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FINANCE WEEKLY the Insider’S Weekly Guide to the Commercial Mortgage Industry

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FINANCE WEEKLY the Insider’S Weekly Guide to the Commercial Mortgage Industry FINANCE WEEKLY The Insider’s Weekly Guide to the Commercial Mortgage Industry In This Issue 3 Related and Oxford Secure $2.2B in Construction Debt at Hudson Yards Ahead of Syndication (Cont.) 3 Wells Fargo Provides $80M Financing for Essex Crossing Site 6 (Cont.) 5 Bush Terminal Pay Off Causes Losses on Original CMBS Loan 5 Chetrit Takes Popular Community Construction Loan for Queens Apartment Project 7 Hunt Mortgage Provides $114M Fannie Mae Loan Against San Fran Apartments 7 Mack-Cali Subsidiary Lands Construction Financing for Central Massachusetts Development “Low cap rates and high pricing in the [New York] metro area are pushing investors to seek value in secondary markets.” —Michael Edelman From Q&A on page 11 Related and Oxford Secure $2.2B Wells Fargo in Construction Debt at Hudson Provides $80M Yards Ahead of Syndication Financing for Essex Crossing Site 6 Related Companies and Oxford The sponsors also sealed the deal on a $1.5 Properties Group tapped seven nation- billion loan from Bank of China, Deutsche Wells Fargo provided a new $79.5 million al and global lenders to lead $2.19 billion in Bank, Industrial and Commercial Bank financing package for Essex Crossing on debt for their massive Hudson Yards devel- of China and Crédit Agricole for the prop- the Lower East Side, bringing the bank’s total opment—with all of the debt closing before erty’s retail and dining complex. Both loans funding on the massive development project to additional banks were brought on to share closed on Friday, Dec. 11. more than $200 million, Commercial Observer pieces of the giant loans. “Both of these loans had to close simul- Finance has learned. As part of a total $5 billion in fi- taneously, so there was a lot of back The bank provided Delancey Street nancing for the construction of and forth coordinating between the Associates with a $26.4 million construction 30 Hudson Yards and the coin- The two loans,” Jeff Blau, Related’s chief loan—$6 million of which was provided by non- ciding Shops & Restaurants at executive officer, told Commercial profit Low Income Investment Fund—and Hudson Yards—which includes eq- LEAD Observer Finance by phone. “We ul- $11.7 million in New Market Tax Credits to fi- uity from the developers and ten- timately closed both loans ahead of nance the commercial portion of Site 6, which ants at the properties—Related and Oxford the syndication.” will house a 15-story mixed-use building. Wells secured a five-year $690 million loan from Closing such a $690 million loan ahead Fargo also provided a $16.9 million construc- Bank of America Merrill Lynch, Wells of syndication is fairly uncommon, two ex- tion loan and $11.5 million in Low-Income Fargo and Canadian Imperial Bank of ecutives at Bank of America told COF. “We Housing Tax credits on the residential portion Commerce for the office condominium tower at 30 Hudson Yards. See Hudson Yards... continued on page 3 See Essex Crossing... continued on page 3 1 | DECEMBER 18, 2015 CAN YOUR BROKER DO THIS? $50,000,000 CMBS AND MEZZANINE FINANCING -YEAR LOANS CASH OUT REFINANCE 10FIXED INTEREST RATE Crossroads Office Portfolio Veterans Memorial Highway Hauppauge and Islandia, NY 14 Office Buildings 392,000 SF Tal Bar-Or | Managing Director Judah Neuman | Vice President 212.612.0272 | [email protected] 212.612.0196 | [email protected] Kyle Kite | Associate 212.612.0155 | [email protected] MeridianCapital.com AMERICA’S MOST ACTIVE DEBT BROKER DECEMBER 18, 2015 COFW – CYBDT - $50MM – Crossroads Office Portfolio – T. Bar-Or – J. Neuman –2 K. | Kite – 12-11-15.indd 1 12/4/15 12:33 PM Essex Crossing...continued from page 1 of the development. Eventually, the bank will invest a total of $25.8 million in LIHTC equity on the property. Additionally, Goldman Sachs and project’s developer Delancey Street Associates—which is comprised of L+M Development Partners, BFC Partners and Taconic Investment Partners—provided roughly $13 million in equity. The site, which is located at 175 Delancey Street between Clinton Street, Broome Street and Ridge Street in the Lower East Side, will house 100 apartments for seniors, according to Dattner Architects. The apartments will be marked as affordable. New York-based non- profitGrand Street Settlment will be operat- ing the senior center. “Site 6 is a significant part of this project because its providing much needed afford- Essex Crossing Rendering able housing,” said Isaac Henderson, project manager at L+M and the director of the Essex levels of rooftop gardens for tenants. as affordable housing. The joint venture paid Crossing project. “As the population is aging, Wells Fargo has remained an active financ- a total of $180 million for the nine sites. The the need for affordable senior housing is be- ing partner on the 1.9-million-square-foot overall project cost is expected to total $1.1 bil- coming increasingly more important and we mixed-use development. The San Francisco- lion and is slated for full completion in 2024. are excited that Site 6 is playing a role in that.” based bank had previously originated a $109 The recent construction loan from Wells He added that the property would feature million construction loan for work at Site 5, Fargo is the second financing on the project 20,000 square feet of community space; 26,000 which will contain a 211-unit apartment build- to close in the last few weeks. Goldman Sachs square feet of space for a nonprofit user; and ing with half market-rate and half affordable provided a $95 million construction loan on 50,000 square feet of medical facility space. rentals, as COF reported in July. Site 1, which will house 55 condominium Think Coffee is reportedly taking retail space Delancey Street Associates was select- units, 11 of which will be priced below mar- at the base of the building, which is slated for ed by the city in September 2013 to develop ket rate. completion in 2017. The 138,000-square-foot Essex Crossing, which will contain 1,000 res- A representative for Wells Fargo declined to structure will be LEED-certified and have two idential units, half of which will be marketed comment.—Danielle Balbi Hudson Yards... continued from page 1 condominium use,” said Brad Dubeck, com- house the city’s highest outdoor observation mercial real estate banking executive for the deck and provide a direct connection to the 7 took the syndication risk of going to market New York and New Jersey markets at Bank train’s new extension, 34th Street-Hudson post-closing,” Jeff Dybas, a senior relation- of America. “Related and Oxford made a very Yards, at 11th Avenue. ship manager at the bank, said. good decision in pre-selling a number of the COF reported in October that Bank of Bank of America is acting as the adminis- units to help the financing move forward. China and Deutsche Bank would co-lead the trative agent on the loan, which will be syn- The banks that closed showed a lot of cre- $1.5 billion construction loan on the sev- dicated in January, and approximately eight ativity with the structure and closed ahead en-story, 1-million-square-foot retail and banks, including Citizens Bank and TD of syndication. It is not only a testament to restaurant complex at Hudson Yards. The Bank, are expected to buy into the deal, ac- ourselves, but to the banks we worked with.” shopping destination is scheduled to open cording to another source in the know. Construction is underway at 30 Hudson in 2018, anchored by a 250,000-square- Mr. Dybas said that having an office condo Yards and the office tower is scheduled for foot Neiman Marcus, in addition to 100 in New York also makes for an unusual deal. completion in 2019. Time Warner, Wells other businesses, including Thomas “There are parties to the transaction that Fargo and the private equity firm KKR have Keller’s new restaurant. have a contract to buy their floors and pay purchased office condos at the building. The Shops & Restaurants at Hudson Yards off the final purchase price amount in order Oxford and Related will also own space in is expected to attract more than 24 million to take out the financing with a total cost of the building. people and generate an estimated $1 billion ownership,” he said. Wells Fargo Securities, the investment a year. Some lenders have worked with similar banking and capital markets arm of Wells “In the past few weeks alone we have models, but on a smaller scale, Mr. Dybas Fargo, is the most recent tenant to buy into closed on over $6 billion of capital, an- explained. the office condo space and will occupy seven nounced commitments to purchase com- Bank of America provided Related and upper office floors and two trading floors to- mercial space by both KKR and Wells Fargo Oxford with a certainty of execution, how- taling 500,000 square feet, as COF reported and added two new chefs to our restaurant ever, as the lender was comfortable with the in November. The bank will move its New offerings,” Mr. Blau said in a press release sponsors and the companies buying the of- York City-based Wells Fargo Securities em- from the developers. “These transactions fice condos. ployees to the office tower in 2020. represent a tremendous inflection point for “This was a unique project from its The 2.6-billion-square-foot office tower is Hudson Yards and the continued transfor- scale, size and the fact that it’s an office now fully committed.
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