Article List

Paramount Seeks $1.3 Billion NY Office Loan

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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

Mon, 19 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 developer, a partnership among Patrinely Group of Houston, USAA Real Estate of San Antonio and CDC Houston, an affiliate of New York-based Coventry Development.New York-based Apollo originated the five-year loan on behalf of Bermuda...



Loan Sought for NY Office Project

Fri, 12 Apr 2019
Real Estate Equities is seeking up to $74 million of debt to construct a boutique office building in the NoHo section of Manhattan.The site, at the northeast corner of Third Avenue and St. Marks Place, now has three vacant low-rise buildings, formerly rented mainly to shops.Real Estate Equities plans to tear them down and construct a 10-story building encompassing 66,000 square feet, including street-level retail space. There would also be...



Cantor Kicks Off New Conduit Series

Fri, 12 Apr 2019
Commercial MBS dealers started the marketing campaign this week for the first conduit offering via a Cantor Fitzgerald shelf in almost two years.The $758 million transaction (CF 2019-CF1) is expected to price next week. It’s backed by loans from Cantor affiliate CCRE, Starwood Mortgage, KeyBank and CIBC. Cantor, Deutsche Bank and Key are running the books.From January 2016 through May 2017, CCRE primarily floated conduit paper via...



REIT-Bond Issuance Jumps to Near-Record Level in First Quarter

Fri, 12 Apr 2019
Corporate-bond issuance by U.S. REITs rebounded in the first quarter after a sharp slowdown last year.Eighteen REITs floated $10.6 billion of senior unsecured bonds during the first three months of this year, according to Commercial Mortgage Alert’s REIT-Bond Database. That was more than double the $4.8 billion seen during the fourth quarter of 2018 amid widespread financial-market turmoil.The only busier first quarter was in 2017 —...



Builder Seeks Debt on NY-Area Rentals

Fri, 12 Apr 2019
A developer is looking for a $75 million mortgage on a suburban apartment project in New York’s Westchester County.Strategic Real Estate completed the 213-unit Hudson Park River Club, in Yonkers, N.Y., around yearend and is leasing it up. It’s asking lenders for fixed- or floating-rate quotes on debt that would run 5-10 years. Newmark is advising Strategic, a U.S. investment arm of China State Construction Engineering.The upscale...



Goedecke Adds 2 Pros in Connecticut

Fri, 12 Apr 2019
A veteran HFF debt broker has joined Goedecke & Co. as part of that firm’s expansion of its real estate finance team in Westport, Conn.After 25 years at HFF and one of its predecessor firms, Jay Marshall moved to Boston-based Goedecke as an executive vice president in late February. Two weeks ago, Katie Lombardo arrived from Angelo, Gordon & Co. as a senior associate. They focus on arranging debt and equity financing on commercial...



Acore Funds Rehab of Fla. Apartments

Fri, 12 Apr 2019
Acore Capital has originated a $47.5 million floating-rate loan on a Florida apartment complex near Walt Disney World that’s being redeveloped just four years after it was completed.The debt is backed by a 306-unit property in Celebration that CGI Strategies of Woodland Hills, Calif., acquired vacant two months ago for $43 million. The loan, with a two-year term and two single-year extension options, closed about two weeks ago. Dekel...



Capital One Boosts Multi-Family Staff

Fri, 12 Apr 2019
Capital One has added four pros to its multi-family finance unit in recent weeks, amid continuing strong demand for loans in that sector.The bank this week hired Fannie Mae veteran Phyllis Klein as head of production, a new position. Klein most recently was vice president of multi-family customer engagement in the Multifamily Mortgage Business division at Fannie, where she’d worked for more than 18 years. She is based in Los Angeles and...



Prime Snags B-Piece of "GC' Deal

Fri, 12 Apr 2019
Prime Finance has circled the B-piece of an upcoming conduit deal.Goldman Sachs and Citigroup are expected to bring the $930 million offering (GSMS 2019-GC39) to market this quarter.The transaction’s risk-retention structure is evidently still being determined.Prime, a New York high-yield shop, bought the B-pieces of three conduit deals totaling $2.4 billion last year. That earned it a 6% market share and a seventh-place ranking in...



The Grapevine

Fri, 12 Apr 2019
Brett Ulrich has joined PGIM Real Estate as a principal in New York. Ulrich arrived at Prudential’s investment-manage arm a couple of weeks ago from MetLife, where he worked for nearly 15 years, ultimately as a director and team leader in Washington. Before that he spent time at PricewaterhouseCoopers. At PGIM, he originates mortgages via various business lines on properties across the U.S., with an emphasis on New England and the New York...



The Grapevine

Fri, 12 Apr 2019
Ares Management has hired lending pro Michael Shin as a principal in San Francisco. He started this week, originating senior mortgages, subordinate debt and preferred equity on properties in the Western U.S. He reports to J.B. Gerber, head of originations for Los Angeles-based Ares. Shin was previously a director at GTIS Debt Capital, a joint venture of GTIS Partners and GoldenTree Asset Management, both of New York. Before that, he was a senior...



The Grapevine

Fri, 12 Apr 2019
BankUnited has added an originations pro in New York. Carly Berfas started about a week ago as a senior vice president, tasked with originating commercial mortgages and managing a loan portfolio. She moved over from M&T Bank, where she was a vice president and team leader. Before joining M&T in 2013, Berfas had stints at Wells Fargo and Eurohypo. In September, BankUnited hired Capital One alumnus Benjamin Stacks as manager of its...



The Grapevine

Fri, 12 Apr 2019
Kevin Kavanaugh started at U.S. Bank in Boston this month as a senior vice president and relationship manager. He previously was a vice president with similar duties at HSBC, where he spent the past five years. Before that, he worked on a team at Admirals Bank that, among other things, bought and sold performing loans on commercial properties. His background also includes stints in the New York outposts of WestImmo and Anglo Irish...



The Grapevine

Fri, 12 Apr 2019
Tara Guilfoyle joined Maxim Capital’s New York headquarters last month as a director of investor relations. She previously worked at Castellan Real Estate, also of New York. Maxim, which originates short-term loans nationwide, is led by founders and managing principals Adam Glick and Brian Steiner.



The Grapevine

Fri, 12 Apr 2019
Brookfield Asset Management has added an associate to its mezzanine-debt team. Zachary Levine started this week in New York, reporting to managing director Nailah Flake-Brown. Levine previously was an associate at Morgan Stanley, where he worked for nearly three years.



The Grapevine

Fri, 12 Apr 2019
Marty Rauch joined Limekiln Real Estate last week as a senior associate. The New York advisory shop partners with Boston investment manager Berkshire Group to run MF1, a recently formed mortgage REIT that focuses on multi-family and senior-living properties. Rauch’s duties include credit analysis of special situations, such as debt that needs restructuring or collateral properties that have to be repositioned. Rauch formerly worked at...



The Grapevine

Fri, 12 Apr 2019
Fortress Investment wants to hire several analysts in Dallas. The recruits would assist with asset management on a diverse portfolio of real estate equity and debt investments held by the New York fund manager. Candidates should have at least two years of experience and a degree in accounting, finance or real estate. Contact Christen Zellinger at czellinger@fortress.com.



No Rebound Soon for Sagging CMBS Volume

Fri, 05 Apr 2019
December’s market turmoil took a toll on commercial MBS issuance in the first quarter, and there’s no sign of a rebound in the near term.Meanwhile, Citigroup jumped out to early leads in the two highest-profile CMBS league tables — for bookrunners and loan contributors to deals (see rankings on Pages 12-24).U.S. CMBS volume from January to March plummeted 15%, to $16.5 billion from $19.4 billion a year earlier. Market pros...



Colony Seeking $1.6 Billion Healthcare Loan

Fri, 05 Apr 2019
Colony Capital is trying to line up roughly $1.6 billion of debt from commercial MBS lenders to refinance a healthcare portfolio.The Los Angeles investment manager is open to a fixed- or floating-rate debt package, likely with a term of 5-7 years. The debt is expected to be divided into senior and mezzanine components. Eastdil Secured is shopping the financing assignment.Colony predecessor NorthStar Realty Finance assumed the properties in 2014...



Boston Tower Developer Shopping for Loan

Fri, 05 Apr 2019
The joint venture developing a new Boston headquarters for State Street is in the market for $570 million of debt.National Real Estate Advisors and Carr Properties will build the 987,000-square-foot tower at One Congress Street in the Government Center district. Newmark is handling the loan search for the two Washington firms, which plan to begin the project this summer.The partners are considering a broad menu of options. They’re taking...



Prime Backs Houston-Area Rental Deal

Fri, 05 Apr 2019
Prime Finance has originated $170.7 million of debt to finance the acquisition and renovation of a workforce-housing portfolio in Greater Houston.The floating-rate loan closed this week along with the purchase. It has a two-year initial term and three one-year extension options. Nearly $146 million was funded up front, with the rest set aside for capital improvements.The borrowers, Blue Roc Premier of Tampa and Stonecutter Capital of New York,...



Bearish Investors Retreat From CMBX

Fri, 05 Apr 2019
Prevailing spreads on CMBX derivatives contracted sharply this week as a recent surge in demand for short positions ran out of steam.Spreads on credit-default swaps tracked by IHS Markit’s CMBX index soared last month amid an influx of investors looking to hedge against their long positions in other financial instruments. But industry pros said that trade seems to be playing out, offering less relative value than it did a few weeks ago.An...



Fresh Debt Sought on Luxury Condos

Fri, 05 Apr 2019
The developer of a luxury condominium building in Lower Manhattan is seeking a mortgage of up to $103 million.The 38-unit building, at 75 Kenmare Street, is nearing completion, and about a third of the units are pre-sold. It’s being developed by a trio of New York investors: DHA Capital, AMS Acquisitions and First Atlantic Capital. Newmark is showing the assignment to lenders.The preference is for a loan that would run five years, at one of...



Lenders Look at New San Diego Hotel

Fri, 05 Apr 2019
A China Orient Summit Capital partnership is seeking a $110 million floating-rate loan to refinance construction debt on the InterContinental San Diego.The 400-room hotel, which opened late last summer, was developed by China Orient, a Beijing asset-management firm, and two partners, Portman Holdings of Atlanta and local shop Lankford & Associates.The partnership is pitching the five-year loan assignment to banks and debt funds via Cushman &...



Acore Finances Hotels in Texas, Fla.

Fri, 05 Apr 2019
Acore Capital has originated $88 million of debt backed by hotels in Texas and Florida.The floating-rate loan, with a five-year term, was provided about a month ago to NexPoint Hospitality. JLL advised the Toronto REIT on the financing.The portfolio encompasses 804 rooms at four hotels in the Dallas area and one in St. Petersburg, Fla. NexPoint used the bulk of the proceeds to retire existing debt, while earmarking a portion for renovations at...



Refi Eyed for Offices Near Washington

Fri, 05 Apr 2019
A joint venture is seeking up to $80 million of floating-rate debt to refinance a Northern Virginia office property.The five-year loan would be backed by the leasehold interest in Ballston Metro Center, a 234,000-square-foot building in the Ballston neighborhood of Arlington. The borrower, a partnership between ELV Associates and Perseus Realty, is seeking loan quotes at two proceeds levels: $69.8 million and $79.8 million. Eastdil Secured is...



CMBS Delinquencies Rise Slightly

Fri, 05 Apr 2019
Two key indicators of credit quality among securitized commercial mortgages diverged last month, as the delinquency rate increased for the first time in six months while the special-servicing rate continued to fall.Both measures have been declining relatively steadily since mid-2017. But the percentage of past-due loans collateralizing CMBS deals rated by Fitch rose to 2.08% during March, up 8 bp from the previous month.Meanwhile, Trepp reported...



Online Loan Broker Maps Expansion

Fri, 05 Apr 2019
An online startup that helps commercial-property owners line up mortgages is seeking to add staff and expand its activity across the country.StackSource’s platform allows borrowers to tap into its database of hundreds of national and regional banks, credit unions, life insurers, agency lenders and commercial MBS shops. Chief executive Tim Milazzo said it provides a more-efficient way to solicit offers from lenders than going through a...



Floater Wanted on New Chicago Hotel

Fri, 05 Apr 2019
A Tishman Hotel & Realty partnership is seeking an $83 million loan on a newly developed Chicago hotel.The mortgage would be backed by the Aloft Chicago Mag Mile, a 337-room property a couple of blocks from the Magnificent Mile high-end shopping corridor. Tishman and its partner, MetLife Investment Management, are talking to lenders about floating-rate debt with a term of five years to replace construction financing. Newmark is advising the...



Portfolio Manager at Thrivent Retiring

Fri, 05 Apr 2019
Veteran portfolio manager Scott Lalim, who oversees $2.5 billion of commercial MBS investments, is retiring from insurer Thrivent Financial today.Portfolio manager Kenneth Satre will assume responsibility for that portfolio, while continuing to manage investments in residential MBS and asset-backed securities.Lalim, 66, spent his entire 42-year career at Minneapolis-based Thrivent and predecessor Lutheran Brotherhood, focusing on commercial real...



The Grapevine

Fri, 05 Apr 2019
Nuveen Real Estate has added a managing director in its commercial-property lending group to help expand its floating-rate, structured-finance product line. Mark Salgado started about a week ago in Chicago. He joined the insurer from Ares Management, where he was a principal concentrating on originations and loan structuring. His duties at Nuveen are similar, with a focus on bridge loans in the Central U.S. He reports to managing director and...



The Grapevine

Fri, 05 Apr 2019
Andrew Egan joined Toorak Capital last month as an associate principal, working on originating and acquiring debt. He reports to principal Darren Weaver, who heads asset management for the Summit, N.J., investment manager. Egan jumped from Cerberus Capital of New York, which he joined two years ago. Before that, he had stints at Allegiant Real Estate and FirstKey Lending. Toorak is led by founder and chief executive John Beacham, an industry...



The Grapevine

Fri, 05 Apr 2019
AEI Consultants has hired Randy Ward as vice president of agency services. He started a couple of weeks ago, overseeing a team that assesses properties for lenders that write Fannie Mae and Freddie Mac loans. The Walnut Creek, Calif., firm has seen increased demand from those originators, whose business has increased steeply over the past couple years. Ward was most recently a managing director in a CBRE unit that performs similar due diligence...



The Grapevine

Fri, 05 Apr 2019
Veteran structured-finance attorney Sarah Smith has joined Dechert as a partner in London. Smith, who left Akin Gump in January, started Monday working on commercial MBS and other structured products. She is part of the finance and real estate practice led by partners David Forti and Rick Jones. Smith was among a number of London-based partners who jumped to Akin from Bingham McCutchen in 2014, just before that firm was acquired by Morgan Lewis....



The Grapevine

Fri, 05 Apr 2019
Analysts Andrew Harrison and Zachary Schreffler left Morningstar and started last month at Hanover Street Capital, the unit of Houston-based Situs that supports Deutsche Bank’s commercial-mortgage group. Harrison is an associate, splitting time between New York and Blue Bell, Pa. He was an assistant vice president on the new-issue ratings team at Morningstar. Schreffler, who signed on with Hanover as an analyst in New York, was an associate...



The Grapevine

Fri, 05 Apr 2019
Knighthead Funding of Greenwich, Conn., is seeking a commercial real estate underwriter to focus on loan originations. Candidates with at least three years of experience may apply by email at careers@knightheadfunding.com. Knighthead provides loans for acquisitions, renovation, construction and refinancing nationwide.



The Grapevine

Fri, 05 Apr 2019
John Hancock Real Estate wants to hire two analysts. One opening, in Boston, requires 3-5 years of experience. The other is in Chicago and suitable for candidates with 1-5 years of experience. The Boston staffer would report to managing director David Connors and the Chicago recruit to assistant vice president Justin Lata. To apply, go to jobs.manulife.com and search under “investment management...



The Grapevine

Fri, 05 Apr 2019
Newmark also is looking to add a couple of analysts. The recruits would work in New York on the brokerage’s debt and structured-finance team, headed by Jordan Roeschlaub and Dustin Stolly. They would focus on underwriting and analyzing deals, and assist in preparing new offering documents. Candidates should have 1-2 years of related experience. Resumes can be sent to Dylan Kane at...



Insurer Lending Reached New High in 2018

Fri, 29 Mar 2019
Top insurance-company lenders posted their biggest-ever originations tally in 2018, extending a run of high-level production that industry pros expect to continue this year.The top 30 insurers wrote $77 billion of commercial mortgages in 2018, up from $72.3 billion for the same companies the previous year, according to an annual review by Commercial Mortgage Alert. Last year’s total was a notch above the previous record of $76.2 billion...



Builder Taps SL Green for Brooklyn Rentals

Fri, 29 Mar 2019
SL Green Realty has agreed to lend $400 million for a luxury apartment project planned in the Greenpoint section of Brooklyn.The REIT will initially originate a $70 million land loan on the waterfront site, along Commercial Street near Manhattan Avenue. Clipper Equity will use the proceeds to help buy out its partner, Chetrit Group. The remaining $330 million will fund the construction of a three-building complex with almost 800 apartments.New...



Loan Sought to Transform LA Mall to Offices

Fri, 29 Mar 2019
A Hudson Pacific Properties partnership is seeking a floating-rate loan of up to $415 million to convert most of the Westside Pavilion mall in Los Angeles to office space.The project got a big boost in January when Alphabet’s Google unit agreed to lease most of the new complex. Google’s 14-year agreement is expected to transform the financing request from what would have been a tough sell to a desirable assignment that will attract...



Loan Sought for New Condos in NY

Fri, 29 Mar 2019
A developer is seeking a $186 million floating-rate loan on a nearly completed luxury residential-condominium building in Lower Manhattan.The 50-unit property, at 45 Park Place, is being built by New York-based Soho Properties, headed by Sharif El-Gamal. The proposal calls for a term of up to five years, including extension options. Newmark is advising Soho, which would use the proceeds to retire construction financing.Sales of the...



ING to Refinance Harlem Retail Center

Fri, 29 Mar 2019
ING Real Estate Finance has agreed to lead a $295 million floating-rate debt package on a shopping center in the East Harlem section of Manhattan.The roughly 500,000-square-foot East River Plaza is owned by a joint venture between Brookfield Asset Management of Toronto and Blumenfeld Development of Syosset, N.Y.ING is taking down the senior portion of the five-year debt package. The mezzanine component is being placed with an unidentified...



Deutsche, Goldman Back Silverstein

Fri, 29 Mar 2019
A Silverstein Properties partnership tapped Deutsche Bank and Goldman Sachs this week for a $311 million fixed-rate loan to finance its acquisition of a trophy office tower in Philadelphia.The partnership bought the 1.3 million-square-foot property, at 1735 Market Street, from Equity Commonwealth of Chicago for $451.6 million.Deutsche and Goldman each funded half of the 10-year loan. They will securitize it via a stand-alone deal. The...



UBS Conduit Deal Joins CMBS Rally

Fri, 29 Mar 2019
A $682.7 million conduit issue led by UBS and Morgan Stanley priced at expected levels this week amid a continuing rally in commercial MBS and other fixed-income markets.Dealers meanwhile placed or marketed a single-borrower offering and two commercial real estate CLOs.The benchmark bonds in the conduit transaction (UBSCM 2019-C16) went out the door on Wednesday with a spread of 94 bp over swaps, which was in line with the dealers’ price...



NY Office Buyer Shops for Floater

Fri, 29 Mar 2019
A Nightingale Properties partnership is seeking a $140 million floating-rate loan to finance its pending acquisition of the leasehold interest in a new office property in Manhattan’s SoHo neighborhood.Nightingale and its partner, Wafra Capital, will pay close to $125 million for the 82,000-square-foot building, at 300 Lafayette Street. The seller is Related Cos. of New York.Newmark is pitching the proposal for an interest-only loan with a...



Lender Lays Groundwork for Growth

Fri, 29 Mar 2019
Largo Capital is expanding its staff of commercial-mortgage originators and credit analysts in the U.S. and Canada as it seeks to boost its lending and servicing volume.Based in the Buffalo suburb of Getzville, N.Y., Largo wrote about $1.2 billion of loans on behalf of life insurers, banks and other institutions last year. Chief executive Gary Coscia said he hopes to boost that volume to around $1.5 billion this year and possibly as high as $2.5...



Buyers Snap Up Triple-A "Bid Lists'

Fri, 29 Mar 2019
Two large batches of benchmark conduit paper were sold in the secondary market this week amid an ongoing market rally.The $214 million of long-term, super-senior bonds were in two “bid lists” from undisclosed sellers. Some $116.4 million of the triple-A notes went up for sale on Monday, encompassing paper from five deals in 2018 and one floated this year. The remaining $97.5 million of bonds, from 2015 and 2016 deals, were auctioned...



ArrowMark Maps Bridge-Lending Plan

Fri, 29 Mar 2019
Investment firm ArrowMark Partners has drawn up a gameplan for entering the commercial real estate bridge-lending field.The Denver company plans to originate some $100 million of middle-market loans on transitional properties nationwide this year. Lending veteran Rob Brown, who joined ArrowMark this month, is heading the effort.Deploying its own capital and investing on behalf of a handful of strategic partners, the shop will write fixed- and...



High-Yield Loans Show 11% Return

Fri, 29 Mar 2019
High-yield debt backed by commercial real estate logged a gain of 11.2% last year, according to the Gilberto-Levy High Yield Real Estate Debt Index.The annual return was up from 10.5% for 2017. The index tracks mezzanine, construction and bridge loans, B-notes and other instruments tied to various commercial property types, with both fixed and floating rates.For the fourth quarter, the index saw a 2.6% return — essentially flat compared to...



MetLife Funds New Denver Complex

Fri, 29 Mar 2019
MetLife originated a $165 million fixed-rate loan last week on a new mixed-use complex in downtown Denver.The Dairy Block complex encompasses 250,000 square feet of office space, 60,000 sf of retail space, the 172-room boutique Maven Hotel and a 394-space underground garage. The project, a combination of redeveloped and new space, was overseen by three Denver-area firms: Grand American, McWhinney and Sage Hospitality.MetLife’s loan has a...



The Grapevine

Fri, 29 Mar 2019
Industry veteran Anne Jablonski will re-join Situs next month after a five-year stint at Cushman & Wakefield, where she was an executive managing director and headed the diligence advisory group. Jablonski previously spent 17 years at Situs, during which she helped launch its dedicated underwriting units for Deutsche Bank and Credit Suisse and co-ran its advisory business. She left Situs in 2014 to join Cushman, where she helped lead a push to...



The Grapevine

Fri, 29 Mar 2019
Amy Applebaum has joined Bank of China to help lead its New York-based commercial real estate finance operation. Applebaum previously spent 14 years at J.P. Morgan, most recently as an executive director. Before that, she worked for the New York City Economic Development Corp. for a few years. She started last month at Bank of China as a deputy team...



The Grapevine

Fri, 29 Mar 2019
Mike Stepniewski started two weeks ago at Tishman Speyer as a director in the capital markets group. He previously was an associate at LoanCore Capital of New York, where he worked on various facets of commercial-property financing. Before that, he was at Kroll for a little over a year. At Tishman, Stepniewski helps line up debt on its assets in the U.S. and abroad. The firm’s financing group is headed by Randall...



The Grapevine

Fri, 29 Mar 2019
MetLife hired Brady Dawson two weeks ago as a director in Chicago, concentrating on bridge loans and related financing deals. Dawson previously was a managing director in charge of debt financing for Chicago-based private equity firm Origin Investments. Before he joined that firm last year, he worked at Wells Fargo and GE Commercial Finance.



The Grapevine

Fri, 29 Mar 2019
Another commercial MBS surveillance staffer is leaving Kroll. Director Ed Barrett, whose last day is today, is headed to the commercial real estate unit at Citizens Bank. He starts April 8 as a vice president in Philadelphia, reporting to senior vice president Andrew Fanelli. The Providence, R.I., bank hired Barrett to lead a six-member lending unit that focuses on the Mid-Atlantic region. After joining Kroll’s CMBS group to help grade new...



The Grapevine

Fri, 29 Mar 2019
Buy-side trader Sean Cochran joined Shelter Growth Capital on March 20 as a CMBS portfolio manager in its Stamford, Conn., headquarters. He reports to chief executive and chief investment officer Dan Sparks. Until January, Cochran had a similar post as a senior vice president at One William Street Capital of New York. Before joining that fund shop in 2016, Cochran was a director on Bank of America’s CMBS trading desk, also in New York. He...



The Grapevine

Fri, 29 Mar 2019
Fortress Investment is adding an originations pro to focus on bridge lending on the West Coast. Jason Bressler will join the New York firm next week as a director in Los Angeles. He previously had the same title at Mesa West Capital’s Los Angeles headquarters, where he spent the last eight years. Before that, Bressler was at Wilshire Associates of Santa Monica, Calif. At Fortress, he will report to Spencer Garfield, David Moson and Steve...



The Grapevine

Fri, 29 Mar 2019
Eastdil Secured wants to hire a vice president and an associate in its San Francisco office. The recruits should have 2-4 years of experience and would report to managing directors Jonathan Firestone in Los Angeles and Stephen Van Dusen in San Francisco.



Benchmark CMBS Spread Hits 5-Month Low

Fri, 22 Mar 2019
The benchmark conduit spread fell this week to the lowest level in five months amid a rally accelerated by a dovish interest-rate outlook from the Federal Reserve.The long-term, super-senior bonds in two top-tier conduit issues flew off the shelves yesterday at a spread of 84 bp over swaps. That was 2-3 bp tighter than the dealers’ price guidance (see Initial Pricings on Pages 7-10).The benchmark spreads on this year’s deals had...



Dell Seeks to Refinance Luxury Maui Resort

Fri, 22 Mar 2019
Billionaire Michael Dell wants a $600 million floating-rate loan to refinance a luxury hotel on the Hawaiian island of Maui.Dell is likely to turn to a commercial MBS lender for the 380-room Four Seasons Resort Maui, which he acquired in 2004. He has previously lined up three CMBS loans on the property, most recently a $600 million debt package from J.P. Morgan in 2017.A portion of the new loan will likely be structured as mezzanine debt. Eastdil...



Builder Eyes Loan for Philadelphia High-Rise

Fri, 22 Mar 2019
A developer is looking to line up $300 million of construction debt for an upscale residential building in Philadelphia’s tony Rittenhouse Square neighborhood.Southern Land has begun work on a 289-unit tower, dubbed The Laurel, at 1911 Walnut Street. The Franklin, Tenn., developer and investment shop has tapped Newmark to arrange the financing. The preference is for a five-year loan with a degree of prepayment flexibility.At 48 stories, The...



RXR Team to Refi Lower NY Offices

Fri, 22 Mar 2019
The owner of a Lower Manhattan office building is in the market for a $325 million mortgage.The 780,000-square-foot building, at 61 Broadway, is held by a partnership between RXR Realty and China Orient Asset Management. The team has tapped Eastdil Secured to line up proposals for a floating-rate loan with a total term of five years. The debt might include a mezzanine component. The proposed leverage is in the neighborhood of 65%.RXR, of...



Loan Sought on New Brooklyn Offices

Fri, 22 Mar 2019
A joint venture is looking for a $185 million mortgage on a recently redeveloped office building in Brooklyn, near the Manhattan Bridge.The 222,000-square-foot property, at 10 Jay Street, was formerly a warehouse. The owner, a partnership between New York firms Glacier Global and Triangle Assets, is seeking a floating-rate loan with a total term of five years. A $25 million portion would be set aside for leasing and tenant-improvement expenses....



Financing Wanted for Project in DC

Fri, 22 Mar 2019
A development team is seeking up to $200 million of debt financing for a mixed-use complex in Washington.The Reunion Square project, in a federally designated opportunity zone near the Anacostia River in the city’s southeast section, is being led by local developer Four Points and Curtis Investments of Camp Springs, Md.The plan calls for a hotel, 133 apartments and 285,000 square feet of offices. An unidentified tenant has agreed to lease...



Kroll Seeks CMBS Surveillance Pros

Fri, 22 Mar 2019
Kroll is looking to hire five staffers with various levels of experience for its commercial MBS surveillance operations.Four recruits would join a team of about 15 staffers that tracks the performance of CMBS rated by the agency at issuance. Senior director Roy Chun just took charge of that unit, whose members are divided between New York and Dresher, Pa.The other job is in Kroll’s subscription-based CMBS surveillance group, a roughly...



LNR, KKR Strike Deals for B-Pieces

Fri, 22 Mar 2019
LNR Partners and KKR have separately circled the subordinate portions of two upcoming conduit deals.LNR is taking down the B-piece buyer of the first offering to appear on a Cantor Fitzgerald shelf in two years. The collateral loans are being contributed by Cantor affiliate CCRE, Deutsche Bank, LNR affiliate Starwood Mortgage Capital and KeyBank. The deal (CF 2019-C1) is expected to surface in mid-April. Starwood is serving as the retaining...



Prime Backs New Illinois Rentals

Fri, 22 Mar 2019
Prime Finance has originated a $64 million loan to take out construction financing on a suburban Chicago apartment property that’s in its initial lease-up phase.The floating-rate loan, which closed last week, has a two-year term and three one-year extension options. It’s backed by Buckingham Place, a 267-unit luxury complex in Des Plaines, Ill. HFF brokered the loan for Wingspan Development of Mount Prospect, Ill., which completed the...



CMBS Defeasance Picked Up in 2018

Fri, 22 Mar 2019
Defeasance of securitized commercial mortgages jumped sharply last year, after declining for two years in a row.Some $17.8 billion of commercial MBS loans collateralizing U.S. private-label and Freddie Mac transactions were defeased last year. That was up from $12.2 billion in 2017 and $17.2 billion in 2016, but still well below the post-crash peak of $22.4 billion in 2015, according to a draft of a Moody’s report to be released this...



Debt Sought for Mass. Retail Project

Fri, 22 Mar 2019
The developer of a suburban Boston shopping center is seeking $41 million of long-term financing for the project.Capital Group Properties plans a 306,000-square-foot grocery-anchored center in Maynard, Mass., about 25 miles west of Boston. The company is talking to lenders about a construction-permanent loan that would run at least 20 years. Colliers International is advising on the financing.The design calls for a 10-building complex, called...



Annaly Funds Charlotte Retail Center

Fri, 22 Mar 2019
Annaly Capital has originated a $73 million bridge loan for a developer that plans to renovate and expand a Charlotte lifestyle center after buying out its partner.The floating-rate loan, brokered by JLL, is backed by the 130,000-square-foot Phillips Place, in the affluent SouthPark district. It has a three-year term and two one-year extension options.Most of the loan balance was funded at the closing this month and used to refinance existing...



Essex Taps Eager Bond Buyers Again

Fri, 22 Mar 2019
REIT-bond investors embraced Essex Property’s second offering of the year on Tuesday, once again enabling the issuer to boost its deal size and asking price.The multi-family REIT’s latest transaction was increased by $50 million to $150 million. It represented a “tap issue” that expanded a $350 million offering of 10-year paper, with a 4% coupon, that Essex priced on Feb. 4. Like the previous deal, which also grew by $50...



The Grapevine

Fri, 22 Mar 2019
CBRE has hired a pair of veteran underwriters to head up a new platform. Albert Picallo and Masato Inagaki started about a week ago. They’re helping lead CBRE Loan Services, the brokerage’s new third-party underwriting and advisory unit. The two previously ran Focal Point Capital, an underwriting firm they founded in 2011. Before that, Picallo worked for the Lehman Brothers estate, resolving assets during that firm’s bankruptcy....



The Grapevine

Fri, 22 Mar 2019
Commercial real estate finance veteran David Fawer has left Blackstone. There’s no word on his next move. He joined the New York fund giant’s debt-fund platform, Blackstone Real Estate Debt Strategies, as a senior managing director last July with a focus on residential mortgages. Fawer previously was vice chairman and head of the commercial real estate business at OneWest Bank, departing when CIT Group acquired the Pasadena, Calif.,...



The Grapevine

Fri, 22 Mar 2019
Aaron Rosenfeld has left Walker & Dunlop and started his own mortgage-brokerage firm. The Saddle Brook, N.J., shop, called Aandar Real Estate Capital, launched in the past few weeks, looking to line up financing for owners and developers across the country. Rosenfeld was a senior vice president at Walker & Dunlop, which bought his previous employer, Deerwood Real Estate Capital of Englewood, N.J., in 2017. Before joining Deerwood in 2012, he had...



The Grapevine

Fri, 22 Mar 2019
After seven years at H/2 Capital of Stamford, Conn., Donald Bindler has left to join Athene Asset Management. He started this month as a vice president at the El Segundo, Calif., unit of New York-based Apollo Global. Bindler was a senior vice president and partner at H/2. He was previously a director at Hypo Real Estate, where he worked from 2007 to 2011. Before that, he spent a year at Situs and 10 years at Capital Lease...



The Grapevine

Fri, 22 Mar 2019
Minneapolis fund shop Varde Partners has hired Cecelia Riesenberg as a senior analyst on its commercial-mortgage team in New York. Riesenberg arrived this month from Rialto Capital, where she was a senior associate analyzing and underwriting mezzanine loans, commercial MBS B-pieces and other commercial real estate debt and equity investments. Before joining the Miami-based firm in mid-2016, Riesenberg was a New York-based regional underwriter of...



The Grapevine

Fri, 22 Mar 2019
HFF recently hired an associate in New York. Thomas Pryor arrived at the brokerage a few weeks ago from Washington investment shop Madison Marquette, where he’d spent the previous three years. Before that, he had a two-year stint at PricewaterhouseCoopers.



The Grapevine

Fri, 22 Mar 2019
Rialto Mortgage Finance is seeking to hire a handful of analysts and associates in its New York headquarters to assist its CMBS origination teams. Candidates must have 2-5 years of commercial real estate experience. Applicants may submit resumes to Michael Deford at michael.deford@rialtomortgage.com.



Debt Funds Raise Record Amount of Capital

Fri, 15 Mar 2019
The universe of high-yield debt funds continues to grow.Active debt funds have raised $54.9 billion of equity, up 8% from last year and a record high for the sixth straight year. Some $40.9 billion of that total remains uninvested, the fourth annual record in a row.The fund sponsors that have raised the most equity are Lone Star Funds ($5.8 billion), Blackstone ($5 billion), Pimco ($4.6 billion), Goldman Sachs ($4.2 billion) and Brookfield Asset...



Berkshire, Waynebern Ramping Up Loan Shop

Fri, 15 Mar 2019
A mortgage REIT formed by Berkshire Group and securitization veteran Scott Waynebern is aiming to originate $1 billion of bridge and mezzanine loans on multi-family properties this year.The company, MF1 REIT, is funding its loans via warehouse lines and might also tap the CLO market as a source of financing. The REIT has a strategic alliance with CBRE Capital Markets, which sources and services bridge loans.Berkshire is a Boston investment...



Floaters Sought on New Complex Near Seattle

Fri, 15 Mar 2019
A developer is looking to line up $550 million of debt on the office and hotel portions of a mixed-use development in suburban Seattle.SECO Development wants a $400 million mortgage on a 717,000-square-foot office complex that’s slated for completion late this year in Renton, Wash. The local firm is also seeking $150 million of debt on the adjacent 347-room Hyatt Regency Lake Washington, which opened in mid-2017. The preference is for...



Lenders Map Unusual Exit Strategy

Fri, 15 Mar 2019
In an unusual move, J.P. Morgan and Deutsche Bank will use the conduit market exclusively as their exit strategy for a $595 million fixed-rate office loan, bypassing a single-borrower securitization.The two banks originated the mortgage this week for Moinian Group, which used the proceeds to refinance the 768,000-square-foot building at Three Columbus Circle in Manhattan.When securitization shops write mortgages exceeding $350 million or so, they...



SL Green Team Eyes NY Office Refi

Fri, 15 Mar 2019
An SL Green partnership is in the market for a mortgage of about $250 million on a Midtown Manhattan office property.The debt would be backed by the 354,000-square-foot building at 10 East 53rd Street. SL Green, a New York REIT, and its partner, Canada Pension Plan, are reaching out to lenders via JLL.The duo bought the building from a Hines joint venture in 2012 for $252.5 million. SL Green has a 55% equity stake and Canada Pension holds the...



Heavy REIT-Bond Issuance Resumes

Fri, 15 Mar 2019
A brief pause in REIT-bond issuance came to an end this week as American Tower and Alexandria Real Estate floated a combined $2.1 billion of fresh paper.The transactions, which both priced on Tuesday, were well-received by investors after a couple of weeks without a deal in the market. Alexandria’s $850 million offering commanded much-tighter spreads than dealers anticipated, and industry pros said American Tower’s $1.3 billion deal...



Wells Inks Mortgage on Calif. Resort

Fri, 15 Mar 2019
Wells Fargo has originated a $170 million mortgage on a family-oriented resort in California’s Orange County.The 10-year, fixed-rate loan is backed by Great Wolf Lodge in Garden Grove, a 603-room hotel with a 105,000-square-foot indoor water park and other attractions. The borrower is a partnership between Denver investment and development firm McWhinney and Great Wolf Resorts. Berkadia was the advisor on the interest-only financing, which...



Oxford Aims to Refinance DC Offices

Fri, 15 Mar 2019
An Oxford Properties joint venture is seeking a $75 million long-term mortgage on an office building near the White House.Toronto-based Oxford and its partner, Norges Bank Investment of Norway, prefer a loan with a term of 7-10 years on the 128,000-square-foot property, at 900 16th Street NW in Washington. Eastdil Secured is handling the search.The site formerly housed a church. That structure was demolished in 2014 and replaced by the current...



CMBS Buyers Mull Cold-Storage Deal

Fri, 15 Mar 2019
Commercial MBS investors found fresh paper hard to come by this week, as just one private-label offering was making the rounds in the U.S.Led by Goldman Sachs, Bank of America and J.P. Morgan, the $530 million transaction was backed by a floating-rate loan the banks wrote for Cloverleaf Cold Storage on 18 of its cold-storage and distribution facilities in seven states (CCST 2019-CHL2). The two-year mortgage came with five one-year extension...



Investors Strike Deals for 4 B-Pieces

Fri, 15 Mar 2019
Five investment shops have signed up to take the B-pieces of four upcoming conduit deals.Rialto Capital will buy the junior portion of a transaction led by Wells Fargo, to which the Miami shop will also contribute loans. Rialto will also serve as the “retaining sponsor” of the deal (WFCM 2019-C50), taking a 5% slice of each bond class to satisfy risk-retention requirements. It will then be free to trade the B-piece if it...



The Grapevine

Fri, 15 Mar 2019
After four years at Oz Management, buy-side trader Matt Tuten left the New York fund shop this week to join Pimco. Tuten will start next month as a senior vice president reporting to managing director Russell Gannaway. He’ll continue to manage investments in higher-yielding commercial MBS at Pimco, which had $1.7 trillion of assets under management at yearend. Tuten previously spent about two years as a CMBS trader and underwriter at New...



The Grapevine

Fri, 15 Mar 2019
Former BlackRock executive Arvind Pai has been named head of real estate underwriting at Natixis. He started this month as a managing director in New York. Pai spent the past two years at New York brokerage Lotus Capital. Before that, he logged a decade at BlackRock, where he worked on high-yield real estate investments, including private-label B-pieces, and advisory...



The Grapevine

Fri, 15 Mar 2019
Trader Will Goldsmith left Credit Suisse on Tuesday for undisclosed reasons. As a director in charge of the CMBS desk in New York, Goldsmith also oversaw trading of credit-default swaps tied to IHS Markit’s CMBX index. He reported to managing director Joseph Steffa, global head of securitized-product trading. Goldsmith jumped to Credit Suisse from J.P. Morgan in 2012, starting as a CMBX trader and becoming head CMBS trader in 2016. He had...



The Grapevine

Fri, 15 Mar 2019
Cindy Turim-Barreda joined Trimont Real Estate’s Atlanta headquarters this week as leader of a team of loan-servicing analysts. She had been a vice president at Rialto Capital, where she worked for seven years. Before that, she spent 10 years at LNR Partners. At Trimont, she reports to managing director Mike Dillon.



The Grapevine

Fri, 15 Mar 2019
Meanwhile, Trimont Real Estate just opened a Kansas City office and assigned director Geoff Hunerdosse to lead it. He oversees a five-person team that will provide underwriting and advisory services to several existing clients. Hunerdosse joined Trimont’s Dallas office in 2017. He had previous stints at Cohen Financial and Midland Loan Services.



The Grapevine

Fri, 15 Mar 2019
Analyst Luke Berlinghof joined Benefit Street Partners last month. He spent the past year at another New York shop, Target Rock. Berlinghof works on both debt and equity deals.



The Grapevine

Fri, 15 Mar 2019
HFF has added a director in Atlanta. Greg Gaughan started last week, lining up debt and equity on various property types in the region. He works under Ed Coco, co-head of the brokerage’s Atlanta office. Gaughan arrived from Grandbridge Real Estate Capital, where he’d worked since 2005, most recently as an assistant vice president.



The Grapevine

Fri, 15 Mar 2019
Ladder Capital is looking for originators with 7-10 years of experience in conduit or bridge loans. The recruits would work at the firm’s New York headquarters and report to co-heads of origination Adam Siper and Ryan Jantzen. Candidates can send resumes to careers@laddercapital.com.



The Grapevine

Fri, 15 Mar 2019
Pacific Western Bank is looking to add three commercial real estate debt pros to its national lending group. The Los Angeles bank has openings in New York for a senior analyst and a senior investment associate. Both require 2-5 years of financial-services experience and the ability to travel on short notice. The bank also wants to hire an investment analyst in Beverly Hills with 1-2 years of experience. Send resumes to Sherrie Dean at...



Barclays to Fund Blackstone Industrial Deal

Fri, 08 Mar 2019
Barclays has agreed to provide a $910 million floating-rate debt package to finance Blackstone’s acquisition of an industrial portfolio.The fund giant has agreed to pay roughly $1.2 billion for the 19 million-square-foot package of traditional warehouses and underground complexes. The seller is a joint venture led by developer Space Center of St. Paul, Minn. CBRE and Eastdil Secured are brokering the sale and advising Blackstone on the...



Seer Mapping Comeback in B-Piece Market

Fri, 08 Mar 2019
Seer Capital, once a heavy-hitter in the B-piece market, is back after a three-year absence.The hedge fund manager recently started bidding again on the subordinate portions of conduit deals. It’s willing to buy both tradable and nontradable B-pieces.The New York shop has fresh capital to put to work. A new debt-investment vehicle has raised $53 million of initial equity, according to an SEC filing in December, and has an overall goal of...



Milstein Seeks Debt to Renovate NY Offices

Fri, 08 Mar 2019
The owner of an office building next to Manhattan’s Grand Central Terminal is in the market for $750 million of debt as it repositions the property to attract technology companies.Milstein Properties is conducting a substantial renovation of the 1.1 million-square-foot building at 335 Madison Avenue, including the conversion of several floors into a hub for tech startups. It’s in the market for a floating-rate loan that would run...



Rockwood Taps CBRE for Fannie Loan

Fri, 08 Mar 2019
CBRE Capital Markets arranged a $700 million Fannie Mae credit facility this week that refinanced an apartment portfolio owned by a Rockwood Capital partnership.The package encompasses nine luxury properties, with 2,813 total units, in eight states. They were completed in either 2016 or 2017, and some are still on their way to full stabilization.New York-based Rockwood teamed up to develop the complexes with Mill Creek Residential of Dallas. The...



Goldman Backs Silicon Valley Project

Fri, 08 Mar 2019
A Goldman Sachs affiliate has originated a $91.7 million construction loan for a speculative office project in Silicon Valley.The floating-rate debt, with a term of three years, was closed about two weeks ago for Bayview Development. The San Jose shop is planning a 173,000-square-foot office building in neighboring Santa Clara, Calif.The loan was provided by Broad Street Real Estate Credit Partners 3, a fund managed by Goldman Sachs Merchant...



Performing Junior Loans on the Block

Fri, 08 Mar 2019
A fund operator that’s winding down one of its vehicles is looking to sell $101.2 million of performing subordinate debt backed by a mix of property types in 16 states.The secondary-market offering encompasses 15 mezzanine loans, totaling about $96 million, and two B-notes. Fourteen mortgages, with a combined balance of about $66 million, have fixed rates, and the other three are floaters. The average balance is $6 million, the weighted...



Issuers Pitch 3 Deals in US, Canada

Fri, 08 Mar 2019
Two single-borrower transactions were in the market this week, including Canada’s first one in more than five years.Meanwhile, Bancorp Bank yesterday kicked off the marketing campaign for a $518.3 million commercial real estate CLO.The Canadian deal is noteworthy because only a few commercial MBS transactions are floated in the country each year. The most-recent Canadian conduit issue priced last July. And single-borrower offerings are...



Debt Sought for Md. Lab Conversion

Fri, 08 Mar 2019
A developer is looking for about $40 million of debt to finance the conversion of a suburban Washington property into life-science space.Rock Creek Property of Washington has tapped Cushman & Wakefield to line up short-term, floating-rate debt, as well as to find a joint-venture equity partner for the project. Rock Creek is redeveloping a 170,000-square-foot former factory in Gaithersburg, Md., into laboratory and specialty-office space.Rock...



Annaly Lends on Fort Worth Complex

Fri, 08 Mar 2019
Annaly Capital has written a $77 million bridge loan on an office complex in downtown Fort Worth, Texas.The floating-rate loan has a three-year term and includes two one-year extension options. The borrower, Dallas-based Spire Realty, used a portion of the proceeds to retire existing debt and will put the rest toward fully stabilizing the 551,000-square-foot property, called City Place.The loan-to-value ratio is 66%, indicating the complex is...



Special-Servicing Rate Dips to 3.5%

Fri, 08 Mar 2019
A key measure of credit quality for securitized commercial mortgages showed improvement again last month, as just 10 loans with balances totaling $86.4 million were transferred to special servicing.The percentage of commercial MBS debt in the hands of special servicers dropped by 17 bp to 3.49% during February, according to Trepp. The rate has declined virtually nonstop, by an average of 16 bp per month, since the start of 2018.The latest dip...



Ardent Passing Hat for Debt Fund

Fri, 08 Mar 2019
Ardent Financial is seeking to raise $250 million of equity for a debt fund.The vehicle, Ardent Financial Fund 3, would shoot for a return of at least 12%, primarily by originating bridge loans. It could also invest in mezzanine debt and preferred equity.The Atlanta investment manager, which doesn’t use a placement agent, solicits capital mostly from wealthy individuals and family offices. With leverage, the fund would have up to $450...



The Grapevine

Fri, 08 Mar 2019
Commercial-mortgage veteran E.J. Burke plans to retire from KeyBank around midyear. Burke has filled a number of senior roles at the bank over the last 19 years, including a long stretch as real estate chief. Since 2014, he’s been stationed in Cleveland as co-president of Key Community Bank, responsible for commercial and private banking, as well as residential mortgage lending. Burke joined Key via its 2000 acquisition of National Realty...



The Grapevine

Fri, 08 Mar 2019
Meanwhile, another National Realty Funding alumnus is retiring from KeyBank on April 1. Senior vice president Clark Rogers runs special servicing and a separate transaction-management team that processes borrower requests, such as property releases and loan assumptions. Key has promoted Alan Williams, a senior vice president in special servicing, to fill Rogers’ post, reporting to executive vice president Marty O’Connor. All three...



The Grapevine

Fri, 08 Mar 2019
Bob Tonnessen has joined HFF as a director in New York. He started a couple of weeks ago, helping clients line up debt and equity. Tonnessen reports to senior managing director Michael Gigliotti, co-head of the New York office. Tonnessen moved over from Newmark, where he held the same title. He had earlier stops at LoanCore Capital and GE Capital Real...



The Grapevine

Fri, 08 Mar 2019
Veteran attorney Douglas Heitner will join iStar next week as chief legal officer. In that role, he’ll replace Nina Matis, who will retire in July after 20-plus years at the firm. In the meantime, Matis remains a vice chairman at iStar, where she also previously served as chief investment officer. Heitner was formerly a partner at Kasowitz Benson for nearly eight years. New York-based iStar, headed by Jay Sugarman, writes bridge and other...



The Grapevine

Fri, 08 Mar 2019
Morningstar has added two associates to its commercial MBS group in New York. Johnson Ji and Milaap Mehta joined the new-issue ratings team on Feb. 1. They moved over from the Chicago headquarters of the rating agency’s parent, Morningstar Inc., where both had worked in the managed portfolio operations group since 2017. Ji now reports to senior vice president Greg Haddad. Mehta works under senior vice president Gordon...



The Grapevine

Fri, 08 Mar 2019
CrossHarbor Capital has hired Alyssa Tsoutsouras as an associate. She joined the Boston fund shop last month from Citizens Bank, where she was a vice president focused on portfolio management and underwriting. Earlier, Tsoutsouras spent two years at J.P. Morgan. CrossHarbor runs a high-yield lending program helmed by former Prudential executive Richard...



The Grapevine

Fri, 08 Mar 2019
Newmark this week hired Drew Ahlers as an analyst in New York. He supports the brokerage’s debt and structured-finance operation, reporting to Jordan Roeschlaub and Dustin Stolly, co-heads of that business. Ahlers previously was at MidCap Financial, a Bethesda, Md., finance company focused on middle-market transactions.



The Grapevine

Fri, 08 Mar 2019
Cooper Horowitz is looking to hire mortgage brokers and support staffers at its New York headquarters and in Aventura, Fla. The 3-5 recruits would work on research, underwriting, preparing offering memoranda, loan negotiations and closings. Candidates should have 1-3 years of experience. Contact David Horowitz at davidhorowitz@cooper-horowitz.com.



Citizens to Lead Loan on Boston Office Project

Fri, 01 Mar 2019
Citizens Bank is taking the lead on a roughly $435 million construction loan for a Boston office building pre-leased to Amazon.The bank has agreed to fully underwrite the floating-rate package and is in talks with other lenders about taking pieces of the debt. The borrower, a joint venture between Ottawa pension manager PSP Investments and WS Development of Chestnut Hill, Mass., will construct the 500,000-square-foot building in the Seaport...



CREFC Mulls Reporting Standard for CLOs

Fri, 01 Mar 2019
The CRE Finance Council, which developed a standardized format for reporting monthly deal data to commercial MBS investors, is thinking about customizing a version for the rapidly growing commercial real estate CLO market.Use of the trade group’s “investor reporting package” has long been mandated in the pooling and servicing agreements for virtually all CMBS issues. Commercial real estate CLOs generally use it too, but CREFC is...



Buyers Gorge on REIT-Bond Issuing Spree

Fri, 01 Mar 2019
Five REITs floated a whopping $1.8 billion of bonds this week, taking advantage of a recent surge in demand for investment-grade corporate paper in general.All the offerings were rated in the mid-to-high triple-B range. They included $454.6 million of so-called green bonds that Digital Realty sold in Europe. The other transactions, all placed in the U.S., were two $350 million issues, from Highwoods Properties and Store Capital, and two of $300...



Benchmark CMBS Spread Stable

Fri, 01 Mar 2019
Conduit spreads held steady this week as one deal priced and another was marketed.Credit Suisse and Societe Generale yesterday priced an $829.3 million offering whose benchmark class went out the door at 98 bp over swaps, in line with both price guidance and the level achieved on the previous conduit deal (see Initial Pricings on Page 9). The biggest loan contributor, 3650 REIT, supplied 40.1% of the collateral-pool balance in its conduit debut...



Sabal Adds CMBS, Agency Staffers

Fri, 01 Mar 2019
Sabal Capital hired multiple staffers over the past few weeks across its lending operations.James Barry and Patrick McNulty joined the Irvine, Calif., shop’s fledgling conduit program as managing directors.Barry, who remains based in New York, spent the past 14 years as a director at the U.S. operation of French-Belgian banking company Dexia. He previously had stints at Tower Consulting of New York and a unit of now-defunct GMAC Commercial...



Shelter Growth Closes 2nd Debt Fund

Fri, 01 Mar 2019
Shelter Growth Capital has raised $250 million of equity for its second high-yield loan fund.The vehicle, Shelter Growth Term Fund 2, will originate bridge, mezzanine and construction loans nationwide across asset classes.The unleveraged return goal is 5-9%, which translates to a double-digit net return when factoring in the allowable leverage of up to 50%. The fund, which held its final close this month, could write up to $450 million of...



Citi Shops Pieces of Texas Resort Loan

Fri, 01 Mar 2019
Citigroup is looking to syndicate part of a $405 million financing package it originated last August on a luxury resort in San Antonio.The debt financed Blackstone’s acquisition of the 1,002-room JW Marriott San Antonio Hill Country Resort. The fund giant paid $616 million to a partnership between Miller Global of Denver and Principal Real Estate Investors of Des Moines, Iowa.The floating-rate debt is split into two components of equal...



Barings Seeks Rental Financing in DC

Fri, 01 Mar 2019
A Barings joint venture wants to line up a $100 million floating-rate loan to retire construction debt on a high-end apartment building in Washington’s NoMa district.Barings, a Charlotte investment-management unit of MassMutual, teamed up with Washington-based MRP Realty to build the 400-unit Elevation at Washington Gateway in 2014.The duo, which isn’t using a broker, wants an interest-only loan with a term of 3-5 years, including...



ICBC Inks Loan on Seattle-Area Parcel

Fri, 01 Mar 2019
Industrial and Commercial Bank of China has written a $58 million loan for the buyer of a Bellevue, Wash., development parcel.Developer Onni Group of Vancouver, Canada, applied proceeds from the floating-rate loan to its $116 million acquisition of the 4-acre property. Onni’s plans include two apartment towers encompassing some 1,600 units and an 850,000-square-foot office building.The loan, with a three-year term, closed with the purchase...



Mesa West Backs SF Office Acquisition

Fri, 01 Mar 2019
Mesa West Capital has provided $175.5 million of financing for the acquisition and lease-up of a San Francisco office property.Harbor Group International teamed up with Paramount Group two weeks ago to buy the 293,000-square-foot building, at 111 Sutter Street, for $227 million, or $775/sf. Eastdil Secured advised the seller, LaSalle Investment, and lined up the financing for the Harbor Group joint venture.The floating-rate loan is pegged to 215...



Financing Set for Houston Hotel Project

Fri, 01 Mar 2019
A bank and a fund shop have teamed up to originate $46.5 million of debt for the construction of a dual-branded hotel in Houston.Dallas-based PlainsCapital Bank wrote a floating-rate senior mortgage, and Artemis Real Estate of Chevy Chase, Md., provided a mezzanine loan with a fixed rate. The breakdown of the components couldn’t be learned. CBRE advised the local borrower, American Liberty Hospitality, on the financing, which closed a few...



Fitch: CMBS Delinquencies Dip to 2%

Fri, 01 Mar 2019
The past-due rate for securitized commercial mortgages dropped again last month.Delinquent loans made up an even 2% of the collateral of commercial MBS deals rated by Fitch as of yesterday, down by 5 bp since the end of January. The rate has declined fairly steadily, by an average of 8 bp per month, since peaking at 9.01% in mid-2011.In early January, Fitch predicted the delinquency rate would fall from its yearend level of 2.19% to between 1.75%...



The Grapevine

Fri, 01 Mar 2019
Trimont Real Estate is adding two senior executives in London to help oversee its expanding European business. Starting in May, Dean Harris becomes head of asset management for the region and Paul Robinson comes in as head of underwriting and advisory services. Both are new positions at the Atlanta-based firm. The two will report to Bill Sexton, senior managing director for Europe, Middle East and Africa. Harris spent the past six years at Situs...



The Grapevine

Fri, 01 Mar 2019
Originator Jonathan Levy joined Amherst Capital this month as a vice president in New York. He focuses on writing bridge loans on transitional properties. Levy spent the past four years at KKR and, before that, logged three years at Rialto Capital.



The Grapevine

Fri, 01 Mar 2019
Deutsche Bank is syndicating part of a $630 million construction loan for a mixed-use complex in downtown Los Angeles. The bank originated the package late last year for a partnership between Related Cos. of New York and Core USA, a Chinese joint venture. A bank meeting on the syndication was held near yearend, and the process is ongoing. The borrower plans a $1 billion development, called The Grand, with more than 436 residential units, a...



The Grapevine

Fri, 01 Mar 2019
Kroll has added a senior analyst to its commercial MBS research team. Giselle Vuong started Feb. 19 in the rating agency’s New York headquarters, reporting to senior director Larry Kay. She previously spent a few years as a commercial real estate market researcher and analyst in the U.S., Singapore and elsewhere. That included a one-year stint, starting in September 2015, as an operations manager at developer HLH Group in Phnom Penh,...



The Grapevine

Fri, 01 Mar 2019
Conning has hired buy-side trader Jonathan Garrett to focus mostly on private-label and agency CMBS. He started a month ago in the investment manager’s Hartford headquarters, reporting to structured-product chief Paul Norris. Garrett spent the last 14 years at Knights of Columbus Asset Advisors in New Haven, Conn., where he worked his way up to senior CMBS trader. Before that, he was a risk management analyst at Citigroup for a year and a...



The Grapevine

Fri, 01 Mar 2019
Angelo, Gordon & Co. is seeking to hire an associate to join the commercial real estate debt group at its New York headquarters. The recruit would be on a team led by Andrew Solomon. Candidates should have at least three years of experience. Apply at hrrecruiting@angelogordon.com.



The Grapevine

Fri, 01 Mar 2019
3650 REIT is looking for an analyst to join its bridge- and construction-lending team in Los Angeles. Candidates should have at least two years of financial-modeling experience, and a real estate background is a plus. The recruit would report to Michael Fleischer, head of bridge and construction lending. Contact Shin Bowers at sbowers@3650REIT.com.



The Grapevine

Fri, 01 Mar 2019
Fidelity Investments wants to add a research associate with up to five years of experience to its real estate debt securities group, which has about $9 billion of stocks, CMBS and other assets under management. The recruit would report to managing director Ben Harrison, who oversees research for the high-income division. Contact recruiting associate Courtney Sholler at...



Wells, Morgan Stanley Win $800 Million DC Loan

Fri, 22 Feb 2019
Wells Fargo and Morgan Stanley have agreed to lead a mortgage of about $800 million on part of a large mixed-use development in Washington.The floating-rate debt would be backed by the first phase of the Wharf, encompassing some 2.2 million square feet of office, residential, retail and entertainment space along the Southwest Washington waterfront.Wells and Morgan Stanley would likely originate the $650 million senior portion of the...



Sabal's New No. 2 Exec Departs Suddenly

Fri, 22 Feb 2019
Sabal Capital has parted ways with Jason Pendergist just two months after installing him as the firm’s No. 2 executive.Pendergist joined in December as president and chief operating officer with a mandate to oversee an aggressive expansion by the Irvine, Calif., shop. But multiple people said he was let go last week, and his biographical information was removed from Sabal’s website. The company didn’t respond to requests for...



Mortgage Eyed on Revamped SoHo Offices

Fri, 22 Feb 2019
A Stellar Management partnership is seeking a $700 million mortgage on a recently redeveloped office complex on the western edge of Manhattan’s SoHo neighborhood.Stellar and its partner, Imperium Capital, are taking quotes on a five-year debt package, with either a fixed or floating interest rate, on the roughly 800,000-square-foot One SoHo Square. Cushman & Wakefield is advising the duo.The property encompasses two buildings, at 233 Spring...



Builder Seeks Loan for Portland Tower

Fri, 22 Feb 2019
A developer is in the market for $410 million of construction financing for a mixed-use property in Portland, Ore.Local firm BPM Real Estate plans a roughly 1 million-square-foot building containing residential condominiums, a Ritz-Carlton hotel and office space. It’s seeking a floating-rate loan with a term of 5-7 years. George Smith Partners of Los Angeles is advising BPM on the debt.The city gave final approval a couple of months ago for...



Investors Look Over 5 CMBS Deals

Fri, 22 Feb 2019
Commercial MBS activity remained brisk this week as dealers priced or marketed three conduit offerings and two single-borrower transactions.Wells Fargo and Barclays led a $774.2 million conduit deal that priced yesterday (WFCM 2019-C49). The benchmark bonds went out the door at 98 bp over swaps. While that spread widened out from price guidance of 95-96 bp, it was 1-bp tighter than the level on the equivalent class of long-term super seniors in...



Pearlmark Passes Hat for 5th Fund

Fri, 22 Feb 2019
Pearlmark Real Estate is seeking to raise up to $400 million of equity for its fifth high-yield debt fund.The Chicago fund manager would shoot for a 10% return, mostly by originating bridge and mezzanine loans on stabilized and transitional properties nationwide. The unleveraged vehicle, Pearlmark Mezzanine Realty Partners 5, would also finance construction and invest in preferred equity.Pearlmark, which isn’t using a placement agent, has...



2 French Banks Split Calif. Hotel Loan

Fri, 22 Feb 2019
Societe Generale and Credit Agricole have teamed up to originate a roughly $165 million mortgage on a luxury hotel in West Hollywood, Calif.The 226-room London West Hollywood at Beverly Hills is owned by Northwood Investors of New York. The floating-rate debt, which closed a week ago, has an initial term of two years and at least three one-year extension options. The European banks, with SocGen as the administrative agent, are expected to...



Basis Nabs 4 Lending Vets From Sabal

Fri, 22 Feb 2019
Basis Investment has hired four veteran originators as it builds out its agency-lending business.The New York shop added the four within the past week or so. All jumped to Basis from Sabal Capital of Irvine, Calif., and are tasked with helping to ramp up Basis’ originations platform.Michael Pop joined as a managing director and co-head of small-balance mortgage production. May Hill is a senior vice president, George Arau is a vice president...



Law Firm Akerman Plans More Hiring

Fri, 22 Feb 2019
Akerman wants to hire a team of attorneys to advise commercial MBS issuers and underwriters as it continues to expand its real estate finance practice.The law firm is looking for several capital-markets specialists to focus on structuring CMBS offerings and commercial real estate CLOs, said partner Randy Eckers. They would complement a group of five lawyers, including Eckers, that Ackerman hired two weeks ago from Duval & Stachenfeld to represent...



Colony Writes Baltimore Office Loan

Fri, 22 Feb 2019
Colony Capital originated a $65 million bridge loan last week on a Baltimore office building.The 500,000-square-foot Bank of America Center, at 100 South Charles Street in the Inner Harbor District, is owned by Carlyle Development of Purchase, N.Y.The floating-rate mortgage, which has a three-year term and two one-year extension options, was partially funded at the closing. Carlyle, which was advised by Rice Realty Capital of New York, can draw...



REIT Finances Tacoma Hotel Project

Fri, 22 Feb 2019
3650 REIT originated a $78 million construction loan last week on a partially completed hotel in downtown Tacoma, Wash.Yareton Investment will use the proceeds to finish the 304-room Marriott Tacoma Convention Center Hotel, which is about 30% complete.The fixed-rate loan has a two-and-a-half-year term and two six-month extension options. A portion of the balance was funded at the closing. Seattle-based Yareton can draw down the rest over time as...



CLO Bond Lives Turned Upside-Down

Fri, 22 Feb 2019
Granite Point Mortgage’s first managed commercial real estate CLO demonstrates the flexibility that underwriters have when projecting the weighted average lives of bond classes.Co-bookrunner J.P. Morgan specified minimum weighted average lives of 5.9-6.6 years for the three junior classes — a timeframe that paradoxically exceeded the projected maximum levels of 4.7-4.8 years for the same tranches.That prompted some market pros to...



Shvo Seeks Debt for NY Conversion

Fri, 22 Feb 2019
A partnership led by developer Michael Shvo is seeking a $130 million floating-rate loan to finance the conversion of a New York office property into luxury residential condominiums.Shvo and his partners — BLG Capital and Deutsche Finance America — would use the proceeds to develop 69 condos at 685 Fifth Avenue in Midtown Manhattan. The group has tapped Lotus Capital of New York to line up the debt.The project would convert some...



The Grapevine

Fri, 22 Feb 2019
Former buy-side trader Cameron Kirby has joined Axonic Capital of New York. He started last month as a managing director for business development, tasked with building new investor relationships for the firm’s funds that target commercial real estate debt and equity investments. He reports to managing director Peter Carey, who oversees business development and client relations. Kirby was a managing partner at Coal Hill Holdings of New York,...



The Grapevine

Fri, 22 Feb 2019
Orrick Herrington has recruited three more attorneys from Arnold & Porter. Daniel Goldstein started last Friday as a senior associate, while associates Peter Seel and Elisa Zheng will start within two weeks, all in New York. The move to Orrick’s structured-finance group, led by partner Alan Knoll, reunites them with partners Howard Goldwasser and Skanthan Vivekananda, who moved over from Arnold about two weeks ago. The five had joined...



The Grapevine

Fri, 22 Feb 2019
Helaba has added three originators as vice presidents in New York. Katelyn Barrett and Chrissy Sudibya joined the German bank in the past several weeks and Kimberly Lewis is expected to start next week. Barrett was formerly a director at MUFG Union Bank for five years, and before that spent six years at TD Bank. Sudibya moved over from Bank of America, where she’d worked for about four years. Lewis was most recently at JLL. Barrett and...



The Grapevine

Fri, 22 Feb 2019
Thorofare Capital has hired an originator to focus on commercial mortgages in the Pacific Northwest. Daniel Pavlinik joined the investment manager a few weeks ago as a director, based in Boise, Idaho. He previously was an executive vice president at A10 Capital, also in Boise. He spent six years there, preceded by more than a decade at UBS and Citigroup in San Francisco. At Los Angeles-based Thorofare, Pavlinik reports to Felix Gutnikov, head of...



The Grapevine

Fri, 22 Feb 2019
Voya Investment has added two originators to separate teams in Atlanta. Scott Heath started at the insurer two weeks ago as a vice president, part of a group led by Dan Siegenthaler that writes mortgages on East Coast properties. Heath previously spent more than seven years as a principal at PGIM Real Estate. This week, Jake Bierly arrived at Voya from Bancorp Bank, where he spent about a year as a director. He’s an assistant vice president...



The Grapevine

Fri, 22 Feb 2019
Greg Birk joined Ares Management last month as a vice president in New York. He previously handled loan closings and due diligence at Situs, where he worked for more than nine years, and was at Credit Suisse for eight years before that. While at Situs, he was closely involved with both Ares and Credit Suisse.



The Grapevine

Fri, 22 Feb 2019
Alex Timlin joined the commercial real estate team at Detroit-based Chemical Bank last month as a vice president. Before that, he spent about three years at Colliers International and was a senior underwriting associate. He had earlier stints at ACRE Capital and LNR Property.



CMBS Volume on Pace for Big Drop in Quarter

Fri, 15 Feb 2019
Commercial MBS issuance is down sharply from a year ago, and the outlook for the rest of the first quarter isn’t any better.Conduit and single-borrower volume has totaled $7.5 billion since the beginning of the year, including transactions scheduled to price today. That’s down 17% from $9.1 billion through mid-February of last year.The forward pipeline through March has seven conduit deals totaling $6 billion and two single-borrower...



As Volatility Wanes, CLO Issuers Queue Up

Fri, 15 Feb 2019
After a hiccup in December, the commercial real estate CLO market is humming again.Three CLOs have already hit the market this year, and at least five more are in the queue for the rest of the quarter (see Pipeline on Page 7).The brisk activity in the growing sector demonstrates that the market turmoil of December has passed. Spreads blew out that month amid upheaval in the broader bond market, prompting Bridge Investment to postpone a $600...



Developer Seeks Debt on New Queens Rentals

Fri, 15 Feb 2019
A Tishman Speyer partnership is on the hunt for a mortgage of up to $1 billion on a new upscale apartment complex in Queens, N.Y.New York-based Tishman and its partners, including H&R REIT of Toronto, have provided preliminary information about the deal to lenders via HFF. The loan would be backed by the 1,871-unit Jackson Park property in the Long Island City neighborhood. While the full details haven’t been outlined yet, sources said the...



CCRE Reviving Its Conduit Shelf

Fri, 15 Feb 2019
CCRE will issue a conduit offering via its own shelf registration next month for the first time in almost two years.Deutsche Bank, Starwood Mortgage Capital and KeyBank will also contribute loans to the roughly $900 million offering.The maneuver demonstrates how the Cantor Fitzgerald unit is seeking to revitalize its commercial MBS business under the direction of Paul Vanderslice, who joined as chief executive last July after working at Citigroup...



Wells Shops Slices of Miami Loan

Fri, 15 Feb 2019
Wells Fargo is looking to syndicate a large portion of a $425 million loan it is originating on a residential skyscraper in Miami.The bank has agreed to provide the floating-rate mortgage, with a term of five years and a single two-year extension option, on the 2.6 million-square-foot Panorama Tower. The 85-story building was completed last year by Miami-based Florida East Coast Realty.Wells is administrative agent on the loan, and is talking...



Buyers Soak Up Flood of Offerings

Fri, 15 Feb 2019
Investors had plenty to choose from this week as dealers priced or marketed nine commercial MBS, CLO and rental-home securitizations totaling $5 billion.The flood of fresh paper included three conduit deals: a $756.4 million offering by Goldman Sachs and Citigroup (GSMS 2019-GC38); a $774.2 million offering by Wells Fargo, Ladder Capital, Rialto Mortgage Finance, Barclays and C-III Commercial Mortgage (WFCM 2019-C49); and a $774.1 million issue...



Bullish Investors Lead CMBX Charge

Fri, 15 Feb 2019
Spreads on CMBX swaps have tightened sharply this year, as investors on both sides of the trades grow more bullish.After widening in December amid widespread financial-market turmoil, spreads on credit-default swaps tracked by two recent series of IHS Markit’s CMBX index have snapped back to levels seen in late September and early October.“The CMBX has had a pretty good run so far this year,” largely due to improving market...



Debt Eyed to Reflag Lower NY Hotel

Fri, 15 Feb 2019
The owner of a luxury hotel at the southern tip of Manhattan is seeking a loan of about $125 million as it prepares to convert the property to a new brand.Urban Commons purchased the 298-room Wagner at the Battery in September for $151.3 million. The Los Angeles investment shop now wants to line up floating-rate debt with a term of 3-5 years. It’s pitching the assignment via Berkadia.The hotel, on the lower 12 floors of a 36-story building...



CMBS Bid List Gets Warm Reception

Fri, 15 Feb 2019
Buyers snapped up $70.7 million of triple-B-minus paper from six seasoned conduit deals this week, extending a recent rally in the secondary market for commercial MBS.The Wednesday auction of “Class D” bonds from 2016 deals was notable, traders and investors said, because the bid list included unusually large amounts — ranging from $13 million to $20.8 million — from individual transactions.“The striking thing about...



Fresh Debt Sought as SF Hotel Opens

Fri, 15 Feb 2019
The owners of a hotel that just opened in San Francisco are seeking a $61 million mortgage.The 203-room Yotel San Francisco began operating this month. It occupies a former office building at 1095 Market Street, in the Mid-Market neighborhood. The ownership team of GreenOak Real Estate, Kuwait Real Estate and Synapse Development has tapped Cushman & Wakefield to line up fresh financing. Their preference is for a floating-rate loan with a term of...



REIT-Bond Issuer Taps Strong Demand

Fri, 15 Feb 2019
The largest REIT-bond offering in more than four months flew off the shelves this week, as Welltower floated $1.1 billion of notes at much higher prices than dealers expected.The healthcare REIT on Wednesday sold $550 million of 10-year bonds with a 4.125% coupon and $500 million of 3.625% notes with a five-year term. Welltower had waited to gauge the demand for its paper before declaring the amounts it was offering.The longer-term notes, rated...



The Grapevine

Fri, 15 Feb 2019
Bridge-lending pro Robert Brown joined ArrowMark Partners of Denver last month as a managing director. His exact duties are unknown. Brown spent the past four years at Denver fund operator JCR Capital, where he led the bridge-lending platform. Before that, he was at Deutsche Bank for eight years, first in London and then in New York. He worked in both the real estate special-situations group and the commercial real estate group at the German...



The Grapevine

Fri, 15 Feb 2019
Suraj Desai has joined brokerage Alpha Capital CRE as a senior vice president. He started last month at the firm’s Chicago headquarters, focusing on business development, deal structuring and placing debt and equity for clients. Desai moved over from Aries Conlon Capital of Chicago, where he was an originator. He previously worked at Sunstar Management, a hotel asset-management company. Alpha, founded in 2008 as Alpha Alternatives, is led...



The Grapevine

Fri, 15 Feb 2019
Buy-side trader Sean Cochran left New York fund shop One William Street Capital last month. He is seeking another position in the industry. Cochran was a senior vice president focusing on commercial MBS and CMBX investments, reporting to partner and portfolio manager Frank Prezioso. Before joining One William Street in 2016, Cochran was a director on Bank of America’s CMBS trading desk, also in New York. He joined BofA via its 2009 takeover...



The Grapevine

Fri, 15 Feb 2019
Romspen is looking to hire a seasoned commercial-mortgage pro to originate U.S. construction, bridge and pre-development loans of $10 million to $50 million. The opening for a senior originator in New York requires at least 15 years of experience. The recruit would join the Toronto fund operator as a managing director, reporting to managing general partner Wesley Roitman. Executive recruiter Odgers Berndtson is conducting the search for Romspen....



The Grapevine

Fri, 15 Feb 2019
About 3,300 industry pros turned out this week for the Mortgage Bankers Association’s 29th annual convention for commercial real estate and multi-family finance professionals. Attendance at the event has now held steady for three years in a row. The CREF19 gathering took place over four days at the Manchester Grand Hyatt in San Diego.



The Grapevine

Fri, 15 Feb 2019
The CRE Finance Council wants to add a director to its staff in New York. Reporting to executive director Lisa Pendergast, the recruit would manage the trade group’s educational programs and events. Responsibilities would include curriculum development, oversight of the young-professionals network and production of seminars. Applicants should have at least three years of experience in commercial real estate finance or curriculum...



The Grapevine

Fri, 15 Feb 2019
Bank of America is searching for a senior relationship manager to join its commercial real estate team in New York. At least 10 years of experience in institutional finance and project lending is required, along with sales, marketing and leadership skills. Candidates can apply online at careers.bankofamerica.com.



The Grapevine

Fri, 15 Feb 2019
USAA Real Estate is looking to add an analyst and an associate at its headquarters in San Antonio. The analyst would assist with due diligence and loan closings, among other things. The associate would handle underwriting, as well as financial modeling and reporting for real estate deals. Applicants should be familiar with commercial-property finance. The associate position requires 3-5 years of experience in a similar...



As Conduits Sag, CLOs Are Where the Action Is

Fri, 08 Feb 2019
While the conduit market is in the doldrums, the commercial real estate CLO sector is surging and evolving.After nearly doubling last year, CLO issuance is expected to climb substantially again in 2019, as more originators of bridge loans turn to securitization as a source of leveraged financing. At the same time, issuers are increasingly floating “managed,” rather than “static,” transactions to increase their operational...



Goldman Promotes Debt Pros Borter, Wheeler

Fri, 08 Feb 2019
Goldman Sachs named managing directors Ted Borter and Miriam Wheeler as co-heads of real estate finance in the Americas this week after the resignation of longtime global real estate finance chief David Lehman.Goldman didn’t name a new global chief, instead dividing Lehman’s oversight duties among other executives. Responsibility for the Americas real estate finance unit was assumed by managing director and partner Kevin Sterling, who...



RXR Aiming to Refinance Tower in Lower NY

Fri, 08 Feb 2019
RXR Realty is seeking to arrange up to $400 million of debt to refinance its leasehold interest in the office building at 32 Old Slip in Lower Manhattan.The Uniondale, N.Y., investment shop prefers a floating-rate loan with a term of 5-7 years. The debt might be divided into senior and mezzanine components. Newmark is pitching the assignment.RXR acquired the 1.1 million-square-foot building and the underlying ground from Beacon Capital in 2015...



Tighter Spreads Seen on Next Conduit

Fri, 08 Feb 2019
Commercial MBS dealers this week kicked off marketing of one conduit issue and prepared to roll out two others amid indications that benchmark spreads are continuing to tighten.The long-term, super-senior bonds in a $756 million offering by Goldman Sachs and Citigroup (GSMS 2019-GC38) were being shopped yesterday with price guidance of 91-92 bp over swaps, which would outdo the pricing achieved last week by two other deals.Meanwhile, Wells Fargo...



Phila. Office Buyer Seeks Financing

Fri, 08 Feb 2019
A partnership is looking for about $335 million of debt to finance the purchase of a trophy office tower in Philadelphia.Arden Group and Silverstein Properties have agreed to pay $451.6 million for the 1.3 million-square-foot building, at 1735 Market Street. The seller is Equity Commonwealth of Chicago.Philadelphia-based Arden and Silverstein, of New York, have tapped JLL to arrange the debt. Their preference is for a fixed-rate mortgage running...



Nuveen Backs Colo. Industrial Deal

Fri, 08 Feb 2019
Nuveen Real Estate has originated a $124.3 million fixed-rate loan for the buyer of a Colorado industrial portfolio.Berkeley Partners acquired the 2 million-square-foot package from Etkins Johnson Real Estate two weeks ago for $247.3 million.HFF advised Berkeley on the 10-year loan. The San Francisco investment firm often teams up with institutional investors on purchases, although it’s unknown whether it did so this time.The portfolio...



Westbrook Eyes Loan

Fri, 08 Feb 2019
A Westbrook Partners joint venture is in the market for $74 million of debt on a San Diego office portfolio.The collateral consists of three properties totaling 328,000 square feet. Westbrook, a New York fund manager, and local firm Casey Brown Co. are seeking a floating-rate loan with a term of about five years. Cushman & Wakefield is showing the assignment to banks, debt funds and other lenders.The proposed leverage is about 65%, which puts the...



Mortgages Notch 2.7% Annual Return

Fri, 08 Feb 2019
Commercial mortgages produced a lackluster 2.65% return last year, a sharp drop from 2017, according to the Giliberto-Levy Commercial Mortgage Performance Index.The 2018 yield was less than half the previous year’s 5.66%. It would have been even smaller if not for a boost in loan values caused by a fourth-quarter drop in long-term Treasury yields.The value of the fixed-rate loans in the index rose 1.13% in the fourth quarter, partly...



Essex Taps Strong REIT-Bond Demand

Fri, 08 Feb 2019
REIT-bond buyers this week snapped up the latest in a recent rush of offerings, enabling Essex Property to boost the size of its transaction and achieve a far higher price than dealers expected.The multi-family REIT expanded its first issue in almost a year to $350 million, from $300 million. The 10-year paper, with a 4% coupon, flew off the shelves Monday with a 4.099% yield. That was pegged to a spread of 137.5 bp over U.S. Treasurys,...



SunTrust Funds Lionstone Purchase

Fri, 08 Feb 2019
A Lionstone Investments partnership has tapped SunTrust Bank for a $59 million loan to finance its acquisition of four office buildings near San Diego International Airport.Houston-based Lionstone teamed up with local investor IDS Real Estate to buy the 181,000-square-foot portfolio from McMillin Cos. for $76.8 million. HFF brokered the sale for San Diego-based McMillin and advised the Lionstone partnership on the floating-rate loan, which runs...



Big Refi Trims Special-Servicing Rate

Fri, 08 Feb 2019
(SEE CORRECTION BELOW) The special-servicing rate for securitized commercial mortgages dropped sharply last month, largely due to the recent refinancing of a large portfolio of skilled-nursing facilities controlled by New York investor Rubin Schron.The percentage of commercial MBS loans in the hands of special servicers fell to 3.66% by the end of January, down 25 bp since yearend. That reflected a $948.7 million plunge, to $17 billion, in the...



The Grapevine

Fri, 08 Feb 2019
Orrick Herrington has hired two Arnold & Porter partners who specialize in CLOs. Howard Goldwasser and Skanthan Vivekananda started this week as partners in the structured-finance group led by partner Alan Knoll. They’ll work with other Orrick attorneys, including its commercial MBS team, to further develop the firm’s commercial real estate CLO practice. Several associates at Arnold are expected to follow the pair to Orrick....



The Grapevine

Fri, 08 Feb 2019
Another Clifford Chance attorney is jumping to Sidley Austin, as it continues to expand a New York team that focuses on commercial real estate CLOs. Michael Sweeney will start Tuesday as an associate, after just over two years at Clifford. The move will reunite him with partner Steven Kolyer and two other CLO lawyers who have left Clifford’s New York office to join Sidley since late...



The Grapevine

Fri, 08 Feb 2019
New York Life has reorganized the top ranks of its real estate financing platform and is looking to expand it. Tim McGinnis, previously co-head of commercial loan production, last month took on a new post as head of the overall debt business. Eric Becher moved up from head of Northeast production to be co-head of originations with Brian Furlong, and Scott Ingham shifted over from the equity side to fill Becher’s previous post. The insurer...



The Grapevine

Fri, 08 Feb 2019
Former Deutsche Bank originator Tom Burns moved over to Square Mile Capital this month as a principal in Dallas. He originates high-yield debt in Texas and the nearby states for the New York investment shop. Burns spent nearly nine years at Deutsche, most recently running its Dallas originations team. Before that, he had a four-year stint at Transwestern.



The Grapevine

Fri, 08 Feb 2019
Lotus Capital of New York is looking to add an experienced executive to its debt-placement team. The recruit would work on lining up senior and mezzanine debt, as well as equity financing, for large, complex capitalizations in the U.S. and Europe.



The Grapevine

Fri, 08 Feb 2019
AIG has hired Glenn Tigue as a buy-side credit analyst to work with CMBS portfolio manager Amir Isufi. Tigue, who started last month in New York, will also have responsibilities for portfolio management and bond trading. He and Isufi report to managing director Joseph Romano, who oversees commercial real estate debt investments. Tigue joined AIG from the CMBS ratings group at Moody’s, where he worked for seven...



The Grapevine

Fri, 08 Feb 2019
Dechert and Hermes Financial are co-sponsoring an annual gathering of CMBS professionals this month in Miami Beach. The fifth annual Controlling Class & Special Servicing Reception is expected to draw more than 100 participants from 54 firms, including KKR, Rialto Capital and Silverpeak Argentic. The event will be held Feb. 21 at the SLS South Beach Hotel, coinciding with the South Beach Wine and Food...



The Grapevine

Fri, 08 Feb 2019
Morningstar has added two staffers in New York to its teams that monitor regulatory compliance and ratings-quality control. Michael Aker signed on as a compliance officer, reporting to chief compliance officer Candace Cheng. Georgia Lord came aboard as an associate analyst, reporting to chief quality officer Becky Cao.



Sabal Targeting Conduit Loans, Taps Restrick

Fri, 01 Feb 2019
Industry veteran Bob Restrick joined Sabal Capital this week to oversee the rollout of a conduit program that is shooting to originate $500 million to $1 billion of small-balance loans this year.The move is part of an expansion beyond Sabal’s traditional focus on the agency multi-family market. Already an originator of small-balance Freddie Mac loans and a buyer of Freddie B-pieces, the Newport Beach, Calif., shop is adding both...



AIG Team Refinances NY Apartment Complex

Fri, 01 Feb 2019
AIG, Apollo Global and SL Green Realty have teamed up to provide about $675 million of floating-rate debt on an upscale apartment complex in Manhattan.The five-year mortgage replaced a $650 million package the same lenders provided just over two years ago on the American Copper Buildings, overlooking the East River. The 761-unit property is owned by a joint venture among JDS Development and Largo Investments, both of New York, and Baupost Group...



EU Rule Prompts Deutsche to Go 'Vertical'

Fri, 01 Feb 2019
Deutsche Bank has decided to temporarily adjust its structuring strategy in the wake of a revision to the European Union’s risk-retention rules for securitizations.Until a dispute about the revision is settled, Deutsche will retain direct exposure to its transactions, rather than continue to pass off all or part of that responsibility to B-piece buyers. That means Deutsche’s deals will use the vertical strips for risk retention,...



Conduit Prices Retrace Lost Ground

Fri, 01 Feb 2019
The benchmark classes of the year’s first two conduit deals were being shopped this week at prices indicating that the sector has rebounded from its December swoon.Meanwhile, the commercial real estate CLO sector revived, as Bridge Investment priced a $600 million transaction that had been pulled from the market in December. The successful execution, albeit at lower prices than expected when the deal was initially shopped, was good news for...



Colony Mapping $1.5 Billion Fund

Fri, 01 Feb 2019
Colony Capital is seeking to raise $1.5 billion of equity for its fifth high-yield debt fund, which would have a European focus.Colony Distressed Credit Fund 5 would shoot for an 11% return primarily by originating senior and mezzanine loans. The vehicle could also invest in preferred equity, buy commercial MBS and take positions in distressed assets, which could include acquiring debt or writing high-yield loans on troubled properties. The fund...



Debt Eyed for New Queens High-Rise

Fri, 01 Feb 2019
The developer of a new residential tower in Queens, N.Y., that includes a large “co-living” component is looking for a mortgage of up to $270 million.The 467-unit Alta, in the Long Island City neighborhood, is owned by New York firms Simon Baron Development and Square Mile Capital. The partnership is shopping for a floating-rate loan with a term of five years. It’s asking lenders for quotes at two proceeds levels: $240 million...



Chicago Office Loan Divided 4 Ways

Fri, 01 Feb 2019
Three lenders have taken slices of a $230 million mortgage that Societe Generale wrote in November on a Chicago office property.Bank of China, Bayerische Landesbank and Deutsche Pfandbriefbank bought into the loan on the 1.1 million-square-foot building, at 161 North Clark Street. The sizes of their positions couldn’t be learned. The floating-rate debt has a seven-year term. SocGen wrapped up the syndication within the past couple of...



CBRE: Loan Spreads Fell in 4th Quarter

Fri, 01 Feb 2019
Spreads on fixed-rate commercial and multi-family loans tightened in the fourth quarter, despite market volatility in December, according to CBRE.The average spread on commercial mortgages was 177 bp, down 7 bp from the third quarter and 45 bp from a year earlier. The average spread for multi-family loans was 157 bp, down by 3 bp from the third quarter and 12 bp from a year earlier. The figures are based on CBRE-brokered loans with terms of 7-10...



2 More CLO Attorneys Jump to Sidley

Fri, 01 Feb 2019
Sidley Austin has hired two more lawyers from Clifford Chance as it expands a New York team that focuses on commercial real estate CLOs.Louis Vitale joined as counsel and Marc Gold as an associate. Both were associates at Clifford, also in New York. Their move this month reunited them with former Clifford partner Steven Kolyer, who made the switch in late December.As a partner at Sidley, Kolyer is spearheading the firm’s efforts to raise...



3 Banks Share Loan for Fla. Project

Fri, 01 Feb 2019
Three banks wound up with pieces of a $110 million loan backing the development of a mixed-use complex in South Florida.Fifth Third Bank led the floating-rate financing package, which has a total term of five years, including an extension option. Huntington Bank and Santander Bank joined in at the closing about a week ago. The borrower, Edwards Cos. of Columbus, Ohio, will put the proceeds toward construction of a Delray Beach, Fla., complex with...



Rialto Circles Nontradable B-Piece

Fri, 01 Feb 2019
Rialto Capital has circled its first B-piece investment of the year.The Miami shop agreed to take the bottom 5% of an upcoming conduit offering on the Morgan Stanley shelf (MSC 2019-H5). The transaction will use the horizontal structure to comply with risk-retention rules. That means Rialto will take on the risk-retention responsibility and must hold the bonds essentially for the life of the deal.Morgan Stanley, Silverpeak Argentic, Benefit...



Cadwalader Stays Far Ahead of the Field of Legal Advisors

Fri, 01 Feb 2019
Commercial MBS issuers again hired Cadwalader Wickersham as their legal advisor more often than not last year, while underwriters split their assignments almost evenly between that firm and Sidley Austin.As the annual number of private-label offerings remained virtually flat at 122, Cadwalader won the more-coveted role as issuer counsel 76 times, according to Commercial Mortgage Alert’s CMBS Database. That gave it a 62% share of the...



Wells Still Dominates Key Trust-Shop Ranking; Citi Makes Inroads

Fri, 01 Feb 2019
Wells Fargo remained the top provider of trust-administration services for commercial MBS issuers last year, while Citigroup gained a little ground on the perennial frontrunner.As annual issuance of private-label CMBS dropped by 12% to $77 billion, Wells led the field of certificate administrators for the eighth year in a row. The bank was hired by issuers to fill that role on 81.8% of the 2018 offerings by dollar volume, down slightly from 85.7%...



New Shop Planning Land-Loan Fund

Fri, 01 Feb 2019
A new investment-management firm is seeking to raise $50 million of equity for a high-yield debt fund that would originate short-term loans on land suitable for residential development.The shop, ParkSlope Capital of New York, was formed last summer by Gregory Yakubov, Brian Cotner and William Allen, whose backgrounds include development experience.Their fund would finance land developers, who buy parcels, install infrastructure and then sell the...



The Grapevine

Fri, 01 Feb 2019
Industry veteran Rick Gallitto joined Plum Lending this month as president and head of real estate for the San Francisco firm. Gallitto co-founded Boston-based Tremont Capital in 2000. He joined RMR Group of Newton, Mass., when that firm acquired Tremont in 2016, and was named co-president and chief investment officer of Tremont Mortgage, a publicly traded REIT managed by RMR. He left that post in August. At Plum, Gallitto is mapping out new...



The Grapevine

Fri, 01 Feb 2019
Veteran real estate attorney Jeffrey Lee is preparing to retire from Holland & Knight. Lee joined the firm as a partner in Charlotte last May, bringing a 20-person team with him from Winstead. He has agreed to stay on until midyear to help with the team’s transition. The 69-year-old lawyer is wrapping up a four-decade-plus career, most of it in real estate finance. Lee spent nearly a decade at Winstead, helping build up its real estate debt...



The Grapevine

Fri, 01 Feb 2019
Landesbank Baden-Wurttemberg originated a $167 million loan on the office property at 61 Ninth Avenue in Manhattan this week. The bank is expected to syndicate some portion of the floating-rate mortgage, which runs seven years. The property is owned by Vornado Realty and Aurora Capital Associates, both of New York. They began shopping for the financing around the end of the summer, via JLL. The 165,000-square-foot building, completed last year,...



The Grapevine

Fri, 01 Feb 2019
Carlton Group has hired Gregory Wysocki as a vice president, responsible for originating and placing commercial real estate debt and equity investments. Wysocki started this month in Carlton’s New York headquarters. He reports to chief executive Michael Campbell, a 20-year veteran of the investment-banking firm who was promoted to that role following the death of Carlton founder Howard Michaels in September. Wysocki moved over from BNY...



The Grapevine

Fri, 01 Feb 2019
Ares Management is looking to hire commercial-mortgage originators in Atlanta, Denver, New York and San Francisco. Candidates should have 7-10 years of commercial real estate investment experience. The recruits would report to Jamie Henderson, head of the Los Angeles firm’s real estate debt group. Applicants can email their resumes to Christina Prasad at...



The Grapevine

Fri, 01 Feb 2019
Meanwhile, analyst Elka Daroga joined Ares Management last month in Chicago. She previously spent two years in a similar role at RBC in Dallas.



The Grapevine

Fri, 01 Feb 2019
Benefit Street Partners wants to add an attorney and four analysts to the commercial real estate team at its New York headquarters. Applicants may submit resumes to Sarah Kurash at s.kurash@benefitstreetpartners.com.



The Grapevine

Fri, 01 Feb 2019
USAA Real Estate is seeking an asset-management associate or senior associate for its San Antonio headquarters. The recruit would assist with servicing, surveillance and reporting for the insurer’s commercial mortgage portfolio. Candidates need at least three years of experience.



WeWork Taps 3 Lenders for NY Office Play

Fri, 25 Jan 2019
J.P. Morgan, Mack Real Estate and Starwood Property have agreed to provide $900 million of bridge financing to a WeWork partnership that will buy the iconic Lord & Taylor building on Fifth Avenue in Manhattan and convert it to office space.The floating-rate debt package will encompass a $700 million senior loan and a $200 million mezzanine piece. The lenders will fund about 80% of the balance at the closing. The shared-workspace operator, which...



S&P, Moody's Duke It Out in Fitch's Shadow

Fri, 25 Jan 2019
S&P made substantial progress last year in its long-running effort to rebuild a presence in the conduit sector — at the expense of rival Moody’s.S&P’s share of conduit issuance soared to 48%, from 19.4% in 2017, according to Commercial Mortgage Alert’s CMBS Database. Meanwhile, Moody’s saw its market share plummet to 52%, from 94% (see rankings on Pages 14-15).Every conduit deal last year used ratings from three...



Buyer Seeks Financing on New Orleans Hotel

Fri, 25 Jan 2019
An AllianceBernstein partnership has struck a deal to buy the Hyatt Regency New Orleans and is seeking $325 million of debt financing.The New York investment manager and its partners, local investor Berger Co. and Fulcrum Hospitality of Jersey City, N.J., have agreed to purchase the 1,193-room property from a group led by Ares Management. The exact sale price couldn’t be learned, but sources put it in the neighborhood of $395 million.The...



Debt Eyed for Dallas-Area Offices

Fri, 25 Jan 2019
The owner of a large office complex in suburban Dallas is looking for $340 million of debt.The 1.8 million-square-foot Campus at Legacy West, in Plano, Texas, includes the corporate headquarters of JC Penney. A joint venture led by Dreien Opportunity Partners, which bought the property two years ago, is seeking a mortgage with a total term of five years. It’s taking fixed- and floating-rate proposals via CBRE.Dreien, which has its...



CMBS Deals Queue Up; CLO Returns

Fri, 25 Jan 2019
The securitization market perked up this week as dealers began shopping a $1.2 billion single-borrower transaction and Bridge Investment revived a $600 million CLO offering.Meanwhile, underwriters began paving the way for the first two conduit deals of the year. Wells Fargo, Bank of America, Morgan Stanley and NCB distributed pre-marketing materials for a $974.8 million offering (BANK 2019-BNK16). And the team of Citigroup, Deutsche Bank and J.P....



Lenders Vie for DC Apartment Loan

Fri, 25 Jan 2019
A J.P. Morgan Asset Management partnership is seeking as much as $250 million of debt on an upscale apartment complex in Washington.The 931-unit Capitol Yards consists of three buildings in the fast-growing Capitol Riverfront submarket. J.P. Morgan and its partner, Oxford Properties of Toronto, prefer a mortgage with a term of 7-10 years, and are looking at both fixed- and floating-rate proposals. Eastdil Secured is marketing the assignment. The...



Floater Set for Chicago Office Tower

Fri, 25 Jan 2019
ING Real Estate Finance and Heitman are poised to provide $225 million of debt on a Chicago office building.The floating-rate loan would be backed by the 772,000-square-foot property at 401 North Michigan Avenue, owned by Chicago fund operator Walton Street Capital.The U.S. lending unit of Netherlands-based ING Group would keep the senior portion of the five-year debt package, while Heitman, a Chicago investment manager, would take a mezzanine...



TPG Backs Kansas City Office Deal

Fri, 25 Jan 2019
TPG Real Estate Finance has written a $60.2 million acquisition loan on an office property in Kansas City, Mo.The three-year floater backed New York investment shop Somera Road’s purchase of the 657,000-square-foot City Center Square, in the central business district. The seller was a partnership that included investors Elie Schwartz and David Werner of New York, as well as Alex Sassoon of Seattle. The purchase price couldn’t be...



Agency Lending Reached New High in 2018; Freddie Led Way

Fri, 25 Jan 2019
Freddie Mac and Fannie Mae set yet another aggregate lending record in the high-flying apartment market last year.The mortgage agencies jointly purchased $142.9 billion of multi-family mortgages from agency lenders, up 2% from $140.3 billion in 2017, the previous record. That marked the fifth straight annual increase, with activity more than doubling over the period.Freddie also set an individual high, purchasing $77.5 billion of apartment loans,...



Conduit Operators Faced a Profit Squeeze Last Year

Fri, 25 Jan 2019
Conduit profit margins declined sharply last year amid fierce competition for loans.The weighted average gross profit margin of conduit deals plummeted to 1.34%, from 3.43% in 2017, according to calculations by Commercial Mortgage Alert.On a positive note, profit margins rose gradually during the year, from 1.12% in the first quarter to 1.51% in the fourth quarter. But each quarterly measure was lower than any quarter in 2017.Gross margins shed...



Wells Leads Master Servicers Again

Fri, 25 Jan 2019
Wells Fargo won the master-servicing contracts on the majority of commercial MBS issuance in 2018, as it has every year this decade, while KeyBank and Midland Loan Services chipped away at its dominant position by increasing their shares of the business.As the volume of U.S. transactions dropped 11% to $76.4 billion last year, Wells handled the master-servicing duties on $41.8 billion of deals, down by 23% from the year before, according to...



KKR Wins Conduit B-Piece Crown

Fri, 25 Jan 2019
KKR was the most-active buyer of conduit B-pieces last year, edging out Rialto Capital and snapping that firm’s four-year reign at the top of the ranking.KKR acquired the junior classes of transactions totaling $8.76 billion, just surpassing Rialto’s $8.62 billion total. Rounding out the top five were Silverpeak Argentic ($5.8 billion), Eightfold Real Estate ($3.8 billion) and MassMutual ($3.7 billion).Separately, Bridge Investment...



The Grapevine

Fri, 25 Jan 2019
Distressed-debt and special-situations pro Andrew Horowitz joined CWCapital this month as a managing director. He spent the last two years at Sentinel Labs, a New York analytics shop that he co-founded with Casey Panzer. Before that, he worked for three and a half years at Stabilis Capital, also of New York, and three years at LNR Property.



The Grapevine

Fri, 25 Jan 2019
Newmark has hired three experienced capital-markets pros in Denver. Senior managing director Charlie Williams and managing directors David Treadwell and Tim Weldon started this week. Williams and Weldon moved over from KeyBank Real Estate Capital. Williams was a senior vice president at Key, leading a team of mortgage bankers. He is co-chairman of Freddie Mac’s Advisory Council and holds several other industry leadership positions. Weldon...



The Grapevine

Fri, 25 Jan 2019
Hunt Real Estate has added an originator as it looks to boost its agency-lending business. Sloan Stevens started last month as a director in Birmingham, Ala., concentrating on small-balance Fannie Mae and Freddie Mac mortgages nationwide. He reports to managing director Owen Breheny in New York. Stevens previously worked at Atlanta-based Cadence Bank, and before that was at Griffin Group Consulting of...



The Grapevine

Fri, 25 Jan 2019
Structured-product salesman Jared Sholly joined Credit Suisse this month as a vice president in Los Angeles. He spent the past two years at HBK Europe Management in London, trading mortgage debt. Before that, he logged a year at RBC and three years at RBS.



The Grapevine

Fri, 25 Jan 2019
Buy-side credit analyst Vincent Sokhanvari has joined Bellwether Asset Management, which helps Oaktree Capital of Los Angeles manage its real estate debt and equity investments. Sokhanvari started last month as an associate in El Segundo, Calif., reporting to vice president Benjamin Easton. He’s primarily responsible for commercial MBS credit analysis, analytics and valuations. Sokhanvari was previously a senior analyst at Rialto Capital of...



The Grapevine

Fri, 25 Jan 2019
Thorofare Capital is looking for an underwriter with 5-8 years of experience to fill a director’s position in its Los Angeles headquarters. Duties would involve managing a team of analysts and associates that works on underwriting, due diligence and execution of loans originated via the firm’s open-end fund, separate accounts and other ventures. The recruit would report to Edward Prosser, a managing director overseeing credit, and...



The Grapevine

Fri, 25 Jan 2019
Citigroup is looking for an underwriter with 2-3 years of experience to join its growing warehouse-lending unit, led by Rick Schlenger. Duties would include underwriting debt on diverse property types and helping to manage the unit’s portfolio. Contact Schlenger at richard.schlenger@citi.com.



The Grapevine

Fri, 25 Jan 2019
SG Capital wants to add an analyst to its commercial real estate lending staff in Stamford, Conn. The affiliate of Shelter Growth Capital originates bridge and mezzanine loans in addition to investing in CMBS B-pieces that are held for the long term under risk-retention guidelines. The position entails underwriting, due diligence, loan-closing and asset-management duties. Candidates with 1-3 years of experience may contact Roger Boone at...



Debt Sought for Offices Tied to Amazon's HQ2

Fri, 18 Jan 2019
The owner of an office tower slated to house part of Amazon’s New York headquarters wants to line up some $750 million of financing in connection with a planned recapitalization.A partnership between New York fund operator Savanna and J.P. Morgan’s Junius Real Estate unit is expected to take bids in the coming week for a stake of up to 90% in the 1.5 million-square-foot One Court Square, in the Long Island City section of Queens....



CMBS Pros See Higher Super-Senior Prices

Fri, 18 Jan 2019
Commercial MBS pros expect prices on senior conduit paper to rise during the first half and those on junior investment-grade bonds to decline even further.The new-issue spread on benchmark triple-A bonds is projected to be 95 bp over swaps at midyear, down by 10 bp from the prevailing level around yearend, according to the average prediction of 16 market participants surveyed by Commercial Mortgage Alert.Many of the forecasters were thinking...



SocGen Maps First Solo Single-Borrower Deal

Fri, 18 Jan 2019
Societe Generale will launch its first solo single-borrower securitization next week.The offering will be backed by a senior $210 million portion of a $410 million fixed-rate loan it originated this month on a repositioned mixed-use building on Manhattan’s Far West Side. The 464,000-square-foot property, at 787 11th Avenue, is owned by a partnership between Georgetown Co. of New York and the family of hedge-fund operator Bill Ackman.SocGen...



MetLife Funds Illinois Outlet Center

Fri, 18 Jan 2019
MetLife has originated a $300 million fixed-rate mortgage backed by a shopping center on the outskirts of Chicago.Macerich owns the 538,000-square-foot Fashion Outlets of Chicago, near O’Hare International Airport. The 12-year loan closed last week.Macerich, a REIT in Santa Monica, Calif., teamed up with AEW Talisman of Coral Gables, Fla., to develop the outlet center in 2013. The following year, Macerich bought out its partner’s 40%...



Loan-Contributor Lineups in Flux

Fri, 18 Jan 2019
Some conduit lenders are starting the new year by exploring the possibility of teaming up on first-quarter conduit deals with different partners.Goldman Sachs, UBS and Societe Generale are among the shops holding such discussions.Goldman is in talks to do its next conduit securitization with Citigroup, in what would likely be a two-lender deal. Such an arrangement, if finalized, means Goldman wouldn’t contribute loans to the next...



Big Loan Sought on 195 Broadway

Fri, 18 Jan 2019
A J.P. Morgan Asset Management partnership has begun shopping for a $450 million loan to refinance the office tower at 195 Broadway in Lower Manhattan.The requested proceeds represent leverage in the neighborhood of 60%, which would value the 1.1 million-square-foot building at roughly $750 million, or more than $700/sf. The J.P. Morgan team is pitching the financing assignment via Cushman & Wakefield, which has distributed preliminary...



Forecasters Didn't Expect CMBS Selloff

Fri, 18 Jan 2019
The fourth-quarter blowout in conduit spreads caught commercial MBS pros by surprise.The spread on long-term, super-senior paper was expected to widen by just 2 bp during the second half, to 93 bp over swaps, according to the average forecast of 14 CMBS pros surveyed by Commercial Mortgage Alert at midyear. Instead, it jumped to 105 bp at yearend. Nishant Kapur of Morgan Stanley was right on target with his prediction.On average, the respondents...



Square Mile Backs New Ohio Complex

Fri, 18 Jan 2019
Square Mile Capital has originated a $171.5 million bridge loan on a new “live-work-play” complex in an upscale suburb of Cleveland.The 650,000-square-foot Pinecrest complex, in Orange Village, Ohio, was completed last year by a partnership that includes Fairmount Properties of Cleveland and DiGeronimo Cos. of Independence, Ohio.The property encompasses about 400,000 sf of retail space, some 150,000 sf of office space and 87 high-end...



REIT-Bond Issuance Wave Peters Out; BofA Leads Bookrunners

Fri, 18 Jan 2019
Signs point to a continued slump in REIT-bond issuance, which dropped by almost half last year.Some $27.2 billion of unsecured corporate bonds were issued by 39 U.S. REITs in 2018, according to Commercial Mortgage Alert’s REIT-Bond Database. That was down from $51.8 billion in 2017, breaking a six-year run of record annual tallies. Last year’s volume was only slightly above the $27 billion level in 2013.Bank of America emerged as top...



Prime Backs Buyer of Apartments

Fri, 18 Jan 2019
Prime Finance has originated a $151 million floating-rate loan on three recently acquired apartment complexes in Arizona and Nevada.Sunroad Enterprises acquired the properties between September and November 2018 in three transactions from separate sellers. It’s unclear how the San Diego firm initially financed the investments.The floating-rate loan has a five-year term. Prime, a New York fund operator, funded $146 million of the balance at...



Clarion Eyes Mortgage for SF Deal

Fri, 18 Jan 2019
Clarion Partners is seeking a $45 million fixed-rate loan to finance its pending acquisition of a “creative” office building in San Francisco.The New York investment manager has agreed to pay about $86 million for the 76,000-square-foot property, at 410 Townsend Street in the SoMa district. The seller is Zurich Alternative Asset Management, the investment arm of Switzerland’s biggest insurer. The loan-to-cost ratio is...



Troubled-Loan Rates Plunged in 2018

Fri, 18 Jan 2019
Two key indicators of credit problems for securitized commercial mortgages dropped dramatically in 2018 and are expected to continue ratcheting down — but more slowly — this year.The monthly special-servicing and delinquency rates for commercial MBS loans fell virtually non-stop last year, as the aggregate balance of debt in each category plummeted by about 25%. Those measures had declined by smaller amounts in 2017, after rising in...



Buyer Seeks Financing on DC Offices

Fri, 18 Jan 2019
The buyers of a Washington office building are looking to lock in nearly $50 million of financing for the deal.Akridge Cos. and Stars Investments have agreed to purchase the 147,000-square-foot building, at 1100 17th Street NW, for roughly $65 million. The partners are seeking a floating-rate loan that would run 5-7 years, with more than $11 million of the proceeds set aside for leasing costs. Marketing materials described the property as 69%...



The Grapevine

Fri, 18 Jan 2019
Dwight Capital has hired Aaron Krawitz as its general counsel and co-chief operating officer. Krawitz, an attorney, previously worked at law firms Gibson Dunn and Skadden Arps, where he concentrated on real estate transactions that included financing, development, acquisitions and workouts. He started a couple of weeks ago at Dwight, helping to oversee the firm’s lending activity, financing pipeline and legal matters, alongside co-chief...



The Grapevine

Fri, 18 Jan 2019
Nicole Brickhouse has joined Walker & Dunlop as a vice president at its Bethesda, Md., headquarters. Brickhouse moved over from HFF, where she spent the past five years. She specialized in lining up debt and equity on apartment properties, most recently as a director in Washington. She previously worked at Cassidy Turley.



The Grapevine

Fri, 18 Jan 2019
Attendance at the CRE Finance Council’s annual January conference set a record for the second year in a row. Registrations for this week’s gathering in Miami Beach totaled 1,863, up from 1,801 last year. The industry’s next major event is the Mortgage Bankers Association’s annual convention for commercial real estate and multi-family finance professionals. More than 3,000 are expected to attend that event, Feb. 10-13 at...



The Grapevine

Fri, 18 Jan 2019
Broadacre Financial is looking to hire a handful of mortgage brokers at its New York headquarters. Experienced brokers, as well as bankers considering a career change, may apply by contacting founder and president Chris Haynes at chaynes@broadacrefinancial.com.



The Grapevine

Fri, 18 Jan 2019
The buzz is that hedge-fund operator Davidson Kempner Capital is exploring the new-issue B-piece market and may start bidding on offerings soon. The New York multi-strategy shop had some $31 billion of assets under management early last year, but hasn’t previously invested in B-pieces from commercial MBS issues. The firm is led by Thomas Kempner Jr. and Anthony...



The Grapevine

Fri, 18 Jan 2019
KKR has an opening for an associate on its real estate credit asset-management team in Houston. Candidates with 4-7 years of experience may apply by email to Paige Palmer at ppalmer@ggasearch.com.



The Grapevine

Fri, 18 Jan 2019
YieldStreet is looking to hire a commercial real estate underwriter with at least three years of experience, preferably including work on bridge loans. The recruit would be based in the crowdsourcing firm’s New York headquarters, reporting to senior director Mitch Rosen, who heads real estate investments. Founded in 2015, YieldStreet buys loan participations and sells stakes in them to investors via an online exchange. Contact Frankie Kuhn...



The Grapevine

Fri, 18 Jan 2019
AIG is seeking an underwriter with 2-5 years of experience to focus on CMBS collateral, syndicated debt and portfolio loans. The recruit would start as an associate in New York and report to managing director Tricia Hall, who oversees commercial-mortgage underwriting. Contact her at tricia.hall@aig.com.



The Grapevine

Fri, 18 Jan 2019
Toorak Capital of Summit, N.J., has an opening for a buy-side analyst to work on commercial real estate underwriting, due diligence and loan purchases. Applicants should have at least a year of underwriting experience, particularly in the multi-family sector. Send resumes to David Jacob, head of small-balance commercial lending, at djacob@toorakcapital.com.



Pros Foresee 8% Decline in CMBS Issuance

Fri, 11 Jan 2019
Commercial MBS lenders are bearish about the outlook for 2019.Slower economic growth, a cyclical downturn in refinancings and relatively tight leverage parameters will limit potential business for conduit operators.That’s not to say the sector’s outlook is entirely bleak. Demand for single-borrower transactions remains solid. And the prospect of a slowing economy has unexpectedly caused long-term interest rates to plummet, mitigating...



Banks, Insurers Positive on Lending Market

Fri, 11 Jan 2019
Insurance companies and banks foresee another solid year of commercial real estate lending, even as they keep a wary eye out for signs of softening demand.Balance-sheet originators surveyed near yearend said almost unanimously that 2018 was a big year for mortgage production, meeting or exceeding 2017 totals. While the first part of the year was slow, activity picked up briskly in the second half, and the expectation is that the pace will...



Pre-Lease in Hand, Builder Eyes Big DC Loan

Fri, 11 Jan 2019
A joint venture is back in the market for $830 million of financing to expand a sprawling mixed-use complex in Washington.The team of PSP Investments, Madison Marquette and PN Hoffman is seeking a construction loan with a term of 5-7 years for the second phase of the project, called The Wharf, on city-owned land in the Southwest Waterfront neighborhood. Eastdil Secured is pitching the assignment to lenders.The proceeds would go toward developing...



Agency Lenders See Another Big Year

Fri, 11 Jan 2019
While activity may slow somewhat this year, there’s no sign of an end to the long-running bull market for agency lenders.Firms that originate multi-family debt for Fannie Mae and Freddie Mac had another banner year in 2018. Although final numbers aren’t yet available, the two agencies were on track to approach or surpass their aggregate $140.3 billion record of loan purchases set in 2017.The origination of multi-family agency...



Morgan Stanley to Finance Office Deal

Fri, 11 Jan 2019
Morgan Stanley has agreed to provide some $500 million of financing for the acquisition of an office portfolio in the Western U.S.The mortgage would be backed by a 1.8 million-square-foot pool of properties, in the Denver area and Seattle, that Goldman Sachs’ merchant-banking division is buying from Unico Properties for about $740 million. Deutsche Bank is expected to take down 30% of the loan.Details of the loan deal couldn’t be...



Lightstone Loan Unit Taking Shape

Fri, 11 Jan 2019
Lightstone Group’s new high-yield debt platform is aiming to originate $250 million of mortgages this year.The operation, launched last month, marks an expansion by the property-investment firm into the debt market. The business, dubbed Lightstone Capital, is capitalized by some $500 million of discretionary equity from unidentified sources, according to the company.As previously reported, Lightstone has recruited Eugene Rozovsky to oversee...



Capital One Backs Phila.-Area Project

Fri, 11 Jan 2019
Capital One has led a $117.5 million construction loan for an apartment and retail complex in suburban Philadelphia.The floating-rate financing was closed a couple of weeks ago for BET Investments of Dresher, Pa. It has a total term of five years. Capital One retained some $57.5 million of the debt and syndicated the rest to two other banks, whose identities couldn’t be learned.The borrower plans two buildings with 402 high-end apartments...



Moody's: "Baa3' Sub Level Too Low

Fri, 11 Jan 2019
Amid signs that the current credit cycle is in its late stage, Moody’s is reiterating its longstanding contention that the prevailing credit-enhancement level is far too low at the investment-grade crossover of conduit deals.In a report due to be released this afternoon, Moody’s contends that on the average conduit transaction last year, it would have required about 13% of subordination to award a rating of “Baa3” on the...



Bieber, Fleischer Join 3650 REIT

Fri, 11 Jan 2019
Miami-based 3650 REIT has filled two senior positions.Henry Bieber, formerly of Cohen Financial, was named head of servicing this week. And former Related Cos. executive Michael Fleischer was hired late last month as head of bridge lending and “event-driven” originations.The mortgage REIT views its servicing operation as a key way to differentiate itself from other lenders that tap the securitization market. The shop is promising to...



REGULATORY ROUNDUP

Fri, 11 Jan 2019
Industry Keeps Up Push for Regulatory ReliefThe Democrats’ success in the midterm elections has put a damper on Republican-led efforts to scale back post-crash regulations, forcing commercial-mortgage professionals to pin their hopes on regulators instead.“The situation in Washington right now would suggest that there will be very little in the way of additional activity on the regulatory-reform front, at least when it comes to...



REGULATORY ROUNDUP

Fri, 11 Jan 2019
HVCRE — Comptroller, Fed, FDICU.S. banks and industry trade groups have largely embraced proposed rules that would clarify the risk-based capital charges tied to commercial real estate construction loans. But some feel that at least a few tweaks are still needed to avoid unintended consequences.The Comptroller of the Currency, Federal Reserve and FDIC proposed the regulations in September and will likely finalize them during the first half....



REGULATORY ROUNDUP

Fri, 11 Jan 2019
Libor Phase-Out — New York FedAs commercial-mortgage pros focus more of their attention on life after Libor, they’re hoping for a surge in the trading of derivatives pegged to its likely successor.With the phase-out of Libor still three years off, it’s widely presumed that the Secured Overnight Financing Rate will replace it as the prevailing benchmark for spreads on floating-rate loans and securities in the U.S. The Federal...



REGULATORY ROUNDUP

Fri, 11 Jan 2019
Volcker Rule — Federal RegulatorsAn attempt by federal regulators to simplify and clarify the Volcker Rule has drawn mixed reactions from banks that issue, trade or invest in CMBS.Enacted in 2013 as part of the Dodd-Frank Act, the measure prohibits banks from engaging in proprietary trading and limits their dealings with hedge funds or private equity funds. Under a joint measure released in July, the Federal Reserve, Commodity Futures...



REGULATORY ROUNDUP

Fri, 11 Jan 2019
Risk Retention — European UnionRecent revisions to the European Union’s risk-retention rules for securitizations have thrown into question — at least temporarily — the ability of banks in the region to contribute loans to U.S. CMBS deals.New guidelines that took effect on Jan. 1 include a provision that prohibits European lenders from participating in securitizations that don’t conform to E.U. risk-retention...



REGULATORY ROUNDUP

Fri, 11 Jan 2019
Flood/Terrorism Insurance — CongressCongress last month again gave the National Flood Insurance program a short-term renewal, this time until May 31. It was the latest in a series of temporary extensions as lawmakers have put off decisions on a long-term reauthorization of the 50-year-old program and any changes to its rules.The Federal Emergency Management Agency program underwrites policies on homes, commercial properties and businesses...



REGULATORY ROUNDUP

Fri, 11 Jan 2019
Mortgage Agency Reserves — FHFAMBA has called on the Federal Housing Finance Agency to elaborate on parts of its plan to reinstate capital-reserve requirements for Fannie Mae and Freddie Mac if they are eventually released from conservatorship.The trade group is especially concerned that the regulator’s proposal, unveiled in July, would put more of a constraint on Fannie’s multi-family lending activities than on Freddie’s....



High-Yield Loans Post 2.6% Gain

Fri, 11 Jan 2019
High-yield debt backed by commercial real estate recorded a 2.6% return in the third quarter.That was up from 2.1% in the second quarter and a big improvement over the ho-hum first-quarter result of 1.8%, according to the Gilberto-Levy High Yield Real Estate Debt Index.The index measures the performance of some $16 billion of high-yield debt, including mezzanine loans, second mortgages, preferred equity and other subordinate notes, as well as...



Mack Writes Floater on NY Landmark

Fri, 11 Jan 2019
Mack Real Estate has inked a $210 million floating-rate loan on the Brill Building, a landmark office property near Times Square.The bridge-lending shop funded $190 million of the loan at closing late last month. The borrower, Brookfield Asset Management, will draw down the remaining $20 million over time as improvements are made. The loan has a five-year term including extension options.The 176,000-square-foot building is renowned for having...



Bank, Insurer Refi Las Vegas Complex

Fri, 11 Jan 2019
A regional bank and an Israeli insurance company have originated $129 million of debt on a Las Vegas retail/office complex.Bank of Nevada, a subsidiary of Western Alliance Bank, wrote a $70 million fixed-rate mortgage backed by the 670,000-square-foot Tivoli Village, and Phoenix Insurance of Israel wrote a $59 million mezzanine loan. The property is valued at roughly $275 million, putting the overall loan-to-value ratio at a relatively low...



Issuance Forecast on Target

Fri, 11 Jan 2019
A panel of bond pros was very close to the mark in forecasting commercial MBS issuance last year.The $75 billion average prediction by 14 specialists surveyed by Commercial Mortgage Alert was just shy of the actual $77 billion total.The two closest prognosticators, with predictions of $75 billion apiece, were Lea Overby, now with Wells Fargo, and Dan Bennett of LoanCore Capital. Five other pros hovered nearby.The panelists didn’t fare as...



Credit Suisse Tops Agency Ranking; Wells Wins CLO Category

Fri, 11 Jan 2019
Credit Suisse was the most-active bookrunner of agency multi-family securitizations last year, while Wells Fargo led the way in the league table for commercial real estate CLOs.As previously reported, J.P. Morgan won the two most-coveted commercial MBS rankings, serving as the top bookrunner and loan-contributor on CMBS transactions in the U.S. Deutsche Bank finished second in both categories (see rankings on Pages 28-43).In the other...



KKR, Silverpeak Were Top Buyers of Risk-Retention Bonds in 2018

Fri, 11 Jan 2019
KKR was the most-active buyer of risk-retention bonds from commercial MBS transactions last year.The high-yield shop acquired $768.6 million of bonds, or 14.6% of the $5.3 billion total, according to data compiled by Commercial Mortgage Alert (see tables on Pages 33-35).KKR also topped the first annual risk-retention ranking, in 2017, when it acquired paper with a face amount of $948.8 million, equal to 16.2% of the $5.8 billion total.Silverpeak...



Cassin Hires 3 Attorneys, Seeks More

Fri, 11 Jan 2019
Cassin & Cassin has hired a seasoned industry attorney to work in its commercial real estate finance practice, where it plans to add another six lawyers.Michele Luzio starts Monday as counsel in Purchase, N.Y., joining about 24 other real estate finance attorneys on the team led by managing partner Michael Hurley. Luzio spent the last 20 years running her own practice in Mamaroneck, N.Y., where she often represented commercial property owners and...



Dechert to Continue Hiring Spree

Fri, 11 Jan 2019
Dechert expects to add 15-20 attorneys to its finance and real estate practice, prolonging a rapid expansion that kicked off a year ago.The roughly 140-member group, up from about 110 lawyers at the start of 2018, focuses heavily on commercial-mortgage originations and securitization. David Forti was elevated on Jan. 1 to co-lead the practice with fellow partner Rick Jones, who had been sole head of the team since 2014. Jones characterized...



The Grapevine

Fri, 11 Jan 2019
Industry veteran Christopher Tognola joined Brean Capital last week as managing director and head of real estate banking. He had been head of commercial real estate finance at GreensLedge Capital Markets, where he spent five years. Tognola was warehouse-lending chief at Deutsche Bank during a 15-year stretch ending in 2011 when he left to set up his own advisory shop, Eiger Real Estate Capital. Brean is an active broker-dealer of asset-backed...



The Grapevine

Fri, 11 Jan 2019
Managing director Darren Esser has left Wells Fargo, where he was in charge of underwriting commercial real estate CLOs since 2013. The word is he departed voluntarily late last month and plans to pursue another position in commercial real estate finance. Esser previously was a director at S&P, where he spent about four years. He left the rating agency to join Wachovia in 2005, and moved over to Wells when it took over that bank in 2008. Before...



The Grapevine

Fri, 11 Jan 2019
Newmark has added senior multi-family financing specialists in Charlotte. Chris Caison and Josh Davis started within the past couple of weeks as managing directors. They moved over from Grandbridge Real Estate, where they were vice presidents. They’re tasked with expanding Newmark’s multi-family practice in the region, as well as helping increase originations across other asset classes. They report to vice chairman Mike May, head of...



The Grapevine

Fri, 11 Jan 2019
Harris Neuberg joined Square Mile Capital of New York last week as a vice president. He spent the last four years at Brookfield Asset Management and had earlier stints at Redwood Trust and LNR Property. At Square Mile, he’s responsible for underwriting, negotiating and structuring transactions, as well as managing existing investments and relationships. Neuberg reports to senior managing director Jeff Fastov. Meanwhile, Square Mile wants to...



The Grapevine

Fri, 11 Jan 2019
Former Moody’s analyst Gordon Sinclair joined Morningstar’s commercial MBS group this week as a senior vice president in New York. He’ll work on new-issue ratings, reporting to CMBS chief Kurt Pollem. Gordon spent eight years at Moody’s, where he rose to vice president in the CMBS unit. He left in 2013 for a one-year stint on Wells Fargo’s CMBS team. Gordon recently shut down Saratoga Springs Capital, a Saratoga...



The Grapevine

Fri, 11 Jan 2019
HSBC is looking to hire a senior underwriter in Los Angeles, as it continues to expand its West Coast staff. The recruit would assist in evaluating large financing transactions. Last summer, the bank hired Todd Popovich, an 18-year veteran of Wells Fargo, as senior vice president and regional manager in Los Angeles. In October, it brought aboard Reza Tabatabai from Heitman as a vice...



The Grapevine

Fri, 11 Jan 2019
TPG Real Estate Finance is looking for two analysts or associates in New York and one in San Francisco to assist with loan origination. The private REIT, based in New York, is helmed by Greta Guggenheim. Contact Catherine Campbell at ccampbell@tpg.com.



JP Morgan Wins 2 Key CMBS League Tables

Fri, 21 Dec 2018
J.P. Morgan recaptured the top spot in the two most-coveted commercial MBS rankings this year, snatching both crowns back from defending champ Goldman Sachs.J.P. Morgan was the top bookrunner of U.S. CMBS transactions and also led the way in loan contributions. Deutsche Bank finished second in both league tables.Meanwhile, issuance in the U.S. totaled $77 billion, according to preliminary figures compiled by Commercial Mortgage Alert. That was...



Slow Start Seen for CMBS Issuance in 2019

Fri, 21 Dec 2018
Expect commercial MBS issuance to get out of the gate slowly next year.Only $8.4 billion of transactions are in the pipeline so far for January and February, according to a survey by Commercial Mortgage Alert. That would be down from issuance of $10.1 billion in the first two months of this year.The pipeline contains eight conduit deals and three single-borrower offerings (see “CMBS Deals in the Works” on Page 5). Additional...



Refi Eyed for Offices at Time Warner Center

Fri, 21 Dec 2018
A Related Cos. partnership wants to refinance the office condominium at Time Warner Center in Midtown Manhattan with a $1.2 billion mortgage that would include a giant future-funding commitment.New York-based Related and its equity partners — Abu Dhabi Investment Authority and Singapore sovereign wealth fund GIC — began quietly reaching out to lenders a few weeks ago. While the details are still up in the air, the loan would likely...



Citi to Refi Giant Self-Storage Loan

Fri, 21 Dec 2018
Citigroup has agreed to originate an $830 million fixed-rate debt package on a self-storage portfolio.The bank will securitize the senior portion — roughly $550 million to $600 million — in a stand-alone offering next month. The rest will be structured as mezzanine debt. The term of the loan couldn’t be learned.The borrower, a partnership led by StorageMart of Columbia, Mo., will use most of the proceeds to retire a $515 million...



Times Tower Deal on Tap for January

Fri, 21 Dec 2018
One leg of the commercial MBS financing for Brookfield Asset Management’s $11.4 billion purchase of Forest City Realty will come to market next month.Bank of America, Barclays, Citigroup and Deutsche Bank will securitize the senior portion of a $750 million floating-rate debt package on one of the most-prominent properties in Forest City’s portfolio — a 735,000-square-foot office condominium at the headquarters of The New York...



Mack Shutters Fund, Beaman Departs

Fri, 21 Dec 2018
Mack Real Estate Credit Strategies has just about finished winding down its long-running commercial MBS hedge fund.The vehicle’s longtime head trader, John Beaman, will depart the firm at yearend with the official shutdown of Claros Real Estate Securities Fund. The vehicle’s few remaining assets were liquidated last month, and virtually all of the equity has been returned to investors over the past year and a half.Beaman is leaving on...



Wells Arranging Fla. Resort Financing

Fri, 21 Dec 2018
Wells Fargo is spearheading a big loan on a recently redeveloped resort on Florida’s Gulf Coast.The bank is the administrative agent on the deal, which refinances a mortgage it previously provided on the 820-room JW Marriott Marco Island Beach Resort. The owner, MassMutual’s Barings affiliate, hit the market a few months ago seeking $430 million of floating-rate debt. The package now appears to be larger — at least $450 million...



Loan Sought on New Calif. Complex

Fri, 21 Dec 2018
A Sand Hill Property partnership is seeking a $330 million mortgage on a new mixed-use complex in Silicon Valley.The property, in Cupertino, Calif., is dubbed Main Street Cupertino. It encompasses 260,000 square feet of offices, 130,000 sf of retail space, the 180-room Residence Inn San Jose Cupertino and the 120-unit Main Street Cupertino Lofts apartment complex.Sand Hill, of Menlo Park, Calif., and its partner, Abu Dhabi Investment Authority,...



Retirement Prompts Changes at Helaba

Fri, 21 Dec 2018
Helaba Bank is making changes to its U.S. staff as the longtime head of its New York office retires.Hans-Christian Ritter, who has overseen the German bank’s Manhattan outpost for more than 25 years, will leave his position as branch manager and head of real estate at the end of January. His primary duties will be divided between two executives: Rick Lavrich will become head of real estate finance in the U.S., and Christian Jagenberg will...



MetLife Finances Playa Vista Offices

Fri, 21 Dec 2018
MetLife last week originated a $140 million fixed-rate mortgage on a Los Angeles office complex.The 302,000-square-foot property, in the Playa Vista submarket, is owned by an investor advised by Clarion Partners of New York.MetLife’s seven-year loan was brokered by Eastdil Secured. Clarion used most of the proceeds to retire a $135 million floating-rate mortgage that Brookfield Asset Management originated in mid-2017. Brookfield had...



Wells Leads Loan on Honolulu Resort

Fri, 21 Dec 2018
Wells Fargo, Goldman Sachs and J.P. Morgan have inked a $335 million loan on the Waikiki Beach Marriott Resort in Honolulu.The banks will securitize the floating-rate debt in a single-borrower securitization next month (WBHT 2019-WBM). The collateral is a 1,310-room hotel, one of Hawaii’s largest. Wells funded 60% of the mortgage, while Goldman and J.P. Morgan each funded 20%.The borrower, Atrium Hotels of New York, used the proceeds to...



Third Vet-Friendly Firm Targets CMBS

Fri, 21 Dec 2018
Another broker-dealer that puts a big emphasis on hiring U.S. military veterans has started pursuing underwriting assignments on commercial MBS offerings.Bancroft Capital of Fort Washington, Pa., just landed its first assignment as co-manager on a CMBS deal, filling the role that in recent years has typically been held by Academy Securities of New York or Philadelphia-based Drexel Hamilton. Bancroft was tapped to help distribute bonds from a...



Law Firm Hires Agency-Loan Group

Fri, 21 Dec 2018
Law firm Carlton Fields has lured five attorneys from rival Fox Rothschild to staff a new group that will represent lenders on Fannie Mae, Freddie Mac and HUD loans backed by multi-family and healthcare properties.Gina Hough and Samantha Schneck, who start today, were named partners. They were previously partners in charge of Fox Rothschild’s real estate and housing finance practice.Also making the jump were senior counsel Duy Duc...



The Grapevine

Fri, 21 Dec 2018
Deutsche Bank has signaled to its deal partners that its commercial MBS activity won’t be hampered by uncertainty over new risk-retention rules for European banks. A provision that’s set to kick in next month would effectively prevent banks in the European Union from contributing collateral to issues where a B-piece buyer takes on the risk-retention responsibility. The change was inadvertent, and European regulators are expected to...



The Grapevine

Fri, 21 Dec 2018
HFF has added Drew Heitstuman to its debt and structured-finance team in Seattle. He started last Friday as a director, working to line up debt on a range of property types in the region. Heitstuman previously spent two years at JLL and before that was at Marcus & Millichap. Senior managing directors Tom Wilson and Ira Virden co-head HFF’s team in Seattle and Portland, Ore., with Wilson overseeing debt placement and Virden focusing on...



The Grapevine

Fri, 21 Dec 2018
Former RAIT Financial executive Glenn Riis has joined Gables International Plaza, a Coral Gables, Fla., investment firm that owns office and retail properties in the area. There, he again reports to Scott Davidson, who was previously RAIT’s chief executive. Both left the Philadelphia REIT following the shutdown of its lending operation in February. As chief credit officer in New York, Riis worked on loans that RAIT securitized via...



The Grapevine

Fri, 21 Dec 2018
Debt-fund operator Madison Realty Capital has hired JB Roberts as an associate in Los Angeles. Roberts started last month, working on underwriting, market research, transaction due diligence and financial modeling to support the firm’s lending in Southern California and other Western markets. He was previously at U.S. Bank. Roberts reports to vice president Bradley Ross, who joined Madison earlier this year to open its Los Angeles office...



The Grapevine

Fri, 21 Dec 2018
Trez Forman Capital has added an associate at its new Atlanta office. Ivan Munoz, who joined this month, is focused on loan origination. He reports to managing director Russ Holland, a veteran banker who joined Trez Forman this summer, tasked with establishing a presence in Atlanta. Munoz spent the past six years at Valstone Partners, a debt-origination firm in Birmingham, Mich. Trez Forman is a joint venture formed in 2016 by Forman Capital of...



The Grapevine

Fri, 21 Dec 2018
One William Street Capital is looking to hire a buy-side credit analyst to focus on commercial real estate investments, including CMBS and REIT debt and equity. The recruit would also be responsible for analyzing properties and other credit factors related to commercial-mortgage originations and secondary-market loan purchases. The opening in the fund shop’s New York headquarters requires 2-4 years of financial-services experience. Contact...



Market Volatility "Closes' the CLO Market

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



CMBS Spreads Blow Out to Highs for Year

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



Witkoff Eyes Loans on New NY, Calif. Hotels

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



REIT Maps Debut in Conduit Sector

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



Morningstar Cuts 2 Senior Staffers

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



Buyer of DC Building Seeks Financing

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



Debt Eyed on Revamped NY Offices

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



Data-Sharing Startup Adding to Staff

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



3 Banks Take Slices of LA Office Loan

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



JP Morgan, Axonic Fund Ohio Tower

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



Approved Primary, Master and Special Servicers

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



Prime Lines Up B-Piece Purchase

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
3650 REITMichael Fleischer310-862-9995Shin Bowers310-862-9993REIT originates senior, stretch and subordinate loans on transitional properties across major asset classes nationwide. The strategy doesn’t employ external leverage, and all loans are serviced in-house. Also funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Acore CapitalWarren de Haan424-346-6100Investment manager lends on transitional properties across major asset classes nationwide. Provides senior and subordinate financing. Also funds construction. May issue CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Acres CapitalOrna Couture516-882-1658Mark Fogel516-336-8122Fund operator provides high-yield bridge financing on transitional and distressed properties nationwide. Will also fund construction. Lends on major property types, as well as student housing and senior housing. Also provides subordinate debt.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
AEW Capital ManagementDan Jacobson617-261-9248Investment manager originates senior, stretch and subordinate loans on transitional properties of all types in major markets. Also funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Allegiant Real Estate CapitalBen MildeJon SteinPeter Ginsberg646-362-0321Investment manager originates bridge loans on stabilized, value-added and transitional properties of major types nationwide. Also provides subordinate financing.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
AllianceBernsteinPeter Gordon310-407-0082Bryan Donohoe212-969-1544Fund operator lends to qualified sponsors on properties slated to be leased up, renovated or repositioned. Focuses on institutional-grade properties of major types nationwide, as well as student and senior housing. Also provides subordinate debt.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
American Realty AdvisorsDoug Vikser213-233-5831Dan Robinson213-233-5742Investment manager operates funds and separate accounts. Finances construction, “heavy” transitional properties and special situations. Also offers subordinate debt. Lends on major property types in top-25 markets. Also provides fixed-rate construction/permanent loans of up to 10 years.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Amherst Capital ManagementChristopher Kelly212-303-1597Abbe Franchot Borok212-303-1598Investment manager originates floating-rate senior loans on value-added, middle-market properties. Lends on major property types nationwide, as well as self-storage, student housing and portfolios of single-family rental properties.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Angel Oak Commercial LendingBen Easterlin404-978-0266Finance company originates transitional bridge loans on major asset classes nationwide. Also provides subordinate financing. May issue CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Annaly Commercial Real EstateMichael Quinn212-696-0100REIT offers flexible and customized financing across the capital structure on transitional properties of all types in liquid markets. May issue CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Apollo Global ManagementSang Yu212-822-0731Investment manager provides senior and subordinate debt through multiple investment vehicles. Targets pre-construction, construction, bridge and stabilized loans on properties and portfolios of all types nationwide.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Arbor Realty TrustFred Weber516-506-4595Gianni Ottaviano516-506-6580REIT originates bridge loans on office, retail and multi-family properties nationwide. Also provides subordinate financing. Issues CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Archbell CapitalScott Shepherd213-266-5986Greg Levitan213-266-5987Lender finances “light to heavy” transitional properties nationwide, with an emphasis on middle-market properties in the Western U.S. Lends on major property types, as well as self-storage and mobile-home parks. Also provides subordinate debt.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Arden GroupDouglas P. Harmon646-639-8486Matt Toukatly484-620-4003Fund operator originates bridge loans on major property types in the U.S. Focuses on transitional and value-added properties in large markets. Provides senior and subordinate financing. Also funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Ardent FinancialDaniel Siegel678-248-6539Fund operator seeks complex financings avoided by traditional lenders. Examples include land, rehabilitation, construction and properties with unstable cashflow. Offers senior and subordinate financing on major property types nationwide.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Arena InvestorsDon Moses415-888-3852Jason Starr212-257-4179Fund operator finances value-added, transitional and “special-situation” properties of all types nationwide, including land. Provides senior and subordinate financing. Also funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Ares Real Estate GroupJ.B. Gerber212-515-3393John Jardine214-302-0112Investment manager operates a REIT, funds and separate accounts. Finances major property types nationwide. Also provides subordinate debt and funds construction. Issues CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Asia Capital Real Estate(ACRE Credit)Daniel Jacobs732-492-9743Michael Van Der Poel646-667-7767Fund operator lends on multi-family properties nationwide. Offers senior, stretch and subordinate financing. Also funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Atalaya Capital ManagementYoung Kwon212-201-1917Fund operator originates opportunistic bridge, construction, pre-development and condo-inventory loans on major property types nationwide, as well as manufactured housing, student housing and self-storage. Also provides subordinate financing.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Avana CapitalShivan Perera623-207-9265Kurt Peterson623-207-9373Fund operator writes bridge loans on a mix of property types nationwide, including hotel, healthcare, retail, industrial and medical office. Also finances energy-efficiency improvements and conversions to renewable energy, as well as construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Avant CapitalAdam Luysterborghs203-612-9580Fund operator finances transitional properties in major markets nationwide. Lends on major property types, except hotels. Also provides subordinate financing. Promises quick closings.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Axonic CapitalBrendan McCormick212-828-7208Tyler Kimball212-828-7274Investment manager operates funds and separate accounts. Lends on major property types nationwide. Also provides subordinate financing. Touts fast execution and flexible structures.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
BaringsDaniel Hartley212-973-5173MassMutual affiliate lends on major property types nationwide, as well as student and senior housing. Also provides subordinate financing. Targeted clients include apartment-property owners that plan to line up permanent Fannie Mae or Freddie Mac mortgages. Also funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Basis Investment GroupKunle Shoyombo212-842-5713Shaunak Tanna212-915-0699Investment manager finances middle-market properties in primary and secondary markets. Lends on major property types, as well as self-storage and independent living. Can lend across the capital stack. May issue CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Bedrock Capital AssociatesBarry Gersten212-419-4814Michael Santini212-957-2525Subsidiary of One William Street Capital finances major property types, as well as self-storage. Lends nationally, including selective secondary and tertiary markets. Also provides subordinate debt.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Benefit Street Partners Realty TrustMichael Comparato212-588-9404REIT is a middle-market lender concentrating on major property types across all markets, as well as niche asset classes such as self-storage and manufactured housing. Lends throughout the capital stack. Issues CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
BlackRockClinton Soose212-810-8987Katy Mao646-231-1502Investment 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 December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Blackstone Real Estate Debt Strategies (BREDS)Tim Johnson212-583-5625Investment manager operates funds and a REIT. Provides senior and subordinate financing on major property types nationwide. Also funds construction. Issues CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Blue Vista FinanceShawn Townsend312-477-2484Rob Treleven312-477-2482Private-equity firm manages discretionary funds and separate accounts. Originates bridge loans nationwide, with a focus on value-added, middle-market properties. Vertically integrated with investment, development, and property- and asset-management capabilities. All loans are managed internally.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Bolour AssociatesMishal Patel323-677-0550, ext.125Lender finances value-added properties in major asset classes, as well as urban infill land. Geographic focus is California, Arizona, Texas and Oregon.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Boveda Asset ManagementKen Witherspoon888-569-8883 ext. 2119Michael Sorenson888-569-8883, ext. 2125Investment manager finances multi-tenant, income-producing properties with highly experienced management teams in place. Also lends on single-tenant properties, as well as construction. Scope includes major asset classes nationwide. May issue CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Bradford Allen CapitalChuck Hoag312-994-5657Lender specializes in financing office properties nationwide. Will also lend on other major asset classes. Co-lends with a group of related life-insurer correspondents. Also provides subordinate debt and funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Bridge InvestmentJames Chung646-453-7101Fund operator lends on major property types in the U.S., with an emphasis on multi-family, office and senior housing. Sweet spot is $10 million to $50 million. Also provides subordinate financing. Issues CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Broadmark Real Estate ManagementBrett Kaye720-515-1948Fund operator lends on major asset classes, as well as non-owner-occupied residential properties. Geographic coverage is Colorado, Utah and Texas. Also funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Brookfield Real Estate Financial PartnersAndrea Balkan212-417-7277Christopher Reilly212-417-7289Investment manager operates funds and separate accounts. Originates senior, stretch and subordinate loans on major property types nationwide. Also funds construction. May issue CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
C-III Commercial MortgagePaul Hughson212-705-5046C-III Capital subsidiary writes bridge loans on major property types nationwide, as well as self-storage and mobile-home parks. Also provides subordinate financing.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Calmwater CapitalEric Jordan310-806-9751Fund operator lends on transitional properties across major asset classes nationwide. Will finance properties that are vacant or without cashflow. Promises certainty of closing, generally within 3-5 weeks. Also provides subordinate debt and funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Canyon Partners Real EstateRobin Potts310-272-1500Fund operator provides senior and subordinate debt on major property types, as well as senior and student housing. Emphasizes construction loans and the financing of transitional properties. Lends nationwide, mostly in primary and secondary markets.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
CarVal InvestorsMark Kunkel952-444-4825Paul Mullaney952-444-4821Subsidiary of agricultural giant Cargill finances stabilized and transitional properties across major property types nationwide. Also provides subordinate debt and funds construction. May issue CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Case Real Estate CapitalSanford S. Herrick201-845-4244Chris Mavros201-845-4244Lender finances transitional properties of all types in the New York metropolitan area, the Mid-Atlantic and South Florida. Also provides subordinate debt and funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Castellan CapitalEtan Slomovic646-545-6718Fund operator originates bridge loans on major asset types nationally, as well as self-storage. No prepayment penalty. Loans close in 1-2 weeks. Also funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
CCRE (Cantor Commercial Real Estate)Tim Groves212-915-1908Cantor Fitzgerald subsidiary provides bridge financing on major property types nationwide, especially “light” transitional properties. Clients include multi-family owners that plan to line up permanent Fannie Mae or Freddie Mac mortgages. Also provides subordinate financing. May issue CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
CIM GroupGarett Bjorkman323-860-4996Fund operator finances land and major property types, except industrial. Focuses on construction and “heavy” transitional properties in urban core markets. Also provides subordinate financing.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Colony CapitalDaniel Katz310-552-7258Kevin Swartz212-547-2638Investment manager operates a public REIT (Colony Credit Real Estate). Originates debt throughout the capital structure on major asset classes nationwide. Also funds construction. Issues CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Corigin Real EstateGreg Gleason212-878-6934Adam Savell212-878-6316Family office focuses on senior and subordinate financing on land, value-added properties and construction projects nationwide. Preferred asset classes include multi-family, residential condominium, student housing and development parcels. Will also write office and retail bridge loans.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Crescit Capital StrategiesJoseph Iacono212-882-1224Kim Diamond212-332-1961Lender writes bridge loans on middle-market properties nationwide. Finances major property types, as well as self-storage. Lends on transitional and stabilized properties. Also funds construction and provides subordinate financing. May issue CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Criterion Real Estate CapitalChuck Rosenzweig212-259-0414Adam Falk212-259-0411Investment shop specializes in large loans on value-added and opportunistic properties. Will finance construction, repositioning and land awaiting development. Lends on major property types nationwide, with an emphasis on gateway markets. Also provides subordinate financing.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
CrossHarbor Capital PartnersRichard Flohr312-535-4862Fund operator writes bridge loans on major property types nationwide, as well as self-storage. Also provides subordinate financing and funds construction. May issue CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Edgewood Capital AdvisorsChris Whittleton203-255-1700Michael House203-255-1700Fund operator finances major property types nationwide, as well as land and senior housing. Primary focus is value-added and distressed properties. Also provides subordinate debt.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
EJS Real EstateTed Segal212-615-3456Adam Koplewicz212-615-3456Finance company originates stretch and subordinate loans on multi-family and mixed-use properties with strong sponsors in the New York metropolitan area and other primary markets. Finances pre-development, construction and conversions.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Ellington ManagementBrian Neilinger203-409-0232Investment manager and REIT operator writes bridge loans with flexible terms and modest prepayment provisions on middle-market properties of major asset classes nationwide. May issue CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Exantas Capital Paul Hughson 212-705-5046Exantas, a REIT managed by Resource America, writes bridge loans via its RCC Real Estate subsidiary. Lends nationwide on major property types, as well as manufactured housing and self-storage. Also offers subordinate financing. Issues CLOs. Resource America is a subsidiary of C-III Capital.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
First NationalJ. P. Sager212-244-7400, ext. 4101Lender originates bridge loans on hotel, assisted-living, golf, office and retail properties nationwide, except in Louisiana or North Dakota. Also funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
G4 Capital Partners Jason Behfarin 516-320-8722 Robyn Sorid 516-320-8723Fund operator writes bridge loans on middle-market transitional properties in the Northeast, with a focus on the New York metropolitan area. Also funds construction. Lends on all property types, except special use and unentitled land.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Garrison InvestmentBradley Petersen212-372-9543Marty Rauch212-372-9582Fund operator writes bridge loans on stabilized and transitional properties across major asset classes nationwide, as well as senior housing. Also provides subordinate financing.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Granite Point Mortgage TrustStephen Alpart212-364-5492Peter Morral212-364-5486REIT, managed by Pine River Capital, writes loans on income-producing transitional properties in primary and secondary markets. Lends on major property types, as well as student housing, self-storage and manufactured housing. Issues CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
GreenOak Real EstateEd Adler212-359-7826Fund operator offers senior and subordinate debt on middle-market properties of major types in gateway cities. Typical collateral is being repositioned, refurbished or redeveloped.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
GreystoneMark Jarrell617-316-1675Anthony Alicea212-896-9153Finance company lends on multi-family and healthcare properties nationwide. Bridge loans often converted to permanent Fannie Mae or Freddie Mac mortgages. Finances acquisitions (up to 90% LTC ratio) and cash-out refinancings (up to 70% LTV ratio). Exit fees waived if Greystone arranges agency refinancing. Provides subordinate debt. Issues CLOs.NOTE: Complete listing appeared in December...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Gryphon Real Estate CapitalAngelo LoBosco212-757-9198Jim Hopkins212-790-6709Investment manager originates bridge loans on multi-family, student-housing and healthcare-related properties. Focuses on transitional properties that need leasing boost, repositioning or seasoning before securing permanent or agency financing. Also provides subordinate debt.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Guggenheim Commercial Real Estate FinancePaul Stern212-381-4143George Duncan424-274-4549Fund operator and insurance affiliate finances major property types nationwide, as well as self-storage. Focuses on transitional properties that are being leased up or repositioned. Also funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
H.I.G. Realty PartnersJeff Wiseman212-294-7194Investment manager operates funds and separate accounts. Originates senior and subordinate bridge financing on quality transitional properties and construction projects in primary and secondary markets. Lends on major property types, as well as student housing, self-storage and healthcare.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
HALL Structured FinanceMike Jaynes214-269-9540Matt Mitchell214-269-9542Lender finances high-quality construction and repositioning projects in primary and secondary markets, with an emphasis on hotels. Targets well-flagged limited-service, select-service and extended-stay hotels in major markets, followed by branded (and soft-branded) full-service hotels. Selectively finances boutique/independent hotels.NOTE: Complete listing appeared in December...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
HeitmanGreg Leadholm312-849-4174Investment manager operates funds and separate accounts. Lends to high-quality operators on major asset types, as well as student housing, senior housing and self-storage. Also offers subordinate financing and funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
HinesAndrew Cooper347-837-3807Janice Walker713-966-7755Investment manager provides bridge loans on major property types nationwide. Also offers subordinate debt and finances construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Hunt Real Estate CapitalPrecilla Torres212-521-6437Vic Clark972-868-5757Specialty finance company lends nationally on middle-market properties, as well as self-storage and healthcare facilities. Focuses on multi-family bridge loans that will be taken out by HUD or agency financing. Also provides subordinate financing. Issues CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
iBorrowAndrew Smith917-714-4300Lender provides bridge loans nationwide on major property types, as well as assisted living and data centers. Will finance heavy renovation, but steers clear of land and ground-up construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Inland Mortgage CapitalArt Rendak630-218-5261Eugene Rutenberg630-586-2966Investment manager writes bridge loans on value-added properties nationwide. Finances major property types, except hotels. Also lends on self-storage, student-housing and medical-office properties.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Invesco Real EstateCharlie Rose310-310-0315Yorick Starr212-278-9047Investment manager operates funds and separate accounts. Originates senior and subordinate debt, with a focus on top sponsors and high-quality collateral in major markets. Finances all major and specialty property types. Also funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
iStarAdam Matos212-930-9439Arie Toporovsky212-930-9454REIT lends on value-added properties nationwide, with a focus on the top-15 metropolitan markets. Also finances construction. Will provide subordinate financing. Flexible on deal structure and collateral type. Offers fast closing.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
JCR CapitalRob Brown303-531-0208Brett McPherson303-531-0209Investment manager, which was acquired this year by Walker & Dunlop, originates bridge loans on middle-market properties across major asset classes nationwide. Offers in-house asset management. Also provides subordinate financing.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
JDM CapitalJoseph DeMatteo Sr.212-253-2331Investment manager focuses on financing of value-added, transitional and stabilized office, multi-family and hotel properties. Also lends on retail, industrial, R&D and triple-net-lease properties. Will finance construction. Offers subordinate debt. Lends nationwide, with an emphasis on major markets.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Jernigan CapitalJonathan Perry901-567-9510REIT provides bridge financing on self-storage facilities in the top-50 metropolitan areas. Also funds construction and invests in self-storage properties.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
JLJ CapitalJonathan Lewis973-865-1715Fund operator writes bridge loans on transitional and other middle-market office, medical-office, retail, multi-family and industrial properties nationwide, with an emphasis on New York, New Jersey and Texas. Promises quick closings. Also finances construction. Provides subordinate debt.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
KKR Real Estate Finance TrustPatrick Mattson212-519-1656Joel Traut212-271-9960REIT originates senior loans on institutional-quality assets owned and operated by experienced and well-capitalized sponsors and located in liquid markets with strong underlying fundamentals. Lends on major property types. Also funds construction and offers subordinate debt. Issues CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Kohlberg Ventures Realty CapitalKarim Demirdache646-434-0411Investment manager originates bridge loans on middle-market properties across all major asset classes, except hotels. Also provides subordinate debt.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
KSL Capital PartnersCraig Henrich203-989-3982Hal Shaw203-989-3983Fund operator finances stabilized and transitional hotels and recreational properties. Also provides subordinate debt and funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Ladder CapitalRyan Jantzen212-715-3180Adam Siper212-715-3162REIT originates bridge loans on major property types nationwide. Collateral can range from “light” transitional to having no cashflow. Also provides subordinate financing. Issues CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Latitude Management Real Estate InvestorsCraig Oram310-234-2107Mark Milovic310-234-2124Fund operator finances “light-to-heavy” value-added and transitional properties, including those without cashflow. Lends in middle market across all major asset classes nationwide, except retail. Asset management is performed internally.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Lionheart Strategic ManagementBilly Jacobs646-744-2288Jake Misisco646-744-2285Investment manager primarily originates subordinate financing, but will consider stretch loans. Lends on transitional properties with experienced sponsors across all major asset classes. Also finances land and construction. Focuses on top-20 metropolitan areas and some smaller, high-growth markets.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
LoanCore CapitalJordan Bock203-861-6065Dan Bennett203-861-6037Finance company and REIT lends on major property types nationwide, with a focus on the top-20 metropolitan areas. Also funds construction and provides subordinate financing. Flexible capital structure provides one-stop shopping for borrowers seeking higher leverage levels. Issues CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Loews Corp./Continental Casualty (CNA)Michael Cotler212-521-2963Brian Byrne212-521-2965Insurer originates loans on stabilized and transitional properties via brokers and correspondents. Finances all major property types, except hotels. Lends in primary and secondary markets. Selectively provides subordinate financing.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
M&G InvestmentsDuncan Batty44-207-548-3720U.K. investment manager writes bridge loans nationwide on major property types, as well as student housing. Also funds construction and provides subordinate debt.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Mack Real Estate Credit StrategiesPeter Sotoloff212-484-0035Kevin Cullinan212-484-0031Investment manager operates a REIT and funds. Writes senior, stretch and subordinate financing on transitional properties across the major property classes in the top-20 metropolitan areas. Also finances land and construction. May issue CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com,...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Madison Realty CapitalJosh Zegen646-442-4200Fund operator finances value-added properties across major property types nationwide. Also funds construction and provides subordinate financing.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Marathon Asset ManagementScott Schwartz212-500-3105Investment manager writes bridge loans on transitional properties nationwide. Lends on all major asset classes, as well as student housing. Also provides subordinate financing. Issues CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Melody Capital PartnersEric Tanjeloff212-583-8720Investment manager originates stretch and subordinate bridge loans on transitional properties across major asset classes nationwide. Also actively finances construction and will selectively consider pre-development land loans.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Mesa West CapitalRaphael Fishbach212-871-8902Ronnie Gul310-806-6306Fund operator writes bridge loans on major property types nationwide. Also funds construction and offers subordinate financing.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
MetLife Investment ManagementMike Amoia973-355-4502Jim Brusco973-355-4438Investment-management arm of insurer originates senior, stretch and subordinate bridge loans. Lends on stabilized and transitional properties with positive cashflow across all major asset classes in primary and secondary markets.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
MidCap Financial ServicesKevin McMeen312-288-8601Thom Cordell312-288-8604Finance company, managed by Apollo Capital, originates bridge loans on middle-market properties. Finances major property types, as well as healthcare. Also provides subordinate financing.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Moinian Capital PartnersJonathan Chassin646-254-6326Finance company writes bridge loans on major property types nationwide. Also provides subordinate financing and funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Money360Gary Bechtel949-525-9311Paul Cleary949-528-3947Fund operator originates bridge loans on income-producing properties in transition. Lends nationwide on major asset classes, as well as self-storage. Issues CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Mosaic Real Estate CreditEthan Penner310-929-4601Vicky Schiff310 929-4602Investment manager originates bridge loans on transitional properties. Finances major asset classes nationwide, as well as self-storage, senior housing and fractional real estate. Also funds construction and provides subordinate debt. May issue CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Naftali Credit PartnersDavid Hochfelder212-759-9777Investment manager finances transitional properties in gateway markets. Lends on major property types, except industrial. Also provides subordinate financing and funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Nationwide Lending DirectDaniel Sheps786-208-1291Ricardo Zea954-908-7770Lender writes bridge loans on major property types nationwide, as well as land. Also funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
New York Life Real Estate InvestorsJohn Lippmann212-576-6941Timothy Monroe972-867-6432Insurer’s investment-management arm lends on transitional properties across the major asset classes, except hotel. Also funds construction and provides construction/permanent financing. Supplies subordinate financing. Targets experienced operators in primary and strong secondary markets. May issue CLOs.NOTE: Complete listing appeared in December 7, 2018,...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Nuveen Real Estate Shanthi Pothacamury 212-916-4276 David Kadin 949-809-2643The new name of TIAA unit known as TH Real Estate. Originates bridge loans on transitional and value-added properties nationwide. Lends on major asset classes. Also funds construction and provides subordinate financing.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Oaktree Real Estate DebtJustin Guichard213-830-6363Investment manager operates funds and separate accounts. Provides senior, stretch and subordinate financing on major property types, as well as niche asset classes. Lends nationwide, with an emphasis on the top-35 markets. Also funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
ORIX Real Estate AmericasRon Lawrie214-237-2078Adam Diamond214-237-2103Finance company writes bridge loans nationwide, with an emphasis on primary and secondary markets. Lends on major property types, with a focus on multi-family, student housing, self-storage and limited- and select-service hotel. Also funds construction and provides subordinate debt. Issues CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Oxford PropertiesKevin Egan212-986-6106Varuth Suwankosai646-376-3114Real estate arm of Ontario Municipal Employees. Provides senior, stretch and subordinate financing on properties in primary markets. Lends on major asset classes, except hotels. Finances stabilized and transitional properties, construction and special situations.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Pacific Life InsuranceKeith Honig949-219-4486Insurer originates bridge loans for top sponsors in primary and secondary markets. Focuses on high-quality transitional, pre-stabilized and stabilized properties in major asset classes. Also funds construction and provides subordinate debt.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Paramount GroupDavid Zobel212-237-3141Michael Nathan212-237-2933Fund operator provides senior and subordinate financing on office properties in New York, San Francisco and Washington. Also funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
PCCPBrian Heafey415-732-7548Fund operator originates bridge loans on value-added properties of all major asset classes nationwide. Also funds construction and provides subordinate financing.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Pearlmark Real EstateMark Witt312-499-1926Bill Swackhamer303-328-2719Investment manager’s high-yield debt fund primarily originates subordinate debt, but can also write bridge loans on middle-market office, multi-family, industrial, student-housing and mixed-use properties in top-25 markets.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Pembrook Capital ManagementPaul Mullaney212-902-8682Chris Simon310-472-4031Fund operator’s bridge-loan focus is affordable multi-family properties in primary and secondary markets. Also lends on all other major property types, except hotels. Backs construction and provides subordinate financing.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Pender CapitalZach Murphy646-246-1700Neil Beldock214-988-9914Investment manager writes bridge loans on value-added and transitional properties in major asset classes nationwide. Offers quick closes. May issue CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Pennybacker CapitalAlexander K. Zabik212-335-0237Fund operator writes bridge loans on transitional properties across all major asset classes nationwide. Also provides subordinate financing and funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Pensam FundingRay Cleeman786-879-8829Peter Olesiewicz786-879-8827Investment manager writes high-leverage loans on value-added, transitional and stabilized properties nationwide. Emphasizes multi-family, senior housing, student housing and manufactured housing, but opportunistically considers office, retail, land and other sectors. Focuses on time-sensitive transactions. Also offers subordinate financing.NOTE: Complete listing appeared in December...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
PGIM Real Estate Debt StrategiesR.J. Richter212-518-5518Prudential’s investment-management arm offers senior, stretch and subordinate loans on stabilized and light-transitional properties in top-30 markets. Lends on major property types, plus self-storage, student housing and senior housing. Targets institutional-quality real estate with strong sponsors.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
PimcoDevin Chen212-597-1042Jeff Thompson212-597-1008Investment manager originates senior, stretch and subordinate financing on major property types nationwide. Emphasizes value-added and transitional opportunities. Also funds construction. May issue CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Popular Commercial LendingDarin Young888-950-9339Lender originates bridge loans on transitional real estate nationwide, including vacant properties slated for redevelopment. Will finance construction, but prefers existing structures. Lends on major property types, as well as some niche classes.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Prima Capital AdvisorsNilesh Patel914-725-2657Greg White914-725-9388Investment manager provides bridge financing on major property types nationwide, except hotels, with a focus on primary and secondary markets. Also provides subordinate financing. Issues CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Prime FinanceJon Brayshaw917-848-2381Finance company originates bridge loans on all property types nationwide. Also provides subordinate debt. Issues CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge Lenders.”



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Principal Real Estate InvestorsJason Franzen515-362-1423Bill May515-247-0772Insurer’s investment-management arm writes bridge loans on properties with positive cashflow. Lends on institutional-quality real estate across major asset classes, except hotel. Also originates participating construction loans. Does business in top-35 markets, but selectively looks wider. Also provides subordinate financing.NOTE: Complete listing appeared in...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Procida Funding & AdvisorsBrian Foley201-871-1177William Procida201-871-1177Investment manager’s open-end 100 Mile Fund writes bridge loans on value-added, distressed and opportunistic properties within 100 miles of New York City. Lends on major property types. Also funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Quadrant Finance PartnersHayden Lunsford214-855-2956Matt Welsh214-855-2954Investment manager originates bridge loans for the acquisition and refinancing of major property types nationally. Focuses on properties with stabilized cashflow or “light” value-added strategies. Also provides subordinate financing.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Quadrant Real Estate AdvisorsTom Mattinson770-752-6714Walt Huggins770-752-6712Investment manager writes bridge loans on “light” value-added properties nationwide. Lends on major asset classes, except hotel. Also finances medical offices, grocery-anchored retail properties and student housing. Product menu also includes construction loans, construction/permanent financing and subordinate debt.NOTE: Complete listing appeared in December...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
RAIT Financial TrustGregory Marks215-207-2040REIT writes bridge loans nationwide on transitional properties across all major asset classes, except hotel. Also provides subordinate financing. Issues CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Ramsfield Hospitality FinanceAdam Maisel212-421-1488Richard Mandel212-750-1187Fund operator originates senior and stretch loans nationwide on select-service hotels, full-service hotels and resorts. Also provides subordinate financing, including mezzanine construction loans.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Ready CapitalAnuj Gupta212-257-4664David Cohen212-301-1883REIT, managed by Waterfall Asset Management, provides senior and subordinate bridge loans nationwide on transitional, value-added and “event-driven” properties. Lends on major asset classes, as well as self-storage. Focuses on middle-market and institutional sponsors. Will lend up to $100 million on portfolios. Issues CLOs.NOTE: Complete listing appeared in December 7, 2018,...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Red CapitalJohn O’Toole312-453-7709Trent Brooks949-812-7963Finance company, a subsidiary of ORIX, originates bridge loans on multi-family properties. Also lends on healthcare properties and senior, affordable and student housing. Typical borrowers ultimately seek Fannie Mae or HUD loans. Provides subordinate debt and funds construction. Supplies loans to ORIX’s CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Revere CapitalClark Briner214-945-4083Middle-market lender originates bridge loans on major property types nationwide. Finances acquisitions, refinancings, note purchases and discounted payoffs. Also provides subordinate financing.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Rialto Capital ManagementJoseph Bachkosky212-751-5346Josh Cromer212-751-5323Investment manager, recently acquired by Stone Point Capital, operates funds, separate accounts and a REIT. Originates senior and subordinate bridge financing on all property types nationwide. May issue CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Roc CapitalRanajoy Sarkar212-607-8350Adam Gottfried212-607-8383Middle-market lender writes bridge loans on major asset classes in most markets. 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 December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Rockwood CapitalNiraj Shah212-402-8524On debt side, investment shop primarily originates subordinate loans, but also provides stretch financing. Lends on stabilized and transitional properties nationwide, with an emphasis on key coastal gateway markets.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Romspen InvestmentBlake Cassidy416-966-1100Finances transitional and stabilized Class-B properties nationwide, with an emphasis on urban centers. Lends on major property types and many niche classes, including land. Also provides subordinate financing and backs construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
RRA CapitalTy Vilhauer602-715-2209Lender originates bridge loans for proven sponsors on stabilized and transitional properties. Lends on major asset classes, as well as mixed-use. Focuses on primary and secondary markets. Also provides subordinate financing.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Rubenstein Mortgage CapitalFred Harmeyer215-399-4626Read Mortimer215-399-4726Fund operator writes high-leverage bridge loans on transitional office properties nationwide. No minimum cashflow or occupancy requirement. Also funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
S3 Capital PartnersRobert Schwartz212-300-8800Matan Kurman212-300-8800Subsidiary of Spruce Capital writes bridge loans on major property types in major markets, with an emphasis on the New York metropolitan area. Also funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Saperean CapitalAndrew Smith212-319-2942Karen Kulvin212-319-2112Affiliate of Kayne Anderson writes bridge loans on niche property types nationwide, including senior housing, student housing, medical offices and self-storage, as well as multi-family. Also provides subordinate financing and backs construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
SCALE LendingDaniel Ridloff646-439-4000Martin Nussbaum646-439-4000Joint venture between Carlyle Group and Slate Property writes bridge loans on transitional multi-family and residential-condominium properties in the New York metropolitan area. Also finances land and construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Seven Valleys CapitalJason Bordenick212-235-1244U.S. family office of Chinese investor Zhang Xin writes bridge loans on office, retail and multi-family properties nationwide. Also finances land, pre-development and construction. Provides subordinate financing as well.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
SG Capital PartnersRoger Boone203-355-6121Spencer Del Prete203-355-6132Affiliate of Shelter Growth Capital writes bridge loans for experienced sponsors on well-located value-added properties nationwide. Lends on major asset classes, as well as self-storage. Also funds construction. Issues CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Silverpeak ArgenticJohn Burke646-560-1730Investment manager writes bridge loans on “light-to-moderate” transitional properties nationwide. Also provides subordinate financing. Issues CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Silverstein Capital PartnersMichael May212-313-4671Jason Kaufman212-551-7347REIT operated by Silverstein Properties and two unidentified partners – a pension fund and a sovereign wealth fund. Lends on office, industrial, residential and retail properties nationwide. Finances construction, “heavy” value-added repositionings, land and unsold units of residential-condominium properties. Also provides subordinate financing.NOTE:...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
SL Green RealtyDavid Schonbraun212-216-1602Robert Schiffer212-216-1650REIT provides bridge financing on office, retail and multi-family properties in New York City. Offers senior, stretch and subordinate debt.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Square Mile CapitalMichael Lavipour212-616-1572Jeff Fasto212-616-1578Fund operator, an affiliate of USAA Real Estate, writes bridge loans on major property types nationwide. Provides senior and subordinate financing to high-quality sponsors on stabilized and value-added properties. Also funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Starwood Property TrustDennis Schuh203-485-5108REIT, an affiliate of Starwood Capital, originates senior and subordinate bridge loans on all property types nationwide. Also funds construction. May issue CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Stonehill Strategic CapitalMat Crosswy404-497-4116Michael Harper404-953-4959Fund operator, a unit of Peachtree Hotel Group, originates senior, stretch and subordinate loans on limited-, select- and full-service hotels nationwide. Focuses on Hilton, Marriott, Hyatt and IHG brands. Also funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Terra Capital Partners (TCP)Dan Cooperman212-753-5100Fund operator originates high-leverage bridge loans on value-added properties. Lends on major asset classes, as well as student housing and manufactured housing. Also provides subordinate financing and backs construction. May issue CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Thorofare CapitalKevin Miller213-873-4001Felix Gutniko213-873-4007Investment manager, with backing from strategic partner DoubleLine Capital, originates bridge loans on core-plus, value-added and opportunistic properties nationwide. Focuses on middle-market acquisitions and recapitalizations.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings”...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Thrive LendingSonya Gonzalez512-394-7114Justin Brogna512-394-7114Lender focuses on multi-family bridge loans. Also finances office, retail, hotel and single-family rental properties nationwide. Originates construction loans as well.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Torchlight InvestorsMike Butz212-488-5616Fund operator originates bridge loans on major property types nationwide. Focuses on high-leverage stretch loans for value-added and opportunistic acquisitions and recapitalizations.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
TPG Real Estate Finance TrustPeter Smith212-430-4129REIT originates bridge loans on transitional and value-added properties. Finances a broad mix of asset classes. Also provides subordinate debt and funds construction. Issues CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Tremont Mortgage TrustDavid Ross617-658-0759Tom Lorenzini312-236-0960REIT, managed by RMR Group, writes bridge loans on transitional properties nationwide. Focuses on middle market and major property types. Also provides subordinate financing.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Trevian CapitalMichael Hoffenberg212-376-5636Lender originates bridge loans on value-added and transitional properties nationwide. Lends on all asset-classes. Also writes construction loans.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Turnbridge Real Estate Credit StrategiesScott Cohen646-450-7853Lender writes senior, stretch and subordinate bridge loans on major property types nationwide, with a focus on New York, Southeast Florida, Texas and Southern California. Also funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
UC FundsJoe Ambrose857-288-2816Domenico Manago857-288-2811Finance company originates bridge loans nationally on major property types, as well as land. Also finances construction and adaptive-reuse projects. Provides subordinate financing as well.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Varde PartnersAlek Roomet212-321-3790Jon Miller952-374-5166Fund operator writes bridge loans on transitional, value-added and event-driven properties. Finances all major asset classes, as well as student housing and self-storage. Also provides subordinate financing and funds construction. Issues CLOs.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Voya Investment ManagementMike Cale770-690-4788Investment-management arm of Voya Financial originates bridge loans for its insurer parent and for third parties. Lends on major asset classes nationwide, as well as self-storage. Focuses on light-transitional and stabilized properties in the top-50 metropolitan areas. Also funds construction.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
W FinancialGregg Winter212-532-9170David Heiden212-684-2283Lender originates bridge loans on major property types nationwide. Focus is multi-family and mixed-use assets in the Eastern U.S. Also finances property assemblages, residential-condo inventory and construction. Subordinate debt provided selectively.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
Walker & DunlopGeoff Smith646-438-7715Sandor Biderman301-215-5597Investment manager writes bridge loans on stabilized and transitional properties nationwide. Lends on major asset classes, as well as healthcare, senior housing, student housing and manufactured housing. Also provides subordinate financing.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the...



LISTING: Nonbanks Writing Senior Bridge Loans on US Commercial Properties

Sat, 08 Dec 2018
YAM CapitalRyan Muranaka480-344-0140Mike Marmis480-696-4805Lending shop, founded by entrepreneur and GoDaddy founder Bob Parsons, writes fixed-rate bridge loans on most property types, including land. Promises speed and certainty of execution.NOTE: Complete listing appeared in December 7, 2018, issue of Commercial Mortgage Alert and can be found on CMAlert.com, in the “Rankings” section under “Bridge...



EU Risk-Rule Snafu Unsettles CMBS Market

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



No Shakeout Seen in Hot Bridge-Loan Market

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



Wells in Line to Finance Midtown Tower Deal

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



Buyers Cautious Amid Market Turmoil

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



Refi Sought for Midtown NY Offices

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



Silverpeak Circles Horizontal Strip

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



Fresh Debt Eyed for Washington Hilton

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



Midland Reshapes Management Team

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



Key Writes Maryland Apartment Loan

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



SocGen Shops Slices of Chicago Loan

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



Trimont Adds Asset-Management Staff

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



CMBS Troubled-Loan Rates Dip Again

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



DivcoWest Seeks Loan for Cambridge Project

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



High-Yield Lender Raises Equity to Expand

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



Tight Supply Propping Up Yields on B-Pieces

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



Key Spread Widens; Deal Flow Slows

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



LBBW Circles Manhattan Office Loan

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



Chicago Builder Taps Mack, JP Morgan

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



Sabal Debt Fund Holds a First Close

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



Crescit Unveils Bridge-Loan Program

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



Gramercy Buyout Loan Has Mezz Piece

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



Mesa West Finances Calif. Rental Deal

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



Annaly Backs Medical Offices in Calif.

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



Trade Groups Seek Bank-Rule Tweaks

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



Lenders: Loan-Spread Slide May Be Ending

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



B-Piece Buyers Explore Risk-Rule Flexibility

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



Developer Seeks Loan on New DC Complex

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



Rialto Employs Twist in Conduit Deal

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



Conduits Dominate Flurry of Deals

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



Loan Sought to Recap Virginia Offices

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



Deutsche, Artemis Lend on Calif. Hotel

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



Buyers Pounce on Fresh REIT Paper

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



Kroll Sets Sights on European CMBS

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



Omega Shops B-Note on Georgia Mall

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



Key Finances Northern Calif. Hotel

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



Dallas Shop, PGIM Form Alliance

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



Acore Backs Industrial Recap in NJ

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



Slow CMBS Issuance Seen Through Yearend

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



Goldman Lends $1 Billion on Fontainebleau

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



Citi Team Syndicating Gramercy Buyout Loan

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



Wider Conduit Spreads Anticipated

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



Acore Writes $170 Million Loan

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



Blackstone Lends on Atlanta Complex

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



5 Banks Join Citi Syndicate in LA

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



Buyer Seeks Floater on Midwest Hotels

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



Invesco Financing NY Office Deal

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



CapitalSource Backs Nevada Project

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



Special-Servicing Rate Dips to 4.1%

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



Square Mile Backs Chicago Rentals

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



Tighter Curbs on Agencies Expected for 2019

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



JP Morgan, Wells Land 4 Times Square Loan

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



Nonbanks Win Growing Share of Loan Market

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



Citi, Others Back Brookfield Complex

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



3 CMBS Offerings in the Market

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



DBRS "Doubling Down' on CMBS

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



Mortgages Post Skimpy 0.2% Return

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



CBRE Inks Freddie Loan in Cambridge

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



Annaly Backs Buyer of 2 Texas Hotels

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



Morningstar Revising Conduit Criteria

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



Hartford to Write Boston Retail Loan

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



MetLife to Back Purchase by Beacon, Allianz

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



Goldman Seeks Floater for Unico Office Deal

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



Dell's Shop Eyes Loan for Hotel Acquisition

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



M&T Wins Loan on Brooklyn Project

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



Morningstar Still Adding CMBS Staff

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



TD Group Refinances Miami Tower

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



Buyers Gorge on Blackstone CMBS

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



Clorox Eyes Loan for Oakland Purchase

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



CMBX Investors Grow More Bearish

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



Brookfield Team Seeks DC Office Loan

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



REIT Backs Buyer of NJ Warehouse

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



M&T Team Funds Pittsburgh Tower

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



Loan for Penn State Project Syndicated

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



Citi, ING Eye Giant Loan on 666 Fifth Avenue

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



SL Green Seeks Discount on Vanderbilt Loan

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



Banks May Sweeten NY Loan for Brookfield

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



Kayne Targets "Niche' Bridge Loans

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



Key CMBS Spread Hits 2-Month High

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



REIT Taps Into Strong Bond Demand

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



JP Morgan Finances Tenn. Complex

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



Benefit Street Shops Subordinate Debt

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



Key Finances Arizona Apartments

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



Floater Sought for Brooklyn Hilton

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



Tough Competition Continues to Weigh Down Conduit Profits

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



Fresh Debt Sought for New Manhattan Rentals

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



Borrowers Seek Quick Refis to Trim Pricing

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



REIT-Bond Volume Still Far Behind 2017

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



KKR Taps Patterson to Lead New Unit

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



Spreads Diverge On Benchmark CMBS

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



Kroll: Loan Defaults Plummeting

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



Agency Lender Adding More Staff

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



LNR, Rialto Circle B-Pieces

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



Key Lends on Arizona Retail Center

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



Past-Due CMBS Tally Drops Further

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



Sagging Conduit Lending Hits CMBS Volume

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



CMBS Shops Chase $1.2 Billion Hotel Loan

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



Goldman Wins Floater on Maui Ritz-Carlton

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



Loan Eyed for Boston Retail Purchase

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



Buyers Kick Tires on 2 Conduit Deals

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



Cassin Still Beefing Up Loan Practice

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



Buyers Nab REIT Bonds in US, Europe

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



Varde Backs Buyer of Chicago Offices

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



BayernLB Takes Slice of NY Loan

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



Stamford Shop Offers Workout Advice

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



HFF Inks Loan on New Denver Rentals

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



Torchlight Finances Phila. Offices

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



Special-Servicing Counts Shrink Again

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



JP Morgan Keeps Lead in Bookrunner, Contributor Rankings

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



KKR, Silverpeak Take Down Most Risk-Retention Bonds

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



Bayview Rolls Out $2 Billion Lending Program

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



CrossHarbor Fund Targeting High-Yield Loans

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



Giant Batch of Seasoned Conduit Bonds Sold

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



Rockwood Seeks Giant Rental Loan

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



Rockpoint Pursues NY Office Mortgage

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



Debt Pro Offers Data-Sharing Service

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



Loan Sought for SF-Area Tech Campus

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



Silverpeak Adds 3 Real Estate Pros

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



Goldman Team Backs Hotel Project

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



Mack Inks Mezz on NY Condo Project

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



Morningstar Loses 3 CMBS Analysts

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



Berkeley Point Inks Calif. Fannie Loan

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



GreenOak Taps Adler for US Loan Program

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



Surging Competition Impacts Syndications

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



Benchmark CMBS Spread Hits 6-Month Low

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



Blackstone Seeks Industrial Financing

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



Insurer Eyes $430 Million Hotel Loan

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



Quartet of Lenders Splits Atlanta Loan

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



Key Touts "Streamlined' Service

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



Hungry Buyers Snap Up REIT Bonds

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



CMBS Issuers Address New LLC Law

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



Eightfold Circles Another B-Piece

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



Oaktree Lends on New Calif. Offices

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



Key Backs Senior-Housing Buyer

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



Goldman Hires GGP Pro as Borrower Advocate

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



Timbercreek Mapping Big Bridge-Loan Fund

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



Pension Halts Search for NY Office Mortgage

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



Pimco Hawks Agency B-Pieces

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



Blackstone Seeks Loan on NY Rentals

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



Freddie to Lock In Rates for Builders

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



Related Eyes Debt for Tribeca Deal

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



Prime Backs Buyer of Vegas Offices

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



Conduit Issuance Restarts With 3 Deals

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



SocGen, Walton Street Refi SF Rentals

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



CMBS Delinquencies Shrink to 2.5%

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



Blackstone Pursues SF Office Loan

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



MetLife Lends on Luxury Rentals in SF

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



Foreign Banks Increase Pace of US Lending

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



CCRE Taps Wheeler for Senior Strategy Role

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



SocGen's McGarvey Jumping to BNP Paribas

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



Loan Sought on Central Loop Tower

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



Vornado Team Eyes NY Office Loan

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



Varde Pitches Mixed-Quality Portfolio

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



Acore Backs Buyer of Calif. Offices

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



Annaly Inks Floater on Dallas Tower

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



Loan Sought on Revamped NY Offices

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



Riskier Debt Gained 2.1% in Quarter

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



Special-Servicing Rate Drops to 4.5%

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



Duo to Buy Boca Raton Resort, Seeking Loan

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



Brown to Retire; Starwood Maps Transition

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



Deutsche Shifts UK Loan Chief Kogan to US

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



Moderate Activity in CMBS Pipeline

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



Extell Eyes Loan for Texas Hotel Deal

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



Rialto Bond Sale Comes With Catch

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



Freddie's Small-Loan Volume Up 37%

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



REGULATORY ROUNDUP

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



REGULATORY ROUNDUP

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



REGULATORY ROUNDUP

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



REGULATORY ROUNDUP

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



REGULATORY ROUNDUP

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



REGULATORY ROUNDUP

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



REGULATORY ROUNDUP

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



REGULATORY ROUNDUP

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



Loeb Adds 3 Real Estate Attorneys

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



Capital One Writes Big Fannie Loan

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



Colony Seeks Medical-Office Floater

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



Bahrain Bank Hires US Lending Chief

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



Acore Finances San Jose Office Park

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



Brookfield Maps CMBS for Forest City Deal

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



Pimco Fund Corrals $700 Million at First Close

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



Debt Sought for Expanding South Florida Mall

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



BofA to Lead Another Shidler Deal

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



Waterton Taps CBRE for Freddie Loan

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



Conduit Shopped Within Recent Range

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



Kalikow Taps BofA on 101 Park Avenue

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



Wells Provides Calif. Industrial Loan

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



Credit Agricole Backs Tishman in SF

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



London Shop Preps Construction Fund

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



Mesa West Backs Buyer of NY Rentals

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



Capital One Lands Freddie Loan

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



Loan Returns Improved in 2nd Quarter

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



Past-Due CMBS Tally Declines Again

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



Single-Borrower Deals Dominating Issuance

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



Invesco Gives KKR $500 Million of Facilities

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



Banks Finance Vegas Luxury Retail Property

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



AIG Circling Loan on Chicago Tower

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



German Bank Taps US Lending Chief

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



Credit Suisse Funds Healthcare Shop

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



Mack Finances Senior-Housing Project

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



Buyers Clamor for REIT-Bond Floaters

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



Conduit Deals Show Price Tiering

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



Loan Sought on Historic DC Building

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



Special-Servicing Rate Hovers at 4.7%

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



Blackstone Eyes $5.1 Billion for Gramercy Deal

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



Tough Competition Squeezes Conduit Profits

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



Quick Refi Sought for Chicago Office Trophy

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



Big Loan Sought on 200 Fifth Avenue

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



Kroll: Appraisal Reductions Increasing

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



MetLife in Line for Seattle Office Loan

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



Agency Purchases Still at Strong Pace

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



Jay Paul Seeks Loan for San Jose Deal

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



Key CMBS Spread Hits 2-Month Low

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



CBRE: Banks Gain Market Share

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



Calif. Portfolio Buyer Hunts for Loan

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



Loan Sought for Zuckerberg Offices

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



M&T Team Refinances Harlem Parcel

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



Wells Maintains Lead in Key Trust-Shop Ranking

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



Cadwalader, Sidley Dominate Small Field of Legal Advisors

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



Rising Deal Count Boosts Operating Advisors; Park Bridge Leads

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



JP Morgan Team Funds Calif. Offices

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



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

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



"Tradable' B-Pieces Wane; Rialto Tops Table

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



Mack Lends $503 Million on 3 Luxury Hotels

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



Key to Lead Loan on Retail Portfolio

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



Single-Borrower Deals Flood Market

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



Rialto Circles Another B-Piece

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



Bidder Seeks Financing for SF Offices

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



New Venture Eyes Construction Debt

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



Floater Sought on New Seattle Hotel

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



Starwood Finances Pa. Complex

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



Oaktree Taps Citi for Dallas Mortgage

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



ING Plants Its Flag in Western US

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



Wells Still Dominates Master Servicers; Key Pulls Ahead of Midland

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



Loan Sought to Expand Disney World Resort

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



Blackstone Taps Deutsche Pro for New Gambit

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



Pros See Stable Conduit Spreads in 2nd Half

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



Pension to Finance Expanded Tower

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



Normandy Seeks Loan for NY Project

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



Atalaya Backing Ritz-Carlton Project

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



Pennybacker Buys Lending Shop

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



High-Yield Lender Lines Up Capital

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



McDermott Adds 6 More Lawyers

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



Helaba Lends on Midtown NY Offices

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



Tidal Wave of REIT-Bond Issuance Starts to Subside

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



CMBS Delinquencies Dip Below 2.8%

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



MetLife Funds Beverly Hills Offices

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



Forecasters Didn't Foresee Spread-Widening

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



CMBS Volume Up 13%, but Worries Persist

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



Issuers Pass Risk to Third Parties More Often

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



CMBS Loan "Triggers' Causing Headaches

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



Morgan Stanley Wins Big Debt Package

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



SL Green Eyes 2 Herald Square Loan

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



Credit Agricole Nabs Atlanta Mortgage

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



Refi Sought for Long Island Center

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



Ratings Reviewed Under New Criteria

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



Morningstar Moves More Staff to NY

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



Buyer Taps Berkadia for Freddie Loan

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



Banks Finance Dallas Rental Project

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



Special-Servicing Tally Shrinks Again

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



JP Morgan Ahead in Bookrunner, Loan-Contributor Rankings

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



Principal Forms Conduit Alliance With MUFG

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



GIC Team Seeks Fresh Debt on SF Skyscraper

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



Ares Shops Big Package of Freddie B-Pieces

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



HSBC to Back Office Purchase in DC

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



Mesa West Finances Aon Center in LA

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



CalSTRS, Beacon Eye Seattle Loan

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



Situs Hires Advisory, Servicing Pros

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



Freddie Gobbling Up "Green' Loans

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



Vaccaro, Schwartz Open Own Shop

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



Sorin Sells Big Lot of Legacy CMBS

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



Jamestown Seeking LA Office Loan

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



CMBX Bears Step Up as Bulls Retreat

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



KeyBank Funds Healthcare Properties

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



CMBS Pros Cite Progress on Borrower Gripes

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



Freddie Eyes Mezz Affordable-Housing Loans

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



Banks "Stretch' to Mezz Debt to Win Loans

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



TIAA Unit, PCCP Map Open-End Fund

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



Loan Sought for DC Waterfront Project

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



Prime Circles Another Horizontal Strip

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



4 Conduit Deals to Price Next Week

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



Morgan Stanley to Refi 2 Calif. Hotels

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



Blackstone Seeks Vegas Office Loan

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



Capital One, M&T to Lead NY Project

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



US Bank Names NY Lending Chief

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



JP Morgan Backs Virginia Office Deal

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



Overby Leaves Morningstar for Wells

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



How Brookfield Plans to Recap 666 Fifth Ave.

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



Hines Team Eyes Loan on New Chicago Tower

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



Brookfield Syndicate Swells to a Dozen Banks

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



Financing Sought for New NY Rentals

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



Loan Eyed for NJ Shore Condo Project

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



Investors Scoop Up Fresh REIT Bonds

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



Two Single-Borrower Deals Price

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



Silverpeak Finances Calif. Office Deal

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



EagleBank Backs DC Office Project

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



Morningstar Aims to Join CLO Party

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



Seattle Office Loan Being Split 3 Ways

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



Varde Lends on Texas Office Park

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



PGIM Funds Suburban DC Rentals

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



DBRS Planting CMBS Flag in NY

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



LISTING: Lenders That Actively Provide Mezzanine Financing on Commercial Properties

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



Roster of Mezz Lenders Soars as Sector Booms

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



WeWork's Lord & Taylor Deal Advancing

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



Ivanhoe Seeking Big Loan on SF Apartments

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



Barclays Syndicating Big Office Loan

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



Buyer Seeks Loan on LA-Area Offices

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



Loan Sought for Texas Retail Center

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



Conduit Prices Within Recent Range

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



Acore, Brookfield Back Swift Deals

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



Staffing Changes Continue at Situs

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



Shop Eyes Loans on 2 Buildings in SF

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



CMBS Loan Quality Improves Again

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



Invesco Eyes Floater on Calif. Offices

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



Acore Finances Complex in Napa

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



Crossover Buyers Boost Size, Appeal of CLOs

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



As Situs Adjusts Operations, Staff Turns Over

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



Related Team Seeks Financing for LA Project

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



Retail/Office Loan Sought Near LA

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



KKR Seeks to Refi Utah Tech Campus

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



MetLife Lends on Charleston Rentals

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



Schroders Maps Debt-Fund Series

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



Debt Eyed for DC Mixed-Use Project

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



LBBW Aims for Expansion in Canada

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



Oaktree to Lend on San Jose Complex

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



Natixis Backs Student-Housing Buyer

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



Riskier Debt Returned 1.8% in Quarter

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



Corrections

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



Corrections

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



Starwood Taps Goldman, Israeli Bonds for Refi

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



In Big Win, Banks Get Construction-Loan Relief

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



Citi, Natixis Ink Loan on Union Station in DC

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



REIT Eyes Loan to Build Marriott HQ

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



JP Morgan Leads Seattle Office Loan

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



Spreads Diverge on 2 Conduit Deals

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



Steiner Seeks Brooklyn Project Loan

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



Dune Aiming to Refi Virginia Offices

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



Annaly Finances Student Housing

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



Oaktree Targets Loan for Office Deal

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



Loan Sought for NY Redevelopment

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



Correction

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



Refinancing Sought for Santa Monica Hotels

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



More Single-Borrower Deals Being Pre-Placed

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



Sutton, Sitt Aim to Refinance SoHo Complex

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



Natixis to Refinance 850 Third Avenue

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



NY Rental Shop Seeks Batch of Loans

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



CapOne Funds Wall Street Offices

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



Low-LTV Deal Achieves Tight Spread

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



Servicing Vets Head for the Exits

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



Financing Set for SF Student Housing

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



Morningstar Gives Peek Behind Curtain

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



MetLife Backs San Jose Office Deal

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



Griffin REIT Taps BofA, KeyBank

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



Annaly Funds Silicon Valley Offices

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



3 High-Yield Shops Snag B-Pieces

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



Approved Primary, Master and Special Servicers

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



The Grapevine

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



Corrections

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



CMBS Volume Solid, but Some Worries Loom

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



Morgan Stanley Leading 2nd Big Ashford Deal

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



TIAA Unit Taps Acore Exec as Lending Chief

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



Deutsche Takes Lead on BioMed Loan

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



Morgan Stanley Nabs Big Retail Loan

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



Bank Syndicate Set for Chicago Project

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



Bondholders Pitch High-Yield CMBS

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



Tight Spread Seen for Low-LTV Deal

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



RFR Eyes Loan on 350 Madison Ave.

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



LNR Cuts Staff as Legacy Loans Melt

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



KKR Seeks Backing for Miami Deal

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



Wells to Lend on New Seattle Offices

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



CMBS Late-Pay Rate Pauses Near 3%

Fri, 11 May 2018
The delinquency rate among securitized commercial mortgages increased slightly last