2020
Servicing pro Rob Walton started a new job this week as a managing director at Trimont Real Estate in Dallas. He joined Atlanta-based Trimont from Fannie Mae, where he had worked since 2004. Walton previously spent time at PNC, Bank of America and Woodward & Lothrop.



The Grapevine

Fri, 19 Jun 2020
Securitized-product sales pro Ryan Rossitto is headed to Jefferies in August after sitting out a gardening leave. He recently left his post as a New York-based director at Bank of America, where he placed a mix of structured products including commeercial MBS. Before joining BofA in 2016, Rossitto spent 12 years at Morgan Stanley in a similar capacity.



The Grapevine

Fri, 19 Jun 2020
Most members of Sabal Capital’s loan-origination team have been on furlough during the pandemic, but the Irvine, Calif., lender intends to bring them back when business picks up, sources said. Conduit lenders largely suspended originations in mid-March, as the coronavirus outbreak temporarily froze the debt market and threatened to wreak havoc on commercial property cashflows. But CMBS lenders have begun rolling out new deals, and conduit...



The Grapevine

Fri, 19 Jun 2020
B6 Real Estate continues to add brokers. Drew Ahlers joined the brokerage’s New York headquarters last week as an associate director in the capital-advisory division. He reports to managing director Dylan Kane and partner and senior managing director Steven Sperandio. Ahlers jumped after a year-long stint in Newmark’s New York office. He previously worked at MidCap Financial of Bethesda, Md. B6, founded in 2018 by former Massey Knakal...



The Grapevine

Fri, 19 Jun 2020
Chicago-based broker-dealer Performance Trust has added a CMBS trader to its New York office. Mark Lee arrived this month from Barclays, where he had worked since 2018. He previously was at Bay Crest Partners of New York, where he focused on CMBS and non-agency residential MBS. Before that, he did an earlier stint at Barclays and also worked at MKP Capital of New...



The Grapevine

Fri, 19 Jun 2020
Chicago brokerage Alpha Capital CRE is looking to hire. The shop wants to add 2-3 producers to line up debt and equity for clients. Candidates should have five-plus years of experience. In addition, the firm is seeking to hire a head analyst or underwriter with 2-5 years of experience. Alpha also may look to add another analyst.



Few CMBS Borrowers Face Near-Term Refis

Fri, 12 Jun 2020
As commercial MBS borrowers and servicers struggle to deal with the economic fallout from the pandemic, there’s one big consolation: Few large securitized mortgages mature anytime soon.Among CMBS loans with current balances of at least $100 million, just 14 — totaling $3.5 billion — reach final maturity in the second half, according to a review by Commercial Mortgage Alert (see list on Page 8). Another 50 mortgages totaling...



Groups Push US Rescue of Property Owners

Fri, 12 Jun 2020
Efforts are underway in Washington to draft legislation that would provide federal assistance for owners of distressed commercial real estate in return for preferred equity stakes in their properties.Lawmakers from both parties and representatives of the CRE Finance Council, Mortgage Bankers Association and other industry groups have been in active negotiations in recent weeks, sources said. The aim is to help borrowers hard-hit by the...



Short Supply Boosts Pricing of Conduit, CLO

Fri, 12 Jun 2020
Spreads were tightening sharply on commercial MBS this week, pushed in by strong demand amid a shortage of deals.KeyBank, Barclays, Societe Generale, Rialto Capital and Natixis were expected to price an $807.8 million conduit offering today, with dealer guidance putting the benchmark spread at 115 bp over swaps (BBCMS 2020-C7). That was 5 bp inside initial “whisper” talk and 30 bp tighter than the last conduit deal, which priced two...



Syndicate Forms for NY Office Loan

Fri, 12 Jun 2020
Several other lenders are joining Aareal Capital in originating $510 million of floating-rate debt on a landmark office building in Midtown Manhattan.The deal, backed by SL Green Realty’s 1.2 million-square-foot property at 220 East 42nd Street, formerly known as the Daily News Building, is expected to close any day. Aareal, a German lender, will be accompanied at the closing by Citigroup and Credit Agricole, sources said, and possibly one...



Investors Pitched on Calif. Hotel Loan

Fri, 12 Jun 2020
In offering to sell a $143.3 million loan on a Southern California resort that’s temporarily closed due to the pandemic, a Colony Capital affiliate is pitching the opportunity for a buyer to restructure the debt.Colony Credit Real Estate, a mortgage REIT managed by Colony Capital, tapped JLL to market the floating-rate loan on the 249-room Fairmont Grand Del Mar in San Diego. After closing on April 3 amid virus-related restrictions on...



Fund Targets Single-Family Investors

Fri, 12 Jun 2020
A new finance company is seeking $300 million of equity for a high-yield debt fund that would write small-balance loans to investors in single-family houses.Tailor Ridge Capital of Morristown, N.J., this month began marketing a vehicle that would target an 8-11% return by originating short-term debt for borrowers that build or renovate lower- to lower-middle-income workforce housing.Investors in Tailor Ridge Real Estate Lending Fund 1 will have a...



Calpers Mulls NJ Industrial Mortgage

Fri, 12 Jun 2020
Calpers has invited lenders to propose terms for a $66 million loan on a New Jersey warehouse it just acquiredThe pension plan, which is being advised by BentallGreenOak of New York, bought the newly developed, 925,000-square-foot property this month for about $165 million. It paid cash, possibly by tapping a credit line. Now it’s asking lenders for quotes on a mortgage, with a preference for a fixed rate and a term of about 10...



Debt Eyed for NY-Area Rental Project

Fri, 12 Jun 2020
A developer is looking to line up as much as $166 million of construction debt for a suburban New York multi-family project.Allstate Ventures has secured approvals to build 471 units in three buildings in downtown New Rochelle. The Monroe, N.Y., firm is seeking some $51 million of financing for the first phase, and has signaled it plans to start work on the second and third stages soon. Sources said the builder likely would lean toward lenders...



Buyer Seeks Loan on Calif. Offices

Fri, 12 Jun 2020
Northwood Investors is seeking roughly $110 million of financing to buy a suburban Los Angeles office building.The New York investment manager has agreed to purchase a roughly 300,000-square-foot property adjacent to one it already owns in Culver City, Calif. It’s in the market for a floating-rate loan with a term of five years, including extensions.Northwood struck a deal with the seller, cybersecurity firm Symantec, early this year and...



Insurer Backs Fla. Rental Project

Fri, 12 Jun 2020
New York Life has originated $97 million of long-term financing for the renovation and expansion of an apartment complex just north of Miami.The debt was closed and funded this week for Brunetti Organization. The fixed-rate construction/permanent loan package runs a total of 15 years, with interest-only payments for the first five years. Berkadia advised Brunetti, of Old Bridge, N.J., in lining up the debt.The developer will use the proceeds for...



SkyBridge Cuts Credit Exposure

Fri, 12 Jun 2020
Following steep losses on investments tied to structured- credit products, Anthony Scaramucci’s SkyBridge Capital is reducing its exposures in the sector.The maneuver is taking place via SkyBridge Multi-Adviser Hedge Fund Portfolios Series G, a fund of funds that deploys its capital to outside hedge fund operators. Effective July 1, the vehicle’s allotment for structured-product funds will be 53% — down from a current 80% level...



The Grapevine

Fri, 12 Jun 2020
Veteran broker Will Sledge has joined JLL to expand its loan-sale advisory platform. Sledge, who started last week, is a senior managing director based in New York. He jumped from Mission Capital, a New York advisory firm where he spent about 17 years — most recently as head of business development and execution. At JLL, he’ll focus both on performing and nonperforming loans, including debt on properties in foreclosure. Mission...



The Grapevine

Fri, 12 Jun 2020
MSD Partners has hired a principal for its real estate debt team. Samantha Rotchford joined the New York firm this week, reporting to portfolio managers Jason Kollander and Adam Piekarski. She will invest via the MSD Real Estate Credit Opportunity Fund, which has an equity-raising goal of $750 million. The vehicle can originate or purchase loans and make structured-finance investments. Rotchford joined from Starwood Property, a Greenwich, Conn.,...



The Grapevine

Fri, 12 Jun 2020
Avison Young has added a senior director to its capital-markets team in New York. Avi Zukerman started two weeks ago with a focus on helping clients obtain financing, including senior loans, mezzanine debt and equity. The group, led by principal Justin Piasecki, also handles loan sales. Zukerman previously co-founded New York advisory shop Kligier Capital. Before that, he worked at ASG Equities of New York, where he helped manage the real estate...



The Grapevine

Fri, 12 Jun 2020
BGI Capital has hired Gregory Laskody to help expand originations of bridge loans, construction financing and other real estate debt. Based in Boca Raton, Fla., Laskody started this month as a managing director at the Miami firm. He reports to managing partner Robert Barthelmess. Laskody also runs a boutique brokerage, called Haute Commercial Real Estate, that will help BGI clients with asset acquisitions and sales. He previously was a principal...



The Grapevine

Fri, 12 Jun 2020
After a year at Whitney Partners, vice president Omar Sobhy has left to join StackSource. Sobhy started last month as a capital advisor at the online commercial-mortgage brokerage, where he will establish a Baltimore presence for the New York firm. He reports to StackSource chief executive Tim Milazzo. Sobhy focused on investment sales as a Baltimore-based staffer at Whitney, a Washington-based advisory firm whose focus includes commercial real...



The Grapevine

Fri, 12 Jun 2020
Buy-side pro Blake Eger landed in a new role this week as a portfolio manager at Paloma Partners, a Greenwich, Conn., hedge fund operator where she trades structured products including commercial MBS. Eger joined from Redwood Trust, where she led strategic investments in mortgage products. Before joining Redwood in 2018, Eger spent time at Structured Portfolio Management, Merrill Lynch, J.P. Morgan and Bear...



The Grapevine

Fri, 12 Jun 2020
Bridge Investment has added an associate in its asset-management group. Elizabeth Attubato arrived last week from CWCapital, where she had worked for about a year underwriting investments in CMBS and agency debt. She is based in New York and reports to Teresa Hough, who oversees asset management for the Salt Lake City firm. Attubato previously worked at Freddie...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
3650 REITMichael Fleischer310-862-9995REIT and fund operator lends on transitional properties across all asset classes nationwide, and backs ground-up construction. All loans are serviced in-house. The strategy doesn’t employ external leverage. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 13+%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Acore CapitalWarren de Haan424-346-6100Investment manager lends on transitional properties of all types nationwide, as well as construction. Primarily offers subordinate financing tied to senior debt it originates. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 10-15%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
AEW CapitalDan Jacobson617-261-9248Tim Clinton617-261-9218Investment manager operates multiple investment vehicles across a range of strategies. Finances all property types nationwide, with a focus on institutional sponsors in the top-25 markets. Also funds construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 5-12%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Allagash PartnersTony Barkan646-946-0482Investment manager lends on all property types nationwide, with a focus on multi-family, industrial and mixed-use properties. Also backs construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 7-20%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Allegiant Real Estate CapitalSimon Breedon646-362-0282Finance company operates an open-end credit fund and separately managed accounts. Lends nationwide on all property types, as well as construction. Will consider non-cashflowing properties. Debt types: mezzanine, B-notes, pref. equity. Target gross IRR: 12-18%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
American RealtyDoug Vikser213-233-5831Kirk Helgeson213-233-5779Investment manager finances all major property sectors nationwide, with a flexible approach to complex situations, including construction, repositionings and recapitalizations. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 8-15%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Annaly Commercial Real EstateMichael Quinn646-454-3740REIT, a subsidiary of Annaly Capital, lends nationwide across asset classes. Focuses on providing flexible solutions to borrowers on transitional properties in liquid markets. Debt types: mezzanine, B-notes, pref. equity, stretch.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Apollo GlobalSang Yu212-822-0731Aaron Welsh212-822-0471Investment manager operates multiple vehicles, including credit funds and a public REIT, Apollo Commercial Real Estate Finance. Also invests for insurer Athene Holding. Lends nationwide on office, multi-family, industrial, lodging and mixed-use properties. Also finances developers. Debt types: mezzanine, B-notes, pref. equity, stretch.NOTE: Complete listing appeared in June 5, 2020, issue of...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Arbor RealtyFred Weber516-506-4595REIT finances multi-family properties throughout the U.S. Able to provide bridge and permanent financing. Debt types: mezzanine, pref. equity. Target gross IRR: 9-15%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Arden GroupMatt Toukatly484-620-4003Christian Vergilio908-577-8956Investment manager operates Arden Credit Fund and Arden Credit Fund 2. Lends on office, multi-family, lodging, industrial and mixed-use properties nationwide, with a focus on the top-35 markets. Also funds construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 6-11%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Ardent FinancialDaniel Siegel678-248-6539Chris Kelly646-993-7404Investment manager lends on all property types nationwide. Focuses on complex financings, such as land, rehabilitation, construction and transitional properties with destabilized cashflow. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 9+%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Ares Real EstateJ.B. Gerber212-515-3393Investment manager operates a REIT, funds and separate accounts. Lends nationwide across all asset classes, including land. Targets transitional properties in liquid markets. Also backs construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 10-15%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Argentic InvestmentBrian La Belle646-560-1775Finance company lends on stabilized and transitional properties throughout the country. Asset classes include office, retail, multi-family, lodging and industrial. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 8-14%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
ArrowMark Commercial Real EstateRobert Brown303-398-2927The real estate platform of ArrowMark Partners finances core, core-plus and value-added properties nationwide. Lends on all property types, with an emphasis on office, retail, industrial and mixed-use. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 8-15%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Artemis Real EstateKevin Nishimura240-235-2026Michael Stratton301-288-0044Investment manager operates funds and separate accounts. Finances all strategies and asset classes nationwide, including land. Also backs construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 6-16%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Asia Capital Real EstateDaniel Jacobs732-492-9743Michael Van Der Poel646-667-7767Fund operator, via ACRE Credit, finances institutional owners of value-added and stabilized properties nationwide. Target sectors include multi-family, affordable housing, student housing and senior living. Also funds construction. Debt types: mezzanine, B-notes, pref. equity, stretch.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Atalaya CapitalYoung Kwon212-201-1917Investment manager finances transitional properties, with a focus on construction, pre-development and condo inventory. Lends nationwide across major asset classes. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 11-15%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Axonic CapitalBrendan McCormick212-828-7208Tyler Kimball212-828-7274Investment manager operates funds and separate accounts. Lends on all major property types throughout the country. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 9-15%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Bank of AmericaJon Rymsha646-855-2461Lends nationwide on all property types, often in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates. Also provides construction financing. Debt types: mezzanine, B-notes, pref. equity.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
BarclaysShaz Hasan212-412-2087Provides financing on properties in all sectors throughout the U.S., primarily in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 5-10+%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
BaringsDaniel Hartley212-973-5173MassMutual subsidiary operates funds and separate accounts. Lends nationwide on all major property types, as well as student housing and senior housing. Also finances construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 12-16%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Basis InvestmentKunle Shoyombo212-842-5713Shaunak Tanna212-915-0699Investment manager operates BIG Real Estate Fund 1 and other vehicles. Finances properties of all types nationwide, with an emphasis on primary and secondary markets. Also backs construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 9-14%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Bedrock CapitalMichael Santini,Ryan Penneys212-957-2525Investment manager, a subsidiary of One William Street Capital, lends on transitional and stabilized properties of all types nationwide. Also funds construction. Risk-based approach allows pricing and structuring flexibility. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 8-15+%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Benefit Street Partners Michael Comparato212-588-9404Matthew Jacobs212-588-3693Franklin Templeton affiliate operates funds and a nontraded REIT that finance all major property types nationwide. Often provides subordinate debt when originating senior loans. May take larger subordinate pieces if working with another lender. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 6-25%.NOTE: Complete listing appeared in June 5,...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
BlackRockClinton Soose,Fung Lin,Candice Loupee212-810-5300Investment manager operates core and high-yield debt funds, plus separate accounts. Lends on stabilized or transitional real estate in primary and secondary markets nationwide. Scope includes all major property types, plus self-storage and medical office. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 7-13%.NOTE: Complete listing appeared in June 5, 2020, issue of...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Blackstone Real Estate Debt StrategiesTim Johnson212-583-5625Investment manager operates multiple vehicles, including Blackstone Real Estate Debt Strategies 4 fund, public REIT Blackstone Mortgage and separate accounts. Backs all property types nationwide, including mixed-use, self-storage, data centers and land, as well as construction. Debt types: mezzanine, B-notes, pref. equity, stretch.NOTE: Complete listing appeared in June 5, 2020, issue...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Bloomfield CapitalBrent Truscott248-745-1700Renee Lewis207-772-6870Fund operator lends nationwide on all major asset classes, plus self-storage and senior housing. Mainly focuses on transitional projects with urgent closing timelines, including construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 12-17%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Bolour AssociatesSteve Martin323-677-0550, ext. 120Steven Simantob323-677-0550, ext. 133Family office provides financing on all major asset classes, as well as urban infill land. Geography includes Texas, most Western states, several Eastern states and the District of Columbia. Debt types: mezzanine, stretch. Target gross IRR: 12-14%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Boveda Asset ManagementKen Witherspoon888-569-8883, ext. 2119Sean Michaelson888-569-8883, ext. 2145Investment manager operates funds and separate accounts. Lends on all property types nationwide, and provides construction financing. Debt types: mezzanine, pref. equity. Target gross IRR: 10-12%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Bridge InvestmentJim Chung646-453-7101Investment manager operates Bridge Debt Strategies Fund 3. Lends nationwide, primarily targeting office, multi-family and senior-housing properties. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 10-15%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
BridgeRock CapitalJacob Kim,Seung H. Kim646-682-0243Real estate firm primarily manages South Korean and other foreign capital. Lends nationwide on major asset classes, plus self-storage and data centers. Also writes construction and condo-inventory loans. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 7-10%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Brookfield Real Estate FinancialAndrea Balkan212-417-7277Christopher Reilly212-417-7289Investment manager operates multiple vehicles, including Brookfield Real Estate Finance 5, Brookfield Senior Mezzanine Real Estate Finance Fund and separate accounts. Lends on all property types nationwide, and backs construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 4-12%.NOTE: Complete listing appeared in June 5, 2020,...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Calmwater CapitalLarry Grantham310-806-9724John Zubak310-806-9765Investment manager operates funds and separate accounts. Lends on all asset types nationwide, including data centers, senior housing and land. Also funds construction. Focuses on bridge loans. Touts speed, flexibility and certainty of closing. Debt types: B-notes, stretch. Target gross IRR: 8-14%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Canyon Partners Real EstateRobin Potts310-272-1584Investment manager operates funds and separate accounts. Lends on all property types in primary and secondary markets, mainly focusing on transitional plays. Scope includes ground-up development, acquisitions, lease-up projects, repositionings, refinancings and recapitalizations. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 10-18%.NOTE: Complete listing appeared in June...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Carlyle GroupJessica Lee212-520-3272Philip Moore212-520-3206Investment manager, via Carlyle Credit Opportunities and other vehicles, lends on major property types nationwide, with a focus on entertainment-related and operationally intensive assets. Also finances construction. Debt types: mezzanine, B-notes, pref. equity, stretch.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
CarVal InvestorsPaul Mullaney952-444-4821Daniel Tanner212-457-0163Investment manager lends on all property types throughout the country. Finances both stabilized and transitional properties, as well as construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 12+%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
CBRE Global InvestorsTodd Sammann213-683-4315Investment manager operates funds and separate accounts, specializing in subordinate financing. Lends nationwide on all major property types, plus mixed-use and self-storage. Focuses on core-plus or value-added properties in primary and secondary markets. Debt types: mezzanine, B-notes, pref. equity, stretch.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
CCRE (Cantor Commercial Real Estate)Tim Groves212-915-1908Kiran Manda212-915-1925Cantor Fitzgerald subsidiary finances all property types throughout nation. Mainly provides subordinate debt in conjunction with senior mortgages that it originates and securitizes in conduit and single-borrower transactions. Debt types: mezzanine, B-notes, pref. equity, stretch.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
CIM GroupGarett Bjorkman602-224-4223Dan Ottensoser646-817-3493Investment manager operates funds and separate accounts. Lends on all property types nationwide, generally targeting the top-20 metropolitan areas. Primarily focuses on bridge, pre-development and construction loans. Debt types: mezzanine, B-notes, pref. equity, stretch.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found on CMAlert.com,...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
CitigroupBrad Bloom212-723-5483Lends nationwide on all property types, often in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates. Debt types: mezzanine, B-notes, pref. equity, stretch.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Clarion PartnersDrew Fung212-808-2145Thanh Bui212-808-2143Investment manager operates funds and separate accounts, with a focus on subordinate financing. Lends on core, core-plus and transitional properties across all asset classes nationwide. Also selectively finances ground-up development. Debt types: mezzanine, B-notes, pref. equity. Target gross IRR: 8-15+%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Colony CapitalDaniel Katz310-552-7258Kevin Swartz212-547-2638Investment manager operates commercial real estate and digital debt and credit funds, as well as a public mortgage REIT, Colony Credit Real Estate. Finances all asset classes nationwide, including land. Also backs construction. Debt types: mezzanine, B-notes, pref. equity, stretch.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Credit SuisseStefanos Arethas212-325-0736Brendan Jordan212-325-1924Lends nationwide on all property types, often in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates. Debt types: mezzanine, B-notes, stretch.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Crescit Capital StrategiesJoseph Iacono212-882-1224Adam Kies212-332-1966Finance company operates funds and separate accounts. Lends on office, multi-family, industrial, mixed-use, student-housing and assisted-living properties nationwide. Focuses on transitional assets, construction and term financing. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 12-20%.NOTE: Complete listing appeared in June 5, 2020, issue of...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Criterion Real Estate CapitalChuck Rosenzweig212-259-0414Adam Falk212-259-0411Investment manager operates funds and separate accounts. Finances all property types. Focuses on large transactions in gateway markets with value-added and opportunistic business plans, including development, redevelopment and repositioning. Flexible on structure, duration and cashflow. Debt types: mezzanine, B-notes, pref. equity, stretch.NOTE: Complete listing...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
CrossHarbor CapitalJennifer Dumas Hall617-624-8345Richard Flohr312-535-4862Investment manager operates funds and separate accounts backed by institutional capital sources. Finances all property types nationwide, with a focus on the top-50 metropolitan areas. Willing to back construction. Debt types: mezzanine, stretch. Target gross IRR: 11-12%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Deutsche BankTom Rugg212-250-3541Rohan Mehta212-250-4856Lends throughout U.S. on all property types, primarily in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates. Selectively finances construction. Debt types: mezzanine, B-notes, pref. equity, stretch.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Driftwood CapitalDavid Steiner305-500-9900Fund operator specializes in providing subordinate financing on lodging properties throughout the country. Also lends for construction. Debt types: mezzanine, B-notes, pref. equity. Target gross IRR: 12+%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Dwight CapitalAaron Krawitz347-846-0773Finance company lends nationwide across all major asset classes, with a focus on multi-family and healthcare properties. Debt types: mezzanine, B-notes, pref. equity. Target gross IRR: 10-15+%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
DWS Real Estate Debt InvestmentsMarc Feliciano312-537-9233Pat Kennelly312-537-0111Investment manager operates funds and separate accounts. Lends nationwide, focusing on office, multi-family, industrial, retail and mixed-use properties in primary and secondary markets. Finances core, core-plus, transitional and value-added investments, as well as construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 6-15%.NOTE:...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Eightfold Real Estate CapitalIsaac Pesin305-503-4053Investment manager specializes in subordinate financing and debt investments across all asset classes nationwide. Targets properties in need of repositioning, buyers of defaulted notes and borrowers involved in restructurings or discounted payoffs. Debt types: mezzanine, pref. equity. Target gross IRR: 15+%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
EJS CreditTed Segal212-615-3456Adam Koplewicz212-547-2007Finance company, the lending arm of EJS Group, focuses on multi-family and mixed-use projects with strong sponsors in the New York metro area and other primary markets. Finances pre-development, construction and conversions. Debt types: mezzanine, pref. equity, stretch.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Envoy Net Lease PartnersRalph Cram847-239-7250Eric Spokas847-239-6966Finance company, with backing from a private-equity firm, specializes in providing construction financing for single-tenant net-leased office, retail and industrial properties nationwide. Will go up to 100% loan-to-cost ratio for investment-grade build-to-suit single-tenant projects. Debt types: B-notes, pref. equity, stretch. Target gross IRR: 14-20%.NOTE: Complete listing...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Essex PropertyKeith Guericke650-655-7929Cory Zimmerman650-655-7844REIT specializes in multi-family properties on the West Coast, providing subordinate financing for ground-up development, redevelopment and recapitalizations. Yields accrue on construction until property is stabilized. Debt types: mezzanine, pref. equity.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Fairview PartnersNels Stemm310-310-3214Andrew Parker425-247-0922Investment manager operates Fairview Investment Fund 4. Lends nationwide on all major property types, as well as land, agricultural and education properties. Proficient with complex situations. Typical closings occur within three weeks. Debt types: mezzanine, pref. equity, stretch. Target gross IRR: 14-20%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
FCPE.J. Corwin240-395-2029Kevin Murphy240-395-2019Fund operator finances multi-family, office and mixed-use properties, focusing on value-added, core-plus and stabilized assets, as well as development opportunities. Focuses on Eastern U.S., Texas, Colorado and Arizona. Debt types: mezzanine, B-notes, pref. equity. Target gross IRR: 12-14%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Fidelity InvestmentsNatalie Herald617-563-5538Investment manager operates multiple vehicles, including Fidelity Real Estate Opportunistic Income Fund, and specializes in subordinate financing. Lends nationwide on all property types and on construction. Debt types: mezzanine, B-notes, pref. equity.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
GC CapitalMark Dymek602-385-3539Matt Crow602-385-3552Lending platform of Grossman Company Properties mainly focuses on subordinate financing for hospitality and multi-family properties nationwide, with an emphasis on the Western U.S. Also backs construction. Debt types: mezzanine, pref. equity. Target gross IRR: 10.5-14%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Goldman SachsMark Romanczuk212-902-0290Lends nationwide on all property types, primarily in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates. Also funds construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 4.5-15%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Goldman Sachs Merchant Banking DivisionPeter Weidman,Leslie Shribman212-902-1000Investing unit of Goldman Sachs operates its Broad Street Real Estate Credit Partners 3 fund. Finances all property types nationwide, as well as construction. Debt types: mezzanine, B-notes, stretch. Target gross IRR: 13-16%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Granite Point MortgageStephen Alpart212-364-5492Peter Morral212-364-5486REIT, managed by Pine River Capital, lends on all asset classes nationwide. Mainly provides stretch loans on transitional or value-added properties in primary and secondary markets. Selectively offers subordinate financing on a stand-alone basis. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 10+%.NOTE: Complete listing appeared in June 5, 2020,...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
GreystoneMark Jarrell617-316-1675Anthony Alicea212-896-9153Finance company lends on all asset classes nationwide, including senior-housing and single-tenant properties. Subordinate debt primarily provided in conjunction with the origination of Fannie Mae first mortgages that it writes, third-party bridge-to-agency first mortgages, and CMBS loans. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 12-15%.NOTE: Complete...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Gryphon Real EstateAngelo LoBosco212-757-9198Jim Hopkins212-790-6709Investment manager lends on transitional office, multi-family, student-housing and senior-housing properties throughout the country. Also finances construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 8-15%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
H.I.G. RealtyJeff Wiseman212-294-7194Michael Mestel212-351-5719Investment manager operates H.I.G. Realty Credit Fund, as well as other vehicles and separate accounts. Lends nationwide on all property types, with focus on transitional properties in primary and secondary markets. Also finances construction. Debt types: mezzanine, pref. equity, stretch. Target gross IRR: 10-15%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
HeitmanTim Podboy (Central/East)312-425-0307Rich Caterina (Western)310-689-1418Investment manager operates funds and separate accounts. Finances all major asset classes nationwide, plus student housing and self-storage, as well as construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 10-13%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Hillcrest FinanceKathy Corton917-593-0462Christina Do917-626-7492Investment manager operates commingled funds and separate accounts. Lends on all property types nationwide, ranging from stabilized to highly transitional. Offers lower- and higher-leverage financing options. Debt types: mezzanine, B-notes, pref. equity. Target gross IRR: 6-15%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
HinesAndy Cooper347-837-3807Janice Walker713-966-7755Fund operator lends on all property types throughout the country, including financing for construction, repositioning and acquisition. Menu includes “pay-and-accrue” mezzanine loans. Debt types: mezzanine, B-notes, stretch.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Invesco Real EstateCharlie Rose310-310-0315Yorick Starr212-278-9047Investment manager operates Invesco Commercial Mortgage Income Fund and other funds, plus separate accounts. Lends nationwide on all property types, focusing on top sponsors and institutional-quality collateral. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 8-9%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
J.P. MorganBrian Carey212-834-3111Lends nationwide on all property types, primarily in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates. Also funds construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 4-10+%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
J.P. Morgan Asset ManagementCandace Chao212-648-2121J.P. Morgan’s investment-management arm operates funds and separate accounts. Finances stabilized and transitional office, retail, multi-family, industrial and mixed-use properties nationwide, plus select developments. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 5.5-10%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
JCR CapitalSam Isaacson303-531-0215Finance company, a subsidiary of Walker & Dunlop, manages funds and separate accounts. Lends on retail, multi-family, industrial and mixed-use properties throughout the country. Debt types: mezzanine, pref. equity, stretch. Target gross IRR: 10+%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
JDM CapitalJoseph DeMatteo Sr.,Gregory Bernhart212-253-2331Investment manager, through its managed accounts and joint venture partnerships, specializes in financing hospitality properties nationwide. Scope incudes hotels, resorts and vacation rentals, as well as multi-family and mixed-use properties. Lends on both stabilized and transitional collateral, and backs construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
JLJ CapitalJonathan Lewis973-865-1715Family office lends on office, multi-family, industrial and mixed-use properties in the top-50 metropolitan areas, with an emphasis on New Jersey, New York and Texas. Debt types: mezzanine, pref. equity, stretch. Target gross IRR: 14-25%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
KKRJoel Traut212-271-9960Rene Theriault212-520-1543Investment manager operates funds, separate accounts and a REIT, KKR Real Estate Finance. Lends on all property types nationwide, including mixed-use and self-storage. Also finances construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 8-15%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Kohlberg Ventures Realty CapitalKarim Demirdache646-434-0411Investment manager finances stabilized and transitional real estate nationwide, plus special situations. Scope includes office, retail, industrial, mixed-use and land. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 10+%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
KSL CapitalCraig Henrich203-989-3982Hal Shaw203-989-3983Investment manager operates funds and separate accounts. Specializes in financing stabilized and transitional hospitality, leisure, recreational and mixed-use properties nationwide. Also backs construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 10-13%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Ladder CapitalAdam Siper212-715-3162Ryan Jantzen212-715-3180REIT lends on all property types nationwide, including land and specialty asset classes. Often provides subordinate financing in conjunction with senior loans it originates. Debt types: mezzanine, B-notes, pref. equity, stretch.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Lantern Real EstateTal Bar-or917-667-4450David Strongwater917-846-9078Family office lends on all property types nationwide, including land, mixed-use and self-storage. Also finances construction. Provides flexible, tailored solutions for smaller transactions, with a focus on short-term special situations. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 12-18%.NOTE: Complete listing appeared in June 5, 2020, issue of...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Lightstone CapitalEugene Rozovsky212-324-0231Jonathan Fhima310-279-0048Debt platform of Lightstone Group finances all property types throughout the country, as well as construction. Emphasizes flexible structures, efficiency and certainty of closing. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 12-20%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Lionheart Strategic ManagementAndy Klein646-744-2284Jake Misisco646-744-2285Fisher Brothers affiliate lends nationwide on all major property types, as well as land. Focuses on transitional collateral and development projects (with experienced sponsors) in the top-20 metropolitan areas and certain high-growth markets. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 10-15%.NOTE: Complete listing appeared in June 5, 2020,...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
LoanCore CapitalJordan Bock203-861-6065Dan Bennett203-861-6037Investment manager lends on all property types nationwide, often in conjunction with senior debt it originates, including via its conduit operation. Will consider accrual, payment-in-kind and “toggle” structures. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 6-10%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
M&G Real Estate FinanceIsabelle Brennan44-203-977-2402Thomas Heather44-203-977-0311U.K. investment manager operates Real Estate Debt Finance 5 fund. Lends on major and specialty property types throughout the U.S., primarily linked to senior debt it originates. Also finances transitional properties and construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 10-13%.NOTE: Complete listing appeared in June 5, 2020,...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Mack Real Estate Credit StrategiesPeter Sotoloff212-484-0035Investment manager operates a REIT and funds. Lends on transitional properties in major markets nationwide. Scope includes office, multi-family, lodging, industrial and mixed-use assets, as well as construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 8-12%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Madison Realty CapitalJosh Zegen646-655-8711Investment manager operates funds and other vehicles with backing from institutional investors. Finances the construction, acquisition and refinancing of properties across all major asset classes nationwide, focusing on special situations and value-added transactions. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 10-20%.NOTE: Complete listing appeared in June 5, 2020, issue of...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Manulife Investment ManagementAlec Holliday617-572-0663Insurer’s U.S. investment-management arm, formerly known as John Hancock Investments, finances office, retail, multi-family and industrial properties in major metropolitan markets nationwide. Focuses on institutional-quality assets and strong sponsorship. Debt types: mezzanine, B-notes.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Medalist PartnersWilliam Goldsmith212-257-5122Sam Robinson212-493-4477Investment manager operates various vehicles that lend on a mix of property types nationwide. Focuses on bridge financing and transitional plays, offering flexible capital and structures. Selectively considers construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 10-16%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Melody CapitalEric Tanjeloff212-583-8720Investment manager lends on all asset classes nationwide, providing customized solutions for complex transactions. Targets opportunistic financing, including bridge, construction and special situations. Debt types: mezzanine, B-notes, stretch. Target gross IRR: 12-15%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Mesa West CapitalScott Berg415-576-2051Investment manager, an affiliate of Morgan Stanley, operates funds and separate accounts. Finances office, multi-family, lodging, industrial and life-science properties, with a focus on transitional, value-added plays in primary and strong secondary markets. Also backs construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 6-9%.NOTE: Complete listing appeared in June 5, 2020,...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
MetLife Investment ManagementMike Amoia973-355-4502Jim Brusco973-355-4438Insurer’s investment-management arm lends on stabilized and transitional properties across all major asset classes in primary and secondary markets. Will provide future funding and interest-only loans. Debt types: mezzanine, pref. equity, stretch.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
MF1 CapitalJeff Taschler212-301-1804Michael Squires212-301-1812REIT, a partnership between Limekiln Real Estate and Berkshire Residential, operating via the institutionally backed Berkshire Bridge Loan Investors 2 fund. Specializes in financing transitional multi-family properties across the country. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 12-15%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
MidCap FinancialKevin McMeen312-288-8601Thom Cordell312-288-8604Finance company lends nationwide for the acquisition, refinancing and recapitalization of all property types, including healthcare. Focuses on building strong relationships with experienced investors. Debt types: mezzanine, stretch.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Morgan StanleyKwasi Benneh212-761-3255Investment bank lends nationwide on all property types, primarily in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates. Debt types: mezzanine, B-notes, pref. equity. Target gross IRR: 5-12%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Morrison Street CapitalDavid Tindall503-952-0790Ross Brunello646-751-8959Operates Morrison Street Debt Opportunities Fund 2. Specializes in providing subordinate financing nationwide across all major asset classes. Focus is long-term, fixed-rate mezzanine loans on stabilized properties. Debt types: mezzanine, B-notes, pref. equity. Target gross IRR: 10-14%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Mosaic Real Estate CreditSteve Bergman201-320-0058Investment manager, via open-end credit fund, lends on all property types nationwide, primarily when originating senior debt. Focuses on value-added and opportunistic plays, including land, pre-development and construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 12-16%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Naftali CapitalDavid Hochfelder,Jonathan Lavian212-759-9777Investment manager finances all property types nationwide, as well as construction. Focuses on transitional properties in major metropolitan markets. Debt types: mezzanine, B-notes, stretch. Target gross IRR: 11-15%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
NatixisAndrew Florio212-891-5725Sal Fuschetto212-891-5735Investment bank lends nationwide on all property types, primarily in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates. Also funds construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 4.5-13%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
New York Life Real Estate InvestorsJohn Lippmann212-576-6941Investment-management arm of New York Life operates via its general account and Madison Square Structured Debt Fund. Finances stabilized and transitional properties, plus construction. Lends on office, multi-family, industrial, mixed-use and selective retail collateral. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 7.5+%.NOTE: Complete listing appeared in June...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
New York MortgageJoe Kunzon224-848-4028Reed Levy980-224-4185REIT lends on market-rate apartment properties nationwide. Provides subordinate financing on stabilized assets and ground-up construction, primarily behind third-party senior loans. Debt types: mezzanine, B-notes, pref. equity. Target gross IRR: 10.5-13%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
NexPoint Real EstateMatthew Goetz972-628-4100Investment manager runs multiple vehicles, including NexPoint Strategic Opportunities Fund, Highland Income Fund and a public REIT, NexPoint Real Estate Finance. Lends on all property types nationwide. Also backs construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 10-25%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
NRE CapitalEdward Mehrfar,Kevin Perrotta212-457-7699Lender, through co-investments with institutional partners, finances transitional properties of all types nationwide, as well as construction. Emphasizes speed, flexibility and certainty of close. Debt types: mezzanine, pref. equity, stretch. Target gross IRR: 10-25%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Nuveen Real EstateJason Hernandez212-916-4955Mike Lembo212-916-4488Investment-management arm of TIAA manages funds and separate accounts. Finances stabilized and transitional properties across major asset classes nationwide, with a focus on strong sponsors in primary and secondary markets. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 6-10%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
NY Urban FundingChris Lama212-527-7130Family office lends on multi-family, office, retail, industrial, mixed-use and condominium properties in New York, New Jersey, Connecticut, Pennsylvania and Florida. Finances construction, transitional and stabilized assets, with ability to close quickly. Debt types: mezzanine, B-notes, pref. equity.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Oaktree CapitalJustin Guichard213-830-6363Investment manager operates multiple funds and separate accounts. Finances all property sectors nationwide, with emphasis on the top-35 markets. Also backs construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 8-14%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
ORIX Real Estate CapitalVic Clark972-868-5757Precilla Torres212-521-6437Finance company, a unit of ORIX USA, lends via a REIT, funds, separate accounts and its balance sheet. Focuses on multi-family complexes nationwide. Mezzanine loans primarily written in conjunction with Fannie Mae mortgages. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 9-15%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Oxford PropertiesKevin Egan212-986-6106Varuth Suwankosai646-376-3114Real estate arm of Ontario Municipal Employees finances office, multi-family, industrial, life science, data center and cold-storage properties, primarily in gateway markets. Lends on stabilized or transitional properties, plus construction and special situations. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 7-12+%.NOTE: Complete listing appeared in...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Pacific Life InsuranceHyung Kim949-219-5085Keith Honig949-219-4486Insurer lends on office, retail, multi-family and industrial properties in primary markets, with a focus on top sponsors and high-quality properties. Finances transitional and stabilized assets, as well as construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 8-14%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Paramount GroupDavid Zobel,Michael Nathan,Chris Zizza212-237-3143REIT operates funds and separate accounts. Lends on office and retail properties in New York, San Francisco and Washington. Provides financing for construction, redevelopment, transitional and stabilized assets. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 6-10%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Parse CapitalNick Killebrew,Ross Macdonald,Logan Migliorino858-472-2720Investment manager specializes in lending on multi-family properties nationwide, including student, senior and affordable housing and related mixed-use. Scope includes construction, acquisition, recapitalization and rescue financing. Debt types: mezzanine, pref. equity, stretch. Target gross IRR: 10-18%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
PCCPBrian Heafey415-732-7548Investment manager operates funds and separate accounts. Lends nationwide across all major property types, generally in conjunction with its origination of senior debt. Also finances construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 6-14%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Peaceable Street CapitalElaine Johnson267-291-7403Finance company provides subordinate financing on all property types throughout the country. Targets 25-40% participation in excess cash flow and residual profit. Debt types: mezzanine, pref. equity.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
PearlmarkDoug Lyons312-499-1952Megan Clower312-499-1959Investment manager operates funds, including Mezzanine Realty Partners 4 and 5, and separate accounts. Lends on office, multi-family, industrial, mixed-use, student-housing and medical-office properties, focusing on the top-25 markets. Finances stabilized and transitional assets, plus construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 10-14+%.NOTE: Complete...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Pembrook CapitalPaul Mullaney212-906-8680Terry Baydala212-906-8688Fund operator specializes in financing multi-family properties nationwide, with an emphasis on primary and secondary markets. Also finances construction. Debt types: mezzanine, pref. equity. Target gross IRR: 11-15%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Pennybacker CapitalAlexander Zabik212-335-0237Sebastian Salas212-335-0489Investment manager operates the Pennybacker Credit 2 fund. Lends nationwide on all property types, targeting transitional collateral with experienced sponsors. Menu includes preferred equity for agency financings, development completion and discounted payoffs. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 10-13%.NOTE: Complete listing appeared in...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Pensam FundingRay Cleeman,Noah Miller786-879-8829Investment manager focuses on financing multi-family properties nationwide, including lease-ups, recapitalizations, value-added strategies, transitional repositionings and stabilization. Also considers other major asset classes. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 8%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
PGIM Real EstateSteve Bailey212-515-8101R.J. Richter212-518-5518Investment-management arm of Prudential lends nationwide on major property types, as well as self-storage, medical office, student and senior housing. Focuses on strong sponsorship and institutional-quality assets in the top-30 markets. Debt types: mezzanine, pref. equity, stretch. Target gross IRR: 7-14%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Pilot Real EstateJordan Saper203-813-3269Family office, via its River Rock Associates platform, lends on all property types nationwide. Focuses on bridge-to-construction, recapitalization, acquisition and development financing. Specializes in complex transactions, with an emphasis on speed. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 13-18%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
PimcoMatt Michalovsky949-720-6975Investment manager lends on all property types throughout the country. Finances stabilized and transitional assets, as well as construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 6+%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Post Road GroupJason Carney203-518-8474Pat Monaghan203-518-8461Investment manager makes balance-sheet loans nationwide on office, multi-family, industrial, land and other properties. Backs adaptive re-use, repositionings, recapitalizations and construction. Focuses on stretch loans of up to $150 million. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 12-18%.NOTE: Complete listing appeared in June 5, 2020, issue of...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
PPM AmericaMark Kramer312-634-1201Tim May312-843-5932Subsidiary of U.K.-based Prudential PLC advises affiliate Jackson National Life. Finances stabilized and transitional properties across all asset classes. Focus is primary and secondary markets. Debt types: mezzanine, B-notes, stretch. Target gross IRR: 5-9%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Prime FinanceJon Brayshaw212-231-9071Fund operator finances all major asset classes and various specialty types throughout the country. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 10-15%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Principal Real Estate InvestorsBill May515-247-0772Angie Kroeger515-247-5844Investment-management arm of Principal Life operates funds and separate accounts. Lends on all major asset classes nationwide, focusing on institutional-quality properties in top-35 markets. Will also finance construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 5-10%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Procida Funding & AdvisorsBrian Foley,Mike Coen201-871-1177Investment manager’s open-end 100 Mile Fund, structured as a REIT, lends on major property types in the Northeast, generally within 100 miles of New York City. Targets mezzanine slices of $5 million-$10 million with maximum 80% LTV. Also backs construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 12-18%.NOTE: Complete listing appeared in June 5,...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Quadrant FinanceMatthew Welsh214-855-2954Hayden Lunsford214-855-2956Investment manager lends nationwide across all major property types, as well as self-storage. Focuses on stabilized and light-transitional assets, providing flexible terms and structured prepayment options. Debt types: mezzanine, stretch. Target gross IRR: 10%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Quadrant Real EstateWalt Huggins678-910-8774Investment advisor, operating on behalf of a pension fund, lends on office, multi-family, industrial and medical-office properties in primary and secondary markets nationwide. Requires satisfactory inter-creditor agreement. Debt types: mezzanine, pref. equity, stretch. Target gross IRR: 6.5-10%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Ramsfield Hospitality FinanceAdam Maisel,Richard Mandel212-750-0366Investment manager specializes in financing hospitality properties nationwide, including resorts and independently operated hotels. Lends on stabilized and transitional properties, as well as construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 10+%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
RCG LongviewRichard Gorsky212-356-9282Greg Stevens212-356-9247The investment manager, a unit of CenterSquare Investment, operates RCG Longview Debt Fund 6 and RCG Longview Core Plus Mezzanine. Lends nationwide on major property types, plus construction. Offers programs for transitional and value-added plays, and also for stabilized properties. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 7-14%.NOTE: Complete listing...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Related Fund ManagementBrian Sedrish212-801-3910Alfred Trivilino212-801-1068Debt platform of development giant Related Cos. lends on office, multi-family, lodging and mixed-use assets nationwide. Finances pre-development, construction, transitional and stabilized properties. Also invests in distressed assets, performing and non-performing loans. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 12-14%.NOTE: Complete listing...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
RexmarkMichael Rebibo,Carmel Kashani212-575-0047Investment manager provides financing on all major asset classes, ranging from stabilized to transitional. Lends nationwide, primarily focusing on gateway cities. Debt types: mezzanine, B-notes, pref. equity, stretch.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Rialto CapitalJoseph Bachkosky212-751-5346Josh Cromer212-751-5323Investment manager, a unit of Stone Point Capital, operates Rialto Real Estate Fund 4-Debt and is the sub-advisor of FS Credit REIT. Lends on all property types nationwide, focusing on collateral with in-place cashflow that is ramping up or nearing stabilization. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 6-15+%.NOTE: Complete listing appeared in June...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Rockbridge CapitalJordan Scheiman614-750-1114Tara Waldier614-246-2425Fund operator specializes in financing hospitality properties nationwide, including acquisitions, recapitalizations and construction. Lends on both branded and independent properties. Debt types: mezzanine, B-notes, pref. equity, stretch.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Rockwood CapitalNiraj Shah212-402-8524Investment manager runs funds and separate accounts. Lends on stabilized and transitional properties in gateway cities plus South Florida, Seattle, Austin, Denver and Portland. Focuses on office, retail, multi-family and lodging loans. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 7-12+%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
RRA CapitalTed Van Brunt602-715-2215Boots Dunlap602-715-2210Investment manager operates RRA Credit Opportunity Fund. Lends on transitional properties across the major asset classes nationwide. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 14-19%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
S3 CapitalRobert Schwartz212-300-8800Subsidiary of Spruce Capital lends on transitional properties nationwide, with an emphasis on New York, surrounding areas and other major metropolitan markets. Finances all asset classes, as well as construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 14%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Saperean CapitalKaren Kulvin212-319-2112Andrew Smith212-319-2942Investment manager, a unit of Kayne Anderson, runs Kayne Anderson Real Estate Debt 3 and Kayne Anderson Real Estate Opportunistic Debt. Lends on transitional and stabilized multi-family, senior-housing, student-housing and medical-office properties nationwide. Also finances construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 8-15%.NOTE: Complete...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
SCALE LendingDaniel Ridloff,Martin Nussbaum646-439-4000Joint venture between Carlyle Group and Slate Property finances multi-family and condominium assets, as well as land, in the New York metropolitan area. Scope includes construction, condo inventory and repositionings. Debt types: mezzanine, B-notes, stretch. Target gross IRR: 15%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
SG CapitalRoger Boone203-355-6121Finance company, an affiliate of Shelter Growth Capital, lends on all property types in primary and secondary markets nationwide. Debt types: mezzanine, B-notes, pref. equity, stretch.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Silverstein CapitalMichael May212-313-4671Jason Kaufman212-551-7347Joint venture led by Silverstein Properties lends on all property types nationwide, including land. Focuses on financing shovel-ready construction, heavy value-added repositionings and condo inventory. Debt types: mezzanine, B-notes, pref. equity, stretch.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
SL Green RealtyDavid Schonbraun212-216-1602Robert Schiffer212-216-1650REIT finances office, retail, multi-family and mixed-use properties in New York City. Also lends on land and construction projects. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 7-20+%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Societe GeneraleAdam Ansaldi212-278-6126Justin Cappuccino212-278-6393Lends nationwide on all major property types, primarily in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates. Debt types: mezzanine, B-notes, pref. equity, stretch.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Sound Mark PartnersJi Won Sin203-413-4266Jenna Gerstenlauer203-413-4270Investment manager specializes in providing subordinate financing across all major asset classes nationwide, as well as life-science and lab properties. Will also fund construction. Debt types: mezzanine, B-notes, pref. equity. Target gross IRR: 9-13%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Square Mile CapitalJeffrey Fasto212-616-1578Michael Lavipour212-616-1572Investment manager operates Square Mile Core Credit Partners, Square Mile Credit Partners and Square Mile Tactical Partners funds. Lends on all property types, including life science, with a focus on the top-20 markets. Finances transitional and stabilized properties, plus construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 5-15%.NOTE:...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Starwood PropertyDennis Schuh203-485-5108REIT affiliate of Starwood Capital lends nationwide on all property types, often in conjunction with its origination of senior debt. Scope includes land, construction, transitional, value-added and stabilized properties. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 10-14%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
SteepRock CapitalMatt Mitchell212-218-5077John Bucci212-218-5081Investment manager finances all asset classes nationwide, as well as construction. Emphasizes institutional-quality assets in major markets. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 6.5-15%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
StonehillMichael Harper404-953-4959Fund operator specializes in financing limited-, select- and full-service hotels throughout the country. Focuses on premium brands including Marriott, Hilton, Hyatt and InterContinental. Also backs construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 12+%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Terra CapitalDan Cooperman212-753-5100Finance company lends nationwide across all major asset classes in conjunction with senior debt originated by itself or third parties. Primarily focuses on value-added properties and construction financing. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 8-15%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Tilden Park CapitalDavid Busker646-518-9017Andrew Konstas646-480-5386Investment manager finances office, retail, multi-family, lodging, industrial and affordable-housing properties nationwide. Debt types: mezzanine, B-notes, stretch.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Timbercreek Real Estate FinancePatrick Maroney646-274-1370Investment manager lends on office, multi-family, industrial, lodging, mixed-use, self-storage and student-housing properties in the top-30 markets, focusing on value-added plays. Able to move quickly with flexible structures. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 9-12%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Torchlight InvestorsMike Butz212-488-5616Investment manager operates funds and separate accounts. Lends on all major property types nationwide, including mixed-use. Focuses on high-leverage financing. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 12-15%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Trawler CapitalRich Spinelli516-274-9855Joe Laderer949-274-4200Investment manager, majority-owned by Third Point Real Estate Strategies, operates TCM CRE Credit Fund. Finances all major asset classes nationwide, primarily focusing on stabilized properties. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 9-12%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Tremont Realty CapitalDavid Ross617-658-0759Tom Lorenzini312-236-0960REIT, managed by RMR Group, lends on transitional properties in primary and secondary markets nationwide. Asset classes include office, retail, multi-family, industrial, mixed-use, self-storage and manufactured housing. Debt types: mezzanine, stretch. Target gross IRR: 6-13%.NOTE: Complete listing appeared in June 5, 2020, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Turnbridge Real Estate Credit StrategiesScott Cohen646-450-7853Investment manager operates funds and separate accounts. Lends nationwide across all major asset classes, with a focus on ground-up construction and transitional properties in major metropolitan areas. Debt types: mezzanine, B-notes, pref. equity, stretch.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
UBSNicholas Galeone212-713-8832Lends nationwide on all major property types, primarily in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates. Debt types: mezzanine, B-notes, pref. equity. Target gross IRR: 2-15%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
UC FundsJoe Ambrose857-288-2819Domenico Manago857-288-2811Finance company lends across all asset classes nationwide, sometimes in conjunction with its senior mortgages. Focus includes transitional properties, gut renovations and ground-up development. Debt types: mezzanine, pref. equity, stretch. Target gross IRR: 6-15%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Varde PartnersJon Miller952-374-5166Alek Roomet212-321-3790Investment manager provides financing throughout the country on all major property types, as well as construction. Debt types: mezzanine, B-notes, pref. equity, stretch.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Walker & DunlopGeoff Smith646-438-7715Sandor Biderman301-215-5597Finance company manages open- and closed-end funds, as well as separate accounts. Lends nationwide on major property types, generally in conjunction with the origination of senior loans. Focuses on value-added and distressed plays, as well as recapitalizations. Will back construction. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 8-15%.NOTE: Complete...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 06 Jun 2020
Walton Street CapitalRich Ratke312-915-2904Investment manager operates Walton Street Real Estate Debt Fund 2 and separate accounts. Lends on income-producing properties and portfolios in major markets nationwide. Finances all major asset classes. Debt types: mezzanine, B-notes. Target gross IRR: 9-12%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Wells FargoRoyer Culp704-715-7006Lends nationwide on all property types, primarily in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 4-12%.NOTE: Complete listing appeared in June 5, 2020, 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, 06 Jun 2020
Winthrop-WitkoffScott Alper212-672-4701Samuel Ashner212-672-4705Joint venture between Winthrop Capital and Witkoff Group lends on office, retail, multi-family and lodging properties in primary markets. Focuses on transitional properties, special situations, condo inventory, distressed assets and recapitalizations. Provides future funding and interest-only loans. Debt types: mezzanine, B-notes, pref. equity, stretch. Target gross IRR: 14+%.NOTE:...



Mezz Lenders Eye Higher Rates, Lower Risk

Fri, 05 Jun 2020
High-yield lenders foresee rising demand for subordinate debt once the commercial real estate market begins to thaw.For the moment, the mezzanine-lending business has been upended by the economic effects of the coronavirus pandemic, as property trades and financings have largely stalled due to uncertainty about cashflows and valuations. But before long, industry pros say, borrowers will be looking for mezzanine debt to help refinance maturing...



Crisis Dents Demand for Longer-Term Debt

Fri, 05 Jun 2020
Lenders focused on originating longer-term, fixed-rate mortgages are noticing a sharp drop in demand from borrowers.With interest rates hovering near historic lows, commercial property owners normally would be keen to lock in cheap loan pricing for seven or 10 years. But lenders say borrowers are increasingly hesitant to do that for a variety of reasons tied to the economic crisis, including tighter loan-underwriting standards and concerns about...



CLO Investors Waking Up to PIK Loophole

Fri, 05 Jun 2020
Junior bondholders in commercial real estate CLOs suddenly are worried about an often-overlooked provision in deal documents that could hinder cashflows in the event of loan defaults in the collateral pools.At issue is a “payment-in-kind” mechanism in most deals that allows the manager to defer interest payments to investors in the most subordinate investment-grade tranches if the overcollateralization level drops below a prescribed...



JLL Writes Agency Loans in Arizona

Fri, 05 Jun 2020
JLL has originated $186 million of Freddie Mac loans on a portfolio of Phoenix-area apartment properties.The floating-rate debt package consists of separate mortgages on five complexes, totaling 1,439 units. The seven-year loans were closed two weeks ago for a joint venture between Wealhouse Capital of Toronto and Western Wealth Capital of North Vancouver, Canada.The Canadian firms acquired the properties in separate transactions over an...



Bank Seeks Debt on NJ Warehouses

Fri, 05 Jun 2020
J.P. Morgan Asset Management is in the market for a $75 million loan on a portfolio of industrial properties in New Jersey.The debt would be backed by seven warehouse and distribution facilities in the Meadowlands area, about five miles west of the Lincoln Tunnel leading to Midtown Manhattan. J.P. Morgan began pitching the assignment to a mix of lenders in the last week or so via Cushman & Wakefield.The bank’s asset-management arm acquired...



Fund Shop Pitches Construction Debt

Fri, 05 Jun 2020
A hedge fund manager that writes construction loans for various property types is shopping $175.5 million of performing debt on multi-family properties across the U.S.Parkview Financial of Los Angeles plans to recycle the sale proceeds into new originations, allowing the lender to reap the benefit of higher rates amid repercussions from the coronavirus pandemic, said chief executive Paul Rahimian.If the strategy pans out, Parkview could repeat...



Firms Offer Hotel Workout Services

Fri, 05 Jun 2020
Three Chicago firms have joined forces to create a hotel-receivership platform to help lenders work through troubled loans in the sector hit hardest by the pandemic.Frontline Real Estate is working with Four Corners Advisors and Aries Capital to provide “beginning to end” services ranging from initial evaluations and marketplace analysis to lining up new debt and equity, managing receiverships, conducting note sales or brokering...



X-Caliber Adds Mezz-Lending Option

Fri, 05 Jun 2020
X-Caliber Capital has expanded its bridge-lending operation to include mezzanine debt on multi-family and healthcare properties.The HUD-approved originator has been writing short-term, senior bridge loans on such properties for two years, with the intent of refinancing them later via long-term mortgages guaranteed by the Federal Housing Administration. The mezzanine-lending initiative that X-Caliber launched last week is spearheaded by chief...



CMBS Distress Measures Climbing

Fri, 05 Jun 2020
Key credit indicators for commercial MBS continued to deteriorate last month as the effects of the pandemic rolled across the country.The balance of securitized mortgages in special servicing jumped by $9.7 billion in May, on the heels of a $9.9 billion increase the month before, ballooning the total to $32 billion, according to Trepp. That amounted to 6.08% of all outstanding CMBS loans, an increase of 169 bp and the highest proportion since...



Thorofare Scores Hefty Allocation

Fri, 05 Jun 2020
Debt-fund operator Thorofare Capital has raised $600 million from a separate-account investor for its bridge-loan program.The Los Angeles firm received the commitment from an unidentified insurer. The account will fund floating-rate loans of $20 million-$100 million — slightly larger than Thorofare’s typical range — with terms of 1-5 years. Loan pricing will be 300-475 bp over one-month Libor, indicating a focus on industrial,...



Somera Road Plans for CMBS Selloff

Fri, 05 Jun 2020
Opportunistic real estate investor Somera Road is increasing its focus on commercial MBS, which it believes is vulnerable to additional shocks in the coming months.While the New York firm continues to trawl for distressed properties, it recently received a $175 million commitment from an unidentified investor hoping to capitalize on the crisis in part by buying CMBS from panicky sellers. To that end, Somera Road has hired veteran CMBS trader Amit...



Black Bear Preps for Distress Plays

Fri, 05 Jun 2020
Boutique brokerage Black Bear Capital opened a Chicago office this week and is looking to expand its New Jersey outpost as it seeks to exploit opportunities stemming from the economic effects of the pandemic.The affiliate of New York investor Black Bear Asset Management hired four staffers in Chicago Monday to line up debt and equity, mostly in the Midwest. They are senior managing director Eric Trombly, managing directors Matthew Stearns and...



CMBS Issuance Pauses, Prices Rise

Fri, 05 Jun 2020
With no fresh paper available, strong demand pushed up secondary-market prices on commercial MBS this week.Issuers are expected to bring out another handful of deals in the coming weeks, backed by loans written before the market seized in late March. After that, market pros expect a pause before dealers revive the market with new loans, possibly in September.One commercial real estate CLO was expected to begin marketing today. MF1 REIT is aiming...



The Grapevine

Fri, 05 Jun 2020
NorthMarq has hired Brandon Harrington as a managing director to help build out its multi-family debt-placement business. Before starting with the brokerage a week ago, Harrington was a managing director at JLL, where he spent about two years. Before that, he held the same title at Walker & Dunlop for more than four years, and previously spent about seven years as a partner at Cohen Financial. At NorthMarq, Harrington will focus on lining up debt...



The Grapevine

Fri, 05 Jun 2020
Pamela van Os has joined Greystone in Los Angeles as a senior vice president in charge of agency loan production on the West Coast. She started about a week ago, reporting to Chip Hudson, Greystone’s co-chief executive of agency lending. Most recently, van Os was chief underwriter at Newmark, and previously held various underwriting roles at Berkeley Point Capital, where she worked for about 16 years before it was acquired by Newmark in...



The Grapevine

Fri, 05 Jun 2020
Broker-dealer INTL FCStone has again set its sights on the secondary market for commercial MBS and other structured products. Sources said the New York firm has hired veteran trader Brian Vescio to set up a trading desk and assemble a team of sales pros. The effort is expected to get under way in August. INTL FCStone made a similar push in 2017, but abandoned the effort after about six months. Until last month, Vescio was a managing director at...



The Grapevine

Fri, 05 Jun 2020
Dorf & Nelson has added a partner to its commercial real estate practice. Eric Sauter arrived in the firm’s Rye, N.Y., headquarters this week from Eckert Seamans, where he had worked since 2014. He previously spent time at Welby Brady, JZG Resources, Louis Vuitton’s legal department and Thacher Proffitt.



The Grapevine

Fri, 05 Jun 2020
Former Prophet Capital partner Logan Lowe has joined Diameter Capital, where he will oversee investments in CMBS, CMBX swaps and other structured-credit products. Lowe started Monday in the hedge fund manager’s New York headquarters, reporting to founders Scott Goodwin and Jonathan Lewinsohn. Lowe filled a similar role at Prophet, where he worked for 10 years. He was previously an analyst at Goldman Sachs. Amid financial-market volatility...



The Grapevine

Fri, 05 Jun 2020
CRE Finance Council executive director Lisa Pendergast is set to announce the creation of an academic program at New York University during the trade group’s midyear conference, being held today via online video. The CREFC Center for Real Estate Finance will be housed within NYU’s Schack Institute of Real Estate. “The center will convene members of academia and industry in addressing issues of critical importance for the...



Warehouse Lenders Getting More Aggressive

Fri, 29 May 2020
Banks are starting to lower the boom on commercial real estate lenders that rely on credit lines to leverage their investments or to fund originations until the loans can be securitized.Amid widespread economic turmoil stemming from the coronavirus pandemic, Wall Street banks moved quickly in March and April to exercise margin calls on mortgage REITs and other buy-side shops that use repurchase facilities to invest in commercial MBS.But until a...



Agency Lending Brisk; Freddie Trims Pricing

Fri, 29 May 2020
Freddie Mac has tightened spread guidance on apartment loans it purchases, a move aimed at boosting its production at a time when non-agency lenders remain cautious about fallout from the pandemic.Both Freddie and Fannie Mae have continued to purchase mortgages at a steady pace amid the crisis. In the past couple of weeks, Freddie dialed back spreads on new deals by roughly 20-30 bp to become more competitive with Fannie, which had been...



Popular CMBS Swap Trade Comes Up Short

Fri, 29 May 2020
Commercial MBS traders are abuzz over the recent performance of derivatives that hedge funds and others have long used to short the shopping-mall sector.The swaps in question are tracked by IHS Markit’s CMBX.6 series, which offers synthetic exposure to a basket of 2012-vintage CMBS that’s underpinned by a heavy concentration of retail loans. Not surprisingly, long positions on the CMBX.6 have fallen sharply in value since the pandemic...



CMBS Market Finding Its New Level

Fri, 29 May 2020
This week’s pricing of a conduit offering from a mixed bag of lenders was seen as a positive sign for prevailing spreads in the commercial MBS market.The benchmark class of the $731.1 million offering from Credit Suisse, LMF Commercial, UBS, Barclays, Ladder Capital, Argentic and Wells Fargo (WFCM 2020-C56) priced Wednesday at a spread of 145 bp over swaps. The tranche was three times oversubscribed and finished 5-10 bp inside...



Agency Issuance Surges Amid Crisis

Fri, 29 May 2020
Issuance of agency bonds is running well ahead of last year’s record pace, showing little impact from the pandemic that stalled the private-label commercial MBS market.For the first five months of the year, Fannie Mae more than doubled its output to $13 billion, while Ginnie Mae’s volume jumped 72% to $10.3 billion. Freddie Mac was off its year-earlier pace by about 25% at $18 billion, but has a dozen deals planned for the coming two...



ReadyCap Shifts Gears on Loan Sale

Fri, 29 May 2020
Small-balance lender ReadyCap Commercial has temporarily suspended a $349 million loan offering in the secondary market because it may securitize a big chunk of that debt instead.ReadyCap has traditionally securitized its private-label originations via commercial real estate CLOs backed by floating-rate debt and commercial MBS offerings collateralized by fixed-rate loans. Amid the market disruption stemming from the coronavirus pandemic, the...



Office/Industrial Loan Eyed in Utah

Fri, 29 May 2020
A developer is talking to lenders about lining up a roughly $94 million mortgage on a package of industrial and office properties in Utah.WICP Commercial Properties developed the properties over the past few years in Lindon, a suburban town south of Salt Lake City. The firm, represented by Newmark, is shopping for a floating-rate loan that would run five years, including extensions.The buildings, within three office parks, total 835,000 square...



Mezz on Brooklyn Stores Available

Fri, 29 May 2020
BlackRock is shopping a $90 million mezzanine note on a portfolio of retail properties in Brooklyn.The floating-rate loan is backed by the borrower’s equity interest in 11 properties totaling 123,000 square feet in the Williamsburg neighborhood. The occupancy rate is around 50%.The loan’s initial maturity date is in August 2021, but there is a one-year extension option. BlackRock, which holds the debt via one or more vehicles in its...



Morgan Stanley Backs Storage J

Fri, 29 May 2020
Morgan Stanley has provided a $100 million credit facility to a J.P. Morgan Asset Management partnership that’s seeking to buy niche industrial properties.The lender closed in the past couple of weeks on the line for a joint venture between J.P. Morgan and Alterra Property, a Philadelphia investment manager. The duo will use the debt to help purchase some $300 million of outdoor-storage properties. The facility can be increased in the...



CMBS Traders Assess Bank Support

Fri, 29 May 2020
After years of bracing for the next liquidity crisis, commercial MBS investors are offering mixed reviews of the roles bank trading desks have played to support the market amid the extreme volatility caused by the pandemic.Holders of subordinate conduit bonds give banks mostly low marks, saying they largely disappeared from the market as the economic disruption caused prices to plunge in late March and early April. Highly leveraged investors...



Bridge Redeems Seasoned CRE CLO

Fri, 29 May 2020
Bridge Investment called the bonds from a commercial real estate CLO this month, a notable feat in the difficult financing environment brought on by the pandemic.The Salt Lake City firm retired the outstanding paper from its first deal, a $510.2 million offering issued in February 2018 (BDS 2018-FL1). Managers typically call a CRE CLO after two years, as senior notes pay off and the cost of capital on the remainder of the deal increases.The...



Debt Sought for Warehouse Deal

Fri, 29 May 2020
An investor is looking for about $150 million of debt to finance the purchase of five newly built distribution centers in the Southeast.AGC Equity Partners of London has agreed to pay $250 million for the 2.9 million-square-foot portfolio, consisting of properties in four states. The buyer is accepting proposals for a floating-rate mortgage with a term of about five years.Eastdil Secured is advising AGC on the financing, with banks and insurance...



Washington Hotel Loan Out for Bids

Fri, 29 May 2020
Bridge lender Shelter Growth Capital is set to take offers next week on a $50.8 million loan it originated on a hotel in Washington.The floating-rate mortgage, described in marketing materials as subperforming, is secured by the 200-room Hyatt Place Washington, D.C./U.S. Capitol. The select-service hotel is in the popular NoMa submarket.The five-year loan was originated by Shelter Growth in October for the hotel’s owner, Excel Group of...



The Grapevine

Fri, 29 May 2020
Managing director Rodney Shenman has left CapitalSource to join opportunistic fund operator Palatine Capital. He is a senior adviser in the firm’s New York headquarters, reporting to partner Jason Betesh. Shenman will handle debt and equity investments for the $319 million Palatine Real Estate Fund 3. He joined CapitalSource in 2016 as a senior director in New York. He previously was a managing director at RAIT Financial of Philadelphia for...



The Grapevine

Fri, 29 May 2020
Lotus Capital wants to add a managing director who would help guide its advisory and restructuring business. The position would be based in New York, reporting to chief executive Faisal Ashraf. Lotus is an advisory shop whose services include lining up debt for property owners and providing loan-sale and debt-placement services. The New York firm recently launched a restructuring and workout advisory business to capitalize on the economic damage...



The Grapevine

Fri, 29 May 2020
HSBC has hired an originations pro on the West Coast. Armen Haroutunian joined the bank in the last couple weeks as an assistant vice president and senior analyst based in Los Angeles. Haroutunian moved over from Freddie Mac, where he spent the previous five years, most recently as a senior associate who provided loan quotes and other guidance to lenders. At HSBC, he reports to regional manager Todd...



The Grapevine

Fri, 29 May 2020
Angelo, Gordon & Co. added an associate to its real estate debt team. Daniel Weisen joined the New York firm last month with a focus on loan origination, underwriting and structuring. He reports to managing director Andrew Solomon, head of the firm’s commercial real estate debt business and co-head of its structured-product group. Weisen jumped from Seven Valleys, the New York family office of Chinese investor Zhang Xin. He had a prior...



The Grapevine

Fri, 29 May 2020
Newmark has hired an associate to join its team in New York. Ben Kroll started with the brokerage about a week ago. His responsibilities include helping to identify and evaluate financing requests and loan-sale deals for the firm’s clients. He previously spent nearly three years as a senior analyst at Colony Capital of Los Angeles. At Newmark, Kroll reports to Jordan Roeschlaub and Dustin Stolly, who co-head the firm’s debt and...



The Grapevine

Fri, 29 May 2020
Odeon Capital has added a structured-product sales specialist. Charles Gibney arrived last week in the broker-dealer’s New York office from Guggenheim, where he had worked in a similar capacity since 2011. At Odeon, he will place commercial MBS, corporate CLOs and other structured products.



The Grapevine

Fri, 29 May 2020
AllianceBernstein is looking to hire an analyst or associate for its real estate debt platform, which focuses on bridge loans. Candidates should have 2-5 years of experience. The recruit would be based in the investment manger’s New York headquarters, but would work remotely until the crisis subsides. AllianceBernstein writes loans on transitional properties nationwide. Send resumes to...



The Grapevine

Fri, 29 May 2020
J.P. Morgan wants to add an investment banker to its CMBS-origination team at the director level. Candidates should have at least eight years of experience and a client roster deep enough to produce at least $800 million of originations annually. The recruit would be based in New York.



Bancorp Shelves Loan Sale After Buyer Exits

Fri, 22 May 2020
Bancorp Bank’s plan to sell $825 million of performing bridge loans has been put on hold, after Waterfall Asset Management backed out of an agreement to buy the portfolio.Bancorp still intends to dispose of the loans, possibly via a second auction later this year or next year. Its timing and strategy will depend on how and when the capital markets recover from the disruption caused by the coronavirus pandemic.Like many commercial real...



REITs Return to Bond Market in a Big Way

Fri, 22 May 2020
Issuance of corporate bonds by U.S. REITs has picked up briskly following the initial shock of the coronavirus pandemic and the typical pause surrounding quarterly earnings reports.Eight issuers have floated $5.1 billion of unsecured notes so far this month, already more than double the tally for May of last year. Despite a slowdown in late March and April, this year’s volume is at a record pace.The latest deals were generally from...



RFR Seeks Debt to Buy Fifth Avenue Offices

Fri, 22 May 2020
RFR Holding is on the hunt for a $300 million loan to finance its purchase of an office condominium at 522 Fifth Avenue in Midtown Manhattan.The New York investment shop is asking for quotes on a mortgage with a term of five years, including extensions, on the 553,000 square feet of space. That would match the lease agreement with the sole tenant, Morgan Stanley. Newmark is shopping the assignment, which has some atypical aspects that could help...



Dealers Find Demand for CLO, CMBS

Fri, 22 May 2020
Investors stepped up this week to buy the first commercial real estate CLO to hit the market since the onset of the pandemic, along with a conduit offering backed entirely by apartment properties.The transactions showed strong demand for commercial MBS, although at spreads that remain far wider than before the coronavirus crisis.The $607.4 million static CLO was floated by Argentic (AREIT 2020-CRE4). Argentic initially offered only the A and B...



Voya Debt Fund Draws More Pledges

Fri, 22 May 2020
Voya Investment has raised $950 million for an open-end fund that originates loans on “light transitional” properties.After corralling an initial $500 million of equity last year, Voya Commercial Mortgage Lending has locked in an additional $450 million of commitments — closing on the latest pledges last month. With leverage, the vehicle would have the capacity to originate $2.5 billion of mortgages.The offering is the first...



Pimco Commits to DC Office Loan

Fri, 22 May 2020
Pimco is originating just over $300 million of floating-rate debt to refinance a Washington office building that is leasing up following a recent major renovation.The bridge loan on Metropolitan Square, a 670,000-square-foot property at 655 15th Street NW, is expected to close in the first week of June. It will include up to $50 million of future-funding commitments to cover leasing expenses at the 12-story building, which is currently 50-60%...



Davis, Gatenio Partner for Debt Plays

Fri, 22 May 2020
As it did during the last downturn, opportunistic investment shop Davis Cos. plans to become more active investing in debt.The Boston fund manager, led by founder Jonathan Davis, has formed a partnership with former Colony Capital executive Robert Gatenio to buy discounted commercial MBS and commercial real estate CLOs. The joint venture also will originate “gap equity financing,” which could take the form of mezzanine loans or...



Groups Seeking Relief for Nonbanks

Fri, 22 May 2020
Industry groups are stepping up lobbying efforts on behalf of nonbank lenders that have seen little benefit from federal regulators’ responses to the coronavirus crisis.Mortgage REITs, bridge lenders and other shops that are less subject to regulation than banks are paradoxically finding themselves with less flexibility to work with borrowers suffering cashflow problems. Groups such as the CRE Finance Council and Mortgage Bankers...



Investors Wish Watchdogs Had Teeth

Fri, 22 May 2020
As the volume of commercial MBS loans in special servicing begins to climb, some investors say decisions years ago that weakened the role of operating advisors may come back to haunt the market.The position was created when CMBS issuance began to revive from the 2008 financial crisis. Amid complaints about how special servicers — appointed by B-piece holders — were handling some distressed loans, issuers of new deals hired third...



Financing Sought on NC Warehouses

Fri, 22 May 2020
Blackstone is in the market for about $125 million of debt on a portfolio of warehouse properties in North Carolina that it purchased in February.Via its Link Industrial unit, Blackstone paid $193.4 million in cash for the 2.6 million-square-foot portfolio, made up of 24 mostly warehouse and light-industrial buildings in Greensboro. It is currently soliciting proposals for fixed- or floating-rate debt packages running 5-7 years. CBRE, which is...



Lenders Targeting Affordable Rentals

Fri, 22 May 2020
Two lenders that focus on affordable housing have teamed up to write bridge loans on multi-family properties destined to be refinanced later on with long-term mortgages guaranteed by the Federal Housing Administration.After originating their first so-called bridge-to-HUD loan about a month ago, Rose Community Capital of Cleveland and San Francisco-based Impact Community Capital expect to close on two more loans next month and at least another...



Data Supplier Expands Platform

Fri, 22 May 2020
A software firm that employs artificial intelligence to help securitization lenders, servicers and investors analyze commercial real estate debt and securities is beefing up its offerings.FinTECH Bulls specializes in building customized analytics platforms for clients, with a focus on risks tied to commercial MBS and CLOs backed by commercial real estate debt or corporate debt. The New York unit of Finalytics — a 10-year-old advisory firm...



The Grapevine

Fri, 22 May 2020
Cerberus Capital has tapped a former Goldman Sachs executive as head of its real estate private credit team. Neha Santiago joined the New York investment manager this month as a managing director. She spent eight years at Goldman, including the past five months as a managing director in its real estate merchant banking division. She had prior stints at H/2 Capital of Stamford, Conn., and Scout Capital, a New York investment manager....



The Grapevine

Fri, 22 May 2020
Commercial MBS veteran Philip Miller joined Greystone on May 11 as a managing director in its New York headquarters. Reporting to chief technology officer Jonathan Russell, Miller will focus on improving Greystone’s commercial-mortgage operations using computerized data and software tools. He most recently was a New York-based managing director at MUFG, where he ran the CMBS group since joining in 2017. Miller left MUFG in January, a few...



The Grapevine

Fri, 22 May 2020
Workout specialist Terri Gumula parted ways with Avison Young’s New York office last month. She was a director focused on investment sales in the metropolitan area, reporting to principal James Nelson. Gumula, who joined about a year ago, left as the brokerage was cutting positions due to pressure from the coronavirus pandemic. Her plans are unknown. Gumula previously worked at Citigroup, where she was a vice president focused on special...



The Grapevine

Fri, 22 May 2020
Luke Doramus left his post as co-head of trading at New York hedge fund manager LibreMax Capital this month to join London private equity shop TowerBrook Capital. Doramus, a partner at the $7.5 billion LibreMax, continues to work in New York. He was part of a team of former Deutsche Bank executives, led by Greg Lippmann, who founded LibreMax in 2010 with a focus on structured products, including CMBS. In 2017, Doramus was promoted to co-head of...



The Grapevine

Fri, 22 May 2020
Former Kroll staffers Michael Haas and Bill Petersen are launching a business called Cred iQ that will offer online valuation, market-analysis and lead-generation services to investors in commercial real estate equity and debt. They plan to announce the Radnor, Pa., startup in the next few weeks. Haas and Petersen left Kroll together in March 2019. Petersen spent about six years at the rating agency, most recently as head of CMBS surveillance....



The Grapevine

Fri, 22 May 2020
The CRE Finance Council has finalized changes to its “investor reporting package” and will publish the updated version today. The revisions involve the introduction of standardized codes that are designed to give CMBS investors a clearer picture of which loans in the collateral pools have been temporarily affected by Covid-19. Special servicers privy to the changes started using the codes in their May reports. The publication of the...



The Grapevine

Fri, 22 May 2020
Lord Abbett is looking for an experienced CMBS portfolio manager to oversee an investment team. Candidates should have 15 years of experience in the CMBS market — preferably on the buy side. The recruit would work in Jersey City, N.J. As previously reported, the vacancy was created by the departure of portfolio manager Manish Rajguru, who left for OFS Capital. Apply at...



CMBS Firms Tiptoe Back to Issuing, Lending

Fri, 15 May 2020
A number of securitization lenders have tentatively resumed the search for loan opportunities as commercial MBS issuance slowly ramps up again.New-issue volume is expected to remain thin for the foreseeable future, and the handful of offerings now in the pipeline will be collateralized by loans originated before the market seized up in March (see Pipeline on Page 15). But they will be watched closely for signs of pricing stability that would...



Goldman Weighing Big Loan on NY Offices

Fri, 15 May 2020
Goldman Sachs is in talks to lead a roughly $600 million debt package on an office building in Manhattan’s Hudson Yards district.The 638,000-square-foot property, at 410 10th Avenue, is owned by a partnership led by SL Green Realty, a New York REIT. The floating-rate loan would have a total term of five years. Goldman is in discussions with other lenders including Bank of China and Wells Fargo about forming a syndicate.The deal evidently...



CLO Shops Turn to Private Financing Deals

Fri, 15 May 2020
The disruption of the commercial real estate CLO market is prompting more issuers to turn to private transactions as a way to shore up their financial positions.At least two issuers completed private placements of deals backed by loan portfolios in recent weeks, and three or more others are seeking similar arrangements. The transactions vary in detail, but effectively are a cross between a CLO and a warehouse credit line based on repurchase...



Rating Firms Warily Watching Malls

Fri, 15 May 2020
As rating agencies examine outstanding commercial MBS for potential downgrades, they’re paying close attention to deals with exposure to malls that were struggling before the pandemic.Analysts expect the widespread closures of malls during the crisis to sharpen the disparity between strong performers that are likely to bounce back and weaker properties that could be pushed over the edge.“When we come out of this, I believe we will see...



Debt Sought on Brooklyn Apartments

Fri, 15 May 2020
The owner of an upscale apartment building in Brooklyn is in the market for about $105 million of debt to refinance the property.The 229-unit building is at 50 North Fifth Street, a block from the East River in the Williamsburg neighborhood. The owner, an affiliate of Mack Real Estate of New York, tapped Meridian Capital to broker the financing package.The preference is for a fixed-rate loan with a 10-year term — a proposal that would be...



Unusual Deals Test CMBS Appetite

Fri, 15 May 2020
Commercial MBS issuance continued to pick up traction this week, although with atypical deals that made it hard to gauge broad market sentiment.Dealers priced a $794.1 million multi-borrower offering from J.P. Morgan, Deutsche Bank and Goldman Sachs (BMARK 2020-IG2). They were well on the way to pricing a $727.2 million offering from Arbor Realty and prepared to roll out a $607.4 million CLO from Argentic.The IG2 transaction was backed entirely...



Crisis Spurs SitusAMC Hiring Spree

Fri, 15 May 2020
SitusAMC is beefing up its special-servicing team to prepare for a wave of mortgage delinquencies and defaults resulting from the coronavirus pandemic.In the last several weeks, the New York firm has hired nine seasoned pros to work for special-servicing chief Curt Spaugh. The longtime provider of due-diligence and loan-advisory services has also transferred another 15 staffers from other areas of the company to servicing roles.“We’re...



JLL Finances Texas Rental Portfolio

Fri, 15 May 2020
JLL has originated $181.5 million of Freddie Mac debt on four apartment properties in Texas.The 1,489-unit portfolio is owned by Orion Residential of Deerfield, Ill., which closed on the four fixed-rate mortgages last month. The 10-year loans are interest-only for the first five years.Orion and JLL, one of the most active agency lenders, appear to have had a tentative financing deal in place before the pandemic. Orion noted that both JLL and...



Crisis Unites Owners and Renters

Fri, 15 May 2020
The commercial real estate finance industry is joining hands with housing and consumer advocates to push for economic assistance for apartment tenants who have lost jobs amid the pandemic.While they often take the opposite sides of issues, the CRE Finance Council and Mortgage Bankers Association have allied themselves with advocates including the Consumer Federation of America and National Alliance to End Homelessness to lobby Congress for rent...



C-III Trims Headcount Amid Losses

Fri, 15 May 2020
C-III Capital has cut at least four executives from a team that manages an affiliated mortgage REIT whose portfolio was hurt by the pandemic-related market turmoil.The layoffs, which occurred in the past two weeks, fell on a unit that originates bridge loans and issues commercial real estate CLOs for the Irving, Texas, firm’s Exantas Capital REIT. That operation, established following C-III’s 2016 acquisition of Resource America,...



Invesco Backs New Orlando Rentals

Fri, 15 May 2020
Invesco Real Estate has originated a $66 million bridge loan on a new upscale apartment complex in Orlando.The Dallas investment manager funded $63 million of the floating-rate loan at the closing on Monday, while holding back $3 million as a reserve to cover interest shortfalls. The debt is collateralized by the 375-unit Novel Lucerne, which also has 31,000 square feet of ground-floor retail space.The three-year, interest-only loan has two...



Refi Sought for Maui Retail Center

Fri, 15 May 2020
A joint venture led by U.S. Realty is looking for a bridge loan of around $75 million on an indoor shopping center in Hawaii that’s anchored by the state’s largest Safeway supermarket.The partnership wants to refinance the 131,000-square-foot Lahaina Cannery Mall, on the island of Maui. Like the existing bridge loan on the property, the new debt would likely have a floating interest rate and a term of up to five years.JLL is shopping...



Approved Primary, Master and Special Servicers

Fri, 15 May 2020
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, 15 May 2020
John Connelly has joined CIT Real Estate Finance. He started at the New York firm in the past few weeks as head of commercial real estate loan underwriting. Connelly previously was a managing director at UBS Asset Management, where he helped lead that unit’s commercial-property investments from an office in Hartford. Before joining UBS 15 years ago, Connelly worked at Cornerstone Real Estate of...



The Grapevine

Fri, 15 May 2020
Capital-markets pro John Wilcox joined developer Spinnaker Real Estate last month as a managing director. He is tasked with lining up debt and equity for the firm, reporting to chief executive Clay Fowler. Wilcox, based at the firm’s South Norwalk, Conn., headquarters, is taking over the duties of Douglas Bora, who retired. Wilcox most recently was a managing director at RCX Capital of The Woodlands, Texas, which he joined three years ago....



The Grapevine

Fri, 15 May 2020
After almost three years at Trez Capital, originator Shawn Ning has joined Peakhill Capital as a vice president focusing on investment and financing. Ning started this month in the Canadian lender’s Toronto headquarters, reporting to managing director and founder Harley Gold. He’s responsible for senior and subordinate mortgages, mezzanine debt and select equity investments tied to commercial properties in the greater Toronto area. As...



The Grapevine

Fri, 15 May 2020
Structured-product veteran Timothy Kroeber started this month as a corporate-bond analyst on HSBC’s asset-management team in New York. Kroeber spent the last 10 years leading credit research at MEAG New York, an investment subsidiary of reinsurer Munich Re, specializing in commercial MBS, corporate CLOs and asset-backed bonds. He had been at the company since 1999, including stints as a portfolio manager. He previously worked at Deutsche...



The Grapevine

Fri, 15 May 2020
Matthew Giammarinaro, a long-time structured-product sales specialist, left his post last week as a managing director at broker-dealer Piper Sandler. He was based in Charlotte, where his coverage areas included bridge and construction loans on commercial properties. His next move couldn’t be learned. He previously did stints at Janney Montgomery Scott, RBC, the Federal Housing Finance Authority, Bank of America, 400 Capital and...



The Grapevine

Fri, 15 May 2020
Arena Investors is looking to hire one or two staffers to work on bridge-loan originations and structured-credit transactions tied to commercial properties, including acquisitions of performing and non-performing debt and joint financings with other lenders. The openings require 5-10 years of experience. Each recruit would join the fund shop’s New York headquarters or its San Francisco office, either as a vice president or director on the...



The Grapevine

Fri, 15 May 2020
Blackstone is looking for a capital-markets associate with 3-5 years of experience to join its debt team. The recruit would be part of Blackstone Real Estate Debt Strategies, which invests via funds, Blackstone Mortgage and other vehicles. Duties include assisting in underwriting and negotiating loans, as well as financial analysis of mergers and acquisitions. Apply at...



The Grapevine

Fri, 15 May 2020
Greenberg Traurig plans to hire two associates for its commercial real estate practice. The recruits would work either in New York or Florham Park, N.J., and preferably would be able to practice in both states. Candidates should have 2-5 years of experience and the ability to handle all aspects of real estate transactions. Apply at gtlaw.com.



Buyers Welcome Resuscitated CMBS Deals

Fri, 08 May 2020
The commercial MBS market continued its slow revival this week, as issuers priced a conduit transaction and two single-borrower deals amid sharply tightening spreads.The benchmark class of the $771.9 million conduit offering, from Goldman Sachs and Citigroup (GSMS 2020-GC47), went out the door yesterday at 145 bp over swaps, in line with dealer guidance but 10-20 bp tighter than early “whispers.” Spreads further down the capital stack jumped...



Mortgage REIT Weakness Prompts Deja Vu

Fri, 08 May 2020
The heavy toll the economic downturn has taken on mortgage REITs is once again prompting debate about the sector’s long-term stability.Some of the best-known mortgage REITs, including vehicles managed by affiliates of Angelo, Gordon & Co. and TPG, faced margin calls amid the financial-market turmoil triggered by the pandemic. Others, including Ladder Capital, have taken extreme measures to secure financing.The upheaval has elicited a sense...



Hotel Lender Hawks Big Mortgage Portfolio

Fri, 08 May 2020
A lender specializing in hotel properties is looking to sell $325 million of performing and nonperforming mortgages.The 40 loans, originated by Access Point Financial of Atlanta, are backed by select-service hotels encompassing almost 6,000 rooms in 22 states. About half of the loans, by dollar volume, are still performing. Around 75% of the outstanding balance is pegged to fixed-rate coupons, while the rest of the loans are floaters.In putting...



Brokers Prep for Rush of Loan Sales

Fri, 08 May 2020
Brokerages are gearing up to handle more loan-sale assignments as new financing deals have slowed to a trickle due to the pandemic.Sales of commercial mortgages have picked up in recent weeks as sellers look to free up capital. But pros believe the market hasn’t even seen the tip of the iceberg, and that offerings of both performing and nonperforming loans will explode later this year.“We expect a primarily performing loan-sale...



Argentic Emerges As Special Servicer

Fri, 08 May 2020
Argentic has exercised its authority as the controlling B-piece holder on 17 conduit deals to appoint its new servicing arm as a replacement for special servicer LNR Partners on $12.6 billion of underlying loans.The New York company on Tuesday transferred the special-servicing assignments for 864 fixed-rate loans to the new unit, Argentic Services of Plano, Texas. Most of the mortgages aren’t currently in special servicing.Insiders...



PPP Debt Raises Lender Concerns

Fri, 08 May 2020
Lenders are casting a wary eye on any moves by borrowers to take on additional debt through a new federal economic-relief program.The Paycheck Protection Program allows business owners to obtain forgivable loans of up to $10 million through the U.S. Small Business Administration. Under the guidelines set by Congress, the bulk of the funds must be used to pay employees, rather than lay them off as the coronavirus pandemic forces many businesses to...



CBRE Data Gauge Lending Slowdown

Fri, 08 May 2020
The latest quarterly survey of commercial real estate lending activity by CBRE shows the first signs of pandemic-related weakness.While the pace of loan originations remained solid for the first quarter as a whole, lending activity slowed sharply in March, with commercial MBS platforms and alternative lenders pulling way back. CMBS shops accounted for just 16.5% of non-agency origination volume in the first three months of the year, down from 31%...



Foreign Banks' US Mortgages Up 6%

Fri, 08 May 2020
Foreign-owned banks increased their holdings of U.S. commercial real estate debt by 6% last year — up sharply from a 3% growth rate in the previous year.Filings by 73 foreign institutions, compiled by Trepp Bank Navigator, showed they had $242.9 billion of U.S. commercial mortgages on their books at yearend, up from $229.9 billion a year earlier.Topping the list again was Canada’s TD Bank, which increased its tally 5% to $28.7...



Loans Returned 2.5% in First Quarter

Fri, 08 May 2020
The return on commercial real estate loans rose during the first three months of the year, despite being sapped by the coronavirus pandemic in the final weeks of the quarter.The estimated quarterly yield was 2.5%, up from minus-0.08% in the last quarter of 2019, according to the Giliberto-Levy Commercial Mortgage Performance Index. But the first-quarter return is “provisional” and likely will be revised because the process of...



Loans Flood Into Special Servicing

Fri, 08 May 2020
The special-servicing rate jumped dramatically last month as the impact of the pandemic began to register in measures of commercial MBS credit quality.An eye-popping $9.9 billion of securitized mortgages were turned over to special servicers during April, as borrowers sought forbearance due to widespread business closings and other economic effects of the coronavirus crisis. That pushed the total balance in special servicing to $22.3 billion, the...



Empirasign Updates Trading Tool

Fri, 08 May 2020
Empirasign, which supplies trading data on commercial MBS and other structured products, has added a new feature to help traders navigate dislocated markets.The enhancements to Empirasign’s My Portfolio offering are designed to make it easier for traders to identify multiple tranches of deals and set up alerts whenever those bonds are in the market.Adam Murphy, the New York firm’s founder and president, said it had long considered...



The Grapevine

Fri, 08 May 2020
Industry veteran Roger Cozzi left AllianceBernstein last month, and there’s no word on his next move. His responsibilities as chief investment officer of the commercial real estate debt group were assumed by Peter Gordon, who had been a managing director since joining AllianceBernstein in 2016. The New York investment manager hired Cozzi in 2012 to build and lead a bridge-lending unit. Before that, he spent four years as chief executive at...



The Grapevine

Fri, 08 May 2020
After almost 14 years at SitusAMC, executive managing director Steven Bean has left the New York firm to pursue buy-side opportunities, including personal investments in commercial properties. With Bean’s long-planned departure on Monday, managing director Robin Baker took over as head of the commercial advisory and diligence practice, reporting to commercial real estate chief Anne Jablonski. Bean was a principal at SitusAMC, a mortgage...



The Grapevine

Fri, 08 May 2020
NorthMarq has hired a mortgage pro in Chicago to help expand its business lining up debt on multi-family properties. Monty Childs started last week as a vice president, reporting to managing director Sue Blumberg. He will focus on sourcing Fannie Mae, Freddie Mac and FHA mortgages as NorthMarq looks to build out its agency platform. Childs previously spent more than a decade at Freddie, and had prior stints at Arbor Commercial Mortgage and M&T...



The Grapevine

Fri, 08 May 2020
Mortgage veteran Vincent Fiorillo has left DoubleLine Capital to launch his own multi-family financing business, Park Slope Advisors of New York. Fiorillo spent 10 years at DoubleLine, arriving with the founding team in 2009 from TCW and serving as head of relationship management. He previously had long stints at Morgan Stanley and Smith Barney. Fiorillo’s departure coincided with the April 30 retirement of DoubleLine co-founder and...



The Grapevine

Fri, 08 May 2020
Exos Financial’s move to hire Raphael Gonzalez is tied to a broader effort by the broker-dealer to expand its bridge-lending operation. Gonzalez started last week in Exos’ headquarters in New York. He spent the previous 18 months originating bridge loans at Monticello Asset Management of New York. Before that, he was a structured-product trader at Performance Trust, Cantor Fitzgerald, Angel Oak and...



The Grapevine

Fri, 08 May 2020
Commercial MBS valuation specialist Aaron Chiu is now working at Houlihan Lokey. He joined the Los Angeles-based investment bank’s New York office this month from Duff & Phelps, where he had worked since 2017. He previously spent time at China Rapid Finance, Bloomberg and Chopper Securities.



The Grapevine

Fri, 08 May 2020
Veteran CLO trader Amit Khurana started at StormHarbour Securities last week with a focus on CMBS and CLOs. He had a similar focus in his last post at Mizuho, where he had worked since 2015. He previously traded structured products at CRT Capital, Ally Financial, Knight Libertas, UBS, LaSalle Bank and Bank of America.



The Grapevine

Fri, 08 May 2020
Debt-fund operator Revere Capital is still looking to hire a capital-raising pro despite the economic crisis. The Dallas shop kicked off the job search earlier this year and is now telling candidates it would have the recruit work remotely for as long as necessary. The position eventually would be based in Revere’s home office or in New York. Candidates should have 10-15 years of financial-services experience, with a minimum of seven years...



Loan With New Twist Hitting CMBS Market

Fri, 01 May 2020
Morgan Stanley and Goldman Sachs are moving ahead with the securitization of a $550 million Los Angeles office loan that comes with a highly unusual sweetener — a reserve covering a year of mortgage payments.The borrower, a joint venture led by Calpers, funded the $13.6 million debt-service reserve upon origination on March 25. The interest-only mortgage, with a 10-year term, is backed by the 2.5 million-square-foot City National Plaza. As...



Bankers Figuring Loan-Workout Strategies

Fri, 01 May 2020
With few, if any, opportunities to originate loans for their balance sheets, banks are busy planning their strategies for handling an anticipated flood of forbearance requests in the coming months.Several bankers estimated that as many as 80-90% of U.S. banks have stopped writing balance-sheet loans amid the coronavirus crisis. Meanwhile, bankers are expecting a large percentage of the borrowers in their portfolios will soon request some form of...



Financing Sought for Manhattan Office Deal

Fri, 01 May 2020
Savanna is seeking $323 million of debt to finance its purchase of an office building in Midtown Manhattan that it owned once before.The New York fund shop, via Cushman & Wakefield, is soliciting proposals for a floating-rate mortgage, with a total term of six years, backed by 1375 Broadway. Some $289 million would be funded at closing, with the balance reserved to cover planned renovations and leasing expenses.The loan would close in conjunction...



Conduit Coming as CMBS Prices Rise

Fri, 01 May 2020
As commercial MBS spreads continued to tighten in the secondary market this week, Goldman Sachs and Citigroup prepared to roll out a fresh conduit offering.The banks are expected to begin formal marketing Monday for the $771.9 million issue — a streamlined version of a deal that was planned before the coronavirus crisis (GSMS 2020-GC47). Initial “whisper” talk indicated the long-term, super-senior class could be shopped at...



Debt Sought on Big Office Portfolio

Fri, 01 May 2020
A joint venture is in the market for a $226 million mortgage on a portfolio of 14 office properties that are largely leased to government agencies.The 1.5 million-square-foot portfolio, spread across eight states, is owned by an HPI Capital partnership. HPI, a Charlotte investment shop that specializes in government-leased properties, is looking for a floating-rate loan with a total term of five years. Newmark is advising the joint venture on the...



CLOs Avoid Ratings Action, For Now

Fri, 01 May 2020
Commercial real estate CLOs so far have proven to be more resistant to ratings downgrades than some conduit and single-borrower securitizations, as economic effects from the pandemic have yet to hit the underlying loans.No tranche of a CRE CLO has been downgraded or even been put on watch by the three agencies that rate them — Moody’s, DBRS Morningstar and Kroll. By contrast, those agencies have put tens of billions of dollars of...



San Diego Hotel Loan Up for Grabs

Fri, 01 May 2020
Mack Real Estate is selling a $102.5 million bridge loan it wrote on a luxury hotel in San Diego.The performing floating-rate loan is backed by the 317-room Pendry San Diego, which opened in early 2017 in the Gaslamp Quarter. Mack originated the loan later that year, with an initial balance of $85 million, and increased it by $17.5 million a year ago. The New York investment manager has hired Newmark to shop the loan. The deadline for submitting...



CREFC Updating Reporting Rules

Fri, 01 May 2020
The CRE Finance Council is tweaking its investor-reporting protocols to make it easier for bondholders to distinguish between truly troubled borrowers and those experiencing temporary cashflow shortages due to the coronavirus crisis.A CREFC committee responsible for updating the trade group’s “investor reporting package” — the industry standard for providing monthly reports to investors for more than 20 years — has...



Terra Shops Performing Bridge Loans

Fri, 01 May 2020
Terra Capital has decided to sell $152.9 million of performing loans on transitional office and multi-family properties so it can re-deploy capital opportunistically.The separate floating-rate loans on five properties have a combined balance of $126.5 million, excluding future-funding commitments. The weighted average remaining term is 2.3 years, or 4.3 years if all extension options are exercised.Originated by Terra over the last year or so, the...



Longer Relief Sought for Insurers

Fri, 01 May 2020
The Mortgage Bankers Association is going back to the National Association of Insurance Commissioners with a request to grant insurers more leeway in handling pandemic-related forbearance requests.The MBA, along with 10 other industry groups including the CRE Finance Council, initially petitioned the NAIC in an April 10 letter that sought relief for insurance companies dealing with borrowers affected by the coronavirus crisis. The regulator was...



CBRE Seeks Loan on Calif. Offices

Fri, 01 May 2020
CBRE Global Investors is in the market for a roughly $130 million loan to finance its purchase of a recently built office property in San Jose — one of the few deals to go under contract since the pandemic halted most investment sales.The Los Angeles investment manager appears to be seeking a floating-rate debt package, with a total term of about five years, on a two-building complex encompassing 369,000 square feet. As previously reported...



CMBS Issuer Tries Novel Call Option

Fri, 01 May 2020
The first commercial MBS offering after a six-week market freeze included a unique call option that took some industry pros by surprise.When CCRE priced the $271.1 million issue on April 23, the lending unit of Cantor Fitzgerald reserved the right to redeem all $232.4 million of bonds rated by Kroll after one year.The deal (CF 2020-P1) enabled CCRE to offload loans it had warehoused for securitization before spreads blew out and the new-issue...



Top Banks' Loan Holdings Grew 8% in 2019

Fri, 01 May 2020
The commercial real estate holdings of top U.S. banks increased by 8.4% last year, more than double the previous year’s growth rate.The 100 banks with the largest commercial real estate portfolios had $1.35 trillion of those assets at yearend, up from the $1.25 trillion held by that set of banks a year earlier, according to regulatory data compiled by Trepp Bank Navigator. The rate of increase far exceeded 2018’s 4%, and was the...



The Grapevine

Fri, 01 May 2020
Commercial MBS portfolio manager Manish Rajguru is headed to OFS Capital, a Chicago firm whose main business is originating corporate loans to mid-size companies. Rajguru, who is based in New York, was hired to start a CMBS-investment program for OFS. He previously spent six years at Lord Abbett of Jersey City, where he was a senior portfolio manager overseeing a multibillion-dollar portfolio of CMBS and commercial real estate CLO securities....



The Grapevine

Fri, 01 May 2020
JLL has added a senior executive in Miami. Melissa Rose started this week as a managing director focused on lining up debt and equity for clients across a range of property types. Rose most recently worked at Ackman-Ziff Real Estate of New York for about three-and-a-half years. Before that, she spent time at Miami advisory firm Maxwelle Real Estate and New York investment shop Eretz Group. At JLL, Rose reports to senior managing director Chris...



The Grapevine

Fri, 01 May 2020
As many commercial-property owners struggle to make their mortgage payments amid the pandemic, Midland Loan Services is seeking to bolster its special-servicing team by hiring several asset-resolution pros to manage workouts of CMBS loans and non-securitized mortgages. Candidates should have at least five years of experience. The openings are in the PNC unit’s real estate solutions group, headed by senior vice president David Spotts. To...



The Grapevine

Fri, 01 May 2020
Mac Dobson joined Radius Bank in the past few weeks as a senior vice president for business development. He is working in Chicago for the Boston-based bank, which writes loans for small and mid-size businesses and property owners. Dobson previously worked at Mag Mile Capital, a boutique brokerage headquartered in Chicago. His experience also includes stints at Bank of America and ValStone Partners, a Birmingham, Mich., investment...



The Grapevine

Fri, 01 May 2020
Turns out Investors Bank of Short Hills, N.J., is the lender trying to sell a seasoned $46 million loan on the 103-unit Warehouse 180 apartment building in Brooklyn. As previously reported, Newmark was tapped last week to pitch the performing floating-rate mortgage to investors. Built by New York developer Pink Stone Capital in 2014, the 10-story building, at 180 Nassau Street, is 93% occupied. The mortgage is due to mature in January 2025. The...



The Grapevine

Fri, 01 May 2020
Meanwhile, New York fund shop Benefit Street Partners is the lender that hired Newmark to broker the sale of a $37.8 million floater backed by the 260-unit East 9 at Pickwick Plaza apartment complex in Kansas City, Mo. The 11-story property, at 933 McGee Street, was built in 1930 and has served over the years as a hotel, a bus terminal and an office building. Golden Crown Properties of Overland Park, Kan., converted it to apartments in 2017. The...



The Grapevine

Fri, 01 May 2020
Debt-focused brokerage Leviathan Capital is looking to hire a few experienced associates. Staffers would work from home until the pandemic eases and then join the firm’s New York office. Leviathan, founded in 2018 by Noele Castillo, Yaniv Cohen and Joe Hach, focuses on bridge loans on properties in the Northeast. It has been lining up lenders and closing deals for clients despite the coronavirus crisis. Contact...



More CMBS Shops Aiming to Revive Deals

Fri, 24 Apr 2020
Commercial MBS issuers are in talks to resurrect more conduit offerings that were put on hold due to the coronavirus pandemic, as the first post-shutdown deals hit the market this week.Bank of America, Morgan Stanley and Wells Fargo are looking to float a revised version of a transaction that was originally planned to top $1 billion (BANK 2020-BNK27). Similarly, Wells is working to revive a deal initially expected to total around $900 million...



Pandemic Undercuts Conduit Profit Margins

Fri, 24 Apr 2020
Gross profit margins on conduit deals rose sharply in the first quarter, before the coronavirus pandemic shut down the commercial MBS market in mid-March.The weighted average gross margin was 4.97% among seven conduit offerings totaling $7 billion that priced between Jan. 1 and March 11, at which point dealers shelved seven other transactions that were in the pipeline. The first-quarter measure was more than double the 2.42% average gross margin...



SL Green Eyes Refi After Sale Fell Through

Fri, 24 Apr 2020
Aareal Capital is in position to refinance a landmark office building in Midtown Manhattan for SL Green Realty after a deal to sell the property collapsed about a month ago.The German lender is talking to the New York REIT about leading a $510 million debt package on 220 East 42nd Street, once known as the Daily News Building. The word is that Aareal will likely fund the debt in conjunction with a small group of other lenders, though the details...



Pensions Up Pledges to Debt Shops

Fri, 24 Apr 2020
Pledges by U.S. public pensions to debt-focused commercial real estate vehicles spiked in the first quarter amid expectations that the economic crisis will spur investor demand for both defensive and opportunistic debt strategies.Commingled funds and separate accounts that invest in debt accounted for 14% of pension pledges to all real estate vehicles in the first three months of 2020, up from just 4% for full-year 2019, according to research...



Lenders Lining Up for DC Project

Fri, 24 Apr 2020
A Brookfield partnership has tapped a European bank to lead the financing of a newly built office complex in Washington.Credit Agricole is first in line for the assignment. While details about the size and term of the loan are still under wraps, Brookfield and Washington-based Douglas Development were looking to borrow up to $494 million against the 768,000-square-foot property, at 655 New York Avenue NW. That’s roughly the size of the debt...



CREFC: Don't Delay on Libor Switch

Fri, 24 Apr 2020
The CRE Finance Council is urging members to keep working on their plans to transition away from Libor, despite the disruption caused by the pandemic.The industry group sent a survey to members last week encouraging them to weigh in on their comfort level with the replacement benchmark preferred by the Federal Reserve: the Secured Overnight Funding Rate.CREFC also is circulating draft “best practices” to members that call for an end...



Agency Re-Remic Programs Booming

Fri, 24 Apr 2020
Historically low Treasury yields have fueled a surge in resecuritizations of agency bonds as investors look to monetize the rising values of the paper.A new program that Freddie Mac started just before yearend saw $1 billion of issuance in its first full quarter. Under the program, banks contribute bonds from earlier Freddie deals to resecuritizations that are issued on the agency’s shelf and carry its guarantee.A similar, longer-running...



Crisis Brings Performing-Loan Sales

Fri, 24 Apr 2020
Benefit Street Partners is shopping a $57.5 million performing loan that it wrote two months ago for the developer of a waterfront residential condominium complex in Queens, N.Y.The New York fund shop is among a growing number of mortgage REITs, investment managers and other lenders actively marketing outstanding loans, or considering doing so, in response to the coronavirus pandemic. Some, including Benefit Street, are pursuing sales so they can...



NY Case Tests Lender Seniority

Fri, 24 Apr 2020
A bankruptcy judge refereeing a messy legal battle over a Manhattan development project is being asked to settle an unusual dispute: whether a general contractor claiming it’s owed millions of dollars in fees can jump ahead of the senior lender.The case stems from a public-private partnership in which the Port Authority of New York and New Jersey teamed up with an SJM Partners joint venture to redevelop a commuter bus terminal in Upper...



Bank Aims to Boost Lending in Crisis

Fri, 24 Apr 2020
An East Coast bank that concentrates on short-term lending is preparing for an uptick in activity amid the economic downturn.Northeast Bank has hired a veteran originator in New York to help expand its reach. Headquartered in Lewiston, Maine, and with offices throughout New England and in New York, the bank focuses on writing bridge loans on transitional commercial properties, as well as financing purchases of loan portfolios.Solomon Garber...



KeyBank Backs Buyer of Fla. Rentals

Fri, 24 Apr 2020
KeyBank has originated a $78 million Freddie Mac mortgage on an apartment property in Orlando.The bank closed on the financing about three weeks ago in conjunction with Priderock Capital’s purchase of the 496-unit complex, called Parkway at Hunter’s Creek. The fixed-rate loan has a 15-year term, with no amortization during the first nine years. After that, it amortizes on a 30-year schedule.Priderock, a West Palm Beach, Fla.,...



MetLife Lends on Warehouse Bundle

Fri, 24 Apr 2020
MetLife Investment Management has originated a $60.5 million mortgage on a portfolio of warehouses in three markets.The loan to MDH Partners is backed by 1.4 million square feet of space in and around Atlanta, Phoenix and Virginia Beach, Va. The fixed-rate mortgage, with a term of five years, closed two weeks ago. MetLife originated it on behalf of an investor client.The portfolio’s 14 warehouses are 90% occupied by 28 tenants. MDH, an...



The Grapevine

Fri, 24 Apr 2020
Hundreds of layoffs by Cantor Fitzgerald in response to the crisis included 10-12 members of the loan-origination team at CCRE, a Cantor unit that focuses on commercial MBS debt and bridge loans. Last week’s cuts from the lender’s New York headquarters and offices in Southern California reduced the size of that team to about 30 staffers. Among the West Coast departures were managing directors Kenneth Margala and David Pike, director...



The Grapevine

Fri, 24 Apr 2020
Managing directors Walker Brown and Gregory Marks, both veteran originators, were among those caught in a round of layoffs that Ladder Capital announced this week in response to the economic downturn. Brown, who worked in the REIT’s New York headquarters, plans to move back to his native Atlanta, where he was in the process of establishing an office for Ladder. Before coming aboard in 2017, Brown worked briefly at Benefit Street Partners...



The Grapevine

Fri, 24 Apr 2020
Debt pro Will Berger joined Miami-based Rialto Capital in New York this month, reporting to managing directors Joe Bachkosky and Josh Cromer. Berger previously spent about three years as a vice president at family office Seven Valleys of New York, where he worked on debt originations and asset management nationwide, as well as equity deals in Boston and Los Angeles. He had prior stints at Resource Real Estate of Philadelphia and Rockwood Real...



The Grapevine

Fri, 24 Apr 2020
Cooper Horowitz could add up to 10 staffers under a previously announced plan to ramp up hiring during the coronavirus pandemic. The New York-based brokerage is looking to scoop up talent laid off or furloughed by other firms. Cooper Horowitz wants to hire debt and equity specialists with up to three years of experience for its offices in Manhattan, Philadelphia and Boca Raton, Fla. Recruits would be able to work remotely at first, said president...



The Grapevine

Fri, 24 Apr 2020
Willis “Gary” Dunkum, a fixture in Texas’ commercial real estate-finance industry for more than 40 years, retired at the end of March from GrandBridge Real Estate, a subsidiary of Truist, formerly known as BB&T Bank. Dunkum was a senior vice president in the Houston office of Charlotte-based GrandBridge. He joined the firm in 2008 via its purchase of Live Oak Capital, a lender Dunkum co-founded nine years earlier. He previously...



The Grapevine

Fri, 24 Apr 2020
Advisory firm FinanceBoston added Jane Voss last month as an associate. She is based in the firm’s Boston headquarters, reporting to founder and managing partner Fergal Woods. Voss focuses on raising debt and equity for the firm’s clients. She joined from CBRE, where she was a senior associate covering New England, and previously worked at Eastdil Secured and for CBRE in...



The Grapevine

Fri, 24 Apr 2020
Sairah Burki joined the CRE Finance Council this week as a managing director for regulatory policy. She previously led asset-backed securities policy for the Structured Finance Association, where she worked from 2013 until yearend. Before that, Burki led policy affairs for Capital One’s treasury group, and earlier spent time at Xerox, UBS, Hagler Bailly and the Federal Reserve Bank of New...



Lenders Seeking to Restart CMBS Issuance

Fri, 17 Apr 2020
Commercial MBS shops are working to bring out a few multi-borrower deals in the coming weeks, in hopes of thawing a market that’s been frozen since mid-March.Goldman Sachs and Citigroup are crafting a slimmed-down version of a conduit offering that was on deck when the market turmoil forced it to the sidelines. The retooled deal (GSMS 2020-GC47) could be rolled out in 2-3 weeks.Meanwhile, Deutsche Bank, J.P. Morgan, Citi and Goldman are...



Servicers Face Flood of Forbearance Pleas

Fri, 17 Apr 2020
Commercial MBS servicers, awash in forbearance requests, believe loan reserves could play a key role in helping borrowers weather the coronavirus crisis.Facing hordes of borrowers whose property cashflows have been crushed by the pandemic, servicers are under pressure to come up with an efficient way to handle missed payments without transferring loans to special servicing en masse. One strategy that appears to be gaining traction: allowing...



Heavy Pre-Crisis Issuance Bolstered REITs

Fri, 17 Apr 2020
The fast pace of corporate-bond issuance by U.S. REITs continued right up to the start of the coronavirus crisis — and market experts say that puts the sector in relatively strong shape to withstand the current economic turbulence.After shattering annual volume records with $67.3 billion of issuance in 2019, commercial-property REITs priced another $18.4 billion of unsecured notes in the first quarter — the second-largest quarterly...



Fed Move Calms Secondary Trading

Fri, 17 Apr 2020
Spreads on benchmark bonds from commercial MBS deals contracted by about 50 bp in the secondary market this week, following the Federal Reserve’s decision to include them in its Term Asset-Backed Securities Loan Facility.The Fed announced on April 9 that it was extending the program — which offers low-cost financing to investors in certain structured products — to triple-A-rated securities from outstanding multi-borrower CMBS...



Distressed-Bond Pro Jumps Back In

Fri, 17 Apr 2020
The market disruption stemming from the coronavirus pandemic has lured veteran structured-product trader John Devaney out of retirement.The distressed-asset specialist is jump-starting United Capital Markets, the broker-dealer operation he founded in 1999. The Key Biscayne, Fla., firm had been largely dormant in recent years due to a lack of arbitrage opportunities.“I had some investments, but I wasn’t really talking to people in the...



Rating Agencies Tread Carefully

Fri, 17 Apr 2020
Rating agencies so far have proceeded cautiously in gauging the pandemic’s impact on the performance of commercial MBS, downgrading only a handful of tranches to date.But investors can expect the economic fallout from the coronavirus crisis to take a much broader toll on CMBS ratings in the next few months as stay-at-home protocols depress property cashflows and waves of borrowers seek forbearance. Rating analysts already have flagged tens...



Borrowers Save on Rate Swaps

Fri, 17 Apr 2020
For certain borrowers with financing deals in the works, one effect of recent market gyrations is acting in their favor.Interest-rate swaps have tightened dramatically as the coronavirus crisis has slowed the economy. That’s making it cheaper for a borrower to buy an instrument that converts a floating-rate mortgage to a fixed-rate payment stream for all or part of its term.The five-year swap rate, for example, was around 140 bp at...



Conduit-Loan Defaults Seen Spiking

Fri, 17 Apr 2020
The loan-default rate among outstanding conduit deals is headed toward a record high, according to an annual Fitch report on conduit-loan performance.The report, which the rating agency plans to release on Monday, shows conduit-loan defaults totaled just $2.3 billion last year, or a minuscule 0.3% of the outstanding aggregate balance. But the economic fallout from the coronavirus pandemic is expected to result in a sharp increase in the number of...



High-Yield Loan Returns Fell in '19

Fri, 17 Apr 2020
The return on high-yield debt tied to commercial properties plummeted to 7.55% last year, according to the Giliberto-Levy High Yield Real Estate Debt Index.The decline in the annual return, from 9.8% for 2018, was largely due to a second-half plunge in both floating and fixed interest rates. It also reflected a smattering of credit-related markdowns in debt values — which are expected to accelerate this year amid fallout from the...



Lenders Line Up for NY Project

Fri, 17 Apr 2020
The lender group financing the development of a key piece of Google’s office campus in Lower Manhattan is coming into focus.Joining Wells Fargo on the $970 million debt package are HSBC, ING Real Estate, J.P. Morgan and TD Bank. Other lenders might join the syndication after the closing, which is expected in a couple of weeks.The lead lending group formed in early March, just before the coronavirus pandemic largely shut down the commercial...



Research Firm Projects CMBS Losses

Fri, 17 Apr 2020
Losses on securitized commercial mortgages will likely reach 6% due to the coronavirus pandemic and may go as high as 10%, according to a research firm that uses artificial intelligence to assess credit risk.Those projections are up from a baseline of 2.7% in February — before the spread of the virus started to take a toll on the economy and financial markets, according to a draft of a report that Ai Spark plans to publish today. The...



Vornado Seeks Debt on NY Rentals

Fri, 17 Apr 2020
Vornado Realty is reaching out to lenders with a request for a $100 million mortgage on a luxury apartment high-rise in Queens, N.Y.The New York REIT is soliciting proposals for a full menu of financing packages, including both fixed- and floating-rate loans with terms of 5-10 years. Vornado’s timing is notable given the economic uncertainty caused by the pandemic and indications that the collateral property currently is unencumbered by...



The Grapevine

Fri, 17 Apr 2020
Veteran originator Dan Hartman joined Pacific Western Bank this month as a managing director in New York, focused on construction and bridge loans. He jumped from Terra Capital, a New York firm that originates high-yield loans. Hartman had been with Terra since 2015, and before that spent nine years at Los Angeles-based Ares Management. He previously worked at GE Capital, Mercedes-Benz USA, ORIX and J.P. Morgan. Pacific Western, based in Beverly...



The Grapevine

Fri, 17 Apr 2020
The word is that Morgan Stanley plans to syndicate a portion of a $1.3 billion debt package on an office tower in Manhattan’s Times Square. Last month the bank originated an $820 million senior loan on the 1.2 million-square-foot Five Times Square. The balance of the debt was a mezzanine loan divided among several lenders. Sources said Morgan Stanley now is in talks with other lenders about selling off pieces of the senior loan, which is...



The Grapevine

Fri, 17 Apr 2020
After five years at New York hedge fund shop Stabilis Capital, managing director Max Deibel has moved to a similar role at Layla Capital. Deibel joined the New York bridge lender on Monday as an originator with the same title. He reports to chief executive Justin Cooper, another Stabilis alumnus who founded Layla about three years ago. Deibel previously worked at Knighthead Funding, a commercial real estate-lending unit of Knighthead Capital that...



The Grapevine

Fri, 17 Apr 2020
Eric Jordan joined Columbia Pacific Advisors on Tuesday as a senior vice president. He was hired by the Seattle firm to originate bridge loans on various property types nationwide. He reports to managing director Billy Meyer. Jordan previously was a vice president at high-yield debt-fund shop Calmwater Capital of Los Angeles, where he had worked since 2012. Before that, he spent three-plus years working on property acquisitions at Parallel Real...



The Grapevine

Fri, 17 Apr 2020
Kevin Hanly has joined Bayerische Landesbank in New York as a senior director working on originations. Hanly, who started about a week ago, previously was a director at MUFG, where he served for nearly 12 years. Before that, he spent three years at M&T Bank. In his new job, Hanly reports to Helga Blum, who heads BayernLB’s U.S. real estate-finance business. The German bank also added a vice president to its product-structuring team, which...



The Grapevine

Fri, 17 Apr 2020
High-yield debt-fund operator RRA Capital is looking to hire a vice president to work in its Phoenix headquarters. The recruit mostly would originate bridge and mezzanine loans, as well as preferred equity, reporting to chief operating officer Marc Grayson. RRA also acquires performing and nonperforming debt. The firm recently held final closes for its first two funds with nearly $70 million of equity combined. It is now seeking to raise $200...



Fed Support for CMBS Market Seen Likely

Fri, 03 Apr 2020
Industry groups are increasingly confident that the Federal Reserve will include commercial MBS in its new Term Asset-Backed Securities Loan Facility when it rolls out the program in the coming days.Market pros are looking to TALF as the best bet for thawing the frozen CMBS market by providing low-cost financing for investors buying new, triple-A-rated securities. The hope is the initiative would prompt lenders to resume issuance, and that, in...



CLO Managers Brace for Wave of Defaults

Fri, 03 Apr 2020
After several years of meteoric growth, the commercial real estate CLO sector is poised for a shakeout amid expectations that many deals are vulnerable to a high rate of loan defaults.Well-capitalized managers that can afford to buy defaulted loans out of their collateral pools at par, thereby insulating bondholders from potential losses, could emerge from the crisis in reasonably good shape. But issuers that are already struggling with...



CMBS Was Flying High Before Virus Struck

Fri, 03 Apr 2020
Commercial MBS issuance was off to a strong start this year, before the coronovirus pandemic brought it to a sudden halt.Issuers had floated $22.9 billion of U.S. deals by the time the CMBS market shut down in mid-March. That was a 39% increase from $16.5 billion in the first three months last year, and the biggest first-quarter tally since 2015, according to Commercial Mortgage Alert’s CMBS Database.Goldman Sachs held the early lead among...



Bank Inks Large Loan on NY Offices

Fri, 03 Apr 2020
Morgan Stanley has arranged $1.3 billion of floating-rate debt to refinance an office tower in Manhattan’s Times Square.The package of senior and mezzanine loans is backed by the leasehold interest in the 1.2 million-square-foot building, at Five Times Square. Morgan Stanley closed on the financing 2-3 weeks ago, just as debt markets were starting to seize up due to the coronavirus outbreak.The borrower, a joint venture between RXR Realty...



Pandemic Infects Appraisal Process

Fri, 03 Apr 2020
The coronavirus pandemic presents lenders, servicers and appraisers with a unique problem: how to value properties with zero cashflows.Portfolio lenders and commercial MBS servicers rely heavily on fresh appraisals when working out distressed debt. As loan defaults rise amid the economic fallout from the pandemic, market pros are starting to worry about how appraisers will assess properties whose cashflows have plummeted or disappeared...



MetLife Backs Refi of NY Offices

Fri, 03 Apr 2020
MetLife has agreed to originate a $400 million mortgage on a Midtown Manhattan office building — evidence that insurance companies continue to write some loans even as many other lenders have been sidelined by the pandemic.The insurer committed last week to provide a J.P. Morgan Asset Management partnership a 10-year, fixed-rate loan to refinance the 957,000-square-foot building, at 498 Seventh Avenue. MetLife is expected to close on the...



CECL Delay Sought for Non-Banks

Fri, 03 Apr 2020
Commercial-mortgage pros are cheering a move by bank regulators to postpone implementation of a new accounting standard that could constrain lending — and now are lobbying for similar treatment for nonbanks.The Current Expected Credit Losses methodology, adopted by the Financial Accounting Standards Board in 2016, took effect Jan. 1 for banks, insurers, REITs, funds and other entities that are subject to SEC reporting requirements. It...



Lenders Fret Over "Repo' Facilities

Fri, 03 Apr 2020
Many lenders that rely on bank credit lines to support their commercial-mortgage businesses are waiting nervously for the next shoe to drop.The concern is that escalating economic turmoil will prompt margin calls on the facilities they use to leverage their loans or fund them until securitization. Those holding hotel and retail loans are particularly worried, because cashflows at those properties have plunged due to restrictions on travel and...



Originators Balk at "Full Underwrites'

Fri, 03 Apr 2020
Unlike commercial MBS programs, balance-sheet lenders are still originating mortgages — but they’ve become much more cautious in their approach to large loans.Before the coronavirus pandemic sent debt markets into a tailspin and shut down CMBS lending, banks offering balance-sheet loans often were willing to assume the full risk of underwriting a big mortgage with the idea of later syndicating pieces to other lenders.But with banks,...



Operating Advisors Prep for Deluge

Fri, 03 Apr 2020
Operating advisors on commercial MBS transactions will soon have a lot more work to do.New York-based Park Bridge Financial and Pentalpha Surveillance of Greenwich, Conn., which have long dominated the small field of operating advisors, will bear most of the responsibility for reviewing a mountain of troubled loans being transferred to special servicers amid fallout from the coronavirus outbreak.Since 2018, either Park Bridge or Pentalpha has...



CMBS Credit Gauges Mixed

Fri, 03 Apr 2020
Delinquencies in commercial MBS continued to show improvement last month — a last bit of good news ahead of expected pandemic-related losses — while special-servicing activity ticked up.The percentage of securitized loans running behind on payments dipped another 4 bp to 1.31% in March, according to Fitch, which expects that number to grow in the coming months.Trepp, meanwhile, reported that the special-servicing rate rose 9 bp to...



Law Firms Setting Up Crisis Units

Fri, 03 Apr 2020
Law firms advising commercial real estate lenders and borrowers are scrambling to make sense of the torrent of government edicts and emergency regulations aimed at containing the damage from the coronavirus pandemic.A number of firms have formed rapid-response units to address the often-contradictory messages coming from federal and state agencies, as well as the unprecedented legal issues raised by the mandatory shutdown of most office and...



Invesco Lends On LA-Area Rentals

Fri, 03 Apr 2020
Invesco Real Estate has originated a $113.4 million bridge loan on a new five-story apartment complex in suburban Los Angeles.The Dallas investment manager funded $92 million of the floating-rate loan at the closing on March 26, even as many other lenders have delayed or canceled a slew of pending deals due to the coronavirus crisis. The debt package includes a $20 million future-funding component that may be tapped as certain performance...



Moody's Foresees "Retail Debacle'

Fri, 03 Apr 2020
Moody’s Analytics predicts the performance of retail properties will deteriorate sharply in the months ahead, an ominous outlook for commercial MBS and commercial real estate CLOs with heavy exposure to the sector.In a “protracted-slump scenario,” Moody’s analysts Victor Calanog and Thomas LaSalvia see the vacancy rate among neighborhood shopping centers rising to record levels — to 14.6% next year from 10.2% in...



SunTrust Closes Va. Office Loan

Fri, 03 Apr 2020
SunTrust has originated a $75 million loan on a well-leased office property in Northern Virginia.The mortgage is backed by a 179,000-square-foot building at 2311 Wilson Boulevard in Arlington. The floating-rate debt, with a total term of seven years, was closed last week for Carr Properties, which completed the building in 2018. Eastdil Secured advised Carr on the financing.Washington-based Carr broke ground on the property in 2016 after lining...



The Grapevine

Fri, 03 Apr 2020
Barings has hired two senior executives in Southern California to lead originations of loans on commercial properties. Jack Cheng and Akbar Tajani started this week in the investment manager’s El Segundo office. Both are managing directors reporting to Dan Hartley, a managing director who heads mortgage originations in the U.S. Cheng moved over from Eastdil Secured, where he spent 15 years, most recently as a senior vice president. Tajani...



The Grapevine

Fri, 03 Apr 2020
Industry veteran Billy Jacobs has stepped down as chief executive of Lionheart Strategic Management, a mezzanine-lending affiliate of New York-based Fisher Brothers. Jacobs left Wednesday on good terms to form a commercial real estate investment firm that will target debt on transitional properties, with an emphasis on pursuing opportunities to recapitalize and restructure assets. The startup will buy and write loans, while also investing in...



The Grapevine

Fri, 03 Apr 2020
B6 Real Estate has added a capital-markets team focused on debt and equity placement. The New York brokerage last month hired Trisha Connolly as a senior managing director in its capital-advisory division. She joined from Chicago brokerage Alpha Capital CRE, where she had been a managing director since 2016. She had prior stints at Cushman & Wakefield and GGP. Joining Connolly from Alpha are associates Lynn Marcello and Nicole Schmidt. All three...



The Grapevine

Fri, 03 Apr 2020
Northmarq has brought on an industry veteran as a managing director in Atlanta to help place debt and equity for multi-family owners. Faron Thompson, who started this week, reports to executive vice president Jeff Erxleben. Thompson previously was an international managing director at JLL, where he worked for nine years. Before that, he was co-founder of Primary Capital of Atlanta and worked at now-defunct HomeBanc Mortgage, also of...



The Grapevine

Fri, 03 Apr 2020
Invesco Real Estate has added two staffers in Los Angeles to work on bridge-loan originations. Justin Chausse, who spent the last seven years at Starwood Property of Greenwich, Conn., joined the Dallas-based investment manager on Monday as a senior director. Reporting to managing director Charlie Rose, Chausse will originate loans in Southern California and the Mountain States. Steve Chung joined Invesco on March 23 to focus on debt investments...



The Grapevine

Fri, 03 Apr 2020
Vice president Will Berger left the New York headquarters of Seven Valleys last week. He worked at the firm since 2017, reporting to managing director Byron LaMotte. Berger was responsible for debt originations and asset management nationwide, and also worked on equity deals in Boston and Los Angeles. His plans are unknown. Berger previously spent nearly four years at Resource Real Estate of Philadelphia and about a year-and-a-half at Rockwood...



CMBS Pros Hopeful Fire Sales Won't Spread

Fri, 27 Mar 2020
Weeks of pandemic-driven market turmoil led to distress sales of commercial mortgage securities in recent days, stirring fears of a downward spiral in values — but market pros saw some positive signs by midweek.A wave of bid-list offerings that rolled through the secondary market amid weak demand resulted in sharp discounts on bonds that traded early this week. Market pros said margin calls by bank lenders and redemptions by hedge-fund...



Crisis Compels Banks to Hold CMBS Loan

Fri, 27 Mar 2020
The shutdown of the commercial MBS market has forced Morgan Stanley and Goldman Sachs to park a $550 million CMBS loan on their balance sheets.The 10-year mortgage, on the 2.5 million-square-foot City National Plaza office complex in Los Angeles, closed on Wednesday with a fixed-rate spread of 90-95 bp. It was originally destined for securitization, but the fallout from the coronavirus pandemic has halted new issuance.Eastdil Secured brokered the...



Work-at-Home Routine Tests Industry Pros

Fri, 27 Mar 2020
Sharing an “office” with kids and dogs. Rationing laptops and bandwidth. Dividing time between due-diligence reports and home-schooling.These are just some of the realities industry pros are dealing with as they adjust to the new normal of working from home for the foreseeable future. As the coronavirus pandemic forces millions of people to stay home, lenders, servicers, bankers and investors accustomed to private offices and secure...



Quick Fed Action Seen as Critical

Fri, 27 Mar 2020
Commercial MBS pros say the Federal Reserve needs to act quickly if it wants to avoid a prolonged market shutdown.After the Fed announced on Monday that it was reprising a financial-crisis program to stimulate demand for asset-backed securities, trade groups including the CRE Finance Council, Structured Finance Association and Mortgage Bankers Association began lobbying the central bank to expand the program to include CMBS. As currently...



Stalled Market Frustrates CMBS Shops

Fri, 27 Mar 2020
Commercial MBS issuers are struggling to figure out what to do with warehoused loans, after shelving a number of planned offerings as new-issue spreads blew out to financial-crisis levels.Prior to the widespread financial-market turmoil caused by the spread of the coronavirus over the last few weeks, CMBS issuers were poised this month to float up to nine conduit offerings totaling $9 billion and at least five single-borrower issues backed by...



Vornado Seeks Loan on NY Offices

Fri, 27 Mar 2020
Vornado Realty has been talking to lenders about refinancing one of its office properties in the Penn Plaza district of Manhattan.The New York REIT is seeking a mortgage of up to $550 million on the 1.2 million-square-foot property at 11 Penn Plaza, across Seventh Avenue from Penn Station. As it often does, Vornado is soliciting proposals for a variety of debt packages, including fixed- and floating rate loans running for 5-10 years, with...



Loan-Syndication Shop Ramping Up

Fri, 27 Mar 2020
The operator of an online marketplace that helps mid-size lenders syndicate commercial mortgages is gearing up for increased activity amid the current market disruption.Metechi, a New York firm founded two years ago, plans to add four seasoned sales pros to pursue new clients. Its latest hire was commercial MBS veteran Annelise Osborne, who came aboard March 10 as head of strategy. The former Moody’s staffer reports to chief executive Zohar...



Firm Aims to Link Lenders, Backers

Fri, 27 Mar 2020
As access to liquidity becomes more difficult, a matchmaker that previously focused on specialty finance is turning its attention to the commercial real estate market.Finitive, which uses a web-based system to connect loan originators with hundreds of institutional investors, has already dabbled in the sector. In recent months, it set up a $200 million warehouse line for an unidentified commercial-mortgage lender.It’s currently focusing...



CBRE Backs Santa Fe Rental Project

Fri, 27 Mar 2020
CBRE Capital Markets has originated $49.7 million of long-term debt to finance a multi-family construction project in Santa Fe, N.M.CBRE’s agency-lending arm closed on the HUD loan about a week ago for Storm River, a local developer. The financing package is structured as a construction/permanent loan with a term of 40 years. It requires no principal payments during the construction phase, then fully amortizes over the remaining term....



Insurer Lending Increased 3% in 2019

Fri, 27 Mar 2020
The top 30 U.S. insurance-company lenders originated a record $78.7 billion in 2019, a 3% year-over-year increase for the group, according to an annual review by Commercial Mortgage Alert.Northwestern Mutual took the top spot in the rankings, closing $6.7 billion of mortgages, up 22%. It jumped from fifth place, while Prudential moved to second from sixth with an 51% increase, to $6.6 billion. TIAA, No. 1 the previous two years, dropped to sixth...



Key Lends on Apartment Portfolio

Fri, 27 Mar 2020
KeyBank has originated $88.1 million of agency debt on three apartment properties.The bank closed on three Freddie Mac loans in late February for Peak Capital, a Provo, Utah, multi-family investment shop. The fixed-rate mortgages each have a term of 10 years, with no amortization during the first five years. After that, they amortize on a 30-year schedule.The collateral properties are:The 219-unit Foothills Park Apartments, at 9855 West 59th...



The Grapevine

Fri, 27 Mar 2020
Apollo Global has hired a head of asset management in its commercial real estate debt group. Daniel Ho started this week in New York as a managing director, reporting to senior partner Scott Weiner, who is global head of Apollo’s real estate debt platform. Ho joined from Morgan Stanley, where he was an executive director and global head of asset management in the bank’s commercial real estate lending practice. He had prior stints at...



The Grapevine

Fri, 27 Mar 2020
Asia Capital Real Estate has hired Lee Metz as head of investor relations and business development to help raise equity for its debut debt fund. Metz started last month as a director at the New York multi-family shop. She reports to co-founders Les Menkes and Michael Van Der Poel. Metz previously was a managing director at hedge fund operator EJF Capital of Arlington, Va. In addition to Metz, Asia Capital this month added Kimberly Mhanna as a...



The Grapevine

Fri, 27 Mar 2020
JLL has added a director in North Carolina. Justin Johnson, who started last week, is working in the brokerage’s Charlotte office, with a coverage area that also includes Raleigh. Johnson will help clients line up debt on a range of property types. He reports to senior managing director Travis Anderson. Johnson moved to JLL from Bank of America, where he spent nearly a decade, most recently as a vice...



The Grapevine

Fri, 27 Mar 2020
Hunt Real Estate Capital of New York has hired a director in its Dallas office. Brian Adams started a couple of weeks ago with a focus on originating Fannie Mae and Freddie Mac mortgages on apartment properties across the U.S. He reports to director Charlie Cole. Adams previously was a first vice president at Marcus & Millichap, where he specialized in lining up debt and equity for the brokerage’s multi-family clients. He also has worked at...



The Grapevine

Fri, 27 Mar 2020
Sales specialist David Cantor is no longer working at broker-dealer Performance Trust, where he placed commercial MBS and other structured products. The circumstances of his departure are unknown. Cantor joined Performance Trust in 2016 and most recently worked in the firm’s New York office. He previously spent 14 years at Credit Suisse in a similar capacity and, before that, worked at Greenwich Capital and Donaldson, Lufkin &...



The Grapevine

Fri, 27 Mar 2020
Securitization-technology pro Frank Deutschmann joined data company T-Rex a few weeks ago as product manager. He is based in New York. Deutschmann most recently was chief technology officer at Simpl, a Mumbai-based company that bills customers on behalf of small merchants. He previously led business development at data-analytics company DV01, developed structured-product technology at FSI Capital and Fortis Investments, and worked in...



The Grapevine

Fri, 27 Mar 2020
Meanwhile, T-Rex is rolling out a product that could help CMBS issuers and underwriters cope with the coronavirus crisis once deals start flowing again. The offering, dubbed T-REX 3D — for “digital due diligence” — allows bankers to pitch deals to investors online, while sharing detailed information about capital structure and performance data for the collateral...



Banks, Insurers Keep Lending, But Cautiously

Fri, 20 Mar 2020
With financial markets in turmoil and interest rates fluctuating, can a property owner still get a commercial mortgage?The answer, for the moment, is “maybe.”Banks and insurers are still originating loans — albeit at lower leverage and with higher spreads than just a few weeks ago, and mostly limited to top sponsors, properties and markets. But commercial MBS lending is largely frozen. Mortgage REITs have been battered by...



Issuance Stops, CMBS Lenders Pulling Back

Fri, 20 Mar 2020
Issuance of private-label commercial mortgage-backed securities came to a halt and secondary-market spreads blew out this week, as the economic effects of the coronavirus pandemic worsened.Cantor Fitzgerald made a stab at marketing an $857.7 million conduit offering backed by loans from its CCRE affiliate, as well as KeyBank, Societe Generale, Starwood Mortgage and Deutsche Bank (CF 2020-C4). But after holding investor meetings, the bookrunners...



CMBS Servicers Prep for Hotel-Loan Defaults

Fri, 20 Mar 2020
Commercial MBS servicers are girding for a slew of missed payments on securitized loans backed by U.S. hotels, which have seen cashflows plummet or disappear this month.Amid increasing restrictions on travel and public gatherings to limit the spread of coronavirus, some hotels have shuttered while others are nearly vacant. That means large numbers of owners won’t be able to make loan payments for the next month or two — and possibly...



Fannie, Freddie Adapt to Turmoil

Fri, 20 Mar 2020
Originations of multi-family agency loans are on a record-setting pace this year, but probably not for long.In a recent three-week period, Freddie Mac absorbed a whopping $25 billion of apartment debt, agency officials have told market pros, and Fannie Mae has been buying loans at a similarly elevated rate. But the extreme turmoil in the mortgage-bond market, where Fannie and Freddie derive much of their funding, coupled with logistical...



CMBX Index Reflects Growing Fear

Fri, 20 Mar 2020
Spreads on commercial MBS derivatives blew out again this week, as investors on both sides of those trades grew increasingly worried that a prolonged economic downturn could depress the commercial-mortgage market.As financial-market turmoil escalated amid the deepening public-health crisis, a spread-widening trend that got underway late last month accelerated among all classes of credit-default swaps tracked by the last eight series of IHS...



Fund Shop Preps High-Yield Vehicle

Fri, 20 Mar 2020
An investment manager is seeking $200 million of equity for what would be its largest high-yield lending vehicle.RRA Capital of Phoenix has begun marketing RRA Real Estate Debt Fund 2 on the heels of last month’s announcement that it had final closes on its first two funds with nearly $70 million of equity combined. With leverage, the planned vehicle would originate some $450 million of loans. RRA isn’t using a placement agent.The...



NY Life Lends on CalSTRS Portfolio

Fri, 20 Mar 2020
New York Life has originated about $992 million of debt for California State Teachers on a huge portfolio of office, industrial and multi-family properties in markets across the country.The fixed-rate mortgage has a term of 10 years. It’s backed by 17 properties totaling some 7 million square feet. JLL advised CalSTRS on the financing, which closed last week.The pension plan owns the properties via an advisory relationship with Los...



Hotel-Backed CMBS Under Scrutiny

Fri, 20 Mar 2020
Rating agencies are closely monitoring the sinking fortunes of hotels that back commercial MBS loans, but don’t anticipate any quick moves to downgrade bonds.While the coronavirus crisis and resulting suspensions of travel and conferences have taken an immediate toll on hotel revenues, the agencies will take a longer view before imposing downgrades.“We are not planning any mass downgrades at this very early stage in the crisis,”...



Apollo, CIM Finance Chicago Tower

Fri, 20 Mar 2020
Apollo Global and CIM Group have emerged as the lenders on a $256 million debt package to refinance the landmark Chicago Board of Trade Building.Apollo originated a $198 million senior mortgage on the 1.3 million-square-foot property, in Chicago’s Central Loop. CIM, a New York investment shop, provided a $58 million mezzanine loan.JLL arranged the floating-rate debt for a joint venture between Oaktree Capital of Los Angeles and local...



LPs Slow Pledges to Debt Vehicles

Fri, 20 Mar 2020
Demand for high-yield-debt funds appears to have softened in the past year.The amount of equity raised by active closed-end vehicles is down for the first time since 2013, according to an annual review of high-yield real estate funds by sister publication Real Estate Alert. Of the 533 funds identified by the survey, 74 invest primarily in debt — the most ever. But the number of fund operators in the market dropped to 65, from a record 70...



The Grapevine

Fri, 20 Mar 2020
Douglas P. Harmon has parted ways with high-yield debt fund operator Arden Group. His plans are unknown. Harmon, a managing director, joined the Philadelphia firm in 2016 following stints at A10 Capital, RBS, KeyBank and Merrill Lynch. At Arden, he worked on a $153 million vehicle called Arden Credit Fund, which held a final close last year and is nearly fully invested. His duties have been assumed temporarily by senior vice president Matt...



The Grapevine

Fri, 20 Mar 2020
The market disruption has prompted distressed-debt buyer Spring Hill Capital to start investing again. The New York firm, which last purchased a commercial mortgage in 2014, hasn’t bought anything since due to a lack of distressed opportunities. It began winding down a roughly $500 million portfolio of commercial real estate debt and securities in 2016, selling the last of those assets a few weeks ago. Founded in 2008 by former Lehman...



The Grapevine

Fri, 20 Mar 2020
Barrie Bloom joined Macquarie this month as a managing director based in Chicago. She is focused on debt, preferred equity and equity investments across all property types for the bank’s balance sheet. Bloom previously was a senior vice president at Chicago-based GEM Realty Capital, where she spent the last seven years. Before that, she was a vice president at fund manager...



The Grapevine

Fri, 20 Mar 2020
Ten-X is looking to hire a seasoned capital-markets sales pro to originate listings for its online auctions of commercial real estate debt and properties, including foreclosed assets and those in receivership. Reporting to sales chief Joseph Cuomo, the recruit could be based in the firm’s Irvine, Calif., headquarters or its offices in Miami or New York. Working remotely also could be an option. The job requires at least seven years of...



The Grapevine

Fri, 20 Mar 2020
Sidley Austin has added an associate to its commercial-mortgage securitization team. Dennis Grabowski arrived in recent weeks from Simpson Thacher, where he had worked since 2017. He started his career at Cadwalader Wickersham.



The Grapevine

Fri, 20 Mar 2020
As state and local governments consider lockdowns to fight the spread of the coronavirus, the CRE Finance Council is weighing whether to cancel its annual conference, scheduled for June 8-10 at the New York Marriott Marquis. Executive director Lisa Pendergast said uncertainty about the pandemic is “causing us to evaluate whether we are able to host the event.” The conference draws about 1,200 people each year. Although attendance...



The Grapevine

Fri, 20 Mar 2020
Walker & Dunlop is looking to hire two analysts or senior analysts for its growing New York office. Candidates should have 1-4 year of capital-markets experience. The recruits would report to managing director Michael Diazand director Sean Bastian. Emailinfo@walkerdunlop.com for more details. The new positions would be part of a team led by senior managing directors Aaron Appel, Keith Kurland, Adam Schwartz and Jonathan Schwartz. They joined the...



Market Disruption Causes Lending to Stall

Fri, 13 Mar 2020
The coronavirus crisis has prompted many commercial real estate lenders to press the “pause” button.While some financing pros say they continue to bid on and close new mortgages, others say they are hesitant to make commitments while global financial markets are in turmoil.“You’d be somewhat irresponsible if you were out bidding on loans this week,” said one commercial-mortgage banker.Lenders of all stripes are...



CMBS Spreads Balloon; Some Deals Struggle

Fri, 13 Mar 2020
Commercial MBS spreads blew out this week as concerns over coronavirus battered global markets, but dealers pressed ahead and priced one conduit and one single-borrower deal.Two other single-borrower deals tied to hotels faltered amid expectations that sector will be hard-hit by travel restrictions and event cancellations.An $828.9 million multi-borrower offering from 3650 REIT and Credit Suisse priced Wednesday with the long-term super-senior...



Waterfall Wins Bridge-Loan Portfolio Auction

Fri, 13 Mar 2020
Waterfall Asset Management has agreed to pay a slight premium for a large portfolio of performing bridge loans that Bancorp Bank started shopping late last year.The New York investment manager had yet to close on its purchase as of this week, after submitting the winning bid of around 100.79 cents on the dollar last month. The portfolio encompasses more than $800 million of floating-rate debt backed mostly by multi-family properties across the...



Kuwaiti Bank Lending on NY Hotel

Fri, 13 Mar 2020
National Bank of Kuwait has agreed to provide about $225 million of debt on a high-end hotel in Midtown Manhattan.The mortgage would be backed by the 685-room InterContinental New York Barclay, at 111 East 48th Street. The luxury property is owned by a joint venture between Constellation Hotels and InterContinental Hotels. The leverage would be about 50%, indicating a valuation in the neighborhood of $450 million.London-based InterContinental...



ING Syndicates Loan on NY Offices

Fri, 13 Mar 2020
Four other banks have joined ING Real Estate Finance on the refinancing of an office building in Lower Manhattan.Around yearend, ING originated a $370 million mortgage on the 1.2 million-square-foot property, at 180 Maiden Lane, for a joint venture between Clarion Partners and MHP Real Estate Services. In the past few weeks, ING syndicated pieces of the debt package to Bank of Ireland, Munchener Hypothekenbank, Societe Generale and TD Bank.The...



CRE CLO Issuers Hitting the Brakes

Fri, 13 Mar 2020
Look for issuers of commercial real estate CLOs to follow the lead of DoubleLine Capital, which shelved an offering this week in the face of surging volatility.The Los Angeles asset manager had planned to hit the market Monday with a $521 million deal led by Goldman Sachs (GACM 2020-FL2). But it pulled back as investors reacted to growing fears that the coronavirus outbreak could wallop the global economy.A half-dozen other CLO shops with deals...



Coronavirus Cited in Deal Documents

Fri, 13 Mar 2020
Risk disclosures about the potential impact of the coronavirus have begun to show up in commercial MBS documents.The first prospectus specifically to address the outbreak is for a stand-alone offering backed by a large loan on two hotels — the property type most vulnerable to a drop in revenue due to coronavirus fears. The $2 billion deal, which hit the market late last week, would securitize a portion of a $3 billion mortgage that financed...



Apollo Finances NY Office Purchase

Fri, 13 Mar 2020
Apollo Global has originated $133 million of debt for the acquisition of a Lower Manhattan office building.The mortgage to Dallas investment shop Gaedeke Group closed his week. Gaedeke used the proceeds to finance its $200 million purchase of the 354,000-square-foot property at 44 Wall Street.The fixed-rate financing, with a 10-year term, was lined up for Gaedeke by Estreich & Co. The seller, Blackstone’s EQ Office unit, was advised by...



Rating Agency Adding Analysts

Fri, 13 Mar 2020
DBRS Morningstar plans to expand its team of rating analysts covering commercial-mortgage securitizations now that the SEC has signed off on a new methodology for grading single-borrower deals.After Morningstar completed its purchase of DBRS last July, the combined operation adopted DBRS’ approach to rating conduit offerings and commercial real estate CLOs. But in November, DBRS Morningstar said it would use a blended methodology for...



Dwight Inks Loan on Vegas Rentals

Fri, 13 Mar 2020
Dwight Capital has originated a $75 million Ginnie Mae loan to refinance an apartment property in Las Vegas.The mortgage is backed by Copper Creek Apartments, a 608-unit complex about 8 miles south of downtown Las Vegas. The borrower is local investor Signature Management.The fixed-rate loan, which closed about two weeks ago, fully amortizes over its 35-year term. Signature received a 25-bp reduction in the loan spread because the property...



Mesa West Backs Calif. Office Buyer

Fri, 13 Mar 2020
Mesa West Capital has originated roughly $180 million of debt to help finance the purchase of a Silicon Valley office complex.The floating-rate loan closed within the last couple of weeks, in conjunction with the acquisition of the 445,000-square-foot Santa Clara Towers. The borrower is a joint venture between Hines and Oaktree Capital. The team bought the two-building complex from Shorenstein Properties for $195 million.While specifics of the...



KeyBank Writes Denver Rental Loan

Fri, 13 Mar 2020
KeyBank has originated a $76.6 million Fannie Mae mortgage on a Denver apartment complex.The fixed-rate loan, which closed in the last two weeks, has interest-only payments and a 10-year term. The borrower is Maxx Properties, a multi-family investment shop in Harrison, N.Y.The 411-unit property is at 300 East 17th Avenue, a few blocks from Denver’s Central Business District. Rents start at $1,365 for studio apartments and range up to $2,565...



The Grapevine

Fri, 13 Mar 2020
Industry veteran Mark Silverstein has joined Arbor Realty as an executive vice president in Manhattan. He started March 4 at the Uniondale, N.Y., mortgage REIT, reporting to chief executive Ivan Kaufman. Silverstein will focus on originations of nonagency mortgages, spearhead the syndication of senior bridge loans and oversee distribution of junior debt. He moved over from the New York office of Pacific Western Bank, where he was a managing...



The Grapevine

Fri, 13 Mar 2020
Securitization pro Tom Dial is joining the New York office of MountainView Financial, where he will evaluate commercial and residential MBS, as well as whole loans. Dial starts work on Monday as a senior vice president, arriving from Duff & Phelps, where he focused mostly on CMBS. He previously oversaw a portfolio of structured products at Dexia Bank. His prior employers include GSC Group, CIBC and Bear Stearns. MountainView, a Denver-based unit...



The Grapevine

Fri, 13 Mar 2020
Post Road Group has added a director to focus on real estate credit. Patrick Monaghan joined the firm’s Stamford, Conn., headquarters last month with a focus on loan originations. He reports to partner Jason Carney. Post Road originates bridge and mezzanine loans and provides preferred equity across property types nationwide. Monaghan spent the past five years at Terra Capital of New York. He earlier worked at H/2 Capital of Stamford and...



The Grapevine

Fri, 13 Mar 2020
B6 Real Estate hired Dylan Kane last month as a managing director on its capital-advisory team. Kane is tasked with lining up debt and equity for clients of the New York brokerage, with a focus on the Midtown East and Upper East Side neighborhoods. He is on the team led by partner and senior managing director Steven Sperandio. Kane previously was a director on the New York debt team at Newmark, and before that was part of the real estate...



The Grapevine

Fri, 13 Mar 2020
JLL has added a director in Seattle to help line up debt for commercial-property owners. Alanna Ellis, who started last week, joined from IPG Investments. At JLL, she’ll focus on financing healthcare, senior-housing and hotel properties, reporting to senior managing director Tom Wilson, who leads the Seattle office’s debt-placement practice.



The Grapevine

Fri, 13 Mar 2020
Todd Anderson joined New York law firm Michelman & Robinson last week as a partner. The veteran attorney has advised banks, funds, REITs, non-U.S. investors and others on the tax aspects of structured-finance transactions. He previously ran his own law firm for about four years. Before that, he spent 11 years at Dentons as a senior capital-markets tax...



The Grapevine

Fri, 13 Mar 2020
Allstate Investments has let go structured-product portfolio manager Kelly Bivens, who traded CMBS for more than 15 years. Bivens, whose last day was March 1, oversaw investments in asset-backed securities and commercial and residential mortgage bonds for the insurer. Allstate eliminated his position after determining that structured products no longer fit in with its overall investment strategy. Until recently, Bivens’ portfolio...



The Grapevine

Fri, 13 Mar 2020
KKR has agreed to buy the controlling class of a CMBS offering, led by Wells Fargo and Barclays, that’s expected to hit the market in the next couple of weeks (WFCM 2020-C56). The conduit deal will mark the fourth B-piece investment of the year for KKR, which was the second most-active buyer of first-loss notes last year..END



Large Loan Sought on One Manhattan West

Fri, 06 Mar 2020
A Brookfield partnership wants to borrow $1.5 billion to refinance its recently completed One Manhattan West skyscraper.The investment manager is soliciting proposals for a fixed-rate mortgage, with a term of 7-10 years, from a variety of lenders including banks, insurance companies and commercial MBS platforms. Sources said the deal would value the 2.1 million-square-foot property at roughly $2.4 billion.Brookfield and its partner, Qatar...



CMBS Prices Decline But Demand Holds Up

Fri, 06 Mar 2020
Spreads on conduit offerings widened this week, but in relatively orderly fashion amid ongoing disruption in global financial markets.Commercial MBS pros said investor demand remained strong and deals were getting done despite gyrations in the stock market and an unprecedented drop in 10-year Treasury yields. Most expected gradual widening to continue next week, unless news about the coronavirus outbreak turns significantly worse.The benchmark...



CIBC Cuts 12 CMBS Executives, Shutters Unit

Fri, 06 Mar 2020
CIBC has shut down its U.S. commercial MBS group.The Toronto bank abruptly laid off eight professionals from the roughly 20-member conduit team on Monday and informed four others they will be let go within six months.Another six were re-assigned to work on commercial mortgages that CIBC originates or invests in for its own balance sheet. Insiders said that business, which the bank will continue to operate, accounts for at least $3 billion of...



Loan Eyed for Class-A Queens Offices

Fri, 06 Mar 2020
An Atlas Capital partnership is seeking a $300 million mortgage on a redeveloped office property in Queens, N.Y.The loan would be backed by The Factory, a 1.1 million-square-foot former warehouse converted into Class-A offices along with retail space. New York-based Atlas and its partners — Invesco Real Estate and Partners Group — are shopping for a loan with either a fixed or floating rate and a term of at least five years. Newmark...



Lenders Unite on NY Office Project

Fri, 06 Mar 2020
Four other banks are poised to join Wells Fargo in backing SL Green Realty’s planned redevelopment of a landmark office building in Manhattan’s Flatiron District.As previously reported, Wells is expected to serve as administrative agent for a debt package totaling about $1.3 billion on One Madison Avenue, a 14-story office building overlooking Madison Square Park that MetLife built in 1909. Now comes word that the lead lending group...



Acquisition Loan Sought on 7 Hotels

Fri, 06 Mar 2020
The buyer of seven boutique hotels is looking to line up $360 million of financing.Australian investment manager iProsperity has agreed to buy the 1,124-room portfolio from Xenia Hotels & Resorts of Orlando for about $585 million, and is asking lenders for quotes on a five-year, floating-rate debt package. Newmark is advising on the financing as well as brokering the sale.The properties are Kimpton hotels scattered across the country. Xenia...



PGIM Writes Loan on Atlanta Hotel

Fri, 06 Mar 2020
PGIM Real Estate Finance has originated a $66 million mortgage on an upscale hotel in Atlanta.The 10-year, fixed-rate loan is backed by the Loews Atlanta Hotel, a 414-room property at 1065 Peachtree Street NE, in the Midtown neighborhood. PGIM closed on the financing package about a week ago for a joint venture between Loews Hotels & Resorts of New York and an investor advised by MetLife Investment.The hotel is on the lower 11 floors of a...



Rule May Curb Lending Amid Turmoil

Fri, 06 Mar 2020
A new accounting standard designed to smooth out the impact of downturns may actually force banks and other institutions to cut back on lending in response to the recent plunge in financial markets.The Current Expected Credit Losses methodology, adopted by the Financial Accounting Standards Board in 2016, took effect Jan. 1 for banks, insurers, REITs, funds and other entities that are subject to SEC reporting requirements. It requires them to set...



Invesco Writes Floater on Warehouses

Fri, 06 Mar 2020
Invesco Real Estate has provided a $206 million loan to refinance a portfolio of industrial properties that KKR acquired over the past two years.The debt is backed by 2.9 million square feet of warehouses and distribution facilities in Texas, Florida and California. The floating-rate loan has a three-year term and a pair of one-year extension options.Dallas-based Invesco closed the financing last week. CBRE advised KKR.The New York fund shop used...



ArrowMark Accelerates Originations

Fri, 06 Mar 2020
A bridge-lending program that investment manager ArrowMark Partners launched less than a year ago is growing faster than expected.After writing some $200 million of loans on transitional properties over the last eight months, the Denver firm anticipates another $300 million to $400 million of originations by yearend. ArrowMark ultimately aims to manage a bridge-loan portfolio totaling more than $1 billion.Real estate chief Robert Brown, who heads...



Distressed-Loan Rates Dip Further

Fri, 06 Mar 2020
Two key indicators of credit quality for securitized commercial mortgages continued to strengthen last month, but at a more-gradual rate.The percentage of past-due loans in commercial MBS deals rated by Fitch dipped 2 bp to 1.35%. That was the most-incremental improvement in Fitch’s delinquent-loan index since June 2019. Last year, the index fell by an average of a little more than 6 bp per month.The percentage of CMBS loans in the hands of...



The Grapevine

Fri, 06 Mar 2020
Eastdil Secured has hired another loan broker. Sam Supple, who joined the firm as a director in Chicago last week, is running the Midwest debt practice, while also working with the national capital-markets team. He joined from Chicago fund shop Walton Street Capital. Supple is the second debt-placement pro Eastdil has added in the past month. As previously reported, the brokerage hired senior vice president Lee Redmond in Newport Beach, Calif. He...



The Grapevine

Fri, 06 Mar 2020
Structured-products salesman Michael Fahy left J.P. Morgan last week after 16 years at the bank. Fahy, an executive director in San Francisco, sold commercial MBS, commercial real estate CLOs, agency bonds backed by multi-family properties and CMBS loans, as well as a variety of asset-backed securities. Fahy started at J.P. Morgan directly out of college. He plans to take time off before returning to the...



The Grapevine

Fri, 06 Mar 2020
Andrew Flack joined Terra Capital of New York this week as head of underwriting. He reports to chief originations officer Dan Cooperman. Flack joined from New York-based Allegiant Real Estate Capital, where he was a managing director for three-plus years. Before that, he held the same title at FirstKey Lending, also of New York. Flack had prior stints at Macquarie and SRE Capital. Terra, founded in 2002, writes bridge and mezzanine loans on...



The Grapevine

Fri, 06 Mar 2020
Capital-advisory firm Eyzenberg & Co. has hired a director in its recently opened Miami office. Ronald Granite will help place debt and equity, as well as advise clients on structuring leasehold interests. He reports to founder David Eyzenberg, who oversees the New York firm’s South Florida outpost. Granite joined from IRC Retail Centers of Oak Brook, Ill., where he was a portfolio manager. He had prior stints at Rouse Properties and...



The Grapevine

Fri, 06 Mar 2020
CMBS pro Marc Dolfman is now a structured-products salesman at Baird, a Milwaukee-based wealth manager and broker-dealer. Dolfman joined Baird’s New York office about a month ago. The buy-side veteran had been taking a break from the industry since September, when he left his post as a CMBS portfolio manager at New York hedge fund giant Millennium Management. Dolfman’s resume also includes stints at TPG Real Estate Finance, BTG...



The Grapevine

Fri, 06 Mar 2020
Information Management Network still plans to host its second-annual commercial real estate CLO conference in New York next week, despite mounting concerns about the coronavirus outbreak. But IMN is asking any registrant who has traveled to China, Iran, South Korea or Italy in the last two weeks to send an alternate or sit out the event. Some 240 industry pros have signed up for the conference, scheduled for March 12 at the Marriott New York...



The Grapevine

Fri, 06 Mar 2020
BNY Mellon is looking to fill two slots in its commercial real estate lending operation in New York. The recruits would join a group that originates mortgages on behalf of private-banking clients. The team is led by Michael McGoldrick, a managing director and head of real estate finance for BNY Mellon Wealth Management. One of the recruits would fill a lead analyst position, while the other would come in as a senior lender. For more information,...



Lenders Backing Large Boston Development

Fri, 28 Feb 2020
HSBC and Helaba are assembling a group of lenders to provide about $825 million of construction debt for an office/residential skyscraper in downtown Boston.Goldman Sachs and United Overseas Bank of Singapore also are in the mix as co-underwriters, a source said, and discussions are underway with other banks that might participate in the closing.The development by Millennium Partners of New York, at 240 Devonshire Street, will be the...



Virus Concerns Pushing Out Conduit Spreads

Fri, 28 Feb 2020
Commercial MBS spreads are poised to widen sharply amid global volatility associated with the coronavirus.Dealers this week began marketing two conduit offerings with early “whisper” talk indicating the long-term, super-senior bonds could be marketed at 90-bp area over swaps, 8 bp wider than the pricing of the previous deal. Both were “all-bank” deals — floated by major dealers contributing most of the collateral...



Barings Puts Agency-Lending Unit in Play

Fri, 28 Feb 2020
Barings is looking to sell or recapitalize a business unit that originates mortgages for Fannie Mae and Freddie Mac.The investment-management arm of MassMutual is in talks with one or more parties about selling its Barings Multifamily Capital subsidiary or raising a substantial chunk of capital from an equity partner to expand the Plano, Texas, operation. A deal could be finalized in 60 days or so, sources said. Barings, headquartered in...



Pimco Vehicle Ramps Up Lending

Fri, 28 Feb 2020
After raising $1.25 billion of equity for its first commercial real estate lending vehicle, Pimco plans to expand the fund’s investment team as it prepares to originate another $2 billion of loans this year.The Newport Beach, Calif., investment manager held a final close late last month for Pimco Commercial Real Estate Debt Fund 1, which mainly writes large-balance bridge loans on transitional properties. With leverage, the vehicle has up...



Banks Set to Fund NY Office Loan

Fri, 28 Feb 2020
Three banks led by Wells Fargo have agreed to provide a UBS Realty partnership $510 million of floating-rate debt to refinance and upgrade a landmark office property in Lower Manhattan.The five-year loan, expected to close in a few weeks, would be backed by 120 Broadway, a 1.9 million-square-foot building that dates to 1915. Some $410 million of the balance would be funded upfront, with the remaining portion drawn down over time to cover...



Benefit Street Backs NY Condos

Fri, 28 Feb 2020
Benefit Street Partners has originated a $57.5 million bridge loan for the developers of a waterfront residential condominium complex in Queens, N.Y.The two-year, floating-rate loan is secured by the Allura Waterfront Residences, a 134-unit property completed late last year on a three-acre site on Flushing Bay, across the water from LaGuardia Airport. The loan-to-value ratio is 58%, which pegs the value of the property at $99 million.GCP Capital...



UBS Finances LA Office Development

Fri, 28 Feb 2020
UBS has provided $59.3 million of construction debt for a Los Angeles office project.A partnership between Meridian Group and Urban Offerings will use the loan to finance a 74,000-square-foot development in the Culver City submarket. The floating-rate mortgage, with a 10-year term, was closed and funded within the past two weeks. Dekel Capital advised the partnership on the financing.Meridian, a Bethesda, Md., value-added fund operator, and local...



Torchlight Returns as B-Piece Buyer

Fri, 28 Feb 2020
Torchlight Investors has committed to buy its first B-piece from a new commercial MBS issue in more than a year and a half.The New York investment manager will take down the most-junior bonds from an approximately $1.4 billion offering by Bank of America, Morgan Stanley, Wells Fargo and NCB that’s due to hit the market late next month (BANK 2020-BNK27).Torchlight’s last acquisition of a B-piece from a new conduit issue came in a...



CLO Issuer Gets Room to Maneuver

Fri, 28 Feb 2020
Arbor Realty’s latest commercial real estate CLO gives it an unusual degree of flexibility to manage the deal.The $800 million offering, which priced Feb. 21 (ARCLO 2020-FL1), borrows a page from Blackstone Mortgage by including a provision that allows Arbor to extend the life of the transaction by repricing the notes, rather than issue a new CLO. The Blackstone REIT pioneered that practice in a $1.5 billion deal that priced Jan. 31 —...



Mesa West Backs Buyer of LA Rentals

Fri, 28 Feb 2020
Mesa West Capital has provided $65 million of financing for the acquisition of a Los Angeles apartment complex.The Los Angeles fund operator closed the mortgage a couple of weeks ago in conjunction with the sale of the 169-unit Preston Miracle Mile. Sares Regis of Newport Beach, Calif., bought the property from an affiliate of Chicago-based Heitman for approximately $87 million. The floating-rate loan has a five-year term. CBRE advised the...



Kroll: Loan-Drop Rate Remains High

Fri, 28 Feb 2020
The percentage of loans dropped from the preliminary collateral pools of conduit deals dipped slightly last year, but remains elevated compared to earlier in the cycle, according to an analysis by Kroll.On average, transactions Kroll rated last year ended up 30.1% smaller than the initial balance of the pools that issuers submitted to the rating agency for feedback. That was down slightly from a peak of 32% the previous year — but far...



The Grapevine

Fri, 28 Feb 2020
Quinn Barton has joined Greystone as chief investment officer of a new unit charged with expanding the firm’s capital-markets activities and originating loans across more property types. Barton, who started Feb. 19 in Greystone’s New York headquarters, reports to Scott Chisholm, head of commercial and business development. Greystone’s primary focus has been the multi-family sector, where it writes loans both for agency...



The Grapevine

Fri, 28 Feb 2020
Industry veteran Constantine “Tino” Korologos joined capital-advisory firm Eyzenberg & Co. this month as a managing director in New York. He’ll help place debt and equity, as well as advise on structuring leasehold interests. He reports to founder DavidEyzenberg. For the past few years, Korologoshas been running his own advisory shop, Leonidas Partners of New York. Before that, he was a managing director at consulting firm...



The Grapevine

Fri, 28 Feb 2020
Ares Management has added a structured-finance pro to a team that invests in CMBS. Yanyan Shao arrived last week from Citigroup, where she had worked since 2016 structuring asset-backed securities. She previously worked at Moody’s.



The Grapevine

Fri, 28 Feb 2020
Ready Capital has hired analyst David Shabshis. He joined the New York firm in the last couple of weeks from Industrial and Commercial Bank of China, where he spent nearly three years as an analyst evaluating commercial real estate loan investments in the U.S. Ready’s lending activities include originating bridge and fixed-rate mortgages on a range of property...



The Grapevine

Fri, 28 Feb 2020
Salvatore Salzillo returned to San Diego-based Axos Bank this month to lead its New York office. His duties include expanding the bank’s real estate-finance platform. Salzillo previously had brief stints at Northeast Bank of Lewiston, Maine, Cross River Bank of Fort Lee, N.J., and Sandhills Bank of Myrtle Beach, S.C., preceded by a six-year run at Axos. Earlier on, he worked at New York hedge fund shop Marathon Asset Management and GE...



The Grapevine

Fri, 28 Feb 2020
High-yield fund manager Revere Capital is seeking an experienced marketer. Candidates should have 10-15 years of financial-services experience, with a minimum of seven years raising capital for a buy-side shop. The position can be based in Revere’s Dallas headquarters or in New York. The recruit would report to founder Clark Briner. Send resumes to...



The Grapevine

Fri, 28 Feb 2020
Investment manager ArrowMark Partners is looking to hire one or two staffers to help originate, underwrite and manage its bridge loans, mezzanine debt and other commercial real estate financings, including preferred- and structured-equity deals. The openings, in the firm’s Denver headquarters, call for 2-5 years of experience. Each recruit would come aboard as an associate or vice president, reporting to real estate chief Robert Brown. Send...



The Grapevine

Fri, 28 Feb 2020
The CRE Finance Council is looking to hire a director of marketing and communications for its New York office. The recruit should have at least 10 years of experience and a strong working knowledge of the commercial real estate finance industry, including key market players. Send resumes to hr@crefc.org.



Banks Set to Finance One Madison Project

Fri, 21 Feb 2020
SL Green Realty is talking to lenders about borrowing $1.3 billion to redevelop a landmark office property in Manhattan’s Flatiron District.Wells Fargo appears to be among a group of perhaps five banks that would finance a plan by the New York REIT to construct a glass tower atop One Madison Avenue, a 14-story office building overlooking Madison Square Park that MetLife built in 1909. Details about the structure and term of the debt package...



JMB Seeks Construction Loan for LA Offices

Fri, 21 Feb 2020
JMB Realty is in the market for a $650 million loan to back the development of a Los Angeles office tower.The Chicago firm has tapped Eastdil Secured to line up a floating-rate loan, likely with a term of 3-5 years. The debt would back construction of an 843,000-square-foot building in the Century City district, close to Beverly Hills. The cost is projected to be around $1.1 billion, putting the proposed leverage at roughly 60%.The loan request...



Sabal's CMBS Program Gaining Momentum

Fri, 21 Feb 2020
Sabal Capital has added five more staffers to its fast-growing commercial MBS team, whose debut conduit deal was in the market this week.The recruits, who joined the Irvine, Calif., lender within the last month, included three industry veterans who signed on as managing directors: David Garcia, Barry Gersten and Peter Lewicki. The other new arrivals were underwriter Michael Castelli and underwriting analyst Hussain Syed.Sabal is slated to price...



Ratings Reform Back on SEC's Radar

Fri, 21 Feb 2020
Market pros and industry groups are carefully monitoring a move by the SEC to revisit the issue of “ratings shopping.”The Structured Finance Association is forming a task force to provide industry input to an SEC advisory group that’s examining potential conflicts of interest in the credit-rating industry. The SFA expects the topic to be a hot one next week at its “SFVegas 2020” annual conference in Las Vegas, where...



MetLife Finances LA Office Trade

Fri, 21 Feb 2020
MetLife Investment Management has written a $163.5 million fixed-rate loan to finance Rockpoint Group’s acquisition of a Los Angeles office tower.The 10-year mortgage is backed by 5900 Wilshire Boulevard, a 452,000-square-foot building in the “Miracle Mile” neighborhood. Rockpoint, a Boston fund shop, agreed in September to buy the property from a PGIM Real Estate partnership for just over $310 million, or roughly $690/sf,...



Loan Sought for Va. Rental Project

Fri, 21 Feb 2020
JBG Smith is in talks with lenders about obtaining $259 million of construction debt for a large multi-family project in Arlington, Va.The Chevy Chase, Md., REIT plans to build two apartment high-rises totaling 794 units in the Crystal City section, a few blocks from Amazon’s planned “HQ2” office campus. The project cost is estimated at nearly $400 million, pegging the leverage on the construction loan at about 65%. Eastdil...



Sound Point Joins CRE CLO Parade

Fri, 21 Feb 2020
Add Sound Point Capital to the roster of bridge lenders set to issue commercial real estate CLOs in the coming weeks.It will be the first such deal for Sound Point, which has long been an active issuer of CLOs backed by corporate debt. In the past few years, the New York firm has been building a real estate-lending operation with an eye toward tapping the rapidly expanding market for CRE CLOs.Sound Point is expected to begin marketing its debut...



SocGen Backs Recap of SF Rentals

Fri, 21 Feb 2020
A Maximus Real Estate partnership has lined up $210 million of fixed-rate debt from Societe Generale to finance the recapitalization of a waterfront apartment complex near San Francisco.The five-year, interest-only mortgage on the 284-unit property — Cove at Tiburon, in Tiburon, Calif. — closed about two weeks ago. Some proceeds were used to pay off $144 million of floating-rate debt, also with a five-year term, that Natixis...



Calmwater Maps Marketing Campaign

Fri, 21 Feb 2020
Calmwater Capital plans to raise $650 million of equity for what would be its largest high-yield lending fund.The Los Angeles manager has had preliminary discussions with investors about Calmwater Real Estate Credit Fund 4. The vehicle, whose formal marketing campaign will launch in the next few months, would target a 10-12% return by writing senior and mezzanine loans on properties across the country.With limited leverage and recycled capital,...



Acore Refis Zuckerberg Charity's HQ

Fri, 21 Feb 2020
Acore Capital has originated an $87 million loan to refinance a new office building in California’s Silicon Valley that’s almost fully occupied by a philanthropic group tied to Facebook chief executive Mark Zuckerberg.The 116,000-square-foot building, at 2075 Broadway in Redwood City, was completed last year. The fixed-rate loan to developer Lane Partners of Menlo Park, Calif., has a 10-year term. It was fully funded at the closing on...



Bridge Lender in Hiring Mode

Fri, 21 Feb 2020
Bridge lender Red Oak Capital plans to hire a half-dozen loan originators as it prepares to lock in an initial round of investor commitments to its latest debt fund.The Grand Rapids, Mich., firm, which typically originates loans of less than $10 million on transitional properties, recently began marketing Red Oak Capital Fund 4 with a goal of raising $50 million. A first close is scheduled for next week.The first three funds in the series raised...



The Grapevine

Fri, 21 Feb 2020
Reid McGlamery, a Los Angeles-based capital-markets pro, has moved to CBRE from JLL. He joined CBRE this week as an executive vice president focused on lining up debt and equity for clients. He is part of a structured-finance team covering West Los Angeles, reporting to managing director Chelsea Cutler. McGlamery spent 13 years at JLL, preceded by a two-year stint at...



The Grapevine

Fri, 21 Feb 2020
Eastdil Secured has hired a senior vice president in Newport Beach, Calif. Lee Redmond, who started this month, is focused on growing Eastdil’s multi-family loan-brokerage practice on the West Coast. He joined from FivePoint of Irvine, Calif., where he was senior director of commercial development. Before that, he spent seven years at HFF arranging debt and equity for the brokerage’s...



The Grapevine

Fri, 21 Feb 2020
Alison Tan joined hotel-focused family office Oliver Cos. earlier this month as director of finance. Tan previously was a managing director at Ackman-Ziff Real Estate of New York, where she worked for nearly a decade lining up debt and equity for hotel owners. Before that, she spent three years in Cushman & Wakefield’s global hospitality capital-markets group. At Oliver, Tan will split her time between New York and the company’s...



The Grapevine

Fri, 21 Feb 2020
Fitch is looking to fill three analyst positions on its commercial MBS team. Candidates must have 1-4 years of experience in commercial real estate loan underwriting and cashflow analysis. Two of the recruits will work on a team that rates newly issued single- and multi-borrower transactions, while the other will focus on CMBS surveillance. Contact Victor Gonzalez at...



The Grapevine

Fri, 21 Feb 2020
Law firm Andrascik & Tita has added Barbara Forte to its growing commercial-mortgage origination and servicing practice. Forte, whose title is member of the Philadelphia firm, joined this month from Pittsburgh-based Buchanan Ingersoll, where she was a partner. Forte previously worked at Dechert. Also joining from Buchanan was paralegal Pamela Griffen. Andrascik’s commercial-mortgage practice now counts six attorneys and three paralegals....



The Grapevine

Fri, 21 Feb 2020
Prime Finance has committed to buy the B-piece of a roughly $1.2 billion conduit offering from Deutsche Bank, Citigroup and Goldman Sachs that’s expected to hit the market next month (COMM 2020-GC47). New York-based Prime has invested in the first-loss pieces of about 30 CMBS transactions since making its first such purchase in 2016.



The Grapevine

Fri, 21 Feb 2020
Bridge lender Tremont Realty Capital, a unit of RMR Group, wants to hire two seasoned staffers to work in its Newton, Mass., headquarters. One of the openings, for a loan asset manager reporting to portfolio manager Steve Skelley, requires at least seven years of experience in real estate lending, acquisitions and management. The other recruit would come aboard as an underwriter, reporting to vice president Jared Lewis. That position calls for at...



The Grapevine

Fri, 21 Feb 2020
EquiTrust Life Insurance wants to add a staffer to help originate and manage commercial-property debt. The recruit would work in EquiTrust’s Chicago headquarters, reporting to Brad Feine, who heads the insurer’s real estate investment business. The position would carry the title of analyst or associate. Candidates should have at least two years of experience in a similar role. Details can be found at...



The Grapevine

Fri, 21 Feb 2020
Apollo Global is looking to hire a New York-based analyst or associate to work on loan originations and underwriting. Candidates should have 1-3 years of experience. Contact Maxwell Pietrzak at mpietrzak@apollo.com.



Correction

Fri, 21 Feb 2020
A table published on Feb. 14, “CRE CLOs in the Works,” incorrectly identified the lead managers and deal types of two commercial real estate CLOs expected to hit the market next month. J.P. Morgan will lead an offering by Exantas Capital (XAN 2020-RS08), which will be a static CLO. Credit Suisse will lead an issue by MF1 REIT (MF1 2020-FL3), a managed transaction. The projected size of the MF1 deal also was incorrect. It’s...



Bigger Conduit Deals Fill Busy CMBS Pipeline

Fri, 14 Feb 2020
The surge in commercial MBS lending in recent months has steadily boosted the size of conduit offerings, especially those floated jointly by big banks.Of nine conduit transactions in the queue for the coming weeks, preliminary estimates indicate two will weigh in at roughly $1.4 billion apiece. Another two are expected to each be collateralized by around $1.2 billion of mortgages. All told, the multi-borrower deals planned for the rest of...



Large Loan Sought on SoCal Office Portfolio

Fri, 14 Feb 2020
Douglas Emmett Inc. is looking for some $450 million of debt to refinance a 1.5 million-square-foot office portfolio in Greater Los Angeles.The Santa Monica, Calif., REIT is soliciting quotes for fixed- and floating-rate mortgages that would run 7-10 years. Eastdil Secured is pitching the assignment both to balance-sheet lenders and commercial MBS programs. Pricing is expected to be tight given Douglas Emmett’s reputation as a strong...



REITs Printing Bonds at Breakneck Pace

Fri, 14 Feb 2020
REIT-bond issuance is off to a blistering start this year, defying expectations that volume would level off after hitting an all-time high in 2019.The $10.9 billion of unsecured debt U.S. REITs issued in January shattered the previous record for the first month of the year of $6.5 billion, set in 2016, according to a database maintained by Commercial Mortgage Alert. And issuance during the first two weeks of February totaled $6 billion, which...



Agency Lenders Seek Clarity on SOFR

Fri, 14 Feb 2020
Agency lenders, caught off guard last week by word that Fannie Mae and Freddie Mac would stop accepting loan applications with rates linked to Libor on Sept. 30, said the abrupt shift in policy left more questions than answers.The agencies’ regulator, the Federal Housing Finance Agency, further announced on Feb. 5 that Fannie and Freddie would cease purchasing any Libor-linked loans by yearend. They plan to start buying loans linked to a...



Financing Sought for SF Office Project

Fri, 14 Feb 2020
A Tishman Speyer partnership is in the market for some $280 million of debt for construction of a San Francisco office property.The New York developer and its partner, the San Francisco Giants, are planning a sprawling mixed-use development near the baseball team’s stadium. They’re looking for a floating-rate loan to finance an office building that would be part of the first phase. Eastdil Secured is showing the assignment to...



Dock Street Seeks Libor-Switch Role

Fri, 14 Feb 2020
Dock Street Capital is offering its services to manage the transition of floating-rate securitizations away from Libor.The Westport, Conn., firm is in talks with commercial MBS issuers, trustees and servicers about taking on the role of switching Libor-based bond issues to a new interest-rate benchmark, most likely the Federal Reserve’s Secured Overnight Financing Rate. Libor is due to be phased out by the end of next year.Calling its new...



Buyers Circle 4 Conduit B-Pieces

Fri, 14 Feb 2020
Four investment shops have committed to buy the B-pieces of separate conduit deals set to price over the next month and a half.Two of those commercial MBS offerings are likely to hit the market within two weeks. Seer Capital has circled the most-junior bonds from an upcoming issue by Bank of America, Morgan Stanley, Wells Fargo and NCB (BANK 2020-BNK26).Meanwhile, KKR has agreed to buy the B-piece of a planned offering from J.P. Morgan, Citigroup...



Starwood Seeks Nashville Office Loan

Fri, 14 Feb 2020
A Starwood Capital affiliate is looking to line up a loan of around $170 million to back its purchase of a prime office property in Nashville.The Miami Beach firm has struck a deal to buy the 362,000 square feet of office space in a two-year-old building at 222 Second Avenue South. The price is just above $260 million, or $718/sf — a record valuation for Nashville offices, according to sister publication Real Estate Alert.Starwood is...



Coronavirus Curbs CMBS Demand

Fri, 14 Feb 2020
Conduit spreads continued to widen marginally this week, as increasing fears about the coronavirus outbreak appeared to weigh on the commercial MBS market.Goldman Sachs, Citigroup and Deutsche Bank priced a $1.2 billion offering yesterday, with the benchmark class fetching 82 bp over swaps (CGCMT 2020-GC46). That was in line with guidance, but 4 bp wider than early “whisper” talk and out 6 bp from the last “all-bank”...



MetLife Lends on Baltimore Rentals

Fri, 14 Feb 2020
MetLife Investment has originated a $119 million mortgage on a luxury apartment high-rise overlooking Baltimore’s Inner Harbor.The floating-rate loan, which closed last week, has an initial term of two years and two one-year extension options. The borrower is Questar Properties, a local developer that completed the 44-story tower about a year ago. It has since leased up about 75% of the units, Questar’s chief executive, Stephen Gorn,...



Bridge Lender Broadens Scope

Fri, 14 Feb 2020
Bridge lender Inland Mortgage Capital plans to focus on a wider variety of property types and add staff in an effort to ramp up its annual origination volume to $200 million.The Oak Brook, Ill., firm wrote $80 million of loans last year, down from $100 million in 2018, amid increasingly stiff competition in the bridge-lending sector. But after closing $31.6 million of debt in the fourth quarter — its busiest quarter ever — Inland is...



Builders Seeking Loan for DC Project

Fri, 14 Feb 2020
A developer is in the market for $163 million of debt to finance construction of an apartment/retail complex in Northwest Washington.Donohoe Cos. of Bethesda, Md., and its partner, Holladay Corp. of Washington, have tapped Eastdil Secured to solicit proposals for a floating-rate loan with a term of 3-5 years. Their plan is to build 689 upscale apartments, 102,000 square feet of retail space and an underground garage with 800 spaces at 4000...



The Grapevine

Fri, 14 Feb 2020
After 15 years at CIBC, managing director Barry Schumacher has joined Romspen as an originator in Newport Beach, Calif. Schumacher started Feb. 1 in the Toronto fund shop’s U.S. lending group, which writes bridge, construction and pre-development loans of $10 million to $50 million. He reports to managing general partner Wesley Roitman. Schumacher filled various senior roles in the commercial real estate finance unit at CIBC....



The Grapevine

Fri, 14 Feb 2020
B-piece acquisition chief Darren Gluck left Argentic last month. There’s no word on his plans. Michael Schulte has taken charge of B-piece investments, in addition to his duties as head of capital markets at the New York firm. Gluck joined Argentic almost three years ago from Benefit Street Partners, where he started in 2014 as chief credit officer. He previously spent 10 years in the B-piece investment group at LNR Property of Miami...



The Grapevine

Fri, 14 Feb 2020
Debt-fund operator Calmwater Capital has hired a vice president. Laura Frega started last month in the firm’s Los Angeles headquarters. She is working on investor relations and client services, reporting to principal Dean Chang and managing principal Larry Grantham. Frega previously spent two-and-a-half years at Colony Capital of Los Angeles. She had a prior stint at Arixa Capital, another Los Angeles lending...



The Grapevine

Fri, 14 Feb 2020
Kroll wants to hire three CMBS specialists for its new-issue ratings team in New York. The openings are for a director, associate director and senior analyst. Applications can be made via the firm’s website at kbra.bamboohr.com/jobs.



The Grapevine

Fri, 14 Feb 2020
Managing director Jeff Dybas left Nuveen Real Estate in the past few weeks. He had joined the investment manager’s loan-origination unit last summer from Starwood Property of Greenwich, Conn., where he worked for about three years. He previously spent about six years at Bank of America. There’s no word on Dybas’ plans, but sources said his exit came amid a reorganization at Nuveen, a unit of...



The Grapevine

Fri, 14 Feb 2020
Medalist Partners has hired a long-time structured-product specialist in a business-development role. Nunzio Masone arrived at the fund manager’s New York headquarters in recent weeks from Alesia Global, where he had held a similar role since 2017. He previously worked at BNY Mellon, Aladdin Capital, AIG, Aon, GMAC-RFC and Prudential. Medalist invests in commercial MBS and originates bridge...



The Grapevine

Fri, 14 Feb 2020
CMBS trader Domenico “Dom” AcriGarofalo is back on the sell side. He joined broker-dealer Piper Sandler this week in New York. AcriGarofalo most recently oversaw trading at Stamford, Conn., hedge fund shop Sorin Capital, which closed its doors late last year. Before starting at Sorin, he worked at fund manager One William Street Capital of New York. AcriGarofalo began his career as an analyst at Goldman...



The Grapevine

Fri, 14 Feb 2020
Bancorp Bank is seeking a junior underwriting analyst for its growing bridge-lending program. Candidates should have up to two years of experience. The recruit would work in New York, reporting to real estate lending chief Ron Wechsler. Contact Wechsler at rwechsler@thebancorp.com.



The Grapevine

Fri, 14 Feb 2020
Pimco seeks to add two staffers to its commercial real estate debt team in New York. Candidates should have 2-4 years of industry experience. Each recruit would come aboard as an analyst or associate to help underwrite, structure and close loans originated by the Newport Beach, Calif., investment manager. Send resumes to portfolio manager Zeyu Chen at...



The Grapevine

Fri, 14 Feb 2020
Citigroup is looking for a securitization analyst with up to two years of experience to its CMBS and real estate finance group in New York. The recruit would report to director Rick Simpson, the group’s head of securitization. Send resumes to Elizabeth Merino at elizabeth.merino@citi.com.



Conduits Forge Ahead; CRE CLOs Evolve

Fri, 07 Feb 2020
Conduit lenders generally expect their business to continue growing this year, although more slowly than last year, while innovation in the commercial real estate CLO market makes the outlook for new issuance murky.Originations of both conduit loans and large mortgages suitable for stand-alone securitizations are likely to keep rolling at a healthy pace for the foreseeable future, commercial MBS pros said. They point to the historically low...



Brookfield Taps Citi to Refi Hotel Portfolio

Fri, 07 Feb 2020
Brookfield Asset Management has lined up $525 million of floating-rate debt from Citigroup to refinance almost 100 extended-stay hotels that it bought two years ago.The loan, with a two-year initial term and five one-year extension options, closed in the past couple of weeks. The Toronto investment manager put the proceeds toward paying off $530 million of acquisition financing that was provided by Citi and Goldman Sachs.Brookfield paid $767.5...



Freddie Maps More Single-Loan Transactions

Fri, 07 Feb 2020
Freddie Mac is ramping up issuance of securities backed by single loans that don’t match the profile of its main K-Series securitization program.Freddie plans to sell as much as $8 billion of so-called guaranteed participation certificates in 2020, or twice the amount it sold last year. In 2018, its output of “multi-PC” deals totaled just $1 billion.The transactions are similar to those issued by Fannie Mae under its Delegated...



Dechert Eyes Risk-Retention Tactic

Fri, 07 Feb 2020
Dechert is in discussions with two clients about structuring single-borrower commercial MBS deals that could be widely marketed without being subject to risk-retention rules.A similar strategy was used on two privately placed deals last year. Both used a “direct issuance” approach, in which the borrower obtained financing directly from investors by selling bonds rather than getting a loan from a bank. Dechert is now working with...



Blackstone JV Seeks DC Office Loan

Fri, 07 Feb 2020
A joint venture between Blackstone and Boston Properties is looking for $345 million of floating-rate debt to refinance a Washington office building it recently renovated.The partnership tapped Eastdil Secured to solicit proposals for a five-year loan on Metropolitan Square, a 670,000-square foot property at 655 15th Street NW. The 12-story building is just 60% occupied, so the joint venture would set aside some $40 million of proceeds to cover...



Green Street Acquiring CMA

Fri, 07 Feb 2020
Green Street Advisors has agreed to acquire Commercial Mortgage Alert and its three sister publications from Harrison Scott Publications.Green Street’s new chief executive officer, Jeffry Stuek Jr., will oversee the integration of HSP’s news and data into Green Street’s cloud-based platform. Green Street — a global real estate research, analytics and advisory firm headquartered in Newport Beach, Calif. — was acquired...



CMBS Investors Hold Line on Spreads

Fri, 07 Feb 2020
Conduit spreads widened slightly this week as investors pushed for more yield following a sharp drop in the benchmark Treasury rate.Two conduit deals set to price as early as today were being talked at spreads 2-4 bp wider than a comparable issue that priced last week. A $962.8 million offering from Wells Fargo, Barclays, LMF Commercial, Ladder Capital, Rialto Capital and Argentic was expected to fetch 84 bp over swaps for the long-term...



Shelter Growth Holds Final Close

Fri, 07 Feb 2020
Shelter Growth Capital has wrapped up fund raising for its third and largest high-yield debt vehicle.The Stamford, Conn., manager held a final close in the past few weeks on about $350 million of equity for Shelter Growth Term Fund 3. The vehicle originates bridge and mezzanine loans on properties nationwide. It also can provide preferred equity and invest in the B-pieces of commercial MBS deals that issuers sell to satisfy their risk-retention...



Industry Vet Leads Advisory Startup

Fri, 07 Feb 2020
Distressed-debt buyer Summit Investment and developer Concord Wilshire have teamed up to form a commercial real estate advisory business that will raise debt and equity for development projects and value-added opportunities.The Miami startup, Concord Summit Capital, is led by managing director Kevin O’Grady, an industry veteran who previously handled similar work as a senior executive at Walker & Dunlop and Cohen Financial. Concord Summit...



Agency Lender Targets Bridge Loans

Fri, 07 Feb 2020
X-Caliber Capital expects to sharply increase its originations of bridge loans on multi-family and healthcare properties that could later be refinanced with long-term agency mortgages.The lender, an approved originator of HUD mortgages, closed at yearend on an undisclosed amount of equity for a vehicle that, with leverage, will fund as much as $1.5 billion of short-term, floating-rate loans over the next year or two.X-Caliber Investments 1 is...



Bank, Insurer Back NY Hotel Project

Fri, 07 Feb 2020
Credit Agricole and Union Labor Life have provided $110 million of debt for the construction of a luxury hotel in Brookfield Property’s Manhattan West complex.The loan closed a couple of weeks ago, with the bank and the insurer splitting it 50-50. Brookfield will use the proceeds to continue developing the 164-room Pendry Manhattan West hotel. The floating-rate debt has a four-year term and a single one-year extension options.Construction...



Mortgages Posted 8.4% Gain Last Year

Fri, 07 Feb 2020
The return on commercial real estate loans soared to 8.39% in 2019, despite a fourth-quarter dip, according to the Giliberto-Levy Commercial Mortgage Performance Index.The annual yield more than tripled from 2.65% in 2018. It hasn’t been higher since 2010, when it reached 10.23%. Last year’s return was bolstered by a U.S. Treasury rally that got under way shortly before midyear and drove up the value of outstanding fixed-rate loans...



CBRE: Nonbanks Gain Market Share

Fri, 07 Feb 2020
Alternative lenders such as REITs and high-yield debt shops captured a substantially larger share of the commercial-mortgage market in the fourth quarter, while banks were less active, according to CBRE’s latest analysis of U.S. lending activity.Nonbanks accounted for 41% of non-agency originations in the October-December period, up from 29% in the fourth quarter of 2018, according to a report CBRE plans to release next week. The banking...



The Grapevine

Fri, 07 Feb 2020
Veteran finance pro Todd Bedingfield has joined advisory shop Sonnenblick-Eichner Co. as a senior managing director. He started this week in the firm’s Beverly Hills headquarters, working with founders Elliot Eichner and David Sonnenblick to help clients line up debt and equity capital. Bedingfield spent the past two years as founder and principal of TAB Capital, a Los Angeles advisory shop. He previously spent 21 years at AIG Asset...



The Grapevine

Fri, 07 Feb 2020
Howard Hsu has moved to Bank of East Asia. Hsu had been in TD Bank’s New York office for about 15 years, most recently as a senior vice president. Before that, he was at Washington Mutual. The word is he was hired by Bank of East Asia to help oversee the Hong Kong bank’s commercial-property financing business in the U.S.



The Grapevine

Fri, 07 Feb 2020
New York Life wants to hire four experienced loan originators for its offices in Atlanta, Chicago and Dallas. Two of the recruits, stationed in Atlanta and Chicago, would be part of the insurer’s core lending practice. A third, in Dallas, would focus on writing loans in Mexico. New York Life also is looking for a structured-loan specialist, to be based either in Atlanta or Chicago. Contact Marine Dumortier...



The Grapevine

Fri, 07 Feb 2020
Cadwalader Wickersham has added associate Daniel Schreiber to its CMBS team. He arrived last week from Deloitte, where he had worked since 2018. Schreiber is the fourth addition Cadwalader has made to its commercial real estate team since the start of the year.



The Grapevine

Fri, 07 Feb 2020
Guggenheim has added a senior associate to a structured-credit team in Santa Monica, Calif., that invests in commercial MBS. Hongli Yang arrived this week, after working as a CMBS trader at Prosiris Capital since 2015. Yang’s duties at Guggenheim include underwriting investments and bond surveillance, reporting to director Shannon Erdmann, the firm’s CMBS sector...



The Grapevine

Fri, 07 Feb 2020
Kroll has promoted senior managing director Eric Thompson to global head of structured finance ratings. Before this week, he oversaw ratings for CMBS, commercial real estate CLOs and residential mortgage bonds, as well as a subscription surveillance service called KBRA Credit Profile. He now has the added responsibility of overseeing new ratings and surveillance of asset-backed securities and corporate CLOs. His top lieutenants on the CMBS side,...



The Grapevine

Fri, 07 Feb 2020
Capital One is looking to hire a junior relationship manager whose duties would include sizing and structuring commercial mortgages, assisting borrowers in securing credit approval and handling client requests. Candidates should have at least four years of experience in loan origination or underwriting, including at least three years working with Fannie Mae and Freddie Mac. Send resumes to William Walsh at...



The Grapevine

Fri, 07 Feb 2020
Fitch aims to hire a senior analyst for its CMBS-ratings team. The recruit, with the title of director or associate director, would be responsible for performing risk assessments and producing reports on 16 commercial mortgage servicers. Candidates should have a minimum of 3-5 years of experience in servicing, securitization, internal audit or compliance. Send resumes to Jennifer Gold at...



The Grapevine

Fri, 07 Feb 2020
Dechert, Hermes Financial, Newmark and Trimont Real Estate are co-sponsoring a gathering for CMBS professionals on Feb. 20 in Miami Beach. The annual Controlling Class & Special Servicing Reception is expected to draw about 130 participants from at least 75 firms, including Argentic, Blackstone, Brookfield Asset Management, Eightfold Real Estate, KKR, LNR Partners, Prime Finance and Rialto...



Silverstein Seeks to Refi NY Office Complex

Fri, 31 Jan 2020
A Silverstein Properties partnership is looking for $685 million of debt to refinance a Manhattan office complex that’s fully occupied by ABC News.The floating-rate loan would be backed by six contiguous buildings on the Upper West Side that the partnership bought from ABC parent Walt Disney Co. in 2018, after ABC announced plans to vacate the property and move its operations downtown. That’s expected to happen in 2023 or 2024, at...



Blackstone Adds New Wrinkle to CRE CLO

Fri, 31 Jan 2020
Blackstone Mortgage has included language in its latest commercial real estate CLO that would allow the issuer to reprice the notes and make other changes without returning to the market with a new offering.Similar provisions are common in corporate CLOs, but mark the latest innovation in the fast-growing market for securities backed by bridge loans on commercial properties. It comes on the largest such deal yet: the $1.5 billion Blackstone...



Sotheby's Taking Bids on Floater for NY HQ

Fri, 31 Jan 2020
Sotheby’s is seeking a $650 million mortgage on its Manhattan headquarters.The auction house is asking for quotes on floating-rate debt that would run a total of five years. Newmark is advising it on the refinancing. The collateral is a 506,000-square-foot building at 1334 York Avenue, where the company has been based for some 40 years.A new loan would retire existing debt that totals about $450 million. That includes a $252 million...



Mortgage Sought on New DC Offices

Fri, 31 Jan 2020
The developer of a new office complex in Washington is in the market for a mortgage of up to $494 million.The 768,000-square-foot property, at 655 New York Avenue NW, was completed about three months ago by a joint venture between local firm Douglas Development and Brookfield Property of New York. CBRE is pitching the assignment to lenders.The partnership is casting a wide net, asking for quotes on fixed- or floating-rate debt running five, seven...



Conduit Spreads Maintain Tight Levels

Fri, 31 Jan 2020
Conduit prices held up this week amid broader market turmoil triggered by concern over the coronavirus outbreak.The benchmark class of a $1 billion offering from Barclays, Societe Generale and Starwood Mortgage (BBCMS 2020-C6) priced yesterday at 80 bp over swaps, in line with dealers’ guidance.That followed Monday’s pricing of a $1.6 billion transaction from Wells Fargo, Morgan Stanley, Bank of America and NCB at a 76-bp spread on...



Loan Sought on NY Retail Center

Fri, 31 Jan 2020
Ashkenazy Acquisition is making the rounds with lenders in search of $113 million of floating-rate debt on a retail property in Queens, N.Y.The loan would be collateralized by Douglaston Plaza, a roughly 300,000-square-foot shopping center in the borough’s Douglaston-Little Neck section. Ashkenazy has tapped Newmark to arrange a financing package with a term of 3-5 years.The grocery-anchored shopping center is just 54% occupied. Several...



TPG Backs DC Office Purchase

Fri, 31 Jan 2020
TPG Real Estate Finance has provided about $94 million of floating-rate debt on a vacant office building in Washington that an Ares Management partnership bought this week.Los Angeles-based Ares and a local developer, Monument Realty, paid around $46 million for the 276,000-square-foot property, at 1425 New York Avenue NW. The seller was a joint venture between New York Common Fund and Liberty Property, a Wayne, Pa., REIT.Cushman & Wakefield...



MetLife Inks Loan on Va. Offices

Fri, 31 Jan 2020
MetLife has originated an $87 million mortgage on an office property in Northern Virginia.The 218,000-square-foot building, in the Clarendon section of Arlington, is 91% leased. Comstock, a Reston, Va., real estate holding company, bought it from Heitman for $128.8 million in an all-cash deal that closed in December.The floating-rate loan has a total term of five years and includes a $4 million future-funding component. Cushman & Wakefield...



High-Yield Loan Returns Dip Below 2%

Fri, 31 Jan 2020
The return on high-yield debt tied to commercial properties dipped again in the third quarter, to 1.97%, according to the Giliberto-Levy High Yield Real Estate Debt Index.As both floating and fixed interest rates plunged in the third quarter, the return on loans tracked by the G-L2 index decreased from 2.01% in the previous three months and from 2.20% in the first quarter. It was down by 96 bp from a year earlier.Income from interest and fees...



Benefit Street Lends On NJ Project

Fri, 31 Jan 2020
An Onyx Equities partnership has lined up $69.7 million of floating-rate debt from Benefit Street Partners to finance the redevelopment of an office property in Morristown, N.J.The 413,000-square-foot building, at 340 Mount Kemble Avenue, is a former AT&T call center that the Onyx partnership bought in mid-2016 for $7.6 million and is converting to Class-A offices. About half the space has been pre-leased for 15 years to CIT Bank, a unit of CIT...



Cadwalader Retains CMBS Title; Sidley Gains in CLO Field

Fri, 31 Jan 2020
Cadwalader Wickersham continued to dominate the field of law firms advising on U.S. commercial MBS deals last year, picking up more assignments as issuer counsel than all other firms combined.As CMBS volume hit a post-crisis high of 143 deals totaling $97.8 billion, Cadwalader earned league-table credit for advising issuers on a whopping 80 transactions, according to Commercial Mortgage Alert’s CMBS Database. That amounted to 56% of the...



Wells Adds to Its Trust-Shop Crowns

Fri, 31 Jan 2020
Wells Fargo led the ranks of certificate administrators on U.S. commercial MBS transactions again last year, and moved to the top of the list of trustees as well.Long the dominant provider of trust-administration services for CMBS issuers, Wells won the assignment as certificate administrator on 115 deals in 2019, or 76% of the offerings by dollar volume, according to Commercial Mortgage Alert’s CMBS database. It was the 10th consecutive...



The Grapevine

Fri, 31 Jan 2020
After 18 years at T. Rowe Price, bond trader John Wells has joined Ginnie Mae lender X-Caliber Capital of Irvington, N.Y., where he’s working on originations of agency mortgages and bridge loans. Wells started in X-Caliber’s office in Timonium, Md., last week as an executive vice president, reporting to chief executive Chris Callahan. He was a vice president at T. Rowe Price, where he traded commercial MBS, residential mortgage bonds...



The Grapevine

Fri, 31 Jan 2020
Cadwalader Wickersham continues to beef up its commercial real estate-finance group in New York. Terra Melson joined as a staff attorney this month. She previously worked at the SEC and Finra, and is a veteran of the U.S. Army Judge Advocate General’s Corps. Associate Molly Coffey rejoined Cadwalader in recent weeks following stints at DLA Piper and Greenberg Traurig. And associate Cindy Furuno came aboard following a long stint at...



The Grapevine

Fri, 31 Jan 2020
Keith Olsen has joined loan broker Summit Real Estate Advisors as head of underwriting. Olsen previously worked at UBS and BlackRock, where his duties included evaluating commercial-property credit deals. Summit is led by Gregory Porter, who founded the New York firm a decade ago as an advisory shop. It began fielding assignments as a loan broker in the past year or so. Porter recently left a job as a loan originator at UBS, where he spent more...



The Grapevine

Fri, 31 Jan 2020
AIG is looking to hire a credit-risk officer with at least three years of commercial real estate experience for its risk-management unit in New York. Reporting to managing director David Naranjo, the recruit would join a team that focuses on investments including real estate debt and structured products. Send resumes to david.naranjo@aig.com.



The Grapevine

Fri, 31 Jan 2020
Fund shop Kawa Capital has hired an investor-relations and business-development specialist. Jason Huey will join the Aventura, Fla., firm in late February from Guggenheim, where he has been working as a director in structured-product sales. He previously held a similar position at Nomura and, before that, was an analyst at Blue Mountain Capital. Kawa, with $1.5 billion under management, is ramping up its investments in commercial real estate...



The Grapevine

Fri, 31 Jan 2020
Justin Brody joined Odeon Capital this month as a senior vice president. He is part of the broker-dealer’s institutional-sales group in NewYork. Brody’s resume includesSunrise Brokers, William Blair, Credit Agricole, UBS and a prior position at Odeon. The firm makes markets in a range of structured products including CMBS.



The Grapevine

Fri, 31 Jan 2020
Bridge lender Mack Real Estate Credit Strategies is looking to hire two analysts for its team in New York. Candidates should have 2-4 years of industry experience. They also should be proficient in financial modeling using Excel, PowerPoint, Word and Argus software. Send resumes and cover letters to hr-jobs@mackregroup.com.



The Grapevine

Fri, 31 Jan 2020
CMBS lender Argentic wants to hire a capital-markets professional for its New York office. Candidates should have 1-4 years of relevant experience, preferably in accounting, underwriting or rating bonds. The recruit would help model cashflows and structure transactions. Submit resumes to Meghan Clemens at mclemens@argenticmgmt.com.



The Grapevine

Fri, 31 Jan 2020
NorthMarq wants to hire an analyst in Tampa. The brokerage is seeking a candidate with three years of underwriting experience to assist a team that lines up debt and equity for clients. Contact Maria Sather at msather@northmarq.com.



Banks to Lend $1.2 Billion on Virginia Offices

Fri, 24 Jan 2020
Deutsche Bank, Goldman Sachs and J.P. Morgan have agreed to provide $1.2 billion of floating-rate debt to refinance an office portfolio in Northern Virginia.The nine Class-A buildings, totaling 2.5 million square feet, are in Rosslyn, Va., just across the Potomac River from Washington. They are owned by a joint venture between Goldman’s U.S. Real Estate Opportunities 1 fund and Monday Properties of New York.Eastdil Secured is brokering the...



S&P Vaults Past Moody's in Conduit Sector

Fri, 24 Jan 2020
Moody’s continued to lose ground among rating agencies in the conduit sector last year, as S&P came on strong and Fitch remained dominant.But Moody’s topped the full-year league table in the single-borrower sector, where S&P had held the title since 2012. And it continued to dominate the booming market for commercial real estate CLOs.Fitch retained its crown as the most-active rating agency on conduit deals, again with a 100% market...



Conduit Profit Margins Sagged in 4th Quarter

Fri, 24 Jan 2020
Gross profit margins on conduit deals declined in the fourth quarter — but 2019 was still a stellar year for issuers.The weighted average gross profit margin of 14 conduit transactions that priced from October through December was 2.42%, according to calculations by Commercial Mortgage Alert. That was down from 5.66% in the previous three months and a whopping 6% in the second quarter.For the full year, the weighted average margin was 4.35%...



Key Conduit Spread Dropping Sharply

Fri, 24 Jan 2020
Benchmark conduit spreads this week were headed to the tightest levels in nearly two years.Dealers were marketing two multi-borrower commercial MBS deals with price guidance of 76 bp over swaps for the long-term super-senior classes. That would be the lowest spread seen since March 2018. In fact, the benchmark spread hasn’t dipped below 80 bp since September 2018.Both conduit offerings in the market this week were “all-bank”...



Syndicate Refis NY Office Building

Fri, 24 Jan 2020
Wells Fargo was joined by five other banks last month in originating a $410 million loan on a Midtown Manhattan office building.Wells co-led the five-year, floating-rate debt package with China-based Bank of Communications. The other members of the syndicate were: BankUnited of Miami Lakes, Fla.; National Exchange Bank & Trust of Fond du Lac, Wis.; Stifel Bank of Clayton, Mo.; and China’s Mega International Commercial Bank.The...



Banks to Lend on NY Rental Tower

Fri, 24 Jan 2020
Two banks are teaming up to provide some $265 million of debt to finance Global Holdings’ purchase of a Manhattan apartment building.Wells Fargo and Deutsche Pfandbriefbank are expected to close on the financing package in the next few weeks, possibly syndicating a portion of the loan to one or two other banks. Via Eastdil Secured, Global Holdings began soliciting proposals late last year for a floating-rate mortgage with a total term of...



MetLife Writes SF-Area Office Floater

Fri, 24 Jan 2020
MetLife Investment Management has provided $139 million of floating-rate debt on a San Francisco Bay Area office complex.The loan, originated a few weeks ago, is backed by the 379,000-square-foot Treat Towers, in the East Bay city of Walnut Creek, Calif. The borrower is Rockpoint Group, which acquired the complex in November for $190.5 million. Boston-based Rockpoint apparently paid cash or tapped a credit line to complete the deal, then locked...



New Lender Targeting Apartments

Fri, 24 Jan 2020
A startup led by a former RAIT Financial executive is launching a multi-family debt platform.Sam Greenblatt, formerly head of loan production at RAIT, began setting up Electra Capital last year with principals of American Landmark Apartments and financial backing from Electra Real Estate of Tel Aviv.The Palm Beach, Fla., firm plans to originate up to $300 million of financing this year, writing bridge and mezzanine loans on transitional apartment...



Key Grabs Servicer Title From Wells

Fri, 24 Jan 2020
After 10 years as the dominant master servicer in the U.S. commercial MBS market, Wells Fargo gave up the lead to KeyBank last year amid a retreat from the single-borrower sector.Wells’ volume of servicing assignments fell 26% to $30.8 billion of conduit and single-borrower deals, even as total new issuance in the U.S. jumped 26% from the previous year, according to Commercial Mortgage Alert’s CMBS Database. The bank’s market...



Rialto Takes Back B-Piece Crown

Fri, 24 Jan 2020
Rialto Capital returned last year to the top of the list of conduit B-piece buyers, finishing far ahead of its rivals for those high-yield investments in commercial MBS.In the ranking of special servicers for private-label CMBS, Midland Loan Services was No. 1 for the third consecutive year, while SitusAMC surged into second place.Rialto, the top conduit B-piece buyer in seven out of the last nine years, purchased the junior classes of 12...



BMO Preps Canadian CMBS Debut

Fri, 24 Jan 2020
Bank of Montreal is about to join the small field of lenders that originate and securitize commercial mortgages in Canada.A roughly C$530 million ($400 million) commercial MBS offering slated to hit the market next week will include about C$60 million of conduit loans contributed by BMO. The rest will come from RBC, which has long been a routine issuer of multi-borrower CMBS offerings backed by loans that it originates or purchases.The offering...



Key Inks Loan on Mass. Apartments

Fri, 24 Jan 2020
KeyBank has originated a $63 million Freddie Mac mortgage on a new apartment complex in suburban Boston.The fixed-rate loan, with a term of 11 years, is secured by a 242-unit, garden-style property that opened last year in Weymouth, Mass. The mortgage doesn’t require principal payments for the first five years, after which it amortizes on a 30-year schedule.The borrower, multi-family developer Dolben Co. of Woburn, Mass., used a portion of...



The Grapevine

Fri, 24 Jan 2020
Buyside pro Steve Gordon has landed at Hunt Cos., where he oversees debt investments. He’s working in New York for the El Paso, Texas, firm. Gordon joined in recent weeks from HPS Investment, a New York alternative-investment manager where he had worked for nearly two years. He previously served at Sorin Capital, MKP Capital and Bear Stearns, where he spent 10 years as a mortgage banker and commercial MBS...



The Grapevine

Fri, 24 Jan 2020
Loan originator Jeff Santoro has moved to Conventus Holdings, where he oversees multi-family lending and is tasked with expanding the debt platform to other property types. Santoro joined this week from LoanCore Capital of Greenwich, Conn., where he had worked since 2011. At least initially, he’ll continue working in Greenwich for San Francisco-based Conventus. Santoro’s resume includes earlier stints at Jefferies, WTP Advisors and...



The Grapevine

Fri, 24 Jan 2020
NorthMarq last month hired Zalmi Klyne as a vice president in the broker’s new Beverly Hills office. Klyne moved over from Continental Partners, a West Hollywood, Calif., advisory firm. He reports to managing director Ory Schwartz, who opened NorthMarq’s Beverly Hills outpost last month.



The Grapevine

Fri, 24 Jan 2020
Brandon Duplain has joined Torchlight Investors as a senior associate focused on debt and equity investments. He arrived in the firm’s New York headquarters this month from Allegiant Real Estate Capital. Duplain previously was part of a team at FirstKey Lending that left in 2016 to form New York-based Allegiant. He began his career at Doral Property Finance of New...



The Grapevine

Fri, 24 Jan 2020
Basis Investment this month hired Preston Goodall as an associate loan officer in Fort Worth, Texas. He reports to managing director Michael Pop, who is the New York lender’s co-head of small-balance production. Goodall joined from BMC Capital of Dallas, where he also was an associate loan officer.



The Grapevine

Fri, 24 Jan 2020
Goldman Sachs plans to add several analysts and associates to its real estate-finance group, co-headed by managing directors Ted Borter and Miriam Wheeler. The bank has a few openings in Dallas, where the recruits would focus on commercial-mortgage origination and securitization. Those positions require 2-5 years of experience. The bank also has an opening in New York for an analyst with 1-3 years of experience. Applicants for the Dallas openings...



The Grapevine

Fri, 24 Jan 2020
New York-based brokerage Cooper Horowitz wants to add a handful of staffers in various offices. It’s looking to hire three people in New York and one each in Philadelphia and Boca Raton, Fla. The positions would entail preparing offering documents for new financings, as well as assisting with negotiations and closings. Candidates should have 1-3 years of experience in commercial-property finance. Contact David Horowitz at...



The Grapevine

Fri, 24 Jan 2020
Angelo, Gordon & Co. wants to hire an associate for its commercial real estate debt team in New York. Candidates should have at least three years of experience. The recruit would report to managing director David Blum. Send resumes to hrrecruiting@angelogordon.com.



The Grapevine

Fri, 24 Jan 2020
Bayerische Landesbank is looking to fill two positions on its commercial-property lending team in New York. The German bank wants to hire an originator at the senior relationship-manager level, as well as a vice president or director who would be a product specialist/deal manager. Both positions require a minimum of fiveyears of experience in similar roles. Resumes and cover letters can be sent to...



Syndicate Backing Buyer of Vegas Casinos

Fri, 17 Jan 2020
A syndicate of four banks led by Citigroup has agreed to lend a Blackstone joint venture $3 billion to finance its purchase of two Las Vegas casino resorts.Blackstone Real Estate Income, a non-traded REIT, and MGM Growth Properties, a public REIT, said on Tuesday they will acquire the Mandalay Bay and MGM Grand properties for a combined price of $4.6 billion. Citi will fund 40% of the fixed-rate debt package, while Barclays, Deutsche Bank and...



CMBS Pros Forecast Tighter Conduit Spreads

Fri, 17 Jan 2020
Commercial MBS pros are expecting conduit spreads to tighten across the capital stack during the first half.The new-issue spread on long-term, super-senior bonds is projected to stand at 86 bp over swaps at midyear, 7 bp tighter than the prevailing level of 93 bp at yearend, according to the average prediction of 16 market participants surveyed by Commercial Mortgage Alert.Clear majorities of survey participants called for spreads to come in....



REIT-Bond Volume Shatters Annual Record

Fri, 17 Jan 2020
Bond issuance by U.S. REITs is expected to level off this year after spiking to an all-time high in 2019.Last year saw $67.3 billion of unsecured corporate debt floated by 67 REITs, shattering the previous annual record of $51.8 billion in 2017, according to a database maintained by Commercial Mortgage Alert. Although fourth-quarter deal volume was half what it was in the third quarter, the $14.8 billion of REIT bonds that priced in the...



Housing Action Affects Agency Bonds

Fri, 17 Jan 2020
A municipal authority’s move to preserve affordable housing in the Seattle area by acquiring properties via eminent domain has raised new concerns for holders of Fannie Mae and Freddie Mac multi-family bonds.So far, just three agency mortgages have been affected, after the King County Housing Authority seized apartment complexes to guard against them being sold for conversion to luxury properties. But investors worry that such condemnations...



HIG Leads Loan on Atlanta Project

Fri, 17 Jan 2020
H.I.G. Realty has led a $180 million debt package on an Atlanta office property that’s being redeveloped.The New York investment shop closed on the five-year, floating-rate loan last week for developer Dewberry Capital of Atlanta. A source familiar with the deal said H.I.G. brought in another lender, Square Mile Capital of New York, to originate a portion of the debt.The loan is backed by the 450,000-square-foot Campanile Building, at 1155...



Greystone Adds 3 to Originations Team

Fri, 17 Jan 2020
Greystone has added two multi-family veterans to its agency-lending practice and hired a healthcare specialist, as it looks to expand its business on multiple fronts.Cullen O’Grady joined the investment manager last week, while Christopher Blake is slated to start next week. They will focus on originating mortgages for Fannie Mae and Freddie Mac. Donika Schnell also began last week, writing FHA loans on healthcare properties. O’Grady and...



Annaly Refis San Diego R&D Complex

Fri, 17 Jan 2020
Annaly Commercial Real Estate has originated $111.5 million of floating-rate debt to refinance an office/research complex in San Diego whose main tenant is computer giant HP Inc.The 785,000-square-foot property, in the Rancho Bernardo submarket, is owned by Swift Real Estate of San Francisco. The 67.5-acre campus encompasses seven research-and-development buildings and one office building that are 84.1% occupied by three tenants on long-term...



Hotel Buyer Launches Debt Platform

Fri, 17 Jan 2020
A hotel investor is getting into the lending business.Driftwood Capital of Coral Gables, Fla., is talking to investors about its debut debt fund, which would target returns in the mid-teens by originating mezzanine loans and preferred equity on hotels nationwide. The vehicle, Driftwood Lending Partners, would seek to raise roughly $100 million of equity.With leverage and recycled capital, the manager is telling investors it expects the fund to...



Acore Finances Utah Hotel Project

Fri, 17 Jan 2020
Acore Capital has agreed to provide $190 million of floating-rate debt to finance the construction of a downtown Salt Lake City hotel next to the Salt Palace convention center.A partnership between developers Portman Holdings of Atlanta and Hensel Phelps of Greeley, Colo., broke ground last week on the 700-room Hyatt Regency Salt Lake City. The 26-story hotel, which is expected to open in 2022, will be attached to the convention center.Piper...



Apollo Lends on DC Office Building

Fri, 17 Jan 2020
Apollo Global has led a $134 million refinancing of a Washington office property.The debt package, which closed last month, includes a $95 million floating-rate mortgage on the 197,000-square-foot building at 660 North Capital Street NW, just a block from Union Station. At the same time, Paramount Group of New York provided $39 million of mezzanine debt to the borrower, Republic Properties of Washington.Apollo originated the five-year mortgage on...



Trimont Upgrades Data Offering

Fri, 17 Jan 2020
Trimont Real Estate has completed a major expansion of an online service that lenders and investors use to monitor the performance of commercial mortgages.Effective this week, the Atlanta loan servicer’s Triview platform has been enhanced to give clients access to continuously updated information about specific loans, properties and borrowers in their portfolios. The previous version of Triview, launched a year ago at no additional cost to...



Forecasts for Yearend Spreads Came Close

Fri, 17 Jan 2020
Conduit spreads finished 2019 wider than commercial MBS pros had predicted, but not by much.The prevailing spread on long-term, super-senior bonds widened to 93 bp at yearend, from 90 bp at midyear. The average forecast of a panel of 15 CMBS pros surveyed at midyear by Commercial Mortgage Alert had called for the benchmark spread to hold steady. Four of the participants came closest with predictions of 95 bp: Mark Buono of Global Atlantic...



Distressed-Loan Rates Plummet

Fri, 17 Jan 2020
Two key indicators of credit quality for securitized commercial mortgages improved dramatically in 2019 but are expected to plateau in the year ahead.For the second consecutive year, the monthly special-servicing and delinquency rates for commercial MBS loans fell virtually nonstop last year. The aggregate amount of delinquent debt fell 27% year-over-year, while the total balance of loans in the hands of special servicers dropped 21%. Both...



JCR Past Halfway Mark for 5th Fund

Fri, 17 Jan 2020
JCR Capital has raised $194 million of initial equity for its fifth fund.The Denver operator held a first close last month for JCR Income Fund 5, which is seeking $350 million of total equity. The vehicle, which targets a 10% return, originates preferred-equity positions with terms of 3-5 years.Unlike most preferred-equity investments, JCR would structure its capital as subordinate financing without participation interests. The fund would...



The Grapevine

Fri, 17 Jan 2020
Darren Esser, a veteran banker in the commercial real estate CLO sector, has landed at Trez Capital as head of capital markets for the Toronto bridge lender. He started work this week in New York, reporting to chief investment officer Dave Bloom. Esser previously oversaw underwriting of CRE CLOs at Wells Fargo from 2013 until his departure about a year ago. In his new job, he will help originate bridge loans, identify investments in commercial...



The Grapevine

Fri, 17 Jan 2020
Pacific Life is looking for an experienced commercial real estate-debt pro to replace managing director Rich Banno, who is retiring after more than 25 years at the insurer. The position, based at the company’s headquarters in Newport Beach, Calif., entails managing investments in CMBS, mezzanine loans and other debt products. Applicants should contact Jeanine Bashore at...



The Grapevine

Fri, 17 Jan 2020
Sabal Capital has added a lawyer to oversee transaction work as the Irvine, Calif., lender prepares to issue its first CMBS deal. Jonathan Spiegel, who works in New York, arrived this month from Amherst Holdings. There, he did a brief stint as lead counsel on the lender’s inaugural CRE CLO, which priced last month. He previously spent nine years as lead attorney and transaction manager for Morgan Stanley’s CMBS-lending group....



The Grapevine

Fri, 17 Jan 2020
Managing director Steve Gordon has left his post as a CMBS trader at HPS Investment of New York. His next move couldn’t be learned. Gordon joined the debt-focused alternative-investment manager in 2018 from Sorin Capital of Stamford, Conn. He previously worked at MKP Capital, following a 10-year stint as a mortgage banker and CMBS trader at Bear...



The Grapevine

Fri, 17 Jan 2020
Agency loan-origination specialist Bob Ryan joined Berkadia last month as a managing director. He is based in Washington, reporting to senior managing director J. Tyler Blue. Ryan, who previously worked at M&T Bank, focuses on multi-family agency lending — particularly loans destined for Fannie Mae’s securitization program. His resume also includes stops at Walker & Dunlop, Greystone, Fleet Bank and...



The Grapevine

Fri, 17 Jan 2020
Another uptick in attendance at the CRE Finance Council’s annual January conference was enough to meet the trade group’s expectations of record turnout for the third consecutive year. In the end, 1,914 industry pros were on hand for this week’s gathering in Miami Beach. The registration tally was up from 1,868 last year and 1,803 in...



The Grapevine

Fri, 17 Jan 2020
Veteran commercial mortgage lawyer Joseph Forte, long an industry advocate on regulatory matters, has joined AmTrust Title Insurance of New York as general counsel for direct operations. Forte has worked at law firms Kelley Drye, DLA Piper, Alston & Bird, Dechert and Thacher Proffitt.



The Grapevine

Fri, 17 Jan 2020
Medalist Partners is looking to hire an underwriter for its bridge-lending unit. The recruit should have at least three years of experience in underwriting and credit analysis. Send resumes to William Goldsmith at william.goldsmith@medalistpartners.com.



The Grapevine

Fri, 17 Jan 2020
Thomas J. Ferris, editor of Commercial Mortgage Alert since 1994, retired at yearend. Ferris also played the lead editorial role for sister publication Real Estate Alert. He joined the newsletters’ Hoboken, N.J., parent company, Harrison Scott Publications, after serving as managing editor of the American Banker newspaper. Ferris also was a reporter in Commercial Mortgage Alert’s early years, when he was known by participants in the...



CMBS Pros Forecast 5% Growth in Issuance

Fri, 10 Jan 2020
Coming off the busiest year since the crash, commercial MBS pros expect issuance to be strong again in 2020.With interest rates projected to remain near rock-bottom for the foreseeable future, it’s widely believed that CMBS lenders will continue to see heavy demand for debt to refinance commercial properties and fund acquisitions, at least for the next six months or so.The second-half outlook is more murky — so market pros are only...



Banks, Insurers Bullish on Lending Market

Fri, 10 Jan 2020
Balance-sheet lenders are starting the new year with unusually full pipelines of new business, as low rates continue to lure borrowers in large numbers.Because lenders try to close as many deals as possible before yearend, then spend time at industry conferences in January and February, the first quarter typically is a slow period for loan originations. But that won’t be the case this year, industry pros predict.“Our yearend...



Mirae Seeks $4 Billion of Debt for Hotel Deal

Fri, 10 Jan 2020
Mirae Asset Global Investments is circulating a request for $4 billion of financing to back its acquisition of a massive hotel portfolio.The South Korean firm struck a deal last summer to buy 15 luxury hotels across the U.S. from China’s Anbang Insurance for roughly $5.8 billion. Mirae has tapped JLL to line up a debt package split into fixed- and floating rate pieces of roughly $2 billion each. Both mortgages would run for five years.The...



Industry Pros Flock to Miami Confab

Fri, 10 Jan 2020
The turnout for the CRE Finance Council’s annual January conference is expected to set a record for the third year in a row.Almost 1,800 industry professionals had registered for CREFC’s event as of early this week, putting the projected attendance on track to surpass last year’s headcount of 1,868. The trade group’s 21st annual winter gathering kicks off Sunday for a four-day run at the swanky Loews Miami Beach Hotel.The...



Positive Outlook for Agency Lenders

Fri, 10 Jan 2020
Originators of multi-family mortgages for Fannie Mae and Freddie Mac are poised for another productive year as the agencies adjust to the latest regulatory guidance on their loan purchases.Fears of a clamp-down on Fannie and Freddie loan purchases were set aside when the Federal Housing Finance Agency reset their caps Oct. 1 in a way that allows them to increase their overall volume, while putting more emphasis on affordable-housing mortgages.The...



Helaba Seeks Syndicate Participants

Fri, 10 Jan 2020
Helaba is looking to syndicate a portion of a $350 million construction loan it led for the developer of an apartment high-rise in downtown Los Angeles.The German bank originated the loan for a Brookfield Property fund that’s building a 64-story tower at 960 West Seventh Street. At least two other lenders — OCBC Bank and United Overseas Bank, both of Singapore — were on the deal when it closed last month.Helaba is now talking to...



Startup Offers Advice on Syndication

Fri, 10 Jan 2020
Two loan-syndication pros are starting an advisory business aimed at helping small and mid-size lenders sell participation interests in commercial mortgages.Pro Syndicate, led by Liz Strader and Sara Haley, will cater to banks that are too small to employ in-house syndication teams, as well as debt funds looking to sell pieces of loans. The firm also would seek to advise borrowers on capital structures and on loans that are likely to be...



Acore Writes Loan on Burbank Offices

Fri, 10 Jan 2020
Acore Capital has originated $151 million of floating-rate debt to finance a sale-leaseback transaction involving three Southern California office buildings that are fully occupied by Warner Bros.A joint venture between Worthe Real Estate of Santa Monica, Calif., and Stockbridge Capital of San Francisco paid Warner an undisclosed amount for the Burbank properties as part of a broader development deal with the entertainment giant.Eastdil Secured...



Citco Expands Loan-Servicing Role

Fri, 10 Jan 2020
Citco, a well-known fund administrator, is ramping up its loan-servicing business.The international firm, whose U.S. operations are based in New York, hired Elaine Furnari in recent weeks to spearhead the effort. Furnari, who previously spent about eight years at HSBC, oversees servicing of both commercial real estate loans and corporate loans. She works in New York.Citco has long helped lenders, including private funds and insurers, service...



Tempered Outlook for CRE CLO Issuance

Fri, 10 Jan 2020
After several years of explosive growth, the market for commercial real estate CLOs will continue to expand in 2020, if at a somewhat slower rate.That’s the consensus among 18 industry professionals surveyed by Commercial Mortgage Alert, who predicted, on average, that issuers will pump out $22.8 billion of collateralized loan obligations backed by bridge loans on transitional properties. That would mark an 18% increase over the $19.2...



REGULATORY ROUNDUP

Fri, 10 Jan 2020
Libor Transition, Multi-Family Policy Top Regulatory IssuesThe commercial mortgage market entered the new year with some long-running regulatory questions finally settled and signs of progress on other thorny issues.Industry groups are keeping a close eye on proposals for the future of Fannie Mae and Freddie Mac, as well as a growing national debate over affordable housing and local moves to increase rent regulation.Meanwhile, the effort to...



REGULATORY ROUNDUP

Fri, 10 Jan 2020
Libor Phase-Out — New York FedIssuers of commercial mortgage securities have stepped up preparations for life after Libor, as the Federal Reserve and an industry group it assembled work to develop a suitable replacement.The clock is ticking, as the London Interbank Offered Rate, long the benchmark for floating-rate loans and bonds, is set to be phased out by the end of next year. The Fed is pushing lenders and bond issuers to peg coupons to...



REGULATORY ROUNDUP

Fri, 10 Jan 2020
Mortgage Agencies — FHFA, TreasuryThe federal government took some important steps in recent months to prepare Fannie and Freddie to exit conservatorship, but the process will likely drag on for years.The Treasury Department in September halted its sweep of the agencies’ profits, to allow them to start retaining cash and build up their capital reserves. Under an agreement between the department and the agencies’ regulator, the...



REGULATORY ROUNDUP

Fri, 10 Jan 2020
Rent Restrictions — States, HUDCalifornia, New York and Oregon last year enacted legislation limiting rent increases and placing other restrictions on owners of multi-family properties.The state laws are intended to make housing more affordable and reduce homelessness, but critics say they could have the opposite effect by lowering property values and discouraging owners from improving their properties.Some Democratic candidates for...



REGULATORY ROUNDUP

Fri, 10 Jan 2020
Construction Loans — OCC, Fed, FDICYears of uncertainty about the risk-based capital charges tied to construction loans ended when revised regulations were finalized Nov. 19 by the Office of the Comptroller of the Currency, the Federal Reserve and the FDIC.The new rules provide the clarity that U.S. banks and industry trade groups had long sought regarding which loans must be counted as “high volatility commercial real estate”...



REGULATORY ROUNDUP

Fri, 10 Jan 2020
Volcker Rule — Federal RegulatorsFederal regulators finalized a revision of the Volcker Rule after dropping some proposals that industry groups had argued would create new problems.The revised rule took effect Jan. 1, and banks have one year to comply. It was approved over a period of weeks by the Federal Reserve, Commodity Futures Trading Commission, FDIC, Comptroller of the Currency and SEC.The rule, enacted in 2013 as part of the Dodd...



REGULATORY ROUNDUP

Fri, 10 Jan 2020
Terrorism/Flood Insurance — CongressThe federal program that backstops property insurance in the event of terrorism was extended through 2027 as Congress last month pushed through a $1.4 trillion bundle of spending, tax and other legislation.At the same time, lawmakers punted yet again on a long-term reauthorization of the National Flood Insurance program, opting instead for a temporary renewal until Sept. 30.The Terrorism Risk Insurance...



REGULATORY ROUNDUP

Fri, 10 Jan 2020
Opportunity Zones — IRS, CongressThe Trump Administration last month finalized the rules governing tax breaks for investors in designated opportunity zones, but there are multiple bills in Congress that could alter or even end the program.Intended to spur job creation in low-income areas, the program provides breaks on capital gains taxes for long-term investments in development projects and new businesses within some 8,700 zones around the...



2019 Volume Blew Past Forecasts

Fri, 10 Jan 2020
Last year’s surge in commercial MBS issuance exceeded market pros’ wildest dreams.The average prediction of 16 CMBS specialists surveyed by Commercial Mortgage Alert at yearend 2018 called for $71 billion of issuance in 2019 — far short of the actual tally of $97.8 billion.Closest to the mark was James Manzi at S&P, with a prediction of $80 billion. That looked optimistic until a colossal $39.1 billion of CMBS was floated in the...



Morgan Stanley Wins Global Ranking; Credit Suisse Takes Agency Crown

Fri, 10 Jan 2020
Morgan Stanley topped the global ranking of commercial MBS bookrunners last year, as issuance in the U.S. and abroad topped $100 billion for the first time since the crash.Credit Suisse was again the most-active bookrunner of agency multi-family securitizations, amid record issuance, while Wells Fargo retained the crown in the fast-growing commercial real estate CLO sector.As previously reported, Citigroup was the winner in the two most closely...



KKR, Rialto Capital, Prima Top Buyers of Risk-Retention Bonds

Fri, 10 Jan 2020
KKR was the leading buyer of risk-retention bonds from commercial MBS transactions again last year, while Rialto Capital moved into second place and Prima Capital jumped to third.With purchases of $830.3 million, up 8% from the year before, KKR took down 13.2% of the $6.3 billion total of risk-retention bonds, according to data compiled by Commercial Mortgage Alert. Its share was down from 14.6% the previous year and 16.2% in the first annual...



Bridge Lender Aims for Wider Reach

Fri, 10 Jan 2020
Ardent Financial is taking steps to expand its bridge-lending program.The unit of Atlanta-based Ardent Cos. has traditionally pursued debt and preferred-equity investments in construction projects, redevelopments and transitional properties. But now the investment manager also wants to target value-added, core-plus and opportunistic plays involving more-stabilized properties, said newly hired managing director Christopher Kelly.After four years...



Greystone Ramps Up CMBS Operation

Fri, 10 Jan 2020
Greystone is moving to raise its profile in the commercial MBS business, following its yearend acquisition of special servicer C-III Asset Management.The New York investment manager and advisory shop is already an active originator of mortgages that it sells to major CMBS dealers for securitization in conduit offerings. It expects to boost that segment of its lending business to $1 billion this year, from about $500 million last year.To support...



CIT Backs Queens Warehouse Project

Fri, 10 Jan 2020
CIT Real Estate Finance has committed to lead a roughly $87 million construction loan for a warehouse in Queens, N.Y.The firm is talking to other lenders about syndicating part of the floating-rate package. It’s expected to have an initial term of four years and at least one extension option.The borrower, local firm Triangle Equities, would use the proceeds to develop a 300,000-square-foot distribution facility near John F. Kennedy...



CMBS, CLO Issuance Gets Early Start

Fri, 10 Jan 2020
Jumping ahead of the next wave of issuance, dealers this week priced one commercial real estate CLO and marketed the first conduit deal of the year.Bridge Investment priced a $550 million CLO on Wednesday, while Goldman Sachs, Citigroup and Deutsche Bank pitched a pooled offering that totals $1.4 billion, including rake bonds.Market pros had expected issuers to wait until after next week’s annual conference of the CRE Finance Council in...



The Grapevine

Fri, 10 Jan 2020
Scott Schwartz, longtime head of real estate-related investments at Marathon Asset Management, has joined PGIM Real Estate as a managing director. Schwartz spent more than 16 years at Marathon, most recently as a senior managing director. He left the New York alternative-investment shop at yearend.



The Grapevine

Fri, 10 Jan 2020
Industry veteran Jon Stein has left Allegiant Real Estate Capital to join Torchlight Investors, where he will originate debt and equity investments in commercial real estate. Stein assumed a senior role last month in Torchlight’s New York headquarters, reporting to originations chief Mike Butz. Stein was a managing director on the originations team at Allegiant, also based in New York. He previously filled a similar role at FirstKey...



The Grapevine

Fri, 10 Jan 2020
3650 REIT added two associates to its loan-servicing unit this week. Daphne Wolberg spent the last two years at Synovus in Weston, Fla., while Daniel Cahill previously worked at Sunhouse Construction and Gulfside Development, both of Miami. They arrived two weeks after 3650 received its first rating as a commercial-mortgage servicer. Now rated “CSS3+” by Fitch as a special servicer, the Miami mortgage REIT intends to exercise its...



The Grapevine

Fri, 10 Jan 2020
Lauren Kaufman joined Cushman & Wakefield in New York this week. She works in a unit that helps clients line up debt and equity financing, reporting to unit head Steven Kohn. Kaufman previously spent six years at Deutsche Bank, where as a vice president she originated mortgages both for the bank’s balance sheet and for securitization. Kaufman, an attorney, also has worked at law firm Alston & Bird and Arbor...



The Grapevine

Fri, 10 Jan 2020
Stuart Lippman and David Liu have left TIG Advisors of New York, where they oversaw a pair of structured-product hedge funds that ran as much as $1 billion. Their plans are unknown. TIG is unwinding TIG Securitized Asset Fund, which Lippman and Liu launched in 2012 to invest in CMBS and other structured products. Also being unwound is a smaller vehicle called TIG Sunrise Fund. Prior to TIG, Lippman led a mortgage-focused proprietary-trading unit...



The Grapevine

Fri, 10 Jan 2020
Dechert has added two commercial real estate debt specialists to its finance and real estate practice. Barbara Shachnow, who started this week as a partner in New York, has spent more than 30 years focused on mortgage lending, loan workouts and structured finance, among other areas. She joined from Sullivan & Worcester, along with colleague Teresa Long. Long, now of counsel at Dechert, has a similarly varied background in commercial real estate...



The Grapevine

Fri, 10 Jan 2020
Former Morningstar executive Frank Innaurato joined Berkadia’s servicing unit in recent weeks as a vice president overseeing a team responsible for the collection and analysis of financial statements. He is working in Berkadia’s office in Ambler, Pa. Innaurato was the longtime head of CMBS surveillance at Morningstar before leaving in December 2018 amid a management shakeup. He previously was a senior executive at rating agency...



Citi Captures CMBS Bookrunner, Loan Crowns

Fri, 20 Dec 2019
Citigroup has won this year’s two most-coveted commercial MBS league tables, prevailing in a hotly contested battle amid soaring overall volume.Citi was the top bookrunner of U.S. CMBS transactions and the leading contributor of loans to securitizations — capturing each crown for the first time since Commercial Mortgage Alert began compiling annual rankings in the early 1990s. The bookrunner and loan-contributor league tables are key...



CMBS, CLO Pipelines Strong in Early 2020

Fri, 20 Dec 2019
Following a fourth-quarter blowout that unexpectedly lifted U.S. commercial MBS volume close to $100 billion this year, issuance will continue to be brisk early next year, according to Commercial Mortgage Alert’s first look at the 2020 pipeline.Fourteen transactions totaling $14.4 billion are already in the queue for January and February — well ahead of the $9.3 billion issuance tally in the first two months of this year. And more...



UBS Team Aiming to Refinance 120 Broadway

Fri, 20 Dec 2019
A UBS Realty partnership is seeking to borrow $510 million to refinance and upgrade the landmark office building at 120 Broadway in Lower Manhattan.UBS and its partner, developer Larry Silverstein, own the leasehold interest in the 1.9 million-square-foot property. They are looking for a floating-rate loan with a total term of five years. Some $410 million of the balance would be funded upfront, with the remaining portion drawn down over time to...



Buyers Snap Up Freddie SOFR Bonds

Fri, 20 Dec 2019
Investors looking ahead to the demise of Libor gave a warm reception to a Freddie Mac deal last week that featured the first-ever bonds from a commercial mortgage securitization to be tied to the Secured Overnight Financing Rate.Freddie expects to repeat the experiment in future deals as investor demand warrants, in order to get the market accustomed to coupons pegged to SOFR. That rate has been chosen by the Federal Reserve in cooperation with...



Bridge Lender Eyes CLO Market

Fri, 20 Dec 2019
Toorak Capital, which invests in small-balance bridge loans on multi-family properties, is eyeing the rapidly growing market for commercial real estate CLOs as a possible funding source.To date, the Summit, N.J., firm has funded its $550 million loan portfolio mainly by tapping equity capital from its principal backer, KKR, and warehouse lines from Deutsche Bank and Morgan Stanley. It also has securitized some of those assets via unrated deals...



Loan Sought on Wall Street Offices

Fri, 20 Dec 2019
A joint venture wants to line up $133 million of debt to finance its purchase of an office building in Lower Manhattan.Blackstone has an agreement to sell the 354,000-square-foot property, at 44 Wall Street, to a partnership between George Comfort & Sons of New York and Gaedeke Group of Dallas for roughly $200 million, or $565/sf. Estreich & Co., representing the buyer, is soliciting proposals for multiple financing options, including fixed- and...



Barclays to Refinance Hilton Atlanta

Fri, 20 Dec 2019
Barclays has agreed to originate a $250 million mortgage on the Hilton Atlanta for an Apollo Global partnership.The bank is expected to securitize the floater next month via a stand-alone offering. The loan will have a term of up to five years, including extension options.The 1,249-room Hilton, at 255 Courtland Street NE, is the third-largest hotel in downtown Atlanta, after the 1,663-room Atlanta Marriott Marquis and the 1,260-room Hyatt Regency...



Morrison Re-Opens, Closes Loan Fund

Fri, 20 Dec 2019
Morrison Street Capital, which wrapped up its second mezzanine-loan fund in April with $128 million of equity pledges, re-opened the vehicle last month to take in another $14 million.The Portland, Ore., manager, told investors the move was prompted by an increase in lending opportunities. The vehicle, Morrison Street Debt Opportunities Fund 2, has already invested about two-thirds of its $142 million of equity and is expected to deploy the rest...



Mosaic Backs Student-Housing Project

Fri, 20 Dec 2019
Mosaic Real Estate Credit has pledged $68.8 million of floating-rate debt to finance the construction of a 270-unit student-housing complex near the rapidly expanding campus of University of California, Merced.Shamrock Acquisitions plans to build 15 residential buildings, a 14,500-square-foot clubhouse and a 6,600-sf retail building on a 17-acre site at 2980 East Yosemite Avenue in Merced, Calif. When completed in mid-2021, the property will...



Investors Return to Secondary Market

Fri, 20 Dec 2019
Secondary trading of commercial MBS increased in recent weeks, thanks to end-of-the-year portfolio adjustments and an influx of investors unable to find enough subordinate paper in the primary market.Following several months of subdued activity, weekly CMBS trading volume picked up sharply starting the week before Thanksgiving. According to Empirasign, an average of 95 bid lists totaling $1.3 billion circulated in each of the last three full...



Developer Seeks Loan for NY Condos

Fri, 20 Dec 2019
A New York investor is talking to lenders about $195 million of construction financing for a condominium building on Manhattan’s Upper East Side.A partnership led by Legion Investment is seeking floating-rate debt with a term of 3-5 years for the development of a 34-unit building on East 79th Street, between Park and Lexington Avenues. AKS Capital is advising Legion, the investment platform headed by Victor Sigoura.Plans filed with the city...



The Grapevine

Fri, 20 Dec 2019
Anupam Ladha left Macquarie Group a few weeks ago. Ladha, who was a senior managing director based in New York, worked on both debt and equity investments in commercial real estate. He is said to be pursuing other opportunities. Ladha spent about eight years at Sydney-based Macquarie and had previous stints at Marathon Asset Management and Carlyle Group.



The Grapevine

Fri, 20 Dec 2019
Veteran originator John Bauer has joined bridge lender Money360 as regional director for the Western U.S. He started last month in the firm’s Ladera, Calif., headquarters, reporting to president Gary Bechtel. Bauer had been a first vice president at Cathay Bank of Los Angeles, where he was hired last year to originate bridge and construction loans. He previously spent 12 years working on bridge and mezzanine loans at Boston-based Tremont...



The Grapevine

Fri, 20 Dec 2019
Michael Olson started at Limekiln Real Estate last month as head of underwriting. He joined the New York firm from MUFG Union Bank, where he led commercial MBS underwriting for about six months. He previously spent five years at Ladder Capital, where he was a senior underwriter focused on CMBS loans. His resume also includes stops at MBIA, NewOak Capital and Merrill Lynch. Limekiln, led by Scott Waynebern, has been expanding its staff since...



The Grapevine

Fri, 20 Dec 2019
Ryan Howard joined Centennial Commercial Finance this month as a director. He is opening a Miami Beach office for the firm, a division of Centennial Bank of Conway, Ark. Howard reports to Simon Seguss, who heads originations for the commercial-mortgage unit. Howard spent the past two years at Trez Forman Capital, a joint venture between Forman Capital of Boynton Beach, Fla., and Trez Capital of Toronto. Before that, he worked at Barlington Group,...



The Grapevine

Fri, 20 Dec 2019
Law firm Akerman has added a special counsel to its real estate-finance group in New York. Taila Martin arrived last week from the New York office of Hunton Andrews, where she had worked for about two years. She previously spent about seven years at Windels Marx of New York. Akerman has continued to expand its real estate-finance practice since hiring a five-member team from Duval & Stachenfeld in...



The Grapevine

Fri, 20 Dec 2019
M&T Realty Capital is looking for an asset-management professional to help oversee aspects of the firm’s FHA lending. The recruit would be based in the M&T Bank unit’s Baltimore headquarters, supervising a team that’s mainly responsible for servicing of FHA, HUD and Ginnie Mae mortgages. The position requires at least eight years of experience in loan administration, including five years in a management post. A background in FHA...



The Grapevine

Fri, 20 Dec 2019
Chih Ching “Daniel” Hu has moved to Societe Generale from Bank of China. Hu started at SocGen in the past week or so. His duties include assessing the credit risk of the French bank’s commercial-property financing deals. He held a similar position at Bank of China, where he worked for eight years in a risk-management role. Before that he spent nearly five years at...



The Grapevine

Fri, 20 Dec 2019
Korth Direct Mortgage hired Brian Stoker this month as director of securitization. He joined the Miami lender from StormHarbour Securities, where he spent seven years helping to originate and structure corporate CLOs. He previously was an analyst at Carlson Capital, and earlier worked at Citigroup and Merrill Lynch. Korth, which writes commercial mortgages on multiple property types, securitizes individual loans and privately sells the notes to...



Barclays Syndicate to Back Office Recap in SF

Fri, 13 Dec 2019
A Barclays syndicate has agreed to originate a $682 million fixed-rate loan in conjunction with the recapitalization of the office tower at 525 Market Street in San Francisco.Under the recap, Deutsche Bank’s asset-management unit, DWS Group, will buy a roughly 50% stake in the 1.1 million-square-foot building from New York State Teachers, which will retain the remaining interest. The transaction values the Financial District property at...



Bancorp Markets Performing Bridge Loans

Fri, 13 Dec 2019
Bancorp Bank, which has stepped up its originations this year, is shopping $879 million of new bridge loans.The floating-rate portfolio is backed mostly by multi-family properties and includes some loans still in the process of closing. The Wilmington, Del., bank appears to be aiming for a premium price of at least 101 cents on the dollar.The offering is likely to appeal to bridge lenders that are having a hard time amassing loans in a highly...



Citi, Morgan Stanley Step In After Natixis Exit

Fri, 13 Dec 2019
Citigroup and Morgan Stanley are looking to syndicate a roughly $650 million Manhattan office loan that they agreed to fund after Natixis backed out.The floating-rate mortgage is secured by the 1.1 million-square-foot tower at 335 Madison Avenue. The owner, Milstein Properties of New York, is modernizing the building, much of which will be geared toward relatively small tenants in shared spaces.The six-year loan is the senior portion of a $749...



Starwood Seeks Loan for Boston Deal

Fri, 13 Dec 2019
Starwood Capital is in the market for a $422 million loan to finance its purchase of the leasehold interest in the office building at 60 State Street in Boston.The Miami Beach fund shop has an agreement to buy the 911,000-square-foot property for about $620 million, or $680/sf. The seller is a joint venture between J.P. Morgan Asset Management and Oxford Properties of Toronto.Starwood, via Newmark, is soliciting quotes for a floating-rate...



CMBS Market Heads to Strong Finish

Fri, 13 Dec 2019
Benchmark conduit spreads tightened this week even as issuers pushed out another massive wave of commercial MBS before yearend.Four conduits totaling $4 billion, plus four single-borrower deals totaling $2.5 billion, priced or were on their way to doing so this week. One conduit achieved the lowest benchmark spread in nearly five months.The long-term, super-senior bonds from a $1.2 billion offering by Bank of America, Wells Fargo, Morgan Stanley...



Refi Eyed for Lower Manhattan Hotel

Fri, 13 Dec 2019
The owner of the Beekman luxury hotel in Lower Manhattan is looking for up to $200 million of fresh debt.GFI Hospitality of New York began talking to lenders about the refinancing within the past week or so, via Newmark. The preference is for floating-rate debt that would run a total of five years. GFI is taking quotes at two proceeds levels: $180 million and $200 million.The collateral is a swanky 287-room hotel that opened in 2016 at 123 Nassau...



Special-Servicing Rate Holds Steady

Fri, 13 Dec 2019
The percentage of commercial MBS loans in the hands of special servicers was unchanged in November, as a sharp drop in the rates for office and industrial mortgages was offset by a spike in the retail sector.The special-servicing rate stood at 3%, according to Trepp, remaining at its lowest level since the first quarter of 2009. Overall, the balance of distressed loans controlled by special servicers rose by $175 million to $14.5 billion, while...



Buyer Eyes Mortgage on NJ Complex

Fri, 13 Dec 2019
An investor wants to borrow roughly $140 million to finance his pending purchase of a residential/retail complex in Fort Lee, N.J.Anthony LoConte has agreed to acquire the property for roughly $200 million from a partnership comprising Ares Management of Los Angeles, Tucker Development of Chicago and Kushner Real Estate of Bridgewater, N.J.LoConte, a well-known retail investor in Northern New Jersey, is buying the complex off-market. He is...



ING Pursuing Lower NY Office Loan

Fri, 13 Dec 2019
ING Real Estate Finance is in line to lead a roughly $370 million loan on an office building at 180 Maiden Lane in Lower Manhattan.The owner, a partnership between Clarion Partners and MHP Real Estate Services, began pitching the assignment to lenders around three months ago via Eastdil Secured. The duo sought quotes on either a fixed- or floating-rate mortgage, with a term of 5-7 years.If ING wins the loan, it likely will be syndicated,...



MetLife Finances Apartments in Calif.

Fri, 13 Dec 2019
MetLife has originated a $115 million floating-rate loan on a Silicon Valley apartment complex that was completed last year.The 351-unit property, in Milpitas, Calif., was developed by LMC, the multi-family arm of homebuilder Lennar. The five-year loan closed in mid-November.The property, at 650 East Capitol Avenue, is a complex of five-story buildings clustered around two central courtyards. Units have 1-2 bedrooms. Amenities include a lounge...



Credit Agricole Funds Seattle Hotel

Fri, 13 Dec 2019
Credit Agricole has originated a $63 million floating-rate mortgage in conjunction with the recapitalization of the Fairmont Olympic Hotel in downtown Seattle.Under the recap, Ivanhoe Cambridge sold a roughly 33% stake to New York-based Rockwood Capital and retained the remaining interest.The French bank funded about $40 million of the balance at the closing last week. The Ivanhoe team can draw down the rest over time. The loan will run for up to...



Approved Primary, Master and Special Servicers

Fri, 13 Dec 2019
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,”...



Shelter Growth Rolls Out Debt Fund

Fri, 13 Dec 2019
Bridge lender Shelter Growth Capital is planning its third fund after quickly reaching its capital-raising goal for the first two.The Stamford, Conn., firm is seeking to raise at least $250 million for Shelter Growth Term Fund 3, which would invest in bridge and mezzanine loans secured by a variety of commercial properties. It also is expected to invest in the risk-retention pieces of commercial MBS deals.Shelter Growth, led by former Goldman...



Benefit Street Lends on 2 Warehouses

Fri, 13 Dec 2019
Benefit Street Partners has originated a $63 million bridge loan on an empty warehouse in El Paso, Texas, and a nearly vacant one in Phoenix.The properties, totaling 1.6 million square feet, are owned by Five Star Development of Scottsdale, Ariz. Some $42 million of the floating-rate debt was funded when the financing closed on Dec. 6. The balance can be drawn over time to cover expenses tied to leasing up the space, including tenant improvements...



The Grapevine

Fri, 13 Dec 2019
Elaine Furnari has left her post as head of commercial-loan servicing at HSBC. There’s no word on her next move. Furnari, who departed this month, had worked at the bank since 2011. She previously held a similar position at Capmark Financial, which filed for bankruptcy in 2009. Furnari earlier worked at AutoStar Realty, Peachtree Franchise Finance and Franchise Mortgage...



The Grapevine

Fri, 13 Dec 2019
Scoggin Management has added a portfolio manager to oversee investments in commercial MBS, asset-backed securities, CLOs and other structured products. Kevin Gordon started this week at the New York hedge fund shop. He previously held a similar post at hedge fund startup Alagna Advisors and, before that, oversaw ABS trading at KeyBank. Gordon earlier worked at Cowen & Co. and Credit Suisse. Scoggin was founded in 1988 by Craig Effron and Curtis...



The Grapevine

Fri, 13 Dec 2019
Terra Capital has hired a head of business development and investor relations. Leighton Zema joined the New York investment manager last month, reporting to chief executive Vik Uppal. Zema most recently held a business-development role at KLS Diversified Asset Management of New York. His resume also includes stops at Sound Point Capital of New York, Paris-based Lyxor Asset Management and Neuberger Berman. Terra, founded in 2002, writes bridge and...



The Grapevine

Fri, 13 Dec 2019
Structured-product salesman Chris Nias joined Mizuho’s London office in the past few weeks. Nias is distributing a broad range of securitized products, including CMBS, while also offering financing to clients via repurchase agreements. He previously traded CMBS and whole loans at Credit Suisse, before being laid off in 2016 amid a round of cuts in the Swiss bank’s structured-product underwriting group. Nias also has worked at Barclays...



The Grapevine

Fri, 13 Dec 2019
CBRE Global Investors is looking to hire a debt pro. The Los Angeles investment manager wants to add a senior originator to its credit-strategies team, reporting to head Todd Sammann. Candidates should have at least 10 years of experience financing or investing in commercial real estate. The recruit would have the option of working in Los Angeles or New York. Send resumes to Christian Fuqua at...



The Grapevine

Fri, 13 Dec 2019
Madison Realty Capital has hired another commercial-mortgage pro from rival fund shop Acore Capital. Vice president Eric Migicovsky started Oct. 28 in Madison Realty’s Los Angeles office. He reports to managing principal Josh Zegen. Migicovsky is vetting new investments in commercial real estate debt and equity, while also handling some asset-management responsibilities for the New York firm’s existing portfolio. He previously spent...



The Grapevine

Fri, 13 Dec 2019
Acore Capital, meanwhile, wants to add an associate or analyst to its commercial-mortgage origination team in Los Angeles. The position requires 2-5 years of experience. Send resumes to careers@acorecapital.com.



The Grapevine

Fri, 13 Dec 2019
Sabal Capital is looking to hire two mortgage originators as it prepares to issue its first conduit deal. The recruits should have 2-5 years of experience in commercial real estate lending. One would be based in California, the other in Texas. Both would report to CMBS chief Bob Restrick. Send resumes to robert.restrick@sabal.com. The Irvine, Calif., lender expects to complete its debut CMBS transaction in the first...



Distress Hits Times Square Hotel/Retail Loan

Fri, 06 Dec 2019
A portion of the $1.9 billion of debt on the new hotel/retail property at 20 Times Square in Midtown Manhattan has slipped into default.The debt package, originated last year by a Natixis syndicate, consists of a $1.02 billion loan on the leasehold interest in the building plus a $900 million mortgage backed by the underlying land. Both assets are owned by Maefield Development of Indianapolis.The loan on the leasehold interest has gone into...



Single-Borrower Deals Lead Flood of CMBS

Fri, 06 Dec 2019
In a mad dash to empty their pipelines before the holidays, dealers marketed some $10.2 billion of commercial MBS this week.The bulk of the activity was in the single-borrower sector, where $6.3 billion of bonds were floated via seven transactions, led by a $1.9 billion offering linked to the Bellagio Hotel & Resort in Las Vegas (BX 2019-OC11). Four conduits adding up to $3.9 billion began marketing and were expected to price today or next...



Canadian Bridge Lender Eyes US Expansion

Fri, 06 Dec 2019
Canada-based Trez Capital is taking steps to raise its profile as an originator of U.S. bridge loans, starting with recent changes in senior management.The former No. 2 executive, president Greg Vorwaller, left on Oct. 31. He has been replaced by a three-member executive committee that oversees the firm’s day-to-day operations and will spearhead the expansion.One of those executives, Resource America alumnus Dave Bloom, was recruited as...



Debt Sought for NY Multi-Family Deal

Fri, 06 Dec 2019
Global Holdings wants to borrow $265 million for the purchase of a Midtown Manhattan apartment high-rise.The investment shop, headed by Israeli billionaire Eyal Ofer, is seeking a floating-rate loan, with a total term of five years, backed by the 392-unit Instrata NoMad, at 10 East 29th Street. Global has an agreement with Los Angeles County Retirement to buy the property for about $400 million, or a little more than $1 million/unit.The debt...



MetLife Backs Luxury Denver Rentals

Fri, 06 Dec 2019
MetLife has originated a $200 million fixed-rate mortgage on a luxury apartment property in Denver that opened last year.Shorenstein developed the 508-unit Grand complex, at 1777 Chestnut Place in the LoDo, or Lower Downtown, neighborhood. The San Francisco investment manager used MetLife’s 10-year mortgage, which closed about three weeks ago, to retire construction financing.The two-building complex is next to Commons Park, which is...



Stand-Alone Deal Comes With a Twist

Fri, 06 Dec 2019
The recent deluge of commercial MBS offerings prompted a Citigroup syndicate to turn to an unusual marketing strategy this week.The move centered around an $800 million fixed-rate loan on the office building at 650 Madison Avenue in Midtown Manhattan. The 10-year mortgage, originated on Nov. 26, was broken into $586.8 million of senior notes and $213.2 million of junior notes.What was unusual was that the lenders funneled all of the junior notes...



Broker Aims to Pool Loan Requests

Fri, 06 Dec 2019
Brokerage Eastern Union Funding is seeking to bundle applications for commercial mortgages and present them to a single lender for origination.Under the idea, Eastern Union would look to identify 10-15 borrowers that want fixed-rate loans totaling perhaps $250 million on stabilized properties nationwide. It would then shop those loan requests as a package to individual lenders that would underwrite and fund the uncrossed loans.The Brooklyn...



Mesa West Lends on Seattle Rentals

Fri, 06 Dec 2019
Mesa West Capital has written a $52 million mortgage to finance the purchase of a luxury apartment building in Seattle.The floating-rate loan, with a total term of five years, is secured by the 131-unit Joseph Arnold Lofts. A joint venture between Cigna Investment and Rise Properties, a nontraded Canadian REIT, bought the property in October from Invesco Real Estate for $74.5 million. CBRE brokered the sale for Dallas-based Invesco and also...



Builder Eyes Mortgage for NY Rentals

Fri, 06 Dec 2019
The developer of a Manhattan apartment complex is soliciting proposals for a $170 million construction loan.A partnership led by L&L MAG, a New York firm co-headed by former Forest City Ratner chief MaryAnne Gilmartin, is looking for a floating-rate loan with a term of up to five years. L&L MAG and partners Atalaya Capital of New York and Qualitas, an Australian real estate investment firm, recently broke ground on the 480-unit project, at 241...



Rubenstein Inks Loan on Va. Offices

Fri, 06 Dec 2019
Rubenstein Mortgage Capital has originated a $47.8 million bridge loan on a Virginia office building that Westport Capital renovated and is now seeking to lease up.The 263,000-square-foot property, at 2000 Corporate Ridge Road in McLean, is only 11% occupied. Westport, a fund operator in Wilton, Conn., acquired it out of foreclosure two years ago.The loan has a three-year term, with two single-year extension options. Rubenstein, a unit of...



ING Finances New Calif. Apartments

Fri, 06 Dec 2019
ING Real Estate has written a $95 million mortgage on a new luxury apartment complex in California’s Orange County.The 400-unit property, in Anaheim, was completed this year by LMC, the multi-family development arm of Lennar. Occupancy is now above 90%. The loan was originated about two weeks ago.The five-story complex, at 1815 South Westside Drive, is just off Interstate 5. Units range from studios to two bedrooms, including some with loft...



KeyBank Backs Multi-Family Purchase

Fri, 06 Dec 2019
KeyBank has originated a $55 million Fannie Mae loan to fund the purchase of an apartment complex in a Boston suburb.The 280-unit property, in Franklin, Mass., was sold last month by Atlanta developer Wood Partners to Bluerock Real Estate of New York for $84.3 million. The fixed-rate mortgage has a 10-year term. It doesn’t require principal payments for the first five years, after which it amortizes on a 30-year schedule.The complex, at 50...



Heitman Financing NY Office Buyer

Fri, 06 Dec 2019
Heitman has agreed to write a $200 million floating-rate mortgage in conjunction with BentallGreenOak’s pending acquisition of the office building at 685 Third Avenue in Midtown Manhattan.The Toronto investment manager last month agreed to buy the 646,000-square-foot tower from Unizo Holdings for roughly $450 million. It then agreed to sell the land under the building for $180 million to Safehold, a REIT managed by iStar of New...



Delinquency Rate Continues to Fall

Fri, 06 Dec 2019
The percentage of distressed commercial mortgages in securitizations rated by Fitch fell for the eighth consecutive month in November.The delinquency rate dipped 14 bp to 1.52%, according to the agency. The measure reflects loans that are at least 60 days late, are in foreclosure or have defaulted at maturity. The last time the rate was so low was in February 2009.New delinquencies of $258 million in November were more than offset by $722 million...



The Grapevine

Fri, 06 Dec 2019
Industry veteran Ben Milde has joined TPG Real Estate Finance as a managing director. He started on Monday in the REIT’s New York headquarters, reporting to originations chief Peter Smith. Milde arrived from Allegiant Real Estate Capital, also of New York, where he was a managing director in charge of commercial-mortgage originations. He previously held similar roles at FirstKey Lending and Citigroup. He was among a number of FirstKey...



The Grapevine

Fri, 06 Dec 2019
Christopher Kelly has left his position as head of commercial real estate at bridge lender Amherst Capital of New York. There’s no word on his next move. Kelly had worked at Amherst since it was founded in 2015. He previously occupied a similar post at CapitalSource, a commercial-mortgage unit of Pacific Western Bank, and earlier worked at Natixis and Lehman...



The Grapevine

Fri, 06 Dec 2019
M&T Realty Capital has hired Steven Heller as an executive managing director overseeing originations of Fannie Mae and Freddie Mac mortgages. He started this week in a newly opened office in Princeton, N.J. Heller moved to the M&T Bank unit from Barings Multifamily Capital, where he held the same title. Before that, he worked at ACRE Capital, Walker & Dunlop and...



The Grapevine

Fri, 06 Dec 2019
Bancorp Bank has hired an underwriter to focus on bridge loans destined for the bank’s commercial real estate CLOs. The recruit, vice president Zachary Walter, also will work on commercial mortgages for conduit deals. He is based in New York, reporting to real estate lending chief Ron Wechsler. Walter arrived last month from Home America Lending Corp. of Patchogue,...



The Grapevine

Fri, 06 Dec 2019
Mesa West Capital has added Jenny Yang as a vice president in its Los Angeles headquarters. Yang, who started last month, is part of Mesa West’s asset-management team, reporting to co-founder and principal Mark Zytko. She previously worked at MetLife, where she handled asset management for loans on Los Angeles-area properties. Yang also has worked at TIAA, OneWest Bank and agency lender Alliant Capital of Woodland Hills,...



The Grapevine

Fri, 06 Dec 2019
Madison Realty Capital has opened an outpost in Dallas. Jonathan Hart started there in October as a vice president on the New York-based fund shop’s originations team. Hart, who reports to managing principal Josh Zegen, is responsible for identifying investment opportunities tied to properties in Texas. Hart joined Madison from the Dallas office of San Francisco investment manager Acore Capital, where he had worked since...



The Grapevine

Fri, 06 Dec 2019
Rick Del Roio has joined PGIM Real Estate Finance’s agency-lending arm as chief underwriter. Del Roio, who started last week, previously worked at JLL, where he was an executive vice president in charge of underwriting Freddie Mac loans. Earlier, he worked at Beech Street Capital, which was acquired by Capital One in 2013, and at Freddie.



The Grapevine

Fri, 06 Dec 2019
Online mortgage broker StackSource hired two executives last month to focus on business development. Tommy Lester, who is based in Atlanta, reports to vice president Beth Mercante. Tyler Beauregard, who works in Aspen, Colo., answers directly to chief executive Tim Milazzo. Both recruits have the title capital advisor. Lester previously ran SWAN Development Partners, an Atlanta firm he founded in 2016 to acquire and redevelop small commercial...



Rate Drop Fuels Use of "L-Shape' Risk Option

Fri, 22 Nov 2019
Conduit issuers since midyear have significantly stepped up their use of the “L-shape” structure to comply with federal risk-retention rules.The shift has been driven by plunging Treasury yields, which have made the L-shape structure more profitable for issuers than the horizontal-strip option — their other alternative when passing off risk-retention responsibility to third parties.Issuers used the L-shape structure on only...



DBRS: Downgrade Projection Was Incorrect

Fri, 22 Nov 2019
DBRS Morningstar says its announcement last week that it plans to adopt a new methodology for grading single-borrower commercial MBS greatly overestimated the ratings downgrades that would result.The rating agency initially said that combining the pre-merger methodologies of DBRS and Morningstar into a new model could result in downgrades to 25.1% of outstanding bond classes with DBRS ratings in single-borrower transactions.That was a mistake,...



Bond Buyers Pile Up Their Plates With CMBS

Fri, 22 Nov 2019
Investors feasted on a pre-Thanksgiving bounty of commercial MBS this week, as dealers served up more than $6.5 billion of conduit and single-borrower transactions plus a couple of CLOs.Wells Fargo, Bank of America and Morgan Stanley priced a $1.3 billion pooled offering yesterday, with the long-term super-seniors achieving a spread of 92 bp over swaps (BANK 2019-BNK23). That was on the low end of early “whisper” talk and tighter than...



REIT-Bond Issuance Resumes Hot Pace

Fri, 22 Nov 2019
Following a record-shattering September and a sudden halt in October, REIT-bond issuance has come roaring back.Some $10.8 billion of unsecured corporate bonds have been floated by REITs so far in November. That pushed the year-to-date total to $65.3 billion, already well above the high-water mark of $51.8 billion set in 2017.This month’s activity followed a four-week stretch when issuance completely dried up, from Oct. 9 through Nov. 4....



BofA Markets Brookfield Mall Offering

Fri, 22 Nov 2019
Bank of America has quietly started shopping an $895 million securitization backed by fixed-rate mortgages on two Brookfield Property malls in suburbs of Boston and Miami.The issue’s collateral will be a $505 million loan on the 1.7 million-square-foot Natick Mall in Natick, Mass., and a $390 million mortgage on the 743,000-sf Shops at Merrick Park in Merrick Park, Fla. The five-year, interest-only loans, which BofA originated on Nov. 1,...



DivcoWest Pursues Calif. Office Refi

Fri, 22 Nov 2019
DivcoWest is seeking a $147 million mortgage to refinance an office property north of Los Angeles.The San Francisco fund operator has tapped CBRE to circulate a request for a floating-rate loan with a five-year term on the 542,000-square-foot building, at 655 North Central Avenue in Glendale, Calif. The lender would be expected to fund about $125 million upfront, while allowing DivcoWest to draw down the balance over time to cover upgrades and...



Takeover by ORIX Delays Hunt's CLO

Fri, 22 Nov 2019
Hunt Real Estate Capital’s third commercial real estate CLO appears to be on hold.The company was originally expected to float a roughly $350 million offering this month. But that timing was evidently disrupted when Dallas-based ORIX Corp. USA announced on Nov. 4 that it had agreed to acquire the lender for an undisclosed price. The purchase is expected to close by yearend.Hunt Real Estate Capital, a subsidiary of Hunt Cos. of El Paso,...



Rockwood Taps Invesco for Md. Loan

Fri, 22 Nov 2019
Invesco Real Estate this week originated a $129 million floating-rate loan on a Bethesda, Md., office building recently acquired by a Rockwood Capital partnership.Rockwood, a New York fund operator, teamed up with local shop Stonebridge to buy the 342,000-square-foot Clark Building in September for $133.8 million in cash.The interest-only mortgage, which has a five-year term, includes a future-funding component of nearly $30 million for capital...



Boston Bank Expanding Loan Platform

Fri, 22 Nov 2019
Boston Private Bank & Trust is increasing its emphasis on bridge loans with an eye toward attracting high-yield investors as ongoing customers.The bank is best known as a provider of wealth-management, trust and private-banking services, with $7.6 billion of assets under management at midyear. Commercial real estate loans accounted for $3.8 billion of its $8.6 billion balance sheet.The bank’s commercial real estate operation has...



MUFG Writes Low-LTV NY Office Loan

Fri, 22 Nov 2019
MUFG Union Bank has written a $250 million mortgage on a massive portfolio of Manhattan office buildings worth many times that amount.The extremely low-leverage loan to a Trinity Real Estate partnership is backed by some 4.8 million square feet of space at 11 properties in the Hudson Square neighborhood that were previously unencumbered by debt.Trinity and its partners, Norges Bank Investment and Hines, began seeking the financing six months ago,...



Annaly Inks Floater on Luxury Rentals

Fri, 22 Nov 2019
Annaly Commercial Real Estate has originated a $46.5 million floating-rate loan to refinance a recently completed luxury apartment complex in Wilmington, Del.The 166-unit property, called The Concord, is owned by local developer Buccini/Pollin Group, which completed work in March on the last of the complex’s three buildings.Avison Young brokered the financing, which closed last week. It has a two-year term and a pair of one-year extension...



CIBC Backs Buyer of Tampa Offices

Fri, 22 Nov 2019
A Partners Group joint venture tapped CIBC for a $121.5 million floating-rate mortgage on six Tampa office buildings that it acquired last week.Partners Group teamed up with Parkway Properties to buy the 834,000 square feet of space from two sellers for a total of $167.3 million, or $200/sf. The loan has a three-year term and two one-year extension options.Berkadia arranged the financing for Switzerland-based Partners Group and Orlando-based...



MetLife Lends on Colorado Apartments

Fri, 22 Nov 2019
MetLife has originated a $55 million fixed-rate mortgage on an apartment property in Boulder, Colo.The 251-unit complex encompasses nine buildings with a “Main Street” configuration. MetLife closed on the 10-year loan last month.The borrower is Wolff Co., a Scottsdale, Ariz., developer that completed construction in 2016. It’s unclear how Wolff previously financed the property.The complex, called Gunbarrel Center, is at 5340...



Financing Set for NJ Condo Builder

Fri, 22 Nov 2019
S3 Capital has written a $44 million construction loan for a luxury condominium project in Northern New Jersey.The borrower, National Realty Investment, will use the proceeds to build a 55-unit complex in Union City, part of the “Gold Coast” region across the Hudson River from Manhattan. The development site is alongside a cliff, providing an unobstructed view across the river.The floating-rate loan from S3, a subsidiary of Spruce...



Hines Eyes Loan for Denver Project

Fri, 22 Nov 2019
A Hines partnership wants to borrow $85 million to construct a speculative office building in Denver.Houston-based Hines is teaming up on the project with McCaffery Interests of Chicago and Ivanhoe Cambridge, the real estate unit of Canadian pension-fund advisor Caisse de Depot et Placement du Quebec.The trio plans to build the 250,000-square-foot property at 3500 Blake Street on the city’s north side. Eastdil Secured is soliciting...



Loan Sought for Seattle Office Recap

Fri, 22 Nov 2019
A BentallGreenOak partnership is looking to line up $68 million of debt on a downtown Seattle office property.The loan would finance a recapitalization of the 214,000-square-foot building, called Plaza 600. Toronto-based BentallGreenOak has agreed to buy a majority interest from the current owner, local firm Urban Renaissance, in a deal that values the property at upward of $120 million.The partners have tapped Eastdil Secured to line up...



The Grapevine

Fri, 22 Nov 2019
Capital One has hired Jamie Henderson to take the reins of its lending operation. He’ll start in January as an executive vice president and head of commercial real estate, reporting to president of commercial banking Michael Slocum. Henderson moves over from Ares Management, where he was head of real estate debt. Before joining Ares in 2017, he was at Barings and predecessor Cornerstone Real Estate for more than 10 years. At Capital One,...



The Grapevine

Fri, 22 Nov 2019
Frank O’Neill has joined London hedge fund manager CQS in its New York office as a portfolio manager overseeing investment in commercial MBS. He’d been working at structured-product hedge fund shop Nara Capital since 2016. Like several of the founding members of Nara, he previously spent time at Structured Portfolio Management, as well as two other buy-side operations, Lord Abbett and ORIX Capital. He started his career structuring...



The Grapevine

Fri, 22 Nov 2019
Law firm Polsinelli has been on a hiring spree, adding two partners and several associates to its real estate practice. Partner Jesse Nichols joined the firm in Los Angeles this month after about a year at Hunton Andrews. He previously spent time at Akerman and Hoffman & Pollack. Partner Kristin Walker started in Denver this month, coming from Thomson Walker, where she had worked since 2012. Arriving last month was associate David Delmar in...



The Grapevine

Fri, 22 Nov 2019
Eightfold Real Estate Capital has agreed to buy the B-piece from a planned conduit offering by Bank of America, Morgan Stanley, Wells Fargo and NCB that’s expected to hit the market next month (BANK 2019-BNK24). The Miami Beach investment firm has also circled the comparable subordinate portion of an $846.6 million conduit transaction that Citigroup, Deutsche Bank and J.P. Morgan began marketing this week (BMARK 2019-B15). Including those...



The Grapevine

Fri, 22 Nov 2019
CBRE last week hired Trevor Damyan to focus on financings of middle-market net-leased properties. He’s based in Los Angeles but will handle deals nationally. Damyan also works on construction debt and structured finance. He reports to executive vice president Andrew Ratner. Damyan came from Marcus & Millichap, where he’d been a director for the past year and a half. Before that, he spent two and a half years at Genesis Capital, a...



The Grapevine

Fri, 22 Nov 2019
Argentic is looking for a recruit with 2-4 years of capital-markets background to assist with loan pricing, structuring and securitization in the firm’s New York headquarters. Candidates with rating-agency, accounting or underwriting experience are preferred. Resumes can be sent to Meghan Clemens at mclemens@argenticmgmt.com.



Correction

Fri, 22 Nov 2019
A Nov. 8 article, “Goldman Team to Refi Fontainebleau,” understated Broadacre Financial’s role in the $1.2 billion refinancing of the Fontainebleau Miami Beach resort. Broadacre served as an advisor to owner Jeffrey Soffer.



Correction

Fri, 22 Nov 2019
An item in The Grapevine on Nov. 15 misattributed the duties of Jason Israel, a newly hired senior vice president at Capital One, to another bank executive. Israel is focusing on FHA financings. He reports to senior vice president Drew Ades, who has broader duties.



Conduit Profit Margins Declined in Quarter

Fri, 15 Nov 2019
Gross profit margins on conduit deals dipped slightly in the third quarter from the high-water mark set in the previous three months, and lenders said they saw a sharper decline in net returns.The weighted average gross profit margin on 11 conduit transactions was 5.66%, according to calculations by Commercial Mortgage Alert. That was down a bit from the second quarter’s eye-popping 6%, which was the highest level seen since figures for...



ING to Lead Loan for Buyer of SF Complex

Fri, 15 Nov 2019
ING Real Estate has agreed to lead a roughly $450 million financing package for the prospective buyer of Market Center in San Francisco.A partnership led by Paramount Group of New York has struck a deal to acquire the 753,000-square-foot office complex from Blackstone for $722 million, or $959/sf.The seven-year loan will carry a floating rate, although the borrower could opt to swap it to a fixed coupon. ING plans to form a syndicate with one or...



Conduit Spreads Vary as Volume Runs High

Fri, 15 Nov 2019
The benchmark spread widened on the latest conduit deal to price amid a flood of commercial MBS transactions that’s been flowing through the market since Labor Day.The long-term, super-senior bonds in an $807.2 million offering from LoanCore Capital, J.P. Morgan and Deutsche Bank went out the door yesterday at 100 bp over swaps, about 3 bp wider than early “whisper” talk (JPMDB 2019-COR6). It was the first deal in seven weeks...



Barclays Backing Seattle Office Buyer

Fri, 15 Nov 2019
Barclays has agreed to originate a $352 million fixed-rate loan to finance KKR’s acquisition of an office condominium in downtown Seattle.The New York fund shop has agreed to buy the 516,000-square-foot block of space from a Stockbridge Capital partnership for roughly $465 million, or just over $900/sf. The condo, fully leased to F5 Networks, is on the upper 28 floors of a 44-story building at 801 Fifth Avenue in downtown Seattle.The...



CBRE: Rate Drop Fueled 3Q Lending

Fri, 15 Nov 2019
Buoyed by lower interest rates, originations increased in the third quarter, but some credit standards slipped, according to CBRE.Originations climbed 8.2% from the previous quarter and 4.8% from last year’s third quarter, based on mortgages arranged or originated by the brokerage.The two leading lender types were insurance companies and alternative lenders (such as debt funds and REITs). Each category accounted for close to 30% of...



LaSalle Aims to Refi Offices in LA

Fri, 15 Nov 2019
A LaSalle Investment partnership wants to line up $93.4 million of floating-rate debt on two adjacent office buildings in the Playa Vista section of Los Angeles.The properties are the 132,000-square-foot Annex, at 5340 Alla Road, and a 48,000-sf building at 12901 West Jefferson Boulevard. The Annex is roughly 60% occupied by a handful of technology and media businesses. The other building is fully leased to Steelhead, a unit of advertising agency...



Canada Shop Backs NJ Rental Project

Fri, 15 Nov 2019
A Canadian investment manager last week originated a $300 million construction loan for a high-rise apartment complex in Northern New Jersey.Roseland Residential is developing the 750-unit property at 25 Christopher Columbus Drive in Jersey City, N.J., four blocks from the Hudson River.The lender, QuadReal Property of Vancouver, manages the real estate and mortgage investments of British Columbia Investment, one of Canada’s largest asset...



Benefit Street Lends on Tahoe Resort

Fri, 15 Nov 2019
Benefit Street Partners has originated a $55.8 million floating-rate loan on a hotel and casino on the southern shore of Lake Tahoe in Stateline, Nev.The 539-room Hard Rock Hotel & Casino Lake Tahoe is owned by Las Vegas-based Paragon Gaming, a developer and operator of casino resorts.The loan-to-value ratio is just under 50%, which puts the property value in the vicinity of $115 million. The mortgage, which amortizes on a 30-year schedule, has a...



HIG Originates Calif. Retail Loan

Fri, 15 Nov 2019
H.I.G. Realty has originated a $110 million loan on 12 California retail properties.The floating-rate mortgage was written last month for Boardwalk Investments of Newport Beach, Calif. It runs for three years, with two one-year extension options. New York-based H.I.G. originated it via a real estate debt fund. JLL advised Boardwalk, a real estate platform run by Gary Jabara, founder and head of telecommunications infrastructure company...



Special-Servicing Rate Dips to 3%

Fri, 15 Nov 2019
The special-servicing rate for commercial MBS loans fell another 10 bp last month, to 3%, according to Trepp.The balance of loans in the hands of special servicers declined by $495.7 million, to $14.4 billion. Both the rate and the volume of loans in special servicing are currently at their lowest levels since the first quarter of 2009.The rate for office loans, the largest category in the index, dropped by 19 bp to 3.2%. For the retail sector,...



CMBS Buyer Sorin Capital Ends Run

Fri, 15 Nov 2019
Long-time commercial MBS investor Sorin Capital is shutting down.The Stamford, Conn., firm turned over management of a $500 million portfolio it was running for Blackstone to investment manager Good Hill Partners at the end of last month, as reported by sister publication Hedge Fund Alert. Earlier this year, Sorin liquidated its two hedge funds, which together had $491 million of gross assets at yearend.Sorin was founded in 2004 by chief...



The Grapevine

Fri, 15 Nov 2019
Santander has tapped lending and trading pro Rob Cestari as head of real estate structured finance. He started last month in New York, reporting to Nuno Dias Andrade, who oversees project and acquisition finance in North America. Cestari most recently focused on business development at Blackstone subsidiary Lexington National Land Services. Before that, he had a three-year stint running the floating-rate lending program at Bancorp Bank, ending in...



The Grapevine

Fri, 15 Nov 2019
Julie Madnick, who led CMBS investing at Ares Capital, left last week. Her next move is unknown. To fill the post, Ares has hired Josh Mason, who was a senior CMBS portfolio manager at Blackstone until leaving in January 2018. Before his 10-year run at Blackstone, he led proprietary CMBS trading at UBS and was a CMBS trader at Bank of America and predecessor Merrill Lynch. Madnick had worked at Ares since 2017, arriving from Ranieri Partners,...



The Grapevine

Fri, 15 Nov 2019
Capital One has added three originators to its multi-family finance team. Todd Sechrist, based in Seattle, moved over from J.P. Morgan, where he was an executive director, working at the bank since 2003. Sam Gold, who joined in Dallas, previously was a vice president at Arbor Real Estate. Jason Israel, who most recently worked at Paragon Mortgage, is based in Phoenix. All three started in the past few weeks as senior vice presidents, reporting to...



The Grapevine

Fri, 15 Nov 2019
Varde Partners has added a securitization specialist to its capital-markets team. Melissa Band started last month as a director in New York, reporting to Missy Dolski, head of North America capital markets. Band had been a vice president at Wells Fargo, where she spent five-plus years. She previously worked in the structured finance unit of Ernst & Young with a focus on CMBS. Varde has issued three commercial real estate CLOs totaling $1.5...



The Grapevine

Fri, 15 Nov 2019
Adam Haya has landed at T. Rowe Price in Baltimore as a vice president helping to oversee CMBS investing. He works with securitized-product portfolio manager Susan Troll and credit analyst Jane Rivers. Haya came over this month from Barclays, where he worked as a strategist on the CMBS secondary-trading desk for about a year. He had earlier stints at TIAA and...



The Grapevine

Fri, 15 Nov 2019
Granite Point Mortgage has added two staffers to its originations and underwriting team in New York. The REIT, managed by Pine River Capital, hired Parker Sebastian as a senior analyst. He’d worked at Trimont Real Estate of Atlanta since 2015. Carter Haas joined as an analyst from Hartford Investment, where he worked on debt and equity transactions for more than a year. They will assist with originating, underwriting and closing bridge...



The Grapevine

Fri, 15 Nov 2019
Acore Capital wants to add an associate or analyst to its credit team. The recruit would work at the investment manager’s Larkspur, Calif., headquarters and report to managing director Scott Swisher. Candidates should have 3-5 years of experience. Send resumes to careers@acorecapital.com.



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
3650 REITMichael Fleischer310-862-9995Shin Bowers310-862-9993REIT originates senior, stretch and subordinate loans on transitional properties across major asset classes nationwide. Also finances specialty asset types and ground-up construction. The strategy doesn’t employ external leverage. All loans are serviced in-house.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com,...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
A10 CapitalKen Wilson208-577-5011Jerry Dunn208-577-5010Finance company provides nonrecourse senior and stretch bridge loans on middle-market properties nationwide, including office, retail, multi-family, industrial, mixed-use, self-storage and student housing. Offers a full-service platform with speed and flexibility. Issues CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
AB CapitalJoshua Pukini949-499-4580Donald Guilfoyle949-942-6290Finance company writes bridge and construction loans on California properties. Asset classes include office, retail, multi-family, industrial, mixed-use, non-owner-occupied residential, urban infill land and cannabis-related properties. Also offers subordinate debt.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com,...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Acore CapitalWarren de Haan424-346-6100Investment manager operates funds and separate accounts. Originates senior and subordinate financing on transitional properties across major and specialty asset classes nationwide, including land. Also backs construction.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Acres CapitalOrna Couture516-882-1658Fund operator provides senior and stretch loans in primary and secondary markets. Targets borrowers overlooked by traditional lenders. Finances major property types, plus co-living, land, self-storage and student housing. Also backs construction.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
AEW CapitalDan Jacobson617-261-9248Investment manager writes senior, stretch and subordinate loans for top sponsors on high-quality core-plus and transitional properties in major markets. Lends across all major asset classes, plus mixed-use, self-storage and senior housing. Also backs construction.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Allegiant Real Estate CapitalBen MildeJon SteinPeter Ginsberg646-362-0321Investment manager originates bridge loans on stabilized, value-added and transitional properties of all types nationwide. Also funds construction and provides subordinate financing.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
AllianceBernsteinPeter Gordon310-407-0082Bryan Donohoe212-969-1544Investment manager operates separate accounts and other vehicles. Writes bridge loans to qualified sponsors nationwide on properties being leased up, renovated or repositioned. Focuses on institutional-grade properties of all major types plus mixed-use, student housing, self-storage and land.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
American Realty AdvisorsDoug Vikser213-233-5831Kirk Helgeson213-233-5779Investment manager operates separate accounts and other vehicles. Provides senior, stretch and subordinate financing for construction, heavy transitional properties and special situations. Lends on major property types in top-25 markets, as well as various specialty types.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Amherst CapitalAbbe Franchot Borok212-303-1598Scarlett Chung212-303-1590Investment manager writes senior loans on middle-market value-added properties. Lends on major property types plus mixed-use, student and senior housing, self-storage and single-family rentals. Typical loans are nonrecourse and can have debt-service-coverage ratios under 1 to 1. Plans to issue CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Angel Oak Commercial LendingBen Easterlin404-978-0266Investment manager originates transitional bridge loans across major asset classes nationwide, plus specialty property types such as mixed-use, self-storage and senior housing. Also offers subordinate debt.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Angelo, Gordon & Co.Andrew Solomon212-883-4132Scott Greenfield212-692-2036Investment manager provides senior and subordinate debt nationwide across all asset classes, including land and construction. Focuses on high-yielding opportunities with experienced sponsors. Touts its reliability, flexibility and creativity.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Annaly Commercial Real EstateMichael Quinn212-696-0100REIT offers flexible and customized bridge financing across the capital structure on transitional properties of all types in liquid markets across the country. Has issued CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Apollo GlobalSang Yu212-822-0731Investment manager provides senior and subordinate loans via multiple vehicles. Offers bridge, pre-development, construction and stabilized loans across all property types nationwide.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Arbor RealtyFred Weber516-506-4595Gianni Ottaviano516-506-6580REIT originates senior bridge loans and subordinate financing on office, retail, multi-family, student-housing, senior-housing and self-storage properties nationwide. Issues CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Archbell CapitalScott Shepherd213-266-9200Investment manager operates separate accounts. Writes senior bridge loans on transitional, middle-market properties throughout nation, but mostly in West. Lends on major types, plus mixed-use, self-storage, student housing and land. Funds loans with interest reserves if debt service will be covered within a year.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Arden GroupDouglas Harmon646-639-8486Matthew Toukatly215-735-1313, ext. 135Investment manager operates Arden Credit Fund. Originates senior and subordinate loans nationwide on behalf of funds and separate accounts. Finances all major property types, as well as mixed-use and land. Able to lend on construction, transitional and stabilized properties.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Ardent FinancialDaniel Siegel678-248-6539Investment manager focuses on complex financings typically avoided by traditional lenders, such as land, rehabilitation, ground-up construction and transitional properties with destabilized cashflow. Lends nationwide on all major property types, plus various specialty types.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Arena InvestorsDon Moses415-888-3852Andrew Rafkin212-655-1351Investment manager provides senior and subordinate bridge loans on value-added, transitional and special-situation real estate nationwide. Finances all major property types, plus specialty types, including mixed-use, self-storage, land and co-living. Also backs construction.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Ares Real EstateJ.B. Gerber212-515-3393Investment manager operates a REIT, private funds and separate accounts. Provides capital at all levels. Lends nationwide on all property types, including land. Also funds construction. Has issued CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
ArgenticJohn Burke646-560-1730Investment manager originates bridge loans on value-added and stabilized properties. Offers senior and subordinate debt on all major property types, plus mixed-use, self-storage, student and senior housing. Issues CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
ArrowMark PartnersRobert Brown303-398-2927Investment manager provides senior and subordinate financing via separate accounts and other vehicles. Lends on all major asset classes nationwide, as well as mixed-use, land and self-storage. Backs stabilized, transitional, value-added and opportunistic plays.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Artemis Real Estate PartnersKevin Nishimura240-235-2026Investment manager provides senior and subordinate debt via separate accounts and other vehicles. Finances all strategies and all property types nationwide, including land. Also backs construction.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Asia Capital Real Estate (ACRE Credit)Daniel Jacobs732-492-9743Michael Van Der Poel646-667-7767Investment manager writes bridge loans to high-quality institutional sponsors on construction, lease-up, value-added and stabilized properties nationwide. Offers senior, stretch and subordinate financing. Target asset types include multi-family, student housing and senior living.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Atalaya CapitalYoung Kwon212-201-1917Skylar Hochberg212-201-1922Investment manager provides senior and subordinate bridge financing nationwide, with a focus on construction, pre-development and condo-inventory loans. Lends across all major and specialty asset classes, including land.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Avana CapitalShivan Perera623-207-9265Kurt Peterson623-207-9373Originates bridge and construction loans on a mix of property types nationwide, including hotel, healthcare, retail, industrial, medical-office and self-storage. Also finances energy-efficiency improvements and conversions to renewable energy.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Avant CapitalAdam Luysterborghs203-612-9580Investment manager provides senior and subordinate financing for acquisitions, cash-out refinancing, distressed/discounted payoffs, rehabilitation and other situations. Emphasizes quick closings. Scope includes office, retail, multi-family, industrial, mixed-use and various specialty property types.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Axonic CapitalBrendan McCormick212-828-7208Tyler Kimball212-828-7274Investment manager operates separate accounts and other vehicles. Lends on major property types nationwide, plus mixed-use, self-storage, student housing and senior housing. Provides senior and subordinate financing, with an emphasis on fast execution and flexible structures.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
BaringsDaniel Hartley212-973-5173MassMutual affiliate writes senior and subordinate loans on all property types nationwide. Targeted clients include owners of multi-family, student-housing, senior-housing and healthcare properties that plan to line up permanent Fannie Mae or Freddie Mac mortgages. Also backs construction.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Basis InvestmentKunle Shoyombo212-842-5713Shaunak Tanna212-915-0699Fund operator focuses on value-added, middle-market transactions with experienced sponsors. Writes loans on all property types in primary and secondary markets nationwide. Ability to lend across the capital stack. May issue CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Bedrock CapitalBarry Gersten212-419-4814Michael Santini212-957-2525Subsidiary of One William Street Capital originates senior and subordinate debt on transitional and stabilized properties of all types. Lends nationally, including selective secondary and tertiary markets. Also backs construction.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Benefit Street Partners RealtyMichael Comparato212-588-9404Matthew Jacobs212-588-3693Subsidiary of Franklin Templeton provides middle-market bridge loans nationwide, focusing on light transitional and stabilized assets. Scope includes all major asset classes and niches such as manufactured housing, self-storage and condo-inventory. Lends throughout the capital stack. Also provides fixed-rate takeout financing. Issues CLOs.NOTE: Complete listing...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
BlackRockClinton Soose212-810-8987Investment manager operates funds and separate accounts. Originates senior and subordinate loans on stabilized and transitional properties of all types in primary and secondary markets. May issue CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Blackstone Real Estate Debt StrategiesTim Johnson212-583-5625Investment manager operates funds and a REIT. Provides senior and subordinate financing on all major property types nationwide, as well as specialty asset classes including land, student and senior housing, self-storage and data centers. Also funds construction. Issues CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Bloomfield CapitalBrent Truscott248-745-1700Renee Lewis207-772-6870Fund operator writes senior and subordinate bridge loans on all major property types nationwide, as well as mixed-use, self-storage, student housing and senior housing. Primarily focuses on transitional real estate, often with some construction to be completed.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com,...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Blue Vista FinanceShawn Townsend312-477-2484Private equity firm manages discretionary funds and separate accounts. Originates senior loans nationwide, with a focus on value-added, middle-market properties. Vertically integrated with investment, development, and property and asset management capabilities. All loans managed internally.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Bluestone GroupMarc MendelsohnEli Tabak212-991-6600Family office originates bridge loans for the acquisition and refinancing of all major asset classes nationwide, as well as mixed-use properties and land. Targets complex and time-sensitive transactions. Able to lend at all levels of the capital stack.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Bolour AssociatesSteve Martin323-677-0550, ext.120Finance company writes high-leverage bridge loans with a focus on urban-infill locations nationwide. Lends on all major property types, plus self-storage, mixed-use and land. Finances both cash flowing and non-cash flowing properties. Also offers subordinate debt.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Boveda Asset ManagementKen Witherspoon888-569-8883, ext. 2119Investment manager lends on major property types nationwide, plus mixed-use and self-storage. Focuses on multi-tenant, income-producing real estate with highly experienced management teams. Also finances single-tenant properties, as well as construction projects.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Bridge InvestmentJames Chung646-453-7101Investment manager operates the Bridge Debt Strategies Fund series. Lends on all property types nationwide, with a focus on multi-family, office, and senior housing. Targets $10 million to $50 million loans on transitional assets. Offers senior and subordinate financing. Issues CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
BridgeRock CapitalJacob Kim646-658-4544Seung Kim646-609-8749Invests South Korean capital in bridge loans on transitional properties nationwide, as well as construction and take-out financing. Property types include office, multi-family, hotel, industrial, mixed-use and student housing. Also offers subordinate debt.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Broadmark Real Estate ManagementBrett Kaye720-515-1948Finance company focuses on short-term bridge, construction and development lending in Colorado, Utah and Texas. Finances all types of commercial and residential rental properties. Offers high leverage, creative financing with no loan-to-cost maximum and quick closings.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Brookfield Real Estate FinancialAndrea Balkan212-417-7277Christopher Reilly212-417-7289Investment manager operates separate accounts and other vehicles. Originates senior, stretch and subordinate loans on all property types across the country. Also backs construction.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Buchanan MortgageChris Cervisi949-717-3191Lending platform of investment manager Buchanan Street Partners. Originates quick-closing, nonrecourse bridge and construction loans across property types, with a focus on land targeted for development. Lends primarily in the West, Texas and Colorado. Offers senior, stretch and subordinate products.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
C-III Commercial MortgagePaul Hughson212-705-5046Michael Pierro212-705-5096C-III Capital subsidiary writes bridge loans on all major property types nationwide, as well as mixed-use, self-storage and manufactured housing. Also offers subordinate financing options.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Calmwater CapitalEric Jordan310-806-9751Larry Grantham310-806-9724Fund operator lends on transitional properties across all asset classes nationwide, including properties that are vacant or without cashflow. Offers speed, flexibility and reliability for complex transactions, with closings in 2-4 weeks. Also funds construction and provides subordinate financing.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Canyon Partners Real EstateRobin Potts310-272-1584Fund operator provides senior and subordinate debt primarily for ground-up development and on transitional properties in primary and secondary markets nationwide. Scope includes all major property types, plus mixed-use, self-storage, student housing and senior housing.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Carlyle GroupJessica Lee212-520-3272Philip Moore212-520-3206Investment manager, via Carlyle Credit Opportunities and other vehicles, provides senior and subordinate financing nationwide for transitional assets and heavy renovations. Lends on entertainment-related and other operationally intensive assets, as well as office, retail, multi-family, hotel, mixed-use, student housing, senior housing and land. Also backs construction.NOTE: Complete...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
CarVal InvestorsPaul Mullaney952-444-4821Daniel Tanner212-457-0163Subsidiary of agricultural giant Cargill finances stabilized and transitional assets nationwide. Provides senior and subordinate debt on all major property types and various specialty types, as well as construction. May issue CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Case Real Estate CapitalSanford Herrick201-468-6271Chris Mavros201-468-6761High-yield lender finances transitional properties of all types, including land, in the New York metropolitan area, the Mid-Atlantic region and South Florida. Provides senior and subordinate financing options. Also backs construction.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Castellan CapitalPaul Salib212-776-1914Etan Slomovic646-545-6718Investment manager originates senior bridge loans and construction loans on major asset types nationally, as well as self-storage and mixed-use properties. Specializes in time-sensitive situations in which conventional financing is unavailable. Loans close in 1-2 weeks. No prepayment penalty.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
CCRE (Cantor Commercial Real Estate)Tim Groves212-915-1908Cantor Fitzgerald subsidiary provides senior bridge financing on all property types nationwide, especially light transitional real estate. May issue CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
CIM GroupCharles Garner (Southeast)Jason Schreiber (East, LA)John Bruno (Central, West)323-860-4900Investment manager provides bridge loans on transitional properties, as well as construction loans, in urban markets. Offers senior and subordinate debt across all major asset classes, plus land, mixed-use, parking, data centers, student housing and senior housing.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Colony Credit Real EstateDaniel Katz310-552-7258Kevin Swartz212-547-2638REIT, managed by Colony Capital, originates debt throughout the capital structure on major asset classes nationwide, as well as mixed-use, self-storage and student housing. Also funds construction. Issues CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Columbia PacificKari Luttinen206-294-7932Lauren Smyle206-257-3726Originates senior and subordinate bridge loans on all types of cash-flowing properties nationwide, including affordable housing, RV-parks and mobile-home parks. Offers certainty of execution and ability to close quickly, typically in 15-20 business days.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Crescit Capital StrategiesJoseph Iacono212-882-1224Kim Diamond212-332-1965Investment manager writes bridge loans on middle-market transitional and stabilized properties of all types nationwide. Also finances construction. Provides senior and subordinate debt. May issue CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Criterion Real Estate CapitalChuck Rosenzweig212-259-0414Adam Falk212-259-0411Investment manager specializes in large loans on value-added and opportunistic properties in gateway markets. Finances construction, redevelopment and repositioning. Offers senior and subordinate debt on all property types, including land. Flexible on structure, duration and cashflow.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
CrossHarbor CapitalRichard Flohr312-535-4862Investment manager with discretionary capital originates nonrecourse senior bridge loans on all major property types nationwide, as well as self-storage. Also backs construction. May issue CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Dwight CapitalAaron Krawitz347-846-0773Adam Sasouness347-846-0771Finance company focuses on multi-family and healthcare properties, including senior housing, skilled nursing and assisted living. Bridge-loan program offers smooth transition to permanent HUD and agency loans. Also provides subordinate debt. Lends nationwide, including secondary and tertiary markets.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
DWS Real Estate Debt InvestmentsPatrick Kennelly312-537-0111Joe Rado212-454-6476Investment manager operates funds and separate accounts. Originates senior and subordinate loans across all major and specialty asset classes in primary and secondary markets across the country. Also funds construction.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Edgewood CapitalChris WhittletonMichael House203-255-1700Investment manager concentrates on transitional properties nationwide. Provides senior and subordinate financing across all asset classes, including land, but particularly focused on multi-family properties.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
EJS CreditTed Segal212-615-3456Adam Koplewicz212-547-2007Finance company originates senior, stretch and subordinate loans, primarily on multi-family and mixed-use properties with strong sponsors. Focus is on the New York metropolitan area and other primary markets. Finances pre-development, construction and conversions.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Ellington ManagementBrian Neilinger203-409-0232Investment manager originates senior bridge loans, with flexible terms and prepayment provisions, on middle-market properties nationwide. Scope includes all major asset classes, plus mixed-use, self-storage and student housing.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Exantas CapitalPaul Hughson212-705-5046Michael Pierro212-705-5096REIT, managed by Resource America, writes bridge loans via its RCC Real Estate subsidiary. Lends nationwide on major property types, plus manufactured housing, student housing, mixed-use and self-storage. Also offers subordinate financing. Issues CLOs. Resource America is a subsidiary of C-III Capital.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Fairview PartnersNels Stemm310-804-3922Andrew Parker425-247-0922Investment manager originates senior and subordinate debt on all property types across the country. Targets investments with some element of distress. Also backs construction.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Fortress InvestmentIvan Yee212-478-4094Zachary Cion212-515-4630Investment manager provides financing across the capital structure on all major property types nationwide, as well as mixed-use, self-storage and student housing. Issues CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
G4 CapitalJason Behfarin516-320-8722Robyn Sorid516-320-8723Fund operator writes senior bridge loans on middle-market transitional properties in the Northeast, with a focus on the New York metropolitan area. Finances all major property types, plus mixed-use and entitled land, and funds construction.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Gamma Real EstateJonathan Kalikow212-922-9471Matthew Jacobs212-922-0222Owned and operated by Kalikow family of New York. Via its Gamma Lending platform, originates senior loans across major asset classes, as well as mixed-use, self-storage, land and construction. Specializes in complex closings. Lends nationwide, focusing on primary and secondary markets.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Garrison InvestmentBradley Petersen212-372-9543Investment manager runs funds and separate accounts. Provides senior and subordinate financing for stabilized and transitional properties nationwide. Lends across major asset classes, plus mixed-use, senior housing and land. Also backs construction.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Granite Point MortgageStephen Alpart212-364-5492Peter Morral212-364-5486REIT, managed by Pine River Capital, focuses on originating stretch senior loans on value-added and transitional properties in primary and secondary markets. Lends on major property types, as well as mixed-use, student housing, self-storage and manufactured housing. Also provides subordinate debt. Issues CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
GreystoneMark Jarrell617-316-1675Anthony Alicea212-896-9153Finance company provides bridge loans on multi-family and healthcare properties nationwide, often to be converted to permanent Fannie Mae, Freddie Mac or HUD mortgages. Exit fees waived if Greystone arranges the permanent financing. No prepayment penalty after six months. Also provides subordinate debt. Issues CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Gryphon Real Estate CapitalAngelo LoBosco212-757-9198Jim Hopkins212-790-6709Investment manager originates bridge loans on multi-family, student housing, senior housing and self-storage properties nationwide. Focuses on transitional real estate in need of renovation or repositioning, as well as newly constructed properties that need to be stabilized before permanent financing is secured. Also provides subordinate debt.NOTE: Complete listing...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
H.I.G. RealtyJeff Wiseman212-294-7194Investment manager operates separate accounts and other vehicles. Originates senior and subordinate bridge financing on quality transitional properties and construction projects in primary and secondary markets. Lends on all major property types, as well as mixed-use, student housing, senior housing, self-storage and data centers.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
HALL Structured FinanceMike Jaynes214-269-9540Matt Mitchell214-269-9542Specializes in providing nonrecourse construction loans, particularly on hotel projects. Also originates senior bridge loans on hotel, multi-family, student housing, office and other select asset classes nationwide.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
HeitmanTim Podboy312-425-0307Rich Caterina310-689-1418Investment manager operates funds and separate accounts. Provides senior and subordinate debt nationwide to high-quality operators on major asset types, as well as mixed-use, student housing, senior housing and self-storage. Also backs construction.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
HinesAndrew Cooper347-837-3807Janice Walker713-966-7755Fund operator writes senior and subordinate loans for construction, repositioning and acquisition. Lends nationwide on major property types plus mixed-use, self-storage, student housing and senior housing. Maximum loan-to-value ratio is based on stabilized value. Loan-to-cost ratio can be higher.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Hunt Real Estate CapitalPrecilla Torres212-521-6437Vic Clark972-868-5757Finance company writes middle-market bridge loans across various property types, with a concentration on multi-family complexes. Targets rental loans that will be taken out with permanent agency or HUD financing. Also funds construction and offers subordinate debt. Issues CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
iBorrowAndrew Smith310-843-0001Provides senior bridge loans on all major property types nationwide, plus mixed-use, self-storage, senior housing, student housing and data centers. Emphasizes quick response and funding. Also finances heavy renovation projects.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Inland Mortgage CapitalEugene Rutenberg630-586-2966Dan Greenberg224-244-3633Finance company writes senior bridge loans nationwide on value-added and transitional properties nationwide. Finances most major property types, as well as land, self-storage, student housing, medical office and independent living. No prepayment penalty. Provides in-house servicing.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Invesco Real EstateCharlie Rose310-310-0315Yorick Starr212-278-9047Investment manager offers senior and subordinate debt, focusing on institutional-quality properties in highly liquid markets, with established sponsors and light transitional business plans. Lends across major and specialty asset classes, which include life science and medical office. Also backs construction.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
iStarMarcos Alvarado212-930-9491Tim Doherty212-930-9433REIT writes bridge loans across all asset classes, including land and development projects. Lends nationwide, with a focus on major metropolitan markets. External manager of publicly-traded Safehold, which originates and acquires ground leases.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
JCR CapitalRyan Welch303-802-3530Eli Rozansky303-476-6519Investment manager, a subsidiary of Walker & Dunlop, writes senior and subordinate loans on middle-market properties nationwide. Scope includes all major asset classes, plus self-storage, mixed-use, student housing and senior housing. Provides in-house servicing and asset management.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
JDM CapitalJoseph DeMatteoGregory Bernhart212-253-2331Investment manager provides senior and subordinate loans on value-added transitional and stabilized hotels and resorts in the top-20 markets nationwide. Also lends on triple-net-lease office and industrial properties, plus construction.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
JLJ CapitalJonathan Lewis973-865-1715Finance company writes bridge and construction loans on middle-market properties nationwide, with an emphasis on New York, New Jersey, Pennsylvania and Texas. Lends across all asset classes, including land. Also offers subordinate financing. Promises quick closings.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
KKR Real Estate FinancePatrick Mattson212-519-1656Joel Traut212-271-9960REIT originates senior loans for experienced and well-capitalized sponsors on institutional-quality properties in liquid markets with strong underlying fundamentals. Lends on major property types plus mixed-use, self-storage and student housing. Also backs construction and offers subordinate debt. Issues CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Knighthead FundingJonathan Daniel203-327-3327Finance company specializes in senior bridge loans for the acquisition, renovation, construction and refinancing of properties nationwide. Lends across all asset classes, including land and single-family rentals.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
KSL CapitalCraig Henrich203-989-3982Hal Shaw203-989-3983Investment manager operates funds and separate accounts. Focuses on senior and subordinate financing of stabilized and transitional hotels and recreational properties nationwide. Also lends on hotel-anchored mixed-use complexes and co-living properties.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Ladder CapitalRyan Jantzen212-715-3180Adam Siper212-715-3162REIT originates senior bridge loans with flexible structures on all major and specialty property types nationwide, including land. Collateral can range from light transitional to having no cashflow. Also provides subordinate financing. Issues CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
LaSalle Mortgage Real Estate InvestorsCraig Oram310-234-2107Mark Milovic310-234-2124REIT writes senior loans on light to heavy value-added and transitional properties nationwide, including those without cashflow. Focuses on middle-market real estate across major asset classes, as well as student housing and mixed-use. Handles asset management in-house. Issues CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Lightstone CapitalEugene Rozovsky212-324-0231Jonathan Fhima310-279-0048Debt platform of Lightstone Group originates senior and subordinate financing on all property types nationally. Also funds construction. Offers interest-only and nonrecourse loans, quick closing and prepayment flexibility.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Lionheart Strategic ManagementBilly Jacobs646-744-2288Jake Misisco646-744-2285Investment manager provides subordinate and stretch financing on transitional properties with experienced sponsors in cities with strong economies and demographics. Lends on major and specialty property types, including land. Also funds construction.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com,...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
LoanCore CapitalJordan Bock203-861-6065Dan Bennett203-861-6037Finance company and REIT originates senior and subordinate financing on all property types nationwide, with a focus on top-20 metropolitan areas. Also backs construction. Flexible capital structure provides one-stop shopping for borrowers seeking higher leverage levels. Issues CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Loews Corp./Continental Casualty (CNA)Michael Cotler212-521-2963Brian Byrne212-521-2965Insurer originates senior loans on stabilized and transitional properties via brokers and correspondents. Lends in primary and secondary markets on office, multi-family, industrial, retail, mixed-use, self-storage and student housing properties. Selectively provides subordinate financing.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
M&G InvestmentsDuncan Batty44-782-452-1561Isabelle Brennan44-203-977-2402U.K. investment manager provides senior and subordinate financing on major property types, plus mixed-use, student housing, senior housing, self-storage and health clubs. Also backs construction. Lends nationwide, but primarily focused outside the U.S.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Mack Real Estate Credit StrategiesPeter Sotoloff212-484-0035Kevin Cullinan212-484-0031Investment manager operates a REIT and funds. Originates senior, stretch and subordinate financing on transitional properties across the major asset classes in the top-20 metropolitan areas. Also finances specialty property types, land and construction. May issue CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Madison Realty CapitalJosh Zegen646-442-4200Fund operator originates senior and subordinate debt for the construction, acquisition and refinancing of properties across the country, focusing on special-situation and value-added transactions. Lends on major asset classes, plus land, mixed-use, student housing and self-storage.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Marathon Asset ManagementJoseph Griffin212-500-3092Investment manager provides senior bridge loans and subordinate financing on transitional properties nationwide. Scope includes acquisition, repositioning, refinancing and recapitalization of all major property types, as well as mixed-use, student housing, senior housing, self-storage and condominium inventory. Issues CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Medalist PartnersBrad MorganWilliam GoldsmithSam Robinson212-493-4477Investment manager provides bridge financing through various vehicles. Lends on a mix of property types nationwide. Generally excludes ground-up construction. Offers flexible capital and structures.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Melody CapitalEric Tanjeloff212-583-8720Investment manager writes stretch and subordinate bridge loans on transitional properties across major and specialty asset classes nationwide. Also actively finances construction and will selectively consider pre-development land loans.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Mesa West CapitalRaphael Fishbach212-871-8902Steve Fried310-806-6305Investment manager operates funds and separate accounts. Originates senior and subordinate bridge financing for the acquisition, refinancing and recapitalization of properties nationwide. Lends across major asset classes and on senior housing and life-science properties.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
MetLife Investment ManagementMike Amoia973-355-4502Jim Brusco973-355-4438Investment-management arm of insurer originates senior, stretch and subordinate bridge financing on cash-flowing stabilized and transitional properties in primary and secondary markets. Lends on all major property types, plus mixed-use.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
MF1 CapitalJeff Taschler212-301-1804Michael Squires212-301-1812REIT, formed last year by Limekiln and Berkshire Residential, provides senior and subordinate bridge loans on multi-family properties nationwide, including student, senior, affordable and manufactured housing. Focuses on value-added and transitional properties, including those in initial lease-up and special situations. Emphasizes fast execution. May issue CLOs.NOTE: Complete listing...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
MidCap FinancialAndy McLay443-770-4559Ryan Hawley678-247-5505Finance company, managed by Apollo Capital, writes senior bridge loans on light-to-heavy transitional real estate nationwide, targeting experienced sponsors with local expertise. Backs all property types, including healthcare. Offers nonrecourse loans with unfunded reserves and will consider debt-service-coverage ratios under 1 to 1. Also provides subordinate financing.NOTE: Complete...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Moinian CapitalJonathan Chassin646-254-6326Finance company provides senior and subordinate financing on all major property types, as well as land. Focus is on large markets including New York, South Florida, Los Angeles and Washington. Finances construction and pre-development.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Money360Gary Bechtel866-728-2604Finance company with discretionary capital originates senior bridge loans on transitional properties nationwide. Emphasizes certainty of execution and timely closings. Scope includes office, retail, multi-family, industrial, mixed-use and other property types. Issues CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Mosaic Real Estate CreditEthan Penner310-702-0135Alex Ovalle310-770-5020Investment manager writes senior and subordinate bridge loans on all property types nationwide. Focuses on value-added and opportunistic plays, including land, pre-development and construction financing. May issue CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Naftali CreditDavid Hochfelder212-759-9777Investment manager provides senior and subordinate debt on transitional properties in gateway cities. Concentrates on financing construction, value-added repositioning and lease-ups. Asset classes include land, office, retail, multi-family, hotel, mixed-use and condo inventory.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Northlight CapitalBen Gerig646-452-9973Chris DeStefano917-749-0359Investment manager provides senior and subordinate bridge financing for distressed assets and special situations. Operates funds and separate accounts. Lends on land, industrial, hotel and mixed-use properties, plus construction. Prefers to provide longer loan terms to provide time for turnarounds.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Nuveen Real EstateJason Hernandez212-916-4955Investment-management arm of TIAA operates funds and separate accounts. Originates bridge loans on transitional and value-added properties across the country. Lends on all major and specialty property types, including land. Also backs construction and provides subordinate financing.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com,...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
NYL InvestmentsJohn Lippmann212-576-6941Timothy Monroe972-867-6432Investment-management arm of New York Life operates Madison Square Structured Debt Fund and separate accounts. Writes bridge loans nationwide on transitional and stabilized properties, as well as construction projects. Scope includes office, multi-family, industrial, mixed-use, self-storage and student housing.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Oaktree CapitalJustin Guichard213-830-6363Investment manager operates funds and separate accounts. Provides senior and subordinate financing on all major property types, as well as niche asset classes, land and construction. Lends nationwide, with an emphasis on the top-35 markets. Emphasizes speed of execution and specialized knowledge.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
ORIX Real Estate Capital Trent Brooks949-812-7963John O’Toole312-453-7709Finance company formed by combination of Lancaster Pollard and Red Capital. Lends nationwide, via OREC Structured Finance, on multi-family, healthcare and student-, senior- and affordable-housing properties, as well as for construction. Bridge loans are intended to be refinanced with permanent financing from OREC and affiliates. Contributes loans to ORIX-sponsored...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
ORIX USARon Lawrie214-237-2078Finance company writes bridge, construction and subordinate loans through ORIX Real Estate Americas/ORIX RE Holdings. Targets acquisitions and refinancings of construction debt. Lends on multi-family, student housing, hotel, industrial and self-storage properties nationwide. Issues CLOs. Loans with 2-3 year terms can be added to existing CLO.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Oxford PropertiesKevin Egan212-986-6106Varuth Suwankosai646-376-3114Real estate arm of Ontario Municipal Employees. Provides senior, stretch and subordinate financing on stabilized and transitional properties, construction and special situations. Lends in primary markets on various asset classes, including office, retail, multi-family, industrial and mixed-use.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Pacific Life InsuranceKeith Honig949-219-4486Insurer originates bridge loans for top sponsors in primary and secondary markets, focusing on high-quality transitional, pre-stabilized or stabilized properties. Finances major asset classes and some specialty classes. Selectively offers subordinate debt and longer-term construction-to-permanent loans.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Paramount GroupKianna Kidd212-237-3143Investment manager provides senior and subordinate financing on office properties in New York, San Francisco and Washington.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge Lenders.”



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
PCCPBrian Heafey415-732-7548Fund operator writes senior and subordinate loans on properties in need of lease-up and stabilization or repositioning, as well as for construction and to fund discounted payoffs. Lends nationwide on major property types, plus mixed-use.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
PearlmarkDoug Lyons312-499-1952Investment manager operates funds and separate accounts. Finances all major asset classes, plus student housing and mixed-use, and funds construction. Lends nationwide, with a focus on top-25 markets. Offers senior and stretch debt, although main focus is subordinate financing.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Pembrook CapitalPaul Mullaney212-906-8685Chris Simon310-472-4031Fund operator’s bridge-loan focus is affordable multi-family properties in primary and secondary markets. Also lends on office, retail and industrial real estate. Backs construction and provides subordinate financing.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Pennybacker CapitalAlexander Zabik212-335-0237Investment manager provides senior and subordinate debt on all property types nationwide, including land. Focuses on transitional real estate, conversions, acquisitions, recapitalizations, condo inventory and selective development.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Pensam FundingRay Cleeman786-879-8829Peter Olesiewicz786-879-8827Investment manager writes high-leverage loans for recapitalizations, lease-ups, repositionings and other value-added strategies, as well as on stabilized properties. Targets multi-family, student-, senior- and manufactured-housing properties nationwide. Opportunistically considers office, retail, land and other sectors in South Florida. Also offers subordinate financing.NOTE:...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
PGIM Real Estate Debt StrategiesR.J. Richter212-518-5518Prudential’s investment-management arm originates senior and subordinate financing on stabilized and light-transitional properties in top-30 markets. Lends on major property types, plus mixed-use, self-storage, student and senior housing. Targets institutional-quality real estate with strong sponsors.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Pilot Real EstateJordan Saper203-813-3269Beth Lipman203-813-3580Family office writes bridge loans via its River Rock Associates platform on all property types nationwide, including land. Focuses on construction, acquisitions and recapitalizations. Specializes in complicated, outside-the-box transactions, with an emphasis on speed. Also offers subordinate financing.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
PimcoJeffrey Thompson212-597-1008Ravi Anand212-776-1622Investment manager originates senior, stretch and subordinate financing through multiple investment vehicles. Lends on all major and specialty property types nationwide, including land. Scope includes value-added and transitional strategies, as well as construction.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
PPM AmericaMark Kramer312-634-1201Tim May312-834-5932Investment manager originates senior, stretch and subordinate financing on stabilized and transitional properties in primary and secondary markets nationwide. Lends on major property types, plus mixed-use, self-storage, student housing and manufactured housing. Subsidiary of U.K.-based Prudential.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Prime FinanceJon Brayshaw212-231-9071Fund operator writes bridge loans nationwide on major property types plus manufactured housing, student housing, self-storage and mixed-use. Also provides subordinate financing. Issues CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Principal Real Estate InvestorsJason Franzen515-362-1423Bill May515-247-0772Investment-management arm of Principal Life writes bridge loans on cash-flowing assets nationwide, with a focus on the top-35 markets. Lends on office, retail, multi-family and industrial properties. Also provides construction loans and subordinate debt.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com,...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Procida Funding & AdvisorsBrian Foley201-871-1177Mike Coen201-871-1177Investment manager’s open-end 100 Mile Fund primarily writes bridge loans on value-added, distressed and opportunistic properties within 100 miles of New York City. Lends on all major and specialty property types, including land. Also backs construction and offers subordinate debt.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Quadrant Finance PartnersMatt Welsh214-855-2954Hayden Lunsford214-855-2956Investment manager originates nonrecourse senior, stretch and subordinate loans on properties in primary, secondary and tertiary markets. Finances all major asset classes, plus mixed-use, self-storage and student housing. Focuses on properties with stabilized cashflow and light value-added strategies.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Quadrant Real Estate AdvisorsTom Mattinson770-752-6714Investment manager lends on behalf of insurers, including AXA Equitable. Finances multi-family, industrial, office, mixed-use, retail, parking garage and student housing properties nationwide. No debt yield minimum on multi-family and industrial (minimum of 7% on others). Also backs construction.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Ramsfield Hospitality FinanceAdam Maisel212-421-1488Richard Mandel212-750-1187Investment manager focuses on hotels nationwide, including select-service, full-service and resort properties, both branded and independent. Offers senior, stretch and subordinate debt on stabilized and value-added hotels, as well as construction projects.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
RCG LongviewRichard Gorsky212-356-9282Gregory Stevens212-356-9247Investment manager, acquired this year by CenterSquare, writes bridge loans with flexible structures on transitional and value-added properties, typically in need of repositioning. Lends nationwide, providing senior and subordinate debt on all major asset types, plus mixed-use and student housing.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Ready CapitalDavid Cohen212-301-1883REIT, managed by Waterfall Asset Management, writes short-term, nonrecourse senior and subordinate bridge loans on transitional and value-added assets nationwide. Finances all major and specialty property types, focusing on middle-market and institutional sponsors. Will lend over $35 million in some cases. Also backs construction. Issues CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Related Real Estate Debt StrategiesBrian Sedrish212-801-3910Alfred Trivilino212-801-1068Debt platform of development giant Related Cos. focuses on bridge-to-stabilization, condo inventory loans and recapitalizations, as well as construction. Provides senior and subordinate financing nationwide. Asset classes include office, retail, multi-family, mixed-use, hotel, student housing and land.NOTE: Complete listing appeared in November 8, 2019, issue...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Revere CapitalClark Briner214-945-4083Middle-market lender originates senior bridge loans on all major and specialty property types nationwide, including land. Finances acquisitions, refinancings, note purchases and discounted payoffs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Rialto CapitalJoseph Bachkosky212-751-5346Josh Cromer212-751-5323Investment manager, a unit of Stone Point Capital, operates funds, separate accounts and a REIT. Originates senior and subordinate bridge financing on all property types nationwide, including land. Issues CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Roc CapitalRanajoy Sarkar212-607-8350Adam Gottfried212-607-8383Middle-market lender writes bridge loans nationwide on major asset classes, plus self-storage and mixed-use. Focuses on transitional multi-family properties needing renovation and/or lease-up. Will finance adaptive-reuse multi-family projects and build-to-suit retail construction.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
RockbridgeJordan Scheiman614-750-1114Tara Waldier614-246-2425Investment manager operates separate accounts and other vehicles. Provides financing throughout the capital stack on hotels nationwide, including both branded and independent properties. Also backs construction. Flexible on all aspects of a deal, including pricing, leverage and structure.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Romspen InvestmentBlake Cassidy416-966-1100Toronto fund shop writes bridge, construction and pre-development loans on transitional and stabilized properties in U.S. urban centers. Lends on major property types and niche classes including land. Also provides subordinate financing.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
RRA CapitalTy Vilhauer602-715-2209Marcus Goodwin602-715-2208Investment manager originates nonrecourse senior and subordinate bridge loans in primary, secondary and tertiary markets. Offers flexible prepayment terms with no cashflow or occupancy requirements. Lends on all major asset classes, plus mixed-use, self-storage, education, student housing, senior housing and manufactured housing.NOTE: Complete listing appeared in November 8, 2019, issue...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Rubenstein Mortgage CapitalFred Harmeyer212-542-5825Andrew Murray212-542-5826Investment manager operates separate accounts and other vehicles. Writes senior bridge loans on highly-transitional office properties and ground-up construction projects nationwide. Also lends on land, industrial and mixed-use assets. No minimum cashflow or occupancy requirements.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
S3 CapitalRobert Schwartz212-300-8800Joshua Crane212-300-8800Subsidiary of Spruce Capital writes bridge loans in the New York metropolitan area on all major property types, plus mixed-use and land. Focuses on transitional and value-added real estate, repositionings and ground-up construction. Also offers subordinate financing.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com,...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Saperean CapitalAndrew Smith212-319-2942Karen Kulvin212-319-2112Investment manager, a division of Kayne Anderson, operates funds and separate accounts. Originates senior bridge loans, construction loans and subordinate financing on senior housing, medical office, student housing, multi-family and self-storage properties nationwide.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Scale LendingDaniel RidloffMartin Nussbaum646-439-4000Joint venture between Carlyle Group and Slate Property writes senior bridge loans on transitional apartment and residential condominium properties in the New York metropolitan area. Also finances mixed-use properties, land and construction projects.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
SG CapitalRoger Boone203-355-6121Spencer Del Prete203-355-6132Affiliate of Shelter Growth Capital provides senior and subordinate financing on all major property types and various specialty types. Lends nationwide, with an emphasis on primary and secondary markets. Also backs construction. Issues CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Silverstein CapitalMichael May212-313-4671Jason Kaufman212-551-7347REIT, a joint venture led by Silverstein Properties, provides senior and subordinate loans nationwide. Focuses on ground-up construction, heavy value-added repositioning, land and condo-inventory loans. Will lend on all property types, but targets office, industrial, residential and retail real estate. No maximum financing size.NOTE: Complete listing appeared in November 8, 2019,...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
SL Green RealtyDavid Schonbraun212-216-1602Robert Schiffer212-216-1650REIT provides bridge financing on office, retail, multi-family and mixed-used properties in New York City. Also lends on land and backs construction. Ability to offer senior, stretch and subordinate debt.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Sound Point CapitalMatthew Donnelly212-468-5780Investment manager operates separate accounts and other vehicles and sub-advises a REIT, InPoint Commercial Real Estate Income. Originates bridge loans throughout the country on all major and specialty property types, including land. May issue CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Square Mile CapitalMichael Lavipour212-616-1572Jeff Fasto212-616-1578Investment manager, an affiliate of USAA Real Estate, operates funds and separate accounts. Targets high-quality properties of all types, including land, in all major markets. Provides senior and subordinate bridge financing with a focus on stabilized and value-added properties as well as development projects.NOTE: Complete listing appeared in November 8, 2019, issue of...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Starwood PropertyDennis Schuh203-485-5108REIT, an affiliate of Starwood Capital, originates senior and subordinate bridge financing on all property types nationwide, including land. Also backs construction. Issues CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
StonehillMichael Harper404-953-4959Brent LeBlanc713-666-2544Fund operator, a unit of Peachtree Hotel Group, provides senior bridge loans, construction loans and subordinate financing on hotels nationwide, with a focus on those with premium brands, such as Hilton, Marriott, Hyatt and IHG. Also offers CPACE loans for energy-efficiency-related projects.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Terra CapitalDan Cooperman212-753-5100Finance company provides bridge financing throughout the capital stack with a focus on value-added properties and ground-up construction. Lends nationwide on all major property types, as well as student housing, self-storage, mixed-use, senior housing and manufactured housing.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Thorofare CapitalKevin Miller213-873-4001Felix Gutniko213-873-4007Investment manager lends nationwide via joint ventures and other vehicles. Finances core-plus, value-added and opportunistic properties of all types, including land, healthcare, data-center and condo inventory. Offers customized structures and has ability to close within four business days.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Tilden Park CapitalDavid Busker646-518-9017Andrew Konstas646-480-5386Investment manager provides bridge loans throughout the country on all major property types, as well as mixed-use and affordable housing. Also offers subordinate debt.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Timbercreek Real Estate FinanceBradley Trotter203-293-5447Patrick Maroney646-274-1370Investment manager operates separate accounts and other vehicles. Lends on value-added properties in all major and specialty asset classes nationwide. Ability to move quickly with flexible sizes, terms and structures. Also provides subordinate debt.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Torchlight InvestorsMike Butz212-488-5616Investment manager operates funds and separate accounts. Originates bridge loans on major property types nationwide, as well as mixed-use, self-storage and student housing. Focuses on high-leverage stretch and subordinate loans for value-added and opportunistic acquisitions and recapitalizations.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
TPG Real Estate FinancePeter Smith212-430-4129REIT originates bridge loans on medium-to-heavy transitional properties in the top-25 markets. Emphasizes flexibility and responsive asset management/servicing. Lends on all major asset classes, plus land, mixed-use and lab/life science. Also offers subordinate debt and backs construction. Issues CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Tremont RealtyDavid Ross617-658-0759Tom Lorenzini312-236-0960Operates REIT that writes senior bridge loans on middle-market properties in primary and secondary markets, with a focus on transitional and value-added business plans. Lends on all major property types, plus mixed-use, student housing, self-storage and senior housing.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com,...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Trevian CapitalMichael Hoffenberg212-376-5636Charlie Zabriskie212-376-5631Investment manager writes senior bridge loans nationwide. Finances all property types, focusing on time sensitive deals, distressed sponsors, value-added strategies, special situations and construction completion. Offers lower coupon rates for value-added and transitional multi-family assets.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Trez Forman CapitalBrett Forman561-588-0132, ext. 1018Investment manager provides senior and subordinate financing on ground-up and horizontal infrastructure construction, as well as bridge loans for completed developments. Lends nationwide on all major property types, plus land, mixed-use and student housing.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Turnbridge Real Estate Credit StrategiesScott Cohen646-450-7853Investment manager writes senior and subordinate bridge loans on transitional properties in major metropolitan markets nationwide. Financings include acquisition, construction, renovation and stabilization. Lends on all major property types, plus land, mixed-use, self-storage and student housing.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
UC FundsJoe Ambrose857-288-2819Dom Manago857-288-2811Finance company originates bridge loans nationally on all major and specialty asset types, including land. Also finances construction and adaptive-reuse projects. Provides subordinate financing as well.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Varde PartnersAlek Roomet212-321-3790Jon Miller952-374-5166Fund operator writes bridge loans on transitional, value-added and event-driven properties throughout the country. Finances all major asset classes, plus mixed-use, student housing, senior housing and self-storage. Also provides subordinate financing and backs construction. Issues CLOs.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Voya InvestmentStefanie Stewart770-690-4877Dan Siegenthaler770-690-4652Investment-management arm of Voya Financial mainly invests for its parent and other insurers. Writes bridge loans nationwide, focusing on light-transitional, cash-flowing assets. Finances all major property types, as well as mixed-use, self-storage and manufactured housing. Also backs construction.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
W FinancialGregg Winter212-532-9170David Heiden212-684-8484Investment manager writes senior bridge loans nationwide on all major property types, plus mixed-use, self-storage and land. Also finances condominium inventory loans, property assemblages and partner buyouts. Specializes in providing certainty of execution for complex and time-sensitive deals.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Walker & DunlopGeoff Smith646-438-7715Sandor Biderman301-215-5597Originates senior and subordinate bridge financing nationwide on stabilized and value-added properties of all types, including healthcare real estate and land. Has focus on lease-up and repositioning multi-family and senior-, student- and manufactured-housing properties.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Walton Street CapitalRich Ratke312-915-2904Investment manager operates funds and separate accounts. Provides senior and subordinate loans secured by income-producing properties and portfolios in major markets throughout the country. Lends on all major asset classes, as well as mixed-use.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
West Bay CapitalKevin Prince310-231-1270, ext. 275James McCann310-231-1270, ext. 232Investment manager originates short-term bridge loans nationwide on all asset classes, with a focus on retail properties. Also finances land and backs construction. Able to lend anywhere in the capital stack.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
Winthrop-WitkoffBrett Mufson212-672-4730Samuel Ashner516-822-0022Joint venture between Winthrop Capital and Witkoff Group provides senior loans and subordinate financing on office, retail, multi-family and hotel properties, as well as land, in primary markets nationwide. Focuses on transitional properties, special situations and condo inventory.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be...



LISTING: Nonbanks That Actively Write Bridge Loans on US Commercial Properties

Sat, 09 Nov 2019
YAM CapitalRyan Muranaka480-387-5663Mike Marmis480-696-4805Lending shop, formed by entrepreneur and GoDaddy founder Bob Parsons, writes senior bridge loans on all major property types, plus mixed-use, self-storage, student housing and select others. Promises speed and certainty of execution.NOTE: Complete listing appeared in November 8, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section...



Citi Syndicate Lands $4 Billion Industrial Loan

Fri, 08 Nov 2019
A syndicate led by Citigroup will originate a $4 billion floating-rate debt package to finance Blackstone’s pending acquisition of an industrial REIT from Colony Capital.Citi will fund 40% of the balance. Goldman Sachs, Morgan Stanley and Wells Fargo will each kick in 20%.Blackstone has agreed to buy Colony Industrial for $5.9 billion. The Dallas REIT owns and operates 465 light-industrial properties totaling 60 million square feet. It also...



Huge Field of Bridge Lenders Still Growing

Fri, 08 Nov 2019
The bridge-loan business is going through some serious growing pains as lenders continue to pile into the hot market.After years of rapid expansion in the sector, demand for short-term debt on transitional properties remains strong. Yet many nonbank lenders providing those loans are finding it increasingly difficult to reach their volume and yield targets. They blame a continuing influx of lending shops competing for business.The effects of...



Surging CMBS Volume Bucks Glum Forecast

Fri, 08 Nov 2019
The commercial MBS market is ending the year with a bang.Surging issuance has the sector on pace to exceed last year’s volume by as much as 20%. The $12.4 billion of activity in October was the most in any month since the market crash. And fourth-quarter supply is now on track to approach $35 billion, according to a projection by Commercial Mortgage Alert. That would make it by far the busiest three-month period since the crash, surpassing...



Loan Sought on Midtown NY Offices

Fri, 08 Nov 2019
A J.P. Morgan Asset Management partnership is seeking a $400 million fixed-rate mortgage on an office building in Midtown Manhattan.The group wants a 10-year mortgage on the 957,000-square-foot property, at 498 Seventh Avenue. Estreich & Co. is advising J.P. Morgan and its partners, Loeb Partners Realty and George Comfort & Sons, both of New York.Loeb and George Comfort formerly owned the 25-story building with SITQ Immobilier, the real estate...



Goldman Team to Refi Fontainebleau

Fri, 08 Nov 2019
Investor Jeffrey Soffer has lined up $1.2 billion of fixed-rate debt from a Goldman Sachs syndicate to refinance the landmark Fontainebleau Miami Beach resort for the fourth time in five years.J.P. Morgan and Morgan Stanley are also in the lending syndicate. The five-year debt package is expected to close today. Newmark is brokering the financing for Soffer’s firm, Fontainebleau Development of Aventura, Fla.The loan-to-value ratio is 70.9%,...



Mesa West to Lend on DC Offices

Fri, 08 Nov 2019
Mesa West Capital has agreed to provide $290 million of debt to refinance a Washington office property.Mirae Asset Global Investments owns the 570,000-square-foot building, at 1801 K Street NW. The loan is expected to be structured as a five-year floater and include a future-funding component for leasing expenses. Eastdil Secured is advising Mirae on the financing, slated to close in the coming weeks.The South Korean pension-fund manager...



Citi Leading $800 Million Loan in NY

Fri, 08 Nov 2019
Four banks led by Citigroup have agreed to lend $800 million to a Vornado Realty partnership on the office tower at 650 Madison Avenue in Midtown Manhattan.The fixed-rate loan is expected to close this month. Citi will fund 40% of the balance, and the three other lenders — Barclays, Goldman Sachs and Bank of Montreal — will each supply 20%.The syndicate plans to securitize most, if not all, of the 10-year mortgage via a stand-alone...



Helaba Refinances Flatiron Offices

Fri, 08 Nov 2019
Helaba has originated a $90 million mortgage on an office building in Manhattan’s Flatiron District.The 114,000-square-foot property, at 920 Broadway, is owned by KLM Equities of New York. The 10-year loan closed in the past two weeks.The 17-story building, which was developed in 1916, is at East 21st Street, between Madison Square Park and Union Square Park.The previous owner, a partnership between Carlyle Group of Washington and ClearRock...



Rialto Joins Active CLO Pipeline

Fri, 08 Nov 2019
Debut issuer Rialto Capital is one of five bridge lenders on track to float commercial real estate CLOs that will cap a record year of issuance for the sector.Rialto’s $425 million offering is expected to begin marketing next week, with Wells Fargo running the books. Like the two other debut issuers this year — DoubleLine Capital and Starwood Property — New York-based Rialto is launching its CLO program with a managed vehicle...



Delinquency Rate Declines Further

Fri, 08 Nov 2019
The percentage of past-due commercial MBS loans edged down again last month.The delinquency rate fell 3 bp in October, to 1.66%, according to Fitch. It was the seventh straight month of declines, which have averaged 6 bp. Resolutions of $357 million last month exceeded new delinquencies of $256 million. Meanwhile, the universe of Fitch-rated deals grew by $2.8 billion, contributing to the percentage drop.The two largest mortgages added to the...



Loans Returned 2.3% in 3rd Quarter

Fri, 08 Nov 2019
The return on commercial mortgages dipped in the third quarter to a still-healthy 2.32%, according to the Giliberto-Levy Commercial Mortgage Performance Index.The return for the July-September period lagged the 3.2% notched over the previous three months, which was the highest level seen in three years. It was also well below the first-quarter figure of 2.74% — but still above the 2.24% return in last year’s fourth quarter.The value...



Buyers Step Up for More Conduit Deals

Fri, 08 Nov 2019
Demand for commercial MBS appeared to be holding steady this week amid a continuing heavy flow of paper.Two conduit offerings totaling $2.5 billion priced in line with dealers’ guidance Tuesday, including the latest in the series from J.P. Morgan, Citigroup and Deutsche Bank backed entirely by collateral from those banks (BMARK 2019-B14). The long-term, super-senior bonds from that transaction went out the door at a spread of 93 bp over...



Deutsche Inks San Jose Office Floater

Fri, 08 Nov 2019
Deutsche Bank has written a $165 million loan on a San Jose office property that recently changed hands.The floating-rate debt, with a term of five years, is backed by a 367,000-square-foot building at 50 West San Fernando Street. Deutsche closed the debt last month and is expected to retain it on its balance sheet.The borrower is Jay Paul Co., a San Francisco investment shop that bought the property in July for $238 million, or $649/sf, from a...



Invesco Eyes Loan for Bellevue Deal

Fri, 08 Nov 2019
Invesco Real Estate is seeking to borrow about $300 million to finance its pending acquisition of an office complex near Seattle.The investment manager, acting on behalf of an unidentified foreign client, has agreed to buy the 750,000-square-foot Bravern Office Commons, in Bellevue, Wash., for nearly $610 million. The seller is a partnership led by Principal Real Estate, the investment-management arm of Principal Global of Des Moines,...



Dune Team Pursues DC Office Loan

Fri, 08 Nov 2019
A Dune Real Estate partnership is in the market for roughly $63 million of debt on a Washington office property.The New York fund shop and its partner, local firm Penzance Cos., are looking for a floating-rate loan on the leasehold interest in the 191,000-square-foot building at 1101 Connecticut Avenue NW. The preference is for a five-year term and interest-only payments. Cushman & Wakefield is showing the assignment to lenders.The bulk of the...



Angelo Gordon Seeks LA Office Loan

Fri, 08 Nov 2019
An Angelo, Gordon & Co. partnership is looking to borrow $154.5 million to refinance a Los Angeles office complex.The joint venture is seeking a five-year floater on the 514,000-square-foot Campus at Warner Center. The loan would include a $7 million future-funding component for leasing and other expenses. Lenders have been told the loan-to-value ratio would be roughly 65-70%, which values the property at up to $220 million.Newmark is advising...



The Grapevine

Fri, 08 Nov 2019
Angelo, Gordon & Co. is adding a managing director to help expand its loan-origination business. David Blum will join the investment manager at its New York headquarters next month. He’ll report to managing director Andrew Solomon, head of the firm’s commercial real estate debt business and co-head of its structured-products group. Blum was previously a managing director and portfolio manager at GTIS Debt Capital, a joint venture...



The Grapevine

Fri, 08 Nov 2019
Managing director Stephen Nuzzolo is leaving debt-investment shop Brevet Capital. His exact departure date and plans are unknown. Nuzzolo is head of real estate underwriting at New York-based Brevet, which invests in real estate debt and other alternative asset classes. He arrived two-and-a-half years ago from Alvarez & Marsal, where he spent eight years. He previously worked at Deloitte &...



The Grapevine

Fri, 08 Nov 2019
RAIT Financial veteran Gregory Marks joined Ladder Capital this week as a managing director in Philadelphia. Ladder wants to add another senior originator, with at least five years of experience, at its New York headquarters. Marks and the recruit will focus on bridge and commercial MBS loans as well as opportunistic equity investments. They’ll report to managing directors Ryan Jantzen and Adam Siper, who co-head originations. Applicants...



The Grapevine

Fri, 08 Nov 2019
AKS Capital has added another one-time JLL staffer to its ranks. Michael Diaz started at the nascent New York advisory shop last month. He spent the past five-plus years at JLL and was at Meridian Capital for three years before that. He had earlier stints at CBRE and J.P. Morgan. AKS was founded in August by a team of JLL’s top New York financing pros: Aaron Appel, Keith Kurland, Adam Schwartz and Jonathan Schwartz. Diaz has now rejoined...



The Grapevine

Fri, 08 Nov 2019
London debt and equity shop Cale Street Partners has added Sameer Dalamal as a partner. Dalamal joined this week from Sculptor Capital, formerly known as Och-Ziff Capital. He was a managing director and head of European commercial real estate credit at that firm, where he spent 10 years, and earlier served at Deutsche Bank.



The Grapevine

Fri, 08 Nov 2019
Director Monika Bagley has left Hanover Street Capital in Dallas, and the word is she’s headed to J.P. Morgan. Bagley had worked at the SitusAMC unit, which supports Deutsche Bank’s commercial-mortgage group, since 2014, working on loan originations and other duties. She previously spent six years at Deutsche and had a similar stretch at Societe...



The Grapevine

Fri, 08 Nov 2019
Miami-based lender 3650 REIT has added two staffers. Hilary Hoffman started last month as a vice president of investor relations in Los Angeles. She spent the last six years at Goldman Sachs, most recently as an associate in the investment-management division. Producer Richard Putnam arrived in September as an assistant vice president in Dallas. He was previously an associate at Hanover Street...



The Grapevine

Fri, 08 Nov 2019
Alston & Bird is still in hiring mode for its London office. The word is it wants to add several more lawyers in the coming months. Partner Andrew Petersen, who was hired in September to open the London outpost, was in New York this week speaking at a CRE Finance Council event and doing some networking. The firm seeks clients among debt funds and other investors in European commercial...



The Grapevine

Fri, 01 Nov 2019
After six months at Hanover Street Capital, former Morningstar analyst Andrew Harrison has jumped to Arbor Realty of Uniondale, N.Y. Harrison started Sept. 30 in the REIT’s Conshohocken, Pa., office, as an associate underwriter focusing on multi-family debt. He reports to senior vice president David Sondesky, a senior underwriter who came over from Morningstar late last year. Harrison spent three years in the rating agency’s...



The Grapevine

Fri, 01 Nov 2019
Pearlstone, a nascent real estate due-diligence firm in New York, is looking to add a staffer as an analyst or an associate. The recruit’s duties would include reviewing financial statements and conducting financial analysis for Pearlstone clients, which would typically be lenders outsourcing due-diligence tasks. Candidates should have 1-3 years of experience. The new hire would report to principal and founder Jacob Margulies. Pearlstone,...



The Grapevine

Fri, 01 Nov 2019
Avison Young wants to add a director in New York. The brokerage is looking for a pro with 5-10 years of experience. Responsibilities would include lining up and assisting in the origination of debt on commercial properties, as well as working on joint-venture and structured-debt deals and loan sales. Resumes can be sent to Justin Piasecki at justin.piasecki@avisonyoung.com.



The Grapevine

Fri, 01 Nov 2019
Chicago brokerage Alpha Capital CRE this month added Lynn Marcello as a senior associate. She works with senior staffers on lining up debt and equity for the firm’s clients across asset classes. Marcello spent the past four years at Newmark, also in Chicago, working on underwriting and financial modeling for that brokerage’s debt and structured-finance team. Alpha was founded in 2008 by Anthony Longo and Michael...



PNC Lends on Rentals Near Boston

Fri, 01 Nov 2019
PNC has provided $50 million of financing for the acquisition of a suburban Boston apartment property.Harbor Group International used the debt to finance its purchase of the 170-unit Riverbend on the Charles, in Watertown, Mass. The Norfolk, Va., investment manager paid roughly $77 million, or $453,000/unit for the complex. The seller was Berkshire Group of Boston.PNC’s mortgage closed about a week ago in conjunction with the sale. The...



The Grapevine

Fri, 01 Nov 2019
After an eight-year stint, Tom Kim has left his post overseeing commercial real estate policy at the Mortgage Bankers Association. As a senior vice president, he led the trade association’s commercial/multi-family group. Kim is returning to the Investment Company Institute as its managing director, filling a vacancy that will open at yearend with the retirement of Amy Lancellotta. Before joining MBA in 2011, Kim spent six years as associate...



The Grapevine

Fri, 01 Nov 2019
Mizuho has hired a structured-product sales specialist in New York. Robert Piszko joined the Japanese bank after five years at BNP Paribas, where he was a director. He previously spent time at Guggenheim, UBS and Keefe, Bruyette & Woods. He earlier was at Lehman Brothers for eight years before the crash.



The Grapevine

Fri, 01 Nov 2019
Associate Jack Condon left Ernst & Young last month to join Mesa West Capital as an analyst in the fund operator’s Los Angeles headquarters. He reports to principals Steve Fried and Ronnie Gul, who oversee West Coast originations. Condon spent two years at Ernst & Young, also in Los Angeles. His areas of focus at the accounting giant included asset management and commercial real estate portfolio...



Fannie Maps More Risk-Sharing Deals

Fri, 01 Nov 2019
After finding strong demand for its first risk-sharing securitization tied to multi-family loans, Fannie Mae plans to float two or three such deals annually.The $472.7 million debut offering (MCAS 2019-01), which priced on Oct. 24, was snapped up by a broad mix of investors, including hedge funds, private-equity funds and money managers. The buyers assumed some of Fannie’s retained risk against $13.2 billion of apartment mortgages that it had...



Berkadia Inks Queens Apartment Loan

Fri, 01 Nov 2019
Berkadia has originated a $121 million Freddie Mac mortgage on an apartment property in Queens, N.Y.The loan, which closed last week, is backed by the 917-unit complex at 711 Seagirt Avenue in the Far Rockaway neighborhood. The fixed-rate debt runs for 10 years, with interest-only payments for the first half of the term.Meridian Capital arranged the financing for the owner, Treetop Development of Teaneck, N.J. In addition to the Berkadia loan,...



Conduit Spreads Widen as Deals Flow

Fri, 01 Nov 2019
Commercial MBS spreads widened somewhat this week as investors continued to work their way through a spate of conduit offerings.While buyers were being more choosy amid the heavy supply, overall demand remained solid. “For the most part, the market is absorbing all this supply and holding up,” said one investor. “We are outperforming high-yield [corporate bonds] quite a lot this month. Everything feels pretty good in this...



Acore Lends on Northern Va. Complex

Fri, 01 Nov 2019
Rubenstein Partners has tapped Acore Capital for $103.2 million of floating-rate debt on a recently renovated and expanded office/retail property in Alexandria, Va.The 365,000-square-foot complex encompasses the 14-story Carlyle Tower office building, along with retail space in and around its base. Cushman & Wakefield brokered the refinancing, which closed Oct. 25. The loan has a three-year term and three one-year extension options.Rubenstein, a...



Bullish Report Moves CMBX Index

Fri, 01 Nov 2019
An AllianceBernstein report that critiqued the use of certain commercial MBS derivatives to bet against the shopping-mall sector appeared to influence pricing of those trades this week.Investors with a bearish view of retail properties, especially malls, have used swaps pegged to IHS Markit’s CMBX index to take short positions against the performance of CMBS backed by those assets. The play has focused on the CMBX.6 series, which references...



Invesco Backs Calif. Industrial Project

Fri, 01 Nov 2019
Invesco Real Estate is providing $200.2 million of floating-rate financing for the redevelopment of an industrial property in California’s Inland Empire.The Dallas investment manager funded $118 million of the loan at the closing Wednesday, when the borrower, Bridge Development, acquired the site in Rancho Cucamonga for an unknown price. The rest of the proceeds will be drawn down as the Chicago developer demolishes an existing 1.4...



'Hybrid' Facilities Pitched to Bridge Lenders

Fri, 01 Nov 2019
Goldman Sachs, Morgan Stanley and Natixis are stepping up their efforts to market hybrid warehouse facilities to bridge lenders.The facilities are a cross between traditional warehouse credit lines and CLOs. Compared to traditional warehouse facilities, they are less susceptible to margin calls, can require less recourse and have terms that match the collateral’s maturities, making them more akin to CLOs. But they avoid the fees associated...



Builder Seeks Loan for Calif. Offices

Fri, 01 Nov 2019
Jay Paul Co. is in the market for $225 million of construction debt for a Silicon Valley office project.The San Francisco firm has struck a deal to purchase the development rights for Mathilda Commons, a planned 350,000-square-foot complex in Sunnyvale, Calif. It has tapped Cushman & Wakefield to line up financing, likely in the form of a short-term floater.Jay Paul is under contract to buy the project from JP DiNapoli Cos. of San Jose, which has...



$1.2 Billion Loan Sought on Virginia Portfolio

Fri, 01 Nov 2019
A Goldman Sachs joint venture is looking to borrow $1.2 billion to refinance an office portfolio in Northern Virginia.The floating-rate debt package, with a term of up to five years, would include a future-funding component. Eastdil Secured is pitching the assignment for Goldman’s U.S. Real Estate Opportunities 1 fund and its partner, Monday Properties of New York.The portfolio encompasses nine Class-A buildings, totaling 2.5 million square...



Lenders Clamp Down as WeWork Staggers

Fri, 01 Nov 2019
Lenders have tightened credit standards for loans on office properties leased to embattled WeWork.Multiple banks and insurance companies say they won’t even consider loans if WeWork leases more than 20% of a collateral property. And some have set lower thresholds or are boycotting the firm entirely.WeWork’s implosion over the past few weeks has cast a shadow over the entire co-working sector, according to lenders. On construction...



JP Morgan Leading $2 Billion Loan on Resorts

Fri, 25 Oct 2019
J.P. Morgan, Bank of America and Deutsche Bank are teaming up on a $1.95 billion floating-rate loan to finance the recapitalization of Great Wolf Resorts.Under the recap, Blackstone is becoming the majority owner of the hotel/water park chain, based in Madison, Wis. Blackstone will buy a 65% stake from Centerbridge Partners, which will hold on to the remaining interest. The transaction values Great Wolf at $2.9 billion.The five-year loan, led by...



Deutsche Syndicate Backs LA Office Complex

Fri, 25 Oct 2019
A Deutsche Bank syndicate originated a $1.2 billion fixed-rate mortgage this week on Century Plaza Towers in Los Angeles.The 2.4 million-square-foot office complex is owned by a 50-50 partnership between J.P. Morgan Asset Management and Houston-based Hines.Deutsche funded half the 10-year loan, while Morgan Stanley and Wells Fargo each kicked in one-quarter. The lenders will securitize $700 million of the balance via a stand-alone offering...



DWS, Pension Seeking Loan for Recap in SF

Fri, 25 Oct 2019
A joint venture is looking to borrow up to $740 million in conjunction with the recapitalization of the office tower at 525 Market Street in San Francisco.DWS Group has agreed to buy a roughly 50% equity stake in the 1.1 million-square-foot Financial District building from New York State Teachers, which is retaining the remaining interest. The transaction values the property at about $1.2 billion, or $1,090/sf.The joint venture has circulated...



Deutsche Finances Historic SF Offices

Fri, 25 Oct 2019
Deutsche Bank has originated a $350 million fixed-rate loan on the historic office building at 225 Bush Street in San Francisco.Chinese developer Kylli used the proceeds to refinance the 579,000-square-foot building.JLL brokered the five-year loan, which closed two weeks ago. Deutsche will securitize it via one or more transactions.The 24-story property, at Sansome Street in the Financial District, is fully leased to 31 tenants, many in the...



Brookfield Taps Wells for LA Loan

Fri, 25 Oct 2019
Wells Fargo is in line to lend roughly $320 million on a Los Angeles office tower.A Brookfield Property fund owns the 1 million-square-foot property, at 777 South Figueroa Street.The floating-rate debt package, on track to close soon, is expected to include roughly $50 million of mezzanine debt. Wells might bring in one or more other lenders for the senior component. The junior debt would be placed with high-yield investors.New York-based...



High-Yield Shops Circle 2 B-Pieces

Fri, 25 Oct 2019
Two investment firms have agreed to buy the subordinate portions of conduit offerings slated to hit the market next month.Rialto Capital will take down the B-piece of a transaction backed by loans from Deutsche Bank, Citigroup and Goldman Sachs. It’s unclear which shelf entity will be used for that deal, dubbed 2019-GC44.Prime Finance has committed to purchase the junior bonds from the next installment in the BANK series (BANK 2019-BNK23)....



Receiver Eyed for Williamsburg Hotel

Fri, 25 Oct 2019
A Brooklyn hotel is headed for receivership after a loan on the property defaulted at maturity and was removed from the collateral pool of a commercial real estate CLO.A state judge last Friday approved a request by the lender, Benefit Street Partners, that a receiver be appointed to take over management of the Williamsburg Hotel from its owner, led by high-profile developer Toby Moskovits. New York State Judge Barry Ostrager in Manhattan set a...



3 Banks Back Bellagio Sale-Leaseback

Fri, 25 Oct 2019
Citigroup and J.P. Morgan have agreed to join Morgan Stanley in providing $3 billion of fixed-rate financing for Blackstone’s takeover of the Bellagio resort on the Las Vegas Strip.Blackstone Real Estate Income, a nontraded New York REIT, has agreed to pay MGM Resorts International $4.25 billion for a 95% stake in the 3,933-room hotel and casino. Las Vegas-based MGM will retain a 5% interest and continue to operate the property under a...



MetLife Refis San Francisco Offices

Fri, 25 Oct 2019
MetLife has originated a $190 million mortgage on a San Francisco office property.The fixed-rate loan, which runs for seven years, is backed by the 433,000-square-foot building at 100 Montgomery Street. The financing was closed and funded a week ago.The owner, New York investment firm Vanbarton Group, used most of the proceeds to retire the outstanding balance of a $158 million mortgage. MetLife originated that five-year floater in 2016 to...



After a Pause, a Rush of Conduit Deals

Fri, 25 Oct 2019
A wave of multi-borrower commercial MBS deals hit the market this week, the start of an expected heavy flow of conduit transactions between now and Thanksgiving.One deal priced and three others were marketing, adding up to $3.7 billion of conduit paper for investors to sort through. The glut may have affected the pricing Tuesday of a $702.2 million offering from Wells Fargo, Barclays and three nonbank lenders (WCFM 2019-C53). The long-term...



Extell Aims to Refinance Vail Resort

Fri, 25 Oct 2019
An Extell Development partnership wants to borrow about $65 million to refinance debt on a high-end ski resort in Vail, Colo.The partnership is seeking a floating-rate loan on the Four Seasons Resort and Residences Vail, which is undergoing a renovation whose cost has been pegged at about $40 million.Extell teamed with Parkland Holdings to acquire the property in 2016 for $121 million from Barclays.At the time, the resort encompassed 134 hotel...



The Grapevine

Fri, 25 Oct 2019
Brean Capital has added a veteran structured-product sales specialist. Brian Trotta moved to the firm’s New York headquarters this week from StormHarbour Securities, where he had worked since 2012. He’s a director, focusing on commercial MBS, asset-backed securities and residential mortgage bonds. Trotta previously worked at Tullett Prebon and, before that, originated and placed CMBS for Deutsche Bank and Credit...



The Grapevine

Fri, 25 Oct 2019
Voya Investment is adding an originator in its Atlanta headquarters. The insurer has hired Sean Bryce as an assistant vice president, to focus mainly on writing mortgages on properties in the Western U.S. He’ll start in the coming weeks. Bryce previously worked at Denver fund operator JCR Capital for about two years, and before that, spent nearly four years at RAIT...



The Grapevine

Fri, 25 Oct 2019
Kroll has opened a London office as it seeks to ramp up its structured-finance ratings business in Europe. It rated its first European CMBS deal in December, and last week rated its sixth of the year, a €745.1 million ($830 million) single-borrower offering backed by a Blackstone light-industrial portfolio (see Initial Pricings on Page 10). Kroll, which has operated in Europe since 2017 out of a Dublin office, last month hired London-based...



The Grapevine

Fri, 25 Oct 2019
Commercial real estate debt analyst Joseph Zhong joined Arena Investors last week as an associate in the bridge lender’s New York headquarters. He reports to managing director Don Moses, who oversees the fund shop’s originations of high-yield loans on value-added, transitional and “special-situation” properties. Zhong spent the last year and a half at New York leasing brokerage SquareFoot. He earlier was an analyst at H/2...



The Grapevine

Fri, 25 Oct 2019
Law firm Sidley Austin added two associates to its commercial-mortgage securitization team this month. William Essner was previously an associate at Polsinelli, where he spent about a year, and earlier worked at J.P. Morgan. Giovanni De Merich arrived from Orrick Herrington and had earlier stints at Hogan Lovells and PricewaterhouseCoopers. Also joining the team in the past several weeks were two recent law school graduates, Will Ogden and...



The Grapevine

Fri, 25 Oct 2019
AIG has hired Timothy Huang as a senior underwriting associate in Los Angeles. Huang joined the New York-based insurer on Monday from Morgan Stanley, where he filled a similar role in the CMBS group. He reports to managing director Eric Tang, AIG’s head of West Coast underwriting. Tang’s team supports Western-region originations, which are led by managing director Benjamin Meininger. Before joining Morgan Stanley in 2017, Huang worked...



The Grapevine

Fri, 25 Oct 2019
CIT Real Estate Finance wants to add an associate to its team in New York. Duties would include assisting in underwriting debt on commercial properties. Candidates should have at least three years of experience writing bridge loans. The contact is Jason Lydon at jason.lydon@cit.com.



The Grapevine

Fri, 25 Oct 2019
Brookfield Real Estate Financial Partners has an opening for an analyst in New York. Candidates should have 1-3 years of relevant experience, such as in investment banking, private equity or development. The recruit would help with originations, underwriting, syndication and execution of investments across product types for the real estate credit platform of Brookfield Asset Management. Contact Dana Lanyo at...



Harbor Seeks $1 Billion for Apartment Deal

Fri, 18 Oct 2019
Harbor Group International has agreed to buy a sprawling apartment portfolio for roughly $1.85 billion and is seeking about $1 billion of debt financing for the deal.The Norfolk, Va., investment manager is purchasing the 13,243-unit package from Aragon Holdings, a Los Angeles fund operator. The deal, which values the 36 properties at $143,000/unit, would be the largest apartment trade since 2016. Newmark, which is brokering the sale for Aragon,...



Some Lenders Balk at Fitch's Rate "Floors'

Fri, 18 Oct 2019
Fitch is evaluating whether to fine-tune its rating methodology following complaints from conduit issuers that the agency is unfairly penalizing high-quality loans that have ultra-low coupons.At issue are the minimum coupon levels that Fitch uses when determining credit-enhancement requirements. To take into account refinancing risk, Fitch has set “floor” rates based on property type — 4.5% for multi-family loans, 6% for hotel...



Sponsors Buy Back First Troubled CLO Loans

Fri, 18 Oct 2019
The first sizeable distressed bridge loans showed up in the collateral pools of commercial real estate CLOs in the third quarter, but most observers believe overall credit quality in the sector remains sound.The troubled loans range in size from $35.6 million to $57 million. The sponsors of the affected issues — LoanCore Capital and Benefit Street Partners — bought the mortgages out of the collateral pools at par value, a step that...



Goldman Leads $1.4 Billion NY Loan

Fri, 18 Oct 2019
A group of banks led by Goldman Sachs has agreed to provide $1.35 billion of fixed-rate debt to refinance Paramount Plaza in Midtown Manhattan.Goldman, Deutsche Bank, J.P. Morgan and Wells Fargo will each take down a quarter of the 10-year loan to Paramount Group on the 2.5 million-square-foot tower at 1633 Broadway. The banks plan to securitize all or part of the debt in a standalone commercial MBS offering. Eastdil Secured brokered the...



Voya Corrals $500 Million for Fund

Fri, 18 Oct 2019
Voya Investment has lined up $500 million of initial equity for its first open-end debt fund.The vehicle, Voya Commercial Mortgage Lending Fund, will shoot for a return of about 7% by writing loans on “light transitional” properties across asset classes throughout the U.S. Factoring in leverage, it will have the capacity to originate about $1.25 billion of mortgages.The fund is Voya’s latest move to manage capital for...



Acore Backs Office Project in Minn.

Fri, 18 Oct 2019
Acore Capital has provided an $88.9 million construction loan for a suburban Minneapolis office building.The floating-rate debt will help finance development of a 340,000-square-foot property in St. Louis Park, Minn. The loan, which closed Oct. 1, is split between senior and mezzanine portions of unknown size. It has a term of about three years and a single one-year extension option.The borrower is a partnership between local firms Excelsior...



Loan Sought to Build Chicago Tower

Fri, 18 Oct 2019
A Hines partnership has begun discussions with lenders about lining up $550 million of debt to finance the development of a Chicago skyscraper.The floating-rate loan would help fund construction of the planned 1.2 million-square-foot Salesforce Tower Chicago. The development site is on Wolf Point, at the confluence of the three branches of the Chicago River. Hines is working in partnership with the family of Joseph Kennedy, which has owned the...



CLO Secondary Trading on the Rise

Fri, 18 Oct 2019
The rapid rise in commercial real estate CLO issuance has spawned a fast-growing secondary market.CLO paper appeared on formal bid lists 131 times in the first half of the year, up from 123 times in the second half of last year and just 86 times in 2018’s first half, according to data provider Empirasign. And that’s just the visible portion of activity: Market pros say the notes are more commonly traded privately.A desk staffer at one...



Banks Split Floater on Midtown Offices

Fri, 18 Oct 2019
Two German banks have teamed up to provide $182 million of floating-rate debt to the buyer of a Midtown Manhattan office property.Deutsche Pfandbriefbank and Bayerische Landesbank wrote the five-year loan on the leasehold interest in the 184,000-square-foot building at 589 Fifth Avenue. The banks divided the debt equally. Pfandbriefbank acted as agent on the financing, which closed a week ago. Broker Estreich & Co. advised the borrower, GLL Real...



Kroll Notes Senior-Living Oversupply

Fri, 18 Oct 2019
Older Americans are moving into senior-housing facilities more slowly than expected, resulting in an occupancy shortfall that could lead to loan delinquencies, according to a Kroll report.The rating agency identified $2.4 billion of commercial MBS backed by assisted-living and independent-living properties, the vast majority of them in Freddie Mac K-series transactions. While Kroll hasn’t seen an uptick in delinquencies so far, its report,...



Buyers Keep Lining Up for CMBS

Fri, 18 Oct 2019
Commercial MBS dealers this week marketed one conduit offering and prepared to roll out another amid signs that the high volume of recent issuance hasn’t dampened investor demand.Meanwhile, two single-borrower deals priced and three more were being pitched in a holiday-shortened week that followed one of the busiest weeks of the year.A $702.2 million conduit offering from Wells Fargo, Barclays, Rialto Mortgage, Ladder Capital and C-III...



MetLife Inks Austin Rental Financing

Fri, 18 Oct 2019
MetLife has provided a $48 million mortgage on a recently developed apartment complex in Austin.The insurer originated the fixed-rate debt, with a term of 12 years, last week in conjunction with the purchase of the 353-unit Crestview Commons by Verbena Road Holdings of San Francisco. The sale price couldn’t be learned. CBRE brokered the financing.The property was completed last year by a joint venture between the High Street Residential...



The Grapevine

Fri, 18 Oct 2019
Two Chicago-based loan brokers left Eastdil Secured in the past week or so. Jeff Altenau and Zach Yarnoff will start Monday at Cushman & Wakefield as that firm’s first dedicated debt team in the Midwest. Altenau was a director at Eastdil, which he joined in 2012 after working at Eurohypo. Yarnoff, a vice president at Eastdil, spent four years at the firm after nearly six years at...



The Grapevine

Fri, 18 Oct 2019
Carina Kalaw is joining BankUnited to oversee commercial loan syndications. She’ll start in the coming weeks in New York as a senior vice president, reporting to executive vice president Benjamin Stacks. The two previously worked together for several years at Capital One, where Kalaw helped build the syndications business before leaving in 2014 and taking a break from the industry. Stacks left that bank in 2018 to take the reins of...



The Grapevine

Fri, 18 Oct 2019
Veteran portfolio manager Bill Moretti has left MetLife, where he was head of global structured finance since 2015. As a managing director in Whippany, N.J., he focused on commercial MBS, CLOs and asset-backed securities, and last year took on oversight of residential MBS investments as well. Word has it he’s pursuing opportunities to develop and apply financial technology in the securitization sector. Moretti’s position at MetLife...



The Grapevine

Fri, 18 Oct 2019
Newmark has hired three seasoned commercial-mortgage brokers to work in its loan-sales advisory unit. Executive managing director Brock Cannon in New York, managing director Patrick Arnold in Atlanta and director Stephen Schwalb in Dallas all are moving over from JLL’s offices in the same cities. They worked at HFF before its midyear merger with JLL — Cannon as a managing director, Arnold as a director and Schwalb as an...



The Grapevine

Fri, 18 Oct 2019
Hedge fund shop Medalist Partners added Will Goldsmith to its commercial real estate team this month. Goldsmith led CMBS trading at Credit Suisse before leaving in March. He’d worked at the Swiss bank since 2012, following stints at J.P. Morgan, Bear Stearns and Ernst & Young. Goldsmith will assist in building Medalist’s commercial real estate strategy, which includes bond investments and bridge lending. The New York firm has $2.6...



The Grapevine

Fri, 18 Oct 2019
Capital One has hired Marshall Smith as a director working on syndications in New York. Smith arrived about a week ago from BB&T Bank’s headquarters in Winston-Salem, N.C., where he’d been since 2015 and helped build out its syndications business. He had earlier stops at SunTrust and Bank of America. At CapOne, he reports to head of syndications Carl Evenstad, who also previously worked at...



The Grapevine

Fri, 18 Oct 2019
After two years at People’s United Bank, senior credit analyst Nicholas Fazio has jumped to Wells Fargo in Charlotte. He started Oct. 9 as an analyst on Wells’ real estate capital markets team, where he’ll work with vice president Mike Pfaff on originating CMBS and balance-sheet debt tied to Florida properties. Both report to managing director John Tinkey. Fazio was based in New York for People’s United. He previously...



The Grapevine

Fri, 18 Oct 2019
Nearly 400 market participants attended the CRE Finance Council’s commercial real estate CLO conference Oct. 10 at the New York Hilton Midtown. That was about the same as last year, despite robust growth in issuance. Next up for the industry group: the 2019 D.C. Symposium, Nov. 21 at the Sphinx Club at Franklin Square in Washington. The keynote speaker is Mark Calabria, director of the Federal Housing Finance...



REIT-Bond Issuance Soars to New Heights

Fri, 11 Oct 2019
REIT-bond issuance continued to shatter records in the third quarter, as low interest rates and shrinking spreads fueled a refinancing frenzy.During the first nine months of the year, 58 U.S. REITs floated a whopping $51.9 billion of unsecured bonds — already surpassing the highest-ever total for a full year, 2017’s $51.8 billion, according to Commercial Mortgage Alert’s REIT-Bond Database.The $27.5 billion volume in the third...



Libor Fallback Spelled Out In 4 CMBS Deals

Fri, 11 Oct 2019
Commercial MBS issuers have started designating the Secured Overnight Financing Rate as the planned replacement for Libor in calculating payments on floating-rate loans and bonds — even as debate continues on how the changeover will be handled.The offering documents for four recent single-borrower transactions specified that the rate reported by the Federal Reserve Bank of New York, dubbed SOFR, is the intended fallback when Libor is phased...



PBC Shopping for Fifth Avenue Office Loan

Fri, 11 Oct 2019
The owner of an office property overlooking Bryant Park in Midtown Manhattan is in the market for a mortgage of up to $650 million.Property & Building Corp. USA is talking to lenders about refinancing the 865,000-square-foot building at 452 Fifth Avenue. The firm is seeking a fixed-rate debt package to run about 10 years. It’s taking quotes at two proceeds levels: $600 million and $650 million. AKS Capital is advising New York-based PBC, an...



Morgan Stanley Backs Houston Offices

Fri, 11 Oct 2019
Morgan Stanley has agreed to provide $560 million of debt for the acquisition of a Houston office complex that includes the city’s tallest skyscraper.A partnership between Cerberus Capital of New York and local investor Hines has struck a deal to buy JP Morgan Chase Tower and Chase Center, which together encompass 2.1 million square feet. Market sources have said the purchase price is around $300/sf, or $627 million. Eastdil Secured is...



Buyer Seeks Midwest Industrial Loan

Fri, 11 Oct 2019
Starwood Capital is asking for quotes on $210 million of debt to finance a bulk purchase of warehouse properties in the Midwest.The Miami Beach firm has agreed to purchase almost the entire ownership interest in the 4 million-square-foot portfolio. The deal would value the properties at around $320 million, or $80/sf. The seller, Becknell Industrial of Carmel, Ind., is retaining a small stake.Starwood’s preference is for floating-rate debt...



Arden Shopping for Industrial Loan

Fri, 11 Oct 2019
Arden Group is asking lenders for quotes on $174 million of debt tied to its acquisition of an industrial portfolio.The Philadelphia investment shop has agreed to purchase 16 properties, totaling 2.3 million square feet, from Avistone of Laguna Niguel, Calif. The proposed loan would be backed by 10 of those properties, along with two Arden already owns.The request is for floating-rate debt that would run a total of five years. About $15 million...



Big CMBS, CLO Deals Snapped Up

Fri, 11 Oct 2019
Investors gorged on a whopping $8 billion of commercial real estate securitizations this week, including the biggest single-borrower deal since the credit crisis and two large CLOs.A six-bank syndicate led by Citigroup priced the $5.6 billion floating-rate offering tied to Blackstone’s purchase of a giant industrial portfolio from GLP (BX 2019-XL). The $2.5 billion triple-A-rated tranche priced Wednesday at 92 bp over Libor. Sources said...



Swig, Ivanhoe Seeking NY Office Refi

Fri, 11 Oct 2019
A Swig Co. partnership is negotiating with lenders for a $450 million mortgage on the office building at 1411 Broadway in Midtown Manhattan.San Francisco-based Swig and its partner, Ivanhoe Cambridge, have been taking bids over the last month or so on a debt package with a term of 5-7 years. The bulk of the proceeds would be used to retire about $415 million of existing debt on the 1.1 million-square-foot property. The joint venture isn’t...



B-Piece Buyers Target 3 Conduit Deals

Fri, 11 Oct 2019
Three investment shops have committed to buy the B-pieces of upcoming conduit offerings.Ellington Management has circled the most-junior bonds from a planned offering by Bank of America, Morgan Stanley and Wells Fargo (BANK 2019-BNK22).LNR Partners has agreed to buy the B-piece of a deal that will be collateralized partly by mortgages from its lending affiliate, Starwood Mortgage (MSC 2019-L3) The transaction will also include loans from Morgan...



Citi Eyes Better Use of Investor Data

Fri, 11 Oct 2019
Following a multi-year reorganization, Citigroup is working on plans to improve internal communication among its various structured-product banking teams.As part of that effort, the bank is developing a database that will pull together information about the buying habits of various structured-product investors for use by the syndicate desk to better target its offerings.The effort will be directed by Constantine “Dino” Nikitiades, who...



Foreign Banks Expand US Lending

Fri, 11 Oct 2019
The U.S. commercial-mortgage holdings of foreign-owned banks grew to $238.7 billion as of midyear, up 5.5% from a year earlier.The growth accelerated in the first half, according to a Commercial Mortgage Alert analysis of data compiled by Trepp Bank Navigator. In the first six months of the year alone, the banks’ combined portfolios of U.S. commercial real estate loans increased by $8.8 billion, or 3.8% from their yearend level. That...



CMBS Delinquency Rate Dips Again

Fri, 11 Oct 2019
The percentage of past-due commercial MBS loans continued to edge down last month.The delinquency rate fell 4 bp in September, to 1.69%, according to Fitch. Resolutions of $238 million exceeded new delinquencies of $195 million. Meanwhile, the universe of Fitch-rated deals grew by $7.2 billion, contributing to the drop in the percentage.The two largest loans added to the index, totaling $58.7 million, are backed by student-housing properties. The...



The Grapevine

Fri, 11 Oct 2019
Berkadia has added another debt pro as it continues to build out its Florida capital-markets team. Scott Wadler joined this month as a managing director in Miami, tasked with lining up debt and equity across asset classes. He reports to senior managing director Mitch Sinberg, who co-leads Berkadia’s Florida operation with Charles Foschini. Wadler previously was a senior director at HFF, where he spent more than a decade before its...



The Grapevine

Fri, 11 Oct 2019
Former JLL executive vice president Jackson Sastri has moved to nascent advisory shop AKS Capital, rejoining a number of former colleagues. Sastri started a couple of weeks ago as a managing director in New York. He’d been with JLL since 2018, after spending time at UBS and Credit Suisse. His move comes two months after a group of JLL’s top financing pros, including Aaron Appel and Jonathan Schwartz, left the brokerage to form...



The Grapevine

Fri, 11 Oct 2019
Law firm Mayer Brown has added a partner in its real estate practice. Jeffrey O’Neale arrived in the firm’s Charlotte office this week from Alston & Bird, where he’d been since 2011. He previously worked at Dechert. O’Neale handles loan origination, representation of special servicers on large-loan workouts and administration of warehouse...



The Grapevine

Fri, 11 Oct 2019
Veteran loan underwriter Ryan Berkshire has joined 1st Service Solutions, an advisory shop that works with commercial MBS borrowers. Berkshire started Oct. 1 as an asset manager in the firm’s Dallas headquarters, focused on helping property sellers and buyers with loan assumptions. He reports to chief executive Ann Hambly, who founded 1st Service in 2005. Berkshire was previously at KLM Realty Advisors, where he handled underwriting work...



The Grapevine

Fri, 11 Oct 2019
Andrew Petersen joined law firm Alston & Bird’s newly opened London office last month as a partner, working on commercial real estate and other capital-markets assignments. He had worked at K&L Gates since 2007, and also had stops at Dechert and Wildes Solicitors.



The Grapevine

Fri, 11 Oct 2019
Two former colleagues of King & Spalding partner Jonathan Arkins have joined him in the law firm’s New York office. Katy Berger, an associate, arrived this week and Mendel Yudin joined a few weeks ago as counsel. Both came from Arnold & Porter, where Arkins worked until September. Yudin had been there since 2011 and Berger since 2014. Like Arkins, the pair will focus on warehouse lines, repurchase agreements and other financing structures...



The Grapevine

Fri, 11 Oct 2019
New York finance shop Prime Finance is looking to add three analysts. One recruit, with up to two years of experience, would join its capital-markets team in Manhattan. The other openings are in Chicago, where Prime is seeking candidates with 1-3 years of experience for its asset-management and loan-originations team. Contact Karen Sieverding atkaren.sieverding@primegrp.com.



The Grapevine

Fri, 11 Oct 2019
Apollo Global wants to hire an analyst or associate in its commercial-mortgage unit. The recruit would be based in New York and handle asset-management and related duties. Candidates should have 1-3 years of experience. Contact Nicole Brand at nbrand@apollo.com.



CMBS Volume Rebounds; Pipeline Bulging

Fri, 04 Oct 2019
A healthy third quarter and a hefty pipeline of upcoming deals have put commercial MBS volume on track to exceed last year’s total issuance.Meanwhile, the contest for the annual bookrunner crown was extremely tight at the nine-month mark, with less than $100 million separating frontrunner Citigroup and second-place J.P. Morgan, and four others close behind. In the other high-profile league table, Goldman Sachs held a slight lead over Citi...



Blackstone Seeks $4 Billion for Industrial Deal

Fri, 04 Oct 2019
Blackstone is shopping for roughly $4 billion of floating-rate debt to finance its pending acquisition of Colony Capital’s industrial-property unit.The New York fund shop struck a deal this week to buy Dallas-based Colony Industrial for $5.9 billion. The bulk of the unit’s portfolio consists of 465 light-industrial properties, totaling 60 million square feet, that serve as staging grounds for “last mile” deliveries. Those...



Some Shops Ease Covenants on Bridge Loans

Fri, 04 Oct 2019
The intense competition for bridge loans is prompting a growing number of lenders to ease credit standards in order to win business.Over the past few months, some shops have eliminated or loosened various credit protections traditionally included in bridge loans on transitional properties, according to a number of lending pros.“Things have been getting a little crazy lately because there’s just so much capital out there, searching for...



"XL' Blackstone Deal Hits the Market

Fri, 04 Oct 2019
All eyes this week were on the largest single-borrower deal since the credit crisis, as commercial MBS dealers rolled out the $5.6 billion offering tied to Blackstone’s purchase of a giant industrial portfolio from GLP.Citigroup, Bank of America, Barclays, Deutsche Bank, Goldman Sachs and J.P. Morgan were talking to investors about the floating-rate deal (BX 2019-XL), which is expected to price next week. Early “whisper” talk...



Blackstone Mapping Second CLO

Fri, 04 Oct 2019
Blackstone Mortgage is laying plans to return to the CLO market for the first time since its debut offering almost two years ago.The deal is expected to be backed by roughly $1 billion of bridge loans. Pricing is expected by yearend, with Wells Fargo running the books.Blackstone’s initial $1 billion CLO in December 2017 was by far the largest commercial real estate CLO since the credit crisis of 2008-2009. Since then, however, the $1...



Loan Sought for DC Office Revamp

Fri, 04 Oct 2019
A family is seeking to borrow up to $169 million to redevelop and possibly expand a Washington office building that was constructed in the mid-1960s.The 166,000-square-foot Mills Building, at 1700 Pennsylvania Avenue NW, has been owned for many years by members of the Klock family and a partner, Washington real estate shop Akridge.The tenants include law firms King & Spalding and Ivins Phillips. King & Spalding recently signed a 15-year lease...



Brookfield Finances Chicago Rentals

Fri, 04 Oct 2019
Brookfield Asset Management originated a $153 million floating-rate mortgage on a Chicago high-rise apartment building a few weeks ago and then placed the $130 million senior portion with German lender Bayerische Landesbank.The 402-unit MILA, at 201 North Garland Court in the Central Business District, was completed a few years ago by a joint venture between John Buck Co. of Chicago and Becker Ventures of Grosse Pointe, Mich.The loan runs for up...



Wells Leads Loan on New Fannie HQ

Fri, 04 Oct 2019
Wells Fargo, Bank of America and Goldman Sachs this week originated a $525 million fixed-rate loan on Fannie Mae’s new headquarters in Washington.Local developer Carr Properties built the 867,000-square-foot property, called Midtown Center, on the site of the former headquarters of the Washington Post.Wells led the 10-year mortgage and funded 45% of the balance. BofA and Goldman evenly split the rest. Eastdil Secured brokered the...



Mission Peak Lines Up Freddie Facility

Fri, 04 Oct 2019
Newmark has arranged a $150 million Freddie Mac credit facility for Mission Peak Capital that will finance the acquisition of manufactured-housing properties.Mission Peak, of Kansas City, Mo., closed on the floating-rate facility a few weeks ago.Freddie’s standard facilities typically have a five-year term and two one-year extension options. A borrower can tap a Freddie revolving credit line to acquire transitional properties and make...



Special-Servicing Rate Improves Again

Fri, 04 Oct 2019
The special-servicing rate for commercial MBS loans fell another 12 bp last month, to 3.1%, according to Trepp.The balance of loans in the hands of special servicers fell by $566.2 million, to $14.9 billion. Meanwhile, the universe of securitized commercial mortgages tracked by Trepp grew by $1.3 billion.The rate for loans on retail properties led the way with a 33 bp drop, to 5%. For office mortgages, it was down 12 bp to 3.39%. There were also...



CMBS Dealers Place 4 B-Pieces

Fri, 04 Oct 2019
Four high-yield firms have circled the B-pieces of separate conduit offerings slated to hit the market this month.Prime Finance has agreed to buy the bottom portion of a deal backed by loans from Barclays, KeyBank, Societe Generale, Natixis, Benefit Street Partners and Rialto Mortgage Finance (BBCMS 2019-C5).Rialto Capital will take down the most-subordinate classes of an offering by Citigroup and Goldman Sachs (CGCMT 2019-GC43).KKR will acquire...



JCR Lining Up Investors for 5th Fund

Fri, 04 Oct 2019
JCR Capital is seeking to raise $350 million of equity for its fifth fund.The vehicle, JCR Income Fund 5, would provide subordinate financing to property owners in the form of preferred equity without participation interests. Deals would typically be for less than $50 million and would range across property types, with total leverage of up to 85%. The Denver manager has told potential investors it plans on holding a first close this month on some...



Apollo Backs Nashville Complex

Fri, 04 Oct 2019
Apollo Global has originated a $157 million fixed-rate mortgage on an upscale apartment/hotel complex in Nashville.The property, called Aertson Midtown, was completed two years ago by Buckingham Cos. of Indianapolis. It encompasses 350 apartments and the 180-room Kimpton Aertson hotel.New York-based Apollo wrote the six-year mortgage last week on behalf of Bermuda retirement-services firm Athene Holding, whose investments are managed by Apollo...



The Grapevine

Fri, 04 Oct 2019
Former JLL managing director John Manning has jumped to Avison Young. He started this week as a principal in San Francisco, tasked with helping to expand the firm’s West Coast debt activity. Manning spent more than eight years at JLL, where he was one of its first dedicated debt brokers in San Francisco and helped oversee activity from Northern California to Seattle. He had earlier stints at Highland Realty and Buchanan Street...



The Grapevine

Fri, 04 Oct 2019
Two longtime structured-product sales specialists left their posts last week at Credit Suisse. Travis Doto had worked at the bank since 2006 and Donald “D.J.” Stewart had arrived in 2004. Both placed commercial MBS, asset-backed securities and other structured products. Their plans are unknown. The bank filled one of the spots by hiring Robert Lecky from Goldman Sachs, where he had worked since 2014. He previously spent eight years at...



The Grapevine

Fri, 04 Oct 2019
J.P. Morgan has hired an affordable-housing specialist to head up lending on such properties in secondary markets nationwide. Rachel Grossman started in recent weeks as a managing director in New York, reporting to Alice Carr, head of community development banking. Grossman moved over from Wells Fargo, where she had worked on similar deals since 2007. Before that, she spent nine years at New York City Housing Development...



The Grapevine

Fri, 04 Oct 2019
Greystone has added a managing director in Oklahoma City. Tyler Armstrong, who joined this week, focuses on originating loans backed by senior-housing properties. He most recently had similar duties as a senior vice president at Bank of Oklahoma, where he spent about six years in two stints, with a year at Arbor Commercial in between. He had earlier stops at Wells Fargo and BBVA Compass. At New York-based Greystone, Armstrong reports to managing...



The Grapevine

Fri, 04 Oct 2019
After two years at Morgan Stanley, commercial real estate attorney Jarrid King will join DLA Piper on Monday as a partner in New York. King was responsible for large-loan transaction management and closings at Morgan Stanley, also in New York. He previously had two stints at Winston & Strawn between 2000 and 2017, broken up by a three-year term as associate general counsel at Freddie...



The Grapevine

Fri, 04 Oct 2019
Bruce Whipple, a director at Avison Young in New York, died unexpectedly on Sept. 24. He was 61. Whipple, who joined the Toronto firm’s real estate capital markets team four years ago, focused on arranging debt and equity financings nationally. He was previously a director at Cushman & Wakefield following its 2014 acquisition of Massey Knakal, where he spent three years. Earlier, Whipple worked at Johnson Capital, NorthMarq Capital and in...



The Grapevine

Fri, 04 Oct 2019
Related Fund Management wants to add a managing director, a vice president and an analyst to its debt team. The senior recruit could be based in New York, Chicago or San Francisco and would line up high-yield opportunities across the country, particularly in core markets, for the lending platform of developer Related Cos. The vice president and analyst openings are at Related’s New York headquarters. Contact Clara Kim...



The Grapevine

Fri, 04 Oct 2019
Marcus & Millichap Capital has added a vice president to its capital-markets team in Southern California. Marc Cesarec joined this month in Encino, working to line up debt and equity across asset classes for the brokerage’s clients. He reports to regional manager Jim Markel. Cesarec joined from Logix Federal Credit Union of Burbank, Calif. He previously worked at H&R Block...



Vornado Taps Morgan Stanley, Bank of China

Fri, 27 Sep 2019
Morgan Stanley and Bank of China are leading a $1 billion refinancing of the office building at 770 Broadway in Manhattan.Each bank is taking down half of the floating-rate loan to Vornado Realty on the 1.2 million-square-foot property. Morgan Stanley is acting as agent on the deal, and is reaching out to other banks to join in a syndication. It’s unclear whether the two lead lenders would sell down pieces of the mortgage before or after...



Greystone Targets B-Pieces, Special Servicing

Fri, 27 Sep 2019
Greystone has recruited four industry veterans to spearhead a push into the B-piece market.The New York shop, an active originator of conduit, bridge and agency loans, also plans to expand its primary-servicing operation to include special servicing. That will enable Greystone to be the special servicer of conduit transactions when it buys their B-pieces.The new staffers — Paul Smyth, Cary Williams, Paul Jankovsky and Robert Farrington...



Mortgage REIT Start-Up Mapping Debut CLO

Fri, 27 Sep 2019
A new mortgage REIT is preparing to enter the fast-growing commercial real estate CLO market.MF1 REIT, which finances multi-family properties, was formed last year by Limekiln Real Estate and Berkshire Residential Investments. It is expected to hit the market next month with a roughly $500 million offering led by J.P. Morgan.MF1 will be the third debut CLO issuer in 2019, following DoubleLine Capital and Starwood Property. So far this year, 19...



BofA Leading Big Loan on NY Rentals

Fri, 27 Sep 2019
Bank of America and Wells Fargo this week were on track to originate a $1 billion fixed-rate debt package that would refinance a loan they had provided for the construction of a high-end apartment property in Queens, N.Y.A Tishman Speyer partnership developed the 1,871-unit Jackson Park complex, which opened in stages starting last year.BofA is leading the 10-year debt package, which was slated to close yesterday with BofA and Wells each funding...



Brookfield Shops for $1.4 Billion Loan

Fri, 27 Sep 2019
A Brookfield Property joint venture is formally moving ahead with efforts to line up a $1.4 billion construction loan for the last piece of its mammoth Manhattan West mixed-use development.New York-based Brookfield and its partner, Qatar Investment Authority, began constructing the 1.9 million-square-foot office building around nine months ago on a speculative basis. The duo reportedly has since lined up at least one tenant. The degree to which...



Apollo Writes Floater on Miami Hotel

Fri, 27 Sep 2019
Apollo Commercial Real Estate has originated a $60 million floating-rate mortgage on a rebranded Miami hotel owned by a partnership between CGI Merchant and Blackstone.The 130-room property re-opened six months ago under the “Gabriel” flag, part of Hilton Worldwide Holdings’ upscale Curio Collection. The Gabriel Miami, at 1100 Biscayne Boulevard, is in the lower portion of a building that also includes the Marquis Residences...



Morningstar, DBRS Move to Integrate

Fri, 27 Sep 2019
The consolidation of Morningstar and DBRS is starting to take shape.Following its $669 million takeover of DBRS in July, Morningstar is making some decisions about the integration of the two agencies’ credit-rating operations for U.S. commercial mortgage securitizations.The DBRS rating methodology will be used on conduit deals, commercial real estate CLOs and interest-only strips for all commercial MBS transactions. And market pros...



Financing Eyed for Cincinnati Offices

Fri, 27 Sep 2019
A joint venture that’s recapitalizing a downtown Cincinnati office property is seeking a $150 million mortgage.The loan would be backed by the 1 million-square-foot Queen City Square complex, which includes the city’s tallest building. Lenders are being asked for a broad menu of quotes on fixed- or floating-rate debt that would run for up to 10 years.Shidler Group of Honolulu has agreed to buy a stake in the leasehold interest in the...



Floaters Proved Good Bets for REITs

Fri, 27 Sep 2019
The handful of REITs that took the unusual step of issuing floating-rate unsecured bonds in the past couple of years are now being rewarded with low interest payments — but that isn’t prompting others to follow suit.Just four REITs have issued floating-rate paper since the credit crisis more than a decade ago. AvalonBay Communities kicked things off in late 2017 with a $300 million offering of three-year floaters that replaced bank...



Kroll Compares CMBS Loss Rates

Fri, 27 Sep 2019
A follow-up credit analysis by Kroll quantifies the degree to which conduit transactions floated from 1995 through 2004 outperformed deals launched in the years leading up to the market crash.The agency projects a 3.8% loss rate on offerings from the 1995-2004 period. That’s well below the 10.2% estimate that the agency made earlier this year for 2005-2008 deals.The 1995-2004 loss rate exceeds 5% only during one year: 2001, when the...



Broad Range Seen in Conduit Spreads

Fri, 27 Sep 2019
Another busy week in the commercial MBS market saw large variations in benchmark pricing among three conduit deals.The long-term, super-senior bonds in an $832.9 million offering led by Cantor Fitzgerald, KeyBank and Deutsche Bank priced yesterday at a spread of 96 bp over swaps (CF 2019-CF2). That transaction fared better than an $807.3 million offering led by UBS and Wells Fargo (UBSCM 2019-C17), whose benchmark class went out the door a few...



Performing Bridge Loans on Block

Fri, 27 Sep 2019
Bids are being sought on 11 performing floating-rate mortgages totaling $148 million.The senior loans are backed by “light transitional” properties. They have a weighted average seasoning of 11 months and a weighted average remaining term of just under two years — or 46 months if fully extended.JLL is running the offering for an unidentified investment manager. Investors can bid on individual loans or any combination. Offers are...



Acore Backs Silicon Valley Offices

Fri, 27 Sep 2019
Acore Capital has originated a $65.9 million floating-rate loan that refinanced an office development in the heart of Silicon Valley.The 150,000-square-foot Mission City Center, in Santa Clara, Calif., was constructed by Los Angeles investment manager PCCP and South Bay Development of Los Gatos, Calif. JLL brokered the three-year mortgage, which has a pair of one-year extension options.Acore funded $35.5 million of the balance at the closing on...



Sabal Beefs Up Conduit-Lending Arm

Fri, 27 Sep 2019
Sabal Capital has added commercial MBS pro William Sampson and three other staffers to a conduit lending team that’s expected to float its debut securitization in the next few months.The recruits started this month at the Irvine, Calif., lender. With their addition, there are now 10 staffers on the CMBS team, led by managing director Bob Restrick.Sampson, a Morgan Stanley alumnus, signed on as head of commercial real estate securitization....



The Grapevine

Fri, 27 Sep 2019
HSBC has added a vice president to its originations team in Washington. Ji’reh Kore joined within the past few weeks as a relationship manager, reporting to senior vice president Eric Blumenthal. Kore moved over from TD Bank, where he’d worked for the past six and a half years. Before that, he spent time at J.P. Morgan, Fifth Third Bank and BMO...



The Grapevine

Fri, 27 Sep 2019
Cushman & Wakefield has hired a debt broker in Dallas. Greg Napper started this month as a director, reporting to executive managing director Rob Rubano. Napper came from Chicago, where he spent the past four-plus years at HFF, which was acquired by JLL in July. Before that, he worked as an options trader.



The Grapevine

Fri, 27 Sep 2019
Akerman brought two more partners into its commercial real estate practice last week. Kinan Obeidin and Anne Marie Garavaglia joined the firm in Atlanta. Both previously were partners at Nelson Mullins, where Obeidin had worked since 2005. Garavaglia joined that firm in 2012 from CRE Asset Solutions and had an earlier stint at J.P. Morgan.



The Grapevine

Fri, 27 Sep 2019
Asia Capital Real Estate has hired Sam Browne to work on bridge and mezzanine lending and equity investments tied to multi-family properties. He joined the New York fund shop Sept. 3 as a senior associate on the deal team led by vice president Daniel Jacobs. Browne spent the last two years as a senior analyst at Pine River Capital, also in New York, where he focused on bridge-loan originations. He previously worked at Spring11, which is now an...



The Grapevine

Fri, 27 Sep 2019
Romspen is looking to add three senior originators to its U.S. lending group, which writes construction, bridge and pre-development loans of $10 million to $50 million. The Toronto fund shop’s openings are in Dallas, Los Angeles and Miami. Candidates should have at least 10 years of experience. The recruits would report to managing general partner Wesley Roitman. Executive recruiter Odgers Berndtson is conducting the search for Romspen....



The Grapevine

Fri, 27 Sep 2019
Thorofare Capital wants to hire a director of credit to focus on loans written through its open-end debt fund and separate accounts. The Los Angeles shop concentrates on originations in the range of $5 million to $100 million to finance value-added and opportunistic acquisitions, recapitalizations and purchases of distressed debt secured by transitional properties. The recruit would report to chief investment officer Brendan...



The Grapevine

Fri, 27 Sep 2019
Bancorp Bank is seeking a capital-markets underwriter to focus on loans destined for securitization in conduit deals or commercial real estate CLOs. Candidates should have at least two years of experience. The recruit would work in New York, reporting to real estate lending chief Ron Wechsler. Contact Wechsler at rwechsler@thebancorp.com.



The Grapevine

Fri, 27 Sep 2019
Fortress Investment has an opening for an analyst in Dallas who would work on a diverse portfolio of debt and equity investments in commercial properties. Candidates should have at least two years of experience and a degree in accounting, finance or real estate. The contact is Christen Zellinger at czellinger@fortress.com.



The Grapevine

Fri, 27 Sep 2019
Brokerage AKS Capital wants to add an analyst in New York. Applicants should have 1-4 years of experience in underwriting real estate debt and equity, due diligence and the preparation of offering memoranda. AKS was formed last month by a group of former top JLL executives. Contact Jonathan Schwartz at jonathan.schwartz@akscappartners.com.



New Guidelines Ease Fears of Agency Lenders

Fri, 20 Sep 2019
The revised multi-family lending guidelines issued last week for Fannie Mae and Freddie Mac left agency lenders breathing a sigh of relief — and private-sector originators grumbling.The new guidelines also restarted the clock by terminating the agency’s original 2019 loan-purchase caps and establishing a new five-quarter cap, effective Oct. 1. Wary of overshooting 2019 loan-purchase goals, Fannie and Freddie in recent weeks had...



Principal, MUFG Pull Plug on Conduit Venture

Fri, 20 Sep 2019
Principal Real Estate Investors and MUFG Union Bank this week scrapped their conduit alliance, which was formed just last year and contributed only $250.7 million of loans to a single securitization.Principal made the decision to end the joint venture because of insufficient loan volume, according to people familiar with the matter. Neither shop plans to write commercial MBS loans going forward.The alliance, called MUFG Principal Commercial...



Developer Seeks $1.1 Billion for NY Condos

Fri, 20 Sep 2019
A JDS Development partnership wants to line up a $1.1 billion floating-rate loan on a nearly completed luxury condominium complex along “Billionaire’s Row” in Midtown Manhattan.The 86-story property, at 111 West 57th Street, encompasses 60 residential condos and around 50,000 square feet of retail space. JDS is developing the complex with two other New York firms: Property Markets Group and Spruce Capital. Completion is...



TPG Has $1 Billion CLO in the Works

Fri, 20 Sep 2019
TPG Real Estate Finance is prepping a $1 billion commercial real estate CLO, its first offering in nearly a year.J.P. Morgan will run the books on the managed transaction (TRTX 2019-FL3), which is expected to hit the market in the coming weeks.TPG launched its CLO program with a $932.4 million issue in February 2018 and followed that up with a $1 billion offering in November.The CLO market is a growing source of capital for bridge lenders like...



Rockpoint Taps Wells for Boston Deal

Fri, 20 Sep 2019
Wells Fargo will lead a roughly $575 million floating-rate debt package for Rockpoint Group’s pending acquisition of the trophy office building at 100 Summer Street in downtown Boston.Rockpoint has agreed to buy the 1.1 million-square-foot property from Blackstone for about $805 million, or $732/sf.The debt package will have a five-year term, including extension options. A portion will probably be structured as mezzanine debt. Details are...



Buyer Pursues Loan on Calif. Facility

Fri, 20 Sep 2019
A real estate shop is seeking up to $55 million of financing on a California industrial building that’s fully leased to toy manufacturer Mattel.GPI Cos. acquired the 201,000-square-foot property, in El Segundo, for $84 million last week in an all-cash transaction. CBRE brokered the sale for Angelo, Gordon & Co. of New York and is also lining up the debt financing for Los Angeles-based GPI.Lenders are being asked for proposals at two levels...



Helaba, DekaBank Land NY Mortgage

Fri, 20 Sep 2019
Helaba and DekaBank have agreed to write a $350 million floating-rate loan on the newly created leasehold interest in a Lower Manhattan office building.The mortgage will finance part of a two-step recapitalization of the 1.1 million-square-foot property, at 195 Broadway.The current owner is a partnership between J.P. Morgan Asset Management and L&L Holding. J.P. Morgan wants to exit its 95% interest, and L&L wants to maintain its investment. To...



Apollo, Korean Shop Back NY Rentals

Fri, 20 Sep 2019
Apollo Global and a South Korean lender have teamed up to originate a $320 million fixed-rate debt package on the leasehold interest in a Lower Manhattan property that was recently converted to high-end apartments.The 533-unit property, at 20 Broad Street in the Financial District, is owned by Metro Loft Management of New York.Apollo provided the $250 million senior portion of the five-year debt package, which closed about two weeks ago. Apollo...



Clarion Eyes Refi of 180 Maiden Lane

Fri, 20 Sep 2019
A Clarion Partners joint venture wants to borrow roughly $370 million to refinance the office building at 180 Maiden Lane in Lower Manhattan.Clarion and its partner, MHP Real Estate Services, will consider a fixed or floating rate and a term of five or seven years. Their broker, Eastdil Secured, is pitching the loan assignment to banks, insurers and commercial MBS shops.The partnership bought the 1.2 million-square-foot building in 2015 for $470...



Spreads Diverge on 2 Conduit Issues

Fri, 20 Sep 2019
Price tiering was in play this week as two conduit deals priced.Goldman Sachs, Citigroup and Deutsche Bank on Monday floated a $1.1 billion offering (GSMS 2019-GC42). That was followed on Tuesday by an $800.4 million offering from 3650 REIT, Credit Suisse, Societe Generale and UBS (CSAIL 2019-C17).The spread on the benchmark class of the GSMS offering was 94 bp over swaps, or 1 bp tighter than price talk. The spread on the comparable long-term,...



Mesa West Funds Equus Office Deal

Fri, 20 Sep 2019
Mesa West Capital originated a $72 million floating-rate loan last week to finance the purchase and planned renovation of an office complex outside Dallas.Equus Capital acquired the 300,000-square-foot Legacy Place, in Plano, Texas, from L&B Realty of Dallas. The purchase price was roughly $80 million, sources said.The loan, which includes a future-funding component, has a five-year term. Los Angeles-based Mesa West is a unit of Morgan...



Loans Sought on Revamped Complex

Fri, 20 Sep 2019
Regent Properties is seeking two loans totaling roughly $225 million to refinance a repositioned office complex in suburban Dallas.The Legacy Central campus, in Plano, Texas, encompasses four buildings totaling 930,000 square feet. Regent, a Los Angeles investment manager, owns Buildings 1-3 by itself and Building 4 in a partnership with Korean investment shops Mirae Asset Daewoo and Hana Alternative Asset Management.Regent wants to line up a...



High-Yield Loan Performance Slides

Fri, 20 Sep 2019
The return on high-yield debt backed by commercial real estate dipped to 2.10% in the second quarter, according to the Giliberto-Levy High Yield Real Estate Debt Index.That was down 10 bp from the 2.20% return in the previous quarter.Income from interest and fees generated a gross 2.13% return. That was partially offset by a 3-bp decline in capital value stemming from interest-rate fluctuations and other factors.Dubbed G-L2, the high-yield index...



Dallas Office Buyer Seeks Financing

Fri, 20 Sep 2019
A Spanish investment shop is seeking a $125 million fixed-rate loan to back its pending purchase of a Dallas office property.Masaveu Real Estate has agreed to buy the 460,000-square-foot KPMG Plaza for just over $240 million, or $522/sf. The seller is a partnership led by Kiwoom Asset Management of Seoul and Civitas Capital of Dallas.Cushman & Wakefield is brokering the sale and arranging the debt. Masaveu, which is advised by Miami-based Exan...



The Grapevine

Fri, 20 Sep 2019
Debt pro Alexis Block joined J.P. Morgan Asset Management’s mezzanine-lending platform this month as an executive director. She will focus on subordinate debt investments across the U.S., reporting to portfolio manager Candace Chao. Block had been a director at Deutsche Bank, where she worked for five years. Her resume also includes 10 years at...



The Grapevine

Fri, 20 Sep 2019
Katy Mao, who left BlackRock over the summer after a nearly three-year stint, started at Oaktree Capital this month as a senior vice president, based in New York. She is focusing on debt investments across the East Coast. Mao reports to managing director and co-portfolio manager Justin Guichard. She had been a director at BlackRock, and previously had stops at Five Mile Capital, WestRiver Capital, Credit Suisse and...



The Grapevine

Fri, 20 Sep 2019
B6 Real Estate has hired Eli Hattem as a partner and senior managing director on its capital-advisory team. He started last week at the boutique New York brokerage, which is led by Paul Massey. Hattem, who will help line up debt for clients, reports to Joe Tufariello, president of the capital advisory division. He most recently ran his own consulting firm, Derby Real Estate. Before that, he worked at CIBC, Park Bridge Financial and Merrill...



The Grapevine

Fri, 20 Sep 2019
Commercial MBS veteran Jeff Whitlatch is retiring at the end of the month. Whitlatch, 67, spent the past 16 years at NCB, where he is a managing director based in Arlington, Va., and has most recently overseen special servicing and special assets. He previously was at Capmark Services and predecessor firms for 11 years. Whitlatch also was a high-profile member of the CRE Finance Council, where, among other roles, he served as chairman of the...



The Grapevine

Fri, 20 Sep 2019
Analyst Gary Zhu, who was laid off from Wells Fargo’s structured-products research group in June, rejoined that group in a different role this week. He is now focused on analyzing CMBS, reporting to CMBS research chief Lea Overby. Zhu originally joined Wells in 2015. He previously worked at Genworth Financial, American Realty and BB&T.



The Grapevine

Fri, 20 Sep 2019
Alston & Bird has added three more attorneys in New York with a focus on commercial real estate. Troy Doll, who arrived as a counsel on Sept. 9 from Carlton Fields, will work with lenders and servicers. He previously had stints at Kroll, Blank Rome and Dechert. David Goldstein, also a counsel, arrived Sept. 3 from Loeb & Loeb. He is focusing on financing, acquisitions, dispositions and joint ventures. Associate Steven Rothstein, who arrived Sept....



The Grapevine

Fri, 20 Sep 2019
Robert Pucel is jumping to BNP Paribas after spending four years at Societe Generale. Pucel, who remains based in New York, was a managing director at SocGen, where his duties included oversight of CMBS syndications. After a gardening leave, Pucel will rejoin Daniel McGarvey, who was head of securitization banking and syndication at SocGen before moving over to BNP a year ago. They previously had a long run working together at RBS and Bank One....



The Grapevine

Fri, 20 Sep 2019
Deutsche Bank is seeking a credit-risk management specialist with 3-5 years of experience. The recruit would join the CMBS lending group in New York as an assistant vice president or associate, reporting to director Vera Fuchs. Contact Aaron Finlay at aaron.finlay@db.com.



CMBS Shops Gain Edge on Agencies, Insurers

Fri, 13 Sep 2019
Lending activity has picked up noticeably at commercial MBS shops over the past several weeks.The combination of a pullback by the mortgage agencies and the enforcement of interest-rate floors by insurers has cleared the way for securitization programs to win business they normally wouldn’t get.After purchasing multi-family loans at a record pace this year through July, Fannie Mae and Freddie Mac have slowed their activity to avoid...



Refi Sought for Fontainebleau Hotel, Again

Fri, 13 Sep 2019
Jeffrey Soffer’s Fontainebleau Development has kicked off discussions about refinancing its luxury Miami Beach hotel to the tune of $1.15 billion.The mortgage would be backed by the landmark Fontainebleau Miami Beach, an oceanfront resort with 846 guest rooms and 748 condominium-hotel units. Newmark is pitching the assignment to lenders, who are being asked for quotes on both fixed- and floating-rate debt packages that would run a total of...



Amherst in Line to Join Ranks of CLO Issuers

Fri, 13 Sep 2019
Amherst Capital is prepping its first commercial real estate CLO.Goldman Sachs will run the books on the offering, which is expected to hit the market in the fourth quarter and weigh in at about $400 million.Amherst is an investment manager that was launched in 2015 as a joint venture between BNY Mellon and Amherst Holdings of New York. Last year, BNY converted its majority stake in the joint venture into a minority interest in Amherst...



Loan Eyed on Manhattan West Rentals

Fri, 13 Sep 2019
A Brookfield Property joint venture is looking for a $479 million mortgage on a high-end apartment building in its huge Manhattan West development.The debt would be backed by the 844-unit Eugene, which opened two years ago. Brookfield and its partner, Qatar Investment Authority, prefer a floating-rate loan with an initial term of five years, plus three one-year extension options. They’re pitching the assignment directly, without a...



Refinancing Sought for LA Skyscraper

Fri, 13 Sep 2019
The owner of a prominent skyscraper in Los Angeles is shopping for a mortgage of up to $415 million.Singapore-based OUE wants to refinance the 1.4 million-square-foot U.S. Bank Tower, one of the tallest buildings on the West Coast. Eastdil Secured began distributing preliminary information about the request to lenders within the past week or so. Details of the proposed terms couldn’t be learned, but OUE is asking for quotes at two proceeds...



JP Morgan Lends on Office Portfolio

Fri, 13 Sep 2019
Brookwood Financial has lined up a $455 million debt package from the commercial MBS group at J.P. Morgan to finance the recapitalization of 27 suburban office properties in six states.The Beverly, Mass., fund shop closed last Friday on the floating-rate debt, backed by 4.3 million square feet of offices outside major cities in the Northeast, Florida, Texas and California. The loan includes a $26 million future-funding component for leasing...



Spreads Tighten as Treasurys Gyrate

Fri, 13 Sep 2019
Issuers this week were shopping the benchmark classes of two conduit transactions at tighter spreads than recorded a month ago on the previous two deals.Bank of America, Morgan Stanley, Wells Fargo and NCB were marketing a $1.2 billion offering (BANK 2019-BNK20), and the team of Goldman Sachs, Citigroup and Deutsche Bank was pitching a $1 billion transaction (GSMS 2019-GC42).Price talk on the benchmark classes was 94 bp over swaps for the BANK...



Carlyle Seeks South Fla. Hotel Loan

Fri, 13 Sep 2019
A Carlyle Group joint venture is circulating a request for a $130 million mortgage on a beachfront hotel in Fort Lauderdale, Fla.The loan would refinance the 481-room B Ocean Resort. Carlyle and its partner, local investor InSite Group, are asking for quotes on floating-rate debt that would run five years. Newmark is showing the assignment to lenders.Carlyle teamed up with InSite in 2014 to purchase the resort from a Starwood Capital joint...



Delinquency Rate Continues to Fall

Fri, 13 Sep 2019
The delinquency rate for commercial MBS loans fell another 10 bp last month to a new 10-year low.Just 1.73% of mortgages backing CMBS rated by Fitch were listed as past-due in August. Resolutions of $372 million exceeded new delinquencies of $85 million, while some $7.5 billion of new issuance outpaced runoff of $1.4 billion, contributing to the rate drop. The agency’s delinquency index is at its lowest point since March 2009, when it stood...



REIT-Bond Volume Hits Monthly High

Fri, 13 Sep 2019
The low 10-year Treasury rate is fueling an unprecedented wave of REIT-bond issuance.REITs floated $12.5 billion of unsecured corporate bonds in the first two weeks of September — already the highest-ever tally for a single month. More than three months before the end of 2019, issuance has reached $48.9 billion — close to the annual record of $51.8 billion set in 2017.“I’m so deeply buried in deals I can’t...



Sitt Team Eyes Floater for Condo Play

Fri, 13 Sep 2019
A joint venture is seeking a $69 million loan as it continues the conversion of a high-end apartment building on Manhattan’s Upper West Side into condominiums.The mortgage would be backed by 56 unsold units in the historic Apthorp building, owned by a partnership between two New York investors: Joe Sitt’s Thor Equities and Imperial Cos., headed by former Vornado Realty chief Michael Fascitelli. The duo wants to line up floating-rate...



Startup Preps Bridge-Lending Push

Fri, 13 Sep 2019
A bridge lender formed last year by three former executives of RealtyShares expects to begin writing loans in about two months.District Capital, based in Walnut Creek, Calif., is targeting at least $100 million of originations by this time next year. Using a proprietary online platform designed to make the loan-application and underwriting processes more efficient, it plans to concentrate on small and mid-size loans, said chief executive Nav...



JP Morgan Backs Seattle-Area Offices

Fri, 13 Sep 2019
J.P. Morgan has provided a $150 million fixed-rate mortgage for the buyer of a suburban Seattle office property.A joint venture between Security Benefit Life and Kennedy Wilson paid $227 million this week for the 464,000-square-foot Sunset North complex in Bellevue, Wash. Newmark advised the seller, M-M Properties of Houston, and brokered the financing.J.P. Morgan plans to securitize the 10-year loan, which closed in conjunction with the sale....



Loan Sought for Brooklyn Conversion

Fri, 13 Sep 2019
A partnership is seeking about $57 million of floating-rate debt to finance the conversion of a historic former school into apartments in the Bedford-Stuyvesant section of Brooklyn.Property Resource and Avenue Realty Capital, both of New York, have entered into an agreement with the Catholic Church to redevelop and expand the five-story building, which was the original home of St. John’s University. The property, at Willoughby and Lewis...



CLO Holders Shrug Off RAIT Filing

Fri, 13 Sep 2019
RAIT Financial’s Aug. 30 bankruptcy filing has had little immediate impact on the prices of the company’s two outstanding CLOs.The Philadelphia lender’s Chapter 11 filing marked the first time that the manager of a post-crisis CLO has gone under.RAIT said it planned to sell its assets either to Fortress Investment for $174.4 million or to another bidder that might surface in a court-supervised auction, according to the filing in...



Annaly Lends on LA Shopping Center

Fri, 13 Sep 2019
Annaly Capital this week originated a $66.5 million floating-rate mortgage that refinanced a Los Angeles shopping center.The 149,000-square-foot Village Walk at Tarzana is owned by a Pearlmark Real Estate partnership.The loan-to-value ratio is 75%, which pegged the property value at just under $90 million. Highland Realty Capital of El Segundo, Calif., brokered the loan, which has an initial term of 2.5 years and two one-year extension...



Key Writes Fannie Loan in Oregon

Fri, 13 Sep 2019
KeyBank has originated a $50 million Fannie Mae mortgage for the buyer of an Oregon apartment complex.The 264-unit property, called the Grove at Orenco Station, is in Hillsboro, 15 miles west of Portland. Jackson Square Properties of San Francisco acquired the garden-style complex from Greystar Real Estate of Charleston, S.C.The fixed-rate mortgage, which closed two weeks ago, has a 12-year term. It doesn’t require principal payments for 10...



The Grapevine

Fri, 13 Sep 2019
Greg Murphy is stepping down as head of Natixis’ commercial-property lending operation in the U.S. He announced his retirement internally this week. He will depart in the coming weeks, and Natixis is expected to name a successor. Murphy worked at Citigroup from 1988 to 1996, and was head of commercial MBS trading there before taking subsequent roles as head of the trading desks at Chase Manhattan and Nomura. He started in 2000 at Natixis,...



The Grapevine

Fri, 13 Sep 2019
Jonathan Hirshey joined brokerage Hodges Ward Elliott this month as a senior vice president in Manhattan, focused on arranging debt and joint-venture equity for clients. He previously was a senior originator at Argentic, where he worked since 2015. Before that, he was a senior vice president at RBS and director of capital markets at Interventure Advisors of New York. Hirshey had earlier stops at Chatham Capital and Eurohypo. Hodges Ward’s...



The Grapevine

Fri, 13 Sep 2019
Kroll has hired a director to help oversee new-issue CMBS ratings. Min Qian arrived last month from Morningstar, where she had worked on the CMBS team since 2011. She reports to senior managing director Yee Cent Wong.



The Grapevine

Fri, 13 Sep 2019
HSBC has added an originator in San Francisco. Michael Vasto started a couple of weeks ago as a vice president and relationship manager. He previously was a vice president at Citigroup, where he’d worked for two years. Before that, he spent two years at S&P and more than seven years at Union Bank. At HSBC, he reports to senior vice president Karen Kokame, who leads the commercial real estate team in San...



The Grapevine

Fri, 13 Sep 2019
Portfolio manager Marc Dolfman has left Millennium Management, where he had focused on CMBS investments since March 2018. He previously held similar positions at TPG Real Estate Finance and BTG Pactual. In a shift away from structured finance, he has signed on to raise capital for a start-up real estate technology business, called ConnectAI.



The Grapevine

Fri, 13 Sep 2019
Invesco Real Estate wants to hire a director and an associate in Los Angeles. For the more senior position, the Dallas investment manager is looking for an originator with 8-10 years of experience. The recruit would focus on highly structured bridge loans and report to co-portfolio manager and head of originations Charlie Rose. The associate post requires at least 2-3 years of experience with debt or equity investments. Resumes can be sent to...



The Grapevine

Fri, 13 Sep 2019
Alston & Bird has hired Robin Regan as counsel on its securitization team. Regan joined the firm last week in New York from Hunton Andrews, where she spent about a year working on real estate finance. She previously spent 10 years at Kroll, where she headed the legal team overseeing ratings of CMBS and other commercial real estate transactions.



The Grapevine

Fri, 13 Sep 2019
Capital One is looking to fill a relationship-manager post in New York. Candidates for the senior-level position should have a background in developing and working with a range of investor clients. The recruit would report toNew York market manager Lou Rosado.The contact is William Walsh atwilliam.walsh@capitalone.com.



The Grapevine

Fri, 13 Sep 2019
CIT Real Estate Finance wants to add an associate or assistant vice president to its originations and underwriting team in New York. Candidates with at least three years of experience can contact Michelle Liu at michelle.liu@cit.com.



Fannie, Freddie Pull Back on Loan Purchases

Fri, 06 Sep 2019
After acquiring multi-family loans at a record-breaking pace over the first seven months of the year, Fannie Mae and Freddie Mac have sharply pulled back in recent weeks, opening up lending opportunities for private-sector shops.Agency lenders say they expect Fannie and Freddie to limit their purchases for the rest of the year in order to keep their annual activity in line with last year’s volumes. They added that the agencies in some cases...



Colony Preparing to Return to CLO Market

Fri, 06 Sep 2019
Colony Capital is gearing up to float its first commercial real estate CLO since a giant merger in 2017.The Los Angeles company’s mortgage REIT, Colony Credit Real Estate, is on track to launch the offering this month, with Wells Fargo running the books. The issue is expected to weigh in at upward of $1 billion. Sources said the CLO will be a “managed” transaction, giving Colony the leeway to invest repaid principal into new...



BofA, Wells Financing New Hotel in Austin

Fri, 06 Sep 2019
Bank of America is leading a $425 million floating-rate debt package on the Fairmont Austin, which opened last year.BofA was expected to fund $325 million of the balance yesterday, with Wells Fargo kicking in the rest. The plan is to securitize all or most of the loan via a stand-alone offering.The 1,048-room hotel, at 101 Red River Street, was developed by a joint venture between Manchester Financial of San Diego and Colony Capital of Los...



Wells Lands Big Midtown Office Loan

Fri, 06 Sep 2019
Wells Fargo has won the mandate to provide some $410 million of debt on a Midtown Manhattan office property.The loan would be backed by the 870,000-square-foot building at 63 Madison Avenue. The owner, a George Comfort & Sons partnership, set out seeking a refinancing a couple of months ago, via broker Estreich & Co. A number of banks and other lenders considered the assignment before Wells was given the nod.The details of the loan couldn’t...



Tishman Taps Deka to Refi LA Offices

Fri, 06 Sep 2019
DekaBank has originated $323 million of debt for Tishman Speyer on two Los Angeles office complexes.The 425,000-square-foot Brickyard and the 204,000-sf Collective are in the Playa Vista submarket. The German bank last week closed a $201 million, five-year loan on the Brickyard and a $122 million mortgage on the Collective that runs for seven years. Eastdil Secured advised Tishman on both financings.The New York firm could opt to swap some or all...



SocGen Wins Loan on Phila. Rentals

Fri, 06 Sep 2019
Societe Generale has agreed to write a $290 million fixed-rate loan to refinance a luxury apartment complex in Philadelphia.Presidential City, on the city’s western edge, encompasses four high-rise buildings with 1,017 units, along with a 68,000-square-foot office building and 9,000 sf of retail space. It’s owned by a joint venture between Philadelphia-based Post Brothers and Table Holdings, the family office of hedge-fund operator...



CWCapital Moves to Boost Investments

Fri, 06 Sep 2019
CWCapital has hired industry veteran Doug Cooper to oversee debt investments, as part of a broader effort to expand its buy-side activity.After just over three years at Barings, Cooper joined CWCapital’s Bethesda, Md., headquarters on Tuesday as debt-investment chief. The firm last month promoted Gina Lubin to chief investment officer on the equity side. Both are newly created roles at the Fortress Investment subsidiary. Cooper and Lubin,...



Kilroy Seeks Loan on Seattle Offices

Fri, 06 Sep 2019
Kilroy Realty wants to line up $234 million of debt to finance its purchase of a downtown Seattle office condominium.The Los Angeles REIT has struck a deal to buy 516,000 square feet of office space in F5 Tower from a partnership between Stockbridge Capital and Seattle developer Daniels Real Estate. The sale price is around $470 million, putting the proposed leverage in the neighborhood of 50%.Kilroy is pitching the financing assignment to a...



Invesco Lends on New Seattle Rentals

Fri, 06 Sep 2019
Invesco Real Estate has originated a $190 million mortgage on a pair of new multi-family properties in a trendy Seattle neighborhood.The adjacent buildings, totaling 432 units, were completed last year by a joint venture between Goldman Sachs and Greystar Real Estate, a Charleston, S.C., fund operator. Both are in their initial lease-up period and are roughly 85% occupied.The loan from Invesco, with a floating rate and a five-year term, was fully...



Debt Sought on Calif. Hotel, Offices

Fri, 06 Sep 2019
A basketball team and its development partner are shopping for roughly $120 million of debt on a hotel and an office condominium in downtown Sacramento.The Sacramento Kings and San Francisco-based JMA Ventures are seeking a $78.5 million mortgage on the 250-room Kimpton Sawyer Hotel. Separately, the basketball team is looking for about $40 million of debt to refinance an office condominium in the same building. Cushman & Wakefield is marketing...



Arkins Jumps to King & Spalding

Fri, 06 Sep 2019
King & Spalding added a partner this week as part of its ongoing push into commercial real estate.Jonathan Arkins moved over from Arnold & Porter, where he had worked since 2001. Arkins, based in New York, focuses on repurchase agreements and other financing structures used by commercial real estate lenders, as well as trade-receivable financings, including securitizations.“Jonathan is well known in the structured-finance community,...



Investors Circle 6 Conduit B-Pieces

Fri, 06 Sep 2019
Five firms have committed to buy the subordinate portions of six upcoming conduit offerings.Eightfold Real Estate will take down the most-junior bonds from two of those commercial MBS issues: a multi-borrower transaction backed by loans from Bank of America, Morgan Stanley, Wells Fargo and NCB (BANK 2019-BNK20) and a planned offering by Citigroup, Deutsche Bank and J.P. Morgan (BMARK 2019-B13).Rialto Capital has circled the B-piece from the next...



Special-Servicing Rate Dips Further

Fri, 06 Sep 2019
The special-servicing rate for commercial MBS loans continued to trend downward, falling another 3 bp last month to 3.22%, according to Trepp.The balance of loans in the hands of special servicers in August was essentially flat, at $15.4 billion, while the universe of securitized commercial mortgages grew by $3.3 billion, pushing down the rate.Among property types, the rates for the two largest categories moved in opposite directions. The...



The Grapevine

Fri, 06 Sep 2019
Fannie Mae veteran Joshua Seiff has joined J.P. Morgan. He started in recent weeks as a managing director on a team whose focus includes originating agency multi-family loans. His exact duties are still being developed. Seiff previously spent two years as chief financial officer of HouseCanary, an online data analytics and valuation firm focused on residential real estate. Before that, he was at Fannie for 13 years, including a stint leading the...



The Grapevine

Fri, 06 Sep 2019
Jeffrey Berenbaum and Stav Gaon, co-heads of commercial MBS strategy and analysis at Citigroup, have been named the top CMBS researchers in an annual survey by Institutional Investor for the second consecutive year. Richard Hill of Morgan Stanley ranked second, up a notch from last year, while Alan Todd of Bank of America slipped to third place. Meanwhile, Thierry Perrein of Wells Fargo ranked first among analysts of investment-grade REIT debt...



The Grapevine

Fri, 06 Sep 2019
Senior managing director Gregory Marks left RAIT Financial on Aug. 19, shortly before the Philadelphia REIT filed for bankruptcy. Marks joined RAIT in 2000 and was head of originations until the firm shut down its lending operation in February 2018, after which he focused on the systematic disposition of assets to unwind its debts. Marks previously spent about three years at Resource America and had stints at Ernst & Young and Arthur Andersen....



The Grapevine

Fri, 06 Sep 2019
Capital-advisory firm Eyzenberg & Co. has hired David Boyd as a managing director. Boyd started this week at the New York shop’s headquarters, helping place debt and equity and advising on structuring leasehold interests. He reports to founder David Eyzenberg. Boyd joined from Oberon Securities of New York, where he was helping build out a real estate group. He had prior stints at U.S. Capital Realty, Cushman & Wakefield, JLL and Orix...



The Grapevine

Fri, 06 Sep 2019
BankUnited has added a relationship manager in New York. Jonathan Smith started in the past few weeks as a senior vice president. He had been a senior vice president in the commercial-property finance unit of Capital One, where he spent roughly 15 years. At BankUnited, he reports to a former colleague: executive vice president Ben Stacks, head of commercial real estate finance, who left Capital One last year after nearly a...



The Grapevine

Fri, 06 Sep 2019
CBRE has brought on a team of seasoned debt pros in South Florida. Eric Fixler, Joseph Landsberg, Austin Levine and Andrew Hagaman jumped to the brokerage’s debt and structured-finance unit in Boca Raton from Marcus & Millichap last month. Fixler is a senior vice president, Landsberg and Levine are vice presidents and Hagaman is an analyst.



The Grapevine

Fri, 06 Sep 2019
Newmark wants to add a vice president or director in New York to focus on debt placement and help manage lender relationships. The recruit would report to Jordan Roeschlaub and Dustin Stolly, co-heads of the firm’s debt and structured-finance business. Candidates should have 5-10 years of commercial real estate experience, including debt/equity advisory work. Contact Chris Kramer at...



The Grapevine

Fri, 06 Sep 2019
Somera Road hired two analysts at its New York headquarters in the last week. Nicholas Cho arrived from HSBC, where he spent a little over a year focused on commercial mortgage investments, including securitizations. Steven Velasquez joined from PGIM Real Estate, where he had worked since 2016 on a $1.4 billion portfolio of commercial real estate assets. Both will focus on acquisitions and asset management at Somera Road, an opportunistic...



Paramount Seeks $1.3 Billion NY Office Loan

Fri, 16 Aug 2019
Paramount Group wants to line up a $1.3 billion fixed-rate mortgage to refinance Paramount Plaza in Midtown Manhattan.The REIT is pitching the assignment to a mix of lenders via Eastdil Secured, but commercial MBS shops could have a leg up given the size of the loan. The preferred term is 7-10 years.The 2.5 million-square-foot office building, at 1633 Broadway, was 95.4% occupied at the end of last year at an average rent of $74.20/sf, according...



Corporate CLO Issuer Preparing to Cross Over

Fri, 16 Aug 2019
Sound Point Capital, an active issuer of corporate CLOs, is expected to float its first commercial real estate CLO by yearend.The New York shop has been ramping up its bridge-loan originations in recent months, while also building out its lending staff.Market pros said the firm has lined up $650 million of originations and commitments, putting it within sight of securitization.Sound Point reached a key fund-raising milestone in July when a...



Pipeline Filling Up With Conduit Transactions

Fri, 16 Aug 2019
Conduit issuance will pick up after Labor Day.Seven conduit transactions totaling $7.2 billion are in the queue for September — more than double the $3.2 billion monthly issuance average for the first eight months of the year. Another six conduit offerings totaling $5 billion are tentatively scheduled for October (see Pipeline on Page 17).The pickup in activity comes as falling interest rates have spurred loan demand. The 10-year Treasury...



WeWork Taps Goldman, Citigroup

Fri, 16 Aug 2019
Goldman Sachs and Citigroup have originated a $240 million fixed-rate loan that financed the acquisition of a San Francisco office building by a WeWork investment platform.The WeWork entity paid $330 million for the 359,000-square-foot property, at 600 California Street in the Financial District. Eastdil Secured brokered the sale in the past couple of weeks for BentallGreenOak, which was formed last month when GreenOak Real Estate of New York was...



Credit Suisse Inks Conn. Mall Loan

Fri, 16 Aug 2019
Brookfield Property has lined up a $300 million loan from Credit Suisse on a regional mall it’s developing in South Norwalk, Conn.Construction is almost completed on the 700,000-square-foot SoNo Collection, scheduled to open in October. The floating-rate loan, which closed last week, has a two-year term and three one-year extension options.The loan-to-value ratio is 52%, based on a projected stabilized value of just over $575 million. JLL...



L&L Eyes Debt for NY Office Recap

Fri, 16 Aug 2019
L&L Holding is in preliminary talks to line up some $350 million of debt on a Lower Manhattan office property it plans to recapitalize.The mortgage would be backed by the leasehold interest in the 1.1 million-square-foot building, at 195 Broadway in the Financial District. A joint venture between J.P. Morgan Asset Management and L&L owns the property, including the underlying ground. Under a proposal the partners are discussing, J.P. Morgan would...



Chetrit Seeks Office Loan in Lower NY

Fri, 16 Aug 2019
Chetrit Group is in the market for $172 million of debt to finance its purchase of a Lower Manhattan office property.The mortgage would be backed by the 387,000-square-foot building at One Whitehall Street in the Financial District. Cushman & Wakefield is circulating the request for a floating-rate loan with a term of around five years.Chetrit has agreed to buy the fully leased property from another New York investment firm, Rudin Management, for...



Rally Spurs Fannie Resecuritizations

Fri, 16 Aug 2019
The Treasury rally is prompting a flurry of issuance via a typically quiet Fannie Mae resecuritization program.So-called ACES offerings have totaled $2.7 billion so far this year — surpassing any previous full year. The securities are collateralized by bundles of 10-year bonds previously issued by Fannie that each are backed by a single multi-family mortgages.The ACES (Alternative Credit Enhancement Securities) program is similar to another...



Natixis Seeking to Syndicate LA Loan

Fri, 16 Aug 2019
Natixis is looking to syndicate a $470.2 million floating-rate loan that it originated in June for the buyer of a Los Angeles office complex.The mortgage was part of a $550.2 million debt package that financed Onni Group’s acquisition of the 1 million-square-foot Wilshire Courtyard. Brookfield Asset Management of Toronto supplied the $80 million junior component.Onni, a development and investment firm in Vancouver, Canada, bought the...



Benefit Street Lends on Ariz. Rentals

Fri, 16 Aug 2019
Benefit Street Partners has originated an $81.5 million floating-rate debt package on a new luxury apartment tower in Phoenix.The 312-unit Stewart, at 800 North Central Avenue in the historic Roosevelt Row Arts District, was completed last month by Aspirant Development, an affiliate of Empire Group of Scottsdale, Ariz.Benefit Street funded the $42.9 million senior component last week. Aspirant can draw down the $38.6 million mezzanine portion if...



MetLife Backs Salt Lake City Offices

Fri, 16 Aug 2019
MetLife has originated a $105 million fixed-rate mortgage on an office building in downtown Salt Lake City.The 427,000-square-foot building, at 222 Main Street, is owned by a new REIT affiliated with KBS of Newport Beach, Calif. MetLife’s loan, which closed a few weeks ago, has a 10-year term.The 22-story property is along the main downtown corridor, across from Gallivan Center, a large outdoor plaza used as an event venue.The building was...



REGULATORY ROUNDUP

Fri, 16 Aug 2019
Regulatory Focus Shifts from Congress to AgenciesWith a sharply divided Congress unlikely to enact major legislation affecting commercial real estate financing, industry groups are focusing on regulatory changes being made by federal agencies and state and local governments.After Republican-led legislation last year softened some of the impact of the Dodd-Frank Act, the election of a Democratic majority in the House brought divided government...



REGULATORY ROUNDUP

Fri, 16 Aug 2019
Mortgage Agencies — FHFA, TreasuryExpectations of major changes in the status of Fannie Mae and Freddie Mac were raised earlier this year when Mark Calabria took over as director of the Federal Housing Finance Agency — but were soon dialed back.Calabria was sworn in April 15 and immediately began making promises about pushing the mortgage agencies out of government conservatorship as soon as possible. He floated the idea of holding a...



REGULATORY ROUNDUP

Fri, 16 Aug 2019
Loan Losses - FASBThe commercial mortgage industry is girding for the impact of a new accounting standard that could prompt lenders to hold more reserves for potential losses on their loans.The Current Expected Credit Losses methodology, adopted three years ago by the Financial Accounting Standards Board, goes into effect Dec. 15 for banks, insurers, REITs, funds and other entities that are subject to SEC reporting requirements. It kicks in over...



REGULATORY ROUNDUP

Fri, 16 Aug 2019
Libor Phase-Out — New York FedWith the Federal Reserve pushing banks to speed up their transition away from Libor, some commercial-mortgage lenders have begun taking steps toward an alternative benchmark for floating interest rates.Although Libor is due to be phased out by yearend 2021, lenders have been reluctant to commit to the Fed’s favored replacement: the Secured Overnight Financing Rate. That’s because SOFR doesn’t...



REGULATORY ROUNDUP

Fri, 16 Aug 2019
Flood/Terrorism Insurance — CongressA bipartisan group of lawmakers introduced bills in the House and Senate last month that would reauthorize the National Flood Insurance Program for five years, with changes including a 9% annual cap on premium increases.There is little time to act on the measure before the program’s latest temporary extension runs out on Sept. 30 — just three weeks after Congress returns from its August recess...



REGULATORY ROUNDUP

Fri, 16 Aug 2019
Risk Retention, Data Reporting — E.U.Regulators in the European Union have clarified that the region’s banks can continue to participate in U.S. CMBS offerings — but hurdles remain in the way those deals are marketed in the E.U.New risk-retention guidelines that took effect Jan. 1 in the E.U. are more restrictive than those in the U.S. Among other things, they don’t allow for handing off the responsibility for retaining...



REGULATORY ROUNDUP

Fri, 16 Aug 2019
Rent Restrictions — NY LegislatureA rent-stabilization law signed by New York Gov. Andrew Cuomo on June 14 is viewed as a drag on multi-family property values, potentially threatening the ability of some owners to refinance.Among other things, the law reduces to 2%, from 6%, the amount that apartment rents can be increased to offset the costs of major property improvements. It also limits the total of those pass-through charges to $15,000...



REGULATORY ROUNDUP

Fri, 16 Aug 2019
Multi-Family Disclosure — CFPBCREFC, the MBA and other industry groups are hoping that more multi-family lenders will soon be exempted from stringent data-reporting requirements, and are continuing to press for broader relief.At issue are rules implemented last year by the Consumer Financial Protection Bureau that increased the amount of loan and borrower data lenders must report annually under the 44-year-old Home Mortgage Disclosure Act....



Performing-Loan Portfolio on Block

Fri, 16 Aug 2019
Benefit Street Partners wants to sell four performing senior and mezzanine loans with a combined balance of $57.7 million.The loans, each tied to a single commercial property in Minnesota, Tennessee, Florida or Texas, have a weighted average coupon of 7% and a weighted average remaining term of 3.2 years. The portfolio includes three senior floating-rate mortgages with a combined balance of $54 million and a blended interest rate of 6.85% as of...



Lenders Pitched on Burbank Marriott

Fri, 16 Aug 2019
A joint venture led by fund shop AWH Partners is seeking a $113 million floating-rate loan to refinance a Marriott-flagged hotel in Burbank, Calif.The partnership wants a five-year mortgage on the 488-room property, called the Los Angeles Marriott Burbank Airport. Cushman & Wakefield is advising AWH and its partner, Starr Cos., both of New York.AWH and Starr purchased the hotel in December 2014 from Westbrook Partners of New York for $116...



Corporate Lender Targets Real Estate

Fri, 16 Aug 2019
Corporate-debt originator Monroe Capital is making a push into commercial real estate lending.The Chicago shop last month hired Jason Starr as a managing director to oversee the expansion of its real estate investments. Primarily known as a middle-market corporate lender, it has occasionally written commercial mortgages. Now it’s telling market pros it intends to originate $300 million to $500 million of mortgages in the coming year.Starr...



Insurer Hawks Mix of Low-LTV Loans

Fri, 16 Aug 2019
An insurer is looking to sell $63.3 million of seasoned low-leverage mortgages on a mix of property types in six states.The unidentified portfolio lender originated the 11 fixed-rate, senior mortgages for eight borrowers in 2012 and 2013. The loans, backed by multi-family, industrial, retail and mixed-used properties, have a weighted average coupon of 4.1% and a weighted average loan-to-value ratio of 37%.JLL is running the auction. Bids on the...



The Grapevine

Fri, 16 Aug 2019
Nuveen Real Estate has hired a senior executive in New York. Christopher Miculis joined the investment-management arm of insurer TIAA last month as a managing director, heading up debt asset management for the Americas. In addition to managing existing mortgage holdings, he’ll participate in closing new deals, among other responsibilities. He reports to Jack Gay, Nuveen’s global head of commercial real estate. Miculis spent the past...



The Grapevine

Fri, 16 Aug 2019
Pimco has added a portfolio manager to a New York-based team that oversees commercial real estate investments. Collier Chin arrived this month from MetLife, where he was an associate director managing loans in the Northeast. Before joining MetLife two years ago, he spent six years at TH Real Estate and had earlier stints at Litton Loan Servicing, CBRE and National Appraisal...



The Grapevine

Fri, 16 Aug 2019
Industry veteran Andrew Weiss has launched a new real estate shop. Sapphire Capital of Bethesda, Md., formed last month, with Weiss as president and chief executive. He previously co-founded GEM Equity Markets, also of Bethesda, with Matthew Schwartz, who remains with that advisory firm. Weiss is being joined by two GEM staffers: Walter Whitt as a managing director and Zachary Maggin, a vice president. Sapphire will line up debt and equity for...



The Grapevine

Fri, 16 Aug 2019
Basis Investment hired three senior vice presidents last month to work on originating Freddie Mac loans. Jason Gaffner joined in Los Angeles, John Schmid signed on in Denver and David Zalich started in Tampa. Gaffner was previously at Greystone & Co. and had stints at A10 Capital, George Smith Partners and Meridian Capital. Schmid moved over from Hunt Real Estate Capital and previously worked at Marcus & Millichap. They report to managing...



The Grapevine

Fri, 16 Aug 2019
A CBRE debt broker in New York has moved to Genesis Capital as an originator. Joshua Sabzevari started last month at the Sherman Oaks, Calif. shop, which provides bridge and construction loans of up to $25 million. He was at CBRE for about a year, and before that, worked at Cushman & Wakefield and Meridian Capital. Genesis pitches itself as a lender to developers of residential, multi-family and mixed-use properties. The firm is led by chief...



The Grapevine

Fri, 16 Aug 2019
Acore Capital is seeking a transaction manager to work in its Larkspur, Calif. headquarters or Los Angeles, as well as an associate to join its origination and underwriting team in Dallas. Applicants for the California post should have at least three years of commercial-mortgage experience as a closer, paralegal or in some similar capacity. The recruit would focus on highly structured bridge and construction loans under the supervision of closing...



The Grapevine

Fri, 16 Aug 2019
BNY Mellon wants to hire a real estate associate in New York with up to three years of experience. The recruit would help the bank’s relationship managers with originations, underwriting and management of balance-sheet loans. Apply at bnymellon.com/careers.



Plunging Rates Brighten Outlook for Lending

Fri, 09 Aug 2019
The sharp decline in interest rates is fueling loan demand, according to conduit and portfolio lenders.The 10-year Treasury yield has plummeted by about one percentage point since early March, to 1.72%. A big chunk of that drop — about 30 bp — has come in the past few weeks alone. The 10-year yield was especially volatile this week, plunging 10 bp intraday on Wednesday to a three-year low of 1.6%, before retracing the move and ending...



CMBS Spreads Widen Sharply Amid Volatility

Fri, 09 Aug 2019
Commercial MBS spreads blew out this week as escalating trade-war fears spooked investors and touched off a flight to safety.Two conduit syndicates priced the benchmark classes of offerings on Monday at spreads of 92-93 bp over swaps. That was 6-7 bp wider than price talk — an unusually big gap. And spreads widened out further later in the week, with indications that the benchmark spread on two other conduit deals would reach 100 bp (see...



Blackstone Backing Redeveloped NY Offices

Fri, 09 Aug 2019
Blackstone has agreed to lend about $725 million on a Midtown Manhattan office building that was just redeveloped and expanded.The 700,000-square-foot property, at 441 Ninth Avenue, is owned by a partnership between Cove Property and Baupost Group.Blackstone’s floating-rate loan, arranged by Eastdil Secured, has a five-year term and includes a future-funding component linked to leasing and performance hurdles. It’s unclear if...



Wells to Back LA Mall Conversion

Fri, 09 Aug 2019
Wells Fargo has agreed to lend $415 million to a partnership that plans to convert most of the Westside Pavilion mall in Los Angeles to office space.The project got a huge boost in January, when Alphabet unit Google agreed to lease most of the planned 584,000-square-foot office complex.The floating-rate mortgage, which equals 65% of the project’s estimated $638 million capitalization, will have a three-year term, with two one-year extension...



Refi Sought for Midtown Hotel

Fri, 09 Aug 2019
A group of foreign investors is in the market for up to $230 million of financing on a Midtown Manhattan hotel.The 713-room Yotel New York, a few blocks west of Times Square, is owned by a partnership among Kuwait Real Estate, United Investments Portugal and Al-Macain Holdings of Kuwait. They’re shopping for a floating-rate mortgage with a total term of five years, via broker Cushman & Wakefield.The request is for quotes at two proceeds...



Acore Funds Silicon Valley Offices

Fri, 09 Aug 2019
Embarcadero Capital and PCCP have lined up $99.4 million of floating-rate debt from Acore Capital to finance their joint purchase of a vacant office complex in Silicon Valley.The partnership paid Hudson Pacific Properties about $70 million for the 472,000-square-foot Campus Center, in Milpitas, Calif. Eastdil Secured brokered the sale, which closed July 25, and arranged the financing.The loan has a five-year term, including extensions. A portion...



Mesa West Lends on Calif. Warehouse

Fri, 09 Aug 2019
Mesa West Capital has written an $88 million loan backing the acquisition of a new industrial property in Southern California.The Los Angeles fund shop closed the floating-rate debt two weeks ago for a joint venture led by Dedeaux Properties. The five-year mortgage is collateralized by a 1 million-square-foot distribution center in Riverside, in the Inland Empire submarket.The building was completed early last month by Dallas-based Hillwood, Ross...



Capital One, TD Eye Syndicate

Fri, 09 Aug 2019
Capital One and TD Bank are poised to take down pieces of a $120 million loan J.P. Morgan originated for the buyer of an Atlanta office/retail complex.The floating-rate debt financed Jamestown’s acquisition last month of The Shops Buckhead Atlanta. The Atlanta fund operator paid around $190 million to buy the property from an affiliate of Brookfield Asset Management. JLL brokered the sale and advised on the financing.J.P. Morgan is now...



Nuveen Inks San Diego Office Floater

Fri, 09 Aug 2019
Nuveen Real Estate has originated roughly $85 million of floating-rate debt on a San Diego office portfolio.The five-year loan was closed and funded within the past two weeks for a joint venture between Westbrook Partners and Casey Brown Co. Cushman & Wakefield advised the duo on the financing.The 328,000-square-foot portfolio consists of three properties valued at roughly $110 million. The occupancy rate is 71%.Casey Brown, a local investor,...



Data-Sharing Startup Gets Rolling

Fri, 09 Aug 2019
Two Natixis alumni are looking to raise capital and add staff following their recent launch of a shop that operates an online platform aimed at helping lenders organize and share data on loans they contribute to securitizations.The New York company, called Zaytion, is led by chief executive Abram Shulruff and technology chief Christopher Renaud. Natixis agreed to back the startup when they left the bank last September. The founders are trying to...



CMBS Distress Rates Decline Again

Fri, 09 Aug 2019
Two key measures of credit quality for commercial MBS loans continue to plumb new 10-year lows.The percentage of delinquent loans in deals rated by Fitch dipped 4 bp last month, to 1.83%. Meanwhile, Trepp reported the special-servicing rate fell 11 bp to 3.25%.In both cases, declines in the volume of troubled loans combined with growth in the universe of outstanding CMBS debt to push the rates down. The balance of loans in the hands of special...



The Grapevine

Fri, 09 Aug 2019
Jeffrey Goldman is joining DekaBank as a director in New York. He’s expected to start in the next week or so, reporting to Jason Oliver, who heads the U.S. lending office. Goldman spent the past year at another German bank, Bayerische Landesbank, as an originator helping build up its U.S. business. His previous background includes stretches at Bank of China, Investors Bank, Guggenheim, Wafra Investment and Arbor...



The Grapevine

Fri, 09 Aug 2019
After eight years on the buy-side at Prosiris Capital, commercial MBS trader Jared Berner has joined Bay Crest Partners as head of CMBS sales and trading. He started this week as a managing director in the broker-dealer’s New York headquarters. Berner had been co-head of CMBS trading at Prosiris since 2014. His co-head was Glen Cutler, who left in June for the Oz Management unit of New York fund shop Och-Ziff Capital. Before joining...



The Grapevine

Fri, 09 Aug 2019
The former co-head of HFF’s Orlando office, senior managing director Michael Weinberg, is moving to Berkadia. He starts next week as a managing director focusing on debt and equity placement, as well as hotel investment sales. He’ll report to senior managing director Mitch Sinberg. Weinberg spent nine years at HFF, which was acquired last month by JLL. He was named co-head of the Orlando outpost in 2017. Previously, he had stints at...



The Grapevine

Fri, 09 Aug 2019
Toorak Capital has hired a seasoned securitization pro. Matthew Zall, whose background includes CMBS structuring and trading, joined the Summit, N.J., investment manager several weeks ago as a principal. The firm’s targeted investments include debt on multi-family and mixed-use properties. Zall spent the previous six months at Dallas investment manager Direct Access Capital, where he handled trading and risk-management duties involving...



The Grapevine

Fri, 09 Aug 2019
Newmark hired an associate director of capital markets in Los Angeles last week. Henry Cassiday focuses on debt and structured finance, and will also work on equity deals in Hawaii. He reports to executive managing director David Milestone and Kevin Shannon, the firm’s co-head of U.S. capital markets. Cassiday has been an associate at Eastdil Secured, where he spent the past four...



The Grapevine

Fri, 09 Aug 2019
Bank of Montreal subsidiary BMO Harris has added a staffer to a team that provides warehouse lines and other forms of floating-rate financing to bridge lenders and others. Charlie Houser moved to the unit’s Chicago headquarters in recent weeks from Northwestern Mutual, where he had worked since 2013 on loan originations and as a CMBS analyst.



The Grapevine

Fri, 09 Aug 2019
Managing director Jake Kaercher last month left Stifel Nicolaus, where he oversaw CMBS trading. His next move is unknown. Kaercher had worked at the St. Louis broker-dealer since 2011. He previously had trading roles at Merrill Lynch and Prudential Securities.



The Grapevine

Fri, 09 Aug 2019
Vice president Darragh Murphy has left Guggenheim to join Wells Fargo as an associate in its CMBS group, focused on loan pricing and analytics. He started last month in New York, reporting to managing director Alex Wong. Murphy spent seven years at Chicago-based Guggenheim, most recently on the structured-credit desk in Santa Monica, Calif.



The Grapevine

Fri, 09 Aug 2019
Cantor Fitzgerald has added an associate to its CCRE lending and securitization team. Michael Song arrived in recent weeks from Cushman & Wakefield, where he was an underwriting analyst since 2016.



Natixis Backs Out of 2 Big NY Loans

Fri, 02 Aug 2019
Natixis raised eyebrows in recent weeks by backing out of two big loans it was in line to lead on Midtown Manhattan properties.The French bank had agreed to supply roughly $1.5 billion on the Coca-Cola Building and a retail condominium at the Crown Building, before abruptly saying it wouldn’t move forward, according to multiple people familiar with the transactions.The reversals left big-name borrowers scrambling to find replacement debt. The...



Bid to Amend CLO Spurs Investor Backlash

Fri, 02 Aug 2019
A recent bid by Marathon Asset Management to amend the terms of a year-old commercial real estate CLO drew an angry response from bondholders, who blocked the move.The documents of the $470 million managed transaction (MACRE 2018-FL1) require Marathon to maintain a weighted average spread of at least 375 bp over Libor on loans in the collateral pool. But with competition among lenders getting tougher, Marathon wanted the flexibility to originate...



Triangle Seeks Loans on 2 Midtown Offices

Fri, 02 Aug 2019
A New York investor is in the market for $200 million of debt on two office properties in Midtown Manhattan.Triangle Assets is seeking a $110 million mortgage on the 154,000-square-foot building at 369 Lexington Avenue and a $90 million mortgage on the 152,000-sf building at Two West 46th Street. The preference is for floating-rate loans that would run for five years. Newmark is advising Triangle on the refinancings.Both buildings are within a...



Buyers Lobby for More "AAA' Bonds

Fri, 02 Aug 2019
Bond buyers this week were given a rare opportunity to buy so-called junior triple-A conduit paper that carries a top grade from either Moody’s or S&P.The “A-S” class of a $1.3 billion offering — rated by S&P — was heavily oversubscribed. Citigroup, Goldman Sachs and Deutsche Bank are leading the deal (CGCMT 2019-GC41), which was expected to price today or early next week.“A-S” classes rank in seniority...



Loan Sought for Boston Conversion

Fri, 02 Aug 2019
An investment firm is shopping for $170 million of financing on two connected office buildings in Boston that are being converted into high-end residential condominiums.The borrower, Center Court Partners of New York, wants a floating-rate loan with a total term of five years. It’s pitching the assignment to lenders via Newmark.The complex, dubbed the Archer Residences, is at 45 Temple Street, across from the Massachusetts State House in...



Buyer Eyes Seattle-Area Office Loan

Fri, 02 Aug 2019
Kennedy Wilson is in the market for $150 million of debt to finance its purchase of a suburban Seattle office property.The Beverly Hills investment shop has agreed to acquire the 464,000-square-foot Sunset North complex in Bellevue, Wash., from M-M Properties of Houston. The purchase price of $227 million puts the leverage on the proposed debt a notch above 65%.The preference is for a fixed-rate mortgage that would run 7-10 years. Kennedy Wilson...



Insurer Lends on New Seattle Rentals

Fri, 02 Aug 2019
Northwestern Mutual has originated a $160 million mortgage on a high-end apartment tower that opened last year in Seattle.The fixed-rate debt, with a 10-year term, is backed by the 450-unit McKenzie Seattle, at 2202 Eighth Avenue. CBRE arranged the financing, which closed a week ago, for the owner, local developer Clise Properties.The 40-story building stands amid a thicket of office buildings that Amazon owns or occupies. Several of those were...



Conduit Prices Soften Amid Rate Cut

Fri, 02 Aug 2019
The Federal Reserve’s interest-rate cut on Wednesday was a wild card for two conduit deals that hit the market this week.The offerings were being shopped at spreads that were slightly wider than in the preceding deals. But investors and dealers said buying demand remained relatively strong.Citigroup, Goldman Sachs and Deutsche Bank started pitching a $1.3 billion conduit offering (CGCMT 2019-GC41) on Monday. The price talk on the benchmark...



Rubenstein Backs Ga. Office Project

Fri, 02 Aug 2019
Rubenstein Mortgage Capital has originated a $48.7 million floating-rate loan for the construction of an office building in Atlanta’s West Midtown district.Local developers Atlantic Capital Properties and Gateway Ventures plan to erect the 185,000-square-foot property, which will have eight floors of offices above 10,000 sf of ground-floor retail space. It will include multiple outdoor terraces, a fitness center, an area for bike storage...



Starwood CLO Specifies Libor Fallback

Fri, 02 Aug 2019
Starwood Property’s inaugural CLO last week was the first commercial real estate securitization to designate the Secured Overnight Financing Rate as the replacement benchmark for bond payments when Libor ceases to be available.With Libor’s long run as the peg for floating interest rates coming to an end, the Federal Reserve has been urging bond issuers to switch to SOFR, and to do so as quickly as possible. But it remains unclear just...



Trimont Adds to US Advisory Unit

Fri, 02 Aug 2019
Trimont Real Estate has hired four staffers from Cushman & Wakefield as it continues expanding its U.S. investment-advisory team.The four joined Trimont in different cities within the last month or so. They include managing director Terri Magnani as head of the New York office. She was also named co-head of investment-advisory services for the Americas, alongside managing director Kevin Miller in Dallas. The other new arrivals were Larry Lewis in...



Deutsche Wins Chicago Rental Loan

Fri, 02 Aug 2019
A CIM Group partnership has lined up a $150 million loan commitment from Deutsche Bank on a new apartment tower in Chicago’s South Loop.Tenants started moving into the 500-unit building, at 1326 South Michigan Avenue, two months ago. Called The Paragon, the property also has 7,500 square feet of ground-floor retail space.The floating-rate mortgage will have a five-year term. Cushman & Wakefield is advising Los Angeles-based CIM and its...



Loan Returns Jumped in 2nd Quarter

Fri, 02 Aug 2019
The return on commercial mortgages rose sharply to 3.2% in the second quarter, its highest level in more than three years, according to the Giliberto-Levy Commercial Mortgage Performance Index.Amid plunging U.S. Treasury yields, the value of loans in the index jumped by 2.13% during the three-month stretch that ended on June 30. Interest income added 1.07% to the total return on those mortgages. The second-quarter return was up from 2.74% in the...



CCRE, Natixis Lend on DC Complex

Fri, 02 Aug 2019
Douglas Development has borrowed $120 million from CCRE and Natixis to refinance a historic Washington complex that it redeveloped into a mixed-use property.The buildings, on a 2.5-acre site at 1140 Third Street NE in the NoMA district, encompasses 174,000 square feet of offices and 70,000 sf of retail space.The fixed-rate loan, with a 10-year term, closed on Tuesday. CCRE funded 70% of the proceeds and Natixis took down the rest. The Cantor...



CBRE: Lending Standards Holding Up

Fri, 02 Aug 2019
Commercial mortgage underwriting standards remained mostly unchanged in the second quarter, reflecting continued lender restraint, according to CBRE’s latest analysis of U.S. lending activity.The report, expected to be released next week, also found that apartment-loan purchases by Fannie Mae and Freddie Mac continued to run ahead of last year’s pace, despite expectations that the mortgage agencies would slow down to avoid bumping up...



The Grapevine

Fri, 02 Aug 2019
Capital-markets pro Fung Lin has joined BlackRock as a director of originations. He started last month at the investment manager’s New York headquarters, working on both senior and mezzanine loans. He arrived from BBVA Compass, also in New York, where he was an originator for roughly a year. He previously was a principal at White Plains, N.Y., fund operator True North Management, where he spent seven years. He had prior stints at Barclays,...



The Grapevine

Fri, 02 Aug 2019
Rubenstein Mortgage Capital, which originates office construction and bridge loans, has hired two staffers. Andrew Murray joined the unit of Philadelphia fund shop Rubenstein Partners last month as a senior originations officer in New York. Ashesh Parikh will start this month in Philadelphia. Both will report to managing principal Fred Harmeyer. Murray previously worked at Northmarq Capital of Minneapolis, Summer Street Advisors of Westport,...



The Grapevine

Fri, 02 Aug 2019
Marathon Asset Management has hired securitization pro Karan Malhotra to work on its investments in commercial MBS and other vehicles linked to commercial real estate. Malhotra arrived in recent weeks from Ares Management, where he had worked since 2014. He previously spent time at Citigroup, UBS and BNP Paribas.



The Grapevine

Fri, 02 Aug 2019
Originator Jeff Santoro has left LoanCore Capital, where he worked since 2011. His next move couldn’t be learned. Based at its Greenwich, Conn., headquarters, Santoro wrote loans for CMBS and the firm’s CLOs. He previously worked in commercial real estate origination at Jefferies and WTP Advisors. He started his career as an analyst at Credit Suisse in its real estate finance and securitization...



The Grapevine

Fri, 02 Aug 2019
Hanover Street Capital has hired a securitization specialist to assist in its work supporting Deutsche Bank’s commercial-mortgage group. Michael Muscatell started in New York in recent weeks, focused on CMBS. He moved over from Fitch, where he was an associate director for structured finance, working on new-issue CMBS. He joined the rating agency in 2017 after working at Wells Fargo on CMBS loans. Hanover Street is an arm of...



The Grapevine

Fri, 02 Aug 2019
Granite Point Mortgage wants to add to its staff. The New York REIT, managed by Pine River Capital, is seeking an associate with 3-5 years of experience to assist in underwriting debt investments, as well as a senior analyst with at least 1-3 years of background in commercial real estate. For more information, contact Beth Petersen at gprecruiting@prcm.com.



The Grapevine

Fri, 02 Aug 2019
Rialto Capital has hired an analyst in Miami to focus on CMBS. Chris Kapasakis arrived in recent weeks from AXA, where he had worked for about a year.



The Grapevine

Fri, 02 Aug 2019
Apollo Global wants to hire an analyst or associate in Los Angeles to work on underwriting and originating loans for multiple investment vehicles it manages. Candidates should have 2-3 years of experience, preferably in a banking environment. Send resumes to Katherine Jones at kjones@apollo.com.



The Grapevine

Fri, 02 Aug 2019
CIT Group is looking for an analyst or associate to join the syndications team in its real estate finance unit in New York. The recruit would help draft marketing materials, documents and analyses related to new deals. Candidates should have at least one year of experience. Contact Andrew Huggett at andrew.huggett@cit.com.



Blackstone to Finance Warner Bros. Project

Fri, 26 Jul 2019
Blackstone Mortgage has agreed to lend about $750 million for the development of a Southern California office complex that Warner Bros. will fully lease.The 810,000-square-foot complex, in Burbank, will be developed by a partnership between Worthe Real Estate of Santa Monica, Calif., and Stockbridge Capital of San Francisco.The floating-rate loan will have a three-year term, with two one-year extension options. It’s unclear if Blackstone...



Natixis Backing NY Tower Owned by Milstein

Fri, 26 Jul 2019
Natixis has agreed to lend $650 million to Milstein Properties on an office building next to Grand Central Terminal in Manhattan.The bank plans to syndicate a large portion of the floating-rate loan and is talking to potential partners. The mortgage will have a five-year term, with a one-year extension option.Milstein, which is being advised by JLL, is also in the process of lining up $99 million of mezzanine debt.The New York company would use...



Elliott, Trinity Eye Loan for Phoenix Marriott

Fri, 26 Jul 2019
An Elliott Management partnership is seeking to borrow about $435 million to finance its pending acquisition of a luxury resort in Phoenix.Elliott and its partner, Trinity Real Estate Investments, have agreed to buy the 950-room JW Marriott Phoenix Desert Ridge Resort & Spa from Blackstone for $602 million, or $634,000/room.The partnership wants a five-year mortgage and will consider proposals for both a fixed and floating rate. Eastdil Secured...



Goldman to Lead Blackstone Loan

Fri, 26 Jul 2019
Goldman Sachs and J.P. Morgan have agreed to write a $415 million floating-rate loan on more than two dozen hotels owned by a Blackstone nontraded REIT.Goldman will fund 70% of the balance, and J.P. Morgan will kick in the rest. The two banks plan to securitize the five-year mortgage in a stand-alone offering. Cushman & Wakefield is advising the borrower, Blackstone Real Estate Income.Details about the hotels couldn’t be learned, but the...



Mirae Seeks Debt on DC Offices

Fri, 26 Jul 2019
The owner of a downtown Washington office building is looking for a mortgage of about $290 million.Mirae Asset Global Investments is talking to lenders about a floating-rate loan, with a term of five years, on the 570,000-square-foot property, at 1801 K Street NW. Banks are known to be considering the deal, which also could draw interest from debt-fund operators and other lenders. Eastdil Secured is advising on the financing.The debt would likely...



Refi Eyed for Key West Hotel Cluster

Fri, 26 Jul 2019
The owner of four hotels in Key West, Fla., is looking to line up a $205 million mortgage.The hotels, encompassing 519 rooms, are owned by a joint venture among Highgate Hotels, Rockpoint Group and Walton Street Capital. The preference is for a floating-rate loan with a total term of 5-7 years. Newmark is showing the assignment to lenders.The select-service properties are clustered along North Roosevelt Boulevard on the eastern end of the island....



Wells Wins Burbank Office Loan

Fri, 26 Jul 2019
Wells Fargo has agreed to write a $195 million fixed-rate loan for a Blackstone partnership on an office building in Burbank, Calif.The bank plans to securitize the 10-year mortgage on the 489,000-square-foot property, called The Tower, at 3900 West Alameda Avenue. The loan-to-value ratio is 60%. Eastdil Secured advised Blackstone and its partner, Worthe Real Estate of Santa Monica, Calif.Worthe acquired the 32-story building from BlackRock in...



Texas Hotel Financed by 3650 REIT

Fri, 26 Jul 2019
3650 REIT has originated a $90 million fixed-rate loan on a suburban Dallas hotel that opened two years ago.The 304-room hotel, in Plano, Texas, was developed by the locally based Sam Moon Group, led by brothers Sam and Daniel Moon. The property, at 6007 Legacy Drive, is called the Renaissance Dallas at Plano Legacy West Hotel.The 10-year loan, which closed on July 2, is the second-largest written by the Miami REIT since it began lending in April...



Oaktree Inks Office Loan Near Boston

Fri, 26 Jul 2019
Davis Cos. has borrowed $62 million from Oaktree Capital to refinance a suburban Boston office building.The 315,000-square-foot property, at One Cabot Road in Medford, Mass., is about 90% occupied. But the lead tenant will vacate close to 30% of the space this year.The floating-rate loan, which closed on June 27, has a two-year term and three one-year extension options. Los Angeles-based Oaktree originated it via its $2.1 billion Oaktree Real...



Rockpoint Solicits Vegas Hotel Loan

Fri, 26 Jul 2019
A Rockpoint Group partnership is shopping for up to $150 million of debt on an upscale hotel in Las Vegas.Boston-based Rockpoint and its partner, Highgate Hotels of New York, prefer a floating-rate mortgage with a term of 5-7 years on the 548-room Renaissance Las Vegas. They have tapped Newmark to round up proposals at two proceeds levels: $135 million and $150 million.The Rockpoint partnership acquired the property in April 2018 from Wheelock...



Strong Demand Seen for CLOs, CMBS

Fri, 26 Jul 2019
Dealers this week were well on their way to pricing the largest commercial real estate CLO since the crisis: the inaugural offering from Starwood Property.The $1.1 billion transaction was expected to price next week, with Wells Fargo, Bank of America and Citigroup running the books. Market pros said that within hours of its Wednesday launch, buyers had signed up for about half of the bonds in many of its tranches.One investor said the deal was...



Wells Far Ahead in Key Trust-Shop Ranking

Fri, 26 Jul 2019
Wells Fargo continued to be the dominant provider of trust-administration services for commercial MBS issuers in the first half.As issuance of private-label CMBS fell 3.5% from the same period last year, Wells led the field of certificate administrators by winning the assignment on 55 deals, or 81.3% of the offerings by dollar volume, according to Commercial Mortgage Alert’s CMBS database. That was down slightly from its 84.9% market share...



Cadwalader Still Leads CMBS Law Firms; CLO Race Tightens

Fri, 26 Jul 2019
Cadwalader Wickersham remained the leading provider of legal advice to commercial MBS issuers and underwriters in the first half.Runner-up Sidley Austin increased its share of issuer-counsel assignments from a year earlier, but saw its proportion of underwriter-counsel mandates decline.In the fast-growing commercial real estate CLO market, Dechert led the competition among issuer counsels, and Cadwalader led the way on the underwriting side. Both...



The Grapevine

Fri, 26 Jul 2019
Managing director Liz Strader is stepping down as head of real estate syndications at Capital One. Strader, who joined the syndications team in New York in 2011, was promoted to lead it in late 2016. Carl Evenstad, who joined from SunTrust around the same time, will head the unit. Strader moved to her home state of Idaho roughly a year ago, splitting her time between there and New York. The word is she plans to start her own business related to...



The Grapevine

Fri, 26 Jul 2019
Washington lobbyist Martin Schuh left the CRE Finance Council in recent weeks. His next move is unknown. CREFC plans to hire another lobbyist to replace him. Schuh joined the industry organization in 2011 from the staff of former Sen. Bob Corker (R-Tenn.). Schuh previously worked at the U.S. Department of Health and Human Services, Affiliated Computer Services and Matria...



The Grapevine

Fri, 26 Jul 2019
John Hanisch resigned last week as global head of securitized product trading at Deutsche Bank. He’d been at the bank’s New York trading desk since 2007. Hanisch’s next move is unknown. The bank has tapped Sebastien Cottrell to replace him. Cottrell, who previously oversaw corporate CLO trading, joined Deutsche in 2010 from BNP Paribas.



The Grapevine

Fri, 26 Jul 2019
Kroll has hired a director to help oversee new-issue commercial MBS ratings. Keith Olsen had been working as a consultant since 2017, when he left UBS. He previously worked at BlackRock, S&P and Chase Manhattan Bank. At Kroll, he reports to senior managing director Yee Cent Wong. Olsen fills a vacancy left by the departure of Aaron Reed, who had worked at the agency since 2017. Reed’s next move couldn’t be...



The Grapevine

Fri, 26 Jul 2019
After three years at Societe Generale, vice president Margaret Lu has moved to J.P. Morgan. She started about two weeks ago as a vice president in the bank’s treasury and chief investment office. Still based in New York, Lu oversees valuations and market risk associated with J.P. Morgan’s holdings of commercial and residential MBS and asset-backed securities. She reports to executive director Gilles Fillinger, head of market-risk...



The Grapevine

Fri, 26 Jul 2019
Law firm McDermott Will continued a spate of hiring in its real estate practice this week by bringing on Todd Eisner as a partner in New York. Eisner arrived from Duval & Stachenfeld, where he’d worked since 2000. The move unites him with two former Duval colleagues: partners Pejman “Pej” Razavilar, who joined McDermott in June, and Stacie Trott, who moved over in May. The firm added 27 new staffers last year to the practice,...



The Grapevine

Fri, 26 Jul 2019
Carlton Group is looking for a senior executive to head its loan-sales efforts. The New York shop wants candidates with significant experience in sourcing, evaluating and structuring loan sales, and in dealing with foreclosed assets. The recruit would report to chief executive Michael Campbell and chief operating officer Daniel Bildner.



The Grapevine

Fri, 26 Jul 2019
Arena Investors is seeking two staffers to originate and underwrite bridge loans on commercial properties. One opening is for a vice president or director with 5-7 years of experience. The other is for an associate with at least three years of experience. They would work either in the fund shop’s New York headquarters or in San Francisco, on the originations team led by managing director Don Moses. Send resumes to...



Bridge Lenders Find Alternate to CLO Route

Fri, 19 Jul 2019
A new method of financing bridge loans is emerging as an alternative to issuing commercial real estate CLOs.A handful of banks and investment shops have begun providing certain bridge lenders with facilities that are similar to warehouse credit lines, but with key differences that mimic some of the advantages of securitization. In particular, they don’t require that the collateral loans be marked to market; their terms are matched to those...



Conduit Gross Margins Hit 6% in 2nd Quarter

Fri, 19 Jul 2019
Conduit issuers were swimming in profits during the second quarter.The weighted average gross profit margin on eight conduit transactions that priced from April to June was a whopping 6% — the highest level since risk-retention regulations were introduced at yearend 2016, according to calculations by Commercial Mortgage Alert (see list of deals on Page 6).The second-quarter margin exceeded the already-outsized level of 4.4% in the first...



S&P Passes Moody's in Conduit Market Share

Fri, 19 Jul 2019
S&P has pulled ahead of rival Moody’s in conduit ratings for the first time since the credit crisis.But Moody’s returned the favor in the growing single-borrower market — eclipsing long-time leader S&P.The first-half ranking of rating-agency activity also showed that Fitch kept its grip on first place for overall and conduit issuance in the U.S. Fitch retained a 100% market share in the conduit sector, but its overall U.S....



Loan Sought for Boston Office Project

Fri, 19 Jul 2019
A Boston Properties partnership is talking to lenders about $400 million of debt financing for the third phase of a big mixed-use complex along Causeway Street in Boston.The floating-rate loan would back the construction of a 525,000-square-foot office tower at the Hub on Causeway development, which will encompass 1.5 million sf of office and retail space, 440 apartments and a 260-room hotel.Boston Properties and its partner, Delaware North of...



Activity Picking Up in Conduit Market

Fri, 19 Jul 2019
Investor demand remained solid this week as one conduit deal priced and two others were being marketed.Citigroup, Deutsche Bank and J.P. Morgan were shopping the benchmark class of a $1.4 billion offering yesterday at 82 bp over swaps (BMARK 2019-B12). If it holds, that would be the tightest new-issue spread since early May.Meanwhile, the initial “whisper” talk was 84 bp on the comparable long-term, super-senior tranche of a $1.3...



GLL Pursues Loan for Fifth Ave. Deal

Fri, 19 Jul 2019
GLL Real Estate is seeking to line up a $180 million mortgage for the purchase of a Midtown Manhattan retail/office building.The firm is in advanced talks to buy the leasehold interest in the 184,000-square-foot property, at 589 Fifth Avenue, for roughly $360 million. It’s reaching out to lenders via broker Estreich & Co. The preference is for a term of 5-10 years, and GLL is considering both fixed- and floating-rate bids.The seller is an...



Tishman Eyes LA Office Mortgages

Fri, 19 Jul 2019
Tishman Speyer is seeking $323 million of loans to refinance two office properties that it developed over the past few years in the Playa Vista submarket of Los Angeles.The investment shop wants to line up a $201 million mortgage with a seven-year term on the Brickyard complex and a $122 million loan with a five-year term on the Collective complex. Eastdil Secured is pitching the assignments.The properties are less than half a mile apart, near...



Oaktree Backs Boston Office Project

Fri, 19 Jul 2019
Oaktree Capital has provided a $165 million loan to refinance a Boston office property and fund its expansion.The property, at 1000 Washington Street in the South End, encompasses a 242,000-square-foot office building and a 310-space garage. The borrower, a CIM Group partnership, has begun work on a second building to rise atop the garage, adding 236,000 sf of office space.The terms of Oaktree’s loan couldn’t be learned. The Los...



Debt Wanted for Office Recap in DC

Fri, 19 Jul 2019
A joint venture that’s recapitalizing a Washington office property wants to line up a $300 million mortgage.The loan would be backed by Terrell Place, a 451,000-square-foot trophy complex a few blocks north of the National Mall. Beacon Capital has struck a deal to sell most of its roughly 50% stake to its partners, GIC of Singapore and Korea Investment. The transaction would value the property at about $480 million, or $1,064/sf.The trio is...



Goldman Funds USAA Office Deal

Fri, 19 Jul 2019
JDM Partners has tapped Goldman Sachs for a $242 million fixed-rate loan to finance its acquisition of two office complexes in suburbs of Tampa and Dallas.JDM purchased the properties from the real estate investment arm of insurer USAA for close to $385 million. Goldman plans to securitize the 10-year mortgage. Cushman & Wakefield brokered the financing and the sale, which closed in the past few weeks.The complexes encompass 873,000 square feet....



BayernLB, Irish Bank Join Syndicate

Fri, 19 Jul 2019
Helaba has syndicated a $162 million mortgage that it recently originated on a new mixed-use complex in Washington.The property, at 700 Pennsylvania Avenue SE, was developed over the past few years by a joint venture between Atlanta-based Jamestown and Washington developer EastBanc.Helaba originated the floating-rate loan a couple of months ago. The German bank placed portions of it with Bank of Ireland and Bayerische Landesbank in the past week...



Key, Midland Jump Ahead of Wells in Master Servicing

Fri, 19 Jul 2019
KeyBank toppled Wells Fargo from its long-time perch as the top commercial MBS servicer in the first half, largely by capturing the majority of assignments on single-borrower deals.Midland Loan Services won more mandates on conduit transactions than its rivals and moved into second place, while Wells — which has led the annual ranking since 2010 — fell to third at midyear, according to Commercial Mortgage Alert’s CMBS...



Rialto, KKR Lead Ranking of Conduit B-Piece Buyers

Fri, 19 Jul 2019
Rialto Capital has jumped out to a slight lead over defending champ KKR in the league table for conduit B-piece buyers.Meanwhile, Midland Loan Services is leading the ranking of special servicers for private-label commercial MBS offerings, followed by KeyBank and SitusAMC.Rialto bought the B-pieces of $4 billion of conduit offerings in the first half, just ahead of KKR’s $3.8 billion tally.Over the past couple of years, KKR has challenged...



Apollo Finances NY Rental Building

Fri, 19 Jul 2019
Apollo Global has written a $60 million fixed-rate loan on a fully occupied apartment building in Manhattan.The 80-unit property, at 101 West 23rd Street in the Chelsea submarket, is owned by local shop Fairstead. The mortgage, which closed last month, has a seven-year term, with no principal payments required for four years. Meridian Capital was the broker.New York-based Apollo originated the loan on behalf of Bermuda retirement-services firm...



ORIX Recruiting Agency-Loan Pros

Fri, 19 Jul 2019
ORIX USA expects to add 30-40 originators over the next 18 months.The recruits would focus on writing agency mortgages on apartment buildings in the Pacific Northwest, Southeast and Texas.The hiring spree comes as ORIX, a Dallas investment-management and servicing shop, is in the process of merging two Columbus, Ohio, units that write and service agency loans: Red Capital and Lancaster Pollard.The combined operation, called ORIX Real Estate...



Rialto, Argentic Circle 2 B-Pieces

Fri, 19 Jul 2019
Rialto Capital and Argentic each has agreed to buy the subordinate portion of an upcoming conduit offering to which it’s contributing loans.On its deal (BBCMS 2019-C4), Rialto’s partners are Barclays, Societe Generale, UBS, Starwood Mortgage, Natixis and CIBC. Argentic is teaming up on its offering (WFCM 2019-C52) with Wells Fargo, Benefit Street Partners, Rialto Mortgage, Barclays and Ladder Capital.Rialto and Argentic will also...



The Grapevine

Fri, 19 Jul 2019
Nick Ito joined Apollo Global Monday as a managing director in Los Angeles, originating commercial mortgages on the West Coast. He’s part of the team led by partner Scott Weiner. Ito moved over from MetLife, where he was a debt-team leader in Los Angeles. He’d been with the insurer for 13 years. Before that, he had stints at Deloitte and...



The Grapevine

Fri, 19 Jul 2019
CIT Group has made changes at the top of its real estate financing division. Its president, Matt Galligan, was promoted to vice chairman, and Chris Niederpruem, previously managing director for East Coast lending, moved up to head of the real estate finance division. As part of the reshuffling, managing director Bryan Cavalier, who headed West Coast lending, exited the firm, and CIT appears to have eliminated his position. Galligan and...



The Grapevine

Fri, 19 Jul 2019
Pacific Life has opened an East Coast originations office in Washington. It’s headed by Michael Scafuri, who’s been with the insurer for 13 years, most recently covering the East Coast from Chicago. He reports to national originations chief Keith Honig. PacLife wants to hire two senior analysts forthe Washington outpost. Candidates should have 2-3 years of experience in analyzing and structuring loans. Contact Jeanine Bashore at...



The Grapevine

Fri, 19 Jul 2019
KeyBank Real Estate Capital has hired Charles Flanary as a senior mortgage banker in Atlanta. He originates and places multi-family mortgages and bridge loans in the Southeast. Flanary arrived a few weeks ago from Hanover Street Capital, a unit of SitusAMC. He previously worked at New York Life and Prudential Mortgage Capital.



The Grapevine

Fri, 19 Jul 2019
Director Geoffrey Silverstein left Societe Generale a week ago to join MetLife as head of credit-risk management for its debt and equity investments in commercial and residential real estate, commercial MBS, CLOs and other structured-finance products. He’ll start Monday as an assistant vice president in Whippany, N.J., reporting to global credit-risk chief Orli Almog. Silverstein had a similar role as a director at SocGen. Before joining...



The Grapevine

Fri, 19 Jul 2019
Basis Investment is looking to hire an East Coast co-head of small-balance loan production. Candidates for the managing director position should have at least 10 years of related experience. The other co-head is managing director Michael Pop in the firm’s new Irvine, Calif., office. Basis, led by chief executive Tammy Jones, also wants to add production analysts, with 2-3 years of experience, in New York and Irvine. Resumes can be sent to...



The Grapevine

Fri, 19 Jul 2019
Mesa West Capital has added an analyst in Chicago. Chris Lozinak joined the Los Angeles fund operator a week ago. He assists with originations in the Midwest, the Washington area and Texas. Lozinak came from Wells Fargo, where he worked for two years. Mesa West was acquired last year by Morgan Stanley Investment Management.



Bond Issuance by REITs Surges to Record

Fri, 12 Jul 2019
Corporate-bond issuance by U.S. REITs set a record in the first half, propelled by June’s biggest-ever monthly volume.Some $24.3 billion of unsecured bonds were floated by 37 REITs in the first six months of the year, a 65% leap from the same period in 2018. The previous first-half record of $21.4 billion was set in 2017 — when annual activity reached its all-time high of $51.8 billion.After a busy first quarter, issuance slowed to a...



Pros Expect Conduit Spreads to Hold Steady

Fri, 12 Jul 2019
Commercial MBS pros expect spreads on triple-A conduit paper to tread water or grind slightly tighter in the second half.The new-issue spread on long-term, super-senior bonds is projected to be 90 bp over swaps at yearend, precisely where it stood at midyear, according to the average prediction of 15 market participants surveyed by Commercial Mortgage Alert.The respondents’ individual forecasts for that benchmark spread landed in a fairly...



Lenders Eye Converted Tower at 70 Pine Street

Fri, 12 Jul 2019
A partnership is seeking a $385 million mortgage on the skyscraper at 70 Pine Street in Lower Manhattan.Fixed- and floating-rate quotes are being considered for the former AIG headquarters, which DTH Capital and Rose Associates converted to high-end hotel rooms and apartments in 2016. The preferred loan term is 3-5 years.JLL is pitching the assignment for DTH and Rose, which would use most of the proceeds to retire a $375 million floating-rate...



Deutsche Loan Unit Avoids Cutbacks

Fri, 12 Jul 2019
Deutsche Bank’s U.S commercial real estate operation has been spared from the financial institution’s massive consolidation, which will result in 18,000 layoffs worldwide.The bank is pulling back from riskier operations, such as trading, in order to emphasize more-stable businesses. That’s good news for the commercial real estate finance group, which is said to be solidly profitable.“We will continue to be a leader in the...



MetLife Lends on Mall Near Phoenix

Fri, 12 Jul 2019
MetLife has provided $256 million of debt on a super-regional mall near Phoenix.The insurer wrote the mortgage a couple of weeks ago on Chandler Fashion Center in Chandler, Ariz. The loan has a five-year term and a fixed coupon of 4.1%. The borrower is a joint venture between Macerich, a retail-focused REIT based in Santa Monica, Calif., and Chicago investment manager Heitman.The 1.3 million-square-foot mall is anchored by department stores...



JP Morgan Inks Floater on Sprint HQ

Fri, 12 Jul 2019
J.P. Morgan originated a floating-rate loan of about $200 million this week to finance the buyer of Sprint’s sprawling headquarters campus in Overland Park, Kan.Occidental Management acquired the 4 million-square-foot property from Sprint for about $250.9 million — the third-highest price ever for a Kansas office property. Sprint, which is awaiting federal approval of its pending merger with T-Mobile, has committed to lease back some space...



Solid Demand Seen for Conduit Deal

Fri, 12 Jul 2019
The first conduit deal after the holiday break hit the market this week with expectations that it will benefit from continuing solid demand for commercial MBS paper.Early “whisper talk” on the $747 million issue, led by Morgan Stanley and Cantor Fitzgerald (MSC 2019-H7), indicated the long-term, super-senior class could be shopped in the area of 88 bp over swaps.That would be in line with the last conduit transaction, a $1.04 billion...



First-Half Tightening Exceeded Forecasts

Fri, 12 Jul 2019
Conduit spreads tightened further in the first half than market experts had predicted.The spread on long-term, super-senior paper dropped to 90 bp at midyear, from 105 bp at yearend. The average forecast of 16 commercial MBS pros surveyed by Commercial Mortgage Alert had called for a 10-bp decline. Two participants hit the bullseye: Dan Bennett of LoanCore Capital and Raul Orozco of Citigroup.On average, the respondents expected junior triple-A...



CMBS Delinquency Rate Ticks Down

Fri, 12 Jul 2019
The delinquency rate for commercial MBS loans declined again last month, but just barely.Past-due loans made up 1.87% of the debt backing CMBS deals rated by Fitch as of June 30. That was down 1 bp, as just $260 million of loans were added to the category and $281 million were removed.The delinquency rate is continuing to test new lows as pre-crisis loans get resolved. Of the $7.7 billion of overdue mortgages in Fitch’s index, roughly...



Jay Paul Wants Loan for San Jose Deal

Fri, 12 Jul 2019
Jay Paul Co. is in the market for a $180 million mortgage on a downtown San Jose office building it bought two weeks ago.The debt would be backed by the 367,000-square-foot property at 50 West San Fernando Street. San Francisco-based Jay Paul acquired it from a joint venture between DivcoWest and Rockpoint Group for $238 million, or $649/sf. It’s unclear whether the buyer paid cash or tapped short-term financing to close the deal.Jay Paul...



Buyer Seeks Loan on Phila. Rentals

Fri, 12 Jul 2019
A fund operator is looking to borrow up to $88 million on a downtown Philadelphia apartment complex it just acquired.FCP bought the 286-unit Edgewater from J.P. Morgan Asset Management for $117.9 million, or $412,000/unit, in an all-cash transaction last month.The Chevy Chase, Md., investment manager wants a floating-rate loan with a five-year term. Quotes are being requested at two proceeds levels: $75 million and $88 million. The loan search is...



4 High-Yield Shops Land B-Pieces

Fri, 12 Jul 2019
Four investment shops have agreed to buy the B-pieces of upcoming conduit deals.Eightfold Real Estate will take down the junior bonds from a deal backed by loans from Deutsche Bank, Citigroup, MUFG Principal Commercial Capital and CCRE (CD 2019-CD8).KKR has circled the B-piece of a conduit issue by Deutsche, J.P. Morgan and Citi (BMARK 2019-B12).Rialto Capital will acquire the junior classes of a transaction by Citi, Goldman Sachs, and Deutsche...



Ares Finances Orange County Offices

Fri, 12 Jul 2019
Ares Real Estate has originated a $55.9 million floating-rate loan on an office property in Southern California’s Orange County.The 224,000-square-foot HERE complex, in Laguna Hills, is owned by a joint venture between insurer Cigna and Cruzan, an investment and development firm in Solana Beach, Calif.CBRE brokered the two-year loan, which closed two weeks ago.The five-building complex, formerly known as Lakehills Corporate Park, was...



Starwood Backs Va. Apartment Buyer

Fri, 12 Jul 2019
Dweck Properties borrowed $100 million from Starwood Property this week to finance its purchase of an apartment complex near a planned Amazon campus in Northern Virginia.Dweck acquired the 298-unit Park at Pentagon Row, in South Arlington, from Equity Residential of Chicago for an unspecified price. Grandbridge Real Estate Capital of Charlotte brokered the floating-rate loan for Washington-based Dweck, which is controlled by investor Ralph...



The Grapevine

Fri, 12 Jul 2019
Morningstar has tapped Erin Stafford to head of commercial MBS and CLO ratings following its acquisition of DBRS last week. She previously had that responsibility as a managing director at DBRS. Stafford will lead a combined staff that is still being organized. It’s unclear what role Morningstar’s Kurt Pollem will play. He joined the company in October to lead its CMBS ratings...



The Grapevine

Fri, 12 Jul 2019
After 15 years at J.P. Morgan, veteran originator Tom Cosenza joined Starwood Property this week as a managing director in the REIT’s Greenwich, Conn., headquarters. He’s on a roughly 20-member lending team, led by origination chief Dennis Schuh, that focuses heavily on senior and mezzanine debt, bridge loans and construction financing. Cosenza, an attorney, and Schuh worked together at J.P. Morgan in New York for 12 years. Before...



The Grapevine

Fri, 12 Jul 2019
Nelson Mullins has added real estate finance attorney Vanessa Morris to its team. She joined the firm last month in Atlanta as a partner, working with a wide range of developers, lenders and servicers on multi-family and other projects. She was previously a partner at Morris Manning, where she had worked since 2001. She started her career at Burr & Forman. The real estate investment, finance and restructuring group at Nelson Mullins now numbers...



The Grapevine

Fri, 12 Jul 2019
Greystone has hired Randi Yezer as a director of CMBS, focused on underwriting. She started last month in New York, reporting to senior managing director Rob Russell, who heads CMBS production. Yezer joined from 3650 REIT of Miami, where she was head of underwriting. Before that, she spent 10 years at Deutsche Bank as a senior underwriter in the CMBS group.CORRECTION (7/19/19): This article has been revised. The original version misstated Randi...



The Grapevine

Fri, 12 Jul 2019
Senior underwriter Michael Olson joined MUFG last month as a director in New York. He was hired by the unit of Tokyo-based Mitsubishi to replace director Katie Chau as head of CMBS underwriting. Chau left the bank late last month, and there’s no word on her plans. Olson is on a five-member team, led by managing director Philip Miller, that originates CMBS loans via a partnership with Principal Real Estate Investors. Olson spent the last...



The Grapevine

Fri, 12 Jul 2019
Commercial-mortgage underwriter Dan Buehrens left Goldman Sachs last week to join Brookfield Asset Management. Buehrens will start in early September as a vice president in the Toronto fund shop’s New York office, reporting to senior vice president Zachary Cohn. He’ll focus on loan origination and syndication as part of the debt-fund unit led by managing partner Andrea Balkan. Buehrens was also a New York-based vice president at...



The Grapevine

Fri, 12 Jul 2019
Fortress Investment has hired an analyst to help oversee investments in distressed real estate loans and other opportunistic commercial real estate deals. Alexander Chen arrived at the Dallas outpost of the New York shop last month from Related Cos., where he spent the last year focused on commercial office development at Hudson Yards. Before that, he worked on the commercial mortgage syndicate desk at BNY...



The Grapevine

Fri, 12 Jul 2019
AIG has an opening for a commercial-mortgage underwriter with 3-6 years of experience to help analyze and structure portfolio loans, syndicated mortgages and CMBS collateral. The recruit would work in Los Angeles and report to Eric Tang, head of West Coast underwriting. Contact Tang at eric.tang@aig.com.



CMBS Volume Dips 4%; Citi Leads Rankings

Fri, 05 Jul 2019
Commercial MBS issuance in the first half was down only 4% year-over-year after a surge of activity in May and June — fueled largely by single-borrower transactions.Meanwhile, Citigroup maintained slim leads in the two highest-profile CMBS league tables — for U.S. bookrunners and loan contributors to U.S. deals (see rankings on Pages 10-26).In other sectors, commercial real estate CLO issuance soared by 32% in the first half, to $9.1...



Vornado Seeks $1 Billion Refi of NY Offices

Fri, 05 Jul 2019
Vornado Realty has kicked off the search for a mortgage of at least $1 billion on the office building at 770 Broadway in Manhattan’s East Village.The giant New York REIT started contacting lenders in the last week or so, seeking a wide range of quotes on fixed- or floating-rate debt, with a term of 5-10 years, at proceeds levels of $1 billion and up. It’s taking bids directly, without a broker.Asking to see a full menu of offers from...



Use of Commercial Paper by REITs Draws Fire

Fri, 05 Jul 2019
Large REIT-bond investors are voicing concerns about an emerging trend: issuers selling commercial paper to help finance property purchases.At least four REITs paved the way for the short-term borrowing option in the first half, joining just two that had done so previously. The investors argue that using 30-day notes to fund long-term holdings is a recipe for disaster and that any disruption in the commercial-paper market could reverberate...



Loan Sought on Madison Ave. Offices

Fri, 05 Jul 2019
A George Comfort & Sons partnership is seeking to line up a $410 million mortgage on the office building at 63 Madison Avenue in Midtown Manhattan.The group wants a floating-rate loan with a term of 5-7 years. It would use the proceeds to refinance a $314 million floater that Bank of China originated in 2016. Estreich & Co. is pitching the assignment to lenders.The 870,000-square-foot building, which stretches from East 27th to East 28th Street...



Arden Aims to Refi Charlotte Tower

Fri, 05 Jul 2019
Arden Group is shopping for a $188 million loan on BB&T Center in Charlotte.The fund shop prefers a floating-rate loan with a term of 5-7 years on the 568,000-square-foot office building. Newmark is pitching the assignment.Philadelphia-based Arden bought the Class-A property and an adjacent garage in June 2017 from Los Angeles investment manager CIM Group for $148.5 million, or $260/sf. It financed the purchase with about $135 million of...



Helaba Team Lends on DC Complex

Fri, 05 Jul 2019
A Helaba Bank syndicate has originated a loan of about $330 million on a Washington office property.Helaba arranged the 10-year mortgage on the 401,000-square-foot building, at 2000 L Street NW, for a joint venture between Rockrose Development and Spitzer Enterprises, both of New York.Helaba funded a little over half of the balance at the closing about two weeks ago. Bayerische Landesbank and BNY Mellon were the other syndicate members. According...



MetLife Finances Ariz. Retail Center

Fri, 05 Jul 2019
MetLife has originated a $220 million fixed-rate mortgage for a Macerich partnership on a shopping center near Phoenix.The 10-year loan, which closed last month, is backed by 796,000 square feet of retail space at the 1.1 million-sf SanTan Village, in Gilbert, Ariz. The coupon is 4.3%.The collateral space, which includes anchor Dick’s Sporting Goods, produced $20.3 million of net operating income last year and was 98.1% leased at yearend....



KKR Eyes Floater for Atlanta Deal

Fri, 05 Jul 2019
A joint venture that’s buying a trophy office property in Atlanta is talking to lenders about a $160 million loan.The floating-rate debt would be backed by the 632,000-square-foot Salesforce Tower. KKR and Banyan Street Capital of Miami have agreed to purchase the property at a price in the neighborhood of $215 million, or $340/sf. They’re seeking a floating-rate package with a term of at least five years and a future-funding...



Special-Servicing Rate Ticks Down

Fri, 05 Jul 2019
The balance of commercial MBS debt in the hands of special servicers declined by about $160 million in June, according to Trepp, as relatively small loans moved on and off the list.That shaved 1 bp off the special-servicing rate, bringing it to 3.36%, a new low for the cycle. The rate has been trending downward since mid-2017, as troubled pre-crash loans have been worked out.The biggest changes in the rates for various property types were a 10-bp...



SitusAMC Adds 2 Servicing Veterans

Fri, 05 Jul 2019
SitusAMC, which was formed by last week’s merger of Situs and American Mortgage Consultants, has hired two industry veterans to spearhead an expansion of its U.S. commercial-mortgage servicing business.Tim Mazzetti and Dean Wheeler, who previously worked together for many years at Cohen Financial and Midland Loan Services, will start July 15 as managing directors in Kansas City, Mo. They’ll report to executive managing director Sandip...



High-Yield-Loan Return Dips to 2.2%

Fri, 05 Jul 2019
The return on high-yield debt backed by commercial real estate dropped to 2.2% in the first quarter, according to the Giliberto-Levy High Yield Real Estate Debt Index.That was down 43 bp from the 2.63% return logged in the previous quarter — and, in an unusual twist, lagged the performance of senior mortgages. As usual, most of the return came from interest and fee income, while gains in capital value contributed 4 bp.The first-quarter...



Brookfield to Back Calif. Office Recap

Fri, 05 Jul 2019
Brookfield Asset Management has committed to provide a $120 million loan to finance the recapitalization of an Oakland office property.The debt would be backed by the 277,000-square-foot building at 180 Grand Avenue. AXA Investment Managers has agreed to buy a majority interest from KKR in a deal that would value the property at around $175 million.Brookfield’s floating-rate mortgage would have a seven-year term. Some $10 million of the...



CCRE Hires Staffers, Recruiting More

Fri, 05 Jul 2019
CCRE continues to expand its lending operation, which originates commercial MBS debt and bridge loans.The Cantor Fitzgerald unit has hired two originators and four underwriters since May at its New York headquarters and in California. And it’s looking to hire several more staffers, with 2-10 years of experience, on the West and East Coasts and in the Southeast. That would boost the group’s headcount to about 50.An ongoing...



Deals Flowing Into CLO Pipeline

Fri, 05 Jul 2019
Commercial real estate CLO activity is expected to pick up again in the coming weeks.At least five issuers are on track to float offerings by mid-August. A similar burst of activity occurred in May, when six deals totaling $4 billion hit the market in the busiest issuance spurt of the cycle. No transactions have priced since.The pattern of securitizations hitting the market on top of each other, followed by a lull in activity, appears to be...



KKR Continues to Lead Way in Purchases of Risk-Retention Bonds

Fri, 05 Jul 2019
KKR was by far the most-active buyer of risk-retention bonds from commercial MBS transactions in the first half.The high-yield shop acquired $457.5 million of bonds, or 18.4% of the $2.5 billion total, according to data compiled by Commercial Mortgage Alert.Deutsche Bank ranked second, taking down $217.5 million of bonds, or 8.7% of the total. Next came Prime Finance ($191.4 million), Prima Capital ($184.6 million) and LoanCore Capital ($143...



The Grapevine

Fri, 05 Jul 2019
Kroll has hired a senior member of Morningstar’s commercial real estate team to work on deal surveillance. Rob Grenda arrived this week as a senior director, reporting to managing director Roy Chun. Grenda led new-issue commercial MBS ratings at Morningstar, which he joined in 2010 via its purchase of Realpoint. Morningstar’s CMBS ratings group has been reorganizing since the arrival in October of its new chief, Kurt...



The Grapevine

Fri, 05 Jul 2019
Originator Katy Mao left BlackRock two weeks ago. She was a director in the investment manager’s New York headquarters for nearly three years. The buzz is she’s headed to an unidentified firm after taking some time off. Before joining BlackRock, Mao spent five-plus years at Five Mile Capital. She was an executive director at the Stamford, Conn., fund operator, where her duties included property acquisitions and purchasing distressed...



The Grapevine

Fri, 05 Jul 2019
Akerman is continuing the buildup of its real estate finance practice. Beau Baker arrived as a partner at the law firm this week from Nelson Mullins, where he’d been since 2016. He previously worked at Holland & Knight. Akerman bolstered its roster in February by hiring a five-person team away from Duval & Stachenfeld.



The Grapevine

Fri, 05 Jul 2019
HSBC wants to hire a relationship manager in Washington as it continues expanding its lending staff. The opening is for an experienced originations pro who would focus on lining up debt for institutional clients. He or she would report to Eric Blumenthal, who runs HSBC’s Mid-Atlantic region. In recent weeks, the bank hired Emin Aboolian from Morgan Stanley as a senior underwriter on the West Coast. Aboolian reports to regional manager Todd...



The Grapevine

Fri, 05 Jul 2019
Citigroup is seeking a commercial-mortgage analyst with 3-5 years of experience to join its large-loan group in New York. Reporting to managing director David Bouton, the recruit would help underwrite balance-sheet debt and CMBS loans to be securitized via standalone offerings. Contact Philip Holmes at philip.g.holmes@citi.com.



The Grapevine

Fri, 05 Jul 2019
After almost six years at Prosiris Capital, buy-side trader Glen Cutler joined New York fund shop Och-Ziff Capital last month as a CMBS investment analyst at the Oz Management unit. He was co-head of CMBS trading at Prosiris, also in New York. He previously spent 10 years at Torchlight Investors, finishing as an assistant portfolio manager for CMBS...



The Grapevine

Fri, 05 Jul 2019
DoubleLine Capital has an opening for an analyst to help underwrite and evaluate investments in CMBS and other real estate debt. The position in the fund operator’s Los Angeles headquarters requires 2-5 years of experience, preferably at a leading fund shop, investment or private-equity firm that focuses on real estate credit. Apply at doubleline.com/openings.



The Grapevine

Fri, 05 Jul 2019
CBRE wants to add an analyst to its debt and structured-finance team in New York. The recruit would assist in providing debt-advisory services to the firm’s clients. Candidates should have at least 1-2 years of experience in a related field. The hire would report to executive vice presidents Tom Traynor and James Millon. The contact is Jessica Stambaugh at...



Citi Leading $8.6 Billion Loan for Blackstone

Fri, 28 Jun 2019
Six banks led by Citigroup have agreed to provide roughly $8.6 billion of floating-rate debt to finance Blackstone’s pending acquisition of a massive U.S. industrial portfolio from funds operated by Singapore-based GLP.The financing package is divided into two parts: Some $6.6 billion of commercial MBS and mezzanine loans; and about $2 billion of balance-sheet debt. The CMBS portion is expected to be securitized via a giant stand-alone deal...



DBRS Adjusts CLO Methodology, Gains Share

Fri, 28 Jun 2019
After changing its rating methodology this spring, DBRS is awarding sharply lower subordination levels than rival Kroll on some classes of CLOs.The change has led to a big increase in DBRS’ market share, at the expense of Kroll.Investors, wary about the reduced credit enhancement, fear that the gap between the agencies is spurring “ratings shopping.” And DBRS’ move drew a shot across the bow from Kroll, which contended...



Goldman Financing Mixed-Use Project in DC

Fri, 28 Jun 2019
Goldman Sachs has agreed to write an $840 million construction loan for the second phase of the mixed-use Wharf development in Washington.The bank is expected to syndicate the floating-rate loan, which will have a term of up to six years. It’s unclear if part of the financing will be structured as mezzanine debt.The property, along the Southwest Washington waterfront, is being developed by the team of Madison Marquette, PN Hoffman and PSP...



Foreign Banks Back Calif. Property

Fri, 28 Jun 2019
Four foreign banks have provided $290 million of floating-rate debt on a recently developed mixed-use complex in Silicon Valley.Credit Agricole, First Abu Dhabi Bank, Singapore’s OCBC Bank and London-based Standard Chartered originated the five-year mortgage on Main Street Cupertino, in Cupertino, Calif. JLL brokered the financing, which closed about a week ago. The borrower is a development partnership between Sand Hill Property of Menlo...



Loan Eyed on New Manhattan Rentals

Fri, 28 Jun 2019
The developer of a new apartment tower on Manhattan’s Lower East Side is shopping for a $219 million fixed-rate mortgage.The 10-year loan would be backed by The Essex, encompassing 195 luxury units and 82,000 square feet of street-level retail space at 125 Delancey Street. The borrower is a team of investors: Brooklyn-based BFC Partners; L&M Development and Prusik Group, both of New York; Taconic Investment of Larchmont, N.Y.; and Goldman...



JP Morgan to Lend on Atlanta Complex

Fri, 28 Jun 2019
J.P. Morgan has won the mandate to provide about $120 million of debt for the acquisition of an Atlanta office/retail property.Jamestown would use most of the proceeds to finance its purchase of 264,000 square feet at The Shops Buckhead Atlanta from an affiliate of Brookfield Asset Management, for a price in the neighborhood of $190 million.J.P. Morgan’s floating-rate debt package would run a total of five years, including extensions. About...



Buyer Seeks Loan on Chicago Rentals

Fri, 28 Jun 2019
A joint venture is looking for some $180 million of financing to buy and renovate a large Chicago apartment complex.Local investment shops Golub & Co. and Farpoint Development have agreed to acquire the 1,675-unit Prairie Shores for around $180 million, or $107,000/unit. The duo is shopping for a floating-rate loan, with $140 million to be funded initially and the rest to be drawn down over time for improvement and leasing costs.HFF is advising...



6 More Lenders in 666 Fifth Ave. Deal

Fri, 28 Jun 2019
The syndication of the $1.1 billion mortgage on 666 Fifth Avenue has wrapped up, with a total of nine lenders holding pieces of the debt on the Midtown Manhattan office condominium.ING Real Estate Finance and Citigroup originated a $750 million senior mortgage at yearend, while Apollo Global provided a $350 million mezzanine loan. In a process completed in the past week or two, six other lenders bought into the senior debt: Aozora Bank, Emigrant...



Distressed-Debt Fund in the Works

Fri, 28 Jun 2019
An investment firm that targets distressed real estate assets is planning its debut hedge fund.Oval Capital has been contacting family offices in a bid to gauge investor appetite for the vehicle, which could start trading next year. The fund would buy distressed real estate debt, primarily commercial mortgages.The New York shop, which was formed in 2010, has acquired distressed properties and debt, with a focus on retail and multi-family assets....



MetLife Backs Buyer of Seattle Rentals

Fri, 28 Jun 2019
MetLife has originated a $63 million mortgage to finance a Rockwood Capital partnership’s acquisition of a Seattle apartment property.New York-based Rockwood and local investment shop Security Properties bought the 248-unit Pratt Park Apartments for $91.8 million in a deal that closed three weeks ago. The seller was Charlotte-based Barings, the investment-management unit of MassMutual. MetLife’s floating-rate loan has a term of five...



Arden Shops for 2 Hotel Mortgages

Fri, 28 Jun 2019
Arden Group wants to line up about $70 million of debt on two full-service hotels, in Florida and Pennsylvania.The Philadelphia fund operator is seeking a loan of about $37 million on the Hilton University of Florida Conference Center in Gainesville and a $33 million mortgage on the DoubleTree Suites by Hilton Hotel Philadelphia West in Plymouth Meeting, Pa.Newmark is shopping the requests for floating-rate loans with terms of five years.Arden...



Key Conduit Spread Tightens Sharply

Fri, 28 Jun 2019
The benchmark conduit spread tightened this week as dealers priced just one transaction, backed by major-bank collateral.The long-term, super-senior class of a $1.03 billion offering by Goldman Sachs, Citigroup and Deutsche Bank (GSMS 2019-GC40) priced Wednesday at 87 bp over swaps, 3 bp inside of dealers’ guidance (see Initial Pricings on Pages 7-14).Investor demand was also strong for single-borrower deals, as buyers scooped up $2.9...



Limekiln Boosts Support for REIT

Fri, 28 Jun 2019
Limekiln Real Estate has expanded its staff to handle a ramp-up of activity at a multi-family REIT that it co-sponsors.The New York investment-advisory firm teamed up with Berkshire Residential Investments of Boston early last year to form MF1 REIT, which invests in bridge and mezzanine loans on apartment properties, as well as preferred equity. The REIT originated its largest-ever loan this month. The $87.3 million floating-rate mortgage, which...



The Grapevine

Fri, 28 Jun 2019
Wells Fargo has dismissed the leader of its structured-product research group. Managing director Marielle Jan de Beur, who held the post since yearend 2008, was let go Wednesday, along with director Gary Zhu. Sources said it was a salary-cutting move. Managing director Lea Overby, who reported to Jan de Beur, remains head of the bank’s commercial MBS research. Before her tenure at Wells, Jan de Beur led CMBS research at Bear Stearns and...



The Grapevine

Fri, 28 Jun 2019
Lone Star Funds has hired a managing director to work on real estate debt investments in North America. Beau Harbour started at the fund shop’s Dallas headquarters last month and reports to senior managing director Chris Meyer. Harbour previously worked at Mudrick Capital and Mount Kellett Capital, both of New York. Lone Star this week announced the final close of its Lone Star Real Estate Fund 6, which raised $4.7 billion of equity,...



The Grapevine

Fri, 28 Jun 2019
Bernard Fernandez has jumped to MUFG after five years at Annaly Capital. He started within the past few weeks as a director in New York. At Annaly, he was a vice president who helped lead an underwriting and portfolio-management team. His duties involved analyzing and closing higher-yield loans on various property types, ranging from senior debt to mezzanine loans and B-pieces. Before Annaly, he worked at Wells Fargo for nearly eight...



The Grapevine

Fri, 28 Jun 2019
Veteran CMBS trader Stephen Gargiulo has resurfaced at UBS, following his departure from Cantor Fitzgerald about six weeks ago. Gargiulo, who started Monday, remains a managing director in New York. After focusing primarily on secondary-market trading for the last 20 years, he now will concentrate on distributing new CMBS offerings floated by UBS and its co-issuers. Before joining Cantor in 2013, Gargiulo was a senior CMBS trader at Citigroup for...



The Grapevine

Fri, 28 Jun 2019
Guggenheim is looking to hire a buy-side analyst to join its CMBS team in Santa Monica, Calif. The recruit would be responsible for reviewing the collateral and structures of CMBS and commercial real estate CLOs in the market. The staffer would report to director Shannon Erdmann, the firm’s CMBS sector head. Candidates should have at least 2-3 years of related experience. Send resumes to Evan Binder...



The Grapevine

Fri, 28 Jun 2019
Malcolm Shaw joined Phillips Realty Capital a few weeks ago as a managing director in its Bethesda, Md., headquarters. Shaw spent the past five years in New York at Ladder Capital, most recently as a director. His responsibilities included originating loans for that shop’s balance sheet, as well as long-term mortgages for its securitization operation. At Phillips, Shaw is part of a production team that structures debt and equity for the...



The Grapevine

Fri, 28 Jun 2019
Basis Investment has added two staffers to the Irvine, Calif., outpost the New York firm opened last month. Tom Phan joined as an underwriter after nearly four years at Freddie Mac’s local office, and associate Aaron Capiral moved over from Irvine-based Sabal Capital. Basis hired four staffers from Sabal in February, including Michael Pop as managing director and co-head of small-balance mortgage production. Basis is looking to hire more...



JP Morgan, Wells to Finance SF Office Buyer

Fri, 21 Jun 2019
J.P. Morgan and Wells Fargo have agreed to provide a $495 million loan on the headquarters of Levi Strauss & Co. in downtown San Francisco.Jamestown is buying the 930,000-square-foot office campus from a local partnership for about $820 million.The banks are co-leading the floating-rate portfolio loan, with J.P. Morgan as the administrative agent. It would have a five-year term and a one-year extension option, with interest-only payments. Some...



Investors Dispute Appraisal of Troubled Mall

Fri, 21 Jun 2019
Some commercial MBS investors are questioning the justification for a recent increase in the appraised value of a foreclosed outlet mall near Las Vegas.The appraisal determined that the 376,000-square-foot Fashion Outlets of Las Vegas is currently worth $28.8 million, up from $25.5 million a year ago even though the property went into the red last year and has seen its occupancy rate plummet to 54%.The mall, which backed a securitized loan, is...



Cerberus Team Seeking Loan for Houston Deal

Fri, 21 Jun 2019
A Cerberus Capital partnership wants to line up $560 million of floating-rate debt for its pending acquisition of a Houston office complex.Cerberus is teaming up with local developer Hines to buy the roughly 1.7 million-square-foot JP Morgan Chase Tower and the adjacent 407,000-sf Chase Center. Details of the off-market agreement are unknown, but sources put the price in the vicinity of $300/sf, or $627 million. The seller is Hariri Interests, an...



Nightingale to Refi Phila. Offices

Fri, 21 Jun 2019
A Nightingale Properties partnership is seeking $430 million of debt to refinance the massive Centre Square office complex in downtown Philadelphia.The 1.8 million-square-foot property is at 1500 Market Street, at the heart of Center City across from City Hall. Nightingale and its partner, Wafra Capital, have tapped Newmark to help line up a floating-rate loan with a maximum term of five years. Nearly $60 million of the proceeds would be funded...



More Work Ahead on CLO Reporting

Fri, 21 Jun 2019
An effort to standardize the reporting of loan information to investors in commercial real estate CLOs appears to be at least a year away from bearing fruit.The CRE Finance Council is considering an expansion of its “investor reporting package,” used in virtually all commercial MBS issues, to include status updates on the bridge loans in CLO collateral pools. It began the IRP initiative in March, assembling a working group of...



McShane Climbs Ladder at Wells

Fri, 21 Jun 2019
Wells Fargo has promoted Kara McShane to head of structured real estate.McShane, one of the highest ranking women in commercial real estate finance, replaced executive vice president Adam Davis, who retired last month after 18 years at the bank. She now reports to commercial real estate chief Mark Myers, an executive vice president.McShane, who remains based in New York, was previously managing director and head of the commercial real estate...



Floater Sought for Luxury NJ Rentals

Fri, 21 Jun 2019
The owner of a recently developed luxury apartment property along the Hudson River in Northern New Jersey is looking for a $175 million mortgage.The loan would refinance The Duchess, a 320-unit complex in North Bergen, N.J., across the river from Manhattan’s Upper West Side. Owner Post Brothers Apartments of Philadelphia has tapped brokerage Ackman-Ziff Real Estate to line up fresh floating-rate debt, possibly structured with a mezzanine...



Freddie Bullish on "All-Green' Deals

Fri, 21 Jun 2019
After encountering solid demand this week for its first securitization backed solely by “green” multi-family loans, Freddie Mac is ready to step up its issuance of such transactions.For now, Freddie plans to issue another all-green deal by yearend. The eventual goal is to float such transactions on a quarterly basis. Future offerings would total around $500 million — in line with the $483.7 million transaction that priced on...



CMBS Spread Hits Year-to-Date High

Fri, 21 Jun 2019
The benchmark conduit spread reached its highest level of the year this week as issuers priced or marketed three transactions totaling $2.4 billion.The long-term, super-senior class of a $787.5 million offering led by Credit Suisse and Societe Generale priced Tuesday at 100 bp over swaps, wider than dealers’ initial “whisper” talk of 97-bp area (see Initial Pricings on pages 8-10). Meanwhile, the benchmark class of a $729.5...



Deka Finances Tishman Offices in DC

Fri, 21 Jun 2019
DekaBank this week originated a $147 million floating-rate mortgage on a Washington office building that Tishman Speyer just redeveloped and expanded.The 233,000-square-foot property, at 2000 K Street NW in the Central Business District, is about 90% leased, although some tenants won’t move in until later this year.The loan has a five-year term. The German bank funded most of the balance at the closing. Tishman can draw down the roughly $20...



Situs Sees Merger Boosting Services

Fri, 21 Jun 2019
Situs is counting on its pending merger with American Mortgage Consultants to enable it to help clients speed up the closing of relatively small-balance commercial mortgages.Situs, a provider of outsourced due-diligence and loan-advisory services for commercial real estate lenders, expects to gain increased technology firepower from its combination with American Mortgage, which offers similar services in the residential lending...



Thor Shops for Mortgage on NJ Labs

Fri, 21 Jun 2019
Thor Equities is looking for up to $102 million to back its purchase of a New Jersey life-science complex.The New York investment shop headed by Joe Sitt has agreed to pay about $152 million for the 784,000-square-foot New Jersey Center of Excellence, in Bridgewater. The seller is a joint venture between local shop Advance Realty and CrossHarbor Capital, a Boston investment manager.Thor is taking quotes on a fixed-rate loan that would run 10...



The Grapevine

Fri, 21 Jun 2019
Eastdil Secured has hired Matt McCoy as a managing director in Charlotte. He’s tasked with helping expand the firm’s credit, corporate-advisory and net-lease practices, alongside managing directors Mark Penrod in San Francisco and Neill Wessell in New York. McCoy arrived in the past few weeks from Stonemont Financial of Atlanta, where he was a principal. He previously spent nearly 13 years at Eastdil’s parent, Wells Fargo....



The Grapevine

Fri, 21 Jun 2019
Matt Miller joined Greystone’s senior-housing finance team in Dallas this month as a managing director. He reports to managing director Cary Tremper. Miller spent the past eight years at Texas Capital Bank, where he was an executive vice president. He had prior stints at BBVA Compass and Guaranty Bank.



The Grapevine

Fri, 21 Jun 2019
S&P is weighing entering the growing commercial real estate CLO market. Staffers told investors attending the CRE Finance Council’s annual conference in New York this month that the rating agency is studying whether it would need a new methodology separate from the one it uses to rate commercial MBS. Going that route could postpone S&P’s appearance on CLO deals for months. The agency has been notably absent as the asset class has...



The Grapevine

Fri, 21 Jun 2019
After four years at New York debt-fund operator RCG Longview, vice president Ryan Murray has moved across town to Angelo, Gordon & Co. He started last month as a vice president, focusing on commercial-mortgage underwriting and originations. He works closely with portfolio manager Andy Solomon, who runs the commercial real estate debt unit, and Scott Greenfield, a managing director on that six-member team. Before joining RCG in 2015, Murray spent...



The Grapevine

Fri, 21 Jun 2019
HFF has added Jillian Mariutti as a director in New York, helping line up debt and equity on a range of property types. Mariutti moved over this week from Mission Capital, where she held the same title. Her previous stops included advisory firm JCRA and Wells Fargo. At HFF, Mariutti reports to senior managing director Michael Gigliotti, co-head of the New York...



The Grapevine

Fri, 21 Jun 2019
Newmark wants to add a couple of staffers in New York as it continues to expand its capital-markets platform. It’s seeking a director with at least 4-8 years of experience in commercial-property finance, along with an associate with 2-4 years of investment-banking background. The recruits would report to Dustin Stolly and Jordan Roeschlaub, co-heads of the firm’s debt and structured-finance business. Contact Christopher Kramer at...



The Grapevine

Fri, 21 Jun 2019
Capital One is seeking a team leader in its special-assets division. The recruit would lead a team of workout specialists who resolve distressed loans on commercial properties. The position could be based in New York, Dallas, Chicago or McLean, Va. The senior post requires a background in similar work, along with leadership experience. The hire would report to head of special assets Jeff Ulmer. The contact is Craig Dye at...



The Grapevine

Fri, 21 Jun 2019
Systima Capital is looking to hire a buy-side associate and an analyst to help underwrite and manage investments in high-yield structured-credit products, including CMBS and commercial real estate CLOs. Both recruits would work in the asset manager’s Chicago headquarters. Candidates should have 2-4 years of experience forthe associate position and 1-3 years for the analyst post. Send resumes to...



Deutsche Team Wins Big Hudson Yards Loan

Fri, 14 Jun 2019
Deutsche Bank, Goldman Sachs and Wells Fargo have agreed to lend $1.4 billion to finance a Related Cos. partnership’s acquisition of an office condominium at a new 101-story tower in Manhattan’s massive Hudson Yards development.Related and its partner, Allianz Real Estate of America, are buying the 1.5-million-square-foot condo from WarnerMedia, which will lease it back for 15 years as its new headquarters. Cushman & Wakefield is...



Banks Eye More Nonrecourse Project Loans

Fri, 14 Jun 2019
Facing tough competition, bank lenders are increasingly feeling pressure to soften their recourse requirements for construction loans.A number of market pros said in recent weeks that some banks are now open to providing nonrecourse financing at higher leverage levels than they would have in the past. While that’s still relatively rare, and limited to high-quality loans, several lenders and other sources said they’ve seen a pattern of...



Wrinkle Gives CLO Issuers More Flexibility

Fri, 14 Jun 2019
Three CLO issuers have taken a step aimed at fending off rivals seeking to refinance loans in their securitizations.Arbor Realty, Benefit Street Partners and LoanCore Capital last month each introduced provisions in managed commercial real estate CLOs authorizing them to modify performing loans in collateral pools. While the specific changes varied from deal to deal, they included reducing the interest rate, extending the term and increasing the...



REIT Bonds Set Weekly Volume Mark

Fri, 14 Jun 2019
A dip in interest rates and surging demand brought on a record-breaking flood of REIT bond issuance this week.Seven issuers priced $5.4 billion of unsecured notes in transactions Monday and Wednesday, led by a $2.3 billion American Tower offering split between 5.5- and 10-year bonds. The previous record for weekly issuance was $5 billion, set the week ended Dec. 1, 2017.Issuers took advantage of a Treasury rally that reduced the yield on 10-year...



Loans Sought on New Tampa Rentals

Fri, 14 Jun 2019
Related Group is seeking up to $220 million of floating-rate debt on two new upscale apartment properties in Tampa.The Miami firm prefers separate five-year loans on the complexes, which encompass 796 units. Newmark is advising Related.The properties, about 6 miles apart, are the 400-unit Manor Riverwalk, at 202 South Parker Street, and the 396-unit Town Westshore, at 5001 Bridge Street.Related is taking proposals from lenders at several leverage...



Citi Leads Big Healthcare Financing

Fri, 14 Jun 2019
A Citigroup syndicate last week arranged a $1.5 billion floating-rate debt package that refinanced a healthcare-related portfolio owned by Colony Capital.Citi, Barclays and Deutsche Bank funded the $1 billion senior portion, pegged to Libor plus 185 bp, which they plan to securitize in a stand-alone offering. The $490 million of mezzanine debt, with a coupon of Libor plus 642 bp, was provided by Ventas, a Chicago healthcare REIT that had...



Clifford Lures CLO Pros From Alston

Fri, 14 Jun 2019
Clifford Chance has wooed two veteran CLO attorneys from Alston & Bird, reuniting a team that helped pioneer the asset class in the early 2000s.Jim Cotins and Matt Lyons joined the law firm this week as partners. They will jointly lead the structured-finance practice with partners Lee Askenazi and Robert Villani. That quartet worked together at Thacher Proffitt in the early 2000s, when they participated in some of the first CLOs backed by...



Blackstone Sells Down Resort Loan

Fri, 14 Jun 2019
Blackstone has sold off the senior portion of a loan it wrote late last year on a resort near Dallas that it previously owned.The fund giant had provided $227 million of floating-rate debt on the Four Seasons Resort & Club Dallas at Las Colinas. Within the past month, it sold the $170 million senior piece to Credit Agricole and Global Atlantic Financial. Blackstone is expected to retain the $57 million junior slice.The loan has an initial term of...



Newmark Writes Calif. Freddie Loan

Fri, 14 Jun 2019
Newmark has originated a $166 million Freddie Mac mortgage on a Silicon Valley apartment property.The debt was funded about two weeks ago to finance Prime Residential’s $255.5 million acquisition of the 444-unit Domain Apartments in San Jose. The Los Angeles firm bought the complex from its developer, a partnership between Equity Residential of Chicago and insurer Northwestern Mutual, which completed it in 2014.The fixed-rate loan runs 10...



MetLife Inks Seattle Apartment Loan

Fri, 14 Jun 2019
MetLife has written a $43 million fixed-rate mortgage on a new apartment complex in Seattle.The 10-year loan, which closed late last month, was provided to local developer Lake Union Partners. It’s backed by a 144-unit building that was completed last year and is 99% leased. The mortgage was arranged by JLL. MetLife originated it on behalf of an unidentified client.The property, called East Union, is at 2220 East Union Street, stretching...



Developer Taps Insurer, CrossHarbor

Fri, 14 Jun 2019
National Life and CrossHarbor Capital teamed up to originate $142.4 million of floating-rate loans for the construction of six industrial properties by Scannell Properties.The lenders wrote six cross-collateralized loans that were divided into A-notes and B-notes. National Life, of Montpelier, Vt., funded the $85.4 million of A-notes, and Boston-based CrossHarbor supplied the $57 million of B-notes via its open-end CrossHarbor Senior Debt Income...



Inland Shoots for Busy Second Half

Fri, 14 Jun 2019
Bridge lender Inland Mortgage Capital has hired a seasoned originator as part of a push to double its annual volume to around $200 million.Daniel Greenberg joined the firm last month as a senior vice president to spearhead originations in the Eastern U.S. He’s based in Fort Lauderdale, Fla., and will focus primarily on the Southeast.The subsidiary of Inland Real Estate of Oak Brook, Ill., has also stepped up its ongoing effort to line up a...



Ala. Lending Team Jumps to Renasant

Fri, 14 Jun 2019
A group of originations pros has moved from Synovus Bank to another lender in the Southeast, Renasant Bank.The team, including Cal Moore, Ingram Voltz and Andy Hudson, made the jump last month. Their titles at Renasant couldn’t be learned immediately, but they remain based in Birmingham, Ala.The hirings come as Renasant, headquartered in Tupelo, Miss., is looking to boost its commercial real estate lending. It’s expected to ramp up...



The Grapevine

Fri, 14 Jun 2019
After nearly 12 years at Scotiabank, Vijay Kant has moved to United Overseas Bank to help bolster its syndications efforts. He’s stationed in New York for the Singapore bank. Kant was a director at Toronto-based Scotia, spending time in both New York and Singapore. His responsibilities included originations and syndications. Most recently, he concentrated on providing debt on hotel, resort and casino properties. Before joining Scotiabank,...



The Grapevine

Fri, 14 Jun 2019
CBRE has added a capital-markets executive in Washington. Justin Glasgow arrived a couple of weeks ago to help cover the Mid-Atlantic region. He’s a senior vice president in the brokerage’s debt and structured-finance unit, reporting to David Webb, regional vice chairman of that group. Glasgow came from Kettler, a McLean, Va., multi-family developer and investment shop, where he had a brief stint as chief investment officer. He...



The Grapevine

Fri, 14 Jun 2019
StackSource has hired Huber Bongolan to open a Los Angeles outpost for the commercial-mortgage broker. He joined the online startup last month as a vice president and capital advisor, responsible for arranging West Coast loans. Bongolan spent the last three years at George Smith Partners of Los Angeles, where he held the same title. Also last month, Beth Mercante joined StackSource’s New York headquarters as a senior vice president focusing...



The Grapevine

Fri, 14 Jun 2019
The CRE Finance Council’s annual conference at the New York Marriott Marquis Hotel drew 1,152 industry professionals, slightly below the attendance a year ago. The yearly Industry Leaders Roundtable and panels focused on CLOs and a new Libor-replacement benchmark were packed events.



The Grapevine

Fri, 14 Jun 2019
Alston & Bird has added a securitization attorney in New York, whose duties include representing commercial mortgage warehouse lenders. Anna French started this month as a senior associate, moving over from Hunton Andrews, where she had worked since 2014. She also works with a variety of lenders, underwriters, investors, borrowers and issuers in the asset-backed and residential-mortgage...



The Grapevine

Fri, 14 Jun 2019
Brian Rindenau has joined MetLife as an originator in the insurer’s Whippany, N.J., headquarters. Rindenau previously was at Rubenstein Partners and New York investment shop GMF Capital. He earlier had stints at Angelo, Gordon & Co. and RXR Realty. Rindenau started a couple of weeks ago at MetLife, where he’s on an originations team that generally focuses on writing mortgages on assets in the Northeastern U.S., both for the...



The Grapevine

Fri, 14 Jun 2019
CBRE wants to add multiple asset managers in its loan-services unit. The recruits would help with overseeing construction loans and with asset-reporting and cashflow-modeling work for institutional clients. They would be based in Atlanta and report to David Sullivan. Candidates should have at least seven years of experience. Contact Sullivan at david.sullivan@cbre.com. CBRE Loan Services is a third-party underwriting and advisory unit formed in...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Varde PartnersJon Miller952-374-5166Alek Roomet212-321-3790Fund operator originates and acquires mezzanine loans, B-notes, stretch loans and preferred equity on properties nationwide. Finances all major asset classes, as well as mixed-use and self-storage.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
UC FundsJoe Ambrose857-288-2819Domenico Manago857-288-2811Finance company originates mezzanine loans, stretch loans and preferred equity on office, retail, multi-family, mixed-use and self-storage properties nationwide, sometimes in conjunction with senior mortgages. Focus includes transitional properties, gut renovations and ground-up development.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
UBSNicholas Galeone212-713-8832Investment bank arranges mezzanine loans on all property types nationwide, 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 7, 2019, 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, 08 Jun 2019
Turnbridge Real Estate Credit StrategiesScott Cohen646-450-7853Investment manager operates funds and separate accounts. Offers mezzanine loans, B-notes, stretch loans and preferred equity, with a focus on ground-up construction and transitional properties in major metropolitan areas. Finances all major property types, as well as mixed-use and self-storage.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Tremont MortgageDavid Ross617-658-0759Tom Lorenzini312-236-0960REIT, managed by RMR Group, provides mezzanine loans, stretch loans and preferred equity on transitional properties in primary and secondary markets. Lends across all major asset classes, plus mixed-use and self-storage. Target gross IRR: 6-12%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Trawler CapitalRich Spinelli,Brendan Driscoll,Joe Laderer516-274-9855Investment manager originates and acquires mezzanine loans, B-notes and preferred equity on stabilized properties. Finances all major property types nationwide, as well as mixed-use and self-storage. Target gross IRR: 9.5-10.5%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
TPG Real Estate FinancePeter Smith212-430-4129REIT originates and acquires mezzanine loans and stretch loans on transitional properties nationwide in conjunction with the origination of senior mortgages. Lends on all major property types, plus mixed-use. Target gross IRR: 12-20%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Torchlight InvestorsMike Butz212-488-5616Investment manager operates funds and separate accounts. Originates mezzanine loans, B-notes, stretch loans and preferred equity on all major property types nationwide, as well as mixed-use. Focuses on high-leverage financing. Target gross IRR: 12-15%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Timbercreek Real EstateBradley Trotter203-293-5447Patrick Maroney646-274-1370Investment manager originates mezzanine loans, B-notes, stretch loans and preferred equity for all asset classes nationwide, including student housing. Focuses on value-added properties. Able to move quickly with flexible structures. Target gross IRR: 7-10%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Tilden Park CapitalDavid Busker646-518-9017Andrew Konstas646-480-5386Investment manager originates mezzanine loans, B-notes and stretch loans on all major property types nationwide, as well as affordable housing.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Terra Capital (TCP)Dan Cooperman212-753-5100Finance company originates mezzanine loans, B-notes, stretch loans and preferred equity on all major property types nationwide, plus mixed-use and self-storage. Primarily focuses on value-added properties and construction financing. Provides mezzanine loans in conjunction with senior debt originated by itself or third parties. Target gross IRR: 8-15%.NOTE: Complete listing appeared in June 7, 2019,...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
StonehillMichael Harper404-953-4959Fund operator originates mezzanine loans, B-notes, stretch loans and preferred equity on limited-, select- and full-service hotels nationwide. Focuses on premium brands including Marriott, Hilton, Hyatt and InterContinental. Target gross IRR: 12%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
SteepRock CapitalMatt Mitchell212-218-5077John Bucci212-218-5081Investment manager originates and acquires mezzanine loans, B-notes, stretch loans and preferred equity across all major asset classes nationwide, plus mixed-use, self-storage and land. Emphasizes institutional-quality assets in major markets. Target gross IRR: 6.5-12%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com,...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Starwood PropertyDennis Schuh203-485-5108REIT originates mezzanine loans, B-notes, stretch loans and preferred equity on all property types, plus land, often in conjunction with senior debt. Target gross IRR: 10-12%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Square Mile CapitalJeffrey Fastov212-616-1578Michael Lavipour212-616-1572Investment manager, an affiliate of USAA Real Estate, operates funds and separate accounts. Writes mezzanine loans, B-notes, stretch loans and preferred equity on all property types nationwide and land. Finances transitional and stabilized properties, as well as construction. Target gross IRR: 6.5-15%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Sound Mark PartnersJi Won Sin203-413-4266Jenna Gerstenlauer203-413-4270Investment manager originates mezzanine loans, B-notes and preferred equity on all major property types nationwide, plus mixed-use and self-storage. Target gross IRR: 9-13%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Societe GeneraleAdam Ansaldi212-278-6126Justin Cappuccino212-278-6393Investment bank arranges mezzanine loans, B-notes and preferred equity on all property types nationwide, primarily in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
SL Green RealtyDavid Schonbraun212-216-1602Robert Schiffer212-216-1650REIT originates mezzanine loans, B-notes, stretch loans and preferred equity on office, retail and multi-family properties, as well as land, in New York. Target gross IRR: 7-20+%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
SG CapitalRoger Boone203-355-6121Finance company, affiliated with Shelter Growth Capital, originates mezzanine loans, B-notes, stretch loans and preferred equity on all property types in primary and secondary markets.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Silverstein CapitalMichael May212-313-4671Jason Kaufman212-551-7347Joint venture led by Silverstein Properties writes mezzanine loans, B-notes and stretch loans all property types nationwide. Focuses on shovel-ready construction, heavy value-added repositionings and loans on land and condo inventory. Target gross IRR: 10%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Seven Valleys CapitalJason Bordenick212-235-1244Family office of Chinese investor Zhang Xin. Originates mezzanine loans, B-notes, stretch loans and preferred equity on a wide range of properties in the top-10 metropolitan areas. Target gross IRR: 10+%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Scale LendingDaniel Ridloff,Martin Nussbaum646-439-4000Joint venture between Carlyle Group and Slate Property. Invests in mezzanine loans, B-notes and stretch loans on multi-family and other residential properties in the New York metropolitan area. Also finances land, construction, condo inventory and repositionings. Target gross IRR: 15%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
S3 CapitalRobert Schwartz212-300-8800Subsidiary of Spruce Capital originates mezzanine loans, B-notes, stretch loans and preferred equity on transitional properties in major markets, with an emphasis on the New York metropolitan area. Finances all major asset classes, as well as mixed-use and land. Also finances construction. Target gross IRR: 14%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Saperean CapitalKaren Kulvin212-319-2112Andrew Smith212-319-2942Investment manager, a division of Kayne Anderson, operates funds and separate accounts. Invests in mezzanine loans, B-notes, stretch loans and preferred equity on multi-family, senior-housing, student-housing, medical-office and self-storage properties. Finances transitional and stabilized assets, as well as construction. Target gross IRR: 8-12%.NOTE: Complete listing appeared in...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
RRA CapitalTed Van Brunt602-715-2215Boots Dunlap602-715-2210Investment manager writes mezzanine loans, B-notes, stretch loans and preferred equity on transitional properties nationwide. Lends on all major asset classes, as well as mixed-use and self-storage. Target gross IRR: 14-18%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Rockwood CapitalNiraj Shah212-402-8524Investment manager operates funds and separate accounts. Originates mezzanine loans, B-notes, stretch loans and preferred equity on stabilized and transitional properties in coastal “gateway” markets. Finances office, retail, multi-family, hotel and mixed-use properties, as well as various specialty types. Target gross IRR: 8-10+%.NOTE: Complete listing appeared in June 7, 2019, issue of...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Rialto CapitalJoseph Bachkosky212-751-5346Josh Cromer212-751-5323Investment manager operates funds and separate accounts and is the sub-advisor of a REIT (FS Credit Real Estate Income). Originates mezzanine loans, B-notes, stretch loans and preferred equity on all property types nationwide. Focuses on assets with in-place cashflow that are ramping up or nearing stabilization. Target gross IRR: 6-15+%.NOTE: Complete listing appeared in June 7,...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
RexmarkMichael Rebibo,Carmel Kashani212-575-0047Investment manager originates mezzanine loans, B-notes, stretch loans and preferred equity on properties in major “gateway” markets. Finances office, retail, multi-family, hotel and mixed-use assets across the risk spectrum.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Related Fund ManagementBrian Sedrish212-801-3910Alfred Trivilino212-801-1068Debt platform of development giant Related Cos. invests in mezzanine loans, B-notes, stretch loans and preferred equity on office, multi-family, hotel and mixed-use properties nationwide. Finances transitional and stabilized properties, as well as pre-development and development. Target gross IRR: 12-14%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Red CapitalJohn O'Toole312-453-7709Finance company, a subsidiary of ORIX USA, offers mezzanine loans, B-notes and stretch loans on multi-family properties nationwide, primarily in conjunction with Fannie Mae and HUD loans originated by affiliate Red Mortgage Capital.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
RCG LongviewRichard Gorsky212-356-9282Investment manager operates funds and separate accounts. Writes mezzanine loans, B-notes, stretch loans and preferred equity on office, retail, multi-family and mixed-use properties nationwide. Has a core-plus program for stabilized assets and an opportunistic program for transitional and value-added properties. Target gross IRR: 7.5-14%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Ramsfield Hospitality FinanceAdam Maisel212-750-0366Investment manager originates mezzanine loans, B-notes, stretch loans and preferred equity on hotels nationwide, including resorts and independently operated properties. Finances stabilized and transitional properties and construction. Target gross IRR: 10+%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Quadrant Real EstateTom Mattinson770-752-6714Walt Huggins770-752-6712Investment advisor originates mezzanine loans, B-notes, stretch loans and preferred equity on core and light value-added properties in primary and secondary markets. Finances all major asset types, plus mixed-use and medical office. Target gross IRR: 5-8%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Quadrant FinanceMatthew Welsh214-855-2954Hayden Lunsford214-855-2956Investment manager originates mezzanine loans and stretch loans on all major property types nationwide, as well as mixed-use and self-storage. Focuses on stabilized and light-transitional assets, providing flexible terms and structured prepayment options. Target gross IRR: 10%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Procida Funding & AdvisorsBrian Foley,Mike Coen201-871-1177Investment manager’s open-end 100 Mile Fund originates mezzanine loans, B-notes, stretch loans and preferred equity on office, retail, multi-family, mixed-use and self-storage properties, generally within 100 miles of New York City. Targets $5-10 million mezzanine slices with maximum 80% LTV. Target gross IRR: 12-18%.NOTE: Complete listing appeared in June 7, 2019, issue of...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Principal Real Estate InvestorsBill May515-247-0772Jason Franzen515-362-1423Investment-management arm of Principal Life operates funds and separate accounts. Invests in mezzanine loans, B-notes, stretch loans and preferred equity on institutional-quality properties. Lends on all major asset classes, plus mixed-use and self-storage. Focuses on the top 35 markets, but will selectively look wider. Target gross IRR: 5-10%.NOTE: Complete listing...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Prime FinanceJon Brayshaw212-231-9071Fund operator originates and acquires mezzanine loans, B-notes, stretch loans and preferred equity on all major asset classes nationwide, as well as mixed-use and self-storage. Target gross IRR: 10-12%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Prima CapitalGreg White914-725-9388Nilesh Patel914-725-2657Investment manager originates and purchases mezzanine loans and B-notes on office, retail, multi-family and industrial properties nationwide, with a focus on primary and secondary markets.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
PPM AmericaMark Kramer312-634-1201Subsidiary of U.K.-based Prudential plc is the investment advisor of Jackson National Life, another Prudential subsidiary. Originates and acquires mezzanine loans, B-notes and stretch loans on stabilized and transitional properties across all asset classes. Geographic focus is primary and secondary markets. Target gross IRR: 5-9%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
PGIM Real EstateSteve Bailey212-515-8101RJ Richter212-518-5518Investment-management arm of Prudential operates funds and separate accounts. Offers mezzanine loans, stretch loans and preferred equity on office, retail, multi-family and industrial properties in major markets. Focus is institutional-quality real estate and strong sponsorship. Target gross IRR: 7-14%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Pensam FundingRay Cleeman786-879-8829Peter Olesiewicz786-879-8827Investment manager originates mezzanine loans, B-notes, stretch loans and preferred equity for transitional properties, recapitalizations and construction nationwide. Focuses on multi-family, manufactured housing, senior housing and land. Also lends on retail, mixed-use and self-storage. Target gross IRR: 11%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Pennybacker CapitalAlexander K. Zabik212-335-0237Sebastian Salas212-335-0489Investment manager, via the Pennybacker Credit 1 fund, writes mezzanine loans, B-notes, stretch loans and preferred equity for experienced sponsors on transitional properties nationwide, with a focus on primary and high-growth markets. Lends on all major asset classes, plus land, mixed-use, self storage, medical office and student and senior housing. Selectively funds...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Pembrook CapitalPaul Mullaney212-906-8680Fund operator provides mezzanine loans and preferred equity on multi-family properties nationwide, with an emphasis on primary and secondary markets. Also finances construction.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Pearlmark Real EstateDoug Lyons312-499-1952Investment manager operates funds and separate accounts. Originates mezzanine loans, B-notes, stretch loans and preferred equity on all major property types, plus mixed-use assets, in the top-25 markets. Finances stabilized and transitional properties as well as construction and development. Target gross IRR: 8-13%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
PCCPBrian Heafey415-732-7548Investment manager operates funds and separate accounts. Provides mezzanine loans, B-notes, stretch loans and preferred equity, generally in conjunction with the origination of senior debt. Lends nationwide on all major asset classes, as well as mixed-use and self-storage.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Parse CapitalNick Killebrew,Ross Macdonald,Logan Migliorino858-472-2720Investment manager originates mezzanine loans, stretch loans and preferred equity on multi-family properties nationwide, including student, senior and affordable housing. Selectively finances value-added properties. Target gross IRR: 11-15%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Paramount GroupDavid Zobel212-237-3141Michael Nathan212-237-2933REIT operates funds and separate accounts. Originates mezzanine loans, B-notes, stretch loans and preferred equity on office and retail properties in New York, San Francisco and Washington. Finances stabilized and transitional properties, as well as construction and redevelopment. Target gross IRR: 6-10%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Pacific LifeHyung Kim949-219-5085Keith Honig949-219-4486Insurer originates mezzanine loans, B-notes, stretch loans and preferred equity for top sponsors on high-quality properties in primary markets. Finances transitional and stabilized office, retail, multi-family and industrial properties, as well as construction. Offers lower rates on lower-leverage loans. Target gross IRR: 7-12%.NOTE: Complete listing appeared in June 7, 2019, issue of...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Oxford PropertiesKevin Egan212-986-6106Varuth Suwankosai646-376-3114Real estate arm of Ontario Municipal Employees provides mezzanine loans, B-notes, stretch loans and preferred equity on office, retail, multi-family, industrial and mixed-use properties in “gateway” markets. Finances stabilized and transitional properties, as well as land, construction and special situations. Target gross IRR: 7-12+%.NOTE: Complete listing appeared in...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
ORIX Real EstateRon Lawrie214-237-2078Finance company originates mezzanine loans, stretch loans and preferred equity on properties in primary and secondary markets. Focuses on multi-family and self-storage properties. Also finances hotels and mixed-use properties. Targets loan-to-cost ratios of 55-85%. Target gross IRR: 16%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Oaktree CapitalJustin Guichard213-830-6363Investment manager operates multiple funds and separate accounts. Originates mezzanine loans, B-notes, stretch loans and preferred equity on properties nationwide, with emphasis on the top-35 markets. Finances all property types, including land and specialty assets. Target gross IRR: 8-9%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com,...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
NY Urban FundingChris Lama212-527-7130Family office originates mezzanine loans and preferred equity on office, retail, multi-family, industrial, mixed-use and condominium properties in the Mid-Atlantic and Florida. Finances land, construction and transitional and stabilized properties. Emphasizes ability to close loans quickly.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Nuveen Real EstateMike Lembo212-916-4488Investment-management arm of TIAA manages funds and separate accounts. Originates mezzanine loans, B-notes, stretch loans and preferred equity on stabilized and transitional properties across most asset classes. Focuses on strong sponsors in primary and secondary markets. Target gross IRR: 6-10%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
NRE CapitalEdward O. Mehrfar212-457-7699Kevin Perrotta212-457-7699Family office, through co-investments with institutional partners, originates mezzanine loans, stretch loans and preferred equity on transitional properties of all types nationwide, including land and specialty assets. Emphasizes experienced sponsors with a clearly defined exit strategy. Target gross IRR: 18%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
NexPoint Real EstateMatthew Goetz972-628-4100Investment manager, an affiliate of Highland Capital, provides mezzanine loans, B-notes, stretch loans and preferred equity across all major asset classes nationwide, plus mixed-use and self-storage.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
New York MortgageJoe Kunzon224-848-4028Reed Levy980-224-4185REIT originates mezzanine loans, B-notes and preferred equity on market-rate apartment properties nationwide. Finances stabilized properties and ground-up construction. Target gross IRR: 10.5-13%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
New York Life Real Estate InvestorsJohn Lippmann212-576-6941Tim Monroe973-867-6432Investment-management arm of New York Life provides mezzanine loans, B-notes, stretch loans and preferred equity, offering risk-adjusted returns on stabilized and transitional properties in targeted areas. Lends on office, multi-family, industrial and mixed-use properties, plus selective retail plays. Also finances construction. Target gross IRR: 7.5+%.NOTE:...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
NatixisJerry Tang212-891-5752Andrew Florio212-891-5725Investment bank arranges mezzanine loans on properties nationwide in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates. Lends on all property types, including healthcare, land and construction. Target gross IRR: 4.5-13%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Nationwide Lending DirectDaniel Sheps954-908-7770Ken Corey954-357-2365Finance company originates mezzanine loans and preferred equity on all major property types nationwide, as well as mixed-use and land, with a focus on recapitalizations. Will finance construction. Target gross IRR: 4-5%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Naftali CapitalDavid Hochfelder,Douglas Baillie212-759-9777Investment manager writes mezzanine loans, B-notes and stretch loans on office, retail, multi-family, hotel and mixed-use properties, as well as land. Focuses on transitional properties in major markets. Target gross IRR: 13-16%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Morgan StanleyKwasi Benneh212-761-3255Investment bank arranges mezzanine loans on properties of all types nationwide, primarily 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 7, 2019, 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, 08 Jun 2019
Morrison Street CapitalRyan Norwood503-952-0746Ross Brunello646-751-8959Investment manager runs the $150 million Morrison Street Debt Opportunities Fund 2. Originates mezzanine loans, B-notes and preferred equity on major asset classes, plus mixed-use and self-storage. Focus is long-term, fixed-rate mezzanine loans on stabilized properties. Target gross IRR: 10-12%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Moinian CapitalJonathan Chassin646-254-6326Michael Zarifpoor212-808-4000Finance company originates mezzanine loans, B-notes, stretch loans and preferred equity on office, multi-family, hotel and mixed-use properties nationwide, as well as land. Tends to focus on sponsors looking to construct larger and/or more-complex properties than in the past. Target gross IRR: 8-12%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
MidCap FinancialKevin McMeen312-288-8601Thom Cordell312-288-8604Finance company provides mezzanine and stretch loans for the acquisition, refinancing and recapitalization of major property types, as well as healthcare. Committed to building strong relationships with experienced investors.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
MetLife InvestmentMike Amoia973-355-4502Jim Brusco973-355-4438MetLife’s investment-management arm writes mezzanine loans, stretch loans and preferred equity on stabilized and transitional properties in primary and secondary markets. Finances all major property types and mixed-use. Will provide future funding and interest-only loans.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Mesa West CapitalScott Berg415-576-2051Investment manager operates funds and separate accounts. Originates mezzanine loans, B-notes, stretch loans and preferred equity across major asset classes, as well as life science properties. Focuses on transitional, value-added properties in primary and strong secondary markets. Target gross IRR: 6-9%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Melody CapitalEric Tanjeloff212-583-8720Investment manager originates mezzanine loans, B-notes and stretch loans across a broad spectrum of asset classes nationwide, including land and specialty types. Will also consider corporate-level bridge loans to high-quality sponsors with large and diversified portfolios. Target gross IRR: 12-15%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Madison Realty CapitalJosh Zegen646-655-8711Fund operator originates mezzanine loans, B-notes, stretch loans and preferred equity on value-added properties in major markets, with a focus on special situations. Finances all major asset classes, plus land and mixed-use. Target gross IRR: 10-20%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Mack Real Estate Credit StrategiesPeter Sotoloff212-484-0035Investment manager operates a REIT and funds. Originates mezzanine loans, B-notes, stretch loans and preferred equity on transitional properties in major markets. Lends on office, multi-family, hotel and industrial assets, plus various specialty types. Target gross IRR: 9-12%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
M&G Real EstateIsabelle Brennan44-203-977-2402Thomas Heather44-203-977-0311U.K.-based investment manager writes mezzanine loans and stretch loans on all major property types, as well as specialty types such as student housing and leisure properties. Lends nationwide, but mainly focused outside the U.S. Target gross IRR: 10-13%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
LoanCore CapitalJordan Bock203-861-6065Dan Bennett203-861-6037Investment manager originates mezzanine loans, B-notes, stretch loans and preferred equity on all property types nationwide, often in conjunction with senior debt from its conduit operation. Will consider accrual, payment-in-kind and “toggle” structures. Target gross IRR: 6-10%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Lionheart Strategic ManagementBilly Jacobs646-744-2288Jake Misisco646-744-2285Fisher Brothers affiliate originates mezzanine loans, B-notes, stretch loans and preferred equity on transitional properties and development projects for experienced sponsors in the top-20 metropolitan areas and high-growth markets. Also finances land and specialty assets. Target gross IRR: 10-15%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Lightstone CapitalEugene Rozovsky212-324-0231Jonathan Fhima310-279-0048Debt platform of Lightstone Group originates mezzanine loans, B-notes, stretch loans and preferred equity on all property types nationwide, including mixed-use, self-storage and land. Emphasizes efficiency and certainty of closing. Target gross IRR: 10-15%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
LibreMax CapitalMichael McLarney212-612-1558Investment manager purchases mezzanine loans, B-notes, stretch loans and preferred equity on stabilized and transitional properties in primary and secondary markets. Lends across major asset types, as well as data centers, mixed-use, self-storage and land. Also finances construction. Target gross IRR: 7-15%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Lantern Real EstateTal Bar-or917-667-4450David Strongwater917-846-9078Family office originates mezzanine loans, B-notes, stretch loans and preferred equity on all property types nationwide, including land, mixed-use and self-storage. Provides flexible, tailored solutions for smaller transactions, with a focus on short-term special situations. Target gross IRR: 12-18%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Ladder CapitalAdam Siper212-715-3162Ryan Jantzen212-715-3180REIT originates mezzanine loans, B-notes, stretch loans and preferred equity on all property types nationwide, including land and specialty asset classes. Flexible one-stop shop often originates subordinate debt in conjunction with senior loans.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
KSL CapitalCraig Henrich203-989-3982Hal Shaw203-989-3983Investment manager operates funds and separate accounts. Originates and invests in mezzanine loans, B-notes, stretch loans and preferred equity on stabilized and transitional hotel, leisure and recreational properties nationwide. Target gross IRR: 10-13%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Kohlberg Ventures RealtyKarim Demirdache646-434-0411Investment manager writes mezzanine loans, B-notes, stretch loans and preferred equity on stabilized and transitional office, retail, industrial and mixed-use assets in primary and secondary markets, as well as special situations. Will also finance land. Target gross IRR: 10+%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
KKRJoel Traut212-271-9960Rene Theriault212-520-1543Investment manager operates funds, separate accounts and a REIT (KKR Real Estate Finance). Originates mezzanine loans, B-notes, stretch loans and preferred equity on all property types nationwide, including mixed-use, self-storage and land. Target gross IRR: 6-10%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
John HancockAlec Holliday617-572-0663Insurer originates and invests in mezzanine loans and B-notes on office, retail, multi-family and industrial properties in primary and secondary markets. Focuses on institutional-quality properties and strong sponsorship.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
JDM CapitalJoseph DeMatteo, Sr.212-253-2331Investment manager provides mezzanine loans, B-notes, stretch loans and preferred equity on stabilized and transitional properties in major markets, as well as construction. Lends on all major asset classes and various specialty types, but focus is hotels and resorts.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
JCR CapitalSam Isaacson303-531-0215Finance company manages funds and separate accounts. Originates mezzanine loans, stretch loans and preferred equity on retail, multi-family, industrial and mixed-use properties nationwide. Target gross IRR: 12+%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
J.P. Morgan Asset ManagementCandace Chao212-648-2121J.P. Morgan’s investment-management arm operates funds and separate accounts. Writes mezzanine loans, B-notes, stretch loans and preferred equity on stabilized and transitional properties nationwide, plus select construction projects. Target gross IRR: 5.5-10%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
J.P. MorganBrian Carey212-834-3111Investment bank arranges mezzanine loans on all property types nationwide in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates. Target gross IRR: 4-10+%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
iStarArie Toporovsky212-930-9450REIT originates mezzanine loans, B-notes, stretch loans and preferred equity on stabilized and transitional properties of all types, as well as land and development projects. Geographic focus is the top 50 metropolitan areas. Target gross IRR: 10-15%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Invesco Real EstateCharlie Rose310-310-0315Yorick Starr212-278-9047Investment manager’s funds and separate accounts originate mezzanine loans, B-notes, stretch loans and preferred equity on transitional properties, including life science and student and senior housing. Focuses on top sponsors and institutional-quality collateral in major markets. Target gross IRR: 8-9%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Hunt Real EstateVic Clark972-868-5757Precilla Torres212-521-6437Finance company operates a REIT, funds and separate accounts. Originates mezzanine loans, B-notes, stretch loans and preferred equity on commercial and multi-family properties nationwide, including construction financing. Multi-family originations are generally in conjunction with Fannie Mae first mortgages that it writes. Target gross IRR: 10-15%.NOTE: Complete listing appeared in...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
HinesAndy Cooper347-837-3807Janice Walker713-966-2085Fund operator provides mezzanine loans, B-notes and stretch loans on all property types nationwide, including financing for construction, repositioning and acquisition. Menu includes “pay-and-accrue” mezzanine loans.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Hillcrest FinanceKathy Corton646-889-2535Christina Do646-889-2615Investment manager operates a discretionary commingled fund and separate account. Originates mezzanine loans, B-notes and preferred equity on all property types nationwide, plus land. Strategies include low-cost, low-LTV as well as higher-yielding special situations. Target gross IRR: 6-11%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
HeitmanTim Podboy (Central/East)312-425-0307Rich Caterina (Western)310-689-1418Investment manager operates funds and separate accounts. Originates mezzanine loans, stretch loans and preferred equity on all major property types nationwide, plus mixed-use and self-storage. Target gross IRR: 9-11%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
H.I.G. RealtyJeff Wiseman212-294-7194Investment manager’s funds and separate accounts originate and invest in mezzanine loans, stretch loans and preferred equity on transitional properties in primary and secondary markets. Lends on all major asset classes, as well as mixed-use, self-storage and student housing. Also finances construction. Target gross IRR: 10-15%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Gryphon Real EstateAngelo LoBosco212-757-9198Jim Hopkins212-790-6709Investment manager originates mezzanine loans, B-notes, stretch loans and preferred equity on transitional multi-family, student-housing, senior-housing and self-storage properties nationwide. Target gross IRR: 8-15%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Greystone & Co.Robert Russell212-649-9726Finance company provides mezzanine loans, stretch loans and preferred equity for the acquisition or refinancing of all property types nationwide, primarily in conjunction with the origination of CMBS loans. Will finance specialty assets and single-tenant properties. Target gross IRR: 12-15%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com,...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Granite Point MortgageStephen Alpart212-364-5492Peter Morral212-364-5486REIT, managed by Pine River Capital, originates and acquires mezzanine loans, B-notes, stretch loans and preferred equity across asset classes nationwide. Focus is floating-rate stretch loans on value-added properties in primary and secondary markets. Target gross IRR: 10+%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Goldman Sachs Merchant Banking DivisionPeter Weidman,Leslie Shribman212-902-1000Investing unit of Goldman Sachs operates the $4.2 billion Broad Street Real Estate Credit Partners 3 fund. Invests in mezzanine loans, B-notes and stretch loans on all property types nationwide. Target gross IRR: Mid-teens.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Goldman SachsMark Romanczuk212-902-0290Investment bank arranges mezzanine loans on properties of all types nationwide, 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 7, 2019, 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, 08 Jun 2019
GC CapitalMark Dymek602-385-3539Matt Crow602-385-3552Lending platform of Grossman Company Properties originates mezzanine loans and preferred equity on hotels and multi-family properties nationwide. Target gross IRR: 11%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
FCPE.J. Corwin240-395-2029Kevin Murphy240-395-2019Fund operator originates mezzanine loans, B-notes and preferred equity on office, multi-family and mixed-use properties on the East Coast and in Texas. Focuses on value-added, core-plus and stabilized properties, as well as development opportunities. Target gross IRR: 12-15%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Exantas CapitalPaul Hughson212-705-5046Michael Pierro212-705-5096REIT, a subsidiary of C-III Capital, originates mezzanine loans, B-notes, stretch loans and preferred equity on all property types nationwide. Target gross IRR: 8-12%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Fairview PartnersChris Saites262-488-4461Nels Stemm310-804-3922Investment manager originates mezzanine loans, B-notes, stretch loans and preferred equity on all major property types nationwide, as well as mixed-use and self-storage. Target gross IRR: 14-20%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Essex PropertyKeith Guericke650-655-7929Cory Zimmerman650-655-7844REIT originates mezzanine loans and preferred equity for ground-up development, redevelopment and recapitalization of multi-family properties on the West Coast. Yields accrue on construction until property is stabilized.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Envoy Net Lease PartnersRalph Cram847-239-7250Finance company provides B-notes, stretch loans and preferred equity on office, retail and industrial properties nationwide that are net-leased to a single tenant. Will go up to a 95% loan-to-cost ratio on construction loans for build-to-suit single-tenant properties. Also provides stretch construction loans for preferred builders developing properties for approved tenants. Target gross IRR:...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
EJS CreditTed Segal212-615-3456Adam Koplewicz212-547-2007Finance 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 markets. Finances pre-development, construction and conversions.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Eightfold Real Estate CapitalIsaac Pesin305-503-4053Investment manager originates mezzanine loans and preferred equity on 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 7, 2019, 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, 08 Jun 2019
Edgewood CapitalChris Whittleton,Michael House203-255-1700Finance company originates mezzanine loans, B-notes, stretch loans and preferred equity on all property types nationwide, with a focus on value-added and distressed plays. Also finances land and specialty property types. Target gross IRR: 12-17%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Dwight CapitalAaron Krawitz347-846-0773Finance company originates mezzanine loans, B-notes and preferred equity on commercial, healthcare and multi-family properties nationwide. Target gross IRR: 10-15+%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
DWS Real Estate Debt InvestmentsMarc Feliciano,Joe Rado,Pat Kennelly312-537-0111Investment manager operates separate accounts and funds. Originates mezzanine loans, B-notes, stretch loans and preferred equity on core, core-plus, transitional and value-added properties across major and specialty asset classes in primary and secondary markets. Target gross IRR: 6-12%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Deutsche BankTom Rugg212-250-3541Rohan Mehta212-250-4856Investment bank arranges mezzanine loans on stabilized and transitional properties of all types nationwide in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates. Finances construction selectively.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Criterion Real EstateChuck Rosenzweig212-259-0414Adam Falk212-259-0411Investment manager’s funds and separate accounts offer mezzanine loans, B-notes, stretch loans and preferred equity. Focus is large value-added and opportunistic plays in gateway markets. Finances developments, redevelopments and repositionings. Flexible on structure, duration and cashflow.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Crescit Capital StrategiesJoseph Iacono212-332-1960Nik Chillar949-200-5201Finance company operates funds and separate accounts. Originates mezzanine loans, B-notes and stretch loans on all asset classes nationwide, including mixed-use, self storage and land. Focuses on transitional properties, construction and term financing.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Colony CapitalDaniel Katz310-552-7258Kevin Swartz212-547-2638Investment manager operates a public REIT (Colony Credit Real Estate) and funds. Originates and invests in mezzanine loans, B-notes, stretch loans and preferred equity across all asset classes nationwide. Also finances land and construction. Target gross IRR: 11+%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Credit SuisseStefanos Arethas212-325-0736Brendan Jordan212-325-1924Investment bank arranges mezzanine loans on properties of all types nationwide in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Clarion PartnersDrew Fung212 808-2145Investment manager operates funds and separate accounts. Originates mezzanine loans, B-notes and preferred equity on core-plus and transitional properties across a wide range of asset classes nationwide. Also selectively finances ground-up development. Target gross IRR: 7-15+%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
CitigroupBrad Bloom212-723-5483Investment bank arranges mezzanine loans on properties of all types nationwide in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
CIM GroupGarett Bjorkman323-860-4996Investment manager operates funds and separate accounts. Originates mezzanine loans, B-notes and stretch loans nationwide on all major property types, plus mixed-use and land. Primarily focuses on bridge, pre-development and construction loans.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
CCRE (Cantor Commercial Real Estate)Tim Groves212-915-1908Kiran Manda212-915-1925Cantor Fitzgerald subsidiary arranges mezzanine loans in conjunction with the origination of senior commercial mortgages that it writes and securitizes in conduit and single-borrower transactions. Lends on all property types nationwide.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
CBRE Global InvestorsTodd Sammann213-683-4315Investment manager originates and purchases mezzanine loans, B-notes, stretch loans and preferred equity nationwide on all major property types, plus mixed-use and self storage. Focuses on core-plus or value-added properties in primary and secondary markets.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
CarVal InvestorsMark Kunkel952-444-4825Paul Mullaney952-444-4821Investment manager, a subsidiary of agricultural giant Cargill, provides mezzanine loans, B-notes, stretch loans and preferred equity nationwide on all major property types, as well as mixed-use and self storage. Finances both stabilized and transitional properties. Target gross IRR: 11%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Canyon Partners Real EstateRobin Potts310-272-1500Investment manager operates funds and separate accounts. Originates mezzanine loans, B-notes, stretch loans and preferred equity across all asset classes. Focuses on transitional financing, bridge loans, recapitalizations, repositionings and construction in primary and secondary markets. Target gross IRR: 10-18%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Brookfield Real Estate FinancialAndrea Balkan212-417-7277Christopher Reilly212-417-7289Investment manager operates funds and separate accounts. Originates mezzanine loans, B-notes, stretch loans and preferred equity on all property types nationwide. Also finances land and construction.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Calmwater CapitalLarry Grantham310-806-9724Eric Jordan310-806-9751Investment manager operates funds and separate accounts. Originates mezzanine loans, stretch loans and preferred equity on all asset types nationwide, including data centers, senior housing and land. Focuses on bridge loans for acquisition and refinancing. Target gross IRR: 10-14%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
BridgeRock CapitalJacob Kim,Seung H. Kim646-682-0243Investment manager invests Korean capital in mezzanine loans, B-notes, stretch loans and preferred equity on most major property types nationwide. Focuses on construction loans, take-out loans and bridge loans on transitional properties. Target gross IRR: 7-10%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Bridge InvestmentJim Chung646-453-7101Investment manager operates the Bridge Debt Strategies Fund series. Originates mezzanine loans, B-notes, stretch loans and preferred equity, focusing on office and multi-family properties in secondary markets, as well as senior housing nationwide. Target gross IRR: 7-12%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Boveda Asset ManagementKen Witherspoon888-569-8883 x2119Sean Michaelson888-569-8883 x2145Investment manager operates funds, separate accounts and a REIT. Provides mezzanine loans and preferred equity nationwide across major asset classes, as well as mixed-use and self storage. Target gross IRR: 10-12%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Bloomfield CapitalBrent Truscott248-745-1700Renee Lewis207-772-6870Fund operator originates mezzanine loans, B-notes, stretch loans and preferred equity nationwide on all major asset classes, as well as mixed-use, self storage and senior housing. Focuses on transitional projects. Target gross IRR: 12-15%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Blackstone Real Estate Debt StrategiesTim Johnson212-583-5625Investment manager operates funds, separate accounts and a public REIT (Blackstone Mortgage). Supplies mezzanine loans, B-notes, stretch loans and preferred equity on all property types nationwide, including mixed-use, self storage and data centers. Also finances land and construction.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
BlackRockClinton Soose,Katy Mao212-810-5300Investment manager operates core and high-yield debt funds, and an opportunistic separate account. Originates mezzanine loans, B-notes, stretch loans and preferred equity on stabilized and transitional/value-added properties in primary and secondary markets. Target gross IRR: 7-13%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Benefit Street Partners Michael Comparato212-588-9404Matthew Jacobs212-588-3693Affiliate of Franklin Templeton operates a nontraded REIT that originates mezzanine loans, B-notes, stretch loans and preferred equity on major property types nationwide in conjunction with the origination of senior mortgages. Will consider increasing mezzanine position when joining with third-party senior lender. Target gross IRR: 6-12%.NOTE: Complete listing appeared...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Bedrock CapitalMichael Santini,Ryan Penneys212-957-2525Investment manager, a subsidiary of One William Street Capital, originates mezzanine loans, B-notes, stretch loans and preferred equity on transitional and stabilized properties of all types nationwide, as well as land. Risk-based approach allows pricing and structuring flexibility. Target gross IRR: 8-15%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Basis InvestmentTammy Jones212-842-5714Shaunak Tanna212-915-0699Investment manager operates multiple types of investment vehicles, including BIG Real Estate Fund 1. Originates mezzanine loans, B-notes, stretch loans and preferred equity nationwide, with a focus on transitional properties. Will consider construction loans. Target gross IRR: 9-12%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
BaringsDaniel Hartley212-973-5173MassMutual subsidiary operates funds and separate accounts. Writes mezzanine loans, B-notes, stretch loans and preferred equity nationwide on all major property types, as well as mixed-use, self storage, student housing and senior housing. Target gross IRR: 7-9%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
BarclaysShaz Hasan212-412-2087Andy DiPietro212-526-1541Investment bank arranges mezzanine loans on properties of all types nationwide in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates. Target gross IRR: 4-10+%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Bank of AmericaJon Rymsha646-855-2461Investment bank arranges mezzanine loans on properties of all types nationwide in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Axonic CapitalBrendan McCormick212-828-7208Tyler Kimball212-828-7274Investment manager operates funds and separate accounts. Provides mezzanine loans, B-notes, stretch loans and preferred equity nationwide on all major property types, as well as mixed-use and self storage. Target gross IRR: 8-12+%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Atalaya CapitalYoung Kwon212-201-1917Investment manager operates funds and separate accounts. Originates mezzanine loans, B-notes, stretch loans and preferred equity on “heavy” transitional properties of all types nationwide. Also finances land, construction, pre-development and condo inventory. Target gross IRR: 11-15%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com,...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Asia Capital Real Estate (ACRE Credit)Daniel Jacobs732-492-9743Michael Van Der Poel646-667-7767Fund operator provides mezzanine loans, B-notes, stretch loans and preferred equity to high-quality sponsors on construction, lease-up, value-added and stabilized properties. Target asset types include multi-family, student housing and senior living.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Artemis Real EstateKevin Nishimura240-235-2026Investment manager operates funds and separate accounts. Writes mezzanine loans, B-notes, stretch loans and preferred equity on stabilized and transitional properties of all types, including senior housing, skilled nursing and medical office. Will fund land and construction. Target gross IRR: 8-16%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
ArrowMark PartnersRobert Brown303-398-2927Investment manager originates mezzanine loans, B-notes, stretch loans and preferred equity on core, core-plus and value-added properties in primary and secondary markets across all asset classes. Target gross IRR: 8-15%NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
ArgenticBrian La Belle646-560-1775Finance company originates mezzanine loans, B-notes, stretch loans and preferred equity on a wide range of properties nationwide. 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 7, 2019, 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, 08 Jun 2019
Ares Real EstateJ.B. Gerber212-515-3393Investment manager operates a REIT, funds and separate accounts. Originates mezzanine loans, B-notes, stretch loans and preferred equity on all property types nationwide. Also finances land and construction. Focus is transitional properties in liquid markets. Target gross IRR: 10-15%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
AReal PartnersRachel King212-293-9415Family office, sponsored by Richard Ruben and Dean Adler, writes mezzanine loans, B-notes, stretch loans and preferred equity on all major property types nationwide, as well as various specialty types. Focuses on bridge, land and construction financing for transitional and early stage properties. Target gross IRR: 10+%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Ardent FinancialDaniel Siegel678-248-6539Investment manager originates mezzanine loans, B-notes, stretch loans and preferred equity on all property types nationwide. Focuses on complex financings, such as land, rehabilitation, construction and transitional properties with destabilized cashflow. Target gross IRR: 9+%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Arden GroupDouglas P. Harmon646-639-8486Matt Toukatly484-620-4003Investment manager operates Arden Credit Fund and separate accounts. Originates mezzanine loans, B-notes, stretch loans and preferred equity on transitional properties of all types in the top 35 markets. Also writes construction and land loans. Target gross IRR: 8-13%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com,...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Archbell CapitalScott Shepherd213-266-5986Finance 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. Will finance land. Target gross IRR: 10-15%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Apollo GlobalSang Yu212-822-0731Investment manager operates multiple types of investment vehicles. Originates mezzanine loans, B-notes and preferred equity on institutional-quality properties nationwide.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Arbor RealtyFred Weber516-506-4595REIT originates mezzanine loans and preferred equity on office, retail and multi-family properties nationwide. Provides bridge and permanent financing. Target gross IRR: 9-15%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Annaly Commercial Real EstateMichael Quinn646-454-3740REIT originates mezzanine loans, B-notes, stretch loans and preferred equity, providing flexible solutions to borrowers on transitional properties of all types in liquid markets.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Angel Oak Commercial LendingBen Easterlin404-978-0266Finance company provides mezzanine loans, B-notes and stretch loans nationwide on major asset classes, plus mixed-use and self-storage. Target gross IRR: 15%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
American Realty AdvisorsDoug Vikser213-233-5831Kirk Helgeson213-233-5779Investment manager operates funds and separate accounts. Originates mezzanine loans, B-notes, stretch loans and preferred equity on properties nationwide. Touts flexible approach to complex situations, including construction, repositionings and recapitalizations. Target gross IRR: 7-15%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
AEW CapitalDan Jacobson617-261-9248Investment manager operates funds and separate accounts. Originates mezzanine loans, B-notes, stretch loans and preferred equity for top sponsors on high-quality transitional and stabilized assets across major property types nationwide. Target gross IRR: 5-11%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
3650 REITMichael Fleischer,Shin Bowers310-862-9998REIT originates mezzanine loans, B-notes, stretch loans and preferred equity on transitional properties across the major asset classes nationwide. Loans are serviced in-house. Strategy doesn’t employ external leverage.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
Acore CapitalBoyd Fellows415-917-4400Investment manager originates mezzanine loans, B-notes, stretch loans and preferred equity on transitional properties of all types nationwide. Land and specialty assets also financed. Target gross IRR: 9-12%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
W FinancialGregg Winter212-532-9170David Heiden212-684-8484Investment manager provides mezzanine loans, stretch loans and B-notes for income-producing properties on a very selective basis. Finances office, retail, multi-family and mixed-use properties nationwide. Primarily focuses on senior bridge loans. Target gross IRR: 8-14%.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Walker & DunlopGeoff Smith646-438-7715Finance company originates mezzanine loans, B-notes, stretch loans and preferred equity on all property types nationwide, including land. Generally provides subordinate debt in conjunction with the origination of senior mortgages. Focuses on value-added and distressed properties and recapitalizations.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Walton Street CapitalRich Ratke312-915-2904Investment manager operates funds and separate accounts. Writes mezzanine loans and B-notes secured by income-producing properties and portfolios in major markets. Finances all major asset classes, as well as mixed-use. Target gross IRR: 9-12%.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
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 7, 2019, 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, 08 Jun 2019
Wells FargoRoyer Culp704-715-7006Investment bank arranges mezzanine loans on all property types nationwide in conjunction with the origination of senior mortgages that it retains, securitizes or syndicates.NOTE: Complete listing appeared in June 7, 2019, 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, 08 Jun 2019
West Bay CapitalKevin Prince310-231-1270 x275James McCann310-231-1270 x232Lender originates mezzanine loans, B-notes and stretch loans on all major property types nationwide, as well as mixed-use and self-storage. Focuses on build-to-suit retail properties and on unlocking “trapped” equity in stabilized properties.NOTE: Complete listing appeared in June 7, 2019, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in...



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

Sat, 08 Jun 2019
Winthrop-WitkoffBrett Mufson212-672-4730Samuel Ashner516-822-0022Joint venture between Winthrop Capital and Witkoff Group provides mezzanine loans, B-notes, stretch loans and preferred equity. Finances office, retail, multi-family and hotel properties, as well as fully entitled land, in primary markets nationwide. Focuses on transitional properties, special situations, condo inventory, distressed assets and recapitalizations. Will provide future...



Crowded Mezz Market Squeezes Some Shops

Fri, 07 Jun 2019
The high-yield lending market continues to thrive, but fierce competition is forcing some shifts in strategy.Commercial Mortgage Alert’s eighth annual survey of mezzanine lenders has identified 158 shops that invest in high-yield subordinate debt on commercial properties (see list on Pages 16-42).“Borrower demand for this product is still strong,” said one longtime lender. “There is still a lot of redevelopment going on...



Barclays Aims to Double Warehouse Lending

Fri, 07 Jun 2019
In a bid to boost its CLO underwriting business, Barclays plans to double the amount of warehouse financing that it provides to nonbanks that originate bridge loans on U.S. transitional properties.Barclays has supplied warehouse credit lines with a total capacity of almost $5 billion over the past year or so to mortgage REITs, fund shops and other nonbanks. It is aiming to raise that to about $10 billion by the end of 2021. The move is part of a...



Blackstone, RXR Shop for Loan on NY Condo

Fri, 07 Jun 2019
A joint venture between Blackstone and RXR Realty is seeking to borrow about $425 million to refinance part of a fully leased office/retail building in Midtown Manhattan.The seven-story building, at 620 Avenue of the Americas in the Chelsea submarket, encompasses roughly 540,000 square feet of offices and 200,000 sf of retail space. The Blackstone team’s condominium interest comprises some 300,000 sf of the offices and all the retail space....



Fed Wants Speedy Move From Libor

Fri, 07 Jun 2019
Catching commercial MBS professionals off guard, a senior member of the Federal Reserve Board this week stepped up pressure on issuers of floating-rate bond offerings to switch quickly to a Libor replacement, rather than attempting a gradual transition.The benchmark is being phased out by yearend 2021. It is expected to be replaced in the U.S. by the Secured Overnight Financing Rate (SOFR), a new standard for bank borrowing rates. A SOFR rate...



Acore Backs 2 Seattle Office Projects

Fri, 07 Jun 2019
Acore Capital has originated a $246.2 million loan to finance two office redevelopment projects in Seattle.The investment shop two weeks ago originated the loan for local developer Martin Siegel, who launched both projects in recent months. One is an expansion and repositioning of a former Federal Reserve Bank Building and the other a redevelopment of an auto-care center. The floating-rate debt has senior and subordinate components and a maximum...



Key CMBS Spread Keeps Widening

Fri, 07 Jun 2019
The benchmark conduit spread continued to widen this week.The long-term, super-senior class of a $686.8 million offering led by Morgan Stanley and Cantor Fitzgerald went out the door at 97 bp over swaps on Wednesday, after being shopped at 95-bp area. That was the latest in a series of incremental increases since early May, when the spread hit an eight-month low of 80 bp. The benchmark spread is now at the widest level since February.The early...



Jamestown Seeks Loan for Ga. Deal

Fri, 07 Jun 2019
Jamestown is close to lining up $120 million of debt to finance its purchase of an Atlanta office and retail property.The investment manager has agreed to buy a 264,000-square-foot portion of a mixed-use complex called The Shops Buckhead Atlanta for about $190 million. The seller is an affiliate of Brookfield Asset Management.Jamestown is taking quotes on a floating-rate mortgage with a term of five years. A small portion of the loan would be...



MetLife Inks Houston Office Mortgage

Fri, 07 Jun 2019
MetLife has written a $65.5 million fixed-rate mortgage on a Houston office building.The loan, with a five-year term, was originated last week for a joint venture between local investment shop Moody Rambin and American National Insurance. JLL arranged the financing.The partnership completed the 254,000-square-foot building, known as Town Centre One, in 2015. It’s about 86% leased, according to its website. The property is within the 50-acre...



Lenders Divide Chicago Office Loan

Fri, 07 Jun 2019
Two German banks have joined ING Real Estate Finance and Heitman to provide $225 million of floating-rate debt on a Chicago office tower.Bayerische Landesbank and Deutsche Pfandbriefbank took pieces of the $160 million senior mortgage on the 772,000-square-foot building at 401 North Michigan Avenue, alongside the Chicago River. As previously reported, ING led the refinancing. Heitman, a Chicago investment manager, took down all or part of the $65...



CMBS Distress Rates at 10-Year Lows

Fri, 07 Jun 2019
The delinquency and special-servicing rates for commercial MBS loans improved again last month — both reaching their lowest levels in a decade.The percentage of past-due loans backing CMBS rated by Fitch dropped 15 bp to 1.88% in May. It was the first time the delinquency rate went below 2% since April 2009. The index has declined steadily since October, with the exception of an 8 bp increase in March.Meanwhile, the special-servicing rate...



Deutsche to Syndicate NY Rental Loan

Fri, 07 Jun 2019
Deutsche Bank is aiming to syndicate part of a $235 million mortgage it wrote on a Manhattan apartment property.The floating-rate loan is backed by the 479-unit Ritz Plaza. Deutsche originated the debt last month in conjunction with Carlyle Group’s acquisition of a majority stake in the building. The bank is now looking to sell down a chunk of the deal, which carries pricing of about 170 bp over one-month Libor. The size of the piece...



Savanna Eyes Manhattan Office Loans

Fri, 07 Jun 2019
Savanna is seeking loans totaling about $200 million to finance two Midtown Manhattan office acquisitions.The local fund operator is shopping for roughly $125 million of debt to help fund its pending acquisition of the 267,000-square-foot building at 360 Lexington Avenue from AEW Capital. The price is roughly $180 million, or $675/sf.Separately, Savanna wants to place $73 million of debt on two adjacent office buildings at 24-28 West 25th Street,...



Survey Finds Pros' Outlook Improved

Fri, 07 Jun 2019
Commercial real estate professionals were much more optimistic at the end of the first quarter than they had been throughout 2018, according to a CRE Finance Council survey.The quarterly survey of members of the organization’s board of governors found that their outlook for the 12 months ahead had brightened sharply, largely due to the Federal Reserve’s dovish turn on interest rates.CREFC will release the results of its Sentiment...



The Grapevine

Fri, 07 Jun 2019
Prime Finance principal Jeff Williams is leaving the New York debt-fund operator after eight years. Williams, who led Prime’s East Coast originations team, described the split as amicable to colleagues and clients. His last day is today, and his plans aren’t known. Before joining Prime, Williams spent 11 years at Natixis and worked in the large-loan banking group at Nomura. Prime Finance was founded in 2008 by former Natixis...



The Grapevine

Fri, 07 Jun 2019
Jeff Dybas will join Nuveen Real Estate within the next few weeks as a managing director in New York. As previously reported, Dybas exited Starwood Property last month after about three years at the Greenwich, Conn., firm. At Nuveen, he’ll report to Jason Hernandez, head of the TIAA affiliate’s debt and originations platform for the Americas. Dybas’ duties will include overseeing the bridge-lending operation on the East Coast....



The Grapevine

Fri, 07 Jun 2019
Barclays has hired another veteran commercial MBS trader as it builds up its secondary- trading desk. Greg Hackett started last month, providing credit to clients buying CMBS and commercial real estate CLOs. He previously worked at broker-dealer Bay Crest Partners and at RBC, and was head CMBS trader at Sterne Agee and Stifel Nicolaus. Barclays has been on a hiring tear this year, previously adding three CMBS traders as part of a broader build-up...



The Grapevine

Fri, 07 Jun 2019
Former partner Laurinda Martins has rejoined law firm Fried Frank after about three years at Brookfield Property of New York, where she oversaw the legal aspects of its acquisitions and other commercial real estate transactions. She started Wednesday as a New York-based partner in Fried Frank’s roughly 80-member real estate department, which is led by partner Jonathan Mechanic. She initially signed on with the law firm as an associate in...



The Grapevine

Fri, 07 Jun 2019
Industry veteran Jeffrey Conti joined Romspen this week as a senior originator in New York, responsible for expanding the Toronto fund shop’s U.S. lending activity. Conti came over from Eyzenberg & Co., where he was a New York-based managing director since 2016. He previously spent six years at Annaly Capital, two years at Prudential Real Estate Investors and 17 years at TIAA. Conti reports to managing general partner Wesley Roitman....



The Grapevine

Fri, 07 Jun 2019
Attorney Donna Beezhold has jumped to Nelson Mullins after almost four years at BakerHostetler. She started April 29 as an associate in the law firm’s 39-member real estate capital markets practice, led by partners Bradley Denson and Rusty Fleming. Beezhold, who remains in Atlanta, represents lenders, healthcare providers and developers on commercial real estate finance and leasing transactions. Before joining BakerHostetler in 2015, she...



The Grapevine

Fri, 07 Jun 2019
Capital One wants to add a credit officer in a unit that focuses on loans to REITs and fund managers, as well as warehouse lines for agency lenders. The recruit would assist in monitoring portfolios, conducting risk assessment and managing credit approvals. The senior manager-level position could be based in New York or McLean, Va. The contact is Caitlin Maier...



Deutsche, Wells to Finance Blackstone Deal

Fri, 31 May 2019
Blackstone is tapping Deutsche Bank and Wells Fargo for separate loans totaling about $800 million to finance its pending acquisition of two office properties in Seattle.The fund giant has agreed to buy U.S. Bank Centre and Wells Fargo Center from Ivanhoe Cambridge and a partner for about $1.3 billion.Blackstone was seeking five-year, floating-rate debt packages of about $425 million on U.S. Bank Centre and some $380 million on Wells Fargo...



Floater Eyed for Revamped Midtown Offices

Fri, 31 May 2019
A partnership that’s redeveloping a Midtown Manhattan office property is seeking a $725 million mortgage as the project nears completion.Cove Property and Baupost Group want to line up floating-rate debt, with a term of five years, on the 700,000-square-foot building at 441 Ninth Avenue, near the Hudson Yards development. Eastdil Secured is showing the deal to lenders.Dubbed Hudson Commons, the property is expected to open within the next...



EU-Compliant Deals May Be Flash in the Pan

Fri, 31 May 2019
Asset managers that oversee European capital were pleasantly surprised when two recent conduit deals were structured to comply with the European Union’s risk-retention rules — but they may not see many more.While the compliance authorized a broader range of European investors to buy bonds from the two “BMARK” commercial MBS issues, that wasn’t the motivation. Rather, the goal was to enable Deutsche Bank’s...



6 Banks Share Midtown Office Loan

Fri, 31 May 2019
A group of banks led by Credit Agricole and ING has originated a $340 million mortgage on a Midtown Manhattan office building.The loan, with a term of seven years, is backed by Global Holdings’ 719,000-square-foot property at 875 Third Avenue. Bayerische Landesbank, BNY Mellon, DekaBank and U.S. Bank contributed pieces of the debt, which closed last week. The sizes of their participation interests couldn’t be learned. Credit Agricole...



BofA to Write Floater on SF Offices

Fri, 31 May 2019
Bank of America has agreed to provide a mortgage of about $300 million on a San Francisco office property.The 596,000-square-foot building, at 45 Fremont Street, is owned by a joint venture between Shorenstein Properties and Blackstone. The debt would carry a floating rate and run five years, but other details couldn’t be learned. Eastdil Secured is advising on the financing.Shorenstein has owned at least a stake in the building since the...



Blackstone Eyes Burbank Office Loan

Fri, 31 May 2019
A Blackstone partnership is looking for a mortgage of up to $200 million on a Southern California office building it has been leasing up.The fund giant and its partner, Worthe Real Estate, prefer a debt package with a 7-10 year term on the 489,000-square-foot Burbank property, called The Tower. Eastdil Secured is showing the assignment to a variety of lenders and taking quotes at multiple proceeds levels.Worthe, of Santa Monica, Calif., acquired...



Issuers Keep Busy Despite Headwinds

Fri, 31 May 2019
Commercial MBS buyers had plenty to choose from again this week as dealers priced or marketed a $686.8 million conduit offering and four single-borrower transactions totaling $3.7 billion.The conduit offering, by Morgan Stanley, Argentic, CCRE and Starwood Mortgage, is slated to price next week (MSC 2019-H6). Price guidance was unavailable yesterday, but the early “whisper talk” from the dealers indicated that the long-term,...



Little Impact Seen From DBRS Buyout

Fri, 31 May 2019
Morningstar’s agreement this week to take over rival DBRS surprised commercial MBS pros, but is expected to have minimal impact on the sector.The $669 million takeover, announced on Wednesday, was motivated in part by Morningstar’s desire to expand its U.S. structured-products ratings business to Canada and Europe. While Chicago-based Morningstar is an investment-research giant, its Morningstar Credit Ratings unit is smaller than DBRS...



Builder Seeks Floater on NY Condos

Fri, 31 May 2019
The developer of a new luxury condominium building in Lower Manhattan is seeking $290 million of debt as it continues marketing the units.A joint venture led by New York firms Halpern Real Estate Ventures and Bizzi & Partners completed the 112-unit building, at 565 Broome Street, within the last six months. The loan would be backed by the 69 remaining unsold condos. The preference is for floating-rate debt with a two-year term and a single...



Fund Shop Boosts Origination Team

Fri, 31 May 2019
One William Street Capital has made another addition to its bridge-lending business.The fund shop’s Bedrock Capital Associates subsidiary has recruited Great-West Financial alumnus Steven Pulver as an originator. That follows the February hiring of Loren Biller, who previously worked for Ladder Capital.New York-based One William Street acquired Bedrock in 2014. That lender sources loans that are placed with vehicles sponsored by One William...



Eightfold, Prime Circle B-Pieces

Fri, 31 May 2019
Eightfold Real Estate and Prime Finance have each signed up to purchase the subordinate portion of an upcoming conduit deal.Miami Beach-based Eightfold has agreed to buy the junior bonds from an offering due in July from Goldman Sachs, Citigroup and Deutsche Bank (GSMS 2019-GC40). It will be the second B-piece purchase of the year for Eightfold.The transaction’s risk-retention structure is still being negotiated, but it’s likely to be...



MetLife Taps Regional Lending Chiefs

Fri, 31 May 2019
With the departures of two executives, MetLife Investment Management has named new leaders on its commercial real estate teams in San Francisco and Washington.Joel Redmon, the insurer’s regional director in San Francisco, will retire shortly. MetLife has tapped Michael Pace, who has headed the region’s debt-strategies team for nearly two decades, to succeed Redmon.As Pace moves to oversee all of the life company’s real estate...



The Grapevine

Fri, 31 May 2019
Jeff Dybas left Starwood Property about a week ago. His plans couldn’t be learned. Dybas was a senor vice president at the Greenwich, Conn., REIT, where he originated senior and mezzanine debt on assets throughout the Eastern U.S. Before joining Starwood in 2016, he spent six years at Bank of America, also as a senior vice president, writing loans on a range of property types for the bank’s balance...



The Grapevine

Fri, 31 May 2019
Thomas Peloquin has joined PGIM Real Estate as a principal in New York, specializing in debt on multi-family properties. He started within the last few weeks, moving over from KeyBank. He was a vice president at Key, where he spent about four years originating loans for the bank’s balance sheet, commercial MBS, Fannie Mae and Freddie Mac. Before that, he worked at People’s United Bank for a couple of...



The Grapevine

Fri, 31 May 2019
Deutsche Pfandbriefbank is adding two directors in New York as it continues to expand its U.S. lending operation. Andrew Fleming and Jean Claude Harabagabo are expected to start in the coming weeks. Fleming had been at DekaBank for more than three years, and before that was at Landesbank Baden-Wurttemberg. Harabagabo had worked at HSBC for some 13 years. Fleming will work on originations and Harabagabo’s focus will be on loan syndications....



The Grapevine

Fri, 31 May 2019
After more than eight years as a partner at Arnold & Porter, veteran industry attorney John Busillo has moved to Eversheds Sutherland. He started May 14 as a partner in the U.S real estate practice, which is part of the global real estate and planning group led by partners Victor Haley and David Watkins. Busillo focuses on commercial real estate finance transactions and distressed-property workouts. He remains in New York. Busillo joined Arnold &...



The Grapevine

Fri, 31 May 2019
Matthew Sheridan has left his post as a CMBS trader at J.P. Morgan. He had worked at the bank since 2015. His next move couldn’t be learned.



The Grapevine

Fri, 31 May 2019
Bill Stasiulatis joined bridge lender RRA Capital this month as a partner in New York. He is helping build out the shop’s fund platform, alongside the firm’s three co-founders — Boots Dunlap, his father, Charlie Dunlap, and Marc Grayson — and chief investment officer Ted Van Brunt. Stasiulatis previously spent 20 years at Torchlight Investors, where he oversaw a $4 billion portfolio of commercial real estate investments...



The Grapevine

Fri, 31 May 2019
Hotel fund operator Rockbridge hired Jordan Scheiman this month as a vice president in its Columbus, Ohio, headquarters. He’s tasked with managing financing of the firm’s investments in debt and equity, reporting to managing director Chris Diffley. Scheiman was previously a director at Garrison Investment of New York for four years. Before that, he spent five years at Wells Fargo. Rockbridge, led by chief executive James Merkel, lends...



The Grapevine

Fri, 31 May 2019
Trimont Real Estate is looking to add an associate to its commercial-mortgageservicing group. The recruit would work in the firm’s Atlanta headquarters, reporting to director Cindy Turim-Barreda. Candidates should have 3-5 years of experience. Send resumes to Alicia Furlow at afurlow@trimontrea.com.



Deutsche Poised to Lend on Park Lane Hotel

Fri, 24 May 2019
Deutsche Bank is in line for a lead role on a $615 million floating-rate debt package for the luxury Park Lane Hotel in Midtown Manhattan.J.P. Morgan is also expected to participate in the financing. It’s unknown if Deutsche would be the sole lead lender or if banks other than J.P. Morgan would also be involved. The debt package will likely be divided into a senior loan of about $400 million and at least two tranches of mezzanine debt....



Bond Buyers Snap Up Flurry of CLO Issuance

Fri, 24 May 2019
The commercial real estate CLO market had little trouble absorbing the largest spate of issuance ever.Six transactions totaling $4 billion priced since May 7, including three this week (see Initial Pricings on Pages 10-18). That exceeded the previous three-week record of $2.6 billion, set late last year.For the most part, the offerings priced in line with or on the tight side of guidance. Dealers and lenders were generally buoyant about the...



Backing Sought for Warner Bros. HQ Project

Fri, 24 May 2019
A developer is seeking $725 million of debt to finance the construction of an office complex for Warner Bros. in Burbank, Calif.A partnership between Worthe Real Estate and Stockbridge Capital is talking to lenders, via Eastdil Secured, about a floating-rate loan with a term of five years. The proceeds would go toward developing some 810,000 square feet of offices that the movie and media giant has agreed to fully lease.Groundbreaking is slated...



Soffer Eyes Big Loan for Fla. Project

Fri, 24 May 2019
Developer Jeffrey Soffer is seeking a $485 million loan on a high-end condominium tower under construction near Miami.Soffer would use a little more than half the proceeds to retire a $259 million loan that Bank OZK supplied in early 2017, shortly after construction began on the 154-unit Turnberry Ocean Club Residences, in Sunny Isles Beach, Fla. At that time, the Little Rock, Ark., lender was known as Bank of the Ozarks.The rest of the proceeds...



Ruben, Adler Form Bridge-Loan Shop

Fri, 24 May 2019
Two well-known industry pros — Richard Ruben and Dean Adler — have joined forces to originate middle-market bridge loans and other types of high-yield debt.The duo is operating via a joint venture called AReal Partners of New York, which opened last month.Ruben and Adler have hired Rachel King to run the operation. King, who was named a managing director, previously was at New York-based HPS Investment, where she worked on a fund that...



Servicing Veteran O'Connor Retiring

Fri, 24 May 2019
KeyBank is losing another commercial-mortgage veteran to retirement.Marty O’Connor, an executive vice president who heads loan servicing and asset management, will step down on June 30. As previously reported, E.J. Burke, who has held a number of senior positions at Key, will also retire the same day.Bryan Nitcher, O’Connor’s longtime colleague, will take the reins of the 375-member loan-servicing and asset-management group,...



Pre-Placed Deals Spark More Gripes

Fri, 24 May 2019
Two large single-borrower offerings that were fully pre-placed before they hit the market this month have prompted fresh complaints about the tactic from buy-siders.Grumbling among smaller investors about getting frozen out of buying opportunities has been common since early last year, when commercial MBS dealers started pre-placing deals more frequently. Now, some portfolio managers at large shops with enough clout to win substantial allocations...



Condo-Inventory Loan Sought in Fla.

Fri, 24 May 2019
A development team is shopping for a $325 million floating-rate loan on a residential-condominium tower that’s nearing completion in downtown Miami.The 62-story building, at 1000 Biscayne Boulevard, has 84 luxury condos. Units that have been presold are projected to account for roughly half of gross revenues.The waterfront property is being developed by a partnership among Regalia Developers and Gregg Covin Real Estate, both of Miami, and...



CMBS Prices Sag Amid Volatility

Fri, 24 May 2019
Conduit spreads widened this week as financial-market volatility undermined bond values.The benchmark classes of two conduit offerings went out the door with a spread of 86 bp over swaps. That was above the eight-month low of 80 bp that was achieved only two weeks ago on equivalent long-term, super-senior paper.Bank of America, Morgan Stanley, Wells Fargo and NCB kicked off the activity on Tuesday with a $1 billion offering (BANK 2019-BNK18). The...



Ares Writes Floater on Minn. Rentals

Fri, 24 May 2019
Ares Real Estate has provided $41 million of floating-rate debt on a suburban Minneapolis apartment property.The 199-unit building, in St. Louis Park, Minn., opened last year and is 81% occupied. The three-year loan was originated a few weeks ago for a partnership that includes Mountain Capital of Santa Monica, Calif., and DLC Residential of Aventura, Fla. Dekel Capital of Los Angeles advised the group on the financing.A portion of the proceeds...



Financing Eyed for NY Redevelopment

Fri, 24 May 2019
A partnership is looking for $126 million of debt to redevelop a property near Manhattan’s Union Square as boutique office space.The team of Quality Capital and Caerus Group is taking quotes on a floating-rate loan that would run for five years. Newmark is pitching the assignment to lenders.The two New York firms plan to expand two connected buildings, at 827-831 Broadway and 47 East 12th Street, which occupy a single lot one block south of...



Morningstar Shifts Strategy on REITs

Fri, 24 May 2019
Morningstar is moving away from publishing unsolicited ratings of REIT bond issuers to focus on paid assignments.The agency last week pulled its ratings of three REITs, leaving in place 14 unsolicited grades and its first paid public assignment — a “BBB” rating on Americold Realty.Morningstar also provides private ratings to an unspecified number of REITs. Its rating of Atlanta-based Americold, which specializes in cold-storage...



Trimont Expanding Rapidly in Europe

Fri, 24 May 2019
Trimont Real Estate Advisors has added four asset-management staffers in London, as it continues building up its presence in Europe.Directors Chris Burrell, Michael Delaney and Miles Roper and associate director Martin Toal joined the Atlanta firm over the last month. They each spent the past 4-6 years at the London office of Situs, where Delaney was most recently a director, Burrell and Roper were vice presidents and Toal was an assistant vice...



The Grapevine

Fri, 24 May 2019
Executive director Michael Birajiclian has moved from UBS to Credit Suisse in New York. He’s a senior originator on the commercial real estate originations team led by Stefanos Arethas. Birajiclian worked on large-loan originations at UBS, where he started in mid-2017. He previously spent almost six years at Barclays, as a director and head of loan...



The Grapevine

Fri, 24 May 2019
Managing director Stephen Gargiulo left Cantor Fitzgerald on good terms last week, with plans to pursue another position in commercial real estate finance. Based in New York, he ran commercial MBS trading along with distribution of offerings backed by loans from Cantor’s lending affiliate, CCRE. Managing director Jared Menzel now runs CMBS trading as part of the structured-product desk led by Michael Collins and Carlos Garza. Menzel also...



The Grapevine

Fri, 24 May 2019
Fitch managing director Stephanie Petosa has left the rating agency to join Dechert as a client-development executive. The CMBS veteran started May 13 in the law firm’s New York office, working with commercial real estate firms under chief marketing officer Renee Miller-Mizia. Petosa spent the last 20 years at Fitch, also in New York, and has been overseeing operational-risk reviews of CMBS lenders since the crash. She worked at GE Capital...



The Grapevine

Fri, 24 May 2019
Gabriel Irizarry left Santander Bank this month to join the asset-management team at Hanover Street Capital, a unit of Houston-based Situs that supports Deutsche Bank’s commercial-mortgage group. He signed on as an assistant vice president in New York, reporting to director Paul Edwards. Irizarry was a vice president and portfolio manager focusing on risk-monitoring at Santander, which he joined two years ago after brief stints at M&T Bank...



The Grapevine

Fri, 24 May 2019
Seth Hall has joined Newmark as a director in New York. He came aboard about a week ago, after spending the past five years at Mesa West Capital, most recently as a vice president. Before that, he worked at Wells Fargo for several years. Hall reports to Jordan Roeschlaub and Dustin Stolly, co-heads of Newmark’s debt and structured-finance unit.



The Grapevine

Fri, 24 May 2019
The fifth annual “Laugh to Remember” benefit comedy show hosted by Broadacre Financial is set for Wednesday, June 5 at the Gotham Comedy Club in New York. Proceeds benefit research at Columbia University’s Taub Institute on Alzheimer’s, Parkinson’s and other neurodegenerative diseases. This year’s headliner is comedian and writer Tom Papa. The show draws heavy attendance each year from the commercial real...



The Grapevine

Fri, 24 May 2019
One William Street Capital has hired an analyst to work on commercial real estate investments, including CMBS. Philip Cieplak arrived this month from CWCapital Asset Management, where his responsibilities included analyzing B-piece investments. He previously was a structured-finance analyst at JLL. One William Street was managing about $3.5 billion of structured-product investments as of...



The Grapevine

Fri, 24 May 2019
Ares Management wants to hire a commercial-mortgage originator in Chicago. The recruit would report to Jamie Henderson, head of the Los Angeles firm’s real estate debt group, and originations chief J.B. Gerber. Candidates with 8-10 years of experience may email resumes to Christina Prasad at cprasad@aresmgmt.com.



Wells, BofA Backing Big Cambridge Project

Fri, 17 May 2019
DivcoWest has tapped Wells Fargo and Bank of America to lead a roughly $700 million financing package for the development of an office/lab complex in Cambridge, Mass.The banks plan to syndicate the floating-rate loan, which was near closing this week. Eastdil Secured is advising DivcoWest.The San Francisco investment shop will construct two buildings totaling about 800,000 square feet. They will be an early phase of the massive Cambridge Crossing...



CMBS, CLO Transactions Flood Into Market

Fri, 17 May 2019
Conduit spreads widened slightly this week as the commercial MBS and commercial real estate CLO markets saw their heaviest spate of issuance in almost a year.Dealers priced or marketed 11 deals totaling $7.7 billion. The breakdown was three conduit transactions totaling $3.1 billion, four single-borrower offerings totaling $2.1 billion and four CLOs totaling $2.5 billion (see Initial Pricings on Pages 8-14).The benchmark class of a $1 billion...



Goldman Nabs Loan on New SoHo Offices

Fri, 17 May 2019
Goldman Sachs has agreed to provide a Stellar Management partnership with $900 million of floating-rate debt on the recently redeveloped One SoHo Square office complex in Manhattan.Goldman plans to securitize the $730 million senior portion via a stand-alone offering (GSMS 2019-SOHO). The rest will be structured as mezzanine debt and placed with high-yield investors.Stellar, an investment firm led by Larry Gluck, and its partner, Imperium...



Jamestown Eyes Loan for Big SF Deal

Fri, 17 May 2019
Jamestown is seeking a roughly $500 million loan to finance its pending acquisition of Levi Strauss & Co.’s headquarters campus in downtown San Francisco.The investment manager this week was close to signing an agreement to buy the 930,000-square-foot Levi’s Plaza from a partnership that includes the family offices of two San Francisco real estate magnates: Gerson Bakar, who died in 2017, and Jim Joseph, who died in 2003. Eastdil...



Sabal Planning Debut Conduit Deal

Fri, 17 May 2019
Sabal Capital is shooting to launch its debut conduit offering in September.The Irvine, Calif., finance shop is focusing on loans of $2 million to $20 million, a relatively low range for the sector.The transaction will have some features that fall outside the typical characteristics of conduit deals. For one thing, it’s expected to range in size from $300 million to $400 million — well below the $915 million conduit average last year....



Mass. Office/Lab Loan Backs CMBS

Fri, 17 May 2019
J.P. Morgan is providing a $575 million mortgage to finance the recapitalization of an office/laboratory property in Cambridge, Mass., and is moving quickly to securitize the fixed-rate debt.The collateral for the 10-year loan is the leasehold interest in the 677,000-square-foot Osborn Triangle complex. The investment arm of Massachusetts Institute of Technology is selling a majority stake in the property to a partnership between Chicago-based...



Low Leverage Sought on NY Portfolio

Fri, 17 May 2019
A Trinity Real Estate partnership has begun shopping for a loan with extremely low leverage on a multi-billion-dollar Manhattan office portfolio.The partnership wants to borrow $450 million against the 4.8 million-square-foot portfolio, which encompasses 11 buildings in the Hudson Square neighborhood. The loan-to-value ratio is being described as just 11%, pegging the portfolio’s value at just over $4 billion.Trinity and its partners...



Debut Issuer Maps Hotel-Backed CLO

Fri, 17 May 2019
A new issuer is laying plans for the first CLO backed solely by hotel loans.Access Point Financial is working with underwriter KeyBank on the debut offering, which is tentatively on track to hit the market in the fourth quarter. The size is still undetermined.Access Point specializes in financing franchisees of major hotel brands and independent boutique hotels. The Atlanta lender has originated 650 loans totaling $3.5 billion since its formation...



Vornado in Market for SoHo Mortgage

Fri, 17 May 2019
The developer of a Manhattan office/retail building nearing completion is seeking a mortgage of up to $90 million.A partnership between Vornado Realty and Madison Capital is putting the finishing touches on the 35,000-square-foot building, at 606 Broadway on the northern edge of SoHo. It’s seeking a five-year loan with a floating rate, and is taking quotes at multiple proceeds levels, from $75 million to $90 million. Newmark is pitching the...



Dune Wants NY Medical-Office Loan

Fri, 17 May 2019
Dune Real Estate wants to line up $225 million of floating-rate debt on a repositioned medical-office building in Manhattan’s tony Plaza District.The New York firm recently completed the conversion of the 182,000-square-foot building, at 110 East 60th Street, into medical offices and is now leasing it up. Lenders have been told some 50,000 sf of leases have been signed so far, with another 25,000 sf in varying levels of discussion.Dune...



PCCP Financing Seattle Office Deal

Fri, 17 May 2019
PCCP has agreed to provide $100 million of debt to back the acquisition of a Seattle office property.The floating-rate loan would run seven years. It would finance DivcoWest’s purchase of the 220,000-square-foot West Lake Union Center from DWS Group for about $120 million. The financing package from PCCP, a Los Angeles fund operator, would be structured with some $15 million set aside to be funded down the line. CBRE is advising DWS on the...



Builder Pursues Lenders for NJ Condos

Fri, 17 May 2019
National Realty Investment is in the market for $46.3 million of floating-rate financing for the construction of a luxury condominium complex in Northern New Jersey.The proceeds would be used to develop four buildings with 55 units at 1300 Manhattan Avenue in Union City. Plans include eight penthouse units and a high-end amenity package designed to lure renters priced out of the “Gold Coast” cities of Hoboken and Jersey City.The...



The Grapevine

Fri, 17 May 2019
Commercial-mortgage veteran Keith Padien has joined Cushman & Wakefield as an executive managing director in San Francisco. He started this week, helping clients line up financing. He reports to executive managing director Robert Rubano. Padien previously spent five years at Eastdil Secured, where he worked with Rubano. Before that, he served four years at Cantor Fitzgerald, three at Credit Suisse and a couple of years at George Smith &...



The Grapevine

Fri, 17 May 2019
Former Wells Fargo originator Christina Langrall has moved to the borrower side, joining Lennar’s multi-family development arm, LMC, as a senior director of investments. She started last week in Charlotte, negotiating financing for projects nationwide under the supervision of managing director Will Chapman. Langrall spent 11 years at Wells, most recently as a vice president working on commercial MBS and balance-sheet lending in the...



The Grapevine

Fri, 17 May 2019
Ladder Capital’s former capital-markets and merchant-banking chief, Thomas Harney, plans to start an equity-side investment shop this fall that would have an energy-efficiency/sustainability focus. Harney retired in March after nine years at Ladder. He joined the finance shop just two years after it launched and remained on the senior management team throughout his tenure, reporting to founder and chief executive Brian Harris. Harney...



The Grapevine

Fri, 17 May 2019
Toorak Capital has added a CMBS pro to its staff. Aleksandra Simanovsky joined the Summit, N.J., investment manager within the last two weeks as a principal focusing on small-balance lending, business development and securitization. She came from Hanover Street Capital, the unit of Houston-based Situs that supports Deutsche Bank’s commercial-mortgage group. Simanovsky was a vice president on the team that worked on Deutsche’s CMBS...



The Grapevine

Fri, 17 May 2019
Mosaic Real Estate Investors hired an assistant vice president this week. Max Schafer focuses on underwriting and originating for the Los Angeles shop, which provides senior mortgages, subordinate debt and preferred equity. He reports to Alex Ovalle, who was hired in October and was recently promoted to managing director and head of originations. Schafer came from Cantor Fitzgerald, where he was a vice president. Mosaic is led by founders and...



The Grapevine

Fri, 17 May 2019
Lightstone Group added an associate in its New York headquarters two weeks ago. Jack Ford’s duties include assisting in originating senior and mezzanine debt and preferred equity for the firm’s recently launched high-yield debt platform, Lightstone Capital. He reports to senior vice president Eugene Rozovsky. Ford also works under Sanford Blumenthal on Lightstone’s investments in value-added and core-plus properties and...



The Grapevine

Fri, 17 May 2019
Apollo Global is looking to recruit a senior originations professional to its commercial real estate debt team in New York. Contact Katherine Jones at kjones@apollo.com.



The Grapevine

Fri, 17 May 2019
J.P. Morgan Asset Management is seeking an associate to join its real estate debt group in New York. The recruit would work on underwriting and valuing senior loans in the portfolio and handle general asset-management duties. Candidates with a minimum of three years of experience may contact Edita Cami at edita.cami@jpmchase.com.



Rising Margins Cushion Soft Loan Demand

Fri, 10 May 2019
Securitization programs continue to report disappointing loan demand, but rising profitability is providing a silver lining.Year-to-date commercial MBS issuance is down 14%, and the pipeline for the rest of the quarter indicates that activity will remain slow (see Pipeline on Page 19).While a cyclical downturn in refinancings was destined to constrain originations this year, conduit lenders said activity has been worse than expected. The year got...



Fannie Tightens Loan Spigot After Big Quarter

Fri, 10 May 2019
After a surge in purchases of multi-family loans, Fannie Mae is tapping the brakes.The agency has widened its all-in pricing for borrowers in order to tamp down mortgage applications. The effects vary loan by loan, but the upshot is that many apartment owners are seeing an increase of up to 40-50 bp over the spreads that prevailed a few weeks ago.Fannie purchased $16.9 billion of mortgages from its pre-approved lenders in the first quarter, up a...



Bank of Ireland Eyes Return to US Lending

Fri, 10 May 2019
Bank of Ireland is taking steps toward reviving its U.S. commercial-property finance business, which has lain dormant for the better part of a decade.The Irish bank has been talking to other lenders about taking part in Stateside deals in the coming months. It would have the capacity to participate in club deals or syndications to the tune of up to $40 million per transaction. It’s unclear whether it might also originate loans on its own in...



Barclays to Lead Silicon Valley Loan

Fri, 10 May 2019
Barclays has agreed to lead a $590 million fixed-rate debt package on two new buildings in Silicon Valley that are fully leased to Facebook.Deutsche Bank and Goldman Sachs will also fund portions of the 10-year financing.The three lenders are expected to securitize most or all of the debt via a stand-alone deal next month. Part of the proceeds could be structured as mezzanine debt.The two office buildings, totaling about 670,000 square feet, are...



Goldman to Fund Brooklyn High-Rise

Fri, 10 May 2019
Goldman Sachs will provide $222 million of debt for the construction of an apartment building on the Brooklyn campus of Long Island University.The borrower, RXR Realty, plans a 476-unit luxury high-rise on a university-owned parcel that is now used as athletic fields. Details of the financing couldn’t be learned, but it’s believed to be structured as a typical short-term, floating-rate construction loan. Goldman might bring in other...



Carr Seeks Loan on New Fannie HQ

Fri, 10 May 2019
Carr Properties is looking for $550 million of long-term debt on Fannie Mae’s new headquarters in Washington.The local firm developed the 867,000-square-foot Midtown Center on the site of the Washington Post’s former headquarters. Fannie signed a 15-year lease on some 750,000 sf last year and began moving in, consolidating offices from several other properties. WeWork recently announced it had signed a lease for 110,000 sf, bringing...



Floater Eyed for Midtown Office Condo

Fri, 10 May 2019
A MetLife partnership wants to line up a mortgage of about $330 million on a Midtown Manhattan office condominium.The insurer and its partner, Beacon Capital, are shopping for a floating-rate loan to run five years. It would be backed by the 506,000 square feet of office space at 575 Fifth Avenue, a few blocks northwest of Grand Central Terminal.Some portion of the debt would be reserved as future funding for the costs of improvements and leasing...



Key CMBS Spread Hits 8-Month Low

Fri, 10 May 2019
The benchmark conduit spread fell to its lowest level in almost eight months this week, reflecting pent-up demand after thin recent issuance.Bookrunners Goldman Sachs and Citigroup yesterday placed the long-term, super-senior class of an $802.5 million offering (GSMS 2019-GC39) at a spread of 80 bp over swaps. That was in line with the dealers’ price guidance of 80-82 bp and down from the 86-bp level of the two previous conduit transactions...



Clarion Funds Mezz for Blackstone

Fri, 10 May 2019
Clarion Partners has originated a $105 million mezzanine loan for Blackstone on an industrial portfolio scattered across seven markets.The loan is part of a $910 million floating-rate financing package that Barclays arranged for the fund giant last month. Barclays is syndicating the senior $700 million portion. The remaining $210 million was structured as two tranches of mezzanine debt. Barclays placed the junior tranche with New York-based...



MetLife Backs Va. Apartment Buyer

Fri, 10 May 2019
MetLife has originated a $127 million mortgage for the buyer of a Northern Virginia apartment complex next to a planned Amazon campus.The fixed-rate loan, with a term of five years, is backed by the 534-unit Meridian at Pentagon City, in Arlington. The borrower is a joint venture between Polinger Co. of Chevy Chase, Md., and an unidentified institutional investor. HFF advised the partnership on the financing, which closed last week in conjunction...



Suit Takes Aim at 2 Barclays Deals

Fri, 10 May 2019
A fired bond trader is alleging that Barclays misled bondholders about a $415 million securitization that it led last year.Former director Brian La Belle contends he was pressured by senior members of Barclays’ commercial MBS team, including group head Larry Kravetz and lieutenants Steven Caldwell and Eric Wu, to understate the capital improvements needed at the collateral properties, a portfolio of Courtyard by Marriott hotels owned by...



Fourth Vet-Owned Firm Targets CMBS

Fri, 10 May 2019
The field of broker-dealers that help distribute commercial MBS offerings is getting more crowded with firms that put a big emphasis on hiring U.S. military veterans.After its first outing this week as co-manager on a CMBS deal, AmeriVet Securities intends to seek out such assignments regularly. The New York firm is one of two co-managers on an $802.5 million conduit offering, led by Goldman Sachs and Citigroup (GSMS 2019-GC39), which priced...



Kroll Examines Hudson Yards Impact

Fri, 10 May 2019
A Kroll analysis concludes that the opening of the massive Hudson Yards development won’t have a big immediate impact on Midtown Manhattan office properties backing commercial MBS loans.The rating agency found that leases on the majority of the space in those buildings have more than four years remaining on their terms, making it unlikely that tenants would jump to the new properties on Manhattan’s West Side. The findings are to be...



Berkadia Refinances Fla. Apartments

Fri, 10 May 2019
Berkadia has originated a $79.5 million Freddie Mac mortgage on a Florida apartment complex.The 540-unit property, in Palm Beach Gardens, is owned by Advenir of Aventura, Fla.The fixed-rate loan runs seven years, with no amortization for three years.Advenir used the proceeds to retire an $80 million floating-rate Freddie loan that Berkadia originated in February 2018, when the company acquired the complex for $97.3 million from a partnership that...



Prime Circles Another B-Piece

Fri, 10 May 2019
Prime Finance has agreed to buy the nontradable B-piece from an upcoming conduit deal led by Credit Suisse.CIBC, Ladder Capital, Societe Generale and Starwood Mortgage will also supply collateral to the offering (CSAIL 2019-C16). The transaction will use the horizontal-strip option to comply with risk-retention rules. Prime will take down the horizontal strip, at the bottom of the capital stack, which it is restricted from trading during the life...



Apollo Inks DC Apartment Mortgage

Fri, 10 May 2019
Apollo Global has written a $65 million fixed-rate mortgage for the developer of a luxury apartment property in Washington.Local firm Roadside Development completed the 142-unit property in late 2017 and has finished the initial lease-up, bringing occupancy to 99%. The nine-story building, at 880 P Street NW in the Shaw submarket, is part of a larger, mixed-use development called City Center at O.New York-based Apollo originated the 15-year loan...



Approved Primary, Master and Special Servicers

Fri, 10 May 2019
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, 10 May 2019
Managing director Brian Liloia left Goldman Sachs last week after more than a decade at the investment bank. Liloia had been capital-markets chief for its real estate finance team. His plans couldn’t be learned. Before joining Goldman, Liloia had a stint at Credit Suisse in the early 2000s. He was a commercial MBS analyst at Moody’s before...



The Grapevine

Fri, 10 May 2019
Longtime originator Michael Girimonti joined Bancorp Bank last month as a managing director. He reports to real estate lending chief Ron Wechsler. Girimonti was most recently at Natixis, where he spent about a year. Before that, he worked at Chicago-based Pearlmark Real Estate for about six years and J.P. Morgan Asset Management for a similar stretch. Bancorp focuses on floating-rate bridge loans and issues commercial real estate...



The Grapevine

Fri, 10 May 2019
MetLife is seeking a lending veteran to lead the debt team at its Washington regional office. Candidates for the vice president position should have at least 10 years of experience, including strong relationships in the coverage area, which includes Maryland, Virginia and Pittsburgh. The recruit would report to managing director Jeanine Lester. Resumes can be sent to Kathy Ginder at kginder@metlife.com.CORRECTION (5/10/19): This article has been...



The Grapevine

Fri, 10 May 2019
Largo Capital has hired a seasoned originator to open its fourth Florida office. As a vice president in Miami, Federico “Fico” Calaf writes and structures various types of commercial real estate debt for insurers, banks and other institutional lenders — including CMBS, agency and portfolio loans. He joined the Getzville, N.Y., firm April 23 from Greystone of New York, where he signed on last June as a relationship manager in...



The Grapevine

Fri, 10 May 2019
DBRS wants to add two assistant vice presidents to its CMBS group in Chicago. They would report to managing director Kevin Mammoser, who oversees a team of about two dozen staffers rating new issues. The openings require 5-7 years of experience. Send resumes to dbrsrecruiting@dbrs.com.



The Grapevine

Fri, 10 May 2019
Nuveen Real Estate has several openings for commercial-mortgage pros. The investment unit of TIAA wants to hire a managing director in New York to help oversee originations. It’s also seeking a director of originations, based in New York, and a director to focus on loan closings, who could work in New York, Chicago, San Francisco or Newport Beach, Calif. In addition, Nuveen would like to add an associate on its originations team in New...



The Grapevine

Fri, 10 May 2019
LoanCore Capital is looking to hire two associates at its Greenwich, Conn., headquarters. One would work on originations and the other on asset management. Candidates should have at least 1-3 years of experience. The contact is Megan O’Neill at moneill@loancore.com.



The Grapevine

Fri, 10 May 2019
Rialto Mortgage Finance has an opening in Los Angeles for an analyst or associate on its CMBS underwriting team. Candidates need to have 1-5 years of commercial real estate experience. Submit resumes to Robert Fanto at robert.fanto@rialtomortgage.com.



Dell Eyes Goldman Loan for Boca Raton Deal

Fri, 03 May 2019
Goldman Sachs has the inside track to write a roughly $600 million floating-rate loan on a sprawling Florida resort that billionaire Michael Dell is acquiring from Blackstone.Dell’s MSD Partners has agreed to pay about $875 million for the 1,047-room Boca Raton Resort & Club, in Boca Raton.The loan is likely to have a seven-year term. The loan-to-value ratio would be 69%. A portion of the financing could be structured as mezzanine debt. JLL...



Bank Loan Portfolios Grew Just 4% in 2018

Fri, 03 May 2019
The commercial real estate portfolios of top U.S. banks increased just 3.8% last year, as growth continued to slow from the double-digit rate seen at mid-decade.The 100 banks with the largest commercial real estate holdings had $1.27 trillion of those investments on their books at yearend, up from the $1.22 trillion they held a year earlier, according to regulatory data compiled by Trepp Bank Navigator. Last year’s growth in those...



Blackstone Seeks Debt for Seattle Office Deal

Fri, 03 May 2019
Blackstone is shopping for up to $800 million of debt to finance its pending acquisition of two large office properties in downtown Seattle.The fund shop has agreed to purchase the 985,000-square-foot Wells Fargo Center and the 944,000-sf U.S. Bank Centre from Ivanhoe Cambridge for about $1.3 billion — one of the biggest property trades in Seattle’s history.Blackstone is requesting quotes on separate floating-rate mortgages at two...



Blackstone Taps 3 for BioMed Refi

Fri, 03 May 2019
Deutsche Bank, Goldman Sachs and Citigroup have agreed to provide Blackstone with an $808 million floating-rate debt package to refinance two office/laboratory properties and a garage in the Boston area.The trio plans to securitize the senior portion, tentatively sized at $628 million, in a stand-alone offering that’s expected to hit the market this month (KNDL 2019-KNSQ). The rest will be structured as mezzanine debt and placed with...



Tishman Shopping for DC Office Loan

Fri, 03 May 2019
Tishman Speyer is seeking nearly $150 million of debt on a Washington office property it redeveloped and has largely leased up.The New York firm put the 233,000-square-foot building, at 2000 K Street NW, on the block a few months ago, but subsequently decided to refinance instead. Tishman is asking for quotes on a floating-rate package with a five-year term. Eastdil Secured is showing the assignment to lenders.The package would include a...



Barclays Recruits 3 CMBS Traders

Fri, 03 May 2019
Barclays has hired three senior traders for its commercial MBS desk in New York.Vikram Rao started on Monday, after five years as a buy-side trader at Brevan Howard.David Cook and Andrew Flick, who spent the past four years as co-heads of CMBS trading at Sandler O’Neill & Partners, will start late this month.The three positions report to managing director Will Zak, who oversees trading of nonagency securitized products.At Brevan Howard, Rao...



German Bank Takes Slice of NY Loan

Fri, 03 May 2019
Bayerische Landesbank has bought a roughly $65 million portion of a $225 million mortgage that another German bank originated last year on a high-end apartment building in Manhattan.The 178-unit property, at 530 West 30th Street in the Hudson Yards district, was completed two years ago by a joint venture between Related Cos. and Abington Properties, both of New York.Landesbank Baden-Wurttemberg wrote the 10-year mortgage with a floating rate, and...



CBRE: Banks' Share of Loans Rises

Fri, 03 May 2019
Banks captured a larger share of the commercial-lending market in the first quarter than the same period a year ago, according to CBRE.That was among the findings in the brokerage’s latest analysis of origination trends, to be released in the coming days. The survey tracks mortgages originated or brokered by CBRE. In the first three months of the year, banks took down 39% of that pool, up significantly from 25% in the first quarter of...



TD Joins Harlem Loan Led by ING

Fri, 03 May 2019
TD Bank joined lead lender ING Real Estate Finance this week on a $295 million financing package for a Manhattan shopping center.The roughly 500,000-square-foot East River Plaza, in East Harlem, is owned by a joint venture between Brookfield Asset Management of Toronto and Blumenfeld Development of Syosset, N.Y.ING was selected to arrange the five-year debt package, as previously reported, and later brought in TD. The final version encompasses a...



MetLife Backs Colorado Apartments

Fri, 03 May 2019
MetLife Investment Management this week originated a $55 million fixed-rate loan on an apartment complex near Denver.The 285-unit Solana Lucent Station, in Highlands Ranch, Colo., was developed in late 2017 by ReyLenn Properties of Solana Beach, Calif.MetLife originated the 10-year loan for an unidentified advisory client.Units at the 16-building complex have 1-3 bedrooms. The amenities include a saltwater pool, a fitness center, yoga and spin...



Berkadia Inks Fannie Loans in NJ, Fla.

Fri, 03 May 2019
Berkadia has originated a combined $125.7 million of Fannie Mae debt on two apartment properties, in New Jersey and Florida.The two mortgages were closed this week for the owner of both complexes, Brunetti Organization of Old Bridge, N.J. The fixed-rate loans have 30-year terms and fully amortize over that time. The leverage on each is in the range of 50%.The larger of the loans, for $95.3 million, is backed by the 1,188-unit Richfield Village in...



Distress Rates Fluctuate at Low Levels

Fri, 03 May 2019
Two key measures of credit quality for commercial MBS loans reversed course last month — in opposite directions.The percentage of past-due loans backing CMBS deals rated by Fitch dropped by 5 bp to 2.03% in April. That retraced some of the 8-bp uptick that was seen in March, which was the first increase since October.Also last month, the special-servicing rate for all outstanding CMBS debt rose for the first time since July. It now stands...



Loans Post Solid 1st-Quarter Returns

Fri, 03 May 2019
Commercial real estate loans produced a 2.74% return in the first quarter, their best three-month performance in three years, according to the Giliberto-Levy Commercial Mortgage Performance Index.Declining Treasury yields were the primary driver, boosting the value of loans in the index by 1.65%, while interest income added 1.09%. The total return was up from 2.24% in last year’s fourth quarter.Those two strong quarters marked a sharp...



The Grapevine

Fri, 03 May 2019
Head commercial MBS trader Philip Yenikomshian left Guggenheim last month to take on the same role at Societe Generale. Yenikomshian starts May 20 as a director in the French bank’s New York office, where he’ll focus primarily on trading CMBS in the secondary market. He’ll report to structured-product trading chief Alexandre Trenaux. Before joining Guggenheim’s broker-dealer unit in 2015, Yenikomshian spent almost seven...



The Grapevine

Fri, 03 May 2019
Veteran originator Smith Daley joined CIM Group this week as a first vice president to help expand the Los Angeles shop’s lending platform. Daley previously ran West Coast loan production for Citigroup, where he had two stints, pre- and post-crash, totaling about a decade. In between, he originated loans for a Middle Eastern sovereign wealth fund. CIM provides various forms of high-yield debt, including bridge and mezzanine...



The Grapevine

Fri, 03 May 2019
KeyBank Real Estate Capital has hired three experienced multi-family originators. Anthony Nargi and Patrick Walker started last week. Nargi, a senior vice president and regional production manager in Denver, came from Freddie Mac, where he was a senior director of production and sales. He leads a team of originators in the Rocky Mountain and Southwest regions, reporting to head of multi-family production Janette O’Brien. Walker, a senior...



The Grapevine

Fri, 03 May 2019
Capital One last month hired two senior vice presidents in its multi-family finance group. Maureen Fitzgerald, most recently a managing director in Wells Fargo’s servicing business, now heads servicing for the CapOne unit. She’s based in McLean, Va., reporting to the group’s head, Jeff Lee. Jonathan Hackerman, previously with Santander Bank, joined in New York, working under multi-family market manager Todd...



The Grapevine

Fri, 03 May 2019
After 14 years at Paul Hastings, commercial real estate attorney Jeff Diener has joined DLA Piper in San Francisco. He started Wednesday as a partner in the law firm’s roughly 200-member U.S. real estate practice, which is led by partner John Sullivan. Diener’s specialties include commercial-property acquisitions, sales, financings and workouts. He was most recently a San Francisco-based partner at Paul Hastings, but previously worked...



The Grapevine

Fri, 03 May 2019
BankUnited was among the lenders that provided the $900 million loan on the 1.8 million-square-foot office tower at Four Times Square in Manhattan. As previously reported, a syndicate led by J.P. Morgan and Wells Fargo originated the debt on the leasehold interest a couple of weeks ago. Also in the mix were Bank of America, BNY Mellon, City National Bank, Landesbank Baden-Wurttemberg and PNC. The borrower, Durst Organization, used the loan to...



The Grapevine

Fri, 03 May 2019
Newmark’s debt and structured-finance unit has added two staffers in New York. Brett Wilburn started a couple of weeks ago as an associate director. He moved over from Bank of America, where he’d worked for nearly five years. Ryan Flannery joined the brokerage as an analyst this week, after two and a half years at Avison Young. Both report to Jordan Roeschlaub and Dustin Stolly, co-heads of the...



Loan Sought for Big Revamp of LA Complex

Fri, 26 Apr 2019
A Northwood Investors partnership wants to borrow up to $450 million to refinance and reposition a Los Angeles office complex.New York-based Northwood and its partner, McCarthy Cook of Costa Mesa, Calif., are seeking a floating-rate loan on the 383,000-square-foot property, at 11355-11377 West Olympic Boulevard in West Los Angeles. The preferred term is five years, including extension options. CBRE is pitching the assignment.Quotes are being...



JP Morgan, Wells Line Up Syndicate for Durst

Fri, 26 Apr 2019
J.P. Morgan and Wells Fargo have pulled together a group of banks to provide a $900 million loan to Durst Organization on its leasehold interest in the Midtown Manhattan office tower known as Four Times Square.The floating-rate loan on the 1.8 million-square-foot property was funded last week by a lineup that also included Bank of America, BNY Mellon, City National Bank, Landesbank Baden-Wurttemberg and PNC. A couple of additional lenders may buy...



Developer Seeking Loan for Denver Project

Fri, 26 Apr 2019
Tessler Developments is looking for as much as $250 million of floating-rate debt to finance the construction of a large multi-family/hotel complex in Denver.The New York investment firm is taking quotes for a loan with a five-year term. A portion of the financing could ultimately be structured as mezzanine debt or preferred equity. Carlton Group is advising Tessler on the financing.The proceeds would be used to construct 411 residential...



Two CMBS Offerings Hit Market

Fri, 26 Apr 2019
Commercial MBS dealers rolled out a $938 million conduit offering this week and priced a $310.5 million single-borrower issue.Price talk for the conduit offering (WFCM 2019-C50) wasn’t released, but the early “whisper” talk from bookrunners Wells Fargo, UBS and Barclays indicated that the benchmark class could be shopped at a spread of 87-bp area over swaps.That would be in line with the 86-bp spread achieved on the long-term,...



Deutsche Shifts Single-Borrower Tack

Fri, 26 Apr 2019
Deutsche Bank’s share of the market for single-borrower securitizations has fallen, as the lender has evidently become more selective in scouting out business.From 2016 through mid-2018, the bank supplied 14.8% of the aggregate collateral balance for single-borrower deals, ranking third among all loan contributors, according to Commercial Mortgage Alert’s CMBS Database. But its share over the past three quarters slipped to 6.3%,...



TPG to Back Buyer of NY Offices

Fri, 26 Apr 2019
TPG Real Estate Finance is in line to provide a roughly $140 million bridge loan to the buyer of the leasehold interest in a new office building at 300 Lafayette Street in Manhattan.Details are still being negotiated, and the financing hasn’t been finalized, but it’s expected to be a five-year package with a floating rate. It’s unclear whether TPG would retain the entire loan or bring in another lender to take a portion.A...



Fried Frank Taps Senior Natixis Exec

Fri, 26 Apr 2019
Veteran lender Andrew Levine has left Natixis to join law firm Fried Frank, which continues to expand its roster of commercial real estate finance attorneys.Levine started April 15 as senior counsel in New York, joining the real estate department led by partner Jonathan Mechanic.At Natixis, Levine was a managing director. He joined the French bank’s New York office 15 years ago as head of transaction management for commercial MBS and...



Data-Sharing Service Goes Live

Fri, 26 Apr 2019
A startup this week launched a centralized platform that enables real estate players to share due-diligence information for debt and equity transactions.New York-based Prokore hopes to line up at least 900 subscribers by this time next year, said founder John Sherman. The annual subscription price is $1,000 per person.Prokore tested the internet-based service with 178 pros, including brokers, lenders, property buyers, debt investors and...



Loan Sought for New NY Outlet Center

Fri, 26 Apr 2019
The developer of a new retail center in Staten Island, N.Y., is shopping for a $185 million mortgage.The loan would be backed by the leasehold interest in Empire Outlets, which encompasses 328,000 square feet of retail space and a 500,000-sf garage, adjacent to a ferry terminal with service to Lower Manhattan. The owner, a joint venture between Brooklyn-based BFC Partners and Goldman Sachs’ Urban Investment Group, is looking for a...



CMBS Defaults Hit Post-Crash Low

Fri, 26 Apr 2019
Thanks to the dwindling pool of legacy deals, conduit-loan defaults hit a post-crash low last year.Only $1.8 billion of conduit mortgages in commercial MBS deals rated by Fitch defaulted in 2018, equal to a skimpy 0.2% of the outstanding aggregate balance, according to an annual report that the rating agency plans to release on Monday.The annual default rate peaked at 4.9% in 2010, when $26.4 billion of conduit loans went bad. It subsequently...



Financing Eyed for Fla. Condo Project

Fri, 26 Apr 2019
National Realty Investment Advisors is in the market for $70 million of floating-rate debt to redevelop a Florida beachfront hotel as upscale residences.The Secaucus, N.J., company plans to convert the now-shuttered hotel, in Delray Beach, into 19 condominiums and build six luxury townhouses on an adjacent parcel. Cushman & Wakefield is showing the assignment to lenders. The preference is for a five-year term, including extensions.National Realty...



Austin Project Backed by 3650 REIT

Fri, 26 Apr 2019
The high-yield lending arm of 3650 REIT has originated an $87.9 million loan for a residential-condominium project in downtown Austin.The 249-unit property, at 48 East Avenue in the Rainey Street Historic District, has a projected cost of $120 million. The developer of the 30-story building is a joint venture between Pearlstone Partners of Austin and Newgard Development of Miami.The fixed-rate loan, which closed late last month, has a three-year...



The Grapevine

Fri, 26 Apr 2019
Paul Doyle has left HSBC to become head of PNC’s originations operation in New England. Doyle was a senior vice president at HSBC in Boston, where he’d worked for nearly a decade. He has a similar title at PNC, where he started about two weeks ago as market manager for lending activity in the region. Before joining HSBC, Doyle worked at Anglo Irish Bank for more than five...



The Grapevine

Fri, 26 Apr 2019
After two years at Related Cos., William Dionisio has moved to Pimco. He started this month as a portfolio manager in New York, reporting to executive vice president Jeffrey Thompson and senior vice president Ravi Anand, who head the fund giant’s expanding commercial-mortgage business. The Newport Beach, Calif., firm held a first close last year on a $1.5 billion fund that writes floating-rate bridge loans on transitional properties. At...



The Grapevine

Fri, 26 Apr 2019
Two originators jumped from Sabal Financial to Greystone’s Houston outpost three weeks ago. Edward Gray joined as a managing director. He had been at Sabal for nearly three years. Before joining the Newport Beach, Calif., firm, he worked for New York advisory shop Spring11. Brooks Steele is a director. He was an associate at Sabal and before that at J.P. Morgan. Both will focus on small-balance agency loans nationally for New York-based...



The Grapevine

Fri, 26 Apr 2019
High-yield debt-fund operator Thorofare Capital has hired Denis Barreto as a director of credit. He’s based in the firm’s Los Angeles headquarters, reporting to chief investment officer Brendan Miller and managing director Eddie Prosser. Barreto came from online marketplace RealtyShares, where he was briefly a director of equity investments in San Francisco before the firm stopped accepting new investors late last year. Before that,...



The Grapevine

Fri, 26 Apr 2019
CBRE this week hired Ben Benditson as a vice president in Los Angeles. He works on lining up debt on properties for the broker’s middle-market and institutional clients. He reports to executive managing director Jeff Majewski. Benditson previously worked at UBS and Citigroup. He also was a professional soccer player whose career included a couple of seasons with the Los Angeles...



The Grapevine

Fri, 26 Apr 2019
Former Barclays staffer Lucie Fisher has rejoined the bank as part of a risk-management team that monitors and approves its CMBS loan positions. That unit also focuses on commercial real estate credit risk tied to balance-sheet mortgages and warehouse facilities. Fisher started April 1 as a director in New York, reporting to managing director Milo Carver. Fisher most recently was a director in SunTrust’s real estate banking group, where she...



The Grapevine

Fri, 26 Apr 2019
MetLife’s investment-management division wants to add an associate director to its real estate research team. The recruit would work at the insurer’s Whippany, N.J., headquarters. Duties include helping develop investment strategies, communicating with clients, leading projects and guiding junior staffers. Contact Yvonne Dixon at yvonne.dixon@metlife.com.



The Grapevine

Fri, 26 Apr 2019
Starwood Capital is looking for an associate to join its capital-markets team in New York. The recruit would work on lining up senior and mezzanine financing for assets being acquired by Starwood’s real estate private equity business. Candidates with 2-4 years of experience may contact Nikki Rouleau at nrouleau@starwood.com.



Citi Leads Big Showroom Loan to Blackstone

Fri, 12 Apr 2019
Citigroup this week led a $1.1 billion refinancing of showroom properties operated by Blackstone portfolio company International Market Centers.Citi funded just over half of the floating-rate loan. The rest of the proceeds were supplied by Deutsche Bank, J.P. Morgan and Wells Fargo. The lending syndicate plans to securitize the mortgage late this month in a stand-alone offering.International Market Centers used most of the proceeds to retire a...



Kroll: Loss Rate on Legacy Deals to Reach 10%

Fri, 12 Apr 2019
Kroll is projecting that the total loss rate on conduit transactions floated in the run-up to the market crash will slightly exceed 10%.Loans collateralizing conduit deals from 2005 to 2008 have already incurred $43.6 billion of writeoffs, according to the rating agency, which foresees another $7 billion of losses by the time the deals are fully liquidated. That projected $50.6 billion total loss would equal 10.2% of the transactions’...



Floater Sought on Fifth Avenue Retail Space

Fri, 12 Apr 2019
A Wharton Properties partnership is in the market for a $900 million loan to refinance the retail portion of the Crown Building in Midtown Manhattan.The collateral is a 92,000-square-foot condominium encompassing the lower floors of the building, at 730 Fifth Avenue. New York-based Wharton and its partner, Brookfield Properties, are seeking a floating-rate mortgage to run for three years, with a couple of one-year extensions. They’ve tapped...



Loan Eyed for Cambridge Office/Labs

Fri, 12 Apr 2019
A joint venture is seeking up to $675 million of debt to finance the recapitalization of an office/laboratory property in Cambridge, Mass.A partnership between Harrison Street Real Estate Capital and Bulfinch Cos. has struck a preliminary agreement to buy a majority of the leasehold interest in the 677,000-square-foot complex, known as Osborn Triangle. The seller, the investment arm of Massachusetts Institute of Technology, would retain a stake...



Oaktree Backing Boston Repositioning

Fri, 12 Apr 2019
Oaktree Capital last week originated a $252 million bridge loan that will finance the conversion of the Boston Globe’s former headquarters into a mixed-use complex.The 724,000-square-foot property was acquired in 2017 by a joint venture between Boston private equity shop Alcion and Nordblom, a developer in Burlington, Mass. The duo plans to reposition it into “creative” offices and light-manufacturing space geared toward...



Madison Raises $1.1 Billion for Fund

Fri, 12 Apr 2019
Madison Realty Capital held a final close for its fourth and largest real estate debt fund last week, surpassing the $1 billion goal by $136 million.The vehicle, Madison Realty Capital Debt Fund 4, is shooting for a 16% return by originating senior and mezzanine loans, investing in preferred equity and acquiring and restructuring distressed debt. The geographic scope is nationwide, with a focus on the Boston-to-Washington corridor —...



Texas Office Buyer Taps Apollo

Fri, 12 Apr 2019
Apollo Global last week arranged a $120 million fixed-rate mortgage for the buyer of a new office complex in suburban Houston.Northridge Capital acquired the 378,000-square-foot HP Plaza for $172.5 million from its develope