The real estate arm of the US conglomerate has created a new role for veteran Skip Wells – as fund manager for senior secured debt investments. Wells was previously managing director of originations with the real estate team, part of GE Capital.
1 min read · 05 January 2013
Lending by active financial institutions declined by $15bn between 2007 and 2008, according to Cushman & Wakefield Sonnenblick Goldman. Life companies have moved to fill some of the capital void but their 2009 originations will be 20% down on 2008 levels.
2 min read · 05 January 2013
The real estate arm of the Middle Eastern investor has bought a senior mortgage loan, a B-note and two mezzanine loans backed by properties in Washington DC, New York and Los Angeles.
1 min read · 05 January 2013
The real estate arm of insurance firm Prudential has hired Jack Taylor, Steven Plust and Stephen Alpart as it builds its debt investment operations. Taylor will be head of PREI's global high yield debt business.
2 min read · 05 January 2013
Barry Sternlicht has launched Starwood Property Trust to target commercial and residential real estate debt opportunities, using financing from the US government’s bailout packages, TALF and PPIP. The next five years will be ‘one of the most attractive investment periods in the past 50 years’.
2 min read · 05 January 2013
As real estate investors go back to cash flow fundamentals, lenders are going one step further in underwriting loans by reviving the debt yield test.
2 min read · 05 January 2013
Normandy Real Estate Partners’ David Welsh admitted the firm was not prepared for ‘everything’ as it positioned itself to take over the Boston skyscraper. More than $600m of equity and debt was wiped out on the deal after Normandy and Five Mile Capital Partners won the foreclosure auction for the landmark tower.
2 min read · 05 January 2013
The private equity firm has purchased 321 single family loans for with a face value of $28m for $4.9m from Cerberus Capital Management-backed GMAC.
1 min read · 05 January 2013
The duo have left the Los Angeles-based real estate investment firm. The placement agency they co-founded in 2001, Wetherly Capital, was mentioned in a legal complaint regarding the New York pay-to-play scandal. Wetherly has not been accused of any wrong-doing.
1 min read · 05 January 2013
Fortress Investment Group, which bought more than $250m of Michael Jackson's debt in 2003, has no remaining investments related to the pop star, according to sources. Private equity had played a role in helping Jackson avoid bankruptcy in the past few years.
2 min read · 05 January 2013
