Samantha Rowan
Underwriting office loans is more complicated than it used to be, with higher-quality properties seeing the most stability and demand.
The New York-based manager views the loan type as an effective hedge to its multifamily business.
We’re very excited to introduce you to Real Estate Capital USA, a new title from PEI Media, that provides a clearinghouse for analysis of the US commercial real estate debt markets.
The covid crisis has tempered issuance this year. But lenders are hopeful the market will revive as the US emerges from social restrictions imposed due to the pandemic.
The US federal programme, which expired in July, had helped to funnel international capital into commercial property financing deals in the country.
L&L Holding Company and Columbia Property Trust lined up $1.25bn of construction financing for their redevelopment of New York’s historic Terminal Warehouse from a blue-chip consortium.
The multifamily-focused vehicle, which had a $300m target, originates bridge loans, mezzanine debt and preferred equity on high-quality US properties.
The firm aims to finance borrowers that are developing or redeveloping affordable rental apartments for tenants.
The firm's decision to originate the loan was driven largely by its long-term relationship with global sponsor Nuveen.
The Canadian investor sees preferred equity as a route to expand and diversify its $12bn residential portfolio amid a financing gap for developers.