The US commercial real estate debt markets reignited in June, with a sharp increase in new loans originated, according to indicative deal data tracked by Real Estate Capital USA.
The Real Estate Capital USA Lending Barometer, a weekly survey of newly originated loans, tracked roughly $7.2 billion of new loan originations in June, a level that was more than double the $3.5 billion seen in May. The total was fueled in part by a $750 million loan for Tishman Speyer from Toronto-based Otera Capital – the largest construction loan originated year-to-date in the US, and a $947 million loan on Park La Brea, an 18-building Los Angeles-area multifamily property.
The average loan size also increased in June, ending the month at just over $100 million, according to data from Real Estate Capital USA. By sector, multifamily was the dominant asset class in which new loans were originated, accounting for about $3.8 billion of originations. Mixed-used financings were a distant second, ending the month at about $1.8 billion. While there were just two office loans completed in June, there was a $500 million refinancing of New York’s 919 Third Avenue, a 1.5 million-square-foot Class A office.
The Real Estate Capital USA Lending Barometer tracks non-securitized senior mortgage and mezzanine and preferred equity financings across markets and sectors.
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