Two of the loans, or 10% of the $730 million of collateral, are secured by buildings that derive considerable income from parking, which Kroll Bond Rating Agency warns can fluctuate.
Collateral for the mortgage bonds does not include what Moody's Investors Service terms the "improvements," a 42-story building, state-of-the-art digital signage or a 452-room luxury hotel.
Banyan Street Capital and Balandis Real Estate are tapping the commercial mortgage bond market to help finance the revitalization of a mixed-use development in downtown Atlanta.
The €300 million Taurus 2018-1 also finances Italian retail assets that the Partners Group, based in Switzerland, purchased from the Blackstone Group in February.
Hunton Andrews Kurth LLP (formerly Hunton & Williams and Andrews Kurth Kenyon) has named Robert A. Davis Jr. as special counsel in its tax and ERISA practice.
Borrowers can get better rates elsewhere, so they're repaying ahead of schedule, leaving banks in the lurch. The steps lenders would have to take to keep the business could be prohibitively expensive.
The REIT obtained a $782.7 million mortgage from three banks; proceeds, along with $202 million of mezz loans and $33 million of cash, will be used to repay existing debt.
A consortium including GPP and TIAA has obtained a $500 million mortgage on a 672,581- square-foot portion of the 2.7-million-square foot Ala Moana Center in Honolulu.
