REBusinessOnline

Chambers Street to Buy Gramercy Property in $5.7B Stock Deal

Chambers Street to Buy Gramercy Property in $5.7B Stock Deal

PRINCETON, N.J. and NEW YORK CITY — Chambers Street Properties (NYSE: CSG) has agreed to buy Gramercy Property Trust Inc. (NYSE: GPT) in an all-stock deal valued at about $5.7 billion. The merger will create the largest industrial and office net lease REIT, according to the firms. The Board of Trustees of Chambers Street and the Board of Directors of Gramercy have unanimously approved the merger agreement and the transaction. Per the agreement, Gramercy shareholders will receive 3.18 shares of Chambers Street for each share of Gramercy common stock they own. Upon closing, Chambers Street shareholders will own about 56 percent and Gramercy shareholders will own about 44 percent of the combined company. The stock-for-stock..

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FHFA Taking Steps to Ensure Fannie Mae, Freddie Mac Don’t Surpass Their $30B Financing Caps in 2015

FHFA Taking Steps to Ensure Fannie Mae, Freddie Mac Don’t Surpass Their $30B Financing Caps in 2015

After lending at a furious pace during the first quarter, Fannie Mae and Freddie Mac’s multifamily business divisions were in serious jeopardy of exceeding annual loan production of $30 billion apiece — the mandated cap for the agencies in 2015. Fannie Mae provided $10.4 billion of multifamily loans in the first quarter alone, while Freddie Mac nearly matched that total with $10 billion. Compared to the first quarter of 2014 when Fannie’s multifamily loan volume was $3.5 billion and Freddie’s was $3 billion, the agencies have posted a year-over-year growth of 197 percent and 233 percent, respectively. Due to the heavy deal volume already generated by the two government-sponsored enterprises (GSEs) this year, the consensus..

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AIG, Apollo Provide $725M Loan for Residential Skyscraper in New York City

AIG, Apollo Provide $725M Loan for Residential Skyscraper in New York City

NEW YORK CITY — AIG (NYSE: AIG) and Apollo Global Management (NYSE: APO) have provided a $725 million loan to developers JDS Development and Property Markets Group for the construction of a 90-story residential tower at the former site of the Steinway & Sons piano showroom. The 1,438-foot-tall tower at 111 W. 57th St., which will be one of the tallest residential buildings in the Western hemisphere, is scheduled for completion in 2018. The tower will be just 60 feet wide, and will include 60 condos ranging from two to five bedrooms. According to Crain’s New York Business, the entire property will cost $1 billion to construct. AIG is the senior lender, and Apollo is providing a mezzanine loan. Construction began on the site..

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HCP, Brookdale Complete $847M Acquisition of Private Pay Seniors Housing Portfolio

HCP, Brookdale Complete $847M Acquisition of Private Pay Seniors Housing Portfolio

BRENTWOOD, TENN. AND IRVINE, CALIF. — Brookdale Senior Living (NYSE: BKD) and HCP Inc. (NYSE: HCP) have arranged the closing of their previously announced portfolio acquisition of 35 private pay seniors housing communities, representing 5,025 units, for $847 million from Chartwell Retirement Residences. Brookdale has operated the portfolio since 2011 after its acquisition of Horizon Bay and will continue to manage the communities under a RIDEA joint venture structure with HCP and Brookdale owning 90 percent and 10 percent, respectively. The portfolio is currently 89 percent occupied with an average monthly rate of $3,425. It was acquired unencumbered by third party debt and is projected to generate a first-year cash yield of..

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