The funding will be used by an affiliate of Madison Realty Capital to refinance the 473-unit Greenpoint Central in the asset’s namesake submarket.
The manager is refinancing debt on its ARIA Resort & Casino and Vdara Hotel & Spa via a CMBS loan and a preferred equity sale.
Private credit managers unpack the complexities of finding loan exits in the latest magazine edition of PERE Credit; Nuveen shifts capital-raising gears on its way to a $650 million final close of its first US strategic debt strategy; office-to-residential conversion projects get another capital jolt with Apollo and GIC’s $835 million refinancing of 25 Water Street; and more in today’s Term Sheet, exclusively for our valued subscribers.
Apollo and GIC are refreshing the capital stack behind GFP and Metro Loft’s 25 Water Street with an $835m loan after the asset’s conversion to a residential tower; Urban Investment Group is adding more momentum to Jersey City’s development momentum with a $200m affordable housing deal; Nuveen Green Capital tacks on C-PACE records with a $235m Florida development deal, as part of a wider $465m construction package; and more in our round-up of stateside loan deals from the past week.
The asset class overlaps with the real estate and consumer sectors.
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.
Natixis is backing an Upper West Side rental multifamily property with a $260 million refinancing; Capital One Healthcare is funding a national healthcare portfolio through a $171m loan; King Street and Blue Owl’s $500m refinancing demonstrates the strength of Class A New York office; and more in our round-up of stateside loan deals from the past week.
Traditional lenders are coming back to the commercial real estate space, but at lower leverage levels than in the past.
Sculptor Real Estate, Morning Calm Management and JPMorgan fund a $686m financing package for a Four Seasons-branded Nevada development; Barings and Counterpointe Sustainable Real Estate provide $173m in senior and C-PACE financing for a Philadelphia development; Peachtree Group expands further into the US retail sector; and more in today’s Term Sheet, exclusively for our valued subscribers.
MonticelloAM is aiming to finish its year-to-date origination volume on a high note with the close of a $470.5 million skilled nursing refinancing package; Sculptor, Morning Calm and JPMorgan originate $686 million in construction capital for a Four Seasons-branded luxury development in Las Vegas; Blackstone and CenterSquare Investment Management head to Brooklyn’s Williamsburg submarket for a $220 million multifamily refinancing foray; and more in our round-up of stateside loan deals from the past week.