The private equity firm recently obtained a $415 million first mortgage from Barclays and Morgan Stanley; proceeds, along with $125 million of mezzanine loans, will be used to repay existing debt of $512 million that was securitized in two prior deals.
It has obtained a $1.2 billion loan on Atlantis Paradise from Citigroup and Goldman Sachs that will be used as collateral for an offering of mortgage bonds; proceeds will be used to repay existing debt and cash out $149 million of equity.
Aluko counsels clients on legal aspects of investment management, private investment funds including real estate funds, private equity funds, and hedge funds, derivatives, and regulatory matters; he joins the firm from SECOR Asset Management.
Commercial and multifamily mortgage debt outstanding grew $44.3 billion during the first three months of 2018, the largest first-quarter gain since before the Great Recession, according to the Mortgage Bankers Association.
La Quinta is spinning off a portfolio of 2014 hotels into a real estate investment trust called CorePoint; the REIT obtained a $1.035 billion mortgage from JPMorgan Chase that is being used as collateral for mortgage bonds.
The $470 million transaction has some features rarely seen now that the market for bridge loan securitization has been rehabilitated, including a "blind ramp" and a "blind reinvestment" period.
The real estate investment trust, along with co-borrower Stellar Management, obtained a $675 million mortgage from four banks; they are cashing out $113 million of equity in the process.
The 10-year, fixed-rate term of the $1.75 billion interest-only loan may raise some eyebrows, though the owners still have "implied equity" of $1.7 billion in the 2.2 million square foot property, per Moody's Investors Service.
The $278.3 million RCMF 2018-FL2 also has unusually heavy exposure to apartment buildings, offices and industrial properties that are either vacant or have low occupancy levels, according to Kroll Bond Rating Agency.
QSuper Board, an Australian pension fund, is tapping the commercial mortgage bond market to help finance a portion of a 52-story office building on Manhattan’s Upper West Side.
