One New York Plaza and Brookfield Property Partners CEO Brian Kingston (Photos via Brookfield)
Since CMBS markets came back to life towards the end of 2020, Brookfield has been on a roll with a series of massive single-asset refinancings, locking in the largest Manhattan real estate loans for three of the past four months.
The latest was a $835 million refinancing of One New York Plaza, originated by Wells Fargo, Goldman Sachs and BMO Harris Bank. The 50-story office building is situated at Manhattan’s southern tip in the Financial District.
The refinancing was securitized in a CMBS transaction named ONYP 2020-1NYP, and documents associated with the deal provide an up-to-date, in-depth look at the building’s finances.
NEW YORK and LOS ANGELES, Jan. 11, 2021 /PRNewswire/ Pretium and a group of its investors, and funds managed by the Real Estate Equity and Alternative Credit strategies of Ares Management. | January 17, 2021
(PRNewsfoto/Ares Management Corporation,Pretium Partners, LLC)
NEW YORK and LOS ANGELES, Jan. 11, 2021 /PRNewswire/ Pretium and a group of its investors, and funds managed by the Real Estate Equity and Alternative Credit strategies of Ares Management Corporation (NYSE: ARES) ( Ares ) today announced the completion of their acquisition of Front Yard Residential Corporation (NYSE: RESI) ( Front Yard ), a leading provider of high-quality and affordable single-family rental ( SFR ) housing.
The completion of the transaction makes Pretium the second-largest owner and operator of SFR properties in the United States with a portfolio of over 55,000 cash-flowing single-family rentals. Pretium will manage the venture and partner with Ares to further optimize and expand Front Yard s attractive and well-diversified portfolio of SFR assets.
CVC Growth Fund Announces Successful Exit of Kount in $640 million deal
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NEW YORK, Jan. 8, 2021 /PRNewswire/ CVC Capital Partners ( CVC ) announced today that the CVC Growth Fund has signed a definitive agreement to sell Kount Inc. ( Kount or the Company ), a provider of Artificial Intelligence (AI)- driven fraud prevention and digital identity solutions, to global data and analytics company Equifax in a deal valued at $640 million. The transaction is expected to close in the first quarter of 2021, subject to customary closing conditions and regulatory review.
Formed in 2007 and headquartered in Boise, Idaho, Kount s best-in-class fraud prevention solutions protect the customer journey and digital innovations for over 9,000 brands globally. The Company has earned recognition as a leader in digital fraud prevention, with over 13 years of data informing its advanced Machine Learning (ML) and AI-based models. This patented
From left: Thor Equities’ 590 Fifth Avenue, the Mark Hotel and Wonder Works’ Vitre
Churchill Real Estate’s Justin Ehrlich has seen a lot during his time as a developer and lender in New York. He witnessed the collapse of the real estate market during the 2008 financial crisis, followed by the mad rush to build luxury condo towers in some of Manhattan’s swankiest neighborhoods.
But nothing compares to the past nine months, he said. “It’s not normal,” Ehrlich noted. “It’s the worst I’ve ever seen.”
He pointed to an unusual rise in Uniform Commercial Code foreclosures by mezzanine lenders, which he sees as a canary in the coal mine for a mound of distress expected to hit the market in the next year. While judicial foreclosures are still banned under an emergency order by New York Gov. Andrew Cuomo, UCC foreclosures on some high-stakes projects have been moving ahead in recent months since they can bypass state courts.