LBS completes on £32m Defoe Court deal

Published by Property Week | Wednesday, December 19th, 2018

By Richard Hook

Developer LBS Properties has completed the acquisition of the 43,000 sq ft Defoe Court office building at 44 Featherstone Street for £32m from Amundi Asset Management.

LBS Properties has also simultaneously closed on a funding deal for a £29m loan from Greenoak Real Estate which it will use to refurbish and extend the building, Property Week can reveal.

The deal reflects an initial yield of around 4.5% and forms part of the eight asset Amundi Collection portfolio disposal by Amundi Asset Management. London & Oxford Group previously acquired two of the City assets in the portfolio, 1 King’s Arms Yard and 2 Copthall Avenue, for £58m and £24.5m respectively. …

Brotherton Real Estate represented LBS on the GreenOak financing in its first deal alongside US joint venture partners Mission Capital. […]

 

Continue reading the full article at Property Week now.

 

About Mission Capital and Brotherton Real Estate
Mission Brotherton is a joint venture between Mission Capital and Brotherton Real Estate. Combining Mission’s institutional reach with Brotherton’s deep knowledge of the UK and European markets, allows us to provide real estate capital solutions to our clients, globally.

Source: CRENews

Madison Realty Capital has purchased a $23.5 million defaulted note against 49 unsold units at the Breakers at Sheepshead Bay, a 75-unit residential condominium property in Brooklyn, N.Y. The New York investment manager bought the loan from TD Bank, which was represented in the sale by Mission Capital Advisors of New York.


Madison Realty Buys Defaulted Note Against Brooklyn Condos

Madison Realty Capital has purchased a $23.5 million defaulted note against 49 unsold units at the Breakers at Sheepshead Bay, a 75-unit residential condominium property in Brooklyn, N.Y.
The New York investment manager bought the loan from TD Bank, which was represented in the sale by Mission Capital Advisors of New York.
The Breakers was completed three years ago along the waterfront in Sheepshead Bay, in the southern part of Brooklyn. Soon after the property's completion, however, the property's developer defaulted. And in August, it filed for bankruptcy. It had sold a number of units, however, at prices of up to $825,000.
The property was started in 2004 and during the market's peak years, projections called for some units to sell for upwards of $1 million.
If Madison Realty were to take over the property, it would use its in-house capabilities to prepare the property's remaining units for sale and sell them.
Madison Realty earlier this year raised more than $100 million of equity commitments for an investment vehicle that would pursue distressed-debt acquisitions and

bridge-loan originations. Recently, it acquired a distressed loan against a 40-unit apartment building in Staten Island, N.Y., and a mortgage against a 47-unit apartment property in Brooklyn's Williamsburg neighborhood.

The company was founded in 2004 by Josh Zegen, who previously had founded a mortgage adviser, and Brian Shatz, who previously ran an investment fund, Bluegrass Growth Fund Partners.

Comments? E-mail Orest Mandzy, or call him at (267) 247-0112, Ext. 211.

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