Refi Roundup: Ten Notable Refinance Deals This Month
As long as the Federal Reserve continues to hold down the cost of borrowed capital, the market to trade in old financing for better terms on commercial property remains hot. Nationally, here are ten notable refinance deals in commercial real estate. Some went to fixed-rate, some went to floating-rate, but all went to the closi one more time.
- $46M For 763-unit co-op in upstate New York (REBuisness Online, Oct. 8): Details on a new loan funding current and future capital improvements for this cooperatively owned apartment complex.
- Two properties go through defeasance nullifying two CMBS loans (Commercial Property Executive, Oct 8): One consultant walks two properties through loan nullification, coinciding in one case with a sale and a refinance in the other.
- 10-year $32M loan for New Haven apartment building (REBusiness Online, Oct 6): Fannie Mae near-stabilization program participant refinances 137-unit building.
- Pair of suburban DC office properties obtain funding for lease-up – (Commercial Property Executive, Sept. 30): One floating-rate loan and one fixed-rate for two same-class Arlington office properties.
- Toys R Us looks to raise half a billion refi in CMBS market -(NREI Wire, Sept 28): Echoing past moves on the brand’s UK portfolio, toy store chain seeks refinancing of its 875 stores in the US.
- $3M refi for Staten Island office – (REBusinessOnline Sept 28): NorthMarq arranges a ten-tear term with 25-year amortization schedule.
- 1140 19th St. Washington DC – (Commercialobserver.com, Sept 27): $24 million refi for Class A DC office building features 10-year fixed rate.
- Blackstone borrows $99M for 44 Wall Street – (CommercialObserver, Sept 26): A complex debt structure includes project funds, building funds and $67.5 refinance.
- Ohio multifamily properties snag Fannie loans – (REBusinessOnline, Sept 21): One property in Columbus and one in Willoughby benefit from $18.8M in refinance by Hunt Mortgage Group.
- 102-unit senior housing facility near San Diego refinances – (REBusinessOnline, Sept. 15): CBRE Capital Markets Debt & Structured Finance team refinances The Pointe at Lantern Crest in suburban San Diego.