Swap rates in the UK and eurozone rose on news of a collapse in the ceasefire agreement between US and Iran on July 8.
Credit rating agency KBRA took the action following the latest valuation of the asset.
Madison Realty Capital originated a $720 million senior loan to finance Metro Loft and David Werner’s residential conversion of the New York office building.
A survey shows banks are more selective on origination, as fears grow that inflation will push up interest rates.
The PERE Credit Lending Barometer, which tracks representative data on US and European commercial real estate lending, tracked $12.9bn of new originations across 93 transactions in the US in May.
More insurance company investors are moving toward allocations and partnerships with US and European real estate private credit managers as their income needs grow.
Attendees at June’s PERE Credit 100 launch breakfast briefing heard the need for income is driving capital to real estate credit.
Inside: How real estate debt is serving up new openings for insurance capital; What we heard at the PERE Credit 100 launch briefing in New York; A deep dive into European compensation figures; And much more…
With the manager’s real estate arm set to be acquired by Bridgepoint in a $1.4bn deal, CEO Al Rabil says investors’ changing allocation habits are driving a need to scale.
Charney, Tavros and Incoco will use the capital to build a 27-story, 1.1m-square-foot mixed-use property with nearly 1,100 residential units.