NNN Lease Market News
Troubled German bank WestLB AG is marketing a portfolio of loans backed by a diverse collection of hotels and resorts that include a ski lodge in Utah, a boutique hotel in lower Manhattan and a beach resort in Miami, according to the offering memorandum.WestLB was among a number of European banks that began lending aggressively to U.S. developers during the final years of the property market boom.
John Fox, a hotel analyst at Colliers PKF Consulting, said WestLB's lending may seem more risky because, unlike some foreign lenders, the German bank provided financing for more speculative resort projects
"Some of the overseas banks got into markets they didn't know as well as the urban markets," he said.
A spokeswoman for WestLB declined to comment. A hotel broker at Jones Lang LaSalle, the firm running the sale, also declined to comment.
http://online.wsj.com/article/
Showing posts with label Bank. Show all posts
Showing posts with label Bank. Show all posts
Wednesday, July 20, 2011
Tuesday, May 31, 2011
Irish Banks PLC Has Struck a Deal to Sell U.S. Commercial Real Estate Portfolio
NNN Lease Market News
Allied Irish Banks PLC has struck a deal to sell a portfolio of roughly $1 billion in U.S.
"We certainly have a portion of our loan book that we need to delever," said Paul McDonnell, head of real estate for corporate banking at the Bank of Ireland. "It's a pretty good quality book; the market is reasonably strong for this type of asset."
Anglo Irish Bank Corp., which is being wound down by Ireland, also is being pressed by regulators to sell its $10 billion U.S. commercial real-estate portfolio. While decisions have yet to be made about how much of the portfolio to sell, Anglo's U.S. holdings have been closely watched given its size. Numerous U.S. investors have made trips to Ireland to discuss possible purchases, according to people familiar with the matter.
The price paid by Blackstone and Wells Fargo for the Allied Irish loans is higher than other recent deals, partly because commercial real-estate values have been rising in many of the top U.S. markets. Also, competition for distressed real-estate assets is intense among the funds that raised money when the downturn hit.
http://online.wsj.com/article
Allied Irish Banks PLC has struck a deal to sell a portfolio of roughly $1 billion in U.S.
"We certainly have a portion of our loan book that we need to delever," said Paul McDonnell, head of real estate for corporate banking at the Bank of Ireland. "It's a pretty good quality book; the market is reasonably strong for this type of asset."
Anglo Irish Bank Corp., which is being wound down by Ireland, also is being pressed by regulators to sell its $10 billion U.S. commercial real-estate portfolio. While decisions have yet to be made about how much of the portfolio to sell, Anglo's U.S. holdings have been closely watched given its size. Numerous U.S. investors have made trips to Ireland to discuss possible purchases, according to people familiar with the matter.
The price paid by Blackstone and Wells Fargo for the Allied Irish loans is higher than other recent deals, partly because commercial real-estate values have been rising in many of the top U.S. markets. Also, competition for distressed real-estate assets is intense among the funds that raised money when the downturn hit.
http://online.wsj.com/article
Friday, February 25, 2011
American Realty Capital Realty Capital Trust Purchased Net Lease Investment BB&T Bank Building for $3.85 Million
NNN Lease Market News
New York City-based American Realty Capital Trust Inc. purchased a 3,617-square-foot BB&T Net Lease Investment bank building for $3.85 million. The price equated to $1,065 per square foot.
Guenter Manczur of Calkain Cos. represented the buyer and William Holly of Holly Sime Realty represented the seller. “This acquisition demonstrates the value of well located investment real estate when leased to a high-credit tenant,” Manczur says in a press release. http://www.calkain.com/
Guenter Manczur of Calkain Cos. represented the buyer and William Holly of Holly Sime Realty represented the seller. “This acquisition demonstrates the value of well located investment real estate when leased to a high-credit tenant,” Manczur says in a press release. http://www.calkain.com/
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