September – Briefs/Finance

Tishman Speyer Lands $372M for San Francisco Condo Construction; CBRE Arranges $110M for Clarion Partners; U.S. Bank Closes $61M for Carmel Partners Development; Hawaii­ M-F Asset Gets $59M in Financing; Meridian Capital Sources $155M for Manhattan M-F Acquisition; HFF Arranges $120M for Suburban Dallas Office Towers; iStar to Provide LATA with $146M.

Tishman Speyer Lands $372M for San Francisco Condo Construction

0913_Briefs_FinanceDetails surrounding the largest condo development to break ground in San Francisco continue to emerge. Holliday Fenoglio Fowler L.P. has arranged $371.7 million in non-recourse construction financing on behalf of Tishman Speyer for 201 Folsom, a two-tower, 655-unit luxury condo development that broke ground in Downtown San Francisco this June.

China Vanke, the largest residential developer in the People’s Republic of China, is Tishman Speyer’s venture equity partner in the development. The deal, signed in February, marks the company’s entrée into the U.S. market.

CBRE Arranges $110M for Clarion Partners

The Washington Building, a 214,000-square-foot office property in Washington, D.C., has received a $110.2 million refinancing, thanks to CBRE Capital Markets. The group worked to secure the financing for borrower Clarion Partners, which owns the asset on behalf of a pension fund client. Several lenders climbed the mound to pitch an offer, with SunTrust Bank ultimately sealing the deal with a seven-year loan featuring a long-term rate in the ballpark of 3.5 percent with an option to extend to 10 years. The 11-story building was developed in 1927 and has been fully occupied by Skadden, Arps, Slate, Meagher & Flom L.L.P. & Affiliates for the last two decades.

U.S. Bank Closes $61M for Carmel Partners Development

U.S. Bank has closed on a $60.8 million loan for Carmel Partners to develop a 31-story apartment and retail complex in Manhattan’s Murray Hill neighborhood. When complete in mid-2014, the property will bring 125 units and 2,100 square feet of ground-floor retail space to its address at 325 Lexington Ave. Times Square partnered with Carmel Partners in the development.

Hawaii­ M-F Asset Gets $59M in Financing

The Bascom Group L.L.C. and Morgan Stanley Real Estate Investing have landed $59.3 million for the refinancing of Oasis at Waipahu, a 406-unit community located in Waipahu on the island of Oahu, Hawaii. Mesa West Capital L.L.C. came through with first mortgage debt for the joint venture.

Meridian Capital Sources $155M for Manhattan M-F Acquisition

Meridian Capital Group L.L.C. has negotiated $155 million in acquisition financing on behalf of Cammeby’s International Ltd. for the purchases of the Monterey, a 522-unit asset located on Manhattan’s Upper East Side. Cammeby bought the 29-story property located at 175 E. 96th St. at the corner of Third Ave. in early July. The 12-year loan was provided by Cornerstone Real Estate Advisers on behalf on an institutional investor. Terms include a fixed rate of 3.78 percent. In addition to the 522 residential units, the Monterey has a 209-space parking garage and 3,375 square feet of fully leased retail space.

HFF Arranges $120M for Suburban Dallas Office Towers

Holliday Fenoglio Fowler L.P. has arranged $120 million in cross-collateralized financing for Granite Park I, II and III. The three Class AA office towers are located in Granite Park, a mixed-use development situated on 90 acres in Plano, Texas. The borrower was Granite Properties Inc. Holliday Fenoglio Fowler placed the 10-year, fixed-rate term loan with MetLife Real Estate Investors. Proceeds from the loan were used to refinance an existing loan with the lender. The buildings total 873,636 square feet of 95 percent leased space.

iStar to Provide LATA with $146M

Landmark Apartment Trust of America has landed as much as $146 million in preferred equity provided by iStar Financial Inc. At initial closing, iStar provided $66 million, though additional funding is expected to occur over the next few months in connection with the acquisition of multi-family properties currently under contract. Additional proceeds will be used to repay existing preferred equity. Landmark Apartment Trust of America currently owns 39 communities comprising more than 10,000 units located throughout the Southeast and Texas.