Finance Lending
$25M Loan in Place for 276,000-SF Jersey Office Portfolio
Aug 29, 2008

A joint venture involving Ivy Equities and Urdang Capital Management has gotten its hands on nearly $25.2 million in financing for a group of four office buildings in Parsippany, N.J. Holliday Fenoglio Fowler L.P. orchestrated the transaction on behalf of the joint venture, securing the three-year adjustable rate loan from Babson Capital Management. Developed between the late 1970s and the late 1980s, the properties involved include the 68,000-square-foot building at 4 Wood Hollow Rd.; the 79,600-square-foot building at 299 Cherry Hill Rd.; and 10 Lanidex Plaza and 30 Lanidex Plaza, featuring 73,400 square feet and 55,000 square feet, respectively. The borrowers will use the 65 percent leveraged loan to take-out an existing first mortgage, as well as for tenant improvements and leasing costs. Vacancy rates at the properties range from a low 51.1 percent to 100 percent; the joint venture plans to stabilize the portfolio's occupancy over the next 12 to 18 months.

 
Recent Lending Headlines
Education Realty Nabs $222M
Jan. 06, 2009
Student housing REIT Education Realty Trust Inc. has closed a $222 million secured credit facility, courtesy of Fannie Mae DUS lender Red Mortgage Capital Inc., and is wasting precious little time making use of the proceeds.
Emeritus Closes Refi Deal, Extends $73M Debt
Jan. 05, 2009
Assisted living and Alzheimer's care facilities provider Emeritus Corp. capped the end of the year by ensuring there would be no material maturities hanging over its head in 2009. The company wrapped up the $36.3 million refinancing of seven properties through Freddie Mac, a move that allowed it to pay down and extend an existing debt with Capmark.
3Q GDP Down, 4Q Expected to Be Worse
Dec. 24, 2008
The quarterly report by the U.S. Department of Commerce on the national GDP is something of a lagging indicator. The fact that the U.S. economy contracted 0.5 percent in the third quarter--July to September--might be worrisome, but it only raises the further question of how much contraction will happen in the fourth quarter.
paulson A Bailout for Commercial Real Estate?
Dec. 22, 2008
"Right now, we believe there is insufficient systemic capacity to refinance expiring, performing commercial real-estate loans," reads a letter from a dozen commercial real estate trade groups to Treasury Sec. Henry Paulson, according to the Wall Street Journal this morning. In other words, the commercial side of the business, long perceived as relatively healthy compared with the residential side, is warning of dire straits ahead unless refinancing money is available in the near future.
CMBS Delinquencies Speeding Up: Fitch
Dec. 22, 2008
Back in January 2008, long before the capital markets took their astonishing twists, Fitch Ratings made a sobering prediction: By the end of the year, its CMBS loan delinquency index would be double or triple the 0.28 percent recorded at the end of 2007. Fitch’s crystal ball turned out to be right on the money. On Friday the ratings agency reported that CMBS delinquency reached 0.64 percent for November. At this pace, Fitch projects that CMBS delinquencies could hit 2 percent by the end of 2009.
 
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