Industry News and Transactions

Loan Sales and Purchases:

Meridian Capital Group arranged the sale of a $150MM participation of a $300MM loan secured by the 30-story office tower located at 350 Park Ave. in NYC to Cornerstone Real Estate Advisers / MassMutual on behalf of New York Community Bank. The building is owned by Vornado Realty Trust.

Delshah Capital acquired all of the senior debt, totaling approx. $30MM, secured by the 26,000 SF property located at 55-57 Gansevoordt St. in NYC from Capital One.

BMO Harris Bank is marketing for sale $180.6MM in sub- and non-performing small-balance mortgages secured by multifamily and commercial properties in WI, IL and IN.

Textron Financial is marketing for sale a $92.7MM portfolio of performing fixed- and floating-rate loans secured by 14 properties located in CA, FL, VA, AL, MA, MI, PA and TX.

WSFS Bank is marketing for sale a $46MM portfolio of 57 mixed-quality loans to 27 different borrowers. The pool contains $20MM of commercial mortgages, $8MM of business loans, $11MM of acquisition and construction loans and the balance is largely secured by residential real estate assets.

Other Announcements:

AllianceBernstein’s inaugural fund, Alliance Bernstein U.S. Real Estate Partners, is planning to focus its investment strategy on illiquid assets of between $15MM and $100MM created by over-leveraged borrowers, complex partnerships and REIT structures as well as direct acquisitions. The fund has already invested $200MM in approx. 5,000 multifamily units in the southeastern U.S.

Investcorp had raised half of its targeted $250MM fundraising goal for its Investcorp Real Estate Credit Fund 3 that will team with TriLyn Investment to find debt deals for the vehicle.

Oaktree Capital Group is seeking to raise $1.5BN in equity capital commitments for its Oaktree Real Estate Opportunities Fund IV.