Finance
Invesco and Partners Buy $880M Bank of America Loan Portfolio
Bank of America has sold an $880 million portfolio of 29 real estate loans to three buyers: a consortium involving two subsidiaries of Invesco Ltd., Square Mile Capital Management L.L.C. and Canyon-Johnson Urban Funds.
Edge, HSBC Get 100% Ownership in Times Square’s 1540 Broadway
After acquiring a 49 percent stake in 1540 Broadway last November, Edge Fund Advisors has partnered with HSBC Alternative Investments to take the remaining 51 percent stake in the 907,000-square-foot Times Square property.
MetLife Makes $550M in Loans for Class A Properties in San Fran, D.C.
MetLife has originated a $300 million loan for San Francisco’s Bank of America Center and an additional $250 million in loans for the Washington Square Building in Washington, D.C.
Breaking: Ranieri Acquires Deutsche Bank Berkshire Mortgage and its $28B Portfolio
Ranieri Real Estate Partners, in conjunction with private-equity funds affiliated with WL Ross & Co. L.L.C., has just announced its acquisition of Deutsche Bank Berkshire Mortgage, a subsidiary of Deutsche Bank.
Fund Watch: Green Courte Closes $410M Fund; Sunrise Secures $50M
Green Courte Partners just closed a new fund with $406.9 in commitments for investments in niche real estate assets, and Sunrise Senior Living recently obtained a $50 million senior secured credit facility from KeyBank.
Savanna Begins $65M Acquisition, Re-Development of Downtown NYC’s 80 Broad St.
80 Broad St., near the southern tip of New York City, was just purchased by Savanna, which snagged a $65.3 million loan from Mesa West for the building’s acquisition and planned capital improvements.
Refi Alert: $56M for Honolulu Multi-Family, $47.5M for Renaissance Raleigh
Lenders are slowly becoming less shy about doling out financing loans, and the Oasis at Waipahu apartment community near Honolulu and the Renaissance Raleigh North Hills Hotel in Raleigh, N.C., have garnered an aggregate $103.5 million.
Global Report: Housing Markets Grim in U.S., U.K.
Bad news seems to beget more bad news. According to a new report by the Royal Institution of Chartered Surveyors, housing demand in the United States and in the United Kingdom is falling short of both expectations and hopes.
Economy Watch: IMF Says World Economy on Knife-Edge; Housing Starts in the Mire
The IMF released two reports, each describing how things could get worse in a hurry. According to the Census, housing starts dropped in August. And Bernanke has unveiled a new plan for short- and long-term T notes.
Houston’s CityCentre Sold by HFF, Equitized by JLL in Two Deals
In two separate deals on the same property, JLL and HFF each came away with good news: HFF closed on the sale of the 1.8 million-square-foot CityCentre II and JLL secured the equity funding for both the acquisition of CityCentre II and the development of CityCentre III.