Finance
Abundant Cheap Debt Drives Recaps
Kennedy Wilson Brokerage Group Executive Vice President Fred Córdova explains why potential tax reform is increasingly leading real estate borrowers to turn to recapitalization, across the product spectrum.
NJ Office Asset Lands $66M
Cushman & Wakefield negotiated the terms of the 10-year, fixed-rate financing provided by Morgan Stanley Bank N.A. One Newark Center is a Class A, 423,028-square-foot office building in Newark’s CBD.
Innovative Industrial to Purchase 350 KSF Medical-Use Cannabis Facility
The firm will also enter into a long-term, triple-net lease agreement with The Pharm, which is planning certain tenant improvements.
Meridian Snags $17M Tampa Office Park
The new owner will invest $1 million in outdoor upgrades and indoor common-area renovations and plans to build a 2,000-square-foot shared amenity center and café.
JLL Secures $75M for Denver-Area JP Morgan Acquisition
The seller was Blackstone, on whose behalf JLL Capital Markets had completed the sale. Deutsche Bank provided the five-year, floating-rate loan.
Plymouth Industrial Sheds $100M on Chicago-Area Assets
The 15-property portfolio comprises a total of three million square feet of Class B warehouse space. The seller is BIGS Holdings, a subsidiary of Goldman Sachs.
Lightstone Lands $260M Refi for Times Square Hotel
Goldman Sachs provided the refinancing for the 612-key Moxy Times Square, which made its debut in September of this year.
Allianz Takes Stake in Times Square Tower
The purchase from SL Green capped a year of investments in U.S. real estate that reached $3.5 billion for the company, which now has $16.3 billion in assets under management nationwide.
Thor Secures 3 New Lessees in Houston
Hancock Whitney Bank, Novum Energy and Regency Centers will be tenants at 3200 Kirby, a new 186,000-square-foot Class A office building and luxury mixed-use development.
Hong Kong Tops List of Most Expensive Office Locations
Cushman & Wakefield research shows the city has replaced London’s West End as the most expensive to accommodate staff.