April – Briefs/Finance

CBRE lines up $181M for a D.C. Office; Shooshan affiliate secures $71M for M-F development; W.P. Carey to become REIT; Inland Western closes $650M credit facility; Buckhead Place lands $50M refinance; HFF arranges $85M refinance on 3 MSF portfolio; Mack-Cali, Winthrop acquire senior mezzanine Loan; Harbor Group Nets $127M refinance; Vornado provides refinance for 100 W. 33rd in Manhattan; and Brookfield achieves $400M refinance.

CBRE Lines Up $181M for D.C. Office

CBRE Capital Markets has arranged $181 million for the first two phases of Sentinel Square, a 1.3 million-square-foot office development in Washington, D.C. The financing was arranged on behalf of the Trammell Crow Co., Crow Holdings Capital Partners L.L.C. and Cottonwood Partners. It was provided by Thüringen Girozentrale and Norddeutsche Landesbank Girozentrale.

The financing package consists of two loans: $111 million to refinance 90 K St., N.E., and $70 million to fund the construction of 1050 First St., N.E. The 90 K development is a 412,000-square-foot, Class A building that opened in June 2010. The 1050 First property is the second phase of Sentinel Square and will contain 278,817 square feet when completed. Both buildings will feature an environmentally sensitive design and are pursuing LEED Gold and Energy Star certifications.

Shooshan Affiliate Secures $71M for M-F Development

Ashton Park Associates L.L.C., a subsidiary of Shooshan Co., has secured $71.1 million in non-recourse construction financing for The Place, a 257-unit, Class A multi-family development located in Arlington, Va. The financing was arranged by Holliday Fenoglio Fowler L.P. and originated through a national bank.

W.P. Carey to Become REIT

W.P. Carey & Co. has received the green light from its board of directors to convert to a REIT. The transition will also entail acquiring Corporate Property Associates’ 15 Inc., its publicly held, non-traded REIT affiliate, in a cash-and-stock transaction valued at $2.6 billion. The resulting new REIT, W.P. Carey Inc., will have a total market capitalization of $5 billion and a portfolio spanning 43 million square feet.

Inland Western Closes $650M Credit Facility

Inland Western Retail Real Estate Trust Inc. has closed on a new unsecured $650 million credit facility. It comprises a $300 million unsecured term loan and a $350 million unsecured revolving line of credit that amends and restates an existing $585 million secured facility. The new facility bears interest at an annual rate of LIBOR plus 175 to 250 basis points and is based on a leverage grid.

Buckhead Place Lands $50M Refi

Buckhead Place, a mixed-use development in the Buckhead submarket of Atlanta, has received a $50 million permanent financing arranged by CBRE Capital Markets. The loan was placed through Nationwide Life Insurance Co., CBRE Capital Markets’ longtime correspondent lender, with an interest rate below 4 percent.

HFF Arranges $85M Refi on 3 MSF Portfolio

A 22-property portfolio of predominantly industrial assets will be refinanced, courtesy of an $85 million loan orchestrated by Holliday Fenoglio Fowler L.P. The financing was provided on behalf of a fund managed by Oaktree Capital Management L.P. and Cohen Asset Management Inc. The properties are located in Los Angeles, the Silicon Valley, Seattle, Philadelphia, Dallas, Indianapolis and Cincinnati.

Mack-Cali, Winthrop Acquire Senior Mezz Loan

Mack-Cali Realty Corp. and Winthrop Realty Trust have attached themselves to a 1.7 million-square-foot commercial real estate portfolio in Stamford, Conn., with their acquisition of a senior mezzanine loan position in the capital stack of a group of seven Class A office and multi-family assets. The partners formed a joint venture to purchase the loan, featuring a face value of $50 million, for $40 million.

Harbor Group Nets $127M Refi

Harbor Group International has secured a $127 million refinancing for 200 Public Square, a 45-story, 1.3 million-square-foot Class A building in Cleveland. The 10-year CMBS loan was provided by JP Morgan Chase and arranged by Meridian Capital Group L.L.C. The property, completed in 1985, was known in past years as the BP Tower or the Sohio Building. Tenants include Benesch law firm and Cliffs Natural Resources.

Vornado Provides Refi For 100 W. 33rd in Manhattan

Vornado Realty Trust has completed the refinancing of 100 West 33rd St., a mixed-use office property encompassing 1.1 million square feet. The transaction marks the completion of Vornado’s third Manhattan refinancing deal this year. The asset was originally developed in 1910 and most recently upgraded in 2009. It contains 847,000 square feet of office space and a 243,000-square-foot retail portion known as the Manhattan Mall.

Brookfield Achieves $400M Refi

In a deal arranged and closed by Holliday Fenoglio Fowler L.P., Brookfield Real Estate Financial Partners has secured a $400 million refinancing for a five-property, 2,600-unit portfolio located in Washington, D.C., and Hoboken, N.J. The floating-rate loan was secured through M&T Realty Capital Corp.