CMBS

The owner of Casa del Mar and Shutters on the beach obtained $430 million of loans from Morgan Stanley; it is putting down $792,815 of equity and paying a prepayment penalty to refinance.

Unusually for a debut transaction, the $329.7 million M360 2018-CRE1 will be actively managed: For the first 12 months after the closing date, funds from repaid principal can be used to purchase new loans, subject to eligibility criteria.

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.