1 | FEBRUARY 17, 2017

Following its major purchase of an office portfolio on the West Coast from Hines, an affiliate of the Blackstone Group sealed its

financing for the Howard Hughes Center in Los

Angeles last month. Deutsche Bank and Industrial

Commercial Bank of China originated a $372 million acquisition loan for the six-building property, a source told Commercial Observer Finance. Deutsche acted as the lead arranger on the deal, while ICBC was the co-lead arranger. The international banks split the two-year, floating-rate debt in half, each holding on to a

$186 million piece. The mortgage also carries three one-year extension options.

Given Blackstone’s $583 million buy of the 1.3-million-square-foot office com-plex, the debt carries a roughly 64 per-cent loan-to-value ratio.

The Howard Hughes Center is located at 6081 Center Drive in West

Los Angeles, roughly a 10-minute drive from the Los Angeles International Airport. Tenants include Pepperdine University, Sony Corporation and Univision. Amenities include an on-site gym managed by The Bay Club, an

New England Development has snagged a $65 million construction loan from Citizens Bank, Commercial Observer Finance can first

report. The debt will finance the

construction of Outlets of Des Moines, a 300,000-square-foot, 65-store retail outlet center located at 801 Bass Pro Drive in Altoona, Iowa—six miles from down-town Des Moines. The center is scheduled to open on Oct. 20 this year.

New England Development is based in Boston, Mass. and has developed more than 50 million square feet of retail, commercial, res-idential and hospitality space. Outlets of Des Moines will be the developer’s fifth retail out-lets project.

Citizens Bank Provides $65M Construction Loan for Iowa Retail Center

The Insider’s Weekly Guide to the Commercial Mortgage Industry

FINANCE WEEKLY

‘I decided it was time to do something other than

running lending platforms, which I’ve been doing since

the mid-1990s.’—Robert Lawrence from

Q&A on page 11

3 Signature Bank Lends $58M on Zar Property’s Midtown Office Buy

5 Financial Deregulation Could Be Boon for New York City Real Estate Market

5 Life Companies Originate the Most CRE Debt in Fourth-Quarter 2016

7 Moinian Group Launches Financing Arm, Hires Jonathan Chassin

In This Issue

EXCLUSIVE

EXCLUSIVE

The LEAD

Deutsche Bank, ICBC Close $372M Loan for Howard Hughes Center

Howard Hughes Center.

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2 | FEBRUARY 17, 2017

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$90,000,000 Administrative AgentPre-Development LoanLong Island City

$50,000,000 Retail RefinanceGreenwich Village

$82,500,000 Luxury Multi-family DevelopmentWeehawken, NJ

Building relationships is important.

3 | FEBRUARY 17, 2017

Zar Property NY has snagged a $58 mil-lion loan from Signature Bank for its acqui-sition of 250 West 54th Street, Commercial Observer can first report.

The five-year loan has a 30-month amortization period and was arranged by Meridian Capital Group’s Isaac Filler and Steve Adler.

As The Real Deal reported, Zar Property closed on its $83 million acquisition of the 13-story Midtown office building from Ascot Properties on Feb. 15. The property is located between Broadway and Eighth Avenue and has 163,000 square feet of leas-able space, according to CoStar.

David Zar, Zar Property’s head of leasing and a principal at the firm, will handle the building’s leasing in-house, according to a source familiar with the acquisition.

“Zar Property is a great client of Signature Bank,” said George Klett, the executive vice president and chairman of the commercial real estate committee at Signature Bank. “They are highly experienced real estate investors. Existing rents at the property are well below the market; therefore, there is tre-mendous potential to increase the cash flow of the property.”

“Meridian was proud to represent a ster-ling sponsor with an excellent reputation and the financing terms achieved reflect their strength as investors who have an astute understanding of the New York City office market,” Filler said.

Officials at Zar Property declined to comment.—C.C.

outdoor seating area with wireless internet, a car wash, bike racks and conference room rentals.

The property also has a variety of dining options in “The Promenade,” like Buffalo Wild Wings, Dave and Busters, Subway, Johnny Rockets and Starbucks, as well as a movie theater.

In a December 2016 press release, the prop-erty’s new owners indicated that there would be some renovations to better “connect” the office campus and that more amenities would be added.

Representatives for Blackstone and ICBC were not immediately available and a spokes-woman for Deutsche Bank did not respond to a request for comment.—Danielle Balbi Outlets of Des Moines.

250 West 54th Street.

“New England Development is a longtime cli-ent and we look forward to continuing to work with them on more projects in the future,” said Gary Magnuson, the executive vice president and head of commercial real estate finance at Citizens Bank. “Providing construction loans is just one of the ways that Citizens can deliver value for clients.”

“Citizens has been a great strategic and financial partner on this project and we’ve worked with them closely for many years,” said Ken Leibowitz, the executive vice president of acquisitions and finance at New England Development. “We appreciate their exper-tise and quick execution on transactions like this.”—Cathy Cunningham

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Signature Bank Lends $58M on Zar Property’s Midtown Office Buy

4 | FEBRUARY 17, 2017

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Perhaps as a silver lining to an otherwise gloomy time, the financial deregulation pro-posed by the Trump administration could have a positive impact on New York’s real estate mar-ket, Vornado Realty Trust executives said on their fourth-quarter 2016 earnings call on Valentine’s Day.

“Over the past decade, dramatic growth in office sector jobs has been held back by the financial services industry, which shed 3,000 office-using jobs in 2016 and remains 30,000 jobs below the financial services industry in its peak back in 2007,” said David Greenbaum, the president of Vornado’s New York division. “Since the election there has been a marked shift in the mood around financial institu-tions, and there is reason to believe that we may see an increase in financial services jobs in New York City with positive implications for the real estate market.”

On Feb. 3, President Donald Trump signed an executive order aimed at repealing the Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted during the 2008 finan-cial crisis to rein in banks’ risky business prac-tices and protect the consumers they serve. The act enforced strict rules regarding bank capi-talization, increased banks’ compliance and reporting standards and introduced the finan-cial services industry watchdog, the Consumer Financial Protection Bureau.

Financial Deregulation Could Be Boon for New York City Real Estate Market: Vornado

In a year characterized by volatility, whether because of regulatory imple-mentations or political uncertainty (see story above), commercial real estate debt origination saw a 37 percent increase in the fourth quarter of 2016.

Life insurance lenders increased their origination numbers by 34 percent in the fourth quarter, up from 25 percent the quarter before and 23 percent in the fourth quarter of 2015, according to research from CBRE.

Bank lending tapered off over the year, to 27.7 percent from 42.7 percent 12 months prior. While analysts at CBRE did not attribute the decrease to height-ened interest rates, they did note that construction lending is limited because of regulatory oversight (Basel III’s High Volatility Commercial Real Estate Rule).

On the other hand, while commer-cial mortgage-backed securities origi-nators increased their deal volume, they

Life Companies Originate the Most CRE Debt in Fourth-Quarter 2016: CBREstill lagged behind other lender types. The CMBS market only accounted for 13.5 percent of lending volume in the fourth quarter, but that was up from 11.5 percent a year earlier.

“Other” lender type—real estate invest-ment trusts, private lenders, pension funds

and finance companies—accounted for 24 percent of origination volume, up almost 10 percent from the quarter before. They primarily provided bridge, permanent and construction loans, “filling the gap left by banks,” according to the report.—D.B.

Greenbaum said that the real estate invest-ment trust’s “confidence in the continued vibrancy of New York has never been greater,” and that the administration’s efforts could have “a significant economic impact for the city.”

Several of Vornado’s new and expansion leases are with financial services industry tenants, perhaps speaking to a shift that is already underway, Greenbaum noted. At 888 Seventh Avenue, for example, Hutchin Hill Capital recently signed a new lease for 39,600 square feet. Lone Star North America also signed a 30,000-square-foot expansion and Advent Capital leased 23,000 square feet. The property is now 95 percent occupied, Greenbaum said during the call.

As recently reported by Commercial Observer, Midtown East properties are being renovated and redeveloped to com-pete with newer buildings. The REIT’s rede-velopment at 90 Park Avenue—a capital improvement program that includes a mod-ernized lobby and upgraded mechanical systems, according to Vornado’s website— has attracted several financial services tenants, Greenbaum said. Those keeping PricewaterhouseCoopers company in the property include Gramercy Capital, Aegon Realty and EverBank and the leasing activ-ity “speaks to the success of the redevelop-ment program,” Greenbaum said.

Tenants are expanding in terms of the amount of space they lease, said Steven Roth, the founder and chairman of Vornado, on the call. “It speaks to growth in the financial sector.”—C.C.

90 Park Avenue.

6 | FEBRUARY 17, 2017

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7 | FEBRUARY 17, 2017

Moinian Group Launches Financing Arm, Hires Jonathan Chassin

The Moinian Group has launched a lend-ing division, Moinian Capital Partners, Commercial Observer can first report.

The platform will provide senior mort-gages, mezzanine loans, preferred equity and construction loans starting at $25 mil-lion, and finance large institutional assets within the hotel, office, retail, land and res-idential sectors.

Jonathan Chassin will lead Moinian Capital Partners in his new role as manag-ing director at the company. Most recently, Chassin was an executive in Morgan Stanley’s principal transactions group and has originated more than $3 billion in commercial real estate loans through-out his career. Previously, Chassin was the head of capital markets at UBS Real Estate Securities.

“I am excited to start the new lending plat-form here at The Moinian Group,” Chassin said. “Moinian Capital Partners will bring flexible financing solutions at all levels of the capital structure. The infrastructure and operational capabilities here at The Moinian Group, allow us to move quickly and deci-sively to provide capital solutions to the most complicated assets.”

“The Moinian Group has always looked to the next frontier of real estate,” said Joseph Moinian, the chief executive officer of The Moinian Group, in a statement. “Our suc-cess and experience over the last 30 years has now led us to Moinian Capital Partners. We have tremendous relationships and standing throughout the market and con-tinue to see the need and opportunity for strong, stable, private lenders. We are per-fectly positioned to provide financing.”

Moinian himself will make the final deci-sion regarding deals financed by the plat-form, Chassin said.

Chassin’s first day was Feb. 6, but he already has some familiarity with his new colleagues, having worked with The Moinian Group in his previous role. “In my last role at Morgan Stanley I did over $500 million of financings for Joe. This is a relationship that has existed for a while, and this [role] is a dif-ferent iteration of it,” he said.

Chassin continued to say that the compa-ny’s position as a nonbank lender appealed to him and that he believes the backing of The Moinian Group’s infrastructure will give the new platform a distinct advantage. “There are purely financial players out there,

but that’s not us,” he said. “We have signifi-cant operational capabilities and experience from owning, leasing and developing proj-ects. I think ultimately the nonbank lenders that have those capabilities are going to add the most value to financing partnerships.”

With regard to first year goals, Chassin expects that Moinian Capital Partners will reach $1 billion in financing this year. “That being said, we are going to pick and choose the spots where we see value and we like the real estate.”—C.C

Data Provider Scores $13M in Series B Funding

CrediFi, a commercial real estate finance data provider led by Thomson Reuters alum Ely Razin, closed its Series B fund-ing round with a total of $13 million in new investment, the firm announced on Monday. Investors included Liberty Israel Venture Fund, a fund managed by Global Brain and Mitsui Fudosan, Battery Ventures, Carmel Ventures, OurCrowd and Stax.

CrediFi has raised a total of $23 million in capital since its founding in 2014, and grown its database to include $13 trillion in commer-cial loans the U.S. from $1 trillion. The money raised in the last funding round will be used towards the expansion of sales and market-ing efforts, as well as an upcoming product launch.

“Step one to improving this vast $15 trillion market is to create transparency in understanding borrowers, lenders and

commercial properties on an ongoing basis,” Razin, CrediFi’s chief executive offi-cer, said in a press release. “We’ve proven we can. The next step is to arm brokers, lenders and borrowers with a next gener-ation of tools to help them even further.”

The company recently added data-sets from Freddie Mac, the United States Department of Housing and Urban Development, Small Business Administration and low-income housing tax credits.—D.B.

CBRE Acquires CRE Finance and Consulting Firm

CBRE closed on its purchase of com-mercial real estate finance consulting firm Capstone Financial Solutions, which will allow the brokerage to enhance its structured finance offerings in the Midwest, according to a release.

Capstone—which has offices in Los Angeles, Indianapolis, Tampa, St. Louis, Dallas and Kansas City—provides debt for all property types and has a proprietary technol-ogy platform that reduces processing times for loans.

“Capstone Financial’s processes for quickly closing commercial loans will be a valuable asset to CBRE,“ said Brian Stoffers, the global president of debt and structured finance and capital markets at CBRE. “We intend to lever-age its proprietary technology platform and process to more efficiently serve our clients on their acquisition financing needs.”—D.B.

Workforce

Jonathan Chassin.

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LOOKING TO REACH THIS AUDIENCE?For speaking and sponsorship information, contact Barbara Ginsburg Shapiro at bshapiro@commercialobserver.com or 212.407.9383

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“With the commercial mortgage-backed securities market more

than a month into the ‘Risk Retention Era’, investor appetite

appears to be uninhibited as a handful of non-agency deals have

already priced at drum-tight levels,” said Sean Barrie, an analyst

with Trepp. “To boot, all three risk retention structures have

been utilized thus far. The largest deal to close in 2017 is the $1.3

billion CD 2017-CD3, the first one with an L-shaped risk retention

structure. Fifty-two loans serve as collateral for that securiti-

zation. The largest loan securitized in 2017 is the $365 million

Ashford Prime Portfolio, which is backed by five hotels across

five major U.S. metro areas. Following the portfolio is the $350

million note behind 485 Lexington Avenue, a 935,452-square-

foot office in Midtown Manhattan which houses tenants such

as Travelers Insurance and Fox Interactive.”

The Takeaway Largest CMBS Notes in 2017 Located in New York

Source:

Loan Name Original Balance City, State Property Type CMBS DealAppraised Value (at sec.)

Original DSCR

Ashford Prime Portfolio $365 million Various Lodging MSC 2017-PRME $656.7 million 4.13

485 Lexington Avenue $350 million New York, N.Y. Office GSMS 2017-485L $770 million 2.68

229 West 43rd Street Retail Condo

$100 million New York, N.Y. Retail CD 2017-CD3 $470 million 1.75

1384 Broadway $88 million New York, N.Y. Office CD 2017-CD3 $160 million 1.5

85 Tenth Avenue $75 million New York, N.Y. Mixed-Use CD 2017-CD3 $835 million 3.66

The Summit Birmingham $73.3 million Birmingham, Ala. Retail BACM 2017-BNK3 $383 million 1.68

Medical Centre of Santa Monica $71 million Santa Monica, Calif. Office CD 2017-CD3 $150 million 3.04

Prudential Plaza $70 million Chicago, Ill. Office CD 2017-CD3 $700 million 1.33

Moffett Place Google $70 million Sunnyvale, Calif. Office CD 2017-CD3 $311 million 1.38

KOMO Plaza $69.5 million Seattle, Wash. Mixed-Use BACM 2017-BNK3 $278 million 2.47

111 Livingston Street $67 million Brooklyn, N.Y. Office CD 2017-CD3 $219 million 1.56

Hilton Hawaiian Village Waikiki Beach Resort

$60 million Honolulu, Hawaii Lodging CD 2017-CD3 $2.2 billion 4.47

JW Marriott Desert Springs $60 millionPalm Desert, Calif.

Lodging BACM 2017-BNK3 $161 million 2.31

State Farm Data Center $55 million Olathe, Mo. Office CD 2017-CD3 $128 million 2.42

85 Tenth Avenue $50 million New York, N.Y. Office BACM 2017-BNK3 $835 million 3.66

10 | FEBRUARY 17, 2017

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Traditional equity firms set-up non-bank fund lending platforms. Are we in a new lending paradigm or is this just based on market conditions?

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11 | FEBRUARY 17, 2017

Q+A

Commercial Observer Finance: How long have you been with SBO, and how’s it going so far?

Lawrence: I joined at the end of October [2016], and it’s going great. I’ve never been happier, to be honest.

How did the move from originations to the brokerage side come about?

I decided it was time to do something other than running lending platforms, which I’ve been doing since the mid-1990s. It just wasn’t as much fun as it used to be, and I really like doing deals—I’m a deal person. So no matter what lending platform I would be running I’d be constrained to doing deals that the platform was competitive with, whereas [at SBO] I can work on any deal and negotiate on behalf of my clients.

Did you always want to work in real estate?

I grew up on Long Island—in Glen Cove—and have been interested in real estate since I was a very young kid. The first time I knew I loved real estate was when my parents took me to the city and I saw the Empire State Building. Then, back when the World Trade Center was fairly new in the 1970s I remem-ber lying down on the [Austin J. Tobin] plaza looking up and being completely awestruck.

Much of your career has involved CMBS, how did you get into the securitization side of the business?

I was working for a [now] bankrupt life insurance company called Mutual Benefit Life (MBL) in New Jersey. I was an analyst and helping them do valuations and work-outs on properties. I got into securitization because MBL was being run by the Palmieri Company, and one of Victor Palmieri’s top guys, Bill Leidesdorf, was running the mort-gage area but leaving the company because he had the opportunity to run one of the first CMBS conduits.

I didn’t really know what he was talking about. I said, “Conduit? What does that mean exactly?” But it was a partnership between Reckson Associates Realty—run by Scott Rechler [now the chief executive officer of RXR Realty]—and Salomon Brothers, and so I went to join Bill, Scott and some others including Barry Breeman [now the founder and co-chairman at CPG Real Estate]. At the time, Scott was also working on the real

estate investment trust, and I learned a tremen-dous amount there.

When did you join Bear Stearns? I joined in August 1995 and was one of the

first five people in their CMBS group, which was headed by Tom Flexner at the time. A month after I got there [Tom] hired Randy Reiff [now the CEO and chief investment officer at Allegiant] who ended up being my boss. To this day, Randy’s a dear friend of mine. At the beginning we all did everything, no matter what the task was—orig-inating, underwriting, closing—everything. As time went on we built it into a very big business with lots of other talented people.

I decided to stay on at J.P. Morgan when Bear Stearns went under. I almost didn’t stay, but I’m glad I did.

That must have been an interesting time.Yes. It definitely was not a fun time—we went

through so many layoffs and had to force-rank people. We took the group down from several hundred people to maybe 30.

Have you known Scott and Andy [Singer] for a while?

Yes. I met them when I got to Bear Stearns.I enjoyed working with the Singers because

I like them, first of all, and they always knew what they were talking about. And if they didn’t know something, Kathleen [McSharry, the senior managing director] or Jeff [Moroch, the manag-ing director] would know because they’re in the deal with such great depth. Even back then they had a lot more experience than you’d find in the big national companies. The way SBO does busi-ness is that they work on exclusives, they get deals done and they are widely respected.

Robert LawrenceExecutive Managing Director at the Singer & Bassuk Organization

Robert Lawrence

FINANCE WEEKLY

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With stiffer Risk Retention Rules, competitive pricing by non-conventional lenders and a perceived tightening market, balance sheet lenders became very selective in 2016. With record volume of CMBS debt coming due in 2017 coupled with the uncertainty of that market, 2017 is shaping up to be an interesting year for originating/securing debt on Commercial Real Estate. This panel will discuss how to Navigate the Market in 2017:

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