CMBS

A group of lenders including Wells Fargo Bank, Bank of America and Deutsche Bank is providing a $620m acquisition commercial mortgage-backed securities loan.

The funding will be used to recapitalize luxury 3ELEVEN tower south of Manhattan’s Hudson Yards.

The financing on the portfolio will be used to refinance existing debt.

The sponsors passed another milestone after acquiring the landmark hotel in a record transaction. 

The firm’s credit platform manages whole loans, Freddie Mac products, preferred equity investments and mezzanine loans.

Robert Neighoff, a portfolio manager at Mariner Investment Group, is tracking opportunity in new issue conduit and SASB paper.

The manager is seeing opportunity at a time when most lenders and investors are staying on the sidelines.

The New York-based sponsor defaulted on a $70m CMBS loan on 25 West 45th Street, a historic office building near Grand Central. 

The SASB CMBS deal was sponsored by a Tishman Hotel & Realty and MetLife IM joint venture.

The 23-hotel CMBS financing will recapitalize properties across 10 states.