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Edgewater Harbor, a 24-Acre Mixed-Use In- Professionally, He Got His Start in the Chase Global Credit Training Program APRIL 2012 The Insider’s Monthly Guide to New York’s Commercial Mortgage Industry Power Profile: Q&A: the M.O. chats with Ackman-Ziff’s Simon Matt Ziff Lending Powerhouse Galligan M&T Bank On CIT Group’s Plus: Top Large Deals New Real Estate Top Smaller Deals Monthly Mortgage Finance Challenge Charts and more CMO_0412_Cover.indd 1 3/22/12 8:12:13 PM Relationship Driven. Execution Focused. Recent Commercial Financing Highlights Columbus Square U.S. Steel Tower 1551 Broadway Hotel Chelsea New York, NY Pittsburgh, PA New York, NY New York, NY 500,000 SF Retail Portfolio 2,200,000 SF Office Property 25,600 SF Retail Property 175,900 SF Hospitality Property $280,000,000 $220,000,000 $180,000,000 $85,000,000 Balance Sheet Financing Conduit Financing Conduit Financing Balance Sheet Financing North Elston Avenue West 14th Street Steelworks Lofts Route 17 North Chicago, IL New York, NY Brooklyn, NY Paramus, NJ 178,700 SF Shopping Center 61,000 SF Mixed-Use Property 110,000 SF Mixed-Use Property 125,000 SF Retail Property $66,000,000 $55,000,000 $28,400,000 $23,350,000 Balance Sheet Financing Balance Sheet & Mezz Financing Construction Financing Balance Sheet Financing In 2011, Meridian proudly advised on nearly 2,800 real estate financing transactions. Over our 20-year history, Meridian has earned the trust and confidence of the market, becoming a leading advisor to many of the world’s most sophisticated real estate investment firms. www.meridiancapital.com New York Office New Jersey Office Florida Office Illinois Office California Office California Office Maryland Office 1 Battery Park Plaza 485 Route 1 South 2385 Executive Center Dr. 8170 McCormick Blvd 2029 Century Park East 2173 Salk Ave. 7600 Wisconsin Avenue 26th Floor Building F, Suite 110 Suite 400 Suite 220 Suite 1400 Suite 250 Suite 800 New York, NY 10004 Iselin, NJ 08830 Boca Raton, FL 33431 Skokie , IL 60076 Century City, CA 90067 Carlsbad, CA 92008 Bethesda, MD 20814 Tel: 212-972-3600 Tel: 732-301-3200 Tel: 561-367-0005 Tel: 773-439-1200 Tel: 310-867-2300 Tel: 858-964-0300 Tel: 240-507-1919 Fax: 212-612-0100 Fax: 732-301-3299 Fax: 561-367-0099 Fax: 773-439-1299 Fax: 310-867-2350 Fax: 212-201-5141 Fax: 410-504-5748 Untitled-8 1 3/22/12 1:11 PM ADpage.indd 31 3/22/12 8:05:18 PM contents Editor’s letter 2 321 West 44th Street, New York, NY 10036 4 news exchange 212.755.2400 work force 12 Jared Kushner, PUBLISHER 14 Originations Barbara Ginsburg Shapiro, ASSOCIATE PUBLISHER The Mortgage Observer’s picks for 5 deals over Robyn Weiss, DIRECTOR OF REAL ESTATE and under $30 million Jotham Sederstrom, EDITORIAL DIRECTOR 16 m&t bank Carl Gaines, EDITOR Dan Geiger, Daniel Edward Rosen, The secrets behind M&T’s lending might STAFF WRITERS 20 power profile Sam Chandan, Joshua Stein, CIT’s new real estate finance division COLUMNISTS 24 Q&A The M.O. chats with Simon Ziff 26 The scheme of things Peter Lettre, PHOTO EDITOR Monthly mortgage charts Mark Stinson, DESIGNER 28 Stein’s law Lisa Medchill, ADVERTISING PRODUCTION 29 the basis point 30 in-depth look Christopher Barnes, PRESIDENT, Michael Stoler on insurance companies OBSERVER MEDIA GROUP 31 the schedule Barry Lewis, 32 of interest EXECUTIVE VICE PRESIDENT, OBSERVER MEDIA GROUP Cover photo by Hannah Mattix APRIL 2012 THE MORTGAGE OBSERVER 1 CMO_0412_TOC & Masthead.indd 1 3/22/12 8:57:38 PM Editor’s Letter Spring’s Here Might Optimism Follow? So welcome to The Mortgage Observer. Stick around and stay a while. We’re dedicated to bringing you all the commercial real estate finance news happening in the New York tristate area, with a focus on tracking and diving down deep into recent mortgages— that’s our mission. As we head further into spring, it’s easy to feel optimistic and ready to start something new with vigor. The weather’s warmer, the flowers are blooming, the sun sticks around later… Well, opti- mism regarding the economy and what our collective financial recovery means for commercial real estate seems to be in bloom once again, too. No doubt uncertainties still loom, but several of the stories we’re bringing you this month attest to this. For instance, my profile of CIT Group’s Matt Galligan, formerly of Bank of Ireland. After helping to set up Bank of Ireland’s U.S. portfolio, Matt found himself having to wind it—and his position— down when Irish regulators called for the bank to deleverage. Matt and much of his team from Bank of Ireland weathered that storm and started something new—the real estate finance division at CIT Group. The move isn’t without risk. But as Matt told me, everyone has risk—whether they know it or not. For me, optimism abounds in the story of M&T Bank, as well. With its focus on community lend- ing and a loyalty for its long-time customers, the bank weathered the financial crisis and recently acquired Wilmington Trust, which will allow it to provide new wealth management services to those customers. As someone helping to start something new myself, I took a lot from all of these stories. And I’m sure that you’ll find them valuable and informative, too. Also of value, I hope, will be our analysis of commercial mortgage deals in the New York tristate area. We’ve populated this magazine with lists, charts and graphs—all designed to give you an on- going, easy to access snapshot of who the lenders, borrowers and brokers are. As we continue on, please feel free to get in touch and let me know what’s working for you and what’s not. And, of course, as we continue on into spring and deals bloom for you, reach out and share them with us. Happy spring. 2 THE MORTGAGE OBSERVER APRIL 2012 CMO_0412_EditorLetter.indd 2 3/22/12 8:03:01 PM The Connecticut Portfolio $163,800,000 | 1,170 residential units Hoyt Bedford Apartments Montoya Apartments Stamford, CT Branford, CT Morgan Manor Apartments Seramonte Apartments Stamford, CT Hamden, CT Drew Anderman Financing provided by: [email protected] Alan Blank [email protected] Commercial Real Estate Finance Atlanta | Bethesda | Chicago | Dallas | Irvine Nashville | New Orleans | New York | Walnut Creek ADpage.indd 30 3/22/12 8:06:17 PM NEWS EXCHANGE Note sales, investments, mortgage originations, mergers, aquisitions MetLife’s Commercial Mortgage Volume Hit $11 Billion in 2011 Life insurance companies continue to exceed ex- about the loan origination volumes. “Our commitment pectations in the commercial mortgage originations to prudent risk management and our long-term invest- space. Insurer MetLife said recently that its Real Estate ment approach has allowed us to take advantage of Investments department originated over $11 billion in attractive opportunities in the U.S. and internationally, commercial mortgages in 2011, compared to more than and we will continue to focus on top quality properties $8 billion that the company originated in 2010. And in major markets in 2012.” according to a MetLife spokesperson, those 2010 num- The company, which had a total commercial mort- bers were twice those seen in 2009. gage portfolio of $40 billion as of the end of 2011, In Manhattan last year, the company’s volume was bol- was “able to originate top quality loans at yields that stered by several high profile originations, including $350 provided a pick-up of more than 100 basis points over million for 1540 Broadway and a $374 million loan issued comparable risk corporate bonds,” according to Mark for Boston Properties’ 601 Lexington Avenue, where Pru- Wilsmann, managing director and head of MetLife’s dential Mortgage Capital Co. and New York Life’s contri- mortgage lending group. butions brought the loan total to $735 million. MetLife’s increase in originations volume is in line Robert Merck, senior managing director and head with the industry as a whole, based upon data from the of real estate investments at MetLife, sees the in- American Council of Life Insurers. The group reports surer’s strengths as being tied to its reputation, size, total commitment volume of $45.42 billion for 2011, a financial strength and the speed at which it can ex- 48.23 percent increase from the previous year. ecute transactions. For the remainder of 2012, the company says it will “MetLife has built its commercial real estate lending focus on expanding its commercial mortgage activity business on key guiding principles, which enabled us to across the globe, but particularly in the United King- strategically navigate through the economic downturn dom, where it views market conditions as particularly during the past few years and remain an active lender favorable. It targets office, multifamily, industrial and in the market,” Mr. Merck said in a prepared statement 1540 Broadway. retail properties in top markets. $33 Million Williamsburg ues to be on fire. And the co-developers on the project where ten to twenty years ago, “there wasn’t a whole lot weren’t even looking for a buyer. happening.” Trade Shows Hotel Craze Hotel Williamsburg, a 64-key, full-service hotel The hotel was co-developed by Minneapolis-based that opened its doors just last November, was bought Graves Hospitality Corp. and Williamsburg-based KSK Filtering to Boroughs by King & Grove on March 8 for over $33 million. Re- Construction Group—developer of the GEM Hotel The trade of a boutique hotel in Brooklyn is the latest named King & Grove Williamsburg, the hotel, at 160 Union Square.
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