Bank of China Lends $120M for Net-Leased HQ
Thursday, September 10, 2009
Source: GlobeSt
GlobeSt reports: W.P. Carey & Co. has landed a nearly $120-million debt financing for the New York Times headquarters here, which it bought earlier this year in an all-cash transaction.
The New York branch of the Bank of China provided the non-recourse loan. Terms were not disclosed. In an announcement, Steve Kohn, president of Cushman & Wakefield Sonnenblick Goldman said "Despite the fact that a large number of lenders remain on the sidelines, especially for loans over $50 million, we continue to see strong interest for loans on high-quality properties that are owned by strong, experienced sponsors." The firm was the exclusive advisor in the financing to Carey and two of its non-traded REITs, which specialize in sale-leaseback acquisitions.
Some non-US-based banks have been among the top lenders for single-tenant properties, according to recent Real Capital Analytics Inc. market data research. During the 12 months through the second quarter of this year, the top lenders for single-tenant office deals included Rabobank and SNS Property Finance, both based in the Netherlands; top lenders for single-tenant industrial assets included Allianz SE of Germany, Canada’s TD Bank Financial Group, Allied Irish Bank and SMBC Leasing and Finance of Japan; and top lenders for single-tenant retail properties included TD Bank Financial.
View the full article on GlobeSt: Bank of China Lends $120M for Net-Leased HQ
Posted by: Matthew Stone