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GLOBAL REALTY CAPITAL ROUNDUP
- Sternlicht On a Roll--Eyes Big Midwest Bank's assets
- Ex-Bear Stearns Team Forms Mortgage Firm in Phoenix
- Felcor Completes $636M in Senior Secured Notes
- Canada's Largest REIT Searches for Major U.S. Buy
- WP Realty Launches $115M Vulture Fund to Scoop Up Dying Retail centers
- 16 Lenders Provide $550M Credit Facility to Nashville's Healthcare Realty Trust
- Dutch Casino Plans $108M Stock Offering
(NEW YORK CITY, NY) --
Barry Sternlicht
That move would follow his highly publicized Oct. 6 investment of $554 million to buy a 40 percent state in Chicago-based Corus Bank's FDIC-seized condominium and commercial real estate assets valued at $2.7 billion.
In that deal, the government gave Sternlicht's Starwood Capital Group and associated partners a combination of zero-interest loans totaling $1.38 billion - a deal that would have cost the entrepreneur at least 10 percent to 15 percent interest, if the money could be found at all.
The FDIC and Sternlicht had not played up the zero loan interest factor in previous announcements. The government holds an 80 percent stake in the seized Corus assets.
Please see related postings:
"Industry Asks: Did Sternlicht Overpay for Corus Condo Loan Portfolio?, Oct. 12, 2009."
"Starwood and TPG Win $5B Corus Condo Assets With Bid of $2.77B, Oct. 7, 2009"
"Starwood Capital Touted as Winner of Corrus Loans, Oct. 6, 2009"
(PHOENIX, AZ) -- There is life after financial death, Jeff Walton and his former management team at New York-based Bear Stearns Residential Mortgage are discovering.
The Walton group is partnering with First Arizona Savings FSB, a 21-year-old, $350 million asset bank in Phoenix to form National Residential Mortgage. The new firm will be based in Phoenix.
In a prepared statement, Walton says the new company plans to originate $150 million of mortgages monthly in its first year of operations, and more than $450 million a month after three years.
Walton says the mortgages will meet Federal Housing Administration guidelines and be sold to Freddie Mac or Ginnie Mae. National Residential Mortgage will hold no loans in its own portfolio.
(IRVING, TX) -- FelCor Lodging Trust Inc. (NYSE: FCH) and its subsidiary FelCor Lodging LP, which call themselves the nation's largest owner of upper upscale, all-suite hotels, has completed its previously announced offering of $636 million in aggregate principal amount of FelCor LP's senior secured notes.
The notes bear a fixed interest rate of 10 percent per year and mature Oct. 1, 2014. The notes will be secured by a pledge of the limited partner interests in FelCor LP owned by FelCor; a combination of first lien mortgages; related security interests on up to 14 hotels; and pledges of equity interests in certain subsidiaries of FelCor LP.
Richard A. Smith is president and CEO of Felcor Lodging Trust.
(TORONTO, CANADA) -- Cash-fat RioCan, Canada's largest real estate investment trust, is preparing to purchase a major U.S. corporation but won't disclose the company's identity because the deal is far from complete, according to the Financial Post.
Edward Sonshine, CEO of Toronto-based RioCan, tells the FP: "There are lot more available situations down there and priced a little better, but you have to be a little careful.
"Money is a lot cheaper and available in Canada. If ever there was time to go into the United States, it's the next six to 12 months. You've got the arbitrage of the cost of capital, the level of the Canadian dollar and you add it together with the availability of product."
Sonshine tells the FP the time is ripe to do a deal in the U.S. because the Canadian dollar is almost at par, the company's shares are trading near a 52-week high and U.S. retail property is still considered a bargain.
Sonshine says he is also looking around for an American partner to help RioCan close any near-future acquisition.
(BRYN MAWR, PA) --
Bryan S. Weingarten
Weingarten tells the Philadelphia Business Journal he will pay between $15 million and $25 million for traditional outdoor strip centers in the 150,000 square foot to 200,000 square foot range.
High net-worth individuals and a $50 million check from BayNorth Capital LLC set up WP Realty's fifth fund. BayNorth Capital is affiliated with Harvard University's endowment program.
WP Realty was established in 1995.
(NASHVILLE, TN) -- Healthcare Realty Trust Inc. (NYSE: HR) has obtained a $550 million unsecured revolving credit facility, which replaces the previous $400 million facility.
The new facility includes 16 lenders and matures Sept. 30, 2012. The facility is priced at 2.80% over LIBOR, with a 0.40% facility fee, and is subject to other terms and conditions customary for loans of this nature, the REIT says in a prepared statement.
David R. Emery
The company's 198 owned real estate properties, excluding assets classified as held for sale, are comprised of six facility types, located in 28 states, totaling about 12.1 million square feet. The 16-year-old company provides property management services to about 8.8 million square feet nationwide.
David R. Emery is chairman and president of Healthcare Realty Trust.
(AMSTERDAM, HOLLAND) -- Thunderbird Resorts, listed on the Amsterdam Stock Exchange under the symbol TBIRD:AS) plans to raise up to $108 million by issuing a maximum of 86.25 million shares at $1 to $1.25 per share, the company announced.
The Dutch casino and hotel operator also has a Frankfurt, Germany listing (OSJ.DE) and owns gaming resorts and hotels in Latin America. The company, which listed in Amsterdam last October at $4.25 per share, had a first-half 2009 loss of $8.7 million, according to Reuters. Tied in with that loss was $11.6 million of asset write-downs.
The company has a market capitalization of $24.7 million. It had a closing price this week of $1.25 per share.
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