CAPRE’s Commercial Real Estate Headlines for November 20, 2019

Check out the latest deals and developments in commercial real estate for November 20, 2019:

  • Arbor Launches Proprietary Single-Family Rental Portfolio Platform: Arbor Realty Trust, a real estate investment trust and national direct lender specializing in loan origination and servicing for residential, multifamily, seniors housing, healthcare and other diverse commercial real estate assets, is pleased to announce the launch of its proprietary Single-Family Rental (SFR) portfolio lending platform. Single-family rentals comprise a significant portion of overall U.S. apartment inventory, accounting for more than half of the nation’s nearly 43.4 million rental units. Since the Great Recession, this sector has continued to expand its market share of the overall housing market, becoming the fastest-growing segment of occupied rental households.
  • People’s United Bank Leads $64 Million Construction Facility for Roseland Residential Trust: People’s United Bank, a subsidiary of People’s United Financial, Inc. has announced that its Commercial Real Estate and Capital Markets Divisions provided a $64 Million USD Construction Facility to Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corporation. Roseland is an owner, manager and developer of luxury lifestyle-oriented multi-family and mixed-use properties in select waterfront and transit-oriented markets throughout the Northeast. The Facility provides Roseland with capital to construct a 195-unit luxury residential development with a 391 space parking garage in Short Hills, New Jersey, increasing their market-share and supporting economic and community growth locally and state-wide.
  • Capital Impact Partners Expands Program to Increase Number of Minority Developers in Washington, D.C. Metropolitan Area: Capital Impact Partners has expanded its Equitable Development Initiative (EDI) into the D.C. area to help local minority real estate developers who represent the region’s diversity take a leadership role in shaping the development landscape within the local context. The program’s first cohort will provide 35 new minority developers with training, mentorship and networks, and pathways to access the capital necessary to grow their businesses. This initiative is modeled after the successful program that Capital Impact launched in Detroit in 2017, which is now taking applications for a third group of participants. EDI provides a combination of formalized training, mentorship with local experts, and access to real estate networks to bolster inclusivity within Washington, D.C.’s real estate market. 
  • Ready Capital Corporation Completes $431 Million USD Securitization of Small Balance Commercial Loans: Ready Capital Corporation has closed its sixth and largest securitization of originated fixed rate small balance commercial loans. An aggregate of $380 million of investment grade-rated notes were issued and sold to third-party investors (the “Notes”). The Notes have a weighted average fixed coupon of 3.2%. Ready Capital retained subordinated interests of $51 Million USD. The offering of the Notes was made pursuant to a private placement. The Notes are secured by a $431 million portfolio of first lien, fixed rate loans collateralized by small balance commercial properties.   Ready Capital intends to own the portfolio of small balance commercial loans through the vehicle until its maturity and expects to account for the Securitization on its balance sheet as a financing. Ready Capital will use the proceeds of this Securitization to repay borrowings under its current credit facilities, pay transaction expenses and to fund future investment activities.
  • Elevation Announces Multiple Dispositions And Property Refinances: Elevation Financial Group is excited to announce the disposition of two Elevation Real Property Fund VI properties and the strategic refinance of three additional Fund VI properties. These beneficial transactions allow Elevation to distribute $12.5 million or 54 percent of the overall fund investment back to investors. Fund VI, which launched at the end of 2016, still retains nine properties in the portfolio. The properties include Serenity Apartments at Fayetteville, FL & Serenity Apartments at Fairfield, FL.


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