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Office: rates & lending – page 6
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BHI Lends $170M on Third Avenue Office-to-Resi ConversionA joint venture between Quantum Pacific Realty and MetroLoft has landed $169.5 million of construction financing to execute an office-to-residential conversion in Midtown East, Commercial Observer can first report.
Related, Oxford Score $1.4B Refi for 10 Hudson Yards10 Hudson Yards, the Far West Side office tower home to L’Oreal USA, has secured a roughly $1.4-billion refinancing, Bloomberg News reported.
Dwight Capital Finances $114M Multifamily HUD Loan in WisconsinDwight Capital has closed a $114 million HUD 221(d)(4) substantial rehabilitation loan for the conversion of 100 East Wisconsin, an existing 34-story office building, into a 373-unit luxury apartment community.
Dwight Capital Provides $114M HUD-Insured Loan for Office-to-Apartment Conversion in MilwaukeeMILWAUKEE — Dwight Capital has provided a $114 million HUD 221(d)(4) substantial rehabilitation loan for the conversion of 100 East Wisconsin, a 34-story office building in Milwaukee, into a 373-unit luxury apartment community.
Dwight Capital Provides $114M HUD Loan for Milwaukee Office-to-Resi ConversionA joint venture between Klein Development and MOS R.E. has sealed $114 million of U.S. Department of Housing and Urban Development (HUD)-backed debt for the conversion of a Milwaukee office tower into luxury apartments, Commercial Observer has learned.
Newmark Arranges Sale, Financing of 1.4 MSF Office Campus in IrvingIRVING, TEXAS — Newmark has arranged the sale and financing of The Towers at Williams Square, a 1.4 million-square-foot office campus in Irving’s Las Colinas district.
Silicon Valley Initiative Partnership Receives $74.1M in Financing for Office-to-Residential Conversion Project in San JoseSAN JOSE, CALIF. — Silicon Valley Initiative Partnership has received $74.1 million in financing for the conversion of the historic Bank of Italy building, located at 12 S. 1st St. in downtown San Jose, into a mixed-use residential and retail property.
UBS Refis Chelsea Office Building With $161M LoanA joint venture between Vornado Realty Trust and Aurora Capital Associates has sealed a $161 million loan to refinance an office and retail asset in Manhattan’s Chelsea neighborhood.
Representative image2 Manhattan West Lands $1.9B CMBS LoanThe commercial mortgage-backed securities (CMBS) market is warming up to Manhattan’s Midtown office market in the height of spring.
Soloviev Group Refinances 9 W. 57th for $1.8BSoloviev Group and lead lender Bank of America announced the $1.8-billion refinancing of 9 W. 57th St., the trophy Midtown office tower that reportedly set a new ceiling for rents.
Office Distress Dominates Largest U.S. CMBS MarketsAcross the 50 most populous U.S. metropolitan statistical areas, CRED iQ’s proprietary loan analytics platform recorded an aggregate commercial mortgage-backed securities (CMBS) distress rate of 12.2 percent as of April.
Olshan Properties Receives $40M Loan for Refinancing of Manhattan Office BuildingNEW YORK CITY — An affiliate of Olshan Properties has received a $40 million loan for the refinancing of 99 Hudson Street, a 183,958-square-foot office building in Manhattan’s Tribeca neighborhood.
Class B Office Turned Class A Multifamily Scores $46M RefiJLL Capital Markets closed a $46.25-million refinancing for 200 W Ocean, a 106-unit luxury multifamily asset in Downtown Long Beach.
Representative imageJV Lands $72M Refi for Manhattan Office BuildingThe floating-rate loan will support the costs of future tenant rollover and repositioning. The post JV Lands $72M Refi for Manhattan Office Building appeared first on Commercial Property Executive.
PGIM Furnishes Loan to Refinance Beacon Capital’s One Brattle SquarePGIM’s real estate business has provided a $58.5-million floating-rate loan to refinance One Brattle Square, a mixed-use office and retail property in Cambridge, MA. The core loan was provided to an affiliate of Beacon Capital Partners.
CSC Real Estate Secures $108M Construction Loan for Conversion at 770 Second AvenueOffice-to-residential conversion mania still has a firm hold on Manhattan.
Rubenstein, Vision Partners Refinance Parsippany Office CampusA joint venture partnership between Rubenstein Partners, L.P. and Vision Real Estate Partners secured an $80-million refinancing of LATITUDE, a 35-acre, two-building trophy office campus in Parsippany, NJ.
Office Delinquencies Near Record High in MarchFitch Ratings’ overall U.S. CMBS delinquency rate increased 15 basis points to 3.43% in March from 3.28% in February, driven by a surge in new large-balance office delinquencies that outpaced resolutions.
Oak Funding Refis N.J. Office Campus With $80M LoanA joint venture between Rubenstein Partners and Vision Real Estate Partners has sealed an $80 million loan to refinance a suburban office asset in central New Jersey, Commercial Observer has learned.
Blackstone Lands $154M Refinancing for Miami Office TowersBlackstone’s Perform Properties obtained a $154 million loan to refinance 2 and 3 MiamiCentral, a development made up of a 17-story 196,000 square foot office tower, and one that is 12 stories, with just over 100,000 square feet of office space. Eastdil Secured arranged the deal.