Shihao Feng
Lenders are gravitating toward properties where limited supply and resilient rent growth continue to drive strong credit opportunities.
Paul Rahimian, founder and chief executive officer at Parkview, continues to see alternative lenders taking market share in CRE lending.
A sharp rise in liquidity means real estate lenders are seeing a significant – and necessary – uptick in paydowns.
The manager exercised five one-year extension options on 5 Bryant Park before securing a new loan for the office from King Street and Blue Owl. But it is not alone in extending that many times.
The financing package includes a $250m credit line that will support future deployment for the portfolio’s sponsor, Davis.
Traditional lenders are coming back to the commercial real estate space, but at lower leverage levels than in the past.
Rudin Management Company’s deal to extend a $425m loan on a New York office and Triple Five Group’s $1.39bn CMBS Minnesota mall extension come via agreements to complete substantial capital improvements.
Class A bond holders in New York’s Palisades Center have taken a 30% loss in a rare case in the CMBS SASB market.
The loan will also be used to renovate and rebrand the property amid a global hotel brand’s relaunch.
The Bahrain-based asset manager secured the refinancing led by Morgan Stanley.