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Dekel brought in UBS to fund the loan after a previous lender was unable to finance the acquisition for sponsor DB Capital.
The lender funded the loan on behalf of Extell Development, with additional financing from Rexmark and Pacific Western Bank.
It is difficult for a borrower to determine if now is a good time to move ahead with refinancing, Singer believes.
Higher interest rates are making it more difficult for sponsors to exit properties and refinance debt.
The developer is seeing the impact of the expiration of the 421a tax abatement program.
Despite a slowdown in transaction volume, debt managers are moving ahead with hiring.
Aegon AM analysis shows cycle peak possibly achieved amid market uncertainty.
Pricing is expected to reset as interest rates rise over the next 12-24 months.
It is getting harder for New York’s mid-market office owners with maturing debt to line up new loans.
The manager is looking across sectors and deal types for new business activity.