{"id":1004056886,"date":"2012-12-28T12:49:35","date_gmt":"2012-12-28T20:49:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004056886"},"modified":"2022-12-08T05:07:55","modified_gmt":"2022-12-08T13:07:55","slug":"january-briefsfinace","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/january-briefsfinace\/","title":{"rendered":"January – Briefs\/Finace"},"content":{"rendered":"

Vornado Completes $950M Refi<\/strong><\/p>\n

\"\"<\/a>

1290 Avenue of the Americas<\/p><\/div>\n

The Vornado Realty Trust-led partnership that owns 1290 Avenue of the Americas in Manhattan has completed a $950 million refinancing on the property. The 10-year, interest-only loan bears interest at 3.34 percent. Net proceeds were approximately $522 million after repaying the existing loan and closing costs. Vornado owns a 70 percent controlling interest in the partnership.<\/p>\n

1290 Avenue of the Americas is a 2.1 million-square-foot asset located seven blocks south of Central Park. Its high-profile tenants include Axa Equitable, Cushman & Wakefield Inc., Warner Music Group, Microsoft and several law firms such as Bryan Cave L.L.P. and Fitzaptrick, Cella, Harper & Scinto. Vornado is in the midst of a significant renovation of the property that is expected to be completed in the first quarter of 2013.<\/p>\n

Joshua Green Corp. Invests $200M in Urban Renaissance Group<\/strong><\/p>\n

With an investment valued at $200 million, the Joshua Green Corp. has taken its relationship with real estate operating company Urban Renaissance Group L.L.C. to a new level. JGC contributed its $150 million real estate portfolio, effectively merging its assets into URG\u2019s 6 million-square-foot operating platform, and the investment firm also agreed to throw in as much as $50 million to support URG\u2019s new fund, Urban Renaissance Investment Partners L.L.C. JGC\u2019s $50 million boost will allow for greater participation in joint-venture deals with leading institutional investors and additional co-investment opportunities, for a total of $1 billion in investment potential.<\/p>\n

SL Green Closes $1.6B Facility<\/strong><\/p>\n

SL Green Realty Corp. has closed on a new $1.6 billion credit facility. The move refinances, extends and upsizes the corporation\u2019s previous $1.5 billion revolving credit facility that was put in place in November 2011. The new facility consists of a $1.2 billion revolving line of credit and a $400 million term loan, which bear interest at 145 and 165 basis points over LIBOR, respectively. The company maintains an aggregate one-year extension option for the facility, with a maturity date of March 2018.<\/p>\n

U.S. Bank Closes $54M in Construction Loans<\/strong><\/p>\n

U.S. Bank has provided $54 million in construction financing for two projects being developed by CenterCal L.L.C. The larger of the two projects is Village at Meridian, a retail center located in Meridian, Idaho. It received a $43 million loan for the initial phase of construction. Tenants include Gordmans, Big Al\u2019s family entertainment center, Mashalls, Nike Factory Outlet Store, Gap Outlet, Petco, Toys \u201cR\u201dUs and Pacific Dental. U.S. Bank also provided a $10.7 million construction loan for Washington Plaza, a 120,000-square-foot retail center in Union Gap, Wash. That asset is anchored by J.C. Penney, Cabela\u2019s Outpost and Famous Dave\u2019s BBQ Shack.<\/p>\n

HFF Arranges $45M for San Diego M-F Development<\/strong><\/p>\n

Holliday Fenoglio Fowler L.P. has arranged a $45 million construction\/permanent loan for 15th<\/sup> and Market, a 242-unit Class A multi-family development to be built in the East Village submarket of downtown San Diego, Calif. The asset is being developed by Holland Partners Group Management Inc. The construction loan, which is followed by a 10-year permanent loan, was placed with a life company. The property is due for completion in 2015.<\/p>\n

Cassidy Turley Secures $181M for Trophy D.C. Office<\/strong><\/p>\n

Cassidy Turley secured a $181 million permanent financing loan for Washington, D.C.\u2019s newest trophy office development, 1000 Connecticut Ave., N.W. The 12-story, 382,988-square-foot building is located\u00a0in the city\u2019s CBD and overlooks the White House. The 20-year, fixed-rate loan was provided by MassMutual Life Insurance Co. The building is anchored by the law firm of Arent Fox L.L.P., whose 17-year lease calls for prominent exterior signage and a first-floor reception area. The building is about 86 percent leased.<\/p>\n

Sterling Capital Lands $70M Refi<\/strong><\/p>\n

Sterling Capital Investments has secured a $70 million refinance loan from Bank of America for the Southern California Logistics Centre, a 2,500-acre commercial and industrial complex in Victorville, Calif. The company is using 90 percent of the loan to repay maturing debt. The balance will be used to complete an addition to a building that is just wrapping up construction. The SCLC industrial and commercial complex is part of Global Access Victorville, the former George Air Force Base and now an 8,500-acre\u00a0multimodal freight transportation hub supported by air, ground and rail connections.<\/p>\n

Hersha Closes $400M Facility<\/p>\n

Just weeks after announcing its acquisition of a new Midtown Manhattan hotel for $74 million, Hersha Hospitality Trust has closed on a $400 million senior unsecured credit facility that can expand to $550 million. The credit facility comprises a $250 million senior revolving line of credit and a $150 million senior unsecured term loan that replaces the company\u2019s $250 million senior secured revolving credit facility. The Philadelphia-based hotel REIT also said it had funded a $100 million tranche of a four-year term loan at a fixed interest rate of 3.195 percent. The term loans are being used to pay off the balance on mortgages for six hotels as well as for general corporate purposes.<\/p>\n","protected":false},"excerpt":{"rendered":"

Vornado Completes $950M Refi; Joshua Green Corp. Invests $200M in Urban Renaissance Group; SL Green Closes $1.6B Facility; U.S. Bank Closes $54M in Construction Loans; HFF Arranges $45M for San Diego M-F Development; Cassidy Turley Secures $181M for Trophy D.C. Office; Sterling Capital Lands $70M Refi.<\/p>\n","protected":false},"author":1335,"featured_media":1004056887,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825],"tags":[],"class_list":["post-1004056886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance"],"acf":[],"yoast_head":"\nJanuary - Briefs\/Finace - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/january-briefsfinace\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"January - Briefs\/Finace\" \/>\n<meta property=\"og:description\" content=\"Vornado Completes $950M Refi; Joshua Green Corp. 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