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The New York-based sponsor defaulted on a $70m CMBS loan on 25 West 45th Street, a historic office building near Grand Central.
The manager has acquired performing loans from the German bank in a landmark transaction.
The refinancing came as a package of senior loan and mezzanine debt.
The SASB CMBS deal was sponsored by a Tishman Hotel & Realty and MetLife IM joint venture.
The Tokyo-based multinational bank provided the loan for a 25-asset industrial portfolio.
The Paris-based bank is seeking to increase financing options for alternative lenders.
It is taking longer for deals to get done – and market participants do not expect that to change anytime soon.
The firm's global head of real estate Ralph Rosenberg raises the question of whether the sector is in for a near-term period of significant defaults.
At a size of $1.4bn, ACORE Credit Partners II is also the joint fourth-largest private real estate fund closed globally so far this year.
The 23-hotel CMBS financing will recapitalize properties across 10 states.